Tag: M23.2

UK

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

Unknown's avatarStanley GrewalLeave a comment
Economics, 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

Unknown's avatarEtonomicsLeave a comment
Development, International, Middle East and Africa

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

Unknown's avatarShreyas Veturi1 Comment
Economics, Finance and Markets, International

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

Unknown's avatarNathan Osafo OmaneLeave a comment
Economics

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

Unknown's avatarHari NairLeave a comment