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number of items: 20
total items: 2605
item list element: Should you prolong your predoc life?
item list element: Econometrics and Statistical Software
item list element: Production Possibilities Frontier (PPF)
item list element: The INOMICS Questionnaire: Fratzscher vs Tooze
item list element: The Economics of Settlers of Catan
item list element: Autarky
item list element: How to Find Student Accommodation in a Foreign Country
item list element: Using online games to teach economics
item list element: How to Finance Your PhD In Economics
item list element: Stagflation
item list element: Top tips for audio feedback
item list element: Hyperinflation
item list element: Stackelberg Competition
item list element: Teaching Economics with Real-World Context
item list element: Building Your Career in Economics: From Study Choices to the Economics Job Market
item list element: The Top Apps for Economists
item list element: Summer Schools and Courses – Top Searched Terms on Google
item list element: Cournot Competition
item list element: JEL Codes
item list element: COVID-19 and the Economists’ Redemption
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Should you prolong your predoc life?
type: Article
title: Should you prolong your predoc life?
description: If you go through curricula vitae of recent PhD graduates, you may find it’s not uncommon to see that a PhD owns two master’s degrees. As lots of MA/MSc in Economics programs are one-year programs, some students will pursue an MRes or MPhil in Economics afterwards. Others may opt for a degree in applied mathematics, statistics or another field with an intention to strengthen their quantitative and/or coding skills (summer school programs are another option to do this). Even more common in those CVs is seeing a predoctoral research assistantship (henceforth, “predoc RA”). For many students, this job was done during their bachelor’s or master’s studies, while for others, it was a full-time predoc RA position in the interim before their PhD programs. Both of these cases are what the phrase “predoc life” refers to in this article. As a current PhD student who has fairly recently experienced the application process, and who has quite a few friends and peers who have also had this experience, I’m sharing this overview to help others who are considering a PhD. This article is specifically for those students who are not sure whether to apply to a PhD straight away, or to extend their predoc career first. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an><o:p></o:p> The pros and cons of predoc life There are differing viewpoints about whether prolonging your predoc life is helpful or not. Although receiving broader academic training, replacing the current GPA with a better one, and developing a more fully-fledged research idea are some of the many pros, the cons deserve to be shared. Given increasingly difficult admissions (which has been observed, but as of this writing not proven), a second Master’s without plenty of advanced courses and excellent grades may even hurt your chances of being admitted to a PhD program. Likewise, a full-time predoc RA position does not necessarily help a lot if the professor is not truly satisfied with your work and would not g…
disambiguating description: Due to COVID-19, PhD applicants over the past two years have had quite difficult application periods. It seems common now for students to apply to a range of universities and not be accepted to any of them. In fact, even without this exogenous pandemic factor, admission to economics PhD programs has been becoming increasingly difficult as a result of the excess supply of PhD applicants.
date posted: 2022-08-29T14:11:32Z
date modified: 2026-07-06T10:38:56Z
employment type: onsite
language: en
keywords: predoc RA
keywords: predoc
keywords: predoc life
keywords: Huaxin Wang-Lu
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Econometrics and Statistical Software
type: Article
title: Econometrics and Statistical Software
description: Broadly speaking, there are two types of software: proprietary and open source. Some people and organizations choose to use proprietary packages, which are developed and copyrighted by a single company. Others rely on free, open source solutions, like the popular “R” Project. Within these two categories, there are dozens if not hundreds of alternatives, varying in price, complexity, capability, user-friendliness and popularity. This post by Bob Muenchen is a great resource if you are looking for a survey of the most popular packages. He uses a number of different measures to evaluate different software options and keeps it up to date. Note that this survey is for data science in general - not just economics. That said, all of the common software used in economics are represented - like Python, R, Stata, SAS, SPSS, MATLAB, and more. That’s quite the list of names, and it can sound intimidating. To help you understand the software tools landscape, in this article we will shed some light on the most popular software packages for economists, and offer some details about how you can learn more about them. 1) Which software should I use? Before buying a package or downloading an open-source option, it is a good idea to talk to colleagues, visit online forums or communities related to each product of interest, examine your course curricula if you’re a student, and take advantage of free trials. It is also important to consider your own abilities and/or the level of expertise available within your team (if applicable). If there are several software packages that meet your needs, options with better support may save you time and stress in the long term. That said, students of economics may tend to focus on the major open-source, non-proprietary tools in their studies; many courses use open-source tools to teach. Python and R are two examples. R is used very often by economists. Python, meanwhile, is used somewhat less often in economics, but is used frequently in data scienc…
disambiguating description: Economists very often work with statistical software that is used to build economic models and conduct econometric analyses. Learning to work with and analyze data is thus an essential skill for young economists. To be competitive as an economist in the job market, demonstrable skills and experience using some of the popular analysis and forecasting software environments are a must.
date posted: 2013-08-13T22:00:00Z
date modified: 2026-06-25T13:24:00Z
language: en
keywords: R
keywords: economics
keywords: data analysis
keywords: econometrics
keywords: software
keywords: STATA
keywords: SPSS
keywords: MATLAB
keywords: statistics
keywords: Python
type: blog
disciplines: mathematics
disciplines: civilengineering
disciplines: softwaredevelopment
disciplines: physics
disciplines: earthscience
disciplines: materialsmetallurgicalengineering
disciplines: chemicalengineering
disciplines: electricalelectronicsengineering
disciplines: chemistry
disciplines: engineeringbusiness
disciplines: generalengineering
disciplines: socialscience
disciplines: business
disciplines: environmentalenergyengineering
disciplines: datascience
disciplines: informatics
disciplines: astronomy
disciplines: engineeringdesign
disciplines: marketing
disciplines: economics
disciplines: management
disciplines: econometricsstatisticsquantitative
disciplines: mechanicalengineering
disciplines: statistics
disciplines: biotech
discipline labels: Mathematics
discipline labels: Civil Engineering
discipline labels: Software Development
discipline labels: Physics
discipline labels: Earth Science
discipline labels: Materials & Metallurgical Engineering
discipline labels: Chemical Engineering
discipline labels: Electrical & Electronics Engineering
discipline labels: Chemistry
discipline labels: Engineering & Business
discipline labels: General Engineering
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Environmental & Energy Engineering
discipline labels: Data Science
discipline labels: Computer Science
discipline labels: Astronomy
discipline labels: Engineering Design
discipline labels: Marketing
discipline labels: Economics
discipline labels: Management
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Mechanical Engineering
discipline labels: Statistics
discipline labels: Biotech / Biomedical Engineering

Production Possibilities Frontier (PPF)
type: CreativeWork
title: Production Possibilities Frontier (PPF)
description: The PPF is often defined for two different goods that utilize the same inputs in their production; this can be shown on the vertical and horizontal axes of a graph. Moving further along one axis means the economy produces more of that good. To create the PPF, you need to know the opportunity cost of producing each good. In other words, you must know how many units of good A you must give up in order to produce one more unit of good B at all levels of total production. To demonstrate with a simple example, let’s consider an economy that produces food and electronics. Let’s further assume that the only production inputs in this economy are the labor hours required to produce the goods. The economy’s production can be represented in the following table: Food Electronics Units produced per labor hour 10 5 If the economy has a total endowment of 100 labor hours, then it can produce 1000 units of food or 500 units of electronics by spending all 100 hours on either good. These two points become the intercepts on the PPF graph. If we graph food on the horizontal axis and electronics on the vertical axis, then the x-intercept will be 1000 and the y-intercept will be 500. Now, let’s assume that the amount of labor hours required to produce these goods is constant at all levels of production. That is, regardless of whether we make 1 unit of food or 1000 units of food, it always takes one labor hour to make 10 units of food. Likewise for electronics. Taken together, these facts will produce the following PPF: Figure 1: A simple economy's PPF One useful aspect of the PPF is that it helps us easily see if an economy has reached a Pareto efficient outcome. At every point on the line shown, the economy is using all of its available labor hours to produce some mix of the two goods. This is efficient in an economic productivity sense. But, every non-negative point under the line is also a possible product mix. The problem with them is that they are inefficient. This is because the ec…
disambiguating description: The Production Possibilities Frontier (PPF) is a graph that can be used to describe the production of an economy in macroeconomics, or production decisions by a household or firm in microeconomics. It shows possible combinations of two (or more) products that an economy can make, in one simple graph – hence the name.
date posted: 2022-08-19T13:15:18Z
date modified: 2026-06-29T10:34:40Z
employment type: onsite
language: en
keywords: production possibilities frontier
keywords: ppf
keywords: Sean McClung
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The INOMICS Questionnaire: Fratzscher vs Tooze
type: Article
title: The INOMICS Questionnaire: Fratzscher vs Tooze
description: The titular economic historian, Adam Tooze, was born in London, spending parts of his childhood in England and in Heidelberg, Germany. He earned his BA in Economics from King’s College Cambridge in 1989, and then began his postgraduate studies in Berlin. He received his PhD from the London School of Economics in 1996. From then until 2009, Adam taught at the University of Cambridge. He was then appointed to the Barton M. Biggs Professorship at Yale University. Adam joined his current position in Columbia University’s history department in the summer of 2015. He is well-known for his economic histories (including The Wages of Destruction) which have won him several awards, including the Wolfson History Prize and the Lionel Gelber Prize. Marcel Fratzscher: What is your favorite place on earth? Adam Tooze: I thrive on the intensity and hustle of New York City. I love the cultural density of Europe. But my favorite place right now is a lagoon - “The Cut” - between two of the outer islands of the Abacos in the Bahamas. It’s an extraordinary place. Ravishingly beautiful. Creole. Wild. A bit dangerous. The infrastructure is fragile. Sharks and barracudas in the water. Extreme weather. The historic hurricane Dorian which made landfall on the islands on 1-2 September 2019 wiped out the homes of practically everyone else on the island, including a cottage we called our own. We have rebuilt a house in its place. MF: Outside of economics, what occupation would you have if you could be absolutely anything? AT: I left economics to become a historian. So that is part of my answer. As a boy I wanted to be a mechanical engineer. If I had the talent I would wish to be a visual artist. MF: What is the virtue you appreciate the most? AT: Sincerity. MF: Your all-time favorite figure in economics? AT: John Maynard Keynes. MF: Your # 1 economics blog? AT: In the new substack universe it is Matt Klein’s Overshoot. Amongst the earlier generations of blogs Timothy Taylor’s Conversable Econom…
disambiguating description: The following article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook Professor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the 2022 edition of the INOMICS Handbook Questionnaire. This time, he has the pleasure of being joined by renowned economic historian Adam Tooze, who generously agreed to take the hot seat in this exchange. Thus, the back-and-forth has been dubbed Fratzscher vs. Tooze, as is tradition. What follows is a dive into the beauty of wild places, the gender bias still present in economics, the link between policy makers and central banks, the limits of the search for perfect causality in the social sciences, and even more. Tooze’s perspective is unique and fresh, and is sure to be an interesting read you won’t want to miss.
date posted: 2022-06-27T04:00:00Z
date modified: 2026-07-03T11:49:08Z
employment type: onsite
language: en
keywords: INOMICS Questionnaire
keywords: Adam Tooze
keywords: Marcel Fratzscher
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)

The Economics of Settlers of Catan
type: Article
title: The Economics of Settlers of Catan
description: The game is an interesting one from an economics standpoint, since players must collect and trade resources, invest in the growth of their own miniature economy, barter with others, and make decisions about trade-offs and opportunity costs at every turn. In Catan, the person who builds the most efficient and fastest-growing economy almost always wins. In this article, I aim to shed some light on the economics of Settlers of Catan, and show how it reflects some economics principles and real-world concepts. Without further ado, let’s dive in. The Foundations of a Productive Economy In Catan, resources are gained by a roll of two six-sided dice each turn. This means that possible numbers rolled are between 2 and 12, with the number 7 being the most likely. On the board, each resource tile has a number from 2 to 12 on it (except 7 – more on that later), and when that number is rolled, every settlement touching that tile gets one resource from it. Cities get two. Clearly, it is better to get your settlements and cities on the more commonly rolled numbers. On average this will yield more resources, putting you at an advantage ceteris paribus. Those tiles with more likely numbers represent land that is more productive. In the real world, especially for developing economies, concentrating production on the most productive land is also the best way to build the foundation for a healthy economy. Often, this means early cities developed along waterways and in areas with productive soil for agriculture. But, sheer productivity isn’t everything in life or Catan. Some resources are more valuable than others, and the opportunity cost of each one changes depending on the game and your particular economy. In Catan, you need brick and wood to build roads, which let you expand and build more settlements in new places. Settlements cost a brick, wood, wheat, and sheep to build, and they allow you to collect more resources when a resource tile they touch has its number rolled. Expanding …
disambiguating description: Klaus Teuber’s Settlers of Catan is a popular board game that has become a mainstay of friendly gatherings across the globe. For the uninitiated, in Catan up to 4 players compete to be the first one with 10 victory points. Points are gained by building houses (“settlements”), cities, and roads on a heretofore unsettled island rife with natural resources. Catan has nearly limitless replay value - with 3,695,814,682,560,000 (over 3 quadrillion!) different unique board layouts using just the base rules. Chances are, you’ve heard of Catan even if you don’t particularly love board games.
date posted: 2022-08-05T08:24:29Z
date modified: 2026-07-03T11:55:10Z
employment type: onsite
language: en
keywords: the economics of settlers of catan
keywords: game theory
keywords: Sean McClung
keywords: Settlers of Catan
keywords: economics of games
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Autarky
type: CreativeWork
title: Autarky
description: So what does autarky entail, exactly? A nation that is completely isolated from the outside world and refuses to trade or interact with other countries as much as possible would be described as isolationist. This type of nation would have a fully autarkic economy. They would refuse international trade and only consume goods produced within the country. This is a closed economy, and we would describe it as being “in autarky”. In the modern world, autarky is a state that is very hard to maintain. Global trade has become more interconnected, cheaper, and faster than it was in the past. The benefits of isolationist economic policies are hard to argue for in the modern age, especially with examples of comparative advantage and arguments against trade barriers. In fact, most economists believe that free trade is beneficial for economic growth, while trade barriers resulting from protectionist policies are a hindrance. Unsurprisingly then, most countries in the modern age trade with one another even if they have some protectionist policies like tariffs in place for some industries or goods. Being completely self-sufficient (“in autarky”) is a rare case in the modern age, although countries may seek to achieve autarky in certain strategic areas (energy supply, for instance). An example of a largely autarkic nation is North Korea. It is a nation that faces heavy economic sanctions and has few opportunities to trade with other countries. Even nations that will trade with it, like China, have a much larger volume of trade with other countries due to the low production of goods for export in North Korea. So, the majority of its output is produced and consumed by North Koreans. Of course, even North Korea still has some trade with other countries – like China – and so isn’t fully autarkic. Good to Know The term “autarky” should not be confused with “autocracy”. The latter is a system of government where one person rules with absolute power (i.e., a dictator). Nations governed by…
disambiguating description: Autarky’s definition, according to the Oxford dictionary, is “economic independence or self-sufficiency”. It can also be spelled “autarchy”. This word is seldom used outside of academic contexts like economics or political science. Unfortunately, it may be sprung on you in economics courses without any warning, and since it is an actual word it may not be explained.
date posted: 2022-08-04T10:21:33Z
date modified: 2023-05-08T18:08:24Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: economics terms A-Z
keywords: autarky
keywords: international trade
type: terms
disciplines: internationaleconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: industrialorganization
discipline labels: International Economics (JEL F)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Industrial Organization (JEL L)

How to Find Student Accommodation in a Foreign Country
type: Article
title: How to Find Student Accommodation in a Foreign Country
description: INOMICS has partnered with Uniplaces to help students find accommodation abroad. This means that on articles related to student accommodation or housing, we may make some money if a user clicks through to an affiliate link and makes a qualifying purchase. INOMICS users also gain a 15% discount on the Uniplaces Service Fee at the time of booking payment (the discount of your promo code must be entered in the payment session before sending the reservation request). Use the promo code: UP15INOMICS. However, these posts are not sponsored posts. Through your university Wherever you're travelling for your study abroad, it's likely that the university which you're visiting will be able to help you with your move. Many universities have an international students office, or a visiting students office, which is there to help you with any issues you have – including dealing with paperwork, help with language problems, and finding accommodation. They may have a list of reliable private accommodation in the area, or a message board on which staff and students can post if they have a room to rent. Some universities even have their own residence halls or other campus housing options, which you can rent by the semester, usually for not too much money. The advantage of going through your university is that people who know the local area can advise you on good locations, and what a reasonable cost is. The distance to campus is often manageable, too. The disadvantage is that university-provided accommodation can tend to focus on being safe and in less exciting areas of town. If you want somewhere more adventurous in a lively area, then you should consider renting privately. Through personal contacts When you're moving to a new country, often you won't know many people there and so won't have a social network to help you out. But before you go, ask your friends and use social media to find out if there are any friends-of-friends living in or near to the area you're traveling to. If you…
disambiguating description: If you're going abroad for your studies, either for a few weeks or a few months, you'll need to deal with some practical issues. One such practical concern is finding student housing – how can you find international student housing when you're not currently in the country? To help you through this, we're sharing some tips on how to find a place to live while you're studying abroad.
date posted: 2016-03-24T14:43:38Z
date modified: 2026-07-06T10:41:12Z
language: en
keywords: Foreign Students
keywords: Students
keywords: accommodation
keywords: Study Abroad
keywords: craiglist
keywords: Airbnb
keywords: Housing
type: advice
disciplines: education
disciplines: artarthistory
disciplines: theologyreligeousstudies
disciplines: molecularbiology
disciplines: nursing
disciplines: communicationsdesign
disciplines: music
disciplines: agriculturalsciences
disciplines: softwaredevelopment
disciplines: earthscience
disciplines: materialsmetallurgicalengineering
disciplines: chemicalengineering
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disciplines: generalengineering
disciplines: biology
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disciplines: mediastudies
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discipline labels: Education
discipline labels: Art & Art History
discipline labels: Theology & Religeous Studies
discipline labels: Molecular Biology
discipline labels: Nursing
discipline labels: Communications & Design
discipline labels: Music

Using online games to teach economics
type: Article
title: Using online games to teach economics
description: In our experience, using short in-class games is a great way to engage students. In addition, it makes it easier to get across the underlying economic theory and bring out the implications of the resulting predictions. There is also evidence to suggest that introducing games can have a positive impact on students’ learning. These games typically take between 20 and 40 minutes to run. During this time, students make decisions and find out the implications of their payoffs (winnings) at the end of the round. Then, in subsequent rounds they can respond to the outcomes from their own and their classmates’ previous behaviour. Traditionally, in-class games were played in a paper-based format in face-to-face classes. For example, experimental economics pioneer Charles Holt demonstrated that ordinary playing cards can be used to facilitate the running of games. However, over the last ten years, many online versions of economics games have been developed. Students can play these games on laptops, tablets or even mobile phones. As a result, it is now possible to play online games in the classroom or even through remote delivery. The following websites provide, typically for free, a wide range of single player and interactive games covering topics including game theory, industrial organisation, macroeconomics, the environment, and finance: Vecon Set up by Charles Holt, this site provides a wide range of games for free. These include classic lottery and intertemporal decision making games and a host of market-based games as well. They are all presented with simple graphics and easy to use interfaces. The results can be presented in graphic form and saved to be revisited in subsequent classes. Economics-Games Again free, this site provides a range of single and multiplayer games. These include both simple games and more involved simulations, for example on pricing strategies and competition in markets. ClassEx This is another site that provides a wide range of games for free. On…
disambiguating description: The playing of simple, short games has become an increasingly common way to teach a range of key concepts and theories in economics.
date posted: 2022-07-05T13:46:39Z
date modified: 2024-08-02T13:22:06Z
employment type: onsite
language: en
keywords: online games
keywords: Economics Network
keywords: Economics games
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

How to Finance Your PhD In Economics
type: Article
title: How to Finance Your PhD In Economics
description: Finance Option #1: Assistantships, Teaching and Research Most major universities offer teaching or research assistantships. Teaching assistants will typically be placed with a professor to assist with one or more courses. This could include grading, tutoring students, helping to organize assignments, and even leading lectures in your area of study. Assistantships provide tuition remission in addition to stipends and are a great way to get a taste for working as a professor. A research assistantship will likely pair students with one professor or a team of professors working on a specific research project. Most assistantships will be offered on a merit-based program, but you should nevertheless reach out to your specific department and make them aware that you’re interested. It is not uncommon to be offered an assistantship mid-semester or midyear. Look outside your own department, too, especially if there are opportunities to work with Deans or leadership offices, as these also tend to provide opportunities. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Finance Option #2: Fellowships and Grants Fellowships are awarded to PhD students; they are incredibly competitive and often are not available to students until they are nearing the completion of their academic work, but there are exceptions. Fellowships are typically based on your research background and scholarly promise, so invest time in early years of the program developing a solid academic profile for consideration in these competitive offerings. A research grant is generally offered to programs or research projects working on a specific research design or vision. Grant programs will assist with the funding to complete the project, such as needed materials or travel associated with collecting data. Keep in touch with professors in your field and email news lists or online sites relevant to your department. Finance Option #3: A Night Program/ Part Time Program With the recognition that some …
disambiguating description: A PhD can be a very expensive endeavor regardless of your background. There are many funding opportunities to finance your economics PhD and they are all worth considering prior to committing to a specific program. Remember that there are options, and that ultimately most graduate programs will view you as an asset based on what you can give back to the program through research, assisting other professors, or even obtaining grants. So, although you’re competing to get into their programs, they should also be “competing” to offer you the most options for financing. If you plan to start your PhD application this autumn, you can also download our free guide "How to successfully apply to a PhD in Economics".
date posted: 2013-04-02T22:00:00Z
date modified: 2026-07-06T10:42:42Z
language: en
keywords: grants
keywords: Master
keywords: economics
keywords: Scholarships
keywords: MA
keywords: phd
keywords: finance
type: advice
disciplines: marketing
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
disciplines: finance
discipline labels: Marketing
discipline labels: Economics
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management
discipline labels: General Economics (JEL A)
discipline labels: Finance

Stagflation
type: CreativeWork
title: Stagflation
description: Clearly, this is a very undesirable economic state. Low growth and high unemployment mean that there are few opportunities for people to become employed or seek better jobs, while high inflation continually erodes the value of people’s money over time. This can spiral an economy into a recession situation complicated by the fact that promoting growth to end the recession will make inflation, and people’s financial situations, even worse. The term “stagflation” was popularized in the 1970s (although its first use came as early as 1965), reflecting similar economic situations in the United Kingdom and United States. This was the first time in modern economic history that stagflation had occurred, taking economists and policy makers by surprise. Several factors contributed to its onset. One commonly cited factor is an oil trade embargo from OPEC countries that began in 1973 and caused energy prices to rise sharply, creating a feedback effect that increased the prices of many other goods. This is an example of a supply shock. In this case it contributed to high inflation, which reached 18.0% in the UK and 13.5% in the US in 1980. However, other factors had already started developing stagflationary pressures before the oil embargo. In the US, the federal government had a high budget deficit following the Vietnam War, but the government was unwilling to raise taxes to eliminate the deficit. In addition, the Federal Reserve was focused on promoting economic growth to combat unemployment and the multiple recessions that occurred in the 1970s, which meant that interest rates were kept low throughout the decade. Low interest rates disincentivize saving and encourage spending, which contributes to growth - but also inflationary pressure. In the U.K., it is often argued that policymakers did not appreciate the role that monetary policy could play in controlling inflation. This was despite the warnings of Iain MacLeod, who is sometimes credited with coining the term stagflation.…
disambiguating description: Stagflation is a macroeconomic phenomenon. It is an amalgamation of the words “stagnant” and “inflation”, which is a reflection of its meaning. Economists use this term to describe an economy that is suffering from low growth, high unemployment, and high inflation.
date posted: 2022-07-06T09:59:52Z
date modified: 2023-06-01T14:06:27Z
employment type: onsite
language: en
keywords: Stagflation
keywords: Sean McClung
type: terms
disciplines: economichistory
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
discipline labels: Economic History (JEL N)
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

Top tips for audio feedback
type: Article
title: Top tips for audio feedback
description: Recent research has suggested that feedback is more effective if we stop seeing it as an event that students receive, but rather as a conversation enabling students to gain a deeper understanding of the material. Effective feedback should be timely, encourage students, and provide useful tips for how to improve. Audio feedback - whereby the instructor records a clip for the student to listen to - is an easy-to-implement alternative to written feedback that acts as the beginning of this conversation. Audio feedback may have better engagement from students and be easier to provide in a timely manner. Compared with written feedback, it can be more interesting and unique as students feel the person marking their work is talking to them. As students perceive verbal feedback as more personal than written feedback, they respond more positively since it feels closer to a dialogue. This short guide can help you get started with providing audio feedback. How can I provide audio feedback? Most virtual learning environments (including Blackboard, Moodle, Canvas) and marking platforms (such as Turnitin) have the functionality to record audio feedback. This allows users to record directly on the platform, making it significantly easier and quicker. The audio feedback is then directly linked to the corresponding submission, so there is nothing more you need to do. If you don’t have access to a marking platform that allows audio feedback, or you want the opportunity to edit or add a transcript, you can record locally on a desktop/laptop or even a smartphone. Then, you can use an app to manage and send your feedback. There are many free apps and software packages available to record audio feedback that, in many cases, also allow you to edit the recordings. However, it should be noted that the sound quality might be affected by the microphone or the software used. If you are manually recording the audio feedback for a large course, make sure you carefully name the files, so that you …
disambiguating description: Good feedback helps students to understand the scale of any weaknesses in their understanding. To be effective, it will also be timely, encourage students and provide useful tips for how to improve in the future.
date posted: 2022-06-29T12:48:49Z
date modified: 2024-05-28T15:03:07Z
employment type: onsite
language: en
keywords: providing feedback
keywords: audio feedback
keywords: Economics Network
keywords: verbal feedback
keywords: Anthi Chondrogianni
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Hyperinflation
type: CreativeWork
title: Hyperinflation
description: What does this imply? Imagine the cost of your average weekly grocery list increasing from €100 to €150 within a month, and €225 in the next month. In extreme periods of hyperinflation, prices rise exponentially, sometimes doubling within a week or even a day. What causes hyperinflation? Almost all hyperinflations occurred in times of war, conflict, or severe economic turmoil, in conjunction with government budget deficits being financed by currency creation. In those instances, the need for continued government spending is large, but there is a situation of declining real tax revenue. Being unwilling or often unable to increase borrowing, governments started printing money to cover expenses. When the money supply expands while output remains constant, there is more money available in the economy to spend on the same number of goods. As expected from the quantity theory of money, this causes the value of money to fall and prices to increase. In addition, the velocity of money increases as people prefer to spend their money immediately rather than hold on to depreciating cash. As prices rise exponentially, things become more expensive, including for the government. If in such a situation the government continues printing even more money instead of tightening monetary policy, inflation will continue to rise, creating a snowball effect. As wages fail to keep up with this surge in prices, and cash or savings deposited in banks decrease in real value, consumers’ purchasing power falls rapidly. In response, people start hoarding essential goods in anticipation of further price increases, thereby causing supply shortages and further spiraling price increases that can get out of control. How to address hyperinflation? Expectations play a major role in perpetuating price spurts during bouts of hyperinflation. To end this spiral of exponentially increasing prices, it is necessary to break the public’s expectation that price increases will continue and restore confidence in th…
disambiguating description: Hyperinflation describes very high and rapidly accelerating inflation. Following a widely accepted definition developed by American economics professor Philip Cagan in 1956, hyperinflation begins when monthly inflation rises by more than 50 percent.
date posted: 2022-06-30T09:28:09Z
date modified: 2023-10-02T16:22:42Z
employment type: onsite
language: en
keywords: Hyperinflation
keywords: Simone Schotte
keywords: inflation
type: terms
disciplines: economichistory
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: finance
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Finance

Stackelberg Competition
type: CreativeWork
title: Stackelberg Competition
description: The leader might emerge in a market because of its size, reputation, innovative capacity, or because it simply started operating first. The leader will generally be better known and more recognized by customers, and is therefore better placed to decide first which quantity to sell. The follower(s) then decide(s) on their output after observing the leader's production choice. The Stackelberg leadership model was developed in 1934 by the German economist Heinrich Freiherr von Stackelberg in his book “Market Structure and Equilibrium” (Marktform und Gleichgewicht). The assumptions in the Stackelberg model are mostly the same as in the Cournot model, with the important exception that firms make their production quantity decisions sequentially. These assumptions are as follows: There is a fixed number of firms in the market and firms have market power. This means that each firm's production-decision affects the market price. All firms produce a homogenous good, and are subject to the same demand and cost functions. In other words, there is no product differentiation. This means that the goods produced by any firm are completely identical in the eyes of the consumers (they are perfect substitutes). Firms compete in terms of the quantities that they produce. That is, they compete for market share. This is the key difference compared to Bertrand competition, in which firms compete in prices. Firms decide sequentially on the output they produce, which means we have a model consisting of two distinct periods. In the first period, the leader chooses its production quantity. This decision cannot be changed after. In the second period, the follower firm(s) choose(s) their output after observing the quantity chosen by the leader. This is the key difference when compared to Cournot competition, in which the production decisions by all firms are taken simultaneously. Each firm acts strategically on the assumption that its competitor(s) will not change their output, and decides its …
disambiguating description: Stackelberg competition describes an oligopoly market model based on a non-cooperative strategic game where one firm (the “leader”) moves first and decides how much to produce, while all other firms (the “followers”) decide how much to produce afterwards. This sequential structure is the main difference to Cournot’s model, where firms decide simultaneously on the quantities they produce.
date posted: 2022-06-28T09:13:54Z
date modified: 2026-06-29T10:57:31Z
employment type: onsite
language: en
keywords: competition models
keywords: Simone Schotte
keywords: Stackelberg Competition
keywords: competition policy
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
disciplines: businesseconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)

Teaching Economics with Real-World Context
type: Article
title: Teaching Economics with Real-World Context
description: Today’s students share a collective angst, an anxiety about the future—and rightfully so: worried about getting a job, worried what the planet will look like when they are ready to settle down and raise a family, and even angry that they had nothing to do with climate change; it was not of their doing, but placed on their laps - a negative externality if you will - only to unravel and become their responsibility. Students (and the public) look to economics and the economics profession for help and guidance. Probably at no time in recent history have we had a greater ethical obligation to educate our students within a context of hope and aspiration so that all can successfully (and sustainably) provision for themselves and for others. Based on our collective years of teaching, as well riding the waves of pluralism, sustainability, and rethinking economics, we offer the following suggestions for would-be teachers of economics and, of course, veteran teachers as well. 1. Align Course Content with Current Issues We need not become messengers of doom and gloom; instead, emphasize the role of education in giving students the ability to think and to solve problems. And, most importantly, let’s instill students with a sense of optimism and empowerment (for a helpful resource, see Boyd and Reardon 2020). Construct the course so it aligns with the big issues of the day, and today there is no bigger issue than climate change, and how we can live our lives sustainability (A helpful guide is the UN 17 SDGs; also see Reardon et al. 2018, and Reardon 2021). Doing so will make the course more thematic and interesting to students, while still covering core topics, but grounded in the context of the 21st century. And it will shed light on other pressing problems such as inequality, migration, species depletion, technological change, and even the coronavirus itself, all of which are interrelated with climate change. Our goal is to educate and not to proselytize. Not all economists thi…
disambiguating description: The following article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook While every generation claims its problems are the most formidable and pressing in the annals of humankind, our generation certainly has a strong case: a global pandemic that has already taken five million lives, and a world seemingly headed toward catastrophe, unable to keep global temperatures from rising and thus contain climate change.
date posted: 2022-06-20T04:00:00Z
date modified: 2023-07-05T18:19:55Z
employment type: onsite
language: en
keywords: Ioana Negru
keywords: teaching economics
keywords: Jack Reardon
keywords: pluralism
keywords: Maria Alejandra Madi
keywords: Stuart Birks
keywords: Juan Carlos Moreno Brid
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Building Your Career in Economics: From Study Choices to the Economics Job Market
type: Article
title: Building Your Career in Economics: From Study Choices to the Economics Job Market
description: Economists work in a variety of industries including business, health, government, and education, and their role mostly involves research and providing reports and recommendations based on data collection, analysis, and interpretation. In the United States, local and federal government agencies are the largest employers of economics graduates. It is essential that students plan their education based on where they are interested in entering the workforce. Although it is possible to gain an entry-level position with a bachelor’s degree, a master’s degree or a PhD are typically required to work as an economist for the government or in academia. In the competitive economics jobs market, it is important for students of economics to consider their career choices early. 1. Choosing a Concentration When pursuing a degree in economics, students can choose various concentrations: business economics, corporate finance, quantitative economics and econometrics just to mention a few. Students who graduate with a concentration in finance can find employment at large banks and government organizations as a consulting, financial, credit, risk, or valuation analyst; or a databank administrator, trader and more. A concentration in business economics, on the other hand, offers versatility which translates to a wide range of employment opportunities such as entrepreneurship or marketing in any sector such as finance, manufacturing, services and government. Concentrations in quantitative economics and econometrics can lead to jobs that require expertise in economic modeling, forecasting and evaluation. Students who choose this major usually continue to graduate studies and find employment in academia or as data scientists, risk model analysts, market researchers, consultants or investment bankers. The ability for economists to analyze data using mathematical and statistical methods is in high demand and short supply, which puts economists with strong analytical and quantitative skills at…
disambiguating description: Chiara Yates, professor of economics at Southern New Hampshire University, offers advice to aspiring economists navigating their studies and the early stages of their career. The following article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook
date posted: 2022-06-13T04:00:00Z
date modified: 2026-07-06T10:43:39Z
employment type: onsite
language: en
keywords: advice for economics students
keywords: Chiara Yates
keywords: economics career
keywords: economics career guide
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Top Apps for Economists
type: Article
title: The Top Apps for Economists
description: World, Business, & Financial News Apps 1. The Economist App Store / Google Play This app from The Economist magazine focuses on news and analysis for economics topics from around the world. It offers a selection of free articles from The Economist, plus reports on current affairs, science, technology, and other news. You can save articles to read later and share articles over social media. If you’re a regular reader of The Economist, then this app is a must-have. 2. Yahoo Finance App Store / Google Play One of the most popular finance apps is Yahoo Finance, which you can use to track the stocks that you are interested in and get real-time information on the stock market. There is also a section for finance news which has all the headlines you need to read to stay updated about the current economy. The app is mostly aimed at investors, but with all this information it’s also helpful for economists (particularly those in the finance industry) who want to stay informed. 3. Castbox App Store / Google Play A great way to keep up with the latest news and discussions in economics is to listen to podcasts. Podcasts like Marketplace, Planet Money, or Bloomberg Taking Stock are great ways to learn about current events with an economics angle, and you can listen to them while you are exercising or pottering around the house. Castbox is a free and easy to use podcast app. 4. Bloomberg App Store / Google Play Another very popular finance app like Yahoo Finance is Bloomberg. This app has sections for business and finance news, market data, and portfolio tracking. The news section is also outstanding and offers analyses and opinion pieces as well. Economic Databases 5. FRED App Store / Google Play Another fantastic place to find economic data, the Federal Reserve Economic Database (FRED) app contains “nearly 810,000 economic data series from 108 regional, national, and international sources”. These data series include a myriad of economic indicators and variables, like interest ra…
disambiguating description: In spite of all its distracting qualities, your phone is one of the most useful tools you’ve got, whether you’re studying or working in the field. It’s simply a question of how you use it. With this in mind, we have compiled a list of apps that are helpful for economists to have. They can help you find data, stay up to date, and crunch numbers on the go. INOMICS takes part in the Apple affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post.
date posted: 2018-07-19T07:00:00Z
date modified: 2026-07-06T11:02:17Z
employment type: onsite
language: en
keywords: app
keywords: mobile apps
keywords: economics
keywords: Georgina Torbet
keywords: edutainment apps
keywords: investing apps
keywords: economy
type: teach
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)

Summer Schools and Courses – Top Searched Terms on Google
type: Article
title: Summer Schools and Courses – Top Searched Terms on Google
description: The increase in interest is clearly seen around the internet. Google searches for the phrase "Summer School" follow a similar trend to that on INOMICS, with the number of searches in April-June around three times higher than the monthly average in the winter months. The growth trend is almost identical for the search phrase "Economics Summer School". Interestingly, according to Google the countries in which this latter search term is most entered are Italy, India, the UK, the USA and Germany. The visitor stats on the INOMICS website are similar, although Turkey, Belgium, France, Russia, China and the Netherlands also represent important traffic sources for Summer School seekers. In order to reach the maximum possible candidates for your Summer School, we recommend the following top tips when uploading your course to INOMICS: Use a Concise Title – Use "Summer School" plus the main focus of your program for the title. If possible a key subject area can help attract interest, for example "Summer School on Health Economics". Add a logo – This highlights the announcement on INOMICS, and increases the likelihood of prominence on Google results. It also helps to hold the attention of page visitors. Get the timing right – As described above, March, April and May are the most popular times to look and apply for Summer Schools on INOMICS. Announcements should go online from late February, and ideally be placed six to eight weeks before the deadline (the maximum allowed on INOMICS is twelve). If your Announcement is online for two months or more, you may also consider booking a repost shortly before the deadline. Include application details – Add clear instructions how applicants can apply, as well as a concise program description. Presenting your program and the application process as well organized and straightforward can give your Summer School the edge over others. Include keywords – Using relevant popular search terms in the main body of your INOMICS announcement has a do…
disambiguating description: How to Optimize Your Summer School Promotion on INOMICS With the festive period over, now is the season to find Summer Schools on INOMICS. Each year we see a marked increase between January and May in the number of visitors navigating on the INOMICS site to the "Summer Schools" sub-category.
date posted: 2013-02-05T13:52:43Z
date modified: 2026-07-06T11:03:38Z
language: en
keywords: summer schools
keywords: google
keywords: seo
type: advice
disciplines: chemistry
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: dentistry
disciplines: mathematics
disciplines: physiotherapy
disciplines: nursing
disciplines: biomedicine
disciplines: veterinarymedicine
disciplines: astronomy
disciplines: humanmedicine
disciplines: marketing
disciplines: economics
disciplines: digitization
disciplines: psychology
disciplines: dieteticsnutrition
disciplines: management
disciplines: publichealth
disciplines: physics
disciplines: earthscience
disciplines: pharmacy
disciplines: generaleconomics
discipline labels: Chemistry
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Dentistry
discipline labels: Mathematics
discipline labels: Physiotherapy
discipline labels: Nursing
discipline labels: Biomedicine
discipline labels: Veterinary Medicine
discipline labels: Astronomy
discipline labels: Human Medicine
discipline labels: Marketing
discipline labels: Economics
discipline labels: Digitization
discipline labels: Psychology
discipline labels: Dietetics / Nutrition
discipline labels: Management
discipline labels: Public Health
discipline labels: Physics
discipline labels: Earth Science
discipline labels: Pharmacy
discipline labels: General Economics (JEL A)

Cournot Competition
type: CreativeWork
title: Cournot Competition
description: The French polymath Antoine Augustin Cournot (1801–1877), after whom this economic model is named, illustrated this market situation using the example of two firms exploiting mineral water springs, each able to produce unlimited quantities at zero cost. According to the law of demand, there is an inverse relationship, or negative correlation, between quantity and price. That is, higher levels of production result in relatively lower prices, and vice versa. To maximize profits, each firm has to consider this trade-off between quantity and price, taking the expected market supply by its competitors into consideration. This constitutes a game strategic situation (see also game theory). In the Cournot-Nash equilibrium, each firm chooses the quantity that presents the ‘best response’ to the competitor's production quantity. Below we derive the Cournot equilibrium quantities and calculate the market price. We will see that Cournot competition leads to a more efficient market outcome than if there was only one firm in the market (monopoly). But, there is still an efficiency loss compared to the equilibrium under perfect competition. Model Assumptions Let's have a quick look at the main assumptions of the Cournot model: There is a fixed number of firms in the market and firms have market power. This means that each firm's production decision affects the market price. All firms produce a homogenous good. In other words, there is no product differentiation. This means that the goods produced by any firm are completely identical in the eyes of the consumers (they are perfect substitutes). Firms compete in terms of the quantities that they produce. That is, they compete for market share. This is the key difference to Bertrand competition, in which firms compete in prices. Each firm acts strategically on the assumption that its competitor(s) will choose the equilibrium quantity, and decides its own production quantity so as to maximize its profit. The production decisions by all…
disambiguating description: Cournot competition describes an oligopoly market model in which two or more firms produce the same good and compete for market share. The competing firms decide simultaneously and independently of each other on the amount of output they will produce. The total quantity supplied by all firms then determines the market price. This is distinct from Bertrand competition, where firms compete in prices, or Stackelberg competition, where firms sequentially choose their production quantities.
date posted: 2022-05-31T10:43:40Z
date modified: 2026-06-25T11:30:45Z
employment type: onsite
language: en
keywords: Cournot competition
keywords: Simone Schotte
keywords: market equilibrium
keywords: competition
keywords: oligopoly
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
disciplines: businesseconomics
disciplines: industrialorganization
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Industrial Organization (JEL L)

JEL Codes
type: CreativeWork
title: JEL Codes
description: JEL Codes have become the standard way to classify economics content. They can be used with papers, articles, dissertations, and even book reviews - essentially anything related to economics can be assigned a JEL Code. Although seldom taught by economics courses, the Codes are widely used by professional economists and are easy to understand. If you are a student of economics and you plan to read journals, conduct research, or study for a PhD, it pays to become familiar with the JEL classification system. There are twenty different JEL Codes. Each one contains many “sub-codes” as you drill down towards more and more specific topics. For example, JEL Code F is “International Economics”. One of the “sub-codes” under it is F6, “Economic Impacts of Globalization”. Going even further, we finally arrive at F680, which discusses the creation of policies that have been made to deal with the impacts of globalization. Top-level JEL Code Descriptions: A: General Economics and Teaching: covers general studies of economics, its relations to other disciplines, and the teaching of economics. B: History of Economic Thought, Methodology, and Heterodox Approaches: studies about schools of economic thought and methodologies used, including newer ones being developed. C: Mathematical and Quantitative Methods: includes studies about mathematical, econometric, and other quantitative methods, but not studies that merely use well-established quantitative methods. D: Microeconomics: contains many subcategories that include household behavior and family economics, market structure and pricing, general equilibrium and disequilibrium, welfare economics, select decision-making and behavioral economics topics, and more. E: Macroeconomics and Monetary Economics: studies about the performance of an economy, including output, prices, interest rates, employment, and the factors that determine them. Also includes studies on central banking and monetary policy. F: International Economics: includes tra…
disambiguating description: JEL Codes are an economics classification system. They were developed by the Journal of Economic Literature to help economists identify what specific topic(s) a paper discusses. As such, the Codes can help people quickly search through economics content to find relevant information. They can also help people make sense of what topic a new paper is really focusing on, if the title is unclear.
date posted: 1970-01-01T22:59:59Z
date modified: 2023-09-27T20:37:00Z
employment type: onsite
language: en
keywords: economics classification
keywords: Journal of Economic Literature
keywords: JEL Codes
keywords: Sean McClung
type: terms
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)

COVID-19 and the Economists’ Redemption
type: Article
title: COVID-19 and the Economists’ Redemption
description: In summary, your majesty, the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole. Throughout the subsequent decade, economists sought to repair the reputational damage to their profession. These experts in self-interest had recognized a need to restore public confidence in their work. Economists took it upon themselves to engage in public debate and entire economics curricula were redesigned. Many set out to broaden their horizons through interdisciplinary work with other scientists, something that had hitherto been less common in economics than other social sciences (see figure 1). However, despite these endeavors, general attitudes toward economists were little changed. In the United Kingdom, a majority of voters chose to leave the European Union, disregarding the broad consensus among economists that it was going to do them material harm. According to a YouGov poll taken in 2017, economists were among the least trusted of a selection of “experts”, with only politicians faring worse (see figure 2). In fact, a shortage of trust in economists is nothing particularly new. As far back as 1925, Frank Fetter wrote in the American Economic Review about the relationship between economists and the public, stating, Academic economists incur popular distrust because they are supposed to echo and reflect the opinions of the business world, while business distrusts them as dangerous radicals because they refuse to worship at the altar of Mammon. As with their lack of foresight prior to the financial crisis of 2008/09, few, if any, economists saw the coming of COVID-19. The economic impact of the pandemic is huge. Yet since its primary cause is biological, there has been less finger-pointing at economists this time round. On the contrary, the wide-rang…
disambiguating description: The following article first appeared in the INOMICS Handbook 2021. Download the INOMICS Handbook On a visit to the London School of Economics in November 2008, the Queen asked her hosts why no one had seen the financial crisis coming. It took the professors nine months to come up with an excuse, put forth in a letter in July 2009:
date posted: 2022-05-16T15:37:46Z
date modified: 2026-07-03T11:56:59Z
employment type: onsite
language: en
keywords: Covid-19
keywords: Tom McKenzie
keywords: economists
type: blog
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)