After plenty of speculation, on the 28th of October Mark Zuckerberg announced a rebrand of Facebook and a rename to “Meta”. The change was complemented with a new corporate logo consisting of an infinity shaped symbol. Mr Zuckerberg explained that a name change was needed to reflect how much Facebook had evolved. The word “meta” derives from the Greek word meaning “beyond”, while the Merriam-Webster Dictionary … Continue reading Metaverse… The Future?
It is only recently that the concept of human nature has been applied to economics, yet its impact can be seen everywhere. Contradicting traditional economic theory, it is believed now that human nature is intrinsic in every action we take from the small scale to the large. The recent GameStop trend was fuelled by individual investors taking an opportunity to turn a profit and retaliate … Continue reading The Psychology of Investing
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
The world’s shortage of semiconductors has had ramifications for the entire globe. Shortages have caused a drastic decrease in the production of electronic parts for renewable energy industries, consumer electronics, and most of all, the automotive industry. If Taiwan’s manufacturing factories experience other lockdowns and closures due to further outbreaks of Covid-19, the effect of the semiconductor shortage could last longer and be more damaging … Continue reading How Long Will the Semiconductor Shortage Last?
Introduction For those who have lived through a pandemic, price volatility is no new phenomenon. In the early days of lockdown restrictions, dramatic images of empty shelves surfaced across media outlets, prompting fears of widespread shortages and price increases. Economic theory provides a standard explanation: a change in consumer preferences (as the jargon goes) results in a rightwards shift in demand. This leads to shortages, … Continue reading Modelling Supply and Demand: An Investigation of Price Volatility
A century ago, more than ten million wild elephants roamed the forests and savannahs of Africa. Now there are fewer than 500,000 left. The exorbitant price of ivory, at $1,800 per kilo, makes the grisly economics of poaching extremely valuable, condemning 35,000 elephants each year to an ugly death. Despite its trade being banned since 1989 and a global struggle to enforce an ‘ivory crush’, strong demand from East Asia has seen the market expand by 66% since 2003 and has … Continue reading The Economics of Poaching
The coronavirus pandemic, dubbed the ‘Inequality Virus’, will push a further 150 million people globally into poverty by the end of 2021. The pandemic’s negative repercussions have been worst felt in low-income countries (LICs), where they have been described as ‘a serious setback to development progress’. Foreign aid has been at the forefront of supporting developing countries for many years, reaching ‘an all-time high of … Continue reading Foreign Aid: The Double-Edged Sword
How happy would you be if I said you won £1,000? Presumably rather elated; but would you be twice as happy if I’d instead told you that you’d won £2,000? To most people the answer is almost immediate: “Well I’d be happier but probably not twice as much!” Likewise, most people would choose a guaranteed £1,000 prize rather than a 50% chance of a £2,001 … Continue reading Prospect Theory
Think tanks are defined by the Oxford English Dictionary as “a research institute or other organization providing advice and ideas on national or commercial problems.” In modern democracies, think tanks play a crucial role in economic decision-making. They help the public to understand both sides of important policy decisions whilst holding governments to account. They also help policymakers: governmental entities, such as the Low Pay … Continue reading Financing Think Tanks
The Keynes Society was honoured to host Dr Jianhai Lin virtually. Dr Lin joined the IMF in 1989 and, from March 2012 to August 2020, was the Secretary of the International Monetary Fund, its Board of Governors and the International Monetary and Financial Committee. He had previously served in senior positions in the IMF’s Finance, Policy Development and Review, and Asian and Pacific Departments, working … Continue reading Dr Jianhai Lin: “The Changing Global Economic Landscape: Challenges and Opportunities”
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