From Emerging Giant to Economic Titan: India’s Journey to #5
In the final quarter of 2021, India overtook the UK and became one of the world’s top 5 largest economics (amongst powerhouses such as the US, China, Japan, and Germany). Now the country is projected to be the 3rd largest economy by 2027 ($5.4 trillion GDP by 2025) and has the largest population, overtaking China in April 2023. It is interesting to witness how a former … Continue reading From Emerging Giant to Economic Titan: India’s Journey to #5
The Second Space Race
“We choose to go to the Moon in this decade and do the other things, not because they are easy, but because they are hard”. Those were the words of John F Kennedy in 1962 at the dawn of the Space Race. In the previous year, the USSR had shocked the world by sending the first man into space. Uncle Sam was worried that his dominance was being … Continue reading The Second Space Race
What Effect will LLMs and Generative AI have on entrepreneurship?
Over the past few years, Large Language Models (LLMs) and other generative AI technology have become increasingly prevalent in business and enterprise. A LLM is a form of of artificial intelligence that uses deep learning algorithms to process, understand and generate natural language. They make up a part of generative AI, which refers to AI capable of generating content such as text, images, and other … Continue reading What Effect will LLMs and Generative AI have on entrepreneurship?
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. At least 700 people are reported killed (including … 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 New data emerged that Britain’s GDP had been expanding at a faster pace than thought. GDP had grown by 0.6% between the end of 2019 and the end of … Continue reading Summer News Roundup 2023
