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item list element: John Maynard Keynes
item list element: How To Find The Right Exchange Program
item list element: The INOMICS Questionnaire: Fratzscher vs Wursten
item list element: Club Goods
item list element: Ultimatum Game
item list element: Assessing Cryptocurrency's Potential to Overthrow the U.S. Dollar's Dominance in the Financial System
item list element: A primer on how popular AI models work and their current limitations
item list element: The GRE is changing: ETS to streamline the test in September 2023
item list element: The Challenges Faced by Small Island Economies
item list element: How to incorporate macroeconomics in environmental economics courses
item list element: Frank P. Ramsey
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?
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John Maynard Keynes
type: Article
title: John Maynard Keynes
description: John Maynard Keynes was a philosopher and economist who made a massive impact on the field. He is often placed next to luminaries such as Adam Smith and Karl Marx as one of the great founding thinkers in economic theory, and for good reason. Keynes’ ideas formed the basis of Keynesianism, a school of economic thought that was the first to seriously challenge the classical way of thinking. Keynesianism is one of the major disciplines or philosophies of economics, as opposed to the classical, Neoclassical, or monetarist (and etc.) schools of thought. Until Keynes’ new theories, economists had been stuck with classical models of economics that were a great starting point for economic theory, but were ultimately too inflexible and unrealistic. (Eventually, economists who saw value in the classical models gave rise to the Neoclassical school of thought, which has updated and improved classical economic thinking to remedy some of the criticisms thrown at it). Economics was forever changed as a result of this new perspective, giving rise to many new models and theories and cementing Keynes’ place in the history books. <11an>limit:3;categories:Bachelor Programs, Master Programs;disciplines:Economics</11an> The life of Keynes Keynes was born in Cambridge, England, and remained there to study at King’s College in Cambridge. He received his degree in mathematics in 1905. There, he was influenced by the eminent economists Alfred Marshall and Arthur Cecil Pigou, whom he studied under. Keynes bounced around between academic and government employment during his adult life. In 1908, he became a lecturer at King’s College. He left to work for the British government in the India Office, which was tasked with overseeing British rule in India. Here he wrote his first major book, Indian Currency and Finance, in 1913. Later, he returned to the university to teach again until 1915. Keynes left university employment again to work for the British Treasury, where he was the chief representat…
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: 2023-09-11T23:04:57Z
date modified: 2026-07-01T09:47:07Z
employment type: onsite
language: en
keywords: Economist Profiles
keywords: Keynesianism
keywords: Sean McClung
keywords: John Maynard Keynes
type: blog
disciplines: economichistory
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

How To Find The Right Exchange Program
type: Article
title: How To Find The Right Exchange Program
description: So, how do you find the exchange program that’s the right fit for you? It can be a tough decision and one you should deliberate properly, so read on for INOMICS' best tips to help you find the ideal exchange program tailor-made for you. <11an>limit:3;categories:Bachelor's Programs;disciplines:Economics</11an> Location, Location, Location One of the biggest issues to consider when thinking about an exchange program is – obviously – where you would like to stay. You should consider not only the country that you would like to visit, but also the specific city or region (and even different regions of your home country). Are you a fan of big, bustling cities? Or would you prefer a small town or somewhere in the countryside? Would you like to be in a cosmopolitan place, surrounded by people from all over the world, or would you prefer to be somewhere more homogeneous with a strong shared culture? The area around your university of choice will greatly affect your experience studying there, so be sure you research the region to know what you’re getting yourself into. Naturally, you need to think about language as well. You probably won’t have time to learn a whole new foreign language before your planned semester exchange – unless, of course, you plan it far enough in advance to take language courses one or two years before. This could be a fantastic way for you to solidify those skills and help you get the most out of your degree. But keep in mind that foreign universities may not only offer classes in the local language. For instance, you might be able to study entirely in English during a semester exchange while abroad in France, Brazil, or many other countries. Be sure to explore the options that you have with your current language skills even in other countries – you might be pleasantly surprised with the options. Naturally, if language remains a concern for you, it’s worth considering an exchange program that takes place in a country with the same mother tongue, or ev…
disambiguating description: Exchange programs allow students to study at a different institution as part of their degree. Typically, students will use this opportunity to study abroad at a foreign partner of their home institution, though exchange programs can sometimes take place in the same country. Regardless, these programs are a fantastic way for students to broaden their horizons, take specific courses at another institution, and study abroad without committing to living multiple years in another country.
date posted: 2015-12-29T14:15:33Z
date modified: 2026-06-30T07:06:19Z
language: en
keywords: Exchange
keywords: Master
keywords: master's
keywords: Program
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keywords: study abroad
keywords: Sean McClung
keywords: exchange program
keywords: phd
type: advice
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discipline labels: Education
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discipline labels: Theology & Religeous Studies
discipline labels: Molecular Biology

The INOMICS Questionnaire: Fratzscher vs Wursten
type: Article
title: The INOMICS Questionnaire: Fratzscher vs Wursten
description: Jesse Wursten is a postdoctoral researcher at the Faculty of Economics and Business at KU Leuven in Belgium, and is funded by the Flemish Science Foundation (FWO); he is additionally affiliated with CWED-IRLE and UC Berkeley. Dr. Wursten’s main research focus is on applied labor economics. Other research interests of his include innovation economics and monetary policy. MF: What is your favorite place on earth? Jesse Wursten: Home. MF: Outside of economics, what occupation would you choose if you could be absolutely anything? JW: IT Entrepreneur. There's something exciting about owning your own business that is hard to match in a classic employer-employee relation. In a way, it is the ultimate sign that what you do is relevant to other people, otherwise you wouldn't have any customers. IT has the advantage of having relatively modest entry barriers, as you generally don't need expensive equipment or large teams to get to a first product (you could make a bad mobile app in a day so to speak, which is unheard of for physical products). I also feel like it’s an industry where I have the right skills to succeed: once you've identified a gap in the market, you need to figure out a technical solution (programming), but also interface that solution with the customer, especially if the solution is to show data of some sort. This is exactly what you do during an empirical economics PhD: you gather data and develop code to address an issue and then need to explain your solution as clearly as possible in a paper. So many apps fail at the customer interface aspect. For example, the app of an extremely popular brand of sports electronics produces post-workout graphs that are absolutely useless because a single outlier completely squashes all other data, or because the scales are not multiples of 5 (try interpolating between 13 and 20 on a smartphone screen). MF: What is the virtue you appreciate the most? JW: Honesty. MF: Your all-time favorite figure in economics? JW: Keynes. M…
disambiguating description: Professor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the field. This time, he has the pleasure of being joined by postdoctoral researcher Dr. Jesse Wursten, who generously agreed to take the hot seat in this exchange. Thus, the back-and-forth has been dubbed Fratzscher vs. Wursten, as is tradition. What follows is a conversation that offers insight into some of the challenges of balancing family with an economics career, the usefulness of economists when it comes to analyzing policy externalities, and more.
date posted: 2023-09-07T14:07:22Z
date modified: 2026-07-01T09:53:43Z
employment type: onsite
language: en
keywords: INOMICS Questionnaire
keywords: Marcel Fratzscher
keywords: Jesse Wursten
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Club Goods
type: CreativeWork
title: Club Goods
description: Club goods in economics are a type of good that is excludable, but non-rivalrous. This means that although using a club good doesn’t prevent others from enjoying it, and doesn’t reduce the amount available for others, it is possible to stop people from using the good in the first place. For this reason, club goods might occasionally be referred to as non-rival private goods. A classic example of a club good is membership in an exclusive organization such as a golf club or a gym. In this case, purchasing a membership doesn’t reduce the amount of memberships available for others, nor does using your membership reduce others’ ability to use their memberships. Astute students will notice that more specific parts of the club – for example, the golf course or specific gym equipment – might suffer if too many members try to use it at the same time, since the amount of space is limited. This problem is sometimes referred to as a congestion problem, since realistically there cannot be infinite users of the membership space. However, there could theoretically be infinite members, as the membership itself is not made more scarce when people sign up. So, economists would still classify a gym or golf club membership (and similar types of goods) as club goods. Another example of a club good that doesn’t suffer a congestion problem is a streaming service subscription. When you subscribe to a streaming service, you pay for access to a number of movies, TV shows, etc. Before you can access these goods, you must pay for the service, making the subscription excludable. Utilizing the service does not cause anyone else to enjoy the movies or shows on it less, nor does it cause fewer movies to be available to others, so the streaming service is also non-rival. Finally, using the service doesn’t crowd other people out of enjoying the movie as with a piece of gym equipment, so in this case this club good does not suffer a congestion problem. Good to Know Club goods that are deemed necessar…
disambiguating description: There are many different ways that economists classify the different types of goods and services sold in the economy. The characteristics of goods – for instance, whether they are rivalrous or excludable – help economists classify goods into one of four categories. These are club goods, private goods, public goods, and common resources.
date posted: 2023-09-13T19:20:32Z
date modified: 2024-07-15T21:06:33Z
employment type: onsite
language: en
keywords: Private Goods
keywords: Common Resources
keywords: Club Goods
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Public Goods
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Ultimatum Game
type: CreativeWork
title: Ultimatum Game
description: In the traditional ultimatum game experiment, two players are randomly and anonymously matched. One person, the proposer, receives a fixed amount of money and must offer a suggested split of this money with another person, the responder. The responder must accept or reject the offer as it is presented. They are told they will play the game exactly one time. For example, assume Player 1, the proposer, receives $20 to split with Player 2, the responder. Figure 1 below illustrates the choices available to each player and payoff amounts associated with each choice. Player 1 may choose an even split, giving $10 to each person, or an uneven split, such as keeping $18 and offering $2. Player 2 may either accept or reject this offer. If Player 1 offers an even split, and Player 2 accepts it, both receive $10. If Player 1 offers an uneven split that Player 2 accepts, then Player 1 gets $18 and Player 2 gets $2. If Player 2 rejects the offer, both players receive $0. Figure 1: Illustration of payoffs in an Ultimatum Game Traditional economic theory suggests people are rational, self-interested, and seek to maximize their utility. In theory, proposers would offer the least amount of money they believe a responder would accept, while responders would accept any amount of money offered because a few dollars is better than nothing. The results from ultimatum game experiments used in a variety of real-life settings, however, suggest the potential for responders to reject an “unfair” offer encourages proposers to propose more even splits of the money. The degree of familiarity, or social distance, between two people may also affect their choices. When players come from a shared social group (e.g., a village or a class in school), offers tend to be more “fair” or evenly split. Additionally, responders often reject offers of 20% or less even though they experience a financial cost from this choice (Camerer, 2003; Oosterbeek, Sloof, and Van de Kuilen, 2003). These results challenge th…
disambiguating description: The ultimatum game is a variation of game theory that has become popular in the field of experimental economics. The game involves players making sequential moves in a simple take-it-or-leave-it bargaining environment.
date posted: 2023-08-30T16:37:50Z
date modified: 2026-06-29T11:03:48Z
employment type: onsite
language: en
keywords: game theory
keywords: Ultimatum game
keywords: Laura Ahlstrom
keywords: Economics Term A-Z
keywords: dictator game
type: terms
disciplines: economics
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disciplines: generaleconomics
discipline labels: Economics
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discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)

Assessing Cryptocurrency's Potential to Overthrow the U.S. Dollar's Dominance in the Financial System
type: Article
title: Assessing Cryptocurrency's Potential to Overthrow the U.S. Dollar's Dominance in the Financial System
description: While it’s true that the United States wields considerable influence over the global financial system because it controls the dollar, it is not the sole determinant of the system’s direction and functioning. Other major economies, such as China, the European Union, and Japan, also play significant roles in shaping the global economic landscape. Additionally, international organizations like the International Monetary Fund (IMF) and the World Bank exert influence through their policies and lending practices. Central banks, such as the Federal Reserve in the United States and the European Central Bank in the Eurozone, have a pivotal role in the global financial system as well. They are responsible for managing monetary policy, regulating financial institutions, and maintaining financial stability. Central banks exert influence over the global economy indirectly through their control of domestic interest rates, the money supply, and exchange rates. Their decisions have far-reaching implications for inflation, employment, and economic growth. On a national scale, banks are also a key source of credit for households, businesses, and governments, and their lending activities have a crucial impact on the health of the economy. In fact, investment banking and investment firms alone make up a significant portion of the current financial system. These institutions not only provide access to capital, but they also play a key role in managing risk, influencing corporate governance, and contributing to market liquidity. Challenges and Limitations of the Current Financial System While the current financial system has served the global economy in roughly the same form since the 1950s, it is not without its challenges and limitations. One of the main criticisms is its vulnerability to financial crises and economic downturns. The global financial crisis of 2008, for example, exposed many of the weaknesses and risks inherent in the system. The interconnectedness of financial institut…
disambiguating description: For decades, the U.S. dollar has reigned supreme as the world's primary reserve currency. Its dominance can be attributed to several factors, including the size and stability of the U.S. economy, the political influence of the United States, and the widespread acceptance of the dollar in international trade and finance. The dollar's status as the de facto global currency has significant implications for the functioning of the global financial system.
date posted: 2023-08-28T06:00:00Z
date modified: 2026-07-01T11:30:29Z
employment type: onsite
language: en
keywords: cryptocurrency
keywords: Sara Taha
keywords: international trade
keywords: monetary policy
type: blog
disciplines: politics
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disciplines: macroeconomicsmonetary
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disciplines: finance
discipline labels: Politics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Finance

A primer on how popular AI models work and their current limitations
type: Article
title: A primer on how popular AI models work and their current limitations
description: As AI continues to feature prominently in the news cycle, there’s bound to be speculation about the future. Indeed, AI’s potential to disrupt the labor market has been perhaps the biggest subject of discussion. But often, these conversations are had by people who haven’t studied the actual workings of these new AI tools. In many news articles or public discussions, the actual capabilities of current AI tools can be poorly defined or understood, particularly the capabilities of large language models (LLMs) as ChatGPT has nearly become a household name. Therefore, it’s worth spending time to learn how current LLMs work, so that we will all have a better understanding of how LLMs might realistically shape the economy as these conversations continually arise. This article will therefore focus on LLMs, though there are other types of AI still being researched and developed. <11an>limit:3;categories:Conferences</11an> How do these LLMs work? ChatGPT, and many models like it – such as Google’s Bard (or LaMDA), Microsoft’s Bing AI, and a host of others – is a large language model (LLM). LLMs are algorithms that generate text based on training data that is given to the model during development. These models are usually made up of a neural network – a software structure modeled after the way human neurons function. Specifically, these models make use of transformer architecture, a specific type of neural network developed by data scientists interested in deep learning. These models can respond to questions that humans ask them, and generate (usually) accurate responses. They “learn” when people provide feedback, helping the model to re-weight certain responses if they were incorrect. The core process at work for all these activities is an algorithm that aims to accurately predict the most likely word that comes next. When queried, the model builds a response by using probabilities to determine those most likely next words. It will do this repeatedly until the response is fini…
disambiguating description: Artificial intelligence tools are becoming more and more ubiquitous with each passing week. The development of ChatGPT-3.5 in particular launched conversations about the capabilities of AI into the mainstream. Since then, news stories and speculation about AI supplanting (and sometimes replacing) human workers continue to be released. The economics of AI is, as a result, becoming an important topic in our field.
date posted: 2023-08-21T06:00:00Z
date modified: 2026-07-01T11:41:05Z
employment type: onsite
language: en
keywords: AI and the economy
keywords: Sean McClung
keywords: large language model
keywords: machine learning
keywords: artificial intelligence
type: blog
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)

The GRE is changing: ETS to streamline the test in September 2023
type: Article
title: The GRE is changing: ETS to streamline the test in September 2023
description: As such, many of the most educated people in the world have spent time studying the GRE and taking the test. There’s a plethora of resources to help students study the test’s structure and the materials likely to be on it while they prepare to get the highest score possible. Because of the GRE’s importance in graduate admissions, it’s beneficial for educators, university staff, and prospective graduate students to stay up-to-date with the exam. On that note, a new announcement from ETS – the company that owns and administers the GRE – came out on May 31, 2023 with details on new changes that are coming to the test. GRE being shortened to quicken scoring time and reduce test-taking fatigue ETS is making significant changes to reduce the length of the GRE. Specifically, their press release states that the GRE (which currently takes about 4 hours to complete) “will take less than 2 hours to complete — roughly half the time of the current test”. Notably, this will make it one of the shortest major tests available in university admissions, particularly at the graduate level. This is being done for a few reasons. First, ETS is aiming to “offer candidates a better experience that values their time and reduces anxiety and fatigue”. With stress and anxiety prevalent in our society, this is a welcome change. The second major reason for introducing a shorter test is to provide a faster turnaround on scoring. The new test will reduce scoring time from 10-15 days to 8-10 days. This change will additionally help students complete and submit their graduate applications more quickly. Adjustments to GRE structure to allow for these changes You might be wondering how this new goal will impact the test structure; after all, cutting the time to take the test in half must involve some sort of sacrifice. To that end, ETS has described the actual test structure changes on their website. It appears that they have aimed to “trim the fat” by reducing the size of certain portions and eliminat…
disambiguating description: The Graduate Record Examinations, more commonly known as the GRE, is one of the most important standardized tests in the world for admission to post-Baccalaureate programs. It’s very often required by universities when considering admission into their Master’s or even PhD programs.
date posted: 2023-06-14T13:26:57Z
date modified: 2026-06-30T07:10:10Z
employment type: onsite
language: en
keywords: ets
keywords: ets educational testing service
keywords: Sean McClung
keywords: GRE
keywords: Graduate Record Examinations
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Challenges Faced by Small Island Economies
type: Article
title: The Challenges Faced by Small Island Economies
description: Although visiting an island might not inspire most people to think about economics (except, of course, for our inquisitive readers!), after reading this overview you will likely notice these challenges – and the ways that different islands have mitigated them – when visiting one. We suggest you find yourself a good, cozy spot on the beach as you read on. Prelude: extending these challenges to other areas This article is focused on smaller islands – for instance, in the Pacific or Caribbean. Larger islands (such as Japan, the UK or New Zealand) or those that are part of a major land-based nation typically do not face as many of these challenges. Nevertheless, many of the challenges discussed in this article are also applicable to small countries on the mainland, too. In 1984 Benito Legarda wrote the article “Small island economies” for the IMF, still relevant today. It gives an overview of some of the challenges that apply to both islands and other small economic areas. Interested readers can refer to Legarda’s article for more context on not just small islands, but other small economic areas too. Without further ado, read on for the economic challenges faced by small island economies. Natural resources are scarce on most islands When people think of small island economies, they often think of two things – beaches and tourists. While it’s true that some natural resources (such as fish and beautiful natural sights) abound for many islands, the reality is that other important natural resources are generally hard to come by. Most islands simply do not have much land area. Thus, the bounty of natural resources available tends to be severely limited compared to countries on the major continents. Many of the resources that allow societies to thrive – such as mineral deposits, nearby forests, abundant wild animals, freshwater sources, etc. – are much less likely to form on small landmasses. Indeed, somewhat ironically, freshwater availability can be a major problem for many…
disambiguating description: Islands bring to mind a particular vision of beaches, coconuts, and relaxation that’s hard to beat. Many people think of them as the ultimate vacation destination, and indeed tourism is important for many islands. Yet due to their unique geography, most islands in the world face a set of economic challenges that many mainland nations don’t experience.
date posted: 2023-08-15T13:37:43Z
date modified: 2026-07-01T12:44:25Z
employment type: onsite
language: en
keywords: economic geography
keywords: island economy
keywords: islands
keywords: small islands
keywords: Sean McClung
keywords: small economies
keywords: free trade agreement
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)

How to incorporate macroeconomics in environmental economics courses
type: Article
title: How to incorporate macroeconomics in environmental economics courses
description: Macroeconomic tools play an important role in addressing global environmental challenges, but they are not yet part of the standard environmental economics curriculum. This content deficit remains even as William Nordhaus won a Nobel Prize in 2018 for integrating climate change into long-run macroeconomic models. In this post, I outline teaching resources that will help instructors include macroeconomic content in undergraduate environmental economics courses. Textbooks Most environmental economics textbooks contain some coverage of macroeconomic topics. However, this content is typically covered in less detail than microeconomics topics, and often appears in chapters at the end of the book that are less likely to be assigned due to time constraints. One exception is the book titled Environmental and Natural Resource Economics: A Contemporary Approach by Harris and Roach (2023). This textbook includes macroeconomics content integrated throughout, with the second chapter focusing on the environment and economic development. The book also covers “green” national income accounting, climate change policy, and population and the environment. A unique aspect of this book is that the authors utilize a dual approach by including ecological economics, a perspective that treats the economy as a subset of the larger ecosystem, in addition to the traditional neoclassical economic framework. This comprehensive coverage makes the textbook suitable as either a primary text or supplemental resource. <11an>limit:3;categories:Conferences</11an> Empirics One way to introduce macroeconomic concepts into environmental and natural resource economics courses is to present timely empirical results and stylized facts. For example, recent research by Metcalf and Stock (2020) indicates that carbon taxes do not reduce GDP growth or employment. Instructors can present an overview of their empirical results, published in Resources Magazine, that is straightforward for students to understand. Som…
disambiguating description: At the undergraduate level, environmental economics is typically taught as an applied microeconomics course. However, while topics like externalities and common property resources are great for emphasizing efficiency, they don’t always prepare students to consider environmental concerns as part of the broader economy. Incorporating macroeconomics into these courses can help students understand problems that deal with both scale and efficiency, such as how to reconcile economic growth with environmental quality.
date posted: 2023-08-08T14:03:51Z
date modified: 2024-05-28T15:31:30Z
employment type: onsite
language: en
keywords: Sahar Milani
keywords: macroeconomics
keywords: macroeconomics textbooks
keywords: Environmental Economics
type: teach
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disciplines: macroeconomicsmonetary
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disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)

Frank P. Ramsey
type: Article
title: Frank P. Ramsey
description: Many great economists of the past didn’t limit their contributions to just economics. Instead, they often made advances in mathematics, physics, philosophy, or other fields too. Frank Plumpton Ramsey is one such brilliant mind. Equal parts mathematician, philosopher, and economist, he developed a cornerstone model of macroeconomics – the Ramsey model – among a number of other contributions. Ramsey’s life in brief The economist Frank Ramsey was born in 1903 in Cambridge, England. He was considered a genius, and was selected to translate a famous German philosophy text (Ludwig Wittgenstein’s Tractatus) into English at the age of 18. Famously an atheist, he was nevertheless fond of his brother Michael Ramsey, who was the Archbishop of Canterbury. Ramsey attended Winchester College in 1915, and soon went on to Trinity College, Cambridge in 1920. He graduated with high academic achievement in mathematics, got married in 1925, and was appointed as a university lecturer in mathematics in 1926 at King’s College. His friends described him as not only smart, but congenial and humble. During his professorship, Ramsey wrote and published several of his own, now-famous works. These included non-economics works such as The Foundations of Mathematics, Truth and Probability (which remained unpublished until after his death, but formed the foundation of modern decision theory), Facts and Propositions, and Universals. From these works and more, Ramsey is credited with major contributions in the fields of mathematics (leading to the development of Ramsey theory, now named after him, which also contributes to theoretical computer science), logic, philosophy, and of course economics. In fact, Ramsey met John Maynard Keynes himself and wrote a critique of Keynes’ Treatise on Probability, which appeared in the 1922 edition of The Cambridge Magazine. Not one to take it personally, Keynes later recommended Ramsey be inducted as a Fellow of Mathematics at King’s College (Keynes was a Fellow …
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: 2023-08-08T17:23:02Z
date modified: 2026-07-01T12:48:14Z
employment type: onsite
language: en
keywords: economist profiles
keywords: Frank Ramsey
keywords: Frank P. Ramsey
keywords: Sean McClung
keywords: Ramsey model
type: blog
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

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)