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item list element: Alfred Marshall
item list element: Recruiting Economists for Your Professional Training Courses
item list element: Labor Market
item list element: Factor Markets
item list element: Austrian Economics: Historical Contributions and Modern Warnings
item list element: Tips to Survive Your First Job
item list element: The economics of heavy metal music
item list element: Loanable Funds Market
item list element: Purchasing Power Parity (PPP)
item list element: Interest Rates
item list element: Monetary Neutrality
item list element: Is an Economics PhD Worth It? The PhD Pay Premium
item list element: Banks
item list element: Crowding Out
item list element: Professional Trainings as a Means of Increasing Your Employability
item list element: Teaching Climate Change in Economics
item list element: Book Review: “Booms and Depressions”
item list element: Aggregate Supply
item list element: Aggregate Demand
item list element: Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
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Alfred Marshall
type: Article
title: Alfred Marshall
description: Indeed, Alfred Marshall is considered one of the founding thinkers of neoclassical economics. He was a mathematician and philosopher who later became a microeconomist. His work formalized foundational economic concepts and theories such as supply and demand, price elasticity of demand, consumer and producer surplus, marginal utility, and production costs to produce some of the earliest cohesive economic models. He was even instrumental in making economics its own separate subject for the very first time at Cambridge, where he taught for much of his career. The entire field of economics was greatly influenced by both Marshall and several of his pupils, including famous economists Arthur Pigou and John Maynard Keynes. Alfred Marshall’s life Marshall was born in 1842 in London, England. He was at one time considering a career in the clergy, but abandoned the idea after he demonstrated significant talent for mathematics. Thereafter, Marshall attended St. John’s College in Cambridge, earning accolades in math (such as “Second Wrangler” in the Cambridge Mathematical Tripos) and securing his future as an academic. At first, Marshall wasn’t an economist – few in his time were! Rather, he studied subjects like math, physics, philosophy, and ethics, like many other thinkers of his time. It was allegedly Marshall’s love for ethics that led him to eventually study economic decision-making, as he saw economics as a means of improving the human condition for the common man. This was an ideal he shared with Adam Smith, another (earlier) important British thinker in economics. Thus, Marshall lent his considerable intellect to economic pursuits. In 1865, he was elected to a fellowship at St. John’s College at Cambridge. He married in 1877, left St. John’s, and taught at the University of Bristol and then at Oxford for a period afterward. In 1885, he became the Professor of Political Economy at the University of Cambridge, where he remained until his retirement in 1908. During this t…
disambiguating description: Alfred Marshall is a famous economist who made great contributions to the field when it was still relatively new towards the end of the 19th century. Yet, students often learn about important figures in economics only briefly and in passing, although the content taught in economics courses often comes from brilliant economists such as Marshall.
date posted: 2024-05-08T13:32:42Z
date modified: 2026-06-24T12:06:55Z
employment type: onsite
language: en
keywords: Economist Profiles
keywords: economic theory
keywords: neoclassical economics
keywords: classical economics
keywords: Sean McClung
keywords: Marginal Revolution
keywords: Alfred Marshall
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Recruiting Economists for Your Professional Training Courses
type: Article
title: Recruiting Economists for Your Professional Training Courses
description: Economics is a large field with many sub-disciplines, and it’s impossible to master the whole lot from just one Master’s degree or even a PhD. A single economist doesn’t have to master the entire field, but taking time to deepen important skills can be very helpful for an economist’s career. So, proactive economists will seek opportunities to further their skills beyond graduation, especially as they encounter situations in the workplace that demand more technical or subject-specific skills. Professional development courses or skills training are one great method for them to do so, and institutions can develop and advertise them with this in mind. Who, what, and where: the basics of skills trainings for economists Professional training courses for economists may be offered by universities or by other organizations, including private companies and even multinational organizations like the IMF. Usually for a modest tuition fee, applicants can take a class that lasts anywhere from a single day to a few weeks. Some of these economics trainings are only offered in person and on-site, but many course providers are increasingly offering online courses so that anyone around the world can join in. These training courses are usually focused around a particular topic, and are designed to give either an introduction to a specific area of economics (for example, macroeconomic forecasting), a useful tool for economists (such as R or Python), or a related field (like data science). Economists looking to develop their skills will often search the Internet to look at online courses offered by their alma mater, another school they know of, or a reputable international organization. Online course platforms like Coursera are also a common place to search, but economists will typically still want to know which university is actually behind the course. And of course, to develop or host such a course, one must have an appropriate expert to help develop and deliver the course. This is one …
disambiguating description: This article overviews different types of economics skills training courses and discusses how course organizers and recruiters can make sure their programs get seen and attract the right talent. If you’re looking to better serve the economics alumni from your degree programs, build a pipeline of potential PhD candidates, or just attract more attention to the professional training courses you offer, keep reading for more.
date posted: 2024-04-16T16:02:55Z
date modified: 2026-06-29T14:29:53Z
employment type: onsite
language: en
keywords: recruiting advice
keywords: professional training course
keywords: professional training
keywords: recruiting economists
keywords: inomics
keywords: professional skills training
type: advice
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Statistics

Labor Market
type: CreativeWork
title: Labor Market
description: In the labor market, employees sell their labor (the service being sold) to employers for a wage (the price at which employers can purchase the service we call labor). Since labor is a very important factor of production, the labor market is classified as a factor market. As with the market for any normal good or service, demand for labor tends to increase as the wage (or, the price of labor) falls, while the supply of labor tends to increase as the wage rises and it becomes more attractive for people to work. This is the same general relationship that can be observed in most product markets. However, the market for labor has a few unique characteristics that other markets don’t have. For example, as wages increase beyond a certain hourly wage level, the labor supply will start to decrease. This happens because when wages become high enough, employees become satisfied with their total income and begin to want more leisure rather than more income. This causes them to substitute work time for leisure. Due to this desire for work-life balance, the labor supply curve is “backward-bending”, unlike most product or service markets. In other words, an increasingly high wage will eventually incentivize people to work less, since they can afford to take a large amount of time off and still enjoy a high income. Figure 1 shows a typical labor market with downward-sloping employer demand for labor D and upward-sloping employee supply of labor S. The market is in equilibrium at an hourly wage of w* for h* hours of labor per week. The supply of labor is backward-bending beyond a "high enough" wage level of w', where further increases in wages will only incentivize workers to take more time off. That is, if quantity demanded for labor in this market increased such that employers were willing to pay more than w' per hour (for example due to a surge in demand for a product that requires specialist skilled labor), employees in the market would not supply hours of labor beyond h' per w…
disambiguating description: Employment is a major topic within macroeconomics, so much that labor economics is a massive field of research on its own. The market for employment, while unique, can be thought of just like the market for a physical good or service. So, what is the labor market?
date posted: 2020-02-05T12:08:49Z
date modified: 2026-06-29T09:39:58Z
language: en
keywords: labor market
keywords: Labour Market
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Tom McKenzie
keywords: factor market
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: labordemographiceconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)

Factor Markets
type: CreativeWork
title: Factor Markets
description: A producer is typically a seller in the market for a final good or service (supply SG in the graph below). Simultaneously, these producers are also buyers in the markets for the factors of production (demand DF below) that they use in their production processes. For example, a paper manufacturer is a seller in the market for paper while being a buyer in the market for wood pulp. Figure 1: Illustration of factor markets for a firm producing final good G Figure 1 depicts how markets are often interlinked with one another. For example, the market for cars depends on the markets for raw materials such as steel, rubber and glass. It also hinges on labor markets for people to design and assemble the cars. That’s because these factors are all inputs to production for car producers, who depend on the markets for steel, rubber, glass, laborers, etc. to help them build and sell cars. Therefore, what is happening in one market can have a “ripple effect” on surrounding markets. If the price of steel increases, car producers face higher costs to produce the same products. This will cause them either to reduce the supply of cars, or to increase their price. Similarly, if the price of fuel increases, demand for cars will fall due to cross elasticity of demand. This will result in declining demand for steel, rubber, and other inputs by car producers, as they produce fewer cars in response to the lowered demand for cars. When deciding how much of a production factor to employ, producers weigh its marginal cost (MC) against its marginal revenue product (MRP). MC is derived from prices in the factor market. MRP depends on the market for the final product. As long as the last unit of input adds more to revenue than it does to cost (MRP > MC), it still makes economic sense to use it. If there were perfect competition in all markets, then the effects of a supply or demand shock from one market onto another’s prices would be relatively easy to calculate. However, in reality, most markets …
disambiguating description: Factor markets (or resource markets) are markets that help connect buyers and sellers of the inputs used to produce goods and services. “Factors”, then, are inputs used in production, often natural resources or intermediary products that are needed to make more complex goods, like nails or computer chips.
date posted: 2020-01-21T08:48:16Z
date modified: 2026-06-29T09:00:15Z
language: en
keywords: Factor Markets
keywords: factors of production
keywords: inputs
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Tom McKenzie
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: businesseconomics
disciplines: industrialorganization
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Industrial Organization (JEL L)

Austrian Economics: Historical Contributions and Modern Warnings
type: Article
title: Austrian Economics: Historical Contributions and Modern Warnings
description: Although these “schools” are separately defined, many modern economists probably consider themselves to fall into an ideological mix of several, and theories from a school can be useful even if an economist considers themselves a “member” of another. This article focuses on the latter of these schools of thought, which happens to be set apart from the others in a unique way. Austrian economics is considered “heterodox”, or not mainstream. The Austrian school of economics may not even be considered legitimate economics by some modern economists. This article provides a brief history of the school, its contributions to economic theory and the reasons it’s generally no longer considered orthodox. Finally, there is a gentle warning about how the label may be misused in modern discourse. Defining Austrian economics To an Austrian economist, economics is about individual people making choices based on their preferences – in other words, human behavior (or “praxeology”, as Austrian school thinkers like to reference). Austrian economists are often also concerned with the unintended consequences of these individual choices, which have lasting effects on economic activity. Due to this concept of unintended consequences, Austrian economists tend to purport the idea that economic institutions form in unintentional and inefficient ways, as the result of individual agents’ own decisions and actions. In this view, it’s no one person who designs the economic systems we put in place – rather, they result as a by-product of the self-interested actions that individuals take. Then, because these systems are not purposefully designed, and because it’s impossible to know the preferences and utilities of every individual, Austrian economists tend to believe that government activity is usually harmful. In this way, they agree with classical economists who believe that government intervention is neutral at best. However, Austrian school economists disagree with the classical economists on o…
disambiguating description: There are many schools of thought in economics. Each rallies around one or more different theories about how the world works, and builds models to support those theories and explain the economy. These schools include the (neo)classical, (neo)Keynesian, monetarist, and Chicago schools. Readers may have heard about the Austrian school of thought as well.
date posted: 2024-04-10T19:18:04Z
date modified: 2026-06-24T16:43:39Z
employment type: onsite
language: en
keywords: Austrian economics
keywords: Sean McClung
type: blog
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Tips to Survive Your First Job
type: Article
title: Tips to Survive Your First Job
description: After high school, you got the economics degree. At great emotional and financial cost, you got it. Three years of diligent work, complete. Never to be repeated, either; your liver feels permanently weakened, you continually explain to people that your degree had nothing to do with the stock market, and you’ll never hear the word “incentive” quite the same way. You then finished the internship. Though it was lengthy, unpaid, and involved minimal compensation, it was likely worthwhile because everyone strongly encouraged you to do it, and you complied. It served one important purpose at least. Brought up-to-date, with the font size adjusted to 24, your CV finally ran to a full page of A4, now ready for new job opportunities. Emboldened, you began the job search. 14 months later, self-esteem long gone, your persistence paid off, the application process, the long-awaited interview, vindication. You remained calm under pressure, outperformed tough competitors through four rounds of interview questions, and impressed your hiring managers with your commitment to working weekends. Contract signed, you now sit at the computer, nervously, waiting for adulthood to begin in this first step into the working world. <11an>limit:3;categories:Postdoc;disciplines:Economics</11an> Now, don’t get fired! And the nerves are there for a reason. Work is no walk in the park. Indeed, resting on your laurels now would be unwise. The 9-to-5 can be a cruel master, ruling with an iron fist, and is particularly prone to nepotism and other office politics. To survive its tumult and built-in bias, one must be smart, savvy and alert - things they don't teach at college, yet things you’ll need asap. Complacency on any of these fronts and, well, expect disappointing results. But let’s remain positive! You can prepare. Follow these tips to reduce the risk of floundering and increase your chances of experiencing success. Together, they make up the INOMICS guide to surviving your first entry level job. …
disambiguating description: It’s your first day at work and you’re nervous, naturally. You decide to quickly remember the journey that brought you to the computer screen you are now looking at. Many INOMICS readers will relate to this journey.
date posted: 2020-06-09T12:35:24Z
date modified: 2026-05-18T14:11:32Z
employment type: onsite
language: en
keywords: economics
keywords: first job
keywords: tips
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

The economics of heavy metal music
type: Article
title: The economics of heavy metal music
description: Cultural goods Heavy metal is an example of a cultural good. Cultural goods, like books, art, and music, can be studied using the standard tools of economics, such as supply and demand. Yet, cultural goods have unique characteristics that require further examination. Cultural goods embody aspects of both experience goods and information goods. Assessing their quality without experiencing them is challenging, as their value lies in the information they contain rather than in tangible commodities that are more easily compared. As a consequence, heavy metal music relies on word-of-mouth advertising within underground social networks to build a following. Quality signals, like fans wearing band T-shirts and posting on social media platforms, contribute to the genre’s growth, even amidst fluctuations in commercial popularity. Cultural goods like heavy metal music also generate positive externalities, meaning they produce value beyond private consumption. Heavy metal music helps develop social cohesion among its dedicated fanbase, and it inspires future musicians. These types of positive externalities are a common feature of cultural goods; part of their value is in helping groups of like-minded people form communities. On the other hand, cultural goods can also produce negative externalities, as not everyone will appreciate the noise pollution of their neighbor blaring death metal around the clock. Superstar theory Another way to consider the distinct attributes of cultural goods is to apply Sherwin Rosen’s superstar theory. Rosen (1981) demonstrated why a small number of top performers appropriate the majority of the earnings in certain industries like music, art and professional sports. We can apply this theory to heavy metal by considering two American thrash metal bands that became popular in the 1980s: Anthrax and Metallica. Both bands have a similar style and sound, but Metallica has a slight edge over Anthrax in terms of catchy, memorable melodies. In other words,…
disambiguating description: Economics can be used to study almost anything, including popular music. For example, the late Alan Krueger analyzed the music industry, examining live concert revenue, copyright protection, and streaming services in the book Rockonomics. Similarly, economics can offer insights about heavy metal specifically, a type of rock music characterized by loud distorted guitars, intense rhythms, and powerful vocal styles.
date posted: 2024-03-22T14:17:01Z
date modified: 2026-06-24T18:14:38Z
employment type: onsite
language: en
keywords: Sahar Milani
keywords: heavy metal music
keywords: music
keywords: heavy metal
keywords: cultural goods
keywords: metal music
keywords: cultural good
keywords: music economics
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Loanable Funds Market
type: CreativeWork
title: Loanable Funds Market
description: The market for loanable funds is a market that behaves similarly to a typical product market that students learn about in microeconomics, with supply and demand curves and all. In this case, the “product” is an amount of loanable funds. But what exactly are these funds, why are they important, and how do they help to determine the interest rate? Defining loanable funds Loanable funds are sums of money saved by lenders that are available for borrowers to use. When a firm or an individual wants to make a major investment, like upgrading the company’s manufacturing software or buying a house, they’ll usually need to take out a loan in order to afford the investment. These borrowers then seek a lender from whom they can take out a loan. In the modern economy, this process is usually aided by organizations like banks that help to connect savers and borrowers. Like with any other market, there is a supply of savings that are available for borrowing – or in other words, loanable funds – and a demand for borrowing those funds. Equilibrium is normally determined where the quantity supplied and the quantity demanded of an item are equal to one another at a certain price. But what’s the price for a loan? The answer is the interest rate. The interest rate on a loan determines the amount of money in addition to the loan’s original amount that the borrower must pay back to the lender when the debt comes due. So, the interest rate represents the price for the loan. When many new borrowers start to demand loans, the price for borrowing will rise, meaning the interest rate will increase. But when there are more lenders than borrowers, lenders must reduce the price of the loanable funds they offer in order to compete for borrowers, lowering the interest rate. The market for loanable funds can be graphed just like a market for a “typical” good or service. Graphing the market for loanable funds Figure 1: equilibrium in the market for loanable funds (LF) Figure 1 shows the loanable fund…
disambiguating description: The loanable funds market (also sometimes called the “market for loanable funds” in economics) is an important macroeconomic concept. Loanable funds are the most common way that major economic investments are funded, leading to long-term economic growth. It’s also an important concept because it shows one way that the (real) interest rate can be determined.
date posted: 2024-03-22T13:33:55Z
date modified: 2026-06-29T09:43:12Z
employment type: onsite
language: en
keywords: Market for Loanable Funds
keywords: loans
keywords: Loanable Funds Market
keywords: Sean McClung
keywords: savings
keywords: Economics Terms A-Z
keywords: debt
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
disciplines: finance
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Purchasing Power Parity (PPP)
type: CreativeWork
title: Purchasing Power Parity (PPP)
description: For example, an economist might ask: is a Japanese car more expensive to purchase in Japan or in the United States? Since the currencies between the two countries differ, economists will have to calculate one currency in terms of the other in order to compare directly. One method for doing this is by using an exchange rate. But currency exchange rates fluctuate very often, and are influenced by financial speculation as well as economic activity; so, the value of a Japanese car in terms of USD might change drastically from one day to the next. Thus, relying on exchange rates can be misleading for some applications, leading economists to search for alternative methods of comparison. Purchasing Power Parity explained Enter Purchasing Power Parity (PPP), which is used by economists as a way to directly compare the prices of goods in different countries more reliably and fairly. PPP is constructed as an exchange rate based on the total cost of a representative basket of goods and services in different countries (similar to how the CPI is constructed). An accurate PPP rate cannot be constructed by comparing only a single good. However, once constructed, the PPP rate can be used to both compare the costs of specific goods and also give an indication of differences in the overall price level between countries. As such, PPP rates are used often by groups such as the International Monetary Fund, World Bank, the United Nations, and individual governments to answer macroeconomic questions. PPP in its most simple form is constructed as a ratio of prices. For example, if the representative basket of goods costs $42,000 USD, and ¥3,906,000 (¥ is the symbol for Japanese yen), then the PPP rate between the US and Japan based on this consumer good is (42000 / 3906000) = 93. This means that the same quality and quantity of goods takes roughly 93 times more currency to purchase in Japan than in the US, or that 1 USD in the United States can buy roughly the same amount of goods and serv…
disambiguating description: In macroeconomics, comparing economic data between different regions or countries is commonplace. But comparisons shouldn’t be made hastily. Naturally, goods and services are very often sold in different currencies that hold different values, so direct comparison often requires a currency conversion of some sort. And, the relative price level may differ between countries, such that making a direct comparison can be misleading.
date posted: 2024-03-13T14:29:54Z
date modified: 2024-04-08T18:16:07Z
employment type: onsite
language: en
keywords: PPP
keywords: Sean McClung
keywords: PPP exchange rates
keywords: Economics Terms A-Z
keywords: Purchasing Power Parity
type: terms
disciplines: internationaleconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
discipline labels: International Economics (JEL F)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)

Interest Rates
type: CreativeWork
title: Interest Rates
description: Interest rates in general economics are (for once) essentially the same thing as they are in finance: a percentage that determines how much a financial balance will grow with each predefined period of time. Nevertheless, interest rates are a very important linchpin of macroeconomics and have far-reaching consequences for the economy. Before describing why this is, it helps to clearly define what interest rates are in economics. As a side note, inflation happens to be very important when learning about interest rates. It’s a good idea to be comfortable with the concept before learning more fully about interest rates. Nominal vs. real interest rates: what’s the difference? In the real world, the cost of borrowing is denoted in terms of the (nominal) interest rate. But there are actually two interest rates that exist simultaneously: nominal interest rates and real interest rates. The nominal rate is the rate that we always deal with in the real world. Interest rates that are listed on savings accounts, mortgages, other types of loans, etc. are nominal interest rates. They are used to calculate interest payments and other quantities that factor in the rate of interest. Real interest rates, though, are “hidden” interest rates that people are actually paying instead of the nominal rates they agreed to! But rather than being the result of some crazy conspiracy, real interest rates exist because of inflation. When there is inflation, money loses its purchasing power over time. The same amount of cash can purchase fewer goods and services in the future. This means that nominal interest rates don’t tell the full story of a financial agreement. For example, suppose that you take out a loan of $100 that must be paid back with interest in one year. The nominal interest rate that you agree to is 5% – that is, when the debt comes due, you must pay back $105, which is an extra $5 on top of the original amount. If there is no inflation, the real interest rate is also 5% in this case…
disambiguating description: Readers are probably familiar with the concept of interest rates in the world of everyday finance. Savings accounts, student loans, mortgages, etc. are all accompanied by an interest rate that partly determines how much money is added to a savings account or to the amount of debt someone owes.
date posted: 2024-03-13T14:05:01Z
date modified: 2024-10-04T13:38:54Z
employment type: onsite
language: en
keywords: macroeconomics
keywords: interest rate
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: target interest rate
keywords: Interest rates
type: terms
disciplines: politics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
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disciplines: financialeconomics
disciplines: generaleconomics
disciplines: businesseconomics
disciplines: finance
discipline labels: Politics
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Financial Economics (JEL G)
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Monetary Neutrality
type: CreativeWork
title: Monetary Neutrality
description: Money serves several important functions in the economy. It is a unit of account, which allows people to view the cost of goods in comparable terms. It is a store of value, allowing people to store up the value of their labor over time, i.e. saving to grow their wealth. It is also a medium of exchange, allowing people to trade goods for just money rather than being forced to barter. The article money and the money supply dives further into these useful qualities of money. Directly following from these qualities is the fact that money forms the basis of prices in the economy. Prices are quite useful as they are directly comparable numbers that tell economic agents how much a good or service costs in nominal terms. Money affects nominal values only In economics, real variables measure actual economic output that occurs in the real world. For example, if a candlemaker produces three candles, the value of those three candles would be included in the count of real GDP. Meanwhile, nominal variables are those – such as prices – that are not exact or direct measurements of real economic value, but approximations. In short, nominal values measure the price of a good or service, which is meaningless without knowing the prices of other goods in the economy. Real values are meaningful and allow for direct comparison, because they are relative values compared to other real goods and services. When considering the economy as a whole, using real values allows for meaningful comparison of various countries’ GDPs to one another and across different years, for example. With real values, we can directly compare if the Bolivian economy was more productive in 2022 or 2023. Monetary neutrality states that money only affects nominal values, but not any real values in the economy. Therefore, because economic agents are rational and make decisions based on real values, money essentially doesn’t affect the economy at all. Recall that classical economic theory also states that price changes a…
disambiguating description: Monetary neutrality is an economic theory that states money and the money supply do not affect any real economic variables, only nominal ones. This theory was initially popularized by classical economists, and though it has received challenges from Keynesian and monetarist ideas, it remains an important theory in the field.
date posted: 2024-03-11T19:36:57Z
date modified: 2024-04-08T18:11:13Z
employment type: onsite
language: en
keywords: Money
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Monetary Neutrality
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Economic Thought & Methodology (JEL B)

Is an Economics PhD Worth It? The PhD Pay Premium
type: Article
title: Is an Economics PhD Worth It? The PhD Pay Premium
description: Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term? <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data. The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data. Figure 1: Regional Premiums in economics PhD pay compared to a Master’s Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however. First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region. In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regio…
disambiguating description: Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist, asking whether you should do a PhD, and even asking what kinds of economists are paid the most. Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.
date posted: 2024-02-13T13:39:56Z
date modified: 2026-05-13T20:08:07Z
employment type: onsite
language: en
keywords: economist pay
keywords: economics PhD
keywords: economics jobs
keywords: economics degree
keywords: economist jobs
keywords: INOMICS Salary Report
keywords: Sean McClung
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Banks
type: CreativeWork
title: Banks
description: A very brief history of banking Banking can be traced all the way back to institutions in ancient Mesopotamia (circa 2000 BCE), including Babylonia and Sumer. In these ancient societies, religious temples sometimes offered space for civilians to store wealth. For example, farmers were able to store grain, coins and other valuables. Sometimes, civilians were charged small fees when depositing resources. The temples then lent out some of their stores to help others – representing a form of early loan. Contracts for these services eventually developed, such that the Code of Hammurabi contained a series of laws regarding loan repayments and the liabilities of debtors and lenders. Other ancient societies developed banking practices as well; there are records of early banking and lending practices in Mughal India and in the Qing Dynasty in China. In Italy in the 14th and 15th centuries CE, the Medici family invented a double-entry record-keeping system, which is still being used today in modern accounting. This paved the way for more complex financial instruments and transactions to be created. And of course, central banks eventually evolved out of the concept of a standard bank. The earliest two were the Sveriges Riksbank (originally the Riksens Ständers Bank), founded in 1668, and the Central Bank of England, founded in 1694. In both cases, the banks were founded as lenders for the government, though the Central Bank of England was private and thus became a model for other central banks to follow. In 1913, the United States introduced the Federal Reserve system of decentralized central bank branches organized by region, a system that is considered both public and private. And, after World War II, the Bretton Woods agreement in 1944 led to the creation of the IMF and the World Bank, institutions that are meant to serve as financial lenders for the community of nations around the world. In the modern age, the role of banks in the economy still includes acting as safe plac…
disambiguating description: Banks are most commonly associated with storing people's money. But banks are financial institutions with multiple functions that are crucial in a modern economy. As such, though they are usually private businesses, banks face unique federal government-mandated regulations and protections that other industries do not (to the point that they may receive bailouts in times of dire recession). The importance of banks in economics goes beyond the traditional consumer-facing roles that we typically think about first.
date posted: 2024-02-19T13:34:26Z
date modified: 2024-09-10T14:59:39Z
employment type: onsite
language: en
keywords: financial institutions
keywords: financial system
keywords: lending
keywords: banking system
keywords: loans
keywords: Sean McClung
keywords: Banks
keywords: Economics Terms A-Z
keywords: banking
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: finance
disciplines: economicsystems
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Finance
discipline labels: Economic Systems (JEL P)

Crowding Out
type: CreativeWork
title: Crowding Out
description: Let’s briefly examine crowding out in the context of the aggregate demand component of the aggregate demand–aggregate supply (AD-AS model) of the economy. Aggregate demand is, put simply, the summation of demand in the economy, and when it increases it encourages economic growth. The formula for aggregate demand is AD = C + I + G + NX. In this formula, C is consumption spending by individuals and firms, I is investment spending, G is government spending, and NX is net exports. If any one of these components changes, ceteris paribus, the AD curve will shift. For more on aggregate demand and its components, read the linked article. Students familiar with this concept may be confused by crowding out at first. G in the above formula is related positively to aggregate demand. In other words, when G increases, it should increase AD, too. And since AD can be thought of as overall demand in the economy, increasing AD should encourage economic growth, and thus be a good thing. How, then, does crowding out work? How could increased government spending be a bad thing for the economy? The mechanics of crowding out There are two main ways that increased government spending can reduce, or “crowd-out”, private and investment spending. These take place when the government either raises taxes or takes on debt to pay for increased government spending G. In the former case, raising taxes reduces C and I by some amount that may or may not be larger than the increase in government spending G, because when consumers and firms pay higher taxes, they have less money of their own to spend. In other words, if increasing G means that C or I must decrease, it’s mathematically clear that the increase in G might be completely offset by reductions in C or I. This would lower AD and depress the economy. Without more specifics, we can’t say for certain if aggregate demand increases or decreases overall. One prominent theory among economists is that when the economy is depressed or in recession, it’…
disambiguating description: The phrase “crowding out” in economics refers to a situation where government spending (which is part of fiscal policy) discourages (private) investment spending in the economy. This is considered a bad thing, since investment spending is one of the key drivers of economic growth.
date posted: 2024-02-19T13:47:10Z
date modified: 2024-09-17T19:24:10Z
employment type: onsite
language: en
keywords: Crowding Out
keywords: fiscal policy
keywords: Sean McClung
keywords: government spending
keywords: Economics Terms A-Z
type: terms
disciplines: politics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: finance
discipline labels: Politics
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Finance

Professional Trainings as a Means of Increasing Your Employability
type: Article
title: Professional Trainings as a Means of Increasing Your Employability
description: Naturally then, you might wonder how you can further your skills beyond just graduating with your latest degree. Or, you may have encountered situations or job opportunities where you wish you’d had more time to study a particular topic. Professional development courses or skills training are one great method to do so. What is a professional skills training for economists? Professional trainings for economists may be offered by a university or by other organizations, including private companies. Usually for a modest tuition fee, you can take a class that lasts anywhere from a single day to a few weeks. Some of these economics trainings are only offered in person and on-site, but many course providers are increasingly offering online courses so that anyone around the world can join in. These trainings are usually focused around a particular topic, and are designed to give either an introduction to a specific area of economics (for example, macroeconomic forecasting), a useful tool for economists (such as R or Python), or a related field (like data science). Because these courses are designed to help economists advance their skills, some knowledge of economics is usually required. Many courses require participants to already have an advanced degree in economics, or some related field. This is important as the learning environment can be fast-paced, offering an introduction or advanced training in a complicated topic in as little as one week. Common topic areas for trainings There are a number of areas in which economists (particularly fresh Master’s or PhD graduates) can further hone their skillset through these types of opportunities. The following are a few major areas you may consider taking a training course in after your degree: Advanced micro- or macroeconomics: Although every economics degree comes with introductory and advanced micro- and macroeconomics coursework, it’s easy to forget much of this knowledge once you pick a major or specialization within your d…
disambiguating description: Economics is a massive field with many sub-disciplines, and it’s impossible to master the whole lot of it from just one Master’s degree or even a PhD.
date posted: 2024-02-12T06:00:00Z
date modified: 2026-06-29T14:23:32Z
employment type: onsite
language: en
keywords: professional training
keywords: economist skills
keywords: economics skills
keywords: Sean McClung
keywords: Professional skills training
keywords: skill training
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Teaching Climate Change in Economics
type: Article
title: Teaching Climate Change in Economics
description: Climate change is at the centre of public discourse, and a degree in economics can equip graduates with tools to analyse the challenges it presents and to find effective solutions and policies in response. In this article, building on the Royal Economic Society’s climate summit, we share a few thoughts on how to embed discussion of climate change and environmental sustainability into economics pedagogy. Climate change can sit at the heart of the economics curriculum Many economists see the environment as an essential part of the economic system. Indeed, CORE Econ defines the discipline⁠ “as the study of how people interact with each other and with their natural environment in producing and acquiring their livelihoods, and how this may change over time and differs across societies”. Considering the central role of the environment within real-world economies, the study of climate change and sustainability should be integrated throughout the economics curriculum and not relegated to optional units in the final year. This approach can embed the pressing societal issues our world faces within the subject, helping to motivate students and support their learning. Students studying CORE Econ are regularly asked at the beginning of their programme about what they believe are the most pressing problems that economists today should be addressing. In 2021, climate change and resource challenges featured strongly in answers from students across the world. We also need to consider how to embed climate change in students’ studies. Indeed, some of the work in environmental economics is technical and advanced – think for example of integrated assessment models or the valuation literature. Nevertheless, the research often has very straightforward intuition. For example in microeconomics, public goods, externalities, co-ordination problems, prisoners’ dilemmas and the tragedy of the commons can all be introduced through the lens of climate change. Similarly, in macroeconomics, we can …
disambiguating description: In 2019, the University of Bristol became the first UK university to formally declare a climate emergency. In the following year, a further 36 institutions in the UK followed suit. Beyond their own climate research and agendas to achieve carbon neutrality, universities play a key role in educating their students and the public about the climate crisis.
date posted: 2024-02-05T13:37:57Z
date modified: 2024-05-28T14:24:23Z
employment type: onsite
language: en
keywords: teaching economics
keywords: economics curriculum
keywords: Climate Change
keywords: economics of climate change
keywords: Economics Network
keywords: climate change economics
keywords: economics classroom
type: teach
disciplines: economics
disciplines: socialscience
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)

Book Review: “Booms and Depressions”
type: Article
title: Book Review: “Booms and Depressions”
description: The Author Irving Fisher is a revered mathematical economist and is considered by some to be "the greatest economist the United States has ever produced" (Schumpeter, 1997), despite his record of promoting harmful ideas (Fisher was known to be a proponent of eugenics, and endorsed racist ideas). Nevertheless, his books and reports in economics have been praised for their clarity and ease of understanding. Known in economics for his inveterate outlook, Fisher is credited with championing a range of reforms to the monetary system, including the compensated dollar, price level stability rule, 100% Money, Stamped Money Prohibition, and government-funded medical care, among others. Fisher’s inspiration for writing the book: losing in stocks In the 1920s, Fisher computed a stock market index that was regularly reported and published in reputed papers. On October 15, 1929, the New York Times quoted Fisher's statement at a meeting of the Purchasing Agent Association. The Times believed that Fisher's attitude "fell into almost unqualified optimism". A few days later on October 24, also known as Black Thursday, the stock market crash of 1929 (Bordo & Rockoff, 2011) proved the Times right and Fisher very wrong. The Great Depression had begun. Fisher's wrong prediction has become legendary. But rather than let it keep him down, the debacle influenced Fisher to reflect on his predictions and to write the book "Booms and Depressions". It went on to become the holy grail for research into business cycle fluctuations, debt cycles, and economic downturns. Book Overview In the book "Booms and Depressions", Fisher compiles nine main factors that caused the depression and accelerated its adverse effects, with over-indebtedness as the first main factor. The other factors include volume of currency, price level, net worth, profits, production, trade and employment, and optimism and pessimism. Over-indebtedness is when outstanding debts (whether they are individual, corporate, or national…
disambiguating description: The 1932 book "Booms and Depressions" by Irving Fisher, along with his 1933 Econometrica paper "The Debt-Deflation theory of Great Depression" earmarked the start of a new era for modern macroeconomics and financial literature. This article reviews the book in light of the current economic and financial scenario.
date posted: 2024-02-05T19:00:10Z
date modified: 2026-06-25T12:51:16Z
employment type: onsite
language: en
keywords: Booms and Depressions
keywords: economics books
keywords: business cycle
keywords: book review
keywords: Irving Fisher
keywords: Simtiha Ishaq Mir
keywords: recession
keywords: expansion
type: blog
disciplines: economichistory
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Aggregate Supply
type: CreativeWork
title: Aggregate Supply
description: This basic concept is applicable across all of economics, but is still mainly presented in a microeconomics sense. When studying the supply curve in microeconomics courses, students will learn that the supply curve for an item (i.e. batteries) shows how much of that item will be available for sale at any given price. At higher prices, more firms will seek to sell the item, and existing firms will seek to expand their production of the item. In a similar vein, macroeconomics courses will eventually ask, what happens if we sum all supply for all goods in the economy? The resulting curve contains information about the general amount of all goods and services in the economy ready to be sold at various price levels, and is called aggregate supply. Short-run vs. long-run aggregate supply Unlike with its counterpart aggregate demand, aggregate supply can’t easily be represented by a single curve. To analyze aggregate supply, it’s important to distinguish the time period considered. This leads us to have two main aggregate supply curves: “short-run aggregate supply”, or SRAS, and “Long-run aggregate supply” or LRAS. Figure 1: example aggregate supply curves Figure 1 shows an example. In the figure, P represents the overall price level in the economy, and Y shows total output (often measured by GDP). Meanwhile, AD and SRAS stand for “aggregate demand” and “short-run aggregate supply”, respectively. SRAS is upward-sloping and can be thought of similarly to a traditional supply curve considered from a microeconomics sense, though there are important differences. It is upward-sloping because firms are willing to sell higher quantities of goods when those goods can be sold at a higher price. Meanwhile, AD is downward-sloping like an individual’s demand curve, though it is distinct. See the aggregate demand article for more detail. Finally, LRAS in Figure 1 stands for “long-run aggregate supply”. Unlike supply curves students first encounter, this one is vertical. In other words,…
disambiguating description: New students of economics quickly learn about supply and demand. These are foundational concepts in economics. Individuals prefer to buy goods at lower prices, and demand more of a good the cheaper it gets. Firms prefer to sell goods at higher prices, and supply more goods the higher the price for those goods get.
date posted: 2024-01-24T18:46:10Z
date modified: 2026-06-25T11:59:53Z
employment type: onsite
language: en
keywords: economic growth
keywords: Sean McClung
keywords: Aggregate Supply
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)

Aggregate Demand
type: CreativeWork
title: Aggregate Demand
description: This basic concept is applicable across all of economics, but is still mainly presented in a microeconomics sense. When deriving the demand curve in more advanced microeconomics courses, students will learn that the demand curve for an item (i.e., batteries) represents the summation of all individuals’ demand for that item in the economy. In a similar vein, macroeconomics courses will eventually ask what happens if we sum all demand for all goods in the economy – by individuals, firms and the government? The resulting demand schedule (often represented by a curve) contains information about the general demand for all goods and services in the economy at various price levels, and is called aggregate demand. Aggregate demand can be represented by a simple curve that looks just like an individual’s demand curve. Figure 1 shows an example. In the figure, AD and SRAS stand for “aggregate demand” and “short-run aggregate supply”, respectively. The short-run aggregate supply curve is the counterpart to aggregate demand, and is covered in its own article. Meanwhile, P represents the overall price level in the economy, and Y shows overall economic output. Figure 1: Example aggregate demand curve Just as with the individual demand curve, the aggregate demand curve is downward-sloping. This is because economic agents (whether they are individuals, firms or the government) demand higher quantities of goods when those goods are cheaper. The components of aggregate demand Aggregate demand is defined mathematically as AD = C + I + G + NX. Here, C represents consumption spending by individuals and firms, I is investment spending, G shows government spending, and NX represents net exports. If any one of these components changes, ceteris paribus, the AD curve will shift. C, consumption spending, may seem straightforward but is still worth examining. C includes all consumer spending in the domestic economy, as well as demand from firms for goods and services that do not constitute inv…
disambiguating description: New students of economics quickly learn about supply and demand. These are foundational concepts in economics. Individuals prefer to buy goods at lower prices, and demand more of a good the cheaper it gets. Firms prefer to sell goods at higher prices, and supply more goods the higher the price for those goods.
date posted: 2024-01-23T14:02:57Z
date modified: 2026-06-25T12:04:56Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Aggregate Demand
keywords: Economics Terms A-Z
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicdevelopmentgrowth
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)

Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
type: Article
title: Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
description: Now, let's dive into some of the funniest economics memes from the past. These memes have achieved viral status and have been shared and enjoyed by economists and non-economists alike. From witty one-liners to clever visual puns, these memes are guaranteed to make you burst out laughing, or at least chuckle quietly to yourself. So, sit back, relax, and get ready to laugh at the lighter side of economics. 1. For all Adam Smith critics, this one’s for you! The critics and supporters of Adam Smith’s theories have been debating each other for years. However, by using only one meme, critics of the invisible hand have managed to make quite the comeback! Image credit: https://www.instagram.com/economist_memes/ & Image copyright: @the_economy_stupid 2. The importance of keeping up with the latest data For an economist, anything concerning data is no laughing matter. Our data is the air we breathe, it is all we need, and yes, we would even come back to life for the sake of our data. Image credit: https://www.instagram.com/economist_memes/ 3. Turns out the 2008 Financial crisis was not the only major Economic downturn this generation has seen. We all had high hopes of economic recovery after COVID-19, but it seems that Simon had a different opinion… Image credit: Sara Taha 4. Flashbacks of the 2008 Financial Crisis and the good old days. After a first-hand experience of the impacts of the COVID 19 pandemic, Russia-Ukraine war, and world-record global warming…it seems easy to look back at 2008 and laugh. Image credit: https://www.facebook.com/elasticeconmemes 5. A traumatic experience for business majors Business students all around the world today are still trying to recover from the damage done by economics courses. Not only did these students suffer personally, but their GPAs took a bad hit too. Image credit: https://www.instagram.com/economist_memes/ 6. Economists’ predictions and forecasts Yes, as economists, we are usually very proud when we make predictions that are on …
disambiguating description: Economists are often immersed in the serious and complex world of numbers, charts, and theories. But contrary to popular belief, economists do have a sense of humor too! In fact, there is a whole subculture of economics memes that bring a lighthearted and comical perspective to the field.
date posted: 2024-01-15T16:00:47Z
date modified: 2024-01-15T16:17:53Z
employment type: onsite
language: en
keywords: Sara Taha
keywords: Economics memes
keywords: Adam Smith
keywords: economist jokes
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)