Economic Basics

A Beginner’s Guide to the Big Mac Index

A Beginner’s Guide to the Big Mac Index

The Big Mac index was first used by The Economist in 1986 as an informal guide to purchasing power parity (PPP). It was chosen because McDonald’s is almost present in every country in the world and the ingredients of making a Big Mac stay pretty much the same.

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Filed in Basic Concepts, Economic Basics by on November 6, 2014 0 Comments
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

Economic News and Opinion

ROM Economics will be back in January 2015

ROM Economics will be back in January 2015

I would like to thank all our readers and writers for contributing to this website and helping it grow into a valuable resource for economics. In the meantime, please continue to use the current stock of articles and guides and keep in touch with me regarding future opportunities.

Continue Reading »

Filed in Economic News and Opinion by on November 10, 2014
Premier League tickets – will prices ever stop rising?

Premier League tickets – will prices ever stop rising?

The price of watching football in the UK has been the topic of much discussion in the press recently, with many questioning why fans are being forced to spend so much money to watch their teams play. It has been clear for a long time that many supporters are being priced out of buying tickets, […]

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Filed in Economic News and Opinion by on November 5, 2014 0 Comments
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

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

ROM Economics will be back in January 2015

Filed in Economic News and Opinion by on November 10, 2014
ROM Economics will be back in January 2015

I would like to thank all our readers and writers for contributing to this website and helping it grow into a valuable resource for economics. In the meantime, please continue to use the current stock of articles and guides and keep in touch with me regarding future opportunities.

Continue Reading »

A Beginner’s Guide to the Big Mac Index

Filed in Basic Concepts, Economic Basics by on November 6, 2014 0 Comments
A Beginner’s Guide to the Big Mac Index

The Big Mac index was first used by The Economist in 1986 as an informal guide to purchasing power parity (PPP). It was chosen because McDonald’s is almost present in every country in the world and the ingredients of making a Big Mac stay pretty much the same.

Continue Reading »

Premier League tickets – will prices ever stop rising?

Filed in Economic News and Opinion by on November 5, 2014 0 Comments
Premier League tickets – will prices ever stop rising?

The price of watching football in the UK has been the topic of much discussion in the press recently, with many questioning why fans are being forced to spend so much money to watch their teams play. It has been clear for a long time that many supporters are being priced out of buying tickets, […]

Continue Reading »