Picture poker and you probably see a player staring down an opponent at a final table. Behind every hand, though, sits a much bigger economic system. Economic impact is a measure of the total value an industry adds to the economy. It counts the money the industry spends directly on wages, venues and equipment, the money that flows on to its suppliers and partners, and … Continue reading The Economics of Poker
Introduction: The global football transfer market is one of the most well-known and dynamic marketplaces in the world. However, it is also one of the most inefficient. In 2023, Fifa reported that global transfer spending reached a staggering $9.63 billion, with English clubs alone responsible for nearly half of that total. In terms of economic-based theory, players should be allocated to the clubs that value … Continue reading The Football Transfer Market as a Case Study in Market Inefficiency
The first bite is often much more enjoyable than the fifth bite. We love and experience the way we eat. Everyone knows that the first bite of a snack is like a sweet dream or heaven, the next bite technically still has similar if not the same taste and satisfaction but the fourth or fifth bite is not giving you the same pleasure or satisfaction, … Continue reading The Psychology of Marginal Utility
Perfect Competition vs. Monopoly: Who Really Sets the Price? In the real world, the pricing of goods and services can fluctuate wildly due to a plethora of economic and social factors. However, over time, economists have developed various models to simulate real-world pricing but in differing conditions; while there are, of course, multiple models, the two models that occupy opposing ends of the spectrum are … Continue reading Perfect and Monopolistic Competition
The economics of Ozempic We’ve all heard of Ozempic at one point or another. Our favorite celebrities (including Oprah Winfrey and Elon Musk) use Ozempic/similar drugs daily. Ozempic, or Semaglutide, was originally a prescription drug for type 2 diabetes; however, it is now one of the most well-known weight-loss drugs, as it is known to actively reduce appetite and reduce body weight by 15%. Its … Continue reading The Economics of Ozempic
A Century ago, economic discussion was limited to the confines of lecture halls and academic journals. Certainly, one would have been hard pressed to find a member of the public who could engage in some degree of literacy with you on the economic state of the country. Today, there has been a shift where these debates occur in real time across social media platforms, dinner … Continue reading Keynes in the Comments Section: Why Everyone Became Economists
The Economics of Procrastination: Why You’ll Always Do Your Work at the Last Possible Second You tell yourself you’ll write your essay tomorrow. But then it’s 4am, and suddenly you’re staring at a blank page. Procrastination isn’t just a poor decision, it makes no economic sense. Behavioural economics suggests we consistently prioritise the present over the uncertain rewards of the future. It encourages individuals to … Continue reading The Economics of Procrastination
The Dating Game and Nash Equilibrium: Why Most Don’t Find the Perfect Match Love, Logic, and the Inevitable Bad Match: Dating, as simple as it sounds, should be for people to meet, like each other, and form a perfect match. Reality, however, is rather messy—it is governed by strategic decision making and inefficiencies similar to those found in ‘game theory’. Dating at Eton is one-sided and … Continue reading Nash’s Equilibrium and Dating
“The Economic Impact of Chinese New Year: Growth, Disruptions, and Opportunities” The Spring Festival, also known as Chinese New Year, just took place. It is not only a time of cultural celebration but a period of great economic activity in China. The impact on its economy is huge, affecting tourism, retail, manufacturing and also transportation. The Spring Festival is one of the most celebrated annual … Continue reading The Economics of Chinese New Year
As the World Locked Down, AI Went Phishing The latest data from the Anti-Phishing Working Group (APWG), a global organisation dedicated to cybercrime prevention, shows that the number of newly discovered phishing sites jumped tenfold between 2020 and 2023, before dipping somewhat by mid-2024. Even so, the total remains much higher than before the spike. Phishing, in simple terms, is when online thieves pretend to … Continue reading AI Phishing
