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

Should Economics be more mathematical?

Should Economics be more mathematical?

This old argument of Qualitative Economics versus Quantitative Economics has always been controversial (we are talking about Microeconomics specifically).

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Filed in Economic News and Opinion by on September 18, 2014 0 Comments
Pick your leader, Protect your system

Pick your leader, Protect your system

Economists often assume government as a third-party agent, and is responsible for maintaining an efficient market under fair regulation. This neglects the fact that politicians are indeed not interested in achieving the possible best market outcome, but desperately trying to find ways to secure office. Selectorate theory is an attempt to explain these political behaviours and […]

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Filed in Economic News and Opinion by on September 1, 2014 0 Comments
Asia’s problems and the West’s opportunities

Asia’s problems and the West’s opportunities

Displays of upheaval and state breakdown in global politics are not particularly rare, but the number of missed opportunities for dealing with these issues has been shamefully high in recent months. It’s easy to say that no one is to blame; after all there was Syria to deal with. And then Ukraine, Gaza, and now […]

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Filed in Economic News and Opinion by on August 16, 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

Should Economics be more mathematical?

Filed in Economic News and Opinion by on September 18, 2014 0 Comments
Should Economics be more mathematical?

This old argument of Qualitative Economics versus Quantitative Economics has always been controversial (we are talking about Microeconomics specifically).

Continue Reading »

Pick your leader, Protect your system

Filed in Economic News and Opinion by on September 1, 2014 0 Comments
Pick your leader, Protect your system

Economists often assume government as a third-party agent, and is responsible for maintaining an efficient market under fair regulation. This neglects the fact that politicians are indeed not interested in achieving the possible best market outcome, but desperately trying to find ways to secure office. Selectorate theory is an attempt to explain these political behaviours and […]

Continue Reading »

Asia’s problems and the West’s opportunities

Filed in Economic News and Opinion by on August 16, 2014 0 Comments
Asia’s problems and the West’s opportunities

Displays of upheaval and state breakdown in global politics are not particularly rare, but the number of missed opportunities for dealing with these issues has been shamefully high in recent months. It’s easy to say that no one is to blame; after all there was Syria to deal with. And then Ukraine, Gaza, and now […]

Continue Reading »