Adding a new recruit to your team during the COVID-19 pandemic
In light of this, we’ve created a to-do list with pointers and tips, to help you welcome and acclimatize your newest team members while the pandemic is still ongoing. Publish and make employees aware of health and safety guidelines Should employees need to go into the office, whether regularly or sporadically, they ought to be familiar with the health and safety guidelines of the office. Hold a virtual meeting to bring new team members up to speed with the policies of your office. Send out periodic emails and post signs on the noticeboards and in thoroughfares in the office with the necessary information on the coronavirus pandemic and how employees can work along with each other and their employer, to reduce the risk of spreading the virus. Information on local testing centers should also be provided; if employees are deemed at risk, they should easily know where they can be tested. Newly recruited team members may be coming from different regions or countries and so preparing a small virtual welcome packet with the regional and/or country rules on COVID-19, will certainly streamline the adjustment process for employees. This will protect team members as well as your institution or company by ensuring the people who make your entity successful, are as healthy, comfortable, happy and productive as can be. Facilitate virtual social events Colleagues connecting with one an another has never been more important. Social distancing rules and remote working have created barriers to normal human interaction and has negatively impacted regular socializing amongst colleagues. The need to find creative ways for team members to bond and feel a sense of togetherness is now more crucial than ever. To this end, we recommend organizing or otherwise facilitating designated hours at the end of the workday for team members to virtually mingle, share a drink or a meal or, to just unwind after a day’s work. A good idea is to designate the last hour of the last workday of the week to a social activity. If you want to learn more about the risks and challenges for job recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Furthermore, social and cultural differences between a team consisting of members from different backgrounds also need to be bridged. A great way of doing this is through socializing events. Organizing these types of events will not only score you points as an employer but also build team spirit and can increase productivity. Progress tracking facilities Invest in good task management or project tracking tools. These tools allow employees to keep abreast of the periodic tasks ahead of them while enabling them to effectively manage their goals. Task management tools are essential in a remote working setup since the usual in-person updates, reminders and meetings are now no longer feasible or as routine as they used to be. Task management tools allows you as an employer to measure productivity, understand employee performance and prevent micromanagement. This is also a great way for everyone to know what each of their team members is working on since the tasks and to whom they’re assigned is visible by anyone with access to your company’s dashboard. Quick, periodic updates When planning meetings, establish clear times and lengths so everyone knows how long they have to dedicate to them. This will prevent meetings running way over the time needed for their purpose. Have fixed rules which allow for personal updates during daily meetings to be no longer than 60 seconds. This enables persons to streamline their thought process and focus on the essentials when giving their updates. Also, it prevents people from going into too much detail which is often irrelevant for most other team members. Doing this will allow employees to better plan their days and manage their time, boosting productivity. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. If you are interested in promoting jobs offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your job recruitment strategy during these tough times, plan and optimize your strategy for 2021, or support you filling in the last applicant quotas in 2020.
Although recruiting efforts were initially slowed due to the coronavirus pandemic, things are picking up again. Companies, organizations and academic institutions all seem to be getting back into the swing of things.
Download the INOMICS Handbook With 11 years left to 2030, there is a sense of urgency and a recognition that innovative approaches are necessary to overcome the challenges IsDB Member Countries face in reaching the SDGs. This is where The Lives and Livelihoods Fund (LLF) comes in. Launched in 2016, the LLF is the product of a unique partnership model that provides highly concessional financing up to US$2.5 billion. It does so by combining the ordinary financing of the IsDB with donated grants from the King Salman Humanitarian Aid and Relief Centre (KSRelief) in the Kingdom of Saudi Arabia, the Qatar Fund for Development (QFFD), the Abu Dhabi Fund for Development (ADFD), the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development (ISFD), and the UK’s Department for International Development. Recipient low-income member countries pay back the IsDB while donors indirectly cover the markup rate under IsDB financing, in doing so dramatically reducing the cost of borrowing. The LLF, a bonded partnership compact between some of the biggest development organizations in the Gulf, targets the key drivers of poverty in the most marginalized Muslim populations. In particular, it seeks to address critical needs in health (specifically, primary healthcare & infectious disease control) agriculture (smallholder farmers’ production & productivity), and basic infrastructure. The development impact of LLF investments is maximized further by combining technical support from international donors, innovative implementation models involving the private sector, and a special Project Preparation and Implementation Facility (PPIF). The PPIF is devoted to increasing the relevance, readiness and results (the 3Rs) of projects eligible for LLF funding, measuring them against a refined criteria for selection, and thus laying the foundations from which millions of lives can be saved and livelihoods secured. Thanks to the relentless efforts of the LLF Management Unit, in close collaboration with relevant IsDB entities and regional hubs, the Fund has approved projects worth over US$1.16 billion to a total of 19 different countries - and disbursements are only increasing. With respect to health, the LLF has provided funding designed to improve the ability of IsDB member countries to eradicate infectious diseases. Notable examples include a US$100 million approved project in Pakistan to fight polio, and a US$32 million project in Senegal to eliminate malaria for good, both of which were in partnership with UNICEF and the Global Fund. Freeing these countries from such maladies allows their respective workforces to better contribute to economic development. The LLF also provides guidelines as to how recipient countries can provide better public healthcare to their populations. Cameroon, for instance, has received US$30 million of LLF funding for improving its healthcare system, while Djibouti was awarded a US$20 million of concessional financing to help improve its mother and child healthcare management. And the LLF isn’t neglecting its responsibility to help tackle the COVID-19 outbreak, either. It will be redistributing certain existing health investments to make sure essential services can continue running, as well as increasing them to help with the response to and recovery from the virus. Moreover, the LLF will invest in strengthening the agriculture sector in at-risk countries to ward off the potential collapse of this industry. COVID-19 affects us all, and the LLF will be playing its part to stop it. In a joint effort with reputable development actors such as the African Development Bank (AfDB), BADEA, and IFAD, the LFF is revolutionizing the traditional way of feeding vulnerable populations. It does so by adopting an approach that addresses both nutrition and production, while also taking into account the value chain at a regional level, in order to maximize synergies between the private and public sector to achieve economies of scale. It was with this method that, in 2016, the LLF approved a US$90 million livestock value chain development project that covered Burkina Faso, Mali and Senegal. In 2016 and again in 2018, the Regional Rice Value Chain Development Program amounting to more than US$100 million and covering The Gambia, Guinea, Niger, Sierra Leone and Senegal was also announced. These investments contributed to helping recipient governments reduce their food self-sufficiency deficit, boost their livestock and agriculture production, and reduce their spending on food imports. The LLF is also transforming the lives and livelihoods of millions of people through improving sanitation systems, thus dramatically reducing the disastrous spread and impact of waterborne diseases. To this end, the LLF has approved a US$54 million project to improve the water and sanitation of the city of Conakry in Guinea, and a US$49 million project for sustainably improving the sanitation system in Abidjan and eleven secondary cities in the Ivory Coast. We are proud to confirm that the LLF is now acknowledged as the largest development initiative of its kind based in the Middle East. It has established itself as one of the best means IsDB member countries have of achieving the SDGs by the 2030 deadline. That being said, much remains to be done to address the many problems these countries face. Many still require support in rebuilding their national health care systems, developing food self-sufficiency, and strengthening their ability to provide potable water, clean power, and decent sanitation systems to their poorest communities. Our ambition is to save millions of lives by eradicating extreme poverty and extending a helping hand to vulnerable people in the world. That the LLF has approved financing of over US$1.16 billion in the three years since its inception demonstrates that when committed actors join forces, anything is possible. We strongly encourage international donors, regional development actors, and all organizations committed to eradicating poverty and disease in the poorest countries to stand with us; for as a united front, we will achieve the SDGs by 2030.
Four years ago, the world adopted an ambitious set of Sustainable Development Goals (SDGs) designed ‘to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030’. Despite rising life expectancy and the eradication of many endemic diseases, more than 400 million people in the member states of the Islamic Development Bank (IsDB) still live in absolute poverty, subsisting on less than US$1.90 per day. It is, perhaps, these countries that face the greatest challenges in fulfilling the SDGs. Traditional methods of development finance have struggled to alleviate the extreme poverty in some regions of the world, leaving the poorest populations without the basic building blocks needed to lead healthy lives and build dignified livelihoods. Many remain deprived of primary healthcare, protection against infectious diseases, a sufficient and nutritious food supply, potable water, clean power, and sanitation.
Public Economics & Economic Policy (JEL H)
Macroeconomics and Monetary Economics (JEL E)
Economic Development, Innovation and Growth (JEL O)
Best practices for every stage in the job recruitment process during Covid-19
Here we’ve compiled a list of tips and solutions to help make your recruitment plans more befitting. Job Advertising: Communication is key! Being as clear as possible in the job description in terms of the role, expectations and tasks to be performed, will help build a good rapport and trust with job applicants. Include flexible working hours, childcare, health insurance and the possibility to work remotely to incentivize applicants. Consistency and clarity in your recruitment offer should be achieved through cooperation between the HR, PR and marketing departments. Processing Applications: A clear application process should be defined by the HR department to ensure the timely and efficient processing of incoming applications. Information should also be communicated to applicants promptly and succinctly and updates should be given regularly. These will help boost your status as an employer and score you points in the minds of prospective employees, building overall positive associations with your institution and brand. Current employees should also be kept in the loop when recruiting new candidates; don’t forget to update team members and let them know who will be joining them and when. Rakuna is a great one-stop shop for optimizing your recruiting needs. From automating interview scheduling, to digitizing the entire application process, Rakuna can help you to centralize your recruitment activities, boost candidate experience and build employer branding. If you want to learn more about the risks and challenges for job recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Candidate pre-selection: If your vacancy requires a pre-assessment of skills, ensure the test or interview can be done remotely. The software and hardware needs and constraints of the candidate also need to be taken into account; if your assessment requires a certain browser, speed of internet connection or other particular requirement, be sure to communicate this well in advance to the candidate so that they are adequately prepared. Interviews: The technological and software requirements of the interview and communication process should be factored into your budget. Investing in reliable technology and communications services will make the interview process hurdle-free, putting you and your candidate at ease and ensuring the efficiency of the process. Be empathetic to the needs and questions of your candidate during this process. Remember, remote communication can be somewhat alienating so try to bridge the gap by being understanding and taking time to address the candidate’s queries. Hiring Process: Confirming and cross-checking references can be challenging; getting a hold of the referees via online communication requires planning and patience. Be sure to set up meeting times for video calls well in advance so everyone can be properly organized. Also, the process should be able to be done entirely online. Not only is this solution safer, but it is cheaper and less time consuming for all parties involved. Onboarding: Despite the working from home set-up, the company culture should still remain. Efficient messaging, task management and communication systems are essential. Google Hangouts and Slack are great messaging tools while Kronos, Oracle or Asana are excellent project and task management solutions. Making use of these are sure to enhance the communication and management experience for your team. Remember to always include virus safety information to ensure the maintenance of good health of everyone. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. If you are interested in promoting jobs offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your job recruitment strategy during these tough times, plan and optimize your strategy for 2021, or support you filling in the last applicant quotas in 2020.
COVID-19 has undoubtedly brought about fundamental changes in the ways in which we have traditionally approached recruiting. Job recruiting strategies have to be flexible and dynamic to ensure they fit with the current climate.
If you’re on the hunt for a behavioural economics program, or if you’re currently studying and just want to make sure you stay in the know, it’s definitely worth browsing some of the best books which have been written on the subject over the last few years. Maybe it’ll make you feel as though you’ve done something productive today! INOMICS and our parent company 11 Academia Networks are Amazon Associates, meaning we are a part of their affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post. Misbehaving: The Making of Behavioral Economics - Richard Thaler Nobel Prize winning behavioral economist megastar Richard Thaler brings us a beautifully written, engaging, often funny look into the world of a discipline he helped get to its feet. Building on the work of a previous book, Nudge, which he cowrote with Cass R. Sunstein, it simultaneously deals with the principles of behavioral economics while also describing the troubles he had convincing other economists of the importance of irrationality when it comes to economics. Behavioral economics takes many of its cues from psychology, coupled with ‘a practical understanding of incentives and market behavior’, and Thaler attempts to help the reader make better decisions - in business, in government, and in life. Predictably Irrational: The Hidden Forces That Shape Our Decisions - Dan Ariely Most of us think that rational behavior guides our actions - that we are always making decisions that can be justified. But when we take a step back to think about chain smoking, junk food, extreme sports, and going back for sixths at all-you-can-eat buffets, it becomes clear this isn’t the case. Ariely, behavioral economist at MIT, attempts to answer the question of why seemingly intelligent humans don’t always act in their own interests (as orthodox economics believes) and instead make irrational decisions. Mixing everyday experiences with scientific research, he shows how emotions, societal norms, and expectations influence our decision making processes, and offers insights into how to break out of these cycles. Inside the Nudge Unit: How Small Changes Can Make a Big Difference - David Halpern Based on Thaler’s idea of ‘nudging’ people (also known as libertarian paternalism) into making better, more rational decisions in their lives, the Nudge Unit (or Behavioural Insights Team) was created as a small part of the British government to promote this goal. Now a much larger institution, Halpern’s book describes the institution’s journey, from an idea to where they are now: saving us and the government millions of pounds by nudging us to make small changes to our behavior that we don’t even necessarily realise. What Works: Gender Equality by Design - Iris Bohnet Bohnet’s groundbreaking work takes behavioral economics and uses it for a more noble pursuit: that of gender equality in the workplace. Her findings reveal that trying to change mindsets doesn’t really work, due to the persistence of unconscious biases. To combat this, she builds on the work of behavioral scientists, showing that there are ways of changing organisations, rather than the people within them, which helps equality. Mostly, this involves changing - and not even by much - the practices with which companies pick their talent. Examples include making changes to interview procedures, being sure to have the right percentage of positive discrimination, and altering hierarchies. Most of all these changes are relatively small, and not particularly costly, but could make a huge difference - and create a more equal society for all. The Ethics of Influence: Government in the Age of Behavioral Science - Cass R. Sunstein Thaler’s coauthor of Misbehaving, Sunstein presents the ethical case for their famous idea of the ‘nudge’. Since the idea’s inception, it has been used to help people and governments better protect the environment, reduce poverty, and improve economic growth, as well as make people's personal lives happier and more fulfilling. Addressing ideas such as manipulation, welfare, and how far the state is allowed to reach, Sunstein presents the fors and againsts for nudges, recounting how governments have used them, and ultimately makes the case (unsurprisingly) that nudges should be used often by governments to improve society - while not ignoring the fact that sometimes, nudges can be manipulative and ethically wrong. Happiness by Design: Finding Pleasure and Purpose in Everyday Life - Paul Dolan Once we realised that what advertising sells us isn’t happiness but pleasure, the next narrative was that we can become happy simply by changing our mindset. One example of this is meditation, an undisputedly positive activity which can increase wellbeing. However, Dolan has another trick for us: change your behaviour, rather than your mindset, by altering the environment around you - sometimes in extremely minor ways. The three steps he lays out to doing this are deciding, designing, and doing, showing how where we spend our attention - because focusing on one thing means we are unable, by definition, to focus on something else - is directly correlated to how happy we are. Scientific, amusing, and offering practical advice on how to change, Happiness by Design is a roadmap to creating a happy life, and turning off the autopilot with which many of us exist.
The current circumstances can be tough: being isolated from families and friends is difficult, and having to spend most of our time inside isn’t particularly healthy. However, there is one thing you can spend a lot of time doing which will improve your quality of life exponentially: reading!
The total income in an economy is distributed among its citizens and every one receives a certain share of this income. In most societies the majority of the people earn a comparatively low income relative to the average income. That is, in most countries the median income is lower than the mean (or average) income, implying that for the majority of people their share of the total income is small. At the same time, a few very rich people with extremely high salaries own a large share of the income in an economy. This means that income is distributed unequally, because a few people have a lot, while the majority of the population has very little. In a perfectly egalitarian world in which everyone earned the same, income would be distributed equally. Just imagine the economy as a whole as a small firm. The money that the firm earns is distributed among its employees. Usually the boss or CEO obtains the highest share followed by managers or employees in leading positions. The other employees receive lower shares depending on their position and the cleaning and maintenance stuff will earn the least. If you are studying economics (or had some economics courses during your degree) you will know that we economists usually care about whether the distribution of resources is efficient and whether redistribution can increase efficiency. An efficient distribution however does not have to be fair or just (see Pareto efficiency). While there is widespread consensus among economists that efficiency is a desirable property, economists do not agree on whether inequality is problematic or not. Or to be more precise, no one knows what would be a good level of inequality. Most economists agree that a certain level of inequality is necessary to make sure that individuals or firms have an incentive to innovate and exert effort, which is crucial for economic growth. The possibility to earn (and consequently consume) more than others provides an incentive for firms to invent new products or produce more efficiently. At the same time high levels of inequality may impede growth and many high-income countries have comparatively low levels of inequality. Besides this, countries with a high degree of income inequality might be more prone to social unrest, meaning more resources have to be dedicated to enforce property rights, and guarantee safety and stability. This is why many policymakers are concerned about the distribution of income and wealth and often use taxes to redistribute income and guarantee a certain standard of living to their citizens. Given the question of how much equality or inequality is desirable is a controversial one, many economists that study inequality focus on describing and analyzing the evolution of inequality over time or comparing how income is distributed in different countries or regions. How to measure inequality There are different ways of measuring and quantifying (income) inequality. In general, we say that the more concentrated the income (or wealth) is in the hands of a few, the higher the inequality in the society. When we are interested in studying the income distribution in an economy we often start by comparing the income being earned by different quantiles or percentiles of the society. These measures are also called share ratios. For instance, the 80-20 ratio compares the share of the total income that is earned by the top 20% of the income distribution to the bottom 20%. Another important measure of inequality is the Lorenz curve together with the Gini-coefficient which takes a value between 0 and 1. Higher values of the Gini-coefficient are associated with a less equal distribution of income. Besides share ratios and the Gini-coefficient, other important measures are the Theil-coefficient or the Palma ratio. As each of these measures has its own strengths and weaknesses it is usually recommended to use several of them together to get a more accurate picture of the distribution of income in a society. So far, we have only been talking about inequality from a purely theoretical point of view and many of you may be interested in looking at the data. Comparing income inequality across different countries, we can see that many countries with comparatively low levels of inequality (often with Gini-coefficients around or below 0.3) are in Europe as e.g. Austria, the Czech Republic, Denmark, Germany, Finland, Norway or Sweden. High levels of inequality can be found in the South of the African continent (the Gini-coefficient for South Africa for instance is estimated to be above 0.6) or in Central America as in Brazil, Columbia, Mexico or Venezuela (see e.g. The World Bank – Gini index). In many Central American countries, however, inequality has (at least slightly) decreased over the last decades. While inequality in most high-income countries has decreased over the last century, some countries as e.g. the United States have experienced again rising levels of inequality during the last decades. Further reading One concern some economists share about high levels of inequality in a society is a possible positive relationship between inequality in crime. Choe (Economic Letters, 2008) investigates the relationship between income inequality and crime in the United States and finds that there is a strong effect of relative income inequality on burglary as well as on robbery. Enamorado et al (Journal of Development Economics, 2016) use Mexico´s drug war to study the relationship between income inequality and violent crime. They also find evidence of a positive relationship between higher levels of inequality and violent crime and show that a one-point increment in the Gini coefficient implies a 36 increase in the homicide rate. Good to know One main problem for economists interested in income or wealth inequality is the lack of availability of reliable data. Especially the comparison across countries can be difficult simply because different countries use different databases and some (developing) countries do not have reliable or consistent data at all. If you are interested in studying income and wealth distribution there are a few data sources you might be interested in having a look at. For example, the Luxembourg wealth studies attempt to construct a detailed database containing wealth data of most European countries. On the same page you can also find the Luxembourg income studies that provide the same information on the income level. Another database is the “Survey of consumer finances” that collects detailed information about the income and wealth situation in US households.
Inequality in economics refers to the study of the (unequal) distribution of resources within a society. Usually when economists talk about inequality they mean income inequality, i.e., the unequal distribution of the total income in an economy among its citizens. Sometimes the term inequality is used in other contexts as e.g. wealth inequality or also inequality of opportunities or consumption.
Applied Statistical Modelling & Health Informatics MSc, PGCert, PGDip
You will receive world-class training in core statistical, machine learning and computational methodology, and you will have the opportunity to apply your skills to real-life settings facilitated by the world-leading Institute of Psychiatry, Psychology & Neuroscience. The course will apply to a broad spectrum of graduates preparing for a career in medical statistics and health informatics, or professional methodologists and clinical researchers working in the private or public health sector. This course is also suitable if you are a graduate in/work in the fields of computer science, maths, physics, engineering and natural science, including psychology and medicine. Key benefits Specialist careers for those interested in applied statistical modelling and health informatics within a modern information and knowledge-based medical research setting. Valuable insight from those working at the cutting edge of these fields. A unique flexibly-structured programme ideal for researchers in industry and academia hoping to obtain methodological skills to boost their research excellence and employability. Develop your skills in multimodal and big data analysis techniques. Learn how omics, electronic health records, social media, wearables and smartphone data are used to benefit the patient. Apply your skills to real-life health settings facilitated by the world-leading Institute of Psychiatry, Psychology & Neuroscience. Access the IoPPN’s statistical and health informatics research groups and benefit from our links with industry and the NHS. Benefit from outstanding career, networking and mentoring opportunities.
This course has been created to deliver a skill set and knowledge base in “multimodal” and “big data” analysis techniques, which are a recognised scarcity within UK Life sciences.
Econometrics, Statistics and Quantitative Methods (JEL C)
Global Finance & Banking MSc, PG Dip, PG Cert
King’s Business School is the new hub in London for engaging with business, finance and government; where game-changing research informs a contemporary approach to business education, creating socially responsible leaders of the future. Learn from leading academics and active senior finance professionals who will give you the right knowledge and tools to effectively tackle business challenges and support your career aspirations. There will be a strong focus on practical skills, giving you the right knowledge and tools to effectively tackle challenges in the global finance and banking sectors, and support your career aspirations. Fit your studies around your work and life commitments without taking a career break, and start to grow the essential research, analytical and critical thinking skills that you will need to succeed in your future finance career. Why study with King’s Business School? King’s College London has been ranked top in London for business & management studies (The Complete University Guide 2019). The course aims to develop practical skills and maximise employability. Course modules are led by industry leaders to ensure that there are real world applications for all of your learning. King’s Business School provides a highly stimulating intellectual environment, where students access unparalleled academic excellence and study alongside international peers from over 50 countries. Achieve a Postgraduate Certificate in as little as 8 months, a Postgraduate Diploma in 16 months and an MSc in just 2 years. Become part of a large and active community of alumni worldwide. Benefits of online learning: Access world-class teaching and excellent student support, from anywhere in the world, without leaving home. King’s online courses offer the same rigour as on-campus courses. Six intakes per year for maximum flexibility. Small class sizes allow close instructor interaction and collaboration with other professionals from across the globe.
The 100% online MSc, PG Dip & PG Cert in Global Finance & Banking from King’s Business School allows you to explore advanced financial and banking principles, such as investment analysis, analysis of financial statements, models of asset returns, optimal investment & risk and portfolio management.
How the Coronavirus Pandemic Broke the Commercial Freight Transport Sector
China is the driving force of the shipping sector, and therefore the state of this sector is closely connected to China’s plight, which is a significant trade partner of many countries, as well as the leading shipbuilder; furthermore, the world’s busiest and most important container ports are located in China. Major shipping volumes from China, which recently flooded the world, have stopped along with the idle standing of industry in China. Moreover, every country has introduced its own transport regulations. This enormous chain of logistics, which started in China in the transport sector, was cut drastically by the pandemic, causing serious and already irreversible consequences in the global shipping sector. Check out more INOMICS blog posts Due to various current restrictions, individual ports returned the freight containers to the ports of origin. As recession set in and demand and supply decreased, a response to the ongoing idle standing in the Chinese ports. Since China is also a significant importer of crude oil, nationwide downturn in economic activity had a negative effect on demand for the crude oil tankers. Overall, capacity of China in ports decreased by 20% to 50%. Lack of labour in Chinese maritime segments simultaneously affected the whole trade. Percentage drop was inevitable According to the optimistic scenario of the World Trade Organisation, in 2020, demand for container transport will decrease by 10%. According to the Baltic and International Maritime Council (BIMCO) data, global container transport decreased by 5.1% in the first quarter, and, compared to last year, these volumes dropped by 2.1 million Twenty Foot Equivalent Unit (TEU) to 38.2 million tons TEU. Export along key routes from East Asia to Europe decreased by 12.0% in the 1st quarter, to Northern America by 9.4%. The number of orders of new container ships has also decreased by 36.8% - down to 153,422 TEU compared to last year. Idle standing of fleets remains very high. Falling interest rates meant that the average container transport rate to send a container from Europe to East Asia was higher than sending freight from East Asia to Europe. Currently the freight transport sector shows another trend, namely, that demand for large-size container ships has sharply decreased, whereas demand for smaller ships remains more stable. Therefore, operators are currently more oriented to short-term contracts and shorter routes using small-size ships. Holders of large container ships, who have purchased them on credit during recent years, are currently facing a real challenge. Many large ships are usable only in the route from East Asia to Europe, and, upon decrease in demand, these ships will remain ashore. The following months will be a real test for operators, and show whether they will keep transporting half-empty ships as they have been doing so far. Each of them will try to reach a balance by keeping high freight rates on one hand and increasing capacity of use of their ships on the other. This year, the shipping sector also faces transition to fuel with lower sulphur content, which is more expensive. Thus, aforementioned regulatory costs create another additional burden for the operators. Will robotics save the sector? Of course, the sector will gradually normalize; however, it is not yet clear how long it will take for freight transport to reach that point. At the moment, it is important to renew inland consumption in the USA, whereas, in case of closing down companies and millions of lost jobs, full recovery to pre-coronavirus level will take a long time. In parallel to all the aforementioned, a totality of preventive measures is required involving professionals of the sector to stimulate recovery of the shipping sector. When rebuilding the freight transport sector, it could be stimulated with investments in various segments of robotics and freight transport technologies, which would lead to global changes across the sector. Autonomous shipping and smart technologies in freight transport companies will help the current sector optimise current operations and connect the various participants thereof – consignors, brokers and sea freight operators. However, looking ahead, every sector must have a plan “B” or so called buffer for the restructuring of the sector so it can withstand any crisis that may appear.
Coronavirus has had a broad impact on the global economy. Particularly affected were the tourism, trade and industrial sectors, including the export and import markets. Demand for and consumption of goods decreased, and so did the international freight transport sector. The COVID-19 crisis continues to severely affect the container transport market and the current economic situation gives no hope for short-term recovery.
Urban, Rural and Transportation Economics (JEL R)
High-Salary Career Options for Economists
All of that not enough to put you off? This INOMICS writer admires your determination. Despite the many pitfalls on the way to becoming rich, and despite the fact it might not be all that good when you get there, it is true that an economics degree can stand you in good stead to make some decent coin. An investigation from GoodCall found the third most likely degree millionaires have is one in economics, behind engineering and an MBA. To that end, we’ve listed some of the most remunerative jobs for economists to consider if they’re planning on making a nice (though not necessarily quick) buck. Download the INOMICS Handbook! Trading finances Perhaps not the first job economists think of when they graduate, but traders can make a hell of a lot of money if they’re particularly good at their jobs. Trading isn’t quite the same as stockbroking (as if you didn’t know): the stockbroker generally helps interested parties find, buy, and sell stock, agreeing prices between buyers and sellers, whereas the trader actually purchases and sells the stock themselves, sometimes with the help of a stockbroker. You’ll have to be on the ball for this role, monitoring the financial market and the performance of securities, and you’ll need to accurately analyse and evaluate costs, risks, and returns. How much you’ll earn doing this is highly dependent on your skills. The average salary according to Zippia.com is just $56,000, but as you might guess, some traders can earn far, far more money than this, becoming multi-millionaires - think the Wolf of Wall Street. (We here at INOMICS recommend always playing by the rule book and not engaging in any of the illicit activities Jordan Belfort did. Aside from that, Belfort was a stockbroker, not a trader, but you get the point.) Managing compensations and benefits Like the spread of germs? As a Compensations and Benefits Manager your grubby mitts will be handling money all day long. You’ll be looking after a company’s payment system and its employees’ benefits, including things like health insurance, retirement plans, dental, bonuses, that sweet company car the CMO wants, whether or not the Product Developer gets their gym membership so they can pump iron every lunchtime instead of socialise, and all the rest. It may sound a little simpler than the rest of the careers listed here, but you’ll be doing essential work in making sure the company’s workforce remains content (at least with regards to how much moolah they’re getting). You’ll have to enjoy, or at least be comfortable, working with people for this role, but you’ll be rewarded handsomely: Americans in this position earn, on average, around $115,000. Not bad. Actuarying Yes, that’s a verb. Actuaries use their monetary knowhow and economic acumen to analyse and manage risk. They’re the prophets of the modern age, using their crystal balls (read: economic expertise) to look far into the future, forecast economic difficulties, and figure out ways to minimise any potential damage. Nostradamus, eat your heart out (though hopefully you’re more accurate than he was). Normally you can get yourself partnered with a more experienced actuary at a company with just a Bachelor’s degree, but you will have to do some extra exams - always more exams! - to get certified and go it alone. So go get your tarot cards - that future risk ain’t gonna calculate itself. Actuaries in the US can earn upwards of $115,000. Managing finances Perhaps self-explanatory from the title, a finance manager manages, well, finances. You’ll be producing reports, advising and directing where investments should go, and strategizing to make sure the individual, organisation or company, long term, makes dollar. You’ll have to be pretty good at predicting the future (based on data, of course) and you’ll need to have your finger on the pulse of the market and any and all trends contained or developing therein. Data analysis is a big part of this role - but presumably all of you economists reading this article are already pretty comfortable with numbers and big data sets, so that’s no problem, am I right? The average salary in the US of A for a financial manager is around $112,000. Working for The Man Might seem like the thank-you-captain-obvious option, but becoming a straight-up, bonafide government economist with your economics degree is one of the most lucrative - and potentially rewarding - career paths you could take. Economists work for government organisations or research institutes, making reports and conducting research that influences government policy and/or the direction of businesses and funding. With climate systems breakdown currently such a big issue on the agenda, you might find yourself using your economic prowess to help mitigate environmental damage. Exciting stuff, not to mention important work. Median salaries float around the $100,000 mark for an economist working for the US regime. Teching it up According to a 2019 investigation in the Harvard Business Review, economists started playing a much bigger role in the tech sector in 2019. Tech companies, obviously including the big boys like Amazon and Google, but also smaller startups, have begun to hire groups of economics PhDs. Why? Firstly, because looking at data and solving problems of a monetary persuasion with cold-blooded rationality, which a degree in economics obviously inculcates, lends itself to big business; and secondly, because economics has something very specific to say about markets and how businesses work within those markets, particularly in the digital age. So ever wanted to work for an edgy startup? Feel like what’s really missing from your job is a ping pong table, discount on Brewdog craft ales, and a dedicated area for team members to take naps? You’re in luck if you’ve got a degree in economics. The average position at a tech company pays around $80,000 - but that’s not all you can earn. Get yourself up to the role of Finance Director at Google and you could be earning over $250,000 a year, with a bonus on top of around $350,000. (Chance would be a fine thing.) Time to make some $$ So that’s just six of the many bankable roles available for you, with your economics degree, you lucky thing. Plenty of other jobs that can pay anywhere from $50k to over $100k per year also exist, like personal financial adviser, healthcare analytics specialist, economic consultant, budget analyst, and more - the list goes on. Looks like you picked a pretty good degree to make some decent bread with, eh? Well, good for you. Remember, though, that in whatever career you do decide on, money isn’t everything. (Yes, that stands in direct contradiction to the rest of this article, but hear me out.) Money can be nice, but it certainly shouldn’t be the only factor you take into consideration. Don’t forget you also have to have a social life, hobbies, free time, and all those other things that contribute to making a well-rounded, enjoyable existence on this football we call Planet Earth. So get out there and look for a job that isn’t just going to put some paper in your pocket, but will make you happy, too.
Before you start considering what crazy lucrative job you are going to get with your economics degree, consider this fact: a lot of rich people don’t like their money. Many complain about not knowing what to do with it all, yet simultaneously having huge anxiety they’ll lose it. They moan about their friends treating them like walking bank accounts, being judged for not looking the part, and no longer being able to visit - how to put it delicately? - less refined establishments. Many work like dogs in jobs they don’t find fulfilling to top up the coffers, only to realise they never have any time to have fun with it. And all jokes aside, some studies suggest that, while earning more money than the national average does improve life satisfaction, once you get past a certain salary threshold, money stops making you any happier. (Depending on where you live, this is around $100,000.)
5 Top Tips For Students Dealing With Short Answer or Multiple Choice Exams
1. Focus on the details Unlike in essay exams - where one shouldn't stress about the details but rather focus on the big picture - short essay or multiple choice tests are all about the details. You need to be able to remember the facts which have been taught in the course over the semester, and to be able to explain these facts in a couple of sentences. For this reason, focus your revision on remembering key facts. 2. Use techniques to help you memorise information If you're having trouble memorising facts and figures, first try writing out the information by hand several times. Often you'll find that just the act of copying the information down several times will be enough to lodge it securely in your head. But if that's not working, and you have a lot of tricky information such as dates or chemical formulae to remember, try flashcards. Take a stack of postcard-sized piece of paper, and write down one fact to be remembered on each sheet. Then either use these cards to test yourself, or put them around your room, or house, so you see them regularly. Do this in the weeks leading up to your big day and remembering should not be a problem. 3. Don't overthink your answers When it comes to multiple choice exams in particular, the questions can sometimes be written tricky, vague(ish) way. Sometimes you have to select the “one correct answer” from four possible answers, all of which sound at least a little true. In this instance, it may tempting to select multiple answers, or to write information in the margins which explains your choice. Do not do this! Multiple choice tests are often marked automatically by a computer, or by someone without any experience in the area in question. So if you write extra information, it probably won't even get read, and you may even lose marks for not answering the question “correctly”. So how do you cope with an ambiguous question? The best technique to not overthink your answer. If there is one answer that seems obvious, and the other answers are arguably somewhat true, then select the obvious answer and move on. Unless the question says otherwise, always choose one and only one answer in a multiple choice test. Try to imagine what the person who wrote the question is expecting the answer to be, and give that answer. 4. Plan your time You might think multiple choice are quick to answer, and thus you don't need to plan your time in such an exam. Think again. Sure, the actual writing of the answers can be done very quickly, but you still need time to sit and think about each question before you answer it. When you first see the exam, take time to quickly skim over it. Count how many questions there are, and how much time you have. Divide your time by the number of questions to see roughly how long you should spend on each question. Also, don't forget to leave 5 to 10 minutes at the end to give your work a final check. 5. Skip over questions which are giving you problems If there's a question which you don't understand or don't know the answer too, think about skipping over it and coming back to it later. If you don't immediately know the answer, that's okay, no need to panic! Sometimes moving on to other questions will help to jog your memory, or give you context which could help you to answer the question that you were stuck on. You don't want to waste a lot of time on one question, so keep going and then come back to the questions you were struggling with at the end. Good luck with your exams!
No need to stress about your university exams – INOMICS is here to help! (Well, stress a little bit, that's healthy and can serve as motivation, but no need to freak out). Having already dispensed advice on facing down essay exams, this article turns to two other university exam formats – short answer questions and multiple choice tests. These kind of exams require a different sort of preparation from essay or oral exams, preparation that the following will take you through.
The reality Some, it seems, are without even a paddle. The UK’s Office for National Statistics (ONS) analysed COVID-19 related deaths during the virus’s peak between March and May, and found that, when adjusted for socio-economic factors and geographical location, the risk of death involving COVID-19 was twice as likely for black males than for their white counterparts, and 1.4 times greater for black females than theirs. Those of Bangladeshi, Pakistani, and Indian backgrounds, while not quite as endangered, also fared far worse than white ethnic groups, completing a picture of a distinctly unequal society. Although the US federal structure makes national data harder to compile - race or ethnicity is known for around half of all cases and 90% of deaths - the distribution of suffering falls on similar lines: communities of colour shoulder the greatest burden. The COVID Racial Tracker, a joint initiative of the Antiracist Research & Policy Center and the COVID Tracking Project, attempts to aggregate state data, detailing the extent to which this is true. Among its more shocking findings, it showed that nationally, Black Americans ‘are dying at a rate more than 1.5 times higher than their population share’, and that in four states, that rate was three or more times greater. Similar trends were found in relation to Hispanics and Latinx, who in 42 states make up a much greater share of confirmed cases than their proportion of the population. In eight of those states, it was reported four times greater. Battered by the virus, these communities have also felt the sharpest end of the financial fallout. In the UK, the IFS Deaton Review revealed that Bangladeshi, Pakistani, black African and black Caribbean men are far more likely to have endured loss of income, or redundancy. While in America, one study found that black adults, who already suffered far higher unemployment rates pre-COVID, ‘are twice as likely to have been laid off or furloughed as white adults’. As of June 2020, it calculated that a quarter of black workers had lost their job, a fifth of Latinx, and only a tenth of the white working population. The problem is structural The obvious, yet too infrequently asked, question is why? Why is race and ethnicity playing such a determining role in these nations’ COVID experience? And why is it that these self-professed world leaders, declared in 2019 by the Global Health Index as the two best prepared countries for pandemic response, have allowed an apparently indiscriminate disease to act so discriminatingly? The answer is not found in biology, despite what racist trolls may say. Rather, it has to do with entrenched racism and persistent structural inequality that pervades both societies. Although manifesting in different forms, informed by the countries’ respective histories and cultures, these interwoven forces combine to similar effect, often restricting black and ethnic minorities to poorer socio-economic groups, while depriving them social mobility. As a consequence, they are over-represented in under-served neighbourhoods, overcrowded housing, and are more likely to occupy ‘frontline’ jobs (supermarket workers, care workers, etc.), all of which, research has shown, expose them to more COVID, and make it harder, even when instructed, to socially distance. At the same time, with large numbers also working in the service sector, especially in Britain, their livelihoods have been disproportionately threatened. In addition to greater exposure, racialized poverty can also debilitate the body’s resilience. Adversely influencing the food you eat, air you breathe, and amount of exercise you do (whether for lack of time or green space), it creates the conditions in which comorbidities - such as heart disease, diabetes, or hypertension - thrive. And this has proven critical. Data from the Centre for Disease Control and Prevention (CDC), suggests that COVID-19 is 12 times more likely to kill those with underlying health problems than those without. Failure of government With such egregious racial inequalities exposed, exacerbated and entrenched, one may think it an appropriate time for governments to step in, to fulfil their role as protector-in-chief. Alas, the US and UK administrations have mirrored each other in their failure to acknowledge the racialised structures that lie behind the high death tolls of their BAME communities. Instead, they have opted to blame victims, bemoan bad personal choices, and neglect responsibility. Answering questions as to why so many African Americans had died, US health secretary, Alex Azar, told reporters that black Americans ‘in particular’ have ‘significant underlying diseases’. In doing so, he implicitly individualised responsibility, and revealed his ignorance of the more important question of why that may be. Meanwhile, the UK government’s review of the disproportionate effect COVID-19 has had on minorities, which was much anticipated among health advocacy groups, lacked any recommendations about how minorities could be protected, despite its contents consisting solely of grim statistics showing how vulnerable they are. A continuation It’s instinctive to be shocked by these flagrant injustices. And we should be. But it’s also worth contextualising, and remembering the times we live in. This is an era of Windrush, police brutality, and mass incarceration. One in which Black American men, living in the richest country in the world, have a lower life expectancy than their Palestinian counterparts. With this in mind, the racial injustices of COVID look less like an aberration, and more like a continuation, a predictable outcome of a prejudiced system - it's one we must dismantle. Image Credit: Tverdokhlib on Shutterstock (licensed image - copyright)
Dubbed ‘the great equalizer’ at its outset, COVID-19 has often been described as picking its victims at random. Blind to race, ethnicity, and gender, it sees just a human body, a host that enables it to do what all pathogens are programmed to do: spread. While this, from a biological perspective, may be true, the disease’s sweep of the globe has been anything but equalising. Data from both the US and UK - who along with Brazil compete for the honour of worst pandemic response - show that in terms of cases and deaths, minorities are hugely overrepresented. We may all be weathering the same storm, but as Dr Zubaida Haque has put it, ‘we are not in the same boat’.
Once again, all courses listed here are available in English and range from beginner to advanced levels in terms of difficulty. While some are open tutorials available at any time of the year, others have opening and closing dates for participation. During these bizarre times of the coronavirus COVID-19 pandemic, these courses are a great way to stay at the top of your academic game. Check out our full range of online courses 1. Introduction to Mathematical Thinking Course provider: Coursera Duration: 40 hours Skill level: Intermediate 2. Introduction to Calculus Course provider: Coursera Duration: 51 hours Skill level: Intermediate 3. Mathematics for Data Science Specialization Course provider: Coursera Duration: 6 months, 4 hours a week Skill level: Beginner 4. Mathematics for Machine Learning Specialization Course provider: Coursera Duration: 4 months, 4 hours a week. Skill level: Beginner 5. Introduction to Discrete Mathematics for Computer Science Specialization Course provider: Coursera Duration: 6 months, 5 hours a week Skill level: Beginner 6. Intro to Statistics Course provider: Udacity Duration: 2 months Skill level: Beginner 7. Differential Equations in Action Course provider: Udacity Duration: 2 months Skill level: Intermediate 8. Intro to Descriptive Statistics Course provider: Udacity Duration: 2 months Skill level: Beginner
Given the excellent feedback we received from our audience on an earlier blog post that compiled a list of free econometrics courses online, we have now prepared for you a list of free online courses (MOOC format) that you can take in the discipline of mathematics. Like econometrics, proficiency in math is a prerequisite for performing well in economics courses at all reputable universities around the world. The knowledge required may range from high school algebra and differential equations to understanding the basics of logic and analysis of algorithms.
Tips for recruiting students during Covid-19
Among the most common challenges faced by Universities we find the need to deliver course curriculum adaptable for e-learning experiences; the need to provide a solution to the current dilemma of international students, start their studies online, delay the start of their studies or turn to local institutions to start their studies; the demand for hosting virtual campus tours, virtual Q&A sessions, among others. If you want to learn more about the risks and challenges for student recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Tips for recruiting students during Covid-19 times Covid-19 has brought changes and limitations due to mobility restrictions, a changing economic environment, and a shift of priorities among students and their families. The first step towards maintaining a healthy recruitment strategy includes revising the education offer of universities and adapting to the current needs of students. Making clear in the offer, the possibility to start the studies online and then transfer remaining classes on campus, the possibility of virtual onboarding sessions, online courses to collect degree credits, online pre-masters and pre-bachelor’s with easy-track to a on campus degree, and cultural immersion experiences to complement online classes once the pandemic ceases, can make a big difference in the attractiveness of your offer. At the end, the effort of bringing leads to your institution is reduced to 0 if the offer is unattractive to the students. Below we have listed some tips for you to shape your student recruitment strategy during Covid-19 times. Analyze and modify your goals: Key performance indicators and recruitment targets were based on a normal scenario. Now it is time to reassess those numbers and bring them back to reality. Only with realistic goals one can then map out a plan to achieve them. Revise and re-arrange your target market regions: It makes sense to decrease the marketing activities and spending in regions which are highly-affected by Covid-19. If the recovery forecast of these regions is rather pessimistic or takes longer than the average, there is very little chance that students from these countries will have mobility and study abroad as their priority or even possibility in the short-term. Adjust your marketing budget to support more online activities: With most of the study fairs, college visits and offline marketing activities being cancelled, a wise step to take is to allocate the unspent budget to online activities that can build on long-term assets for the University. Students may not be actively applying for a degree abroad, but they are using the time to explore more about Universities and their academic and extracurricular offers. Using your time to create content online, build fruitful cooperations with aggregators and bloggers and get the word about your institution out on the internet is a very good investment for the future. Additionally if the recruitment and enrollment process continues as planned for 2020 and 2021, the best channels to use in the current conjuncture are online based channels. If you are interested in more information about the activities you can implement at your University, we suggest to download our e-guide "Recruitment during Covid-19" here. Leverage virtual experiences and gatherings: Since students cannot visit your campus and engage with the student life in person, it is your responsibility to create virtual spaces that promote these experiences. Virtual campus tours, webinars, virtual student gatherings, an online tandem partner program that pairs new/prospective students with students/alumni, Facebook and Instagram Q&A live sessions, etc. will help keep the positive attitude up and display an excellent brand image amongst students and their families. Invest in technology: With the boom of e-learning and e-teaching, it is wise to invest budget in tools that will soften the transition from on-campus teaching to online classes. These tools are an investment that will benefit different areas: they will help you keep the education promise to current students, help deliver class samples to prospective students and, make video communication channels more efficient, among others. Finally, besides investing in technology tools, it is also important to invest time and effort in developing new marketing channels. The use of social media, video marketing and the application of remarketing techniques regardless of the chosen channel, in order to differentiate between students who are warm leads, students who are applicants, and students who were admitted to your University. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. ➲ Get our e-guide "Recruitment during Covid-19" here If you are interested in promoting the programs, courses, scholarships, professional training on campus, online or blended offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your student recruitment strategy during these tough times, plan and optimize your recruitment strategy for 2021, or support you filling in the last seats in your 2020 programs.
With the coronavirus turning the education scene into an online-dominated service, universities and other higher education providers are starting to wonder how to adapt their recruitment strategies to the current scenario. Without a doubt, Covid-19 has transformed and will continue to transform the education scene on one hand making it more affordable for more people, but on the other hand demanding a new set of tools and delivery methods.
The INOMICS Questionnaire: Fratzscher vs Jackson
Esteemed economist, Stanford Professor, and friend of INOMICS, Matthew O. Jackson, generously took time out of his busy schedule to take part in the third INOMICS Handbook Questionnaire. Opposite him, in his customary role of quizmaster, was Professor Marcel Fratzscher, president of the DIW Berlin, and one of Germany’s leading voices in macroeconomics. Observing tradition, and as a nod to those involved, the encounter has been dubbed ‘Fratzscher v Jackson’. What took place was both in-depth and personal, the conversation ranging from Aristotle and gender bias, all the way to economic blogs and bicycles. For anyone connected to economics, especially those starting out, this one is not to be missed. Download the INOMICS Handbook! Marcel Fratzscher: What is your favourite place on earth? Matthew O. Jackson: My bicycle. I guess that is a trick answer, as it takes me to many places. It brings me out into nature and on many adventures. I see places from a very different perspective. And somehow, it is also great for ruminating and relaxing my mind. MF: Outside of economics, what occupation would you have if you could be absolutely anything? MOJ: I grew up during the Apollo missions and would have given anything to be an astronaut, but my eyesight precluded that path. Putting that aside, if I had to move outside of the social sciences now, I would become a biologist. The 21st century is poised to be the golden era of the biological sciences. Improvements in our ability to gather data and analyze it are very rapidly enabling huge advances in our understanding of everything from how the brain works to how and why genes express themselves. MF: What is the virtue you appreciate the most? MOJ: Empathy. It’s not normally thought of as a virtue, but you look at it as a modern take on Aristotle’s view of friendliness as a virtue. The ability to understand other people’s emotions and needs, and react to them, is one of the most important ingredients in making humans powerful as a social and cooperative species. MF: Your all-time favourite figure in economics? MOJ: Ken Arrow. I am very grateful that I was his colleague. Even in his late eighties and nineties, he was ever curious - asking questions about everything. His curiosity made him a joy to be around. I think that it was also a key driver of the breadth and depth of his contributions: he was always asking ‘why?’ and not limiting his attention to what he thought about. I learned from him that asking questions is like taking pictures: one gets great pictures by taking many of them, only some of which work out (sometimes unexpectedly), rather than waiting for that perfect one to come along. MF: Your # 1 economics blog? MOJ: I am a fan of Our World in Data. They provide consistently interesting and detailed looks at data that illuminate a variety of important topics. I always come away with new knowledge and ideas after visiting their site. MF: Your ideal student? MOJ: A great listener makes a great student; and ‘listener’ is meant broadly. It is someone who pays attention to comments, criticisms, and anything else that bears on their research, and then carefully filters that information and reacts to it. MF: What should be done to address a gender bias in research in economics? MOJ: I will broaden the question to discuss addressing gender and other biases in many areas. One aspect of affirmative action that is under-appreciated is that its effects are not limited to the people directly hired, admitted, or promoted because of the policy. There are numerous network effects that enhance the power of such policies: having more connections gives a group better support, information, and access to opportunities. Moreover, it not only enhances the experiences and productivity of those within the field, but also then helps attract more into the field in the future. Thus, there is a social multiplier associated with increasing a group’s membership in any endeavor. MF: What is the most misguided research agenda in economics? MOJ: I won’t take shots at any particular agenda, but instead will point out a couple of factors that can lead to misguided research. It is easy for research to become literature-driven: people identify new questions by searching for cases not handled by the previous literature, or by some deficiency in prior work, rather than thinking about the fundamental issues that we should really be illuminating. We are also tempted to judge research by how difficult, clever, or unexpected it is, rather than by the new knowledge it generates. I think this is the most common error made in refereeing, and it easily leads researchers and literatures astray and distorts our agendas. MF: What is the most promising current research field or issue in economics? MOJ: Technology is transforming both our economies and our methodology. We see the emergence of the gig and sharing economies, and a whole host of platforms and apps that are drastically changing the way that people connect and communicate with each other. We know little about how these changes are affecting productivity, innovation, and growth. And, simultaneously, these changes - and some of the technology behind them - are generating rich data and tools with which we can study human interaction on a scale not previously possible. MF: Where does economic research have the most influence on policy-making? MOJ: The resurgence of development economics has led to unprecedented input into the design and implementation of many policies, especially on a small scale. Esther Duflo’s paper ‘The Economist as a Plumber’ provides excellent reading on how economists can be best leveraged in improving policies and their implementation. MF: On what issues should policy listen more to economists? MOJ: Financial regulation. Financial markets are full of externalities and moral hazard problems at the same time as economies of scope and scale. This has led to the emergence of a variety of institutions that are too big-to-fail but have inefficient incentives, and yet are implicitly or explicitly insured by governments. Despite the importance of these markets and the lessons we have learned historically, we still sit on a roller coaster when it comes to regulation. MF: What is your career advice to a young economics researcher? MOJ: Ask lots of questions and dive deeply into the ones that intrigue you. Don’t base your research on what you think will get published, or fill a hole in some literature, but rather focus on the issues that grab you. They will take you on a more fulfilling and rewarding journey, and your instincts will generally lead you to questions that will have a bigger impact than if you get too strategic about your research.
Survey: Is "To Whom It May Concern” Acceptable on a Cover Letter?
But does it really matter how you start your cover letter? To find out, ResumeCompanion conducted a poll of over 1,000 hiring managers from across the United States to determine how they view “To Whom It May Concern” being used on an applicant’s cover letter. No big deal: 83% of hiring managers disclosed that seeing “To Whom It May Concern” on an applicant’s cover letter would have little or no impact on their hiring decision. For years, experts have insisted that when you’re formatting your cover letter, you should avoid using “To Whom It May Concern” at all costs. But countless job seekers begin their cover letters with “To Whom It May Concern” anyway — they can’t all be unemployed. So to discover the truth, ResumeCompanion conducted a survey of hiring managers from across the country. The results of this survey deal a shocking blow to the expert consensus. Over 83% of hiring managers polled revealed that seeing “To Whom It May Concern” on a candidate’s cover letter would have little or no impact on their decision to hire or interview that person. Even more fascinating, however, is how the data varied according to the age, gender, and location of each respondent. Men are three times as likely as women to reject a candidate for starting their cover letter with “To Whom It May Concern.” The majority of both men and women agreed that seeing a candidate use a generic introduction on their cover letter would have little impact on their hiring decision. However, men are clearly touchier about the subject. 6% of male hiring managers stated that they would reject a candidate outright for using “To Whom It May Concern” on their cover letter. Compare that with the 2% of female hiring managers who said the same, and there’s clearly a gender divide. If you find out a man is going to be reading your cover letter, try to address him by name to boost your chances of success. Yet if you can’t find his name, it’s still most likely fine to address your letter with “To Whom It May Concern” since neither gender seems to mind much. Even more interesting is how results differed by age: Gen Z hiring managers are the most likely to reject an applicant for addressing their cover letter with “To Whom It May Concern.” If internet memes are anything to go off of, you’d assume that the most likely person to get worked up over your cover letter introduction is older — maybe a prickly 60 year old? However, according to ResumeCompanion’s research, the reality is the opposite. According to the data, the most likely age demographic to reject a candidate outright for beginning their cover letter with “To Whom It May Concern” is Generation Z (ages 18 to 24). True to their reputation, though, older hiring managers (ages 55 to 64) are still the second most likely to reject a candidate for starting their cover letter with a generic introduction. Meanwhile, Millennial hiring managers cared the least about whether candidates use “To Whom It May Concern” on their cover letters. Also interesting are how the results vary according to geographic location: Hiring managers from the Midwest are most likely to reject an applicant for starting their cover letter with “To Whom It May Concern.” A significant 22% of hiring managers from the Midwest admitted that seeing “To Whom It May Concern” on a cover letter would make them less likely to hire that candidate. This makes the Midwest the strictest region when it comes to how you should address your cover letter. This is in stark contrast to hiring managers from the Northeastern United States, where only 10% care whether or not a candidate opens their cover letter with “To Whom It May Concern.” Takeaway: “To Whom It May Concern” isn’t the cover letter killer that experts claim it is. Here’s the bottom line: if you can’t find the hiring manager’s name, using a generic opener like “To Whom It May Concern” isn’t a big deal. However, it’s still far from the best way to introduce your cover letter. Before falling back on a generic opener like this, make sure you exhaust your options for finding the hiring manager’s name. To help you in your search, here are a few methods for finding the hiring manager’s name that you may not have thought of: Search the company website to see if they have a directory. Browse the company’s LinkedIn to find their associated employees. Google the company name and the phrase “hiring manager” or “human resources.” Call the company and ask the receptionist if there’s a name you can use on your cover letter. If all else fails, just remember that the vast majority of hiring managers don’t actually care how you address your cover letter, so long as the rest of your application demonstrates that you’re qualified.
If you’ve ever researched how to write a cover letter, you probably know that career experts from all over the internet agree you should never address your cover letter with a generic introduction like “To Whom It May Concern.”
The coefficient takes into account which percentage of total income (or wealth) in a country is owned by what share of the country’s population. A value of zero means that income is distributed equally across all members in a society. This would be the case if everyone had exactly the same income. Conversely, a Gini coefficient equal to 1 means that the nation’s income is concentrated in the hands of very few people. For example, a country with 100 people where one person possesses everything and all others had no income would have a Gini coefficient equal to 1. The Gini coefficient can be represented graphically by Lorenz curves as seen in the figure below. On the x-axis we have proportions of people ordered by their income from poorest to richest. On the y-axis, we see the cumulative share of the total income in the country. The red line corresponds to a Gini coefficient of 0, because income is distributed equally - for every 1% increase in population, there is a 1% increase in the total share of wealth. In other words, the "poorest" 10% of the population have the same income as the "richest" 10% meaning there is no poorest or richest 10% at all since everyone has the same wealth. In the figure below this corresponds to the red line labeled “perfect equality line”. A Gini coefficient of 1 would mean that the richest person (or say the richest 1%) in the country owns everything, while the remaining 99% have no income. A Gini coefficient of 0 or 1 are clearly two very extreme scenarios. For most countries the coefficient is somewhere between 0 and 1. This more moderate scenario can be represented by a curve like the one depicted by the blue line in the figure below. Figure: Lorenz curve for a Gini coefficient of 0 (red line) and a Gini coefficient between 0 and 1 (blue line) The Gini coefficient corresponding to the blue curve in our figure above can be calculated as follows: Gini Index = A / (A+B). The area A is the area between the perfect equality line and the curve, while area B is the area between the curve and the axes. The greater area B is relative to area A, the lower the Gini coefficient and hence, the lower the income inequality in the country. Now we know what the Gini coefficient measures and how to calculate it. But what’s more interesting is to compare Gini coefficients across countries and time. We can use the Gini coefficient in this way to compare inequality in different countries or regions, study how the distribution of income and wealth evolve over time, or analyze the impact of certain policies (e.g. the effect of a change in the income tax) on the distribution of incomes. Although economics often focuses on comparing allocations of resources in terms of Pareto efficiency, the distribution of income and wealth among the population (which the Gini coefficient can help to measure) is also of great importance for policy makers. Countries with an extremely unequal distribution of income or wealth may be more vulnerable to social unrest and political instability (see also Inequality), and concerns for fairness and justice influence our opinion on different political parties and policies. In the table below we see the Gini coefficient for five different countries in two years – in 2000 and 2016. Gini coefficients for various countries 2000 2016 Germany 0.29 0.32 United States 0.40 0.41 Mexico 0.53 0.46 Italy 0.35 0.35 Norway 0.27 0.29 Each of the chosen countries has a Gini coefficient somewhere between 0.27 and 0.53 for the selected years. A Gini coefficient of 0.53 is considered high and implies that income is distributed rather unequally, as is the case in Mexico. The Gini coefficient of around 0.28 for Norway implies that income is distributed more equally in this country (but of course not perfectly egalitarian). In three of the five countries (Germany, US and Norway), the Gini coefficient increased between 2000 and 2016, while it decreased in Mexico, indicating that wealth inequality increased during this time. The data used in this table was taken from the World Bank. Further Reading Among the most famous economists studying inequality are Thomas Piketty and Emmanuel Saez. In their paper “The evolution of top Incomes: A historical and international perspective” (published 2006, in the American Economic Review), they present findings on the changing levels of income and wealth in a variety of countries during the last century. One of the main challenges in comparing income inequality across countries is the lack of homogeneity in the data and the availability (or lack thereof) of long-run databases. One of Piketty and Saez’s main findings is that during the 20th century the shares of income earned by the richest people in the society decreased decisively during wartimes and the Great Depression meaning that inequality decreased during these times. Good to know While the Gini-coefficient is a useful and important measure of inequality, it is not the only one. To get a more accurate picture of (in)equality, you might want to look at other measures of inequality as well. Other commonly used measures are the Theil index, the Hoover index, and ratios of percentiles or shares of income (comparing the mean income to the median income, etc.).
The Gini coefficient is a statistical measure of inequality that describes how equal (or unequal) wealth is distributed among the population of a specified area (usually a country). It takes a value between 0 and 1, and a higher Gini coefficient is associated with higher levels of inequality. It can also be referred to as the Gini index or the Gini ratio.
The Best Online Microeconomics Courses for Beginners
Our support, we promise, is, and will forever be, unfaltering - we recognise how tough things currently are. University life is in flux, campuses are mostly shut, and there’s little idea when, if ever, things will return to their pre-COVID ways - that is for those whose memories extend that far. Life is characterised by zoom calls, lagging voices and frozen faces, of cursing your internet connection and being proud that you’re yet to trash your misbehaving laptop. Stuck at home, though, it’s also the perfect time (we think at least) to get started with some microeconomics. For one positive thing the pandemic has done is fast forward us to a future where online courses are ten a penny. With so many to choose from, finding the right one isn’t easy, so to make your life easier INOMICS has compiled a list of the best beginner courses out there. Some of them don’t cost a thing! 1. Economics: Mastering Microeconomics 101 by Udemy Described as the ‘comprehensive study aid for anyone studying economics’, this course does exactly what it says on the tin, covering the key foundational concepts of microeconomics, and giving those enrolled all they need to go on and take more advanced courses. The only requirement is an understanding of straight line graphs and basic arithmetic, meaning pretty much anybody can take part. The 9 hour course can be accessed for just €12.99. 2. Microeconomics by Khan Academy The Khan Academy has long been one of the most trusted online learning institutions the internet has to offer, so quality here is pretty much guaranteed. In terms of content, this is a beginners course that will introduce you to microeconomic basics, including factor markets, market failure and the role of government, consumer theory and elasticity. And the best thing of all, it’s free. 3. Microeconomics Principles by the University of Illinois In just 23 hours of learning, the professors of the University of Illinois will teach you all you need to know about the main principles of microeconomics. At its core, the course attempts to debunk the myth that economics is only about money, and to that end, it covers areas as disparate as the environment, love, crime, business, and sport. On completion, you’ll come to realise how versatile economic methods can be, and that, with the right implementation, they can be applied to pretty much anything! The generous people at Illinois are offering the course for free, too. 4. Microeconomics: The Power of Markets by the University of Pennsylvania Also free, continuing something of a trend, this course looks specifically at microeconomics theory of markets, asking why we have them, how they work, and exactly what they accomplish. It makes a point of taking examples from everyday life, and theory is always applied to current policy debates to ensure a feeling of relevance. No previous experience is required for this 9 hour course, and it’s first come first serve. 5. The Power of Microeconomics: Economic Principles in the Real World by UCI In this course, you will learn about - surprise, surprise - all the major principles of microeconomics that are typically taught to economics undergraduates or MBA students in their first semester. Once again, there’s an emphasis on applying these principles to real world situations, not just in your professional life, but your personal life too - which adds an interesting twist. The course is approximately 20 hours long. 6. Microeconomics by MIT This beginner-level certification is designed to familiarise you with (can anyone guess?) the core fundamentals of microeconomics. Real-world models are used to identify and describe real-life behavior, and the decisions of consumers and firms. And this focus runs through the course, an attempt to make theory applicable to real life. Offered by MIT, this certification is an excellent place to take the first step in the field of microeconomics. And like all courses offered by MIT you can expect a high level of teaching. The workload is 3-4 hours per week, and the course lasts 12 weeks. 7. Strategic Business Management - Microeconomics by UCI In a slight divergence from the above, this course combines business strategy with the principles of microeconomics. Drawing on lessons from business, management, finance, operations management, marketing, statistics, and, of course, business strategy, the course is diverse, to say the least. It typically takes around 24 hours to complete, and is open to all, no matter what academic background.
Microeconomics is the study of what economic actors - be they people, firms, or whole industries - do when confronted with choice, and how this affects the distribution of resources. It’s fascinatingly revealing but can be frustratingly complex. And regardless of which direction your economics career takes, it’s likely that, at some point, it will have to be mastered. But that’s fine, INOMICS is here.
How to Choose an Online Course or Degree
What you need to consider You may be asking yourself how to decide which course will you study? Well, first off think about the subjects that you liked in school, about your hobbies, and what may help you in your career development. And remember, an online degree can not just help you brush up skills you gained in the past, but could also provide you with accreditation for what you have learnt through work experience. If you are already focused on economics, as many INOMICS users are, an online course could be an opportunity to study a complementary minor subject such as: sociology, anthropology, finance, business administration of environmental sustainability. Increasingly, higher education is becoming interdisciplinary, and online options are a great way to keep up with this trend. You could merge your economics interest with psychology, perhaps, taking you in a behavioural economics direction. The options are almost endless! Course quality online can, and often is, as good as on campus. With that said, check that the degree programme offers teaching from the same faculty staff and offers the same credentials as with a campus taught degree or course. Investigate the reputation for your prospective institutions. Read user reviews if available, and look out for accreditation for the course and institution. In the same vein, checking that employers recognise the qualification you are about to enrol upon is also a smart move. Subscribe to get updates on online learning options for economists Admission requirements and application fees/course fees/tuition fees will likely be necessary for any degree and course online. Financial aid is sometimes available too. Check these things over thoroughly before signing up. If you shop around you can even find many countries (especially in Europe) offering degrees without fees. Although it sounds simple, ensure that the schedule of the online course fits around your life. It’s pointless signing up for a course which timetables an online seminar or lecture for the time when you have a job, or other engagements planned. Workplaces may consider a small rescheduling of your working hours if you can justify the change, but don’t bank on it!. Thankfully, many courses provide the opportunity to pick from a range of class hours that fit around your daily routine. The real benefit of online learning is exactly this kind of flexibility! Also vital is that you make sure the virtual classroom tools that are used are sufficient. Universities know that students want to know what it is like to learn online and may sometimes offer taster sessions. And it makes sense:Learning is never passive, especially not in an online environment. For this reason, when you search for your course, find out what technology the institution is using, and if their online tools allow enough access to content, collaboration, engagement and real-time interaction to enhance your understanding of concepts learned. You may have to work within your own technical limitations, but some institutions offer financial aid (yes, it does exist!) for buying technology (i.e. a new laptop) to handle that weekly Zoom or Cisco call with 50 people. Try and research all possibilities to make sure the learning platforms are usable. And lastly, asking questions is paramount in any search for a degree or course, whether online or otherwise. If you need to ask for help, have any questions, or are just a bit lost - that's completely fine - lots of prospective students feel uncertain when embarking on an online course. Higher education institutions always have contact emails and numbers for student services which will help you, and it’s worth keeping an eye out for any specific online student services that may also be available. And don’t forget, you can always come to INOMICS for help, too!
INOMICS has seen a surge in demand for online courses recently, with far more students searching for higher education alternatives. With the effects of COVID-19 ongoing, and many institutions still closed, enrolling in a fully online program or online degree has clearly become the best way to continue self-improvement and career development. Institutions offer a variety of online degree programmes and massive open online courses (MOOCs), which often have less expensive tuition fees. Additionally, you will save money by not having to commute to a campus. Distance learning can improve your technical skills too, as you navigate new learning management systems. Before you choose a course, though, there are a few things you need to consider. Here INOMICS’ walks you through the basics!
Education is complicit Education is one area that could be subject to overhaul. The recent murder in America of George Floyd at the hands of Minnesotan police has sparked demonstrations across the western world, protesting not just police violence, but the system that permits such violence and ensures impunity for its perpetrators. Education, protestors claim (and this writer concurs), is a part of that system, and higher education, in particular, has drawn criticism for its failure to incorporate black and brown histories, focusing instead on white, euro-centric knowledge and methods of knowledge production. These preferences, they further assert, hide the achievements of people of colour, perpetuating hierarchies of colonialism. Ultimately, this omission, and the whitewashing of colonial violence for which it also stands accused, implicates the institution as complicit in the racism that pervades society. As such, if progress is to be made it must be ‘decolonised’. Work underway Of course, work to this end isn’t new. In the last few years, demands to decolonise education, both its curricula and campuses, have cohered into the movements ‘Rhodes Must Fall’, which has called for the removal of statues of the imperialist Cecil Rhodes from campuses, and ‘Why Is My Curriculum White?’, which, as the name suggests, has questioned the primacy of white, European thinkers in university curricula. Both have helped expand conversations about memorialisation in public space and the diversification of education, setting some important precedents. Now, however, as racism is reckoned with on both sides of the Atlantic, movements like these have been galvanised. And the momentum is only growing. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Health, Education, and Welfare (JEL I)|Politics</11an> What is being asked? Although decolonising education can, and often does, mean different things, it generally refers to an interrogation of the assumptions that form the basis of the canon, and an attempt to broaden our intellectual vision to include a wider range of, in this case non-white perspectives. It questions: who’s in control of knowledge? How did they come to have this role? And what maintains their power? Indeed, in many ways its goal aligns with the professed ethics of academia itself: to enhance both our critical thinking and scepticism. Key is the recognition that colonial assumptions regarding racial hierarchy persist in academic study. SOAS University of London, for instance, an institution embracing its responsibility to modernise, has pointed to the fact that despite no longer referring to countries in the global south as ‘backward’, many theories of development rely on similarly unfavourable assumptions for their modelling - it’s these biases the decolonising process looks to address, and they’re pervasive. It also questions the relationship between the writers of knowledge, their location and identity, and the subject of their work and method of investigation. This sounds commonsensical because it is - it already takes place in many other contexts. For example, as a society we’ve grown instinctively scrutinous of male voices explaining away the female experience, and for good reason. Decolonising education asks for an extension of this same principle with respect to race. Assess the origins of source material and another problem is encountered: reading lists are composed overwhelmingly of white, male authors. This not only marginalises much excellent scholarship produced by scholars of colour, but also introduces, as academic James Muldoon has described, ‘systematic distortion to the material’. Moreover, it creates a phony impression of who constitutes intellectual authority and what works are worthy of our attention. To counter this deficit, decolonisation would diversify the sources engaged with to reflect a greater variety of perspectives . Finally, action is called upon to guarantee a university environment that addresses the attainment gap between people of colour and their white colleagues. With society wracked by structural inequalities, now compounded by COVID, it's imperative for educators to ensure students receive equal opportunity to succeed. This means defining and dealing with the racism that is woven into all aspects of university life. When students of colour report feeling alienated by certain learning materials, or dynamics in the classroom, it must be dealt with through open dialogue between students and educators, and followed by swift action. With surveys consistently showing African American undergraduates as having the lowest satisfaction rates of all students, it appears these pastoral responsibilities are currently being neglected. The pushback Despite its ethical grounding, moves to decolonise higher education have not been without controversy, attracting a sizable backlash. In the UK, for instance, Conservative politician Sam Gyimah warned that we “should be cautious of … phasing out parts of the curriculum that just happen to be unpopular or unfashionable’, his comments coming in response to English students at the University of Cambridge calling for the inclusion of more non-white writers and postcolonial thought in their syllabus. And this is a common response, calls for increased inclusivity misconstrued as moves towards eradication, of scrapping everything. In reality, no one is seeking the abolition of the canon, or the complete elimination of any white male influence from centres of learning. The game is not zero-sum. People simply want their educational systems to better reflect society, to generate more accurate portrayals of our histories, and to accept and rectify the implicit, and at times explicit, biases that as institutions they continue to perpetuate. Alas, even in this revolutionary moment, the barometer of change shows that this battle will be hard won - at the time of writing only a fifth of UK universities have formally committed to reforming their curricula to confront the harmful legacy of colonialism. Nonetheless, there is reason for optimism: pressure continues to build. The Black Lives Matter movement has proven the effectiveness of direct action and the power of mass movements. The toppling of the statue of slaver Edward Colston in Bristol has forced a review of all London street names and landmarks, in a move that will only invigorate protestors. And with higher education now in their sights, universities may be in for the shake up they so desperately need.
History, it feels, is quickening pace. Pandemics, both old and new, are rocking the world, shaking its foundations. Systemic racism, an age-old disease, continues to facilitate violence on black bodies and undermine humanity, while a novel coronavirus has killed hundreds of thousands, disproportionately affected people of colour, and compounded the often racial inequalities that characterise our societies. Protestors now fill the streets, and across much of the anglophone world a tipping point has been reached. What will emerge from this moment is hard to say. A better question may be what do we want to emerge? Either way, there can be little doubt, change is afoot - and it’s been a long time coming.
From University Campus to Remote Education: How Steep is the Learning Curve?
Distance learning is nothing new; it has existed in one form or another ever since people were first able to exchange letters and talk on the telephone. In 1858 the University of London started to offer students the opportunity to study for degrees remotely. With the invention of the record player, radio and television, the possibilities for distance learning expanded but it was not until 1969 that a national government created the first institution of Higher Education to specialise in distance learning, the Open University. With the arrival of home computing and the internet in the mid to late 1990s, online learning began to evolve as a viable means for universities to deliver their degree programmes. Yet despite the increasing ubiquity of the internet in daily life since then, enrolment in online courses has been somewhat muted. As of 2019, only 15% of registered students in the European Union were taking an online course in any subject, versus 10% of all individuals living in the EU (Figure 1). This contrasts with just under half of students who used the internet to access learning materials in 2019 (Figure 2). While the trend in online education was already positive before the coronavirus pandemic, a majority of professors and students in Europe still relied on traditional methods for their teaching and learning. As universities shut down campuses and embraced remote learning in response to the pandemic, existing technologies were quickly harnessed to shift lectures, seminars and assessment online wherever feasible. In principle, from a student perspective, there are many advantages of online learning over the traditional classroom, including increased flexibility in time management and the ability to adjust the pace to suit individual learning. However in practice, the unexpected nature of the switch to online methods has left many students dissatisfied with their instructors’ efforts and this has led to claims for refunds and reductions in tuition fees. Faced with ongoing uncertainty over the forthcoming academic year, some institutions are preparing to extend remote education across the board for the foreseeable future. It is important for institutions to organise this in ways that continue to engage students and facilitate learning. One of the strengths of a traditional on-campus education in many subjects is the ability to have students combine individual preparation for class with working in groups. Mauffette-Leenders et al. (2005) advocate a three-stage learning process in which students 1. prepare a topic individually, 2. form small study groups before 3. the whole class is brought together in a seminar for a fruitful discussion of the topic at hand. There is only so much an individual student can learn by reading alone. Feedback in a small group of fellow students can accelerate learning. Having a variety of such groups with different dynamics subsequently attend class together under the guidance of an instructor then boosts learning further. Figure 3 illustrates this simple three-stage process whereby the student effectively jumps between stages onto a steeper learning curve each time. Economists will recognise the concept of diminishing marginal returns in the graphs as the potential for additional learning at each stage lessens over time. Student learning is thus accelerated and made more efficient through the timely combination of individual and group work. The law of diminishing marginal returns is equally applicable to online learning. It is therefore useful for university administrators and course leaders to consider how learning outcomes may be reached more efficiently through different combinations of individual study formats, contact for students with their peers, as well as larger group formations, when redesigning degree programmes for remote education. Students who learn off campus have more autonomy and would also do well to bear in mind the marginal returns to time invested when structuring their study periods. Within the discipline of economics, much of the evidence on learning outcomes from remote education is based on analyses of general introductory undergraduate courses such as “Principles of Microeconomics” that are taught to some students online and to others in class. Grades of those studying online are often higher than grades of students taught in class. However selection into online variants of courses is rarely random, with students of higher ability being more likely to opt for them. Studies that control for selection bias tend to find either little difference or slightly weaker performance of students who learn online (Allgood et al., 2015). The implication of this is that stronger students who have chosen to study online may have performed better had they attended a traditional class, while weaker students who remain in class may fare worse if they switch to online learning. Government restrictions imposed to stem the coronavirus pandemic have left institutions of Higher Education with little choice but to try and teach remotely. Many lessons will have been learned from this experience. Some aspects of traditional on-campus learning may be irreplaceable, including access to physical facilities such as laboratories as well as the bonds of trust that students build with their peers and their instructors. Once universities regain control over where to locate teaching, they will in all probability move towards hybrid models that combine shorter times on campus with an increased amount of remote, online learning for students. Above all, the learning curves should be optimised and sweet spots sought where the marginal cost of learning equals the marginal value of knowledge gained. References Allgood, S., W. B. Walstad, and J. J. Siegfried (2015) Research on Teaching Economics to Undergraduates, Journal of Economic Literature 53(2), 285–325. Mauffette-Leenders, L. A., J. A. Erskine, and M. R. Leenders (2005) Learning with Cases, 3rd edition, London, ON: Richard Ivey School of Business, University of Western Ontario.
Universities around the world are currently experiencing a crash course in online education. The coronavirus pandemic has shaken the sector in a big way, leaving professors and students struggling to complete the academic year off campus and having to prepare for the next one under very uncertain circumstances. Although online learning has been around for at least two decades, adapting all courses to remote forms of education is proving a steep learning curve for most institutions. Applying a basic economic principle and considering some of the evidence on online versus traditional teaching methods can help to assess the likely effects of recent campus closures on student learning outcomes and to see how course provision and programme design may develop in the longer term.