Keith Leung

Keith is taking a Master in Political Economy at the London School of Economics and Political Science.

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Keith Leung's Latest Posts

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).

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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 […]

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Licensing and Rent Dissipation

Filed in Economic News and Opinion by on August 11, 2014 0 Comments
Licensing and Rent Dissipation

Referring to my last article (Gondola Licence and transaction costs), I have discussed the relationship between licensing, information cost and price discrimination. My friend kindly pointed out that I have missed out one important constraint – Rent dissipation. In this article, I shall explain how licensing can restrict the dissipation of rent. Rent Dissipation occurs when […]

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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.

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Gondola Licence and Transaction Costs

Filed in Economic News and Opinion by on July 6, 2014 0 Comments
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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Do Immigrants take your jobs away?

Filed in Economic News and Opinion by on May 27, 2014 0 Comments
Do Immigrants take your jobs away?

While many argue whether some UK parties committed racism or not, it is obvious that the immigration issue has been the central debate in the European and local elections of 2014.

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Contradiction of Capitalism?

Filed in Economic News and Opinion by on May 20, 2014 0 Comments
Contradiction of Capitalism?

Thomas Piketty, in his new blockbuster Capital in the Twenty First Century, reminds us of the history of economic growth, inequality and capital accumulation.

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Buffets and Inefficiency

Filed in Economic News and Opinion by on May 7, 2014 1 Comment
Buffets and Inefficiency

Have you ever thought of the reasons why restaurants will serve a buffet – I mean, have you ever thought that serving a buffet will create a social loss?

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