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South Korea is renowned for its rapid economic growth and successes in the manufacturing industries, such as Samsung, and education is considered to be one of the key drivers. Better quality education is related to higher GDP, increased productivity and rising wages due to the positive externalities that arise from its consumption. Furthermore, private tutoring (PT) is a crucial element of education in South Korea … Continue reading Private Tutoring – South Korea
On the 13th of August, 1998, the stock, bond, and currency markets of a recently liberalised Russia collapsed. Confidence in the strength of the ruble and the Russian government plummeted. The stock market even closed for 35 minutes with stocks having lost 75% of their value since January of that year. 4 days later, Russia defaulted on their own state bonds and commercial banks declared … Continue reading Russia, 1998. What Went Wrong?
In 2021, remittances to low and middle-income countries are predicted to total $589 billion. December’s Chart of the Month explains why these remittances (money sent by migrant workers back to their country) are so crucial to developing nations. Life for migrants has been tough since the pandemic hit. Many have been stranded from families overseas or been vulnerable to COVID-19 as their jobs were commonly on the … Continue reading Chart of the Month – December 2021
Economic growth and environmental sustainability are two of the most widely discussed topics today. While both of these issues are extremely important and cannot be easily prioritised over one another, it is widely believed that trying to solve one issue can only negatively impact the other. The crucial nature of maximising economic growth and achieving environmental sustainability where GDP remains “3.1% below pre-pandemic levels”, and … Continue reading Can economic growth and environmental sustainability coexist?
The technological advances over the past twenty years have been fundamental in structuring the world we reside in today. Despite this, many economies have been left behind and have only recently begun to experience the full potential of technology and the digital economy. This is predominantly because much of the initial progression was concentrated in established economies and so nations that were underdeveloped and more … Continue reading How Technology has Affected Developing Nations
The Galloway Hoard is more than just buried treasure. Discovered in 2014, this Viking-age deposit offers a glimpse of life during the Early Middle Ages, a century after the first Viking raids across Scotland. The collection contains more than 100 silver, gold, glass, rock crystal, stone, and earthen objects, most of which date to roughly 900AD. Our modern stereotype of the Viking age is framed … Continue reading The Galloway Hoard: Economics of the Early Middle Ages
The real business cycle, also known as the boom-and-bust cycle, is a term that illustrates how an economy evolves over time. The real business cycle shows that macroeconomic fluctuations within an economy can be described by technological shocks and changes in productivity. The change in growth affects the decision making of firms on investment. In RBC theory, business cycles are created by agents responding optimally … Continue reading Real Business Cycle Theory
When it comes to incarcerating criminals, there are two options in the US: state or private. A state prison is entirely owned by the government. The government then needs to oversee almost everything, from hiring the guards to providing the building itself. Although, even with state prisons, much of the work, such as food service and prisoner transportation, is outsourced to private contractors. With a private prison, … Continue reading The Economics of Private Prisons
Last year, in the last week of school, I was trapped in a painful dilemma: should I continue revising for that onerous Economics exam or should I flip open the laptop and switch on England’s (not so) dramatic Euro’s Group D decider? Adam Smith back in 1759 would’ve explained my situation as a battle between my passions and my impartial spectator. That is, I found … Continue reading Time Preference and Economics of Self-Control
UK vacancies are at a record high. November’s Chart of the Month examines the causes behind this unprecedented labour shortage and its implications on the UK’s economic recovery. During pandemic restrictions, domestic aggregate demand for consumer goods and services slumped. Businesses faced sharp falls in revenues and a loss of profitability. Without government support, many firms would have shut their doors forever. To prevent irreversible … Continue reading Chart of the Month – November 2021
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