Behavioral economics is often perceived as a subordinate field whose only utility is to fill in the gaps where Rational Choice Theory fails to explain and predict. Is this true and what are its broader implications for mainstream economics?… Read More Is Behavioral Economics game-changing?
In general, fines serve two purposes: a) to punish an offender and b) to deter potential offenders. From the perspective of government, the argument that parking fines should be based on the driver’s income is grounded in its effectiveness of punishment. For punishments to be effective, they must serve as a warning but must also… Read More 25 Questions: Should parking fines be based on the driver’s income?
A new series of articles is on the way – 25 questions. Here, we critically examine controversial statements, conventional wisdom and political rhetoric with the lens of economics evaluation. A Balance of Payments deficit is always an economic problem. Discuss. Tensions between the USA and China has cast a spotlight on the abstruse economic concept… Read More 25 Questions: A Balance of Payments Deficit is always an Economic Problem
Keynes suggests that economics “is a branch of logic, a way of thinking”. What exactly, is this way of thinking. This short piece expounds on the nature of economic inquiry. … Read More The Poise of an Economist
We are all experts in game theory without knowing it; each day we play hundreds to thousands of games. … Read More Snapshots of Game Theory
The Central Economic Problem (CEP) is quite possibly the worst way to introduce the entirety of the ‘A’ Level Economics syllabus. It is the driest and most technical chapter of the syllabus. Take comfort in the fact that not student understands this chapter thoroughly once introduced; it is only after learning the subsequent microeconomics chapters that you will have a full picture of the topic.… Read More H1 + H2 Economics: Central Economic Problem
Face it, the law of diminishing marginal returns is in effect. The more you study for economics, the smaller the increase in results you see. If this describes you, read on. If you are confused by it, you have to read on.… Read More How to Score an A for H1/H2 Economics at the ‘A’ Levels
“In terms of economic growth, no one wins in a trade war. In terms of geopolitical rivalry, what matters is who lose more.” Bloomberg chief economist Tom Orlik Said.… Read More Game Theoretic Analysis of the Trade War
Pocket Economics 