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item list element: Regression Analysis
item list element: 10 Tips to Make Your Classes More Engaging for Students
item list element: AI supports the case to introduce a Universal Basic Income (UBI)
item list element: Which Concentration Should You Choose For Your Master's Degree in Economics?
item list element: Studying in Germany: How to apply for a student visa
item list element: Working in Germany: How to apply for a work visa
item list element: Stag Hunt
item list element: Sunk Costs
item list element: Which economists are paid the most, and where?
item list element: The INOMICS Questionnaire: Fratzscher vs Gómez Pineda
item list element: Excludable Goods
item list element: Rival Goods
item list element: Why are top management consulting firms increasingly hiring Economics PhDs?
item list element: Indifference Curves
item list element: Creative Destruction
item list element: Silent Success: How Quiet Quitting Can Boost the Economy
item list element: How will the development of AI affect the labor market?
item list element: Dr. Jeffrey M. Wooldridge
item list element: A quick guide to math symbols in economics
item list element: What degree do I need to succeed as an economist?
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Regression Analysis
type: CreativeWork
title: Regression Analysis
description: The name is attributed to Sir Francis Galton, who lived in the late 19th century and coined the term while studying people’s heights. In his study, Galton collected the height measurements of parents and their children. He noticed that particularly tall parents tended to have children who were tall, but somewhat less so than their parents; meanwhile, short parents had children who were short, but still taller than they were. From these data points, Galton surmised that the heights of children tended to “regress” back towards the average adult height, rather than perfectly continue the height trend of their parents. Despite this word not really reflecting the actual statistical process of analyzing the variance of height data, it stuck. We use the word “regression” to describe a wide variety of models and analyses used by scientists – including economists – today. The basics of regression A regression is a method of analysis where an economist (or other scientist) uses data to measure the amount of variation in their topic of interest that is explained by various factors. This is often used as evidence to show that these factors affect the topic of interest, and how they do so. The most intuitive type of regression is a simple linear regression, explained as follows. The main subject the economist is interested in is (usually) the dependent, or y, variable (sometimes also called the response variable). This variable is something the economist wants to learn more about; for example, y could be test scores for students in a class. The various factors used to explain the variation in y – in our case, test scores – are the independent or x variables. These can be anything that might reasonably affect test scores, such as nutrition, IQ, age, hours spent studying, the parents’ level of education, and more. The economist then collects data on each of the variables. With the data, the economist constructs a matrix or table and uses their method of choice for calculating the …
disambiguating description: Regression is a word commonly used in econometrics, statistics, and many other sciences. It describes a widespread technique used by scientists of all kinds to empirically test theories using available data.
date posted: 2023-08-08T16:18:06Z
date modified: 2026-06-29T10:41:11Z
employment type: onsite
language: en
keywords: econometrics
keywords: correlation
keywords: regression
keywords: regression analysis
keywords: Sean McClung
keywords: linear regression
keywords: multiple linear regression
type: terms
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: datascience
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Data Science
discipline labels: Statistics

10 Tips to Make Your Classes More Engaging for Students
type: Article
title: 10 Tips to Make Your Classes More Engaging for Students
description: As if this wasn’t hard enough, it can be very difficult to keep students’ attention during class time. We live in a world of constant distraction, and often it’s difficult for students to engage in classroom material – especially difficult material – for an entire classroom session. The very best teachers know that engaged students learn well, and aim to make their classes not just informative, but also interesting and engaging. This is no easy feat; how can instructors make their economics classes more engaging? INOMICS has collected some tips and tricks, some of which were inspired through our time in economics classrooms. Read on for our top 10 tips on how to better engage your students to help them stay focused and learn. 1. Ask questions and seek your student's opinions One of the best ways to increase student engagement is to directly solicit their thoughts on the material at hand. Giving your students the expectation that you might call on them will inevitably cause them to handle the materials more critically, and pay more attention. It’s an excellent way of focusing students’ minds and instilling in them a healthy scepticism that’s essential to all good study. Be wary, though, some students can be shy when it comes to contributing to class discussions. To counter this, try and create an atmosphere in which questioning is encouraged and students feel comfortable offering an opinion, even if they're unsure. If a student answers a question incorrectly, but elements of their answer are correct, be sure to acknowledge the good parts of their answer before calling on the next student. This will help all of your students recognize that participation won’t punish them. Another tip - your more confident students are likely to be constantly participating while your more quiet students won’t get the chance to talk. To balance this out, ask for hands raised and call first on those students who don’t participate as much; consider “cold calling” students on occasion (but…
disambiguating description: Teaching is an honorable, but difficult, job to do. Economics instructors working in higher education must rapidly and thoroughly communicate complex concepts and theories within tight semester time frames, effectively enough that most students will learn the concepts and pass the course.
date posted: 2016-12-06T16:13:41Z
date modified: 2026-02-23T08:48:38Z
language: en
keywords: teachers
keywords: teaching tools
keywords: teaching methods
keywords: economics lecture
keywords: lecturers
keywords: lecture
keywords: teaching tips
keywords: Teaching
type: teach
disciplines: marketing
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
discipline labels: Marketing
discipline labels: Economics
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management
discipline labels: General Economics (JEL A)

AI supports the case to introduce a Universal Basic Income (UBI)
type: Article
title: AI supports the case to introduce a Universal Basic Income (UBI)
description: This economic growth is seen as a good thing by economists, because it theoretically empowers us to satisfy our needs with less effort, and frees us up to enjoy our lives more. As our economies have become increasingly efficient over the past several decades, some have increasingly called for shorter work weeks to take advantage of this increased productivity. The advent of new and useful AI tools only strengthens this call. The link between economic growth and leisure time Typically, two main factors contribute to economic growth; increasing population and improving technology. Both of these factors are represented by inputs in the standard Cobb-Douglas model of the economy (population is represented by labor, L, which will tend to increase as the population grows). But it’s the latter factor, technological progress, that ties AI to the idea of a universal basic income (UBI). Technological progress – represented by the multiplicative factor A in basic Cobb-Douglas models – allows society to produce more with the exact same levels of employment and capital stock. John Maynard Keynes, one of the great historical figures in economics, predicted that by 2030 people would work for only 15 hours a week. He believed this because he expected that the increase in economic productivity, largely in part due to improving technology, would allow people to produce more in less time. This would then allow for workers to have much more leisure time, which would increase overall welfare and happiness. Thinkers and philosophers in history have often viewed leisure time as the ultimate goal of increasing productivity. For example, Aristotle, in his work titled Nicomachean Ethics, once said that “the end of labor is to gain leisure” (though he also advised that we use our leisure time wisely, stating “...the objective of leisure can and should be to sustain other aspects of our lives which make us uniquely human: our souls, our minds, our personal and civic relationships”). This view …
disambiguating description: One of the key features of the global economy is that it tends to grow over time. In fact, that growth has become something of an expectation in the modern capitalist system, where the success of corporations is often judged by their growth, even over relatively short time horizons.
date posted: 2023-08-02T15:43:47Z
date modified: 2026-07-01T12:51:23Z
employment type: onsite
language: en
keywords: AI and the economy
keywords: wealth inequality
keywords: economic growth
keywords: Sean McClung
keywords: UBI
keywords: universal basic income
type: blog
disciplines: politics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: economicdevelopmentgrowth
disciplines: businesseconomics
disciplines: finance
disciplines: industrialorganization
discipline labels: Politics
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Business Economics (JEL M)
discipline labels: Finance
discipline labels: Industrial Organization (JEL L)

Which Concentration Should You Choose For Your Master's Degree in Economics?
type: Article
title: Which Concentration Should You Choose For Your Master's Degree in Economics?
description: A degree concentration in economics is an area of specialist study within the field of economics which you give particular attention to. Specializing in a particular sub-field can boost your already high employability as an economist even further, and pursuing a concentration is a first step in that direction. To help you decide whether a concentration is right for you – and which one – this article will provide a list of common economics degree concentrations and a brief overview of each. Hopefully, you find one that inspires you! Bear in mind that in certain economics departments, some concentrations may have specific entrance requirements above and beyond the entrance requirements for the economics Master's. Be sure to check the websites of the universities that you’re applying to for more details. Applied Economics Applied Economics, unlike other concentrations on this list, is not truly its own sub-field. Rather, applied economics concentrations teach students to develop and interpret econometric models that can be used to make decisions about specific subject areas – like national and foreign policy, energy strategy, environmental or health economics, etc. As opposed to a more theoretical approach, applied economics is all about the practical application of economic concepts in the real world. Certain institutions might have more of a focus on some of these areas, but not others, depending on their strengths. If you’re very interested in health economics (for example), be sure to search for institutions that offer coursework in health economics specifically. An “Applied Economics” concentration typically requires a solid knowledge of mathematics and the ability to reason about economics, and will appeal to those who want to make concretely useful policy suggestions which are based on economic knowledge. This concentration is a great idea for students who wish to become an industry economist. However, this might not be the best approach for students who are mor…
disambiguating description: If you're planning to study economics at a Master's level, then you may have the opportunity to pursue a concentration, sometimes also referred to as a major. While rarer, some PhD programs may also offer concentrations, though many are already specialized degrees (or require you to have your own research agenda).
date posted: 2017-05-02T16:21:09Z
date modified: 2026-06-30T07:20:00Z
language: en
keywords: master's
keywords: economics concentration
keywords: economics policy
keywords: economics degree
keywords: Sean McClung
keywords: economic history
keywords: behavioral economics
keywords: developmental economics
keywords: concentration
keywords: financial economics
keywords: international development
keywords: economics
keywords: urban economics
keywords: econometrics
keywords: Master's of Economics
keywords: labor economics
keywords: International Economics
keywords: environmental economics
keywords: applied economics
keywords: health economics
type: advice
disciplines: microeconomics
disciplines: internationaleconomics
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: economicdevelopmentgrowth
disciplines: healtheducationwelfareeconomics
disciplines: urbanruraltransportationeconomics
disciplines: economichistory
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: econometricsstatisticsquantitative
disciplines: agriculturalenvironmentaleconomics
disciplines: economicthoughtmethodology
discipline labels: Microeconomics (JEL D)
discipline labels: International Economics (JEL F)
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: Urban, Rural and Transportation Economics (JEL R)
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: Economic Thought & Methodology (JEL B)

Studying in Germany: How to apply for a student visa
type: Article
title: Studying in Germany: How to apply for a student visa
description: If you’re a citizen of the EU, Iceland, Switzerland, Liechtenstein, or Norway, good news! You won’t need any type of visa to study in the country. Prost, indeed! Citizens of some other countries don’t need a student visa to enter the country, but will need one to complete their studies in Germany. These include citizens of the United States, Great Britain, New Zealand, Australia, Canada, Israel, Japan, and South Korea. If you aren’t from the Schengen area, applying for Germany’s student visa might seem to be a daunting process, but we’re here to help make sense of it. The process is relatively straightforward, although it has many pieces. Read on to learn about how to apply for the student visa in Germany and our tips for making the application process easier for you. Note that this information is accurate as of the publish date above. Some of these requirements could be changed by the German authorities over time, however. Be sure to double check with the references provided at the end of this article. Note that this article does not cover work visa requirements for Germany. But fear not – we have another article for just that! Applying for a student visa The exact requirements for a student visa are subject to vary depending on the country you’re applying from. Check with your local German embassy or consulate for exact details. You can search for the nearest embassy or consulate that will process visa applications on this page at the German Federal Foreign Office’s website. In most cases, the following guidelines apply. You will need to make an in-person appointment at an embassy that is able to process visa applications and provide several documents for them to take and/or copy. The following documents are typically necessary: A completed visa application Your valid passport Proof that you have German health insurance Proof that you have sufficient funding Proof of acceptance into a German university Proof that you have sufficient language skills Only if applyin…
disambiguating description: So you want to study abroad in Germany, the largest economy in Europe. It’s a great country filled with many high-quality, internationally competitive universities. Plus, lovers of pretzels and sausages will never find a better place to be. Of course, if you’re an international student, you’ll probably need to get a visa before you can go.
date posted: 2023-07-17T15:49:35Z
date modified: 2026-06-30T07:24:17Z
employment type: onsite
language: en
keywords: study abroad
keywords: Sean McClung
keywords: study in Germany
keywords: student visa
keywords: Germany
keywords: studying abroad
type: advice
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Working in Germany: How to apply for a work visa
type: Article
title: Working in Germany: How to apply for a work visa
description: But, now you might be wondering how to apply for a work visa in Germany if you hope to transition from student to economist, so you can pursue your career while remaining in Deutschland. We’re here to help you begin tackling the process. Read on for information about getting your work visa in Germany, and our tips for making the process go smoothly. But before we start, first note that residents of the European Union, the European Economic Area, and the European Free Trade Association do not need any visa to work in Germany. If you’re from one of these regions, simply find a job, start working, and enjoy life in the largest economy in Europe. First step: Job seeker’s visa Fortunately, Germany has made the process of finding a job in the country after you graduate an available and fairly straightforward option. After you graduate from a German university in the country, you’re eligible to apply for a job seeker’s visa. This grants you a minimum of six months (up to a maximum of 18 months) of stay in the country after you graduate, during which time you can look for a job. Recently graduated students aren’t the only people who qualify for a job seeker’s visa – any reasonably skilled professional has a chance at securing one. But, being a recent graduate of a German university increases the chances that your application will be successful – especially if you have proof of German language skills, too. The basic eligibility criteria to be awarded a job seeker’s visa are as follows: Hold a Bachelor or Master’s Degree. Have a minimum of 5 years’ experience in your field of interest or study (for those who haven’t graduated from a German university). Proof of health insurance; all residents of Germany are mandated to have health insurance. Foreigners should look into health insurance for job seekers, or health insurance for foreigners. Student insurance only lasts through your studies, so once you graduate, you’ll have to re-apply for insurance. Proof of sufficient funds; t…
disambiguating description: So, you studied abroad, got your economics degree in Germany, and you’re ready to look for a job in the country. First of all, congratulations! You’re on your way to becoming a full-fledged economist.
date posted: 2023-07-17T15:14:03Z
date modified: 2026-06-30T07:29:35Z
employment type: onsite
language: en
keywords: work abroad
keywords: Sean McClung
keywords: work visa
keywords: employment visa
keywords: Germany
type: advice
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Stag Hunt
type: CreativeWork
title: Stag Hunt
description: In Rousseau’s original theory, a group of hunters track a large stag, finding that it follows a certain path. One hunter alone cannot kill the stag, but if they work together, they can trap the stag and all of them will eat well. However, if their trap is discovered, the stag will flee, and none of them will eat. The hunters agree to lay the trap and wait for the stag. After waiting for several hours with no sign of the stag, along comes a rabbit. The rabbit presents an opportunity for an individual hunter to eat, and it is easy prey. While the rabbit is worth less than the stag, it is easier to hunt, so its payoff in terms of utility is more certain. But if one of them leaps out of hiding to hunt the rabbit, the trap for the stag will be wasted, and the others will starve. Thus, the risk for each hunter is two-fold. Each risks not only that the stag will never appear but also that another hunter will secure the rabbit for themselves. Each hunter must make a choice: trust the others and hunt the stag for a potentially greater payoff, or hunt the rabbit for a smaller but more certain payoff. This scenario can be represented in game theory with a payoff matrix. Let’s look at a simple case of two hunters, or “players”, who face the payoff matrix below. If both players hunt the stag, they will each receive a payoff of 5. If player 1 hunts the rabbit, while player 2 hunts the stag, player 1’s payoff is 4, and player 2’s payoff is 0. Alternatively, if player 1 hunts the stag and player 2 hunts the rabbit, player 1’s payoff is 0, and player 2’s payoff is 4. If both hunt the rabbit, each will receive a payoff of 2. Each player must choose a strategy in the face of uncertainty about the actions of the other player. Player 2 Hunt Stag Hunt Rabbit Player 1 Hunt Stag 5, 5 0, 4 Hunt Rabbit 4, 0 2, 2 A stag hunt dilemma results in two pure Nash equilibria. One Nash equilibrium (Stag, Stag) is Pareto optimal and is the most preferred outcome. This outcome is payoff dominant since …
disambiguating description: The stag hunt dilemma in game theory is a variation on the prisoner’s dilemma. It was developed by the French philosopher Jean-Jacques Rousseau and represents the conflict between social cooperation and personal security.
date posted: 2023-07-13T13:20:00Z
date modified: 2023-07-14T12:09:48Z
employment type: onsite
language: en
keywords: Game Theory
keywords: Stag Hunt
keywords: Laura Ahlstrom
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Sunk Costs
type: CreativeWork
title: Sunk Costs
description: Sunk costs are by definition a past event, as they’re costs that the individual has already incurred and cannot recover. When you buy a good or service, that purchase becomes a sunk cost as soon as you finish the transaction (assuming that warranties and similar agreements don’t exist, in which case the transaction is finished once these “services” expire). Because the money is gone, it shouldn’t matter for any future decision-making. It’s important to note that sunk costs don’t just have to be monetary expenses. Expenditures of time and effort are also classic examples of sunk costs. For example, if someone starts an engineering degree but realizes they don’t want to become an engineer, the time, effort, and any money spent on the degree become sunk costs for the individual. Ideally, this person should realize they don’t want to be an engineer and choose a degree that will make them better off in the long run, no matter how long they’d been studying engineering. What is the sunk cost fallacy? The sunk cost fallacy is when individuals irrationally factor their sunk costs into their current decision-making. This can cause people (or businesses) to choose sub-optimal outcomes that don’t maximize their utility (or profits) – all because of a decision made in the past that can’t be changed. For example, imagine that you go to a theme park. You buy the weekend pass tickets in advance, and they cover park entrance fees for Saturday and Sunday (assume that they are non-refundable tickets). You spend your Saturday at the park and have a great time – let’s say that you gain 50 units of utility from this. Unfortunately, on Sunday it is forecasted to rain all day. Rain would ruin your park experience since it’s mostly outdoors and you hate rain. You would gain 0 utility from going to the park in the rain. But you’re an avid movie fan, and know that you could gain 10 units of utility from staying home and seeing a movie, avoiding the rain entirely. Knowing this, you, being a fu…
disambiguating description: Sunk costs are an important concept in economics. A sunk cost is an expense (of money or potentially time) that someone has already paid in exchange for a good or service; sunk costs cannot be recovered. This cost should therefore not feature in any decision making process, but often individuals fall victim to the “sunk cost fallacy” and factor these costs into their decisions anyway. This article will dive into sunk costs and explain how this fallacy reveals our sometimes irrational human nature.
date posted: 2023-07-12T15:00:42Z
date modified: 2023-11-17T14:08:24Z
employment type: onsite
language: en
keywords: sunk costs
keywords: Sean McClung
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Which economists are paid the most, and where?
type: Article
title: Which economists are paid the most, and where?
description: Around the world, economists are paid well compared to other occupations. This may not be a surprise, but how much economists are paid, how different employers compare in terms of pay, and other factors (such as “is an economics PhD worth the pay increase?”) may be less clear to burgeoning economists. This article will shed some light on these questions and more using our data from the 2022 INOMICS Salary Report. Read on to learn more about which employers pay economists the most, regional differences in economist salaries, and more. This article will discuss both academic and non-academic (or “industry”) economists. If you’re curious about the differences between these two general types of economists, you should read our article written by an economist who has worked in both spheres, “Policy or academic economist: which should I become?”. Regardless of an economists’ chosen path, how much can one expect to earn, and which economists earn the most? An Overview of Economist Salaries Globally As mentioned above, many organizations value the specialized skills that economists bring to the table. The below graph constructed from our 2022 Salary Report data shows how average economist pay varies by these different types of employer around the world: Figure 1: Regional average salaries by employer type (USD, PPP-adjusted, thousands) Figure 1 shows average economist salaries by each type of employer in different regions around the world (note that a handful of series are excluded due to sample size issues, i.e. NGO in East Asia & Australasia). Two things stand out from this figure. First, average pay in North America is very high, while average pay in Western Europe & Scandinavia and East Asia & Australasia are the next highest on average. The other regions of the world are more comparable with each other (we will explore each region individually later on in the article). Second, central banks appear to pay economists the most on average. Readers might be interested in the…
disambiguating description: The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook
date posted: 2023-06-30T16:52:07Z
date modified: 2026-06-30T07:43:12Z
employment type: onsite
language: en
keywords: economist pay
keywords: INOMICS Handbook
keywords: INOMICS Salary Report
keywords: Sean McClung
keywords: economist salaries
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The INOMICS Questionnaire: Fratzscher vs Gómez Pineda
type: Article
title: The INOMICS Questionnaire: Fratzscher vs Gómez Pineda
description: The interview with Dr. Gómez Pineda offers an interesting look into the thoughts of an accomplished central banker. For early-career economists in particular, it is not only enlightening but full of essential advice, not least of which is the importance of continuous learning and reading. Our advice – start your reading here! Javier G. Gómez Pineda is Senior Economist (Investigador Principal) at Banco de la República (the central bank of Colombia). He also teaches Monetary Economics at Universidad del Rosario in Bogotá. His research interests are in Monetary Economics and International Economics; he is author of the textbook Dinero, banca y mercados emergentes, los países emergentes en la economía global, 2010, Ed. Alfaomega; and he holds a PhD in Economics from the University of Chicago. His interview responses to Dr. Fratzscher’s queries are below. Marcel Fratscher: What is your favorite place on earth? Javier Gómez Pineda: To start with, I would like to express my gratitude for this interview and having the opportunity to share my thoughts. My favorite place on earth is where you can share with your loved ones. To me, it is home. As for places you get to be around as an economist, I would say my favorite place would be the macro seminar at the University of Chicago. As a student at Chicago, I had the chance to see several papers being greatly improved by comments from the audience. I recall once or twice Gary Becker gave incredible micro feedback to two macro papers. MF: Outside of economics, what occupation would you choose if you could be absolutely anything? JGP: I think I would be a civil engineer to help improve infrastructure in Colombia. As an economist, in a way I happened to be sort of a civil engineer when I got involved in the implementation of the inflation targeting framework in Colombia back in 2000. However, I would choose in the first, second and third place to be an economist. MF: What is the virtue you appreciate the most? JGP: An important virt…
disambiguating description: The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook President of the DIW Berlin and well-known macroeconomist, Prof. Dr. Marcel Fratzscher poses the questions for accomplished central banker and author Dr. Javier G. Gómez Pineda in this latest INOMICS interview, where we ask economists for their thoughts about life and economics. Dr. Gómez Pineda graciously took to the spotlight in this latest round. The interview, dubbed Fratzscher vs. Gómez Pineda, dives into the importance of the Lucas critique, role models for women in economics, the challenges with maintaining global financial market stability (while still allowing for growth for emerging economies), how economics can contribute to climate policy, and more.
date posted: 2023-06-26T14:21:19Z
date modified: 2023-06-26T16:37:13Z
employment type: onsite
language: en
keywords: INOMICS Handbook
keywords: INOMICS Questionnaire
keywords: Javier G. Gómez Pineda
keywords: Marcel Fratzscher
keywords: monetary policy
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Excludable Goods
type: CreativeWork
title: Excludable Goods
description: When goods can only be enjoyed by the buyer – or the intended gift recipient – after it’s been paid for, as is the case for most goods, the good is considered excludable. It might seem that almost every good is excludable. After all, when you buy something, it’s yours to use. But, there are goods where access by non-payers cannot be prevented, often because it is prohibitively expensive to do so. Economists call these non-excludable goods. Examples of non-excludable goods include many publicly available goods and services, like public roads, beaches, and national defense. These are widely accessible to everyone, even to people who don’t pay for the good or service in question, and it is prohibitively difficult to prevent any specific individuals from accessing them. For example, although some individuals dodge or underpay their taxes, they still benefit from their nation’s national defense spending, and can’t be easily excluded from that. And they can still access public roads at any time. Likewise, air is nearly impossible to exclude from specific individuals. Air is present everywhere and is necessary for life. To charge for the right to breathe air would be very difficult to enforce, probably more trouble than it would be worth, and (of course) morally wrong. When goods are non-excludable like this, it can create certain problems. For instance, a Tragedy of the Commons situation may arise when a shared space is overused. Because nobody can be prevented from using it, ownership is unclear, so there is a lack of responsibility in cleaning and maintenance of that space. Over time, the space deteriorates due to overuse and neglect. An example of a non-excludable resource that might experience a Tragedy of the Commons situation is fish in a lake. As more people fish in the lake, there are fewer fish for others to enjoy. The water might also become more polluted from fuel runoff and plastic waste products as people carelessly use the space. But, it is extremely difficu…
disambiguating description: Ordinarily, people buy goods in the market, and then they consume those goods for themselves. This increases their utility and generates consumer surplus. Usually, this process only requires a willing consumer and producer who agree upon a price. Other individuals aren’t benefited or harmed from this exchange (unless externalities are present), nor can they enjoy the good or service that the buyer paid for (unless the buyer gives it away as a gift).
date posted: 2023-06-29T14:24:56Z
date modified: 2024-05-17T17:03:39Z
employment type: onsite
language: en
keywords: excludable goods
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: excludability
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Rival Goods
type: CreativeWork
title: Rival Goods
description: But elasticity is not the only way economists classify goods. Another important characteristic to consider is how consumption of a good affects its ability to be consumed by others. Specifically, if consuming a good reduces the ability of other people to consume it – or if a good cannot be enjoyed by more than one person at a time – it’s called a rival good. Economists might also say that this good exhibits “rivalry in consumption”. Rival goods include many everyday items, like drinks and food. As someone drinks their beer, there is less of that beer for someone else to consume. Similarly, if your friend eats a cookie at a party, you cannot enjoy that cookie – it’s gone. Clothing items are also rival. Even though you could lend your favorite scarf to a friend, when you’re wearing the scarf, nobody else can. Therefore scarves (and most other clothing items) are considered rival goods. Other examples of rival goods include tickets to a concert, seats in a restaurant, and booking air travel. When you purchase or reserve one of these goods, you consume a spot that another person cannot claim. It might seem like every good is rival - after all, if you buy something, it’s yours. But there are many goods and services that don’t follow this pattern. Consider a streaming service. When you pay for a subscription to a streaming service, you’re able to consume as many movies or TV shows from that service as you want. But no matter how much you watch, it will not diminish the amount of movies left for other people to enjoy. Goods like this that lack rival characteristics are simply known as non-rival goods. Other examples of non-rival goods include a fireworks display, music albums, and national defense. In each of these cases, enjoying the good or service provided does not diminish the amount available for others to enjoy as well, nor does it prevent another person from enjoying the good at the same time. Good to Know This rival or non-rival characteristic of goods may seem sim…
disambiguating description: In the modern economy, consumers exchange money to acquire goods and services that increase their utility. There are many different kinds of goods and services, and many ways that economists can classify them. For example, price elasticity of demand and income elasticity of demand can tell economists whether goods should be considered normal, luxury, Veblen, inferior, or Giffen goods.
date posted: 2023-06-29T14:33:42Z
date modified: 2024-05-17T13:45:45Z
employment type: onsite
language: en
keywords: rivalry in consumption
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: rival goods
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Why are top management consulting firms increasingly hiring Economics PhDs?
type: Article
title: Why are top management consulting firms increasingly hiring Economics PhDs?
description: Every Economics PhD student has contemplated a career outside academia at least once. There are multiple alternative options available to trained economists, and the INOMICS Salary Report shows that about 30% eventually opt for the private sector (though the true number may be higher, as INOMICS has a high proportion of academic users). In recent years, top consulting firms (such as the “Big 4”: KPMG, PwC, Deloitte, and EY) have increasingly been hiring Economics PhDs, many through specifically designed advanced degree pipelines – a trend that may surprise some. But why are these firms seeking out economists for their consulting teams, and what benefits do economists bring to the table? I spoke with a human resources manager from one of the Big 4 firms to learn more on the matter, and to help thousands of Economics PhDs like myself know our options better. First, it's important to reiterate what an Economics PhD entails to figure out why these students are in demand. Economics is the study of how societies allocate scarce resources to satisfy unlimited wants and needs. An Economics PhD program involves advanced coursework in microeconomics (the study of individual decision-making) and macroeconomics (the study of the economy as a whole), as well as training in statistics, econometrics (the application of statistical methods to economic data), and mathematical modeling. PhD students also typically conduct independent research, which requires them to develop analytical skills, conceptual thinking, and the ability to identify patterns and trends in large amounts of data. Management consulting firms are known for their ability to help businesses solve complex problems and achieve their strategic objectives. Therefore, the interview process typically includes several rounds with at least one case interview; this type of on-the-spot analysis isn’t a skill that’s traditionally taught in economics courses. So why are they interested in hiring Economics PhDs? Here are a few …
disambiguating description: The following article first appeared in the INOMICS Handbook 2023. Download the INOMICS Handbook
date posted: 2023-06-21T18:52:50Z
date modified: 2023-07-07T13:12:12Z
employment type: onsite
language: en
keywords: recruiting economics phds
keywords: management consulting
keywords: INOMICS Handbook
keywords: economics phd
keywords: consulting
keywords: Hanna Sakhno
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Indifference Curves
type: CreativeWork
title: Indifference Curves
description: So what are indifference curves exactly, how are they created, and how should they be interpreted? Indifference curves are usually drawn for individuals. It is assumed that the individual is rational, has consistent preferences that don’t change, seeks to maximize utility, and that their utility increases with more consumption. These assumptions are useful because they allow us to draw usable and meaningful indifference curves where each curve represents the same level of utility at every point on the curve. This is an important point that bears repeating: individuals achieve the same level of utility at any point along a single indifference curve. As can be seen in Figure 1, each indifference curve is a line on a graph, where the axes represent goods or services that the consumer must choose between. Each line plots the combinations of products that would offer a specific level of utility for the individual. In this case, the indifference curves drawn are U and U’. Figure 1: Standard indifference curves with budget constraint Usually, the axes represent two different products or services the consumer can spend their budget on, often labeled Good A and Good B or X1 and X2. But sometimes, economists lump together “all products except X1” as one axis, and X1 as the other axis. This setup allows economists to study a consumer’s demand for X1 in relation to everything else the individual could spend their money on. The points in the graph, and on each indifference curve, represent different mixes of products that the individual can consume. For example, point (qX1,qX2) is the point where the individual consumes qX1 units of good X1, and qX2 units of good X2. Economists call points like these “product bundles” or just “bundles”. Every point in the graph represents a combination of two goods that constitutes a bundle. As another example, the origin – the point (0,0) – is the product bundle where the individual consumes 0 units of good X1 and 0 units of good X2. An importa…
disambiguating description: Indifference curves are a common sight in economics courses. They’re a foundational and helpful concept for economics students because they help economists easily depict people’s preferences. This can show the economist how someone is likely to spend their budget, what they’ll prioritize in order to maximize their overall happiness and well-being (or utility), and more.
date posted: 2023-06-08T16:17:50Z
date modified: 2026-06-29T09:14:15Z
employment type: onsite
language: en
keywords: Indifference Curves
keywords: Sean McClung
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Creative Destruction
type: CreativeWork
title: Creative Destruction
description: But this is not a smooth process; jobs are lost and industries are destroyed as new jobs and new industries are created. The concept of creative destruction is best illustrated with an example. Creative destruction in action Consider the market for movies. In the past, movies were viewed in the theater or purchased on VHS or on a DVD. There was an industry built around renting or buying movies in VHS and later DVD format for home viewing. Blockbuster was a major retailer that had a big movie rental business, though they sold other goods and services as well. At its peak in 2004, the chain had over 9,000 stores and was worth more than $5.9 billion (USD). But today, Blockbuster has just one store left in the entire world (located in Bend, Oregon in the US). The store even draws tourists who remember the iconic chain and want to visit!1 So how does a massive, successful, multinational business almost entirely disappear in just a few years? Creative destruction is to blame. Netflix was founded in 1997 and at first was in the business of sending DVDs by mail. In 2007, Netflix launched its online movie streaming service, which allowed customers to watch movies on demand without leaving the comfort of their homes. It also eliminated the need to return a DVD, which was a chore many people disliked doing. While streaming over the Internet is incredibly common today, Netflix was the first major company to succeed at offering online streaming video services. Streaming a TV show or movie over the Internet is more convenient than renting a DVD for the vast majority of people. As such, when the technology became widespread, people flocked to online streaming services and abandoned DVD rentals. This caused companies like Blockbuster to lose money and go (almost completely) out of business. The movie rental business today is a shadow of its former self, having been replaced by online streaming. The pros and cons of innovation The advent of streaming resulted in an increase in overa…
disambiguating description: “Creative destruction” in economics is a phrase that describes how the economy reacts to change. When innovation introduces new technologies, the economy moves to phase out outdated or obsolete goods and services in favor of new, more efficient ones.
date posted: 2023-06-01T13:01:15Z
date modified: 2023-11-17T14:08:03Z
employment type: onsite
language: en
keywords: Creative Destruction
keywords: Sean McClung
keywords: Joseph Schumpeter
type: terms
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)

Silent Success: How Quiet Quitting Can Boost the Economy
type: Article
title: Silent Success: How Quiet Quitting Can Boost the Economy
description: Rather than pushing ourselves to the brink of exhaustion, quiet quitting involves recognizing when something is not productive and making the decision to step back and reassess. This can lead to greater productivity, increased creativity, and ultimately, a stronger economy. In this article, I'll explore how quiet quitting can affect the economy. I'll delve into the benefits of taking a step back, the impact it can have on our mental health, and the potential economic benefits of a more balanced approach to work. So sit back, take a deep breath, and let's explore the power of quiet quitting. Understanding quiet quitting Quiet quitting involves a strategic and intentional decision to let go of unnecessary tasks, projects, or overtime work in order to redirect time and energy towards more fulfilling or productive endeavors. At its core, the concept refers to withdrawing from tasks beyond one’s assigned duties and becoming less personally invested in work. Quiet quitters continue to fulfill their main job responsibilities, but they turn down activities that involve going above and beyond. No more working late, showing up early, or participating in non-mandatory tasks. Simply no extras. It’s worth mentioning that there's an irony in calling it "quitting" when employees are still showing up for their jobs and doing their work. It seems unreasonable that current society glorifies constant work and a hustle culture mentality, to the extent that performing the tasks expected of you within your designated work hours and then leaving is now being referred to as "quitting". The quiet quitting trend did not appear by accident; its emergence is linked to the COVID-19 pandemic. Due to the pandemic, many individuals lost their jobs, resulting in a smaller workforce than before the outbreak. Although some people have secured new employment or been rehired, existing workers have been experiencing more pressure as some have been tasked with additional responsibilities that laid off wo…
disambiguating description: In a world where we are constantly told to hustle, grind, and push ourselves to the limit, the idea of taking it easy can seem counterintuitive. However, there is a growing movement suggesting that doing only what’s necessary at work is the best thing we can do for ourselves and for the economy. This is known as the concept of "quiet quitting".
date posted: 2023-05-31T18:00:00Z
date modified: 2026-07-01T12:55:55Z
employment type: onsite
language: en
keywords: Sara Taha
keywords: quiet quitting
keywords: UN SDGs
keywords: work life balance
type: blog
disciplines: economics
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: healtheducationwelfareeconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Health, Education, and Welfare (JEL I)

How will the development of AI affect the labor market?
type: Article
title: How will the development of AI affect the labor market?
description: It’s expected that AI will change the economy and the world, though few have answers as to how. News stories continue to be written as companies, governments, researchers, and students grapple with AI and learn how to adopt it or respond to it. In this article, we’ll explore this question from an economic standpoint, focusing on the human side of the economy: the labor market. How will AI affect people’s jobs and the future of work? How disruptive technologies generally affect the economy AI in this massively available and accessible form seems truly new and unique. But economically speaking, it could just be considered another advancement in technology that can improve our productivity. This scenario has been happening in our economies since the dawn of civilization. So, what economic impact do these advancements tend to have? Consider the classic Cobb-Douglas production function, shown below: \begin{equation*} \mathit{Y} = \mathit{A}\mathit{L}^{\alpha}\mathit{K}^{\beta} \end{equation*} In this equation, K stands for capital, L stands for labor, and A stands for “technological progress”. A is often glossed over in introductory courses, but is generally described as a “good thing”. When this factor increases, it means that even with the exact same inputs, the economy can produce more. In other words, technological advancement leaves room for Pareto improvements. The development of AI can be thought of as an increase in A. Everyone is theoretically made better off due to this increase in A; this is why economists typically consider technological progress to be a good thing. To see why, consider previous inventions that have changed our daily lives and made certain careers obsolete. One such example is the invention of the printing press. Before it was available, books had to be copied by hand, which professional scribes were hired to do. As books were hand-copied, they were quite scarce, and the cost of books was much higher (relatively speaking) than they are today.…
disambiguating description: Artificial intelligence appears to be the next truly disruptive technology poised to rock our global economy. In December 2022, ChatGPT-3 made headlines. It represented a leap forward in the capabilities of generative AI technology, pushing conversations about this new tool into the mainstream as people began to question how ChatGPT will affect the economy.
date posted: 2023-05-22T06:00:00Z
date modified: 2026-07-01T12:57:28Z
employment type: onsite
language: en
keywords: labor market
keywords: automation
keywords: creative destruction
keywords: Artificial Intelligence
keywords: AI
keywords: automating jobs
keywords: Sean McClung
type: blog
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)

Dr. Jeffrey M. Wooldridge
type: Article
title: Dr. Jeffrey M. Wooldridge
description: Econometrics is the application of statistical rigor to economics that allows economists to test economic theory. It is the backbone of modern economic research; any empirical paper that lacked solid econometric reasoning (and preferably repeatable, data-based analysis) would probably not be taken seriously. While it’s possible to theorize and contribute to economics through the development of new theoretical models (especially by introducing science from related fields, like psychology), most serious economists must be comfortable with basic econometrics. Enter Dr. Wooldridge’s research and his seminal text, Introductory Econometrics: A Modern Approach, first published in 1999 and now with over 6 editions, still widely used around the world. Dr. Wooldridge is a prolific researcher who has published more than forty articles in top economics journals and has helped advance econometric theory significantly. Chances are, if you’re a serious student of economics, you’ll end up using his material in some of your courses. Dr. Wooldridge’s contributions to advancing econometric rigor Dr. Wooldridge’s main research focus is in microeconometrics, a sub-field of econometrics that works with individual-level data. He specializes in the study of panel and cross-sectional data, researching and promoting the best econometric methods for researchers to use with these types of datasets. This work is important. One of the cornerstones of the scientific method is the use of repeatable experiments that can be measured. Unfortunately, in economics, it’s very difficult to conduct a repeatable experiment. After all, we study the decisions that people make with limited resources, and it would be impossible to dictate people’s lives just to study their outcomes. Therefore, in economics, historical data is used quite often (though randomized controlled trials have become increasingly common, thanks to the work of certain economists). Because of this, economists often do not have control ove…
disambiguating description: Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.
date posted: 2023-05-15T06:00:00Z
date modified: 2026-06-24T18:19:52Z
employment type: onsite
language: en
keywords: Economist Profiles
keywords: Sean McClung
keywords: Jeffrey Wooldridge
type: blog
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Economic Thought & Methodology (JEL B)

A quick guide to math symbols in economics
type: Article
title: A quick guide to math symbols in economics
description: As such, economists need to have some quantitative skills. The more comfortable they are with math and econometrics, the better for their research and career opportunities. But, economists are not mathematicians. So, when students of economics take Bachelor’s or Master’s courses while studying for their economics degree, they might be presented with symbol-heavy lecture notes. Without understanding these symbols, students will probably struggle to read them, leaving their meaning unclear. This article aims to fill that gap. What are the most commonly used math symbols in economics, and what do they mean? Symbols and definitions Math symbols \(\pm\) - this symbol means “plus or minus”. It’s most often used when describing an interval of some sort, such as a confidence interval. \(\preceq\) - this symbol, and others like it, are used often in economics to describe preference relations. Preferences are the building blocks of the demand curve. This symbol is seldom used outside of microeconomics courses that specifically focus on preferences. \(\propto\) - this symbol means that the variable on the left side is proportional to the variable on the right side. \(\sim\) - this symbol means “similar to”. \(\approx\) - this symbol means “approximately”, which means something is almost, but not quite, equal to something else. \(\parallel\) - parallel. In economics, this is used most often in econometrics when describing how things relate to each other geometrically. \(\perp\) - this means perpendicular or “orthogonal”. Perpendicular means two things intersect at a 90 degree angle in geometry. In econometrics, orthogonal means that one variable has zero power to explain another variable, because they have a covariance equal to zero. \(\in\) - this means “in”, that a variable on the left side is contained within a variable, group, or concept on the right side. It can be reversed to mean the opposite. For example, often in economics, a theory will describe which values of x are …
disambiguating description: Studying economic theories and methods requires an understanding of mathematical symbols. These symbols are used as shorthand to describe theoretical concepts in economics textbooks, theories, and research papers.
date posted: 2023-05-15T06:00:00Z
date modified: 2026-06-30T08:09:37Z
employment type: onsite
language: en
keywords: economics math
keywords: mathematical symbols
keywords: economics symbols
keywords: Sean McClung
keywords: math help
keywords: math
keywords: statistics
keywords: statistics symbols
type: advice
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)
discipline labels: Statistics

What degree do I need to succeed as an economist?
type: Article
title: What degree do I need to succeed as an economist?
description: Generally speaking, there are two career paths one can pursue with an economics degree. Academic economists work for universities and usually combine research with teaching responsibilities. Non-academic economists (sometimes referred to as economists in industry, or “industry economists”) are hired by a variety of employers, including financial institutions, think tanks, NGOs, governments, and more. Some of these economists conduct research much like their academic counterparts, while others have jobs that are far from academia. Industry roles can be further subdivided into public sector (i.e., government) or private sector (i.e., an investment bank) positions. We have previously covered some of the key differences between these two paths beyond what is obvious on the surface. If you’re curious about the difference in the actual work between these different types of economists, check out the linked article. It offers advice written by an economist who has worked in a think tank and later returned to academia for her economics PhD: “Policy or academic economist: which should I become?”. How many years of schooling should I complete to become an economist? As an economist, it’s possible to find an industry job with just a Bachelor’s degree, but these are almost entirely entry-level roles. This can make good sense for a student who recently graduated with a Bachelor’s in economics and wants to work for a few years before pursuing more education. However, a majority of economists have a PhD in economics, and an overwhelming majority have at least a Master’s degree. According to our Salary Survey results in 2022, fully 92% of economists had either a Master’s degree or a PhD (61.3% had PhDs and 30.9% had a Master’s). Only 6.3% of economists who responded had just a Bachelor’s degree. A career as an academic economist often requires a PhD Almost every successful academic economist has a PhD. It would be very difficult to gain academic employment without one, especially si…
disambiguating description: It might be unclear to new students of economics how much schooling is necessary to succeed as an economist. For some careers, a Bachelor’s degree is sufficient. In others, a PhD is a near-necessity. This article will discuss how much education successful economists typically have.
date posted: 2023-04-25T05:00:00Z
date modified: 2026-07-02T11:01:21Z
employment type: onsite
language: en
keywords: economics jobs
keywords: career advice
keywords: economics degree
keywords: economist jobs
keywords: Sean McClung
keywords: INOMICS Salary Survey
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)