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Aug 23

Aug 23 Economic and Psychological Concepts Behind Luxury Consumption

What comes to mind when you think of brands like Chanel, Prada, and Dior? It’s probably images of extortionate price tags. Boasting price ranges that an average middle-class person probably can’t afford, it’s well known that these luxury brands are highly sought after in society. Luxury goods have been the topic of controversy for decades, as some people value the craftsmanship and rich history behind these brands, while others criticize the inaccessibility of luxury companies and their unethical practices. Despite the controversies and high price tags, what allows luxury brands to thrive, and how do economic concepts tie into this?

Jun 21

Jun 21 NBA Drafts, Australian Convicts, and Early Pilgrims: The Importance of Incentives

Zev van Zanten

Economics

If you happened to watch the NBA Draft Lottery last month (or heard about it at a later date), a particular detail about how top picks are assigned likely stood out to you. I'm talking about the choice to use a weighted lottery that favors the worst teams instead of guaranteeing them top picks, which seems somewhat counterproductive to the draft's goal of helping the worst teams improve through access to the best incoming talent. However, a look into the draft's history reveals that what seems to be a poor choice is, in fact, a necessary modification that strengthens the league by addressing a key economic issue that lies at the heart of our history, modern policy systems, and more.

Jun 13

Jun 13 A Brief Overview of Russian Economic History

Karnik Aswani

Economics

Russia's economic history spans several centuries and has contributed to its current position as one of the most powerful countries in the world. Over time, Russia has expanded its territory and become a major global economic player. However, this journey was not without challenges, including the abolition of serfdom, the devastation of World War I, the Bolshevik Revolution, and the collapse of the Soviet Union. Despite these obstacles, Russia's economy remains strong, with abundant natural resources such as oil, gas, and minerals, and a highly educated workforce.

Jun 1

Jun 1 Economics of Labor in Brazil

Karnik Aswani

Economics

Labor economics is a field of economics that studies the labor market and the relationships among workers, employers, and institutions involved in the production process. It is concerned with aspects such as the allocation of labor, wages, employment, working conditions, and other factors that impact the labor market. In Brazil, the labor market is characterized by significant challenges, including high levels of informality, low wages, inequality, and a shortage of skilled workers in some sectors. Moreover, Brazil's population of over 213 million people is the fifth largest globally, and it affects labor supply and demand in various economic sectors. Some of the various sectors would be agriculture, manufacturing, services, construction, mining and energy, and information technology. The government plays a crucial role in addressing these issues by enacting labor laws, policies, and programs that safeguard workers' rights, promote formal employment, and reduce labor market disparities. Brazil has experienced several economic crises in recent years, resulting in high unemployment rates and a decrease in formal employment. The government's response to these crises has been pivotal in mitigating their effects on workers and the labor market.

May 22

May 22 The Economic Impact of Ride-Hailing Apps on the Taxi Industry

Fathima Gafoor

Economics

Imagine strolling the bustling streets of a metropolitan city and needing to travel to different places. Aside from subways, you have two options: hail a taxi, or use your phone to book an Uber/Lyft. Undoubtedly, many people would choose the latter. With just a click away, transportation network companies (TNCs) like Uber and Lyft have skyrocketed in popularity, providing consumers with an affordable and convenient way to get around to places. Unfortunately, these services have also had a negative impact on the traditional taxi industry, leading to a loss of jobs, and increasing the risk of monopolies in the transportation industry.

May 18

May 18 Pirate Econ 101

Cerine Benayoune

Economics

Disney thinks it has pirates figured out. A peg leg, a hook for a hand, a flashy moustache that swirls at the tips, and a parrot attached to their shoulder that you can tell is evil because it has angled eyebrows – all a necessary part of the uniform. That is about as far as Disney can take its pirate representation without being slammed with lawsuits by concerned parents, because the real pirates were more than just clumsy crew members who were always tripping over their own feet and bickering with children. They were violent and cruel. But most of all, they were clever. Their behaviours were not a result of unchecked impulses and potential undiagnosed psychopathy, but rather a result of calculated thinking and appliance of strategic acts that can be analysed today using modern economic theories.

May 16

May 16 Hayek: An Overview

Thomas Mann

Economics

September 1945 contained multiple defining events around the world. In Germany, the Allies solidified control over their occupation zones. In Asia, the Allies rounded up Japanese forces. In the United States, factory workers began striking due to the postwar economic downturn. Lost in the shuffle is the publication of a 12-page journal article in The American Economic Review by an Austrian immigrant to the United Kingdom. The article’s author would change the economies and politics of the UK and the U.S.

Apr 21

Apr 21 Fiscal Policy in Germany

Karnik Aswani

Economics

Fiscal policy is an important tool used by governments to influence the economy, and Germany is a good example of a country that effectively utilizes various methods of fiscal policy to promote economic growth and manage economic challenges. The German government has implemented a constitutional rule known as the debt brake, which limits government borrowing and supports the country's GDP. Additionally, the investment offensive promotes public and private investment in infrastructure and other sectors, which helps to create jobs and stimulate economic growth. Furthermore, the temporary reduction in VAT rates during the COVID-19 pandemic was a measure taken by the German government to boost consumer spending and support the economy during a challenging time.

Feb 21

Feb 21 Uncertain Economic Times Ahead for the United Kingdom

Rhys Donnelly

Economics

On September 26th, 2022, the U.K.’s economy, the 6th largest in the world, nearly collapsed as the British pound fell 5% to its lowest value ever at just 1.03 USD. This left the U.K. teetering on the edge of a very serious potential economic crisis. To illustrate the severity of the situation, nearly ¾ of pubs in the U.K. are currently facing permanent closure, citizens are purchasing generators and torches as they anticipate blackouts in the coming winter, and police are preparing for an incredible surge in violent crime and civil unrest as the cost of living will make for a very tough winter for the country. The driver for all of this was the announcement from the new U.K. government that they would be borrowing billions more pounds as a part of their mini-budget which sent the markets tumbling out of control. Unfortunately for the U.K., all of this is occurring while a recession looms on the global economy set to further disrupt the country in many ways.

Jan 18

Jan 18 Inflation as a Result of Inflation

Caleb Smith

Economics

Global inflation rates over the past year have been higher than they have been since 2012; similarly, inflation percentages in the United States (US), the United Kingdom (UK), and the European Union (EU) since the start of the second quarter have been staggering. In the US, the UK, and the EU, the primary driver of the recent Consumer Price Index (CPI) elevation, in the US, and the Harmonized Index of Consumer Prices (HICP) in Europe, is the rising cost of energy and consumer commodities. The rising cost of consumer commodities, especially food, housing, and petroleum products has struck the world into a tumultuous spiral, causing the cost of living to rise to a level not seen since the 1980s, resulting in the global experience of all three types of inflation. Typically, only one form of inflation is seen; however, this reversion to a 1980s economy is the result of many factors and is relatively uncommon. This spiral has fueled riots and protests across Europe, causing protestors and legislators alike to demand monetary reform.