News Briefing – 18/03/2024
UK Economics In the three months leading up to January, wage growth in the UK remained sluggish, supporting the Bank of England’s assessment that inflationary pressures were decreasing in the economy. Average earnings, including bonuses, increased 5.6% over the time compared to the same period last year, according to the Office for National Statistics. This is a decrease from the 5.8% annual growth rate in … Continue reading News Briefing – 18/03/2024
Keynes Society Report: Richard Tice
On Tuesday 20th February, the Keynes and Political Societies hosted Richard Tice. Mr. Tice has been the leader of Reform UK since 2021. The party is currently polling in double digits (third highest behind the Conservatives and Labour), leading to widespread speculation that this significant share of the right-wing vote will cause further problems regarding the upcoming general election for the governing Conservative party. Prior … Continue reading Keynes Society Report: Richard Tice
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
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?
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
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?
To what extent are drafted sports leagues fair?
Sports leagues across the world are structured into several different forms, with one of the most notable being leagues with a draft. Predominantly found in the US, draft leagues involve the selection of up and coming university players by professional teams once a year. The team who finished last in the previous year is given the first pick from the player pool and thus end … Continue reading To what extent are drafted sports leagues fair?
News Briefing – 10/03/2024
UK Economics On 6 March the Chancellor Jeremy Hunt delivered his Spring Budget for 2024. The Labour party described it as a shameless bid for Tory re-election and a “con”, claiming that it would leave many people worse off. The main rate of National Insurance will be cut by 2p from 10% – 8% with effect from 6 April 2024. This is in addition to … Continue reading News Briefing – 10/03/2024
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
Gaming Economics: Fortnite
Fortnite, developed by Epic Games, has had a profound economic impact on the modern gaming industry, disrupting traditional revenue models and breaking many records. As the most popular ‘battle-royale’ game, which is a last person standing multiplayer competition, Fortnite has achieved immense success. In 2019, Epic Games generated $3.7 billion and $5.5 billion in 2022 despite the most popular platform only being released in September … Continue reading Gaming Economics: Fortnite
