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item list element: Stephen Miran appointed as Chairman of the Council of Economic Advisers under President Trump
item list element: How to Write a Research Proposal
item list element: BBVA Foundation announces Frontiers of Knowledge Award Winners in Economics, Finance, and Management 2025
item list element: The Price of Love - A Valentine’s Day Look at the Cost of Romance
item list element: IS-LM Model (Investment-Savings / Liquidity preference - Money supply)
item list element: Applying for a PhD: Should you do a Master of Research?
item list element: The Rise of Digital Nomadism and Its Economic Implications
item list element: Trade Balance (Trade Surplus / Trade Deficit)
item list element: Women in Economics: Influential Voices and Rising Stars
item list element: MSc International Business Taxation
item list element: AD-AS Model
item list element: Top Economics Podcasts for 2025
item list element: Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
item list element: 2024 Nobel Prize in Economics- The Winners
item list element: The Top Economics Blogs to Follow in 2025
item list element: How to better engage economics students in work placements
item list element: The Economics of Pokémon: Development, Pricing, and Wealth
item list element: Fisher Effect
item list element: Characteristics of Money
item list element: Corruption Uniquely Alters How Institutions Promote Economic Growth
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Stephen Miran appointed as Chairman of the Council of Economic Advisers under President Trump
type: NewsArticle
title: Stephen Miran appointed as Chairman of the Council of Economic Advisers under President Trump
description: Dr. Miran worked as a senior advisor in the Treasury Department in the first Trump Administration. He holds a PhD in economics from Harvard, and until his appointment at the CEA was a fellow at the Manhattan Institute in New York, and a senior strategist at Hudson Bay Capital Management, where he recently (November 2024) published a "User's Guide to Restructuring the Global Trading System". In this, he investigates and recommends how tariffs and other tools could be used by the US government. Miran highlights the effectiveness of tariffs on China from 2018-2019, emphasizing the negligible macroeconomic consequences and increased U.S. Treasury revenue. He suggests managing the strong dollar's impact on American manufacturing through policies aiming to improve burden sharing with trading partners. Miran also proposes negotiation tactics, including gradual tariff increases, forward guidance on policy, and tax cuts to counteract price competition for U.S. exporters. He further warns against retaliatory tariffs, stating the U.S. can withstand escalation better due to its strong consumer demand and robust markets. Trump's emphasis on American production and low taxes has been reiterated and confirmed through statements and policies in the first quarter of 2025. Miran's confirmation and imminent appointment is timely as these policies, including tariffs, come into effect in April 2025 on multiple imports from Mexico, Canada, China and the European Union. Image Credit: Manhattan Institute
disambiguating description: Stephen Miran is the new Chairman of the Council of Economic Advisers (CEA). He was confirmed by unanimous vote on March 12 2025 by the Senate Committee on Banking, Housing and Urban Affairs.
date posted: 2025-03-13T13:53:00Z
date modified: 2026-05-11T11:46:17Z
employment type: onsite
language: en
keywords: Hudson Bay Capital
keywords: Economics News
keywords: Stephen Miran
keywords: Economics Appointments
keywords: CEA
keywords: Manhattan Institute
type: news
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences

How to Write a Research Proposal
type: Article
title: How to Write a Research Proposal
description: Take a deep breath, read this article, and start brainstorming! Step 0: Understand What a Research Proposal is For The main purpose of your research proposal is to give the admissions committee an idea of two things: your ability to conduct quality research in economics, and your suitability for the program itself. Because of its importance, it’s also highly advisable to start this process as early as possible – ideally several months before application deadlines. Your proposal should indicate to the admissions committee that you understand the field and are capable of (with the right training and supervision) producing quality economics research. The topic you choose, the initial literature review you conduct, your intended methodology, and more: all of these will signal to the admissions committee that you either understand what it takes to conduct serious research, or that you do not. But even if the committee believes your research proposal is excellent, you may not be admitted. That’s because the second purpose of the proposal is to show that your research interests are a good fit for that specific economics department’s work. Remember, to earn your PhD, there must be a faculty member at that school who’s willing to supervise your research! You could have an absolutely amazing research proposal on microfinance, yet be rejected by the program on the grounds that none of their economics faculty are interested in microfinance. That’s why the next two steps in the process are critically important. Step 1: Identify your Research Interests Before you start writing your proposal, you obviously need a topic. It’s important to identify what you’re most interested in, especially since – if you’re accepted – research in this area will become your life for the next several years! The field of economics is vast, and there are a wide variety of papers being published. If you’re unsure where to start, first consider the economics classes you’ve enjoyed most in the past. Do yo…
disambiguating description: If you’re applying for a European-style economics PhD or Master’s of Research program, it’s highly likely that you’ll be asked to submit a research proposal. This is a document where you’ll describe the original research project you intend to pursue if you’re accepted into the economics program. This is going to be a fairly intense process. While not legally binding, this document is a major part of your application, and it’s extremely important to write a convincing and high-quality proposal. Giving yourself as much time as possible to work on it can only help you. However, if you’re applying to PhDs for the first time, this is also most likely your first time writing an economics research proposal. So, what to do?
date posted: 2025-03-13T08:40:00Z
date modified: 2026-05-18T14:05:17Z
employment type: onsite
language: en
keywords: Economics Research Proposal
keywords: PhD Application
keywords: Economics PhD Application
keywords: Research Proposal
type: advice
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
disciplines: finance
disciplines: statistics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Finance
discipline labels: Statistics

BBVA Foundation announces Frontiers of Knowledge Award Winners in Economics, Finance, and Management 2025
type: NewsArticle
title: BBVA Foundation announces Frontiers of Knowledge Award Winners in Economics, Finance, and Management 2025
description: The trio were recognized for their establishment of rigorous foundations for studying business cycle fluctuations and their development of the New Keynesian paradigm. Their model integrates monopolistic competition and nominal and real rigidities into dynamic general equilibrium models with rational expectations, analyzing the effects of monetary and fiscal policy on economic activity, unemployment, and inflation. The laureates' work has significantly influenced central banks' monetary policy decisions globally and has become a key component of economic teaching. The multidisciplinary panel of evaluators praised their groundbreaking research, which emphasizes the role of expectations in economic decision-making and has guided central banks in designing effective monetary policies, especially during times of crisis. The awards, established in 2008, aim to recognize contributions that expand knowledge within a discipline or bridge interdisciplinary areas, acknowledging the crucial role of knowledge in addressing contemporary challenges. Download the full press release here. Image Credit: BBVA Foundation
disambiguating description: Economists Olivier Blanchard (MIT), Jordi Galí (CREI/CEPR/NBER), and Michael Woodford (NBER/CEPR/CESifo) have been awarded the prestigious BBVA Foundation Frontiers of Knowledge Awards in Economics, Finance, and Management for their contributions to modern macroeconomic analysis.
date posted: 2025-03-12T17:00:44Z
date modified: 2026-05-11T11:45:39Z
employment type: onsite
language: en
keywords: Olivier Blanchard
keywords: BBVA
keywords: Jordi Galí
keywords: Michael Woodford
keywords: cepr
type: news
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Price of Love - A Valentine’s Day Look at the Cost of Romance
type: Article
title: The Price of Love - A Valentine’s Day Look at the Cost of Romance
description: Valentine's Day spending reflects the economic climate, with key factors affecting consumer confidence, inflation and jobs affecting people's spending2. When the economy is doing well, unsurprisingly, people spend more, buying bigger gifts and planning grand celebrations. So let's get into the economics of Valentine's Day a bit more. The Rising Costs of Valentine’s Day Valentine’s Day has evolved into a multi-billion-dollar industry, with spending trends rising each year. Many would argue that it has become a commercialised celebration driven by consumerism, where businesses capitalise on romantic expectations to boost sales. Social media has magnified these romantic expectations, where individuals often showcase their gifts and experiences, creating a culture of comparison and competition. The desire to "outperform" others in demonstrating love and affection further fuels consumer spending. The costs associated with celebrating love include: Gifts and Flowers: The price of roses often surges in February due to increased demand, demonstrating classic supply and demand principles. Florists and retailers anticipate this spike, adjusting prices to maximise profits during this peak season. Dining Out: Restaurants capitalize on the holiday by offering special (and often pricier) Valentine’s menus. Many establishments introduce fixed-price dinners with curated courses, which are marketed as exclusive experiences, thereby justifying higher prices. Jewellery and Luxury Items: Retailers view Valentine’s Day as a peak sales period, aggressively marketing high-end gifts as ultimate expressions of love. Campaigns often emphasize that nothing says "I love you" like a sparkling diamond or luxury watch, reinforcing the association between material value and emotional significance. Spending statistics reveal the staggering scale of Valentine’s Day as an economic event. The US tops the chart by a significant margin for average spending per person, with an astonishing $192.50. Accord…
disambiguating description: With Valentine’s Day approaching, it's intriguing to explore the economics of love—how much we spend, why we do it, and whether it’s worth the investment. Romance, like any market, operates on supply, demand and consumer behaviour with prices fluctuating based on cultural expectations and economic conditions. Valentine’s Day traces its origins to ancient Rome, where the festival of Lupercalia on Feb 13-15 celebrated fertility and matchmaking. Later, it was linked to Saint Valentine, a priest who secretly performed marriages against Emperor Claudius II’s orders and was executed on February 14, 269 AD. By the 14th century, poets like Geoffrey Chaucer romanticised the day, associating it with courtship. By the 19th century, mass-produced Valentine’s cards became popular, evolving into today’s global celebration of love, marked by gifts, flowers, and heartfelt gestures1.
date posted: 2025-02-11T11:41:09Z
date modified: 2026-06-23T10:00:45Z
employment type: onsite
language: en
keywords: economics
keywords: behavioural economics
keywords: cost
keywords: culture
keywords: valentines day
type: blog
disciplines: othereconomics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

IS-LM Model (Investment-Savings / Liquidity preference - Money supply)
type: CreativeWork
title: IS-LM Model (Investment-Savings / Liquidity preference - Money supply)
description: The two major components of the IS-LM model are the “Investment-Savings” curve (or IS curve), and the “Liquidity preference-Money supply” curve (or LM curve). Where they intersect, the real interest rate and real economic output are balanced, such that the “product market” and the “money market” are in equilibrium; in other words, there is just enough money in circulation to facilitate all of the transactions that economic agents want to conduct. The model was originally developed in the 1930s by John Hicks, who was expanding on the ideas of John Maynard Keynes. At the time, controlling the money supply was seen as a more important lever for policymakers than it typically is today. Since the IS-LM model can help explain how the money supply influences economic growth (for instance, as measured by GDP), it became a key tool of macroeconomic policy until later that century. In the 1970s and 1980s, when inflation became more of a major economic concern, the IS-LM model fell out of favor and policymakers started to focus on inflation and interest rates more than the money supply. Despite the model’s limitations, however, economists usually agree that it’s a good foundation for students, and thus it’s still widely taught in introductory macroeconomics courses. Figure 1 shows the basic IS-LM model in equilibrium. The IS (Investment Savings) Curve The graph of the IS Curve shows every point in the economy where overall income and the real interest rate are “in equilibrium”. Thus, the real interest rate r is on the vertical axis and income (or output) Y on the horizontal axis. Yet, these quantities don’t directly affect each other; the curve is effectively hiding equilibrium in two different markets that determine its shape. These two markets are the “expenditures market” or “Keynesian cross diagram” (the top graph in Figure 2), which shows where income and expenditures in the economy are equal, and the “goods market” (the middle graph in Figure 2), where the real interest …
disambiguating description: The IS-LM Model is a foundational macroeconomic model of describing the relationship between the interest rate and economic output. Using two curves, it depicts an array of equilibria for the economy and can be used to assess the potential impacts of fiscal and monetary policies.
date posted: 2025-02-26T08:47:00Z
date modified: 2026-06-29T09:11:46Z
employment type: onsite
language: en
keywords: INOMICS A-Z Terms
keywords: Investment Savings
keywords: IS-LM Model
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: finance
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: Finance

Applying for a PhD: Should you do a Master of Research?
type: Article
title: Applying for a PhD: Should you do a Master of Research?
description: Introducing the Master of Research<o:p></o:p> The Master of Research (or MRes) is an advanced post-graduate degree that is considered a stepping-stone towards PhD study. Often, and perhaps confusingly, this type of degree requires applicants to have a Master’s degree in the relevant subject area already. Importantly, the two types of Master’s are often differentiated: a Master of Science in Economics is often referred to as a “taught” Master’s, while an MRes is referred to as a “research” Master’s. However, an MRes is still a Master’s degree and not a PhD-level certification.<o:p></o:p> These degrees can go by several different names, and are most commonly available in the UK, Australia, Ireland, Singapore, and Hong Kong. These programs may also be listed as MPhil/PhD programs (standing for Master of Philosophy/PhD), or “Master of Letters”, abbreviated M.Litt programs (typically in Ireland). Although this type of degree can be very helpful as a stepping-stone to a PhD, they can be little-known outside of the countries that offer them.<o:p></o:p> MRes programs aim to prepare their students for serious academic research work, and expect that students come already equipped with significant subject matter knowledge – hence why many outright require applicants to already hold a taught Master’s degree. These programs typically last one to two years and are rarely longer. Most programs also require students to write a Master’s thesis (even if you’ve already written one before!). After completing an MRes in economics, students will have training not only in economics subject matter, but in conducting economic research as well, something that Master of Science programs often don’t have much time for. Many MRes programs – as evidenced by the MPhil/PhD moniker – often expect their students to continue into a PhD program immediately afterward.<o:p></o:p> Is an MRes right for you?<o:p></o:p> Pursuing an Economics MRes (or equivalently, an MPhil/PhD or MLitt program) could be an …
disambiguating description: There are many paths to preparing for an economics PhD. Most students apply for PhD programs soon after finishing their Master’s degree. Some even apply directly after their Bachelor’s degree. Others work first, for example as a research assistant before applying. There are benefits to all of these approaches, and depending on your academic accomplishments and personal goals, some paths may suit you better than others. In this article we look in depth at the merits of a Masters of Research (MRes) as an option for PhD hopefuls. We also compare the MRes path with a direct application for a PhD after your studies, or with a year or two of work experience before applying for a PhD.<o:p></o:p>
date posted: 2025-02-10T08:58:21Z
date modified: 2026-05-18T13:17:01Z
employment type: onsite
language: en
keywords: MRes
keywords: PhD Application
keywords: MRes PhD
keywords: Advice for PhD Application
keywords: PhD
type: advice
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
disciplines: finance
disciplines: statistics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Finance
discipline labels: Statistics

The Rise of Digital Nomadism and Its Economic Implications
type: Article
title: The Rise of Digital Nomadism and Its Economic Implications
description: The Evolution of Work and the Rise of Digital Nomadism Office work has come a long way—from the rigidity of the nine-to-five office cubicle to the freedom of remote setups. The rise of cloud computing, tools like Slack and Zoom, and platforms like Upwork have enabled professionals to work from anywhere. The pandemic supercharged this shift, with 35% of US employees working remotely in 2023, up from 24% in 2019 (3). According to a 2023 study, over half the digital nomads surveyed worldwide were aged 30-39, with roughly 22% being aged under 30 (4) and working in fields like tech, software media, business and mathematical/data professions, that have embraced this lifestyle the most (5). Destinations like Lisbon, Bali, and Medellín have emerged as hotspots, offering a mix of affordability and strong infrastructure, as well as an appealing climate. Governments are also jumping on board, creating digital nomad visas to attract these workers while boosting local economies. Estonia, Croatia, and Barbados are just a few examples of countries that are making it easier than ever to work and travel. Macroeconomic Implications of Digital Nomadism Digital nomads bring foreign income into the communities they (temporarily) call home. Popular hubs like Bali and Lisbon see increased demand for co-working spaces, short-term rentals, and hospitality services. For instance, digital nomads contribute millions annually to Bali’s economy through tourism and service consumption (6). In Lisbon, thriving cafés, co-working hubs, and housing rentals cater to remote workers, reshaping local businesses. However, this boom comes with challenges. In popular hubs, living costs often rise, creating income inequality between nomads and locals. For example, in Lisbon, long-term residents have faced housing shortages as properties convert to short-term rentals for nomads and tourists. Carvalho a well-respected Professor of Economics at the University of Porto is hoping the Portuguese government can fin…
disambiguating description: Imagine waking up to a sunrise in Bali, working from a café in Lisbon, and closing your laptop for a hike in Medellín—all in the same year. Welcome to the life of a digital nomad. Digital nomadism is more than a lifestyle; it’s a transformative shift in how people approach work. Digital nomads are professionals who leverage technology to work remotely while travelling the globe, free from the constraints of a fixed office. This trend has gained massive momentum, driven by advances in communication tools, globalisation, and the COVID-19 pandemic, which normalised remote work across industries. The numbers back this up. According to Upwork, 36.2 million Americans will be working remotely by 2025—a staggering 87% increase from pre-pandemic levels(1). Buffer’s 2023 State of Remote Work report revealed that 91% of respondents have a positive experience with working remotely with 1% being dissatisfied and 8% feeling neutral. 98% of remote workers would recommend it to others (2). These trends show that technology and shifting work-life balance priorities are reshaping what it means to “have a job.”
date posted: 2025-02-20T22:59:59Z
date modified: 2026-05-13T20:20:45Z
employment type: onsite
language: en
keywords: Economics
keywords: Hybrid
keywords: Work
keywords: Digital
keywords: travel
keywords: DigitalNomad
keywords: nomadism
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Trade Balance (Trade Surplus / Trade Deficit)
type: CreativeWork
title: Trade Balance (Trade Surplus / Trade Deficit)
description: The trade balance is an important macroeconomic variable: countries that trade can increase their overall welfare by consuming at a point greater than their production possibilities frontier in autarky would suggest, by making use of comparative advantages in production. Or in other words, they earn more by exporting (some of) their produce that they are relatively efficient in producing, and trading it for goods they are less efficient at producing themselves. However, trade imbalances can also pose problems for a country, such as increasing the amount of debt held by the domestic government, or making the domestic economy vulnerable to security issues or market fluctuations in other nations. Defining the trade balance The trade balance is a straightforward concept. It’s defined by the difference between exports (X) and imports (M). Exports are goods (or services) that are sold by domestic producers to foreign consumers, who pay into the domestic economy for them. Imports are foreign-produced goods and services that domestic agents purchase, sending their money abroad. The trade balance itself can be defined as NX, “net exports”, a term that appears in the equations for aggregate demand and certain approaches to calculating GDP. It should be clear to see that NX is negative when a country imports more than the country exports, which, according to the aforementioned equations, decreases economic output Y. This is because when imports are greater than exports, foreign consumers put less money into the domestic economy (to buy domestic goods) than domestic agents send outside of the domestic economy (to buy foreign goods). In other words, the economy shrinks because money is leaving it. This situation is known as a trade deficit. Conversely, if exports X are greater than imports M, NX is positive, and economic output Y is able to grow more than it would without trade. That’s because in this case, foreign investments add extra money to the domestic economy, allowing mo…
disambiguating description: The “trade balance” is a term that appears often in everyday news about the economy and in politics. It refers to the amount of trade that a country conducts, and it can be in surplus, in deficit, or balanced.
date posted: 2025-01-24T10:44:01Z
date modified: 2026-06-29T11:01:57Z
employment type: onsite
language: en
keywords: Trade Surplus
keywords: International Trade
keywords: Donald Trump
keywords: Tariff
keywords: Trade Deficit
keywords: Trade Balance
keywords: International Economics
keywords: USMCA
keywords: nafta
keywords: Macroeconomics
keywords: Trade Policy
type: terms
disciplines: politics
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
discipline labels: Politics
discipline labels: International Economics (JEL F)
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

Women in Economics: Influential Voices and Rising Stars
type: Article
title: Women in Economics: Influential Voices and Rising Stars
description: Influential Female Voices in Economics Esther Duflo A Nobel laureate and professor at MIT, Esther Duflo has revolutionised development economics with her work on poverty alleviation. Duflo’s research employs randomised control trials to identify effective interventions in areas such as health, education, and agriculture. Her insights have influenced policies around the world, proving instrumental in the design of practical solutions to poverty. Alongside her contributions, Duflo co-founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), a network aimed at reducing poverty through evidence-based research. You can follow her on X or read one of her Books ‘Poor Economics’ and ‘Good Economics for Hard Times’. Read our in-depth blog about her here. Janet Yellen Currently serving as the U.S. Secretary of the Treasury, Janet Yellen has been a pivotal figure in shaping modern economic policy. With a distinguished career that includes chairing the Federal Reserve, Yellen’s expertise in labour economics and monetary policy has been critical in guiding the U.S. through economic crises. Her approach to inclusive economic growth, as well as her emphasis on reducing economic inequality, continues to impact policy decisions at the highest level of government. You can follow her on X (@SecYellen) or read about her in recent articles from Forbes and The Financial Times. Claudia Goldin Renowned for her groundbreaking work on gender economics, Claudia Goldin has explored the evolution of women’s roles in the labour market, unveiling insights into wage gaps, labour force participation, and education. As a professor at Harvard University, Goldin’s contributions provide a deeper understanding of the economic forces shaping gender disparities, and her work has become a cornerstone of labour economics and social policy. You can read about her Nobel Prize Work or read one of her many books ‘Family and Career’ and ‘Understanding the Gender Gap’. Carmen Reinhart A distinguished economist s…
disambiguating description: Men have long dominated economics, but female economists have made remarkable contributions in recent decades. The work of female economists, together with that of their male counterparts, has redefined academic and policy landscapes and paved the way for greater inclusivity within the discipline. Women continue to bring diverse perspectives that enrich our understanding of global financial systems, economic growth, labour dynamics, and policy interventions. These women are not only changing the economic landscape but inspiring future generations to follow in their footsteps. Here are some of the voices we should all be listening to.
date posted: 2025-01-15T14:00:34Z
date modified: 2026-06-22T12:07:33Z
employment type: onsite
language: en
keywords: Economics
keywords: Women
keywords: Equality
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

MSc International Business Taxation
type: EducationalOccupationalProgram
title: MSc International Business Taxation
description: Program and courses With this Master's program, one of the best Law Schools in the Netherlands (THE, 2025) opens its doors to students from anywhere in the world both on campus and online. The market requires experts who have knowledge of both the economic and legal aspects of taxation. That is why the program is based on two pillars: law and economics. After graduation, all students (including students with a background in economics) will be awarded with the Master in Law in International Business Taxation (LLM). Students with a Dutch Bachelor's in Law (LLB) or pre-Master's in Law can obtain the so-called “civiel effect” after graduation from this Master's. That means you will have the right to exercise typically legal professions in the Netherlands such as notary, judge, attorney, etc. This only applies to Dutch-speaking students. With this Master's degree, you qualify for prospective membership in the Nederlandse Orde van Belastingadviseurs (NOB) and can take the NOB professional program. As member, you can work as a tax advisor in an NOB recognized firm. Spice up your curriculum and broaden your horizon by participating in the prestigious EUCOTAX Wintercourse. Be inspired by internationally-reputed lecturers and celebrated scholars in a program that is affiliated with the Fiscal Institute Tilburg, one of the largest fiscal institutes in Europe. Typical courses are: International and European Taxation Tax and Technology Transfer Pricing Career prospects International Business Tax Economics offers you outstanding career prospects. Expect to get a job soon after you graduate, finding positions in the private sector (internationally-operating companies, consulting firms) as well as in the public and non-profit sectors. Graduates work or start for example as: Analyst International Corporate Income Tax at Deloitte International Tax Consultant at Ernst & Young (EY) Transfer pricing Associate at PricewaterhouseCoopers (PwC)
disambiguating description: Combine legal and economic knowledge to become a tax expert specialized in international business. Gain the academic skills to fully understand the impact of taxation in combination with new technologies on a global scale. Understand the function of taxes as instruments to pursue sustainable development. The LLM International Business Taxation gives you the opportunity to join the program either online or on campus.
date posted: 2016-05-01T11:34:00Z
date modified: 2025-08-29T13:35:13Z
valid through: 2026-06-01T21:59:59Z
start date: 2026-08-24T08:00:00Z
end date: 2027-08-22T21:59:59Z
hiring organization: Tilburg University
job location: Place
  address: PostalAddress
    address locality: Tilburg
    address region: North Brabant
    address country: NL
employment type: onsite
language: en
keywords: economics
keywords: Tax
keywords: Business
type: program
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
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: Business
discipline labels: Management
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)
funding options: The number of scholarships is limited and mainly targeted at students with excellent study results. Visit website for more info
more info url: https://www.tilburguniversity.edu/education/masters-programmes/international-business-taxation

AD-AS Model
type: CreativeWork
title: AD-AS Model
description: The AD-AS model uses the concepts of aggregate demand and supply to build a comprehensive model of the entire economy. While imperfect (like all models!), the AD-AS depiction is a great starting point when studying macroeconomic models; it can show the effects of just about any economic factor or shock on the economy. Importantly, the model also depicts inflation and output clearly, which in turn strongly hints at the level of unemployment, three important macroeconomic variables for any model to account for. Full-employment output in the AD-AS model The basic form of the AD-AS model is shown in Figure 1. In this graph, equilibrium is at the point where the AD (aggregate demand) and SRAS (short run aggregate supply) curves intersect with both each other and the vertical LRAS (long run aggregate supply) line. This yields an equilibrium price level of P1 and output of Y1. Figure 1: The AD-AS model in long-term equilibrium When the economy is in this state, markets are in perfect harmony. We know this because when the three curves (AD, SRAS, and LRAS) intersect, the price level is steady, unemployment is as low as possible, and output (as measured by, say, GDP) is as high as is “safely” possible. At this three-way equilibrium, consumption and investment demands of consumers and businesses (AD) perfectly align with the production desires of suppliers (SRAS) at the current price level. In other words, the price level is steady because there is just enough supply to meet demand. And, because the economy is efficiently using all of its resources (equilibrium is on the LRAS curve), we know that output is maximized. Because of this, we also know that workers are being utilized effectively and there is no unemployment (save for the unavoidable and healthy natural rate of unemployment). Thus, when short-term AD-AS equilibrium rests on the LRAS curve in the AD-AS model, the economy is in a state known as “full employment output”. For deeper understanding, recall that the LRAS c…
disambiguating description: There are a wide variety of macroeconomic models that aim to represent how economic activity works, and economics students will encounter many throughout the course of their studies. Arguably, the most common and important of these is the aggregate demand-aggregate supply model, or AD-AS model. Needless to say, you should be familiar with both aggregate supply and aggregate demand before continuing to read this article!
date posted: 2024-12-12T09:00:12Z
date modified: 2026-06-25T10:55:55Z
employment type: onsite
language: en
keywords: Demand
keywords: Demand and Supply
keywords: Supply
keywords: AD-AS Model
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)

Top Economics Podcasts for 2025
type: Article
title: Top Economics Podcasts for 2025
description: Planet Money Produced by NPR, Planet Money is a must-listen for anyone wanting to understand complex economic issues. This podcast covers topics like global trade, market changes, personal finance, and economic policies. It presents these subjects through engaging stories. Planet Money simplifies intricate concepts into relatable narratives, making it accessible to listeners of all backgrounds. Whether you're commuting, exercising, or just unwinding, it's an excellent way to stay informed without feeling overwhelmed. Check out a recent edition of Planet Money, following the re-election of Donald Trump as US President), about what markets bet President Trump will do (8 November 2024) : Your browser doesn't support embedded audio. Please follow the link above. 2. Freakonomics Radio Hosted by Stephen Dubner, Freakonomics explores the “hidden side of everything.” It uses economic theory to look at many unusual topics. This podcast looks at the economics of drug dealing and the effects of cheating on society. It encourages listeners to think differently about everyday events. They offer unique perspectives that push the boundaries of traditional economic discussions, making them intellectually stimulating and highly engaging. Check out a recent edition of the Freakonomics Radio Podcast asking whether Screen Time is as poisonous as we think (11 September 2024): <source src="https://stitcher.simplecastaudio.com/2be48404-a43c-4fa8-a32c-760a3216272e/episodes/6642f1c7-8948-4da0-8eb8-46dc5a073647/audio/128/default.mp3/default.mp3_ywr3ahjkcgo_114a0aa095f67f75ca66a9b698e66bc6_38865205.mp3?awCollectionId=2be48404-a43c-4fa8-a32c-760a3216272e&awEpisodeId=6642f1c7-8948-4da0-8eb8-46dc5a073647&nocache&hash_redirect=1&x-total-bytes=38865205&x-ais-classified=unclassified&listeningSessionID=0CD_382_336__c0b7a1ea2e25b39bfc1110e0ef9f7a882a4a5e43" type="audio/mpeg"> Your browser doesn't support embedded audio. Please follow the link above. 3. The Indicator A spinoff of Planet Money, The Ind…
disambiguating description: In an ever-evolving global economy, staying informed is more crucial than ever. Whether you are an economics student, a finance professional, or just curious, podcasts are a great way to learn. They help you understand economic trends, theories, and real-world applications easily and engagingly. So, we’ve assembled a list of some top economic podcasts you ought to have a listen to. You can find all these podcasts on Amazon, Spotify, and Apple Music. For your convenience, we’ve linked their web pages below. Happy listening!
date posted: 2024-11-19T15:41:38Z
date modified: 2026-06-23T10:01:25Z
employment type: onsite
language: en
keywords: podcast
keywords: economic
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
type: Article
title: Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
description: 1. Introduction The debate over Bitcoin’s utility and sustainability dates back to Nakamoto’s 2008 white paper. Many economists see Bitcoin as a speculative bubble that will eventually burst, causing social damage through high energy use and illicit payments (Rogoff 2017, Roubini 2018, Avoca 2021, Taleb 2021). Many Bitcoin supporters, however, have changed their primary interest in Bitcoin as they see it as an investment asset with the potential for everlasting capital gains, encouraging even latecomers to invest and assuming no harm to those staying out. Our paper explores both Bitcoin’s original promise as a payment system and its current role as an investment asset. We argue that Nakamoto's (2008) understanding of retail payments was inaccurate and that this explains why Bitcoin has never been significantly used in legal e-commerce. Likewise, Bitcoin lacks the traits of financial assets: It does not generate any cash flow like real estate, interest like bonds or dividends like stocks, and it cannot be used productively like commodities (Bindseil, Papsdorf and Schaaf 2022). <o:p></o:p> In fact, many supporters now dispense with any reference to economic justifications as to why the Bitcoin price should rise or reach a specific level. They simply take further price increases for granted and promote the idea of Bitcoin as a pure investment asset. The list of those in favour of this financial situation without “reason” ranges from politicians and financial giants to sportsmen and Hollywood stars (Hoffman 2024, Bent 2024, Coindesk 2021, Gerard 2024, Bitfinex 2024, CNN 2024).<o:p></o:p> We therefore conclude that Bitcoin’s appeal is based on self-fulfilling beliefs in its rising value, fuelled by new investments (van Oordt 2024), but not supported by economic fundamentals or legal social utility, which also implies that Bitcoin has no impact on the economy's production potential. This means that the wealth gained by early adopters comes at the expense of latecomers. It…
disambiguating description: We examine the redistributive effects of Bitcoin in a theoretical scenario where its price continuously appreciates. Early adopters benefit from rising consumption and asset accumulation at the expense of later investors, who fund Bitcoin purchases by liquidating real assets and reducing their consumption. The analysis reveals that even in the absence of a crash, Bitcoin causes wealth redistribution that enriches early investors while reducing the real wealth and purchasing power of non-holders and latecomers. This dynamic, if unaddressed, risks eroding societal cohesion. Amid a record high market capitalization of USD 1.8 trillion following the 2024 election in the USA, this risk is higher than ever.
date posted: 2024-11-26T14:45:00Z
date modified: 2026-06-23T10:06:15Z
employment type: onsite
language: en
keywords: cryptocurrency
keywords: Ulrich Bindseil
keywords: Social Cohesion
keywords: Bitcoin
keywords: Research Summary
keywords: Jürgen Schaaf
type: blog
disciplines: othereconomics
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
disciplines: finance
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Finance

2024 Nobel Prize in Economics- The Winners
type: Article
title: 2024 Nobel Prize in Economics- The Winners
description: The Research That Was Awarded the Prize The 2024 Nobel Prize in Economics recognised the transformative work of economists Daron Acemoglu, Simon Johnson, and James Robinson on the role of institutions in economic development. Their work explores how political and economic institutions influence a country’s success or poverty. Through their research, they argue that the legacy of colonial institutions has had long-lasting effects, shaping economic disparities worldwide. Nations where settlers established stable political institutions tend to have more successful economies, whereas countries where colonial powers primarily engaged in resource extraction often face economic struggles to this day. Their research has introduced a more nuanced perspective on economic development, highlighting the necessity for political and institutional reforms to address global inequalities. Their findings emphasize how inclusive institutions - those that allow broad access to resources and economic opportunities - are foundational to building stable and thriving economies. Detailing the Formation of Institutions and the Effect on Their Prosperity One of the core concepts of the combined work of this year’s prize winners is that of Extractive institutions versus Inclusive institutions. Extractive Institutions tend to centralize power and wealth in the hands of a few. They limit opportunities for the wider population and lead to slower economic growth and higher inequality in the longer term. Inclusive Institutions on the other hand allow a broad participation in the economy, protect individual rights and enable people to benefit more directly from their work. This leads to higher investor confidence and innovation and is associated with longer-term economic growth and prosperity. This builds on previous work by scholars working in the field of Institutional Economics. The 2024 winners expanded on this to explore how colonial history impacts today’s economies. A key aspect of the researc…
disambiguating description: The 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, more commonly known as the Nobel Prize in Economics, has been awarded to three influential economists this year - Daron Acemoglu, Simon Johnson, and James Robinson. The prize – worth 11 million Swedish crowns, or about $1 million or roughly €950,000 – was awarded by the Royal Swedish Academy of Sciences for their ‘studies of how institutions are formed and affect prosperity’ (Ricciuti), providing critical insights into why some countries achieve higher per capita incomes and others struggle with persistent economic challenges. Their work also emphasizes the importance of establishing robust institutions to support sustainable economic growth and social stability.
date posted: 2024-11-15T10:04:02Z
date modified: 2026-06-23T10:09:18Z
employment type: onsite
language: en
keywords: New Institutional Economics
keywords: Nobel Prize
keywords: NIE
type: blog
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
disciplines: economicsystems
disciplines: industrialorganization
discipline labels: International Economics (JEL F)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)
discipline labels: Economic Systems (JEL P)
discipline labels: Industrial Organization (JEL L)

The Top Economics Blogs to Follow in 2025
type: Article
title: The Top Economics Blogs to Follow in 2025
description: At INOMICS, we believe economics blogs offer a treasure trove of interesting, informative, and often unique perspectives. That’s why we’ve curated this list of our favorite blogs and podcasts to follow in 2025. Whether you're looking for real-time economic insights or a deep dive into economic theory, this list covers it all. Check out our top picks below and explore them for yourself! Staying informed and gaining new perspectives is important. It can give valuable insights into current economic trends, policy talks, and new research. Economic bloggers come in many types. 1. Marginal Revolution Written by George Mason University professors Tyler Cowen and Alex Tabarrok, Marginal Revolution is a top source for interesting ideas about economics. This covers policy discussions and cultural insights, making it essential for those interested in current economic topics. Their ability to connect economic theory to real-world applications makes this blog a crucial resource. 2. The Grumpy Economist John H. Cochrane is a Senior Fellow at the Hoover Institution. He provides clear and smart insights on economics, finance, and public policy. This blog is known for detailed data analysis and valuable discussions about financial and economic policies. He challenges conventional wisdom and encourages critical thinking. His clear, accessible writing style makes complex economic concepts coherent to a broad audience. 3. Calculated Risk Bill McBride’s "Calculated Risk" is a trusted source for understanding real estate, housing trends, and the economy. His detailed and data-focused approach helps readers, professionals, and academics grasp the complexities of the economy. This makes it a valuable resource for anyone interested in real estate economics. 4. Econ Log EconLog, run by the Library of Economics and Liberty, includes various contributors sharing ideas on economic theory, public policy, and classical liberal views. This blog offers a place for lively debate and different opinio…
disambiguating description: Staying informed on economic trends, policies, and research is key to gaining valuable insights into the ever-changing global economy. Whether you're an economics student, educator, or enthusiast, exploring different viewpoints is essential. Economics bloggers and podcasters come in all forms—some are academics like Gregory Mankiw and Paul Krugman, while others are insightful thought leaders like John Cochrane and Tyler Cowen. Their expertise spans from real estate to public policy and macroeconomic trends.
date posted: 2024-10-07T16:44:04Z
date modified: 2026-06-23T10:11:49Z
employment type: onsite
language: en
keywords: economics
keywords: topics
keywords: policy
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

How to better engage economics students in work placements
type: Article
title: How to better engage economics students in work placements
description: A typical work placement can be embedded within a degree programme either as an additional year (typically, the third year of a four-year course), or as a module within a year of study, where students get practical training and work experience in an organisation (e.g. a consultancy firm or a government institution). Work placement experiences can be crucial experiences for economics graduates. Even though economics degrees equip students with many skills that are desirable by employers – like data analysis and problem-solving skills – a shortage of certain skills and wider technological challenges have still been observed among graduates. In this article, we discuss why and how to encourage economics students to participate in work placement programmes. Work placements help students develop transferable skills There is a broad spectrum of benefits associated with the ‘real-world’ experience that students gain through placements. By being immersed in a professional environment, students develop valuable transferable skills across different broad areas, like communication, taking initiative, planning and organisation, and professionalism. Further, students develop and enhance subject-specific skills and knowledge during placements. For instance, they gain data analysis skills by working on ‘real’ data, using them to produce charts and statistics, and critically analysing them. Industry knowledge is important not only in economics-oriented sectors like consultancy or banking, but also in those that require expertise from other disciplines, like energy or telecommunications. The industry knowledge that economics students acquire during their placements in these sectors can offer a strong advantage for certain careers and graduate schemes, like the graduate development programme at Ofgem, Britain’s independent energy regulator. Image credit: Pixabay. Another notable benefit of work placements, perhaps one of the most important, is that students tend to gain confidence in…
disambiguating description: Employability is a key concern for students, educators and employers in the UK. Indeed, many students want to see employability playing a bigger role in their courses. One way in which universities can foster graduate employability is through work-based learning (WBL) programmes, such as work placements.
date posted: 2024-09-24T14:58:53Z
date modified: 2024-09-30T13:14:15Z
employment type: onsite
language: en
keywords: work placements
keywords: employer skills
keywords: employability
keywords: Economics Network
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Economics of Pokémon: Development, Pricing, and Wealth
type: Article
title: The Economics of Pokémon: Development, Pricing, and Wealth
description: The world that Pokémon presents has won over the hearts of kids and adults alike for decades. Trading cards, video games, movies and TV shows, collectible plushies, action figures, and much, much more have been commissioned from the franchise, earning it an impressive (estimated) $98.8 billion since its inception in 19961. The way this fictional world functions has some interesting implications for the economics of the society living there. Let’s assume that the internal logic of the world – people and Pokémon living in harmony in a seemingly modern world, where Pokémon can battle but do no lasting harm – is reasonable, and examine the implications for the economy. Domestication and industrialization in the Pokémon world The clear place to begin is by examining the economic implications of the Pokémon themselves. The Pokémon world features an absolute abundance of these essentially magical creatures, and they’re both unquestionably friendly to humans and easy to domesticate. The existence of Pokémon should lead to a massive boost in economic productivity compared to a world without these creatures, leading to rapid industrialization with a fraction of the human population. In our world, domesticating creatures like oxen, horses, cows, and camels led to massive changes in our quality of life, allowing humans to cultivate consistent sources of wool, meat, and muscle power. Both livestock and work animals were major factors helping early humans build their societies and grow – in fact, according to Jared Diamond’s Guns, Germs and Steel and other research, having animals nearby that were domesticable and useful was a major factor in determining how rich societies would be centuries later. Now, just picture an ox that can control the weather in addition to pulling your plow, and you’ll have a good idea of why early Pokémon-world societies would have skyrocketed past our own in development. Many Pokémon have powers relating to one of the nineteen elements identified by th…
disambiguating description: Almost everyone has heard of Pokémon: it’s the highest-grossing media franchise in the world1. The core concept is also familiar to most people – in the Pokémon world, quasi-magical creatures live alongside people in idyllic, family-friendly harmony.
date posted: 2024-09-16T19:49:18Z
date modified: 2026-06-23T10:19:09Z
employment type: onsite
language: en
keywords: Pokémon
keywords: pokemon
keywords: Sean McClung
keywords: economic development
keywords: sustainability
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Fisher Effect
type: CreativeWork
title: Fisher Effect
description: This means that individuals’ inflation expectations changing causes the nominal interest rate to fluctuate in parallel, keeping the real interest rate the same. Roughly speaking, a typical nominal interest rate, for example the interest rate offered by a bank for a loan, will reflect the real interest rate (the cost of borrowing the money), plus any expected changes in inflation. This is because the bank will want to compensate for the anticipated loss in spending power (inflation) of the money it is lending out, when it receives payment back a year later. Alternatively, the Fisher Effect can be stated in terms of actual inflation. In this case, nominal interest rates change to match the real level of inflation. This again means that real interest rates are stable. This case rests on slightly different assumptions, but students may encounter either version and the takeaways are largely the same. The effect is named after American economist Irving Fisher, who first proposed it. The idea of the Fisher Effect is similar to the economic theory of monetary neutrality in that real economic outcomes are said to be unaffected by “nominal” variables (like, in this case, the nominal interest rate). Defining the Fisher Effect again, with math! It’s important to understand the difference between nominal and real interest rates in order to study the Fisher Effect. For more on this difference, see the article on interest rates. The Fisher Effect states that the nominal interest rate is approximately equal to the real interest rate plus the expected future inflation rate. It can be easily described mathematically as follows: i ≈ r + 𝜋e, where i is the nominal interest rate, r is the real interest rate, and 𝜋e is the expected rate of future inflation. It’s important to keep in mind that this equation is only approximate. From this equation, it’s clear to see one of the core concepts of the Fisher Effect: that inflation expectations can change nominal interest rates. This makes sens…
disambiguating description: The Fisher Effect in economics refers to the idea that inflation and expected inflation affect nominal interest rates, for example those offered by banks for savers or borrowers. Importantly, it implies that consumers’ inflation expectations are reflected in the nominal interest rate, which prevents the real interest rate from changing.
date posted: 2024-09-11T14:28:17Z
date modified: 2024-09-11T19:46:09Z
employment type: onsite
language: en
keywords: interest rates
keywords: Fisher Effect
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: inflation expectations
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Characteristics of Money
type: CreativeWork
title: Characteristics of Money
description: Money can take several different forms, both digital and physical. People can decide that any object is a form of money; societies in the past have used stones, seashells, and other objects for this purpose, though nowadays it’s most often paper, metal, or a combination of both. Digital money is becoming increasingly common, too. It’s tracked and stored in computers, accessible via plastic cards or smartphones, and is increasingly becoming preferred over physical money. It’s useful to understand what makes certain choices of money – seashells, for example – better or worse than other options. There are six characteristics that economists have identified that help make a certain material better or worse for use as money. Durability First, money should be durable. It should be easy to preserve and relatively difficult to destroy, or else having money for an extended period of time would be difficult. For this reason, items like ice cream or glass tokens would make for very poor forms of money, because they’re highly likely to be lost or ruined in a relatively short amount of time. Conversely, items like paper, stone, or digital currencies are much more durable and can be safely stored for long periods of time. Portability The primary use of money is to exchange it for goods and services. Therefore, it’s important that money can actually be carried around! Portability is thus important; items like paper and plastic cards are highly portable and make good forms of money. Meanwhile, items like stones or livestock make poor forms of money, since they’re very hard to transport (even though they may be durable or valuable in other ways). Uniformity Money ought to be uniform, that is, units of money (that are the same value) should be the same so that their value is not brought into question. To see this, picture a scenario where it’s agreed that stones are money. It would be hard to determine how much each rock was worth, since they vary greatly in size, shape, and composit…
disambiguating description: Money is both a key concept in economics and something that we use every day. We earn money by performing our jobs, and we use money to buy goods and services and to save for the future. In the modern world, it’s quite difficult to survive without using money.
date posted: 2024-09-09T15:25:58Z
date modified: 2024-09-09T13:25:58Z
employment type: onsite
language: en
keywords: Money
keywords: characteristics of money
keywords: Sean McClung
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Corruption Uniquely Alters How Institutions Promote Economic Growth
type: Article
title: Corruption Uniquely Alters How Institutions Promote Economic Growth
description: Welcome to the world of my research, where I explore this intricate relationship between institutional quality and economic growth. My work dives into how institutions shape economic dynamics, focusing on issues like corruption, the impact of the euro, and the role of institutional frameworks in economic convergence. Discovering Corruption’s Effect on Economic Growth When we think about the factors that drive or hinder economic growth, corruption often surfaces as a prime suspect. But how exactly does corruption influence the economic trajectory of a nation? Our recent study (Beyaert, García-Solanes and Lopez-Gomez, 2023) takes a fresh approach to answering this question, using innovative regression tree analysis and advanced econometric techniques to explore the nuanced effects of corruption on growth across 103 countries over the period from 1996 to 2017. Traditional economic growth models, like those developed by Barro and Sala-i-Martin (1992) and Mankiw et al. (1992), have typically treated corruption as a direct drag on growth. However, this study challenges that assumption by suggesting that corruption's impact is more indirect—and complex—than previously thought. Rather than applying a one-size-fits-all model, the researchers utilized regression tree methodology, which allowed them to segment countries into different subgroups based on specific characteristics (or "split variables") and then estimate distinct growth models for each group. The regression tree algorithm was allowed to determine endogenously whether the group divisions should be based on corruption, “Rule of Law”, or a combination of both. In particular, the analysis showed that separating countries into just two primary groups was best: those with high levels of corruption and those with low levels of corruption. This segmentation is crucial as it reveals how the impact of traditional growth factors—like capital accumulation and population growth—varies significantly across these groups. In nat…
disambiguating description: Imagine this: you're trying to solve a complex puzzle where every piece represents a different facet of economic performance. Now, imagine that the shape of some of these pieces are influenced by the quality of the institutions in place—things like governance, legal frameworks, and anti-corruption measures. As it turns out, the fit of these pieces can make or break the overall picture of economic growth. Institutions, in this sense, are not just background players; they are fundamental to how the economic puzzle comes together.
date posted: 2024-09-09T16:49:24Z
date modified: 2026-06-23T10:27:34Z
employment type: onsite
language: en
keywords: anticorruption
keywords: economic growth
keywords: economic institutions
keywords: Laura Lopez Gomez
keywords: euro zone
keywords: corruption
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)