Step aside science nerds, an economist needs to say something…

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Image Credit: Max Rymsha/HP Inc

To some, colonizing Mars is an exciting future to look forward too. It would be an exemplification of the human spirit and a mark of our achievements as a species.

To others, the colonization of Mars is a pointless endeavor. …

An Assessment of Joe Biden’s Plans for the US Economy

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Image Credit: Wikimedia Commons

With just under a week before the US Presidential Election, Joe Biden continues to lead in voter opinion polls overall, as well as on individual issues such as criminal justice, foreign policy, and COVID-19. However, there is one issue that Biden is not distinctly rated higher for- the economy. The issue is critical to the American people now more than ever, and it is at the very core of the incumbent president’s campaign. Who voters believe will guide the economy out of its dire state will be crucial to the outcome of the election.

The former Vice President led the recovery from the 2008 financial crisis. As part of the American Recovery and Reinvestment Act of 2009, Biden oversaw where and how $800 billion of stimulus was being spent. As a result, he may be the candidate with the experience required to lead the economic recovery from the coronavirus. …

Why immigration is (mostly) a good thing

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Photo by Nitish Meena on Unsplash

The epoch that began in the mid-20th century is one characterised by unprecedented trade openness. This has indeed been part of the ideology of most developed nations.

However, globalisation is just as concerned with the movement of people as that of goods. Whilst exports have increased and tariffs have decreased in the preceding decades, the proportion of immigrants globally has remained constant since 1960, at around 3.5%. Why have we seen globalisation in goods but not in people?

This article will discuss whether borders should be more open to migrants. It will begin by discussing whether immigration can, and by parity of reasoning, should, follow a similar path to trade liberalisation. It will then examine the economic effects of migration on both recipient and home countries to reach the conclusion that borders should be more lax, but not opened completely, and that host countries should give preferential treatment to select groups. …

How the legacy of one of history’s most influential thinkers is skewed

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Adam Smith on the back of the £20 note. Image Credit: Thinkstock

It is unfortunate that most people only know Adam Smith as “the capitalism guy”. …

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Photo by Piron Guillaume on Unsplash

The most affluent nations were crippled by the health crisis. The developing world faces a much graver threat. Covid-19 has had and will continue to have disastrous consequences on their fragile health systems. Hundreds of thousands have already lost their lives in the emerging world. It is amid this setting that health investment should be prioritised above all else in poor countries.

Before comparing health investments to those in other sectors, I shall first discuss the effect of health investment on economic growth. Of course, health and GDP growth are a symbiotic relationship, but the causal effects of health on economic growth cannot be ignored either. …

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Copyright/Image Credit: gunnar3000 and depositphotos

We are on the precipice of change. The way our institutions approach macroeconomics could see the biggest change since the 1990s. This revolution has been precipitated by the economic fallout from the Covid-19 crisis. But it’s been a long time coming- the breakdown of monetary policy is the underlying cause that has prompted a more serious consideration of using negative interest rates to bolster the economy.

There have been two, arguably three, major shake-ups in how policymakers have done their jobs. The first gave birth to macroeconomics itself- John Maynard Keynes’ commentary regarding the Great Depression showed how the market doesn’t always readjust itself, and that government intervention is necessary in recessions. …

The reason scarcity is so central to the dismal science

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Image Credit: Rick Pozos

The banal definition of the subject of economics itself, one that you’d encounter in most textbooks, is how to distribute scarce resources. Indeed, the basic economic problem is fulfilling unlimited desires with limited resources, implying that scarcity is at the core of the subject.

Everything is limited- even the most abundant resources are still ultimately bounded in quantity. Since there are a finite number of resources, we are forced to make choices, and every action has an ‘opportunity cost’: what you lose out on by choosing the way you did. …

Reducing regional inequalities in the UK is a good idea. Don’t count on it.

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Photo by Jannes Van den wouwer on Unsplash

‘Levelling up’ is Boris Johnson’s campaign promise to diminish regional inequalities and to ensure growth across the entire country, instead of just in ‘soar-away’ London. The March 2020 budget reveals that the government intends to do this via infrastructure spending. I shall determine if promises to level up are possible to fulfill by first ascertaining the extent of regional inequality in the first instance, and whether or not this is problematic. Next, I will assess if levelling up is economically sensible in theory before finally examining the practical possibility and likelihood of realising this goal.

Firstly, I shall evaluate the magnitude of the inequality problem. London’s GDP per capita of £54,686 overshadows the approximately £25,000 income per head of ‘left-behind’ regions. However, when adjusting for housing expenses, London is on par with the incomes of the remainder of the nation. Deeper analysis also proves that the data is skewed due to commuter flows and how regions are divided and that inequality within London itself may be the more pertinent issue. …

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Love this illustration. Image Credit: Rebel Pepper

The most iconic case study of an autocratic model that has outpaced a democratic republic regards China’s economic overtake of India. The two countries are seemingly ideal for comparison at first glance. …

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Image Credit: Alamy Stock Photo

Current economics curricula are fairly comprehensive. They generally offer a broad, well-rounded introduction to the subject, introducing all the major areas in the field of economics, from behavioural economics and markets to economic policy and development, as well as everything in between. However, in my opinion, there is still a specific area missing from the typical syllabus.

Education in economics at the secondary school level helps show how contemporary society is shaped through a system of incentives. Most syllabuses do this quite well, but my main discrepancy is that they are usually not comprehensive in explaining how that system of incentives came to be. …

About

Nitheesh Velayan

Economics nerd who loves offering his perspective about the world around him. Writer for Dialogue and Discourse. Finance Director of ShoutOut Adverts LLP.

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