The 20 Most Influential Economic Papers Of All Time

Yahoo Finance shocked the world economic paper at a seminar held in Kansas City earlier this month.

"Zero Lower Circle Accommodation" by Professor Michael Woodford at Columbia University shows that the words and targets of the central banker are as powerful as the actual behavior.

As our Joe Weisenthal said, you can use "language easing" to do something while waiting for things to get better.

Economic papers will have a major impact on how to make decisions, how to formulate strategies, and how policies are determined.

Last year, the US Economic Review cited 20 of the most important papers in the 100-year history of last year.

Conclusion: The volatility of the stock price is too big, not simply due to new information on the actual dividend in the future.

Conclusion: You can predict household demand based on the relative cost of 'survival' and 'happiness'.

Conclusion: The healthcare market is being plagued by moral hazards, consumers' lack of information is considered free

Conclusion: You can model what happens when consumers make decisions without knowing whether changes in price also indicate relative price changes.

Conclusion: There is a "natural unemployment rate" or a number of work that a particular economy can support.

Conclusion: Product categories can affect the way the market determines resource allocation. The market considers profits and social optimization considers consumer surplus

Conclusion: You can set taxes to minimize distortion and containment and eliminate inefficiencies.

Conclusion: Financing costs (interest and stock yields) and taxation should promote investment decisions

Conclusion: Companies need to constantly measure productivity. Market alone is not enough to produce the best yield - it also requires strong management and the company will benefit from investing resources

Conclusion: In the world of fragmented information, the equilibrium price itself can be a source of information for consumers.

Conclusion: The early stages of economic development are characterized by an expansion of income disparity

Conclusion: In the long run, external and domestic government debt may reduce capital stock

In 1920, Arthur Pigou announced "Welfare Economics". This is one of the most famous and influential economic studies ever. In an article, Pigou explains the situation where you can reduce the total time spent on travel by changing the direction of traffic using road toll charges. This is a big change in thinking. Today, toll fee is not just a way to just pay road fees fairly but is a way to manage the road effectively. Traffic signals can be analogized. Depending on the signal, travelers in orthogonal directions can cross the intersection (fair). However, you can also improve the traffic by adjusting the signal (efficiency).

As early as 2012, a paper from the University of Toronto was posted on NIPS and the boy was shocked. This paper is based on ImageNet classification of deep convolution networks. Even after reducing the error rate by ImageNet Challenge by nearly 50%, it has been one of the most influential papers in this field, which was an unprecedented improvement at the time. The VGGNet paper "Super Deep Convolution Neural Network for Large Scale Image Recognition" was introduced in 2014 and expanded the idea of ​​using deep networks with more convolution and ReLU. Their main idea is that you do not need any flashy skills to get high accuracy. It can be achieved with a deep network with many small 3 x 3 convolution and nonlinearity. The main contributions of VGGNet are as follows.

In the 1960s, Dijkstra published seven papers. Four of the votes of over 1,000 professors of computer science in 1996 were selected as one of the 38 most influential computer science papers so far. But so far, his most famous contribution was the editor who sent it to the Journal of Computational Machinery Association in 1968 and was the main publication of computer science at the time. Dijkstra sent a title that is not dramatic. Although it is a case contrary to Goto's remarks, the editor Niklaus Wirth (created Pascal in 1970) changed the title little by little to a statement deemed to be harmful.