Category

Economics

economics

By Hrishikesh Menon. Edited by Arjun Chandrasekar. Overview The 2008 stock market crash, also known as the Great Recession, was the greatest economic downturn since the Great Depression with $2 trillion erased from the GDP and millions of jobs lost all over the world. We will take a deep dive into this catastrophic event by...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview Game theory is, according to Investopedia, “a theoretical framework for conceiving social situations among competing players”. Basically, what this means is analysing what one person should do, assuming they are rational and acting in their own self-interest, contingent upon what other people are going to do. Before its...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview In stark opposition to the ideas of Keynes, demand side theorists, large government advocates, and those pushing for higher tax rates, supply side economic theory posits lower taxes, more business freedom, and incentivising growth through production, investment and saving, rather than just “spend, spend, spend”.  As Keynesian...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview Goods are items that satisfy human wants and provide utility. The key distinction between a good and service is that a good is transferrable, meaning that it can move location without changing what it is. Classification of Goods Because so many things can satisfy our wants, and...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview Microeconomics is the study of interactions on a small scale – the hint is in the name. By analysing the way consumers and producers interact, microeconomics aims to understand the behaviours of these actors, and the relationship is between supply, demand, and equilibrium. Microeconomics, according to Investopedia,...
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By Theo Anthony. Edited by Arjun Chandrasekar. Overview Income inequality is at the pinnacle of rising global economic inequality; most notably in the United States, where in the past three decades the bottom 50% of earners have become $900 billion poorer, and the top 1% of earners have become $21 trillion richer. This is mostly...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview The law of demand is incredibly simple on the surface level, positing that “there is an inverse relationship between price and quantity demanded.” The opposite of supply-side theory, this theory is Keynesian in nature, meaning that most of the ideas and behaviors of markets are explained by...
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By Aidan Hackett. Edited by Arjun Chandrasekar. Overview The invention, or at least the popularization of GDP is usually attributed to Simon Kuznets after he devised a more effective way to measure economic welfare in 1934 during the Great Depression. Becoming more and more popular after the Second World War, especially in Europe as their...
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By Theo Anthony. Edited by Arjun Chandrasekar. Overview In many skilled careers, the use of information technology (IT) is much more applicable compared to that of unskilled professions. Hence, technological change has, in recent years, increased the productivity of a vast quantity of workers. That said, only decreasing the relative supply of skilled workers in...
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By Theo Anthony. Edited by Arjun Chandrasekar. Overview In the present-day workforce, many industries are implementing redundancies of unskilled workers, mostly due to automation; in fact, a study conducted by Professor Carl Frey at Oxford University found that there is a negative correlation between the skill level of a particular job and it is susceptibility to...
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