Economic Basics

Purchasing Power Parity (PPP) Explained

Purchasing Power Parity (PPP) Explained

Purchasing power parity (PPP) is a theory developed by Gustav Cassel, a Swedish economist in 1918.

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Filed in Economic Basics by on July 21, 2014 0 Comments
Game Theory: The Paradox of Collective Action

Game Theory: The Paradox of Collective Action

The Paradox of Collective Action is a situation where more than one party is involved in an action but they fail to reach a better Nash Equilibrium because of the free-rider and information problem.

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Filed in Economic Basics by on July 19, 2014 0 Comments
Third Degree Price Discrimination Explained

Third Degree Price Discrimination Explained

Third-degree price discrimination is a pricing strategy which involves a firm charging different market segments different prices for the same good.

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Filed in Basic Concepts by on July 9, 2014 0 Comments

Economic News and Opinion

India’s budget and FDI: the vehicle on the road to investment-led growth

India’s budget and FDI: the vehicle on the road to investment-led growth

The Indian Finance Minister, Arun Jaitley, recently revealed India’s new budget. It is intended to be the Government’s strategy to build a stronger economy and secure Indian’s future.

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Filed in Economic News and Opinion by on July 23, 2014 0 Comments
Same people, new borders?

Same people, new borders?

There is perhaps no greater testament to the tenacity with which states will hold onto their national identity and borders than the relatively unchanged map of the Middle East since the Second World War.

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Filed in Economic News and Opinion by on July 15, 2014 0 Comments
Gondola Licence and Transaction Costs

Gondola Licence and Transaction Costs

As an economics student, I was curious on how I was charged on Gondola ride. At first, I thought the Gondolas were privately owned and Gondoliers made a living by carrying tourists at a bargaining rate.

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Filed in Economic News and Opinion by on July 6, 2014 0 Comments

Economic History

Forgotten Violent Actors: Privateers

Forgotten Violent Actors: Privateers

Not nearly as famous as pirates, or as infamous as mercenaries, privateers have become a largely forgotten phenomenon of the pre-modern world. Of course, this is a debatable opinion, since most history students would agree that privateering constituted a major element of global trade and military conflicts for nearly 400 years.

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Filed in Economic History by on December 2, 2013 0 Comments
The First and Second Bank of the United States – A History of Central Banking

The First and Second Bank of the United States – A History of Central Banking

The Hamiltonian banks The United States’ Federal Reserve is undoubtedly one of the most important economic and financial institutions in the US and like all institutions of such importance it is easy for mainstream discourse to take it for granted. To forget the history of central banking in the US however would entail a dangerous […]

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Filed in Economic History by on October 26, 2013 2 Comments
Opportunity Costs in Frederic Bastiat’s Broken Window

Opportunity Costs in Frederic Bastiat’s Broken Window

While in contemporary Economics the notion of opportunity costs is usually a foregone conclusion in calculations of various economic scales, it is a surprisingly recent addition to the subject area.

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Filed in Economic History by on October 7, 2013 0 Comments

Economic Biographies

John Forbes Nash, Jr. (1928 – )

John Forbes Nash, Jr. (1928 – )

John Forbes Nash Jr. is an American mathematician and co-recipient of the 1994 Nobel Prize in Economics for his work on game theory. He is also the subject of the 2001 film ‘A Beautiful Mind’.

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Filed in Economic Biographies by on July 14, 2014 0 Comments
John Maynard Keynes (1883-1946)

John Maynard Keynes (1883-1946)

John Maynard Keynes (1883-1946) was a British economist most famous for a set of ideas regarding macroeconomics that would eventually coalesce into the Keynesian economics school of economic thought and theory.

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Filed in Economic Biographies by on February 13, 2014 0 Comments
Milton Friedman (1912-2006)

Milton Friedman (1912-2006)

Milton Friedman (1912-2006) was an American economist, famous for his writings that formed the basis of the monetarist macroeconomic policy that opposed Keynesianism.

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Filed in Economic Biographies by on September 10, 2013 0 Comments

Most Recent Articles

India’s budget and FDI: the vehicle on the road to investment-led growth

Filed in Economic News and Opinion by on July 23, 2014 0 Comments
India’s budget and FDI: the vehicle on the road to investment-led growth

The Indian Finance Minister, Arun Jaitley, recently revealed India’s new budget. It is intended to be the Government’s strategy to build a stronger economy and secure Indian’s future.

Continue Reading »

Purchasing Power Parity (PPP) Explained

Filed in Economic Basics by on July 21, 2014 0 Comments
Purchasing Power Parity (PPP) Explained

Purchasing power parity (PPP) is a theory developed by Gustav Cassel, a Swedish economist in 1918.

Continue Reading »

Game Theory: The Paradox of Collective Action

Filed in Economic Basics by on July 19, 2014 0 Comments
Game Theory: The Paradox of Collective Action

The Paradox of Collective Action is a situation where more than one party is involved in an action but they fail to reach a better Nash Equilibrium because of the free-rider and information problem.

Continue Reading »