Category: Economics
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Government Failure
Government Failure is a phenomenon that occurs when the government’s intervention in the economy or society produces outcomes that are worse than if the government had not intervened at all. Formally defined as ‘When the government intervention leads to an inefficient allocation of resources and a net welfare loss.’ While the government is often seen…
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Behavioural Economics Research Project
Are nudges necessary, and can they improve economic development? The file above is the work I did for my Extended Project Qualification – I’ve used it for a lot of my Behavioural Econ articles, but I’m posting it here as well in case you want to read the full project and my findings. You’ll also…
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Examples of Rent Seeking: Lobbying
After we saw what rent seeking was, we’re going to look into the different ways in which it can be carried out. Our first example is lobbying, which is often done by corporations to sway the decisions of politicians in their favour. An investment with a 19900% return – sounds absurd, and even impossible, but…
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What is Rent Seeking?
A concept that has its origins in the 1970s, rent seeking is a type of behaviour which has been cited by renowned economists such as Joseph E. Stiglitz as a key cause of inequality. In this article and future ones, we will explore what the actual theory is, its impacts and examples of it being…
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The Doughnut
A concept created by Oxford economist Kate Raworth, the Doughnut is a model that shows how to set goals more sustainably to create economies that thrive. Why was it made? Most countries measure their economies’ success by using GDP per capita. This is a good indicator of economic growth but has many flaws – for…
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Applications of Nudges: Organ Donation
After looking at how nudges can be used to promote healthier lifestyles, we move on to organ donation – how can we maximise the number of people agreeing to donate organs while protecting the wishes of the donors and their families? The reason why organ donation is being considered separately to health is that the…
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Applications of Nudges: Health
After assessing how nudges can be used in the case study of retirement savings, we will now look at other applications, starting with health – how do we encourage people to live the healthiest lives possible without forcing any decisions upon them? One way in which nudges can be used to improve general health is…
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Nudge: The Final Edition
Written by R. Thaler and C. Sunstein, this is a book exploring the world of behavioural economics and its role in improving people’s decisions from day-to-day to long-term – all with a simple ‘nudge’. Nudge: The Final Edition is a captivating book written by renowned economists Richard Thaler and Cass Sunstein, and it explores the…
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Why did the US abandon the Gold Standard?
What was the gold standard, what was the problem and what do we use now? Currency is a factor that is heavily influenced by and also influences trade – when countries, or companies within those countries, exchange goods, they do not exchange them for other goods but rather a currency, which is fiat money in…
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Future High-Value Degrees
This is an article adapted from an essay I wrote for the RES competition, answering the question ‘Which university degrees do you think will be considered “high value” in 5-10 years’ time, and why?’. Education is the foundation of society, the accelerant of growth and the key to development. In the UK, higher education enrolment…
Economics 101 