Economics

Economics

Understand the social science that studies the production, distribution, and consumption of goods and services through a macro, micro and behavioral lens.
03
Oct

Game Theory in Microeconomics

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...
03
Oct

What is Supply Side Theory?

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...
13
Sep

Giffen, Veblen, and Other Types of Goods

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...

Taxation Policies vs. Global Income Inequality

By Theo Anthony. Edited by Arjun Chandrasekar. Overview Income inequality is at the pinnacle of...

Theory of Demand

By Aidan Hackett. Edited by Arjun Chandrasekar. Overview The law of demand is incredibly simple...

Is GDP an Accurate Representation of a Country’s Welfare?

By Aidan Hackett. Edited by Arjun Chandrasekar. Overview The invention, or at least the popularization...

Technological Change vs. The Wage Gap between Skilled and Unskilled: Part 1

By Theo Anthony. Edited by Arjun Chandrasekar. Overview In many skilled careers, the use of...

Technological Change vs. The Wage Gap between Skilled and Unskilled: Part 2

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...
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Introduction to Supply and Demand

By Arav Talati. Edited by Arjun Chandrasekar. Overview The supply and demand relationship is the correlation between the quantity of a commodity that producers sell at different prices and the...
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The Choice Overload Theory

By Arav Talati. Edited by Arjun Chandrasekar. Overview Also referred to as ‘over choice, the choice overload theory occurs because of an abundance of choices for consumers. While we tend...
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The 4 Economic Theories

By Puja Shah. Edited by Arjun Chandrasekar. Overview When doing things, people normally have a reason for doing so. This greatly affects the economy so economists have come up with...
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What is Opportunity Cost?

By Puja Shah. Edited by Arjun Chandrasekar. Overview Often overlooked, but crucial to use when making decisions, this article will introduce you to opportunity cost so that you can incorporate...
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What is Keynesian Economics?

By Aidan Hackett. Edited by Arjun Chandrasekar. Overview As the Great Depression set in around the world, John Maynard Keynes’ home, the UK, was particularly ill affected. Keynesian economics is...
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The Fathers of Behavioral Economics

By Arav Talati. Edited by Arjun Chandrasekar. Overview The field of behavioral economics is now a widely explored area as it combines two fields: psychology and economics. Richard Thaler is...
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The Psychology behind Behavioral Economics

By Arav Talati. Edited by Arjun Chandrasekar. Introduction According to Investopedia, “Behavioral economics draws from the fields of psychology and economics to explore the study of judgments and choices that...
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What is Inflation Targeting?

By Aniket Bose. Edited By Arjun Chandrasekar Overview Inflation targeting is a central banking policy that revolves around the adjustment of the monetary policy for achieving a specific annual rate...
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Adam Smith’s Invisible Hand Theory

By Aidan Hackett. Edited by Arjun Chandrasekar. Overview “It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from...
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Who is Adam Smith?

By Aidan Hackett. Edited by Arjun Chandrasekar. The Story Prior to the industrial revolution, the economic theory of the day was “mercantilism”. This theory posited that trade was a zero...
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What is GDP?

By Hrishikesh Menon. Edited by Arjun Chandrasekar. Overview GDP stands for Gross Domestic Product. It is the total market value of finished goods and services created in a country. It...
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Behavioral Econ 101

By Arjun Chandrasekar. Brief History Richard Thaler is known as the founding father of behavioral economics. He is the 2017 recipient of the Nobel Memorial Prize in Economic Sciences for...
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What is Scarcity?

By Arjun Chandrasekar. Overview Scarcity, one of the most common terms in economics, is basically when a certain product or service is limited in quantity, so it’s very scarce in...
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Monetary Policy vs. Fiscal Policy

By Aniket Bose. Edited by Arjun Chandrasekar. Overview Monetary policy and fiscal policy are the two most recognized tools used to influence a nation’s economic activity, also known as macroeconomic...
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Inflation vs. Deflation

By Aniket Bose. Edited by Arjun Chandrasekar. Overview Inflation occurs when the prices of goods and services begin to rise, while deflation occurs when the prices of goods and services...
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