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Deadweight Loss What is Deadweight Loss? Deadweight Loss (DWL) is defined as the economic inefficiency that may occur in a market due to a new policy/event in said market. This change creates a distortion in the natural supply and demand equilibrium (equilibrium is defined as the supply and demand for a product being perfectly equal) set by the free market; the DWL refers to the … Continue reading Deadweight Loss
Introduction: Throughout the late 20th century and the early 21st century, we have experienced the rapid commercialization of sports. A striking example was the recent IPL auction, where Rishabh Pant was sold to the Lucknow Super Giants for 27 crore ($3,122,490.09). Baseball has seen a similar financial boom, which can be attributed to its rapid increase in net worth. The Major League Baseball (MLB), founded in … Continue reading The Economics of MLB
Economic growth, most often measured by the Gross Domestic Product (GDP) growth rate, is the engine that propels nations from poverty to prosperity. It is the driving force behind rising living standards, the creation of new opportunities, and the expansion of human potential. Yet, the question remains as to how this varies between nations. Will the long-standing economic giants always be ahead or will less … Continue reading Testing for Convergence in HICs
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
Since Donald Trump’s return to the presidency in January 2025, “Trumponomics” has redefined U.S. economic policy through a lens of protectionism and economic nationalism. Central to this strategy are aggressive tariffs, including a universal 10% tariff on all imports, effective April 5, 2025, and targeted rates as high as 245% on Chinese goods. By May 2025, these measures have catalysed a seismic shift in global … Continue reading Trumponomics
In 1979, Deng Xiaoping announced China’s intention to “open up” to the world’s economy. It has been a pariah state to the west since its Communist revolution in 1949, and its later “Cultural Revolution”. The reforms, which involved opening Special Economic Zones (SEZs) in harbour areas like Shenzhen, dividing up collectivised farmland and allowing private businesses to operate, saw China’s GDP grow by over 9% … Continue reading Great Expectations and India’s Economy
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
For most of the last hundred years, globalisation felt inevitable — driven by technology that appeared to bring the world closer together. With the onset of the internet, supply chains became more complex and tightly interwoven, even between countries that wouldn’t traditionally see eye to eye, something that was seldom achieved by precursory trade systems. But lately, that momentum has started to shift. A growing … Continue reading Technological decoupling
Can Austerity 2.0 Bring Back Growth and Prosperity to the UK Economy? Introduction In October 2024, Chancellor Rachel Reeves announced a £40 billion tax increase, the largest since 1993, aiming to address the UK’s budget deficit and tackle the £22 billion ‘black hole’ from the Tories. Austerity refers to the policies aiming to reduce government deficits via spending cuts or tax hikes. Despite the Labour … Continue reading JKP Entry: Can Austerity 2.0 Bring Back Growth?
Germany has a unique constitution. It was born from the ashes of the Second World War and is one of the only countries legally limiting government borrowing as a percentage of its Gross Domestic Product (the value of all the goods and services produced in a country in a year). Governments around the world spend a considerable amount of money every year on everything from health services … Continue reading Lifting the German Debt Brake
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