News Briefing – 09/10/2023
This Week: Israelis woke on October 7th, Simchat Torah and Shemenj Atzeret, two Jewish festivals, to attacks from Hamas militants. The fortified ‘smart border’ fence between Israel and the Gaza Strip had been breached by bulldozers with explosives and fighters who flew over using motorised gliders, in what has been described as a major Israeli intelligence failure. UK Economics World Economics UK Politics World Politics … Continue reading News Briefing – 09/10/2023
Why the Minimum Wage should be increased in the UK
The theoretical premise (Fig.1) for introducing a national minimum wage (NMW) into an economy is embedded in aims to correct market failure, improve income inequality, expand incentives to work, and enhance productivity. That said, this policy can also bring disadvantages such as the potential to increase real wage or classical unemployment as firms recalibrate their requirements for labour in response to rising production costs. The … Continue reading Why the Minimum Wage should be increased in the UK
Reviewing the Minimum Wage with Scepticism
The first national minimum wage was implemented in New Zealand in 1894. It was intended to protect the rights of workers and give them fair pay for the work that they do. This move has since been followed by a majority of countries around the world however, there are certain notable exceptions. These include Norway, Finland, Iceland, and Italy. In these countries, minimum wages are, more often than not, set de facto by individual industries. Put … Continue reading Reviewing the Minimum Wage with Scepticism
Beyond the Barrel: Economic Evolution in a Post-Oil World
Oil, often referred to as ‘black gold’, has historically had a profound impact on the global economy. Its original use in ancient civilisation was for medicine and lighting. However in the 19th century, it became the lifeblood of industrialisation, powering machinery, transportation and ultimately shaping geopolitics. Today, oil remains a critical driver of the global economy. As the world becomes more environmentally oriented (coupled with other … Continue reading Beyond the Barrel: Economic Evolution in a Post-Oil World
What MMT Can Do For Us
Initially written in response to question: A government funds its own expenditure by taxing its population. Suppose, instead, it relied solely on money newly created by the central bank? What would be the advantages and/or disadvantages? The notion that governments rely on the tax revenues derived from individuals and businesses and thus cannot simply “print more money” to solve any issues they might face … Continue reading What MMT Can Do For Us
The economics of gender equality
What is the issue? Despite substantial progress in several aspects of gender equality over the past decade, including reductions in the workforce participation rate gap, the gender pay gap and unemployment rates in OECD countries, problems persist in developed and developing countries alike. These challenges have been amplified by the COVID-19 pandemic and a subsequent increase in unpaid labour – PwC’s Women in Work Index … Continue reading The economics of gender equality
Summer News Roundup 2023
We’ve summarised the top stories of this summer, so that you can stay up to date on what’s happening around the world. You can subscribe to receive the briefing in your inbox each week. UK Economics World Economics UK Politics World Politics Written by Zihan Tian and Angus McIntyre Continue reading Summer News Roundup 2023
The Euro’s Fundamental Problems
To conduct international trade and financial transactions, a reserve currency is necessary to eliminate the costs of settling transactions, involving different currencies. Prior to reserve currencies, the gold standard was used to align all currencies, but Gold did not grow at a pace with the real economy and caused crashes as a result. The financial economy has to grow faster than the real economy, otherwise … Continue reading The Euro’s Fundamental Problems
Has Economics Run Out Of New Big Ideas?
Economics is often criticised for being a reactionary science that predicts nothing and only explains its mistakes (Rodrik, 2015). It is rarely credited with discoveries that help society; and in a random survey, most participants did not trust economists (Economics Network, 2017). Instead, economists are criticised for their resistance to change and for limiting the exploration of real-world practical policy solutions. Moreover, it is true … Continue reading Has Economics Run Out Of New Big Ideas?
Anarcho-Capitalism: Utopia or Pipe Dream?
In the modern world, we take it for granted that the government should play an essential role in economic and social affairs. The idea that society could ever function smoothly without the apparatus of the state seems preposterous. Indeed, there is good reason to believe this, as mainstream economists today would identify three broad areas of responsibility that the state holds in managing the economy. … Continue reading Anarcho-Capitalism: Utopia or Pipe Dream?
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