Category: Economics

Economics-driven content, perfect for students and teachers alike. Highly accessible and open to all.

Development, International

The Impact of the Net-Zero transition on The World Economy and Global Strategies

At the beginning of 2020, the value of sustainable investment in major financial markets globally stood at $35.3trillion. According to the Global Sustainable Investment Alliance it accounts for 36% of all professionally managed assets across the US, Canada, Japan, Australasia and Europe. Governments and companies are increasingly committing to climate action. The world is moving towards a net-zero emissions future, and this transition is expected … Continue reading The Impact of the Net-Zero transition on The World Economy and Global Strategies

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Behavioural, Economics

Quantum Economics

In economics today, it is often assumed that human behaviour follows the model of ‘Homo Economicus’ or ‘the economic man’. This refers to a form of behaviour where an individual acts rationally to optimise their own utility, or the total satisfaction gained from the consumption of a good or service. While this approach has stood the test of time, cognitive psychologists have since shown that … Continue reading Quantum Economics

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Economics

Work vs Leisure: The Backward Bending Labour Supply Curve

Labour refers to all productive forms of human output, mental or physical. As one of the four factors of production, the quantity and quality of labour is a key determinate of an economy’s productive potential. On the surface, this might seem to justify policies aimed at increasing wages and maximising the incentives to work. However, such policies can ironically reduce the availability of labour, due … Continue reading Work vs Leisure: The Backward Bending Labour Supply Curve

Unknown's avatarWilliam EzeLeave a comment
Economics, Environment, Middle East and Africa

Blue Gold: The Precious Commodity of Tomorrow

In the north-western Tabuk province of Saudi Arabia, armies of diggers carve into the arid desert as they attempt to excavate a 170-kilometre line. This project is part of what is called Neom, ‘The Future of Civilization’, and emerges from ‘The Saudi Vision”, a plan to reduce Saudi Arabia’s dependence on oil and diversify its economy by developing its public-service sector. The project’s estimated cost … Continue reading Blue Gold: The Precious Commodity of Tomorrow

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Economics, UK

Should HS2 Have Been Scrapped?

High Speed 2, aka HS2, was conceived in 2009 as plan to build a rail line between London and the North of England to reduce the North/South economic divide in the country. Construction was planned in phases with London to Birmingham being Phase 1, Birmingham to Crewe being phase 2a and Crewe to Manchester being phase 2b. Phase 1 was planned to open by 2026 … Continue reading Should HS2 Have Been Scrapped?

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Economics

The Gig Economy: Navigating the New World of Work

In recent years, the traditional landscape of the world of work has shifted drastically owing to the rise of The Gig Economies. In the United States, a Bureau of Labor Statistics (BLS) report in 2020 indicated that about 34% of the U.S. workforce participated in gig work in some capacity. Globally, a McKinsey report estimated that around 20-30% of the working-age population in the U.S. … Continue reading The Gig Economy: Navigating the New World of Work

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Economics

Does the UK have a productivity problem?

The economist Paul Krugman said ‘A country’s ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker.” Since 2011 the UK’s productivity has  grown on average 0.6% per annum, whilst in the decade after 1997 it was growing at about 2% per annum. This is shown in the graph below. One of the reasons … Continue reading Does the UK have a productivity problem?

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Economics

Friedman’s Negative Income Tax 

A modern welfare state typically provides both contributory and means-tested benefits. Contributory benefits are those which depend on individual levels of contribution to a social insurance programme. This is the principle behind Medicare and unemployment insurance in the US, or National Insurance and state pensions in the UK. Means-tested benefits, on the other hand, are only offered to those who meet specific income criteria.  Historically, … Continue reading Friedman’s Negative Income Tax 

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Economics, Europe, Finance and Markets, Politics

Could the EU Collapse?

The European Union, since its creation in 1993, has always had to maintain a delicate balance between its control and the autonomy of its member states, to both uphold its rules and to allow a country’s culture and society to remain. Yet, it has so far delivered many benefits economically to its members states. However, with Brexit and the rise of right-wing, Eurosceptic parties across … Continue reading Could the EU Collapse?

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Economics, Politics

Authoritarian Economics

An authoritarian government is one which favours obedience to authority over personal freedoms, political pluralism and democracy. Often, this involves the use of strong central power to maintain the political status quo, without meaningful checks and balances. Such regimes are often notorious for economic mismanagement, as they prioritise the interests of the ruling class over that of the general public. Yet while this has often … Continue reading Authoritarian Economics

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