Improving Education in Emerging Markets

Image for post
Image for post
Photo by Husniati Salma on Unsplash

“All countries which have managed persistent growth in income have also had large increases in the education and training of their labor forces.”

Economist Gary Becker’s views from his seminal 1964 work Human Capital supports the idea that education is vital for ensuring robust economic growth.

Though we have made big strides over the last few decades, lackluster educational provision continues to suppress the immense potential of children across the developing world.

Moreover, COVID-19 has forced school closures with few alternative provisions put in place to support students, reversing years of progress. When the biological dangers of the pandemic ease…


A Look at the President-elect’s Plan For the American Economy

Image for post
Image for post
Image Credit: Financial Times/Getty Images

When he assumes office on the 20th of January, Joe Biden will inherit perhaps the gravest economic conditions in American history. Leading the nation out of the coronavirus-induced recession will be an unprecedented task. He will also be tasked with addressing America’s underlying economic problems, such as climate change, healthcare, student debt and inequality.

He has appointed a steady hand in Janet Yellen as Treasury Secretary. She is widely liked across the political spectrum and Wall Street, and has a plethora of experience-as an academic economist and as Chair of the Federal Reserve. …


Image for post
Image for post
Photo by Olga DeLawrence on Unsplash

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output”

You may recognise that the quote above is from the famous monetarist Milton Friedman. The monetarist ideology he pioneered was largely accepted as gospel after controlling the money supply curbed inflation in the 1980s. But following the 2008 Financial Crisis, inflation did not increase even as trillions of new dollars were created, implying that non-monetary factors were suppressing inflation.

Even this year, monetary expansion hasn’t seemed to have…


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

Image for post
Image for post
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. It seems to offer little return on substantial costs, especially in the short term. Why not fix the problems here on Earth first? Can we justify such an onerous project while nearly one billion of our current planet’s inhabitants don’t even have enough to eat? …


Why immigration is (mostly) a good thing

Image for post
Image for post
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…


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

Image for post
Image for post
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”. To some on the left, he is perhaps even viewed as an adversary, the man whose ideas sparked and justified a culture of materialism, greed and selfishness, not to mention a world of grave inequality. Yet his contribution to civilisation is far more nuanced in reality. Smith saw the world like nobody else before him, and could thus provide revolutionary insights into human behaviour. …


Image for post
Image for post
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…


Image for post
Image for post
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…


The reason scarcity is so central to the dismal science

Image for post
Image for post
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. Without scarcity, we would have infinite resources and time, meaning…


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

Image for post
Image for post
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…

Nitheesh Velayan

Giving you clear-eyed insights into economics and the mechanisms of the world around us. Finance Director of ShoutOut Adverts LLP.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store