ItemList
number of items: 20
total items: 2604
item list element: Antitrust Policies
item list element: Consumer Surplus and Producer Surplus
item list element: Capital Markets
item list element: A Guide to Dating in Academia
item list element: Top Recruiting Trends You Need to Know in 2020
item list element: Your Guide to Student Recruitment Tools & Trends in 2020
item list element: Esther Duflo, Abhijit Banerjee, Michael Kremer win the 2019 Nobel Prize
item list element: The soft skills you need to succeed
item list element: Game Theory
item list element: Consumer Theory
item list element: Elasticity and Inelasticity
item list element: Behavioral Economics
item list element: Comparative Advantage
item list element: Asset
item list element: Econometrics
item list element: Capital
item list element: Top 10 Journals of Finance
item list element: The Economist's Decline
item list element: The Challenges of Microfinance
item list element: Top jobs in international economics
links:
  self: https://inomics.com/api/v1/listings/funding
  first: https://inomics.com/api/v1/listings/funding
  prev: https://inomics.com/api/v1/listings/funding
  next: https://inomics.com/api/v1/listings/funding
  last: https://inomics.com/api/v1/listings/funding
  html: https://inomics.com/top/funding
meta:
  total: 2604
  page: 39
  per page: 20
  total pages: 131
  generated at: 2026-08-21T17:48:53Z

Antitrust Policies
type: CreativeWork
title: Antitrust Policies
description: In microeconomics it is assumed that firms aim to maximize profits. They can do this by reducing unit costs through economies of scale, and/or by growing big enough to push competing firms out of the market, thus reducing competitive price pressure on their revenues. Some firms seek to grow big quickly by taking over, merging, or coordinating activities with other firms. Such collaboration between firms is known as a “trust” and it can lead to a reduction in market competition with higher prices for consumers. The existence of a trust can also act as a barrier to entry, making it more difficult for smaller firms to participate in the market. Governments representing consumers and smaller firms may hence choose to intervene in the market with legislation against the trust, i.e. antitrust policies. Antitrust policies gained prominence through the (US American) Sherman Antitrust Act of 1890. This Act outlaws the formation of monopolies and other practices that restrict trade. One of the most famous antitrust cases is that of the Standard Oil Company founded by John D. Rockefeller. By the early 1900s, Standard Oil had grown both organically (by increasing its own sales) and inorganically (by purchasing competing firms as well as client and supplier firms) to control an estimated 90% of the US market for petroleum. In 1911 the US Supreme Court ruled that Standard Oil constituted an illegal monopoly. The Court concluded that Standard Oil had restrained trade through its dominance of the market, increasing prices, lowering output, and diminishing the quality of the oil traded. The Court ordered that Standard Oil be divided into 34 separate entities. National governments subsequently set up agencies to design and implement antitrust policies. Such agencies include the Federal Trade Commission (USA), the Competition and Markets Authority (UK) and the Federal Cartel Office (Bundeskartellamt, Germany). Antitrust policies are also enshrined in European law, through Articles 85 …
disambiguating description: An antitrust policy is a law or other government regulation that limits the dominance of large firms and promotes competition in the market.
date posted: 2020-01-07T11:20:37Z
date modified: 2022-05-13T14:36:07Z
employment type: onsite
language: en
keywords: Antitrust Policies
keywords: Tom McKenzie
type: terms
disciplines: microeconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Consumer Surplus and Producer Surplus
type: CreativeWork
title: Consumer Surplus and Producer Surplus
description: In competitive markets for consumer goods and services there are typically many producers selling the items and many consumers purchasing them. Participation in the free market is more attractive for producers, the higher the price at which they can sell their product. The quantity of the item offered on the market thus increases as the price increases and the supply curve is generally upward-sloping. Conversely, participation in the market is more attractive for consumers, the lower the price at which they can purchase the item. The quantity demanded thus increases as the price falls and the demand curve is generally downward-sloping. The market equilibrium, consisting of the item’s price p* and quantity q* bought and sold, is determined where supply meets demand, i.e. where the supply and demand curves cross. For lower quantities of the item than q*, consumers in the market would be willing to pay a higher price than p*. However in the equilibrium they are able to purchase and consume all q* of the item at price p* per unit. The difference between the higher prices they would have paid for the lower quantities and those lower quantities priced at p* is the consumer surplus. This is a gain for consumers in terms of the value that they attach to the item in excess of the price they pay for it. The consumer surplus is represented in the graph below by the area below the demand curve D stretching to price level p*. Figure 1: Depiction of consumer and producer surplus in a competitive market Similarly, for lower quantities of the item than q* producers in the market would be willing to accept a lower price than p*. This is because typically it’s cheaper to produce fewer units. However, in the equilibrium they are able to sell all q* of the item at price p* per unit. The difference between the lower prices they would have accepted for the lower quantities and those lower quantities priced at p* is the producer surplus. This is a gain for producers in terms of the money …
disambiguating description: Consumer surplus is the gain made by consumers when they purchase an item at the competitive market price rather than the (highest) price that they would have been willing to pay for it. Analogously, producer surplus is the gain made by producers when they sell an item at the market price rather than the (lowest) price that they would also have accepted for it.
date posted: 2020-01-07T14:33:08Z
date modified: 2024-09-12T15:17:44Z
employment type: onsite
language: en
keywords: Consumer Surplus and Producer Surplus
keywords: Tom McKenzie
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
disciplines: healtheducationwelfareeconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Health, Education, and Welfare (JEL I)

Capital Markets
type: CreativeWork
title: Capital Markets
description: Similarly, governments often require funding beyond their tax revenues in order to commission large infrastructure projects or new services that are critical to the economy. Capital markets offer the opportunity for entrepreneurs and governments to be matched with individual and corporate investors in order to access the necessary capital. Capital markets are generally categorised into two groups: primary and secondary markets In a primary capital market, investors provide capital directly to investees, who issue a “security” (typically equity in the business, or a promise of repayment with interest) in exchange. Investors in primary capital markets tend to spend time getting to know the investee and exploring the proposed projects and ventures in detail to assess whether they can make a positive return. Examples of primary capital markets include fora where private-equity investors and providers of venture capital (also known as angel investors or venture capitalists) meet potential investees, initial public offerings (IPOs) where new stock in a company is issued to the public for the first time, as well as bond markets where firms and governments issue new debt securities to fund their spending. In a secondary capital market, a security that has already been issued in a primary market can be traded between investors. There is no need for direct contact between investors and the original investee/ issuer of the security. Public stock markets such as the New York Stock Exchange and the London Stock Exchange are examples of secondary capital markets. By their public nature, secondary capital markets offer access to very high numbers of traders and they tend to be more liquid than primary capital markets. The prices of securities traded in secondary capital markets are transparent, guaranteeing fair deals to buyers and sellers. In theory, prices of securities in a capital market reflect all available information about the corresponding projects and ventures. It follow…
disambiguating description: In capital markets, capital is exchanged between investors (who supply it from their assets) and investees (who need it to fund projects and ventures). The investment horizon is usually at least one year. At its core, economics is about the efficient allocation of scarce resources. If the initial division of resources in an economy is not efficient then the individuals within that economy can be made better off through a reallocation. Capital markets exist to smooth the process of reallocation. Indeed, without capital markets, many investments that help an economy to grow would not take place. Entrepreneurs with their bright ideas need access to finance in order to turn them into reality.
date posted: 2020-01-07T12:15:19Z
date modified: 2023-03-22T15:07:59Z
employment type: onsite
language: en
keywords: Capital Markets
keywords: Tom McKenzie
type: terms
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
disciplines: businesseconomics
disciplines: finance
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Finance

A Guide to Dating in Academia
type: Article
title: A Guide to Dating in Academia
description: Browse our academic job listings The problem of disciplines Inter-disciplinary dating remains a largely theoretical proposition in academia, and that is to say nothing of the taboo against undergraduates dating postgraduates - or vice versa. Whereas the first of these can be termed horizontal dating, and carries casual social penalties, the second, vertical dating, is often viewed with much more serious contempt. Indeed, for all of academia’s professed liberalism, there remains a severely entrenched elitist platform upon which status and seniority carry significant weight. As in every social and professional situation, groups quickly form, select cliques are established and patterns followed, until soon enough you find yourself surrounded solely by people on the same course and level of study as yourself. As noted above, it is a curious thing given that the university environment should provide a warm bed - no pun intended - for open-minded dating. Clearly, though, this is rarely the case. What becomes apparent when it comes to dating in academia is that it would be helpful if short manuals on dating etiquette and rules were handed out during freshers/orientation week, as these would provide a basic layout of the hostile battlefield. And yes, the library is as hostile a terrain as you will ever come across. Just try asking somebody out in a whispering voice, or try following somebody around the bookshelf corridors without appearing like a stalker, and you will know what we mean. Libraries aside, the whole set-up seems unfriendly. Even career academics seem not to have mastered the art, often electing to stay within the safe confines of their chosen academic field. Perhaps - dare it be said? - the longer you remain in academia the greater the chances are that your dating behaviour fossilises within your disciplinary speciality. In fact, the ever-increasing wave of students and teachers turning to online dating could be a result of the unfriendly character of dating i…
disambiguating description: Dating in academia is riddled with potholes, the most immediate of which is do not stray far from your academic discipline. Curious indeed considering that the academic world is meant to be populated by an abundance of young and energetic minds from a variety of different cultures, races and ethnicities, all of whom are hungry for new information and experiences. One would think that such an environment would provide the perfect dating terrain, right? Wrong!
date posted: 2015-02-12T23:00:00Z
date modified: 2026-07-07T10:15:53Z
employment type: onsite
language: en
keywords: university life
keywords: Jokes
keywords: dating
keywords: Humour
type: blog
disciplines: marketing
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
discipline labels: Marketing
discipline labels: Economics
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management
discipline labels: General Economics (JEL A)

Top Recruiting Trends You Need to Know in 2020
type: Article
title: Top Recruiting Trends You Need to Know in 2020
description: But, before you go about implementing your recruitment strategy, there are certain trends, approaches and developments you should consider to ensure maximum success. The way recruitment works has changed significantly in recent years. In fact, research suggests that in today's world, the recruitment process is 90% candidate-driven. That said, to reach out and connect with the right talent, evolving your approach to recruitment is essential. Apart from providing niche career hubs to recruit the best researchers, professionals and students, at 11 Academia Networks (particularly INOMICS as our flagship brand), we think about helping universities, research centers, private companies and think tanks design their recruitment strategies. To help you get 2020 off to the best possible start, here are the recruitment trends you should know. Recruitment marketing By focusing on your recruitment marketing and inbound recruiting, you’ll be able to promote your brand values, services, offerings and USPs to a targeting segment of prospective employees, attracting them to your institution. Investing in this area will not only help bring the right talent to you but it will ensure a steady flow of engaged candidates on an ongoing basis. Employer branding 86% of HR professionals feel that recruitment is becoming more like marketing. Expanding on our previous point, to entice the right candidates to your organization and showcase your value, focusing on your employer branding efforts will be essential to success in 2020. Additionally, to prioritise candidate experience will help you create a good image as company as well as attract the best talent. According to Talent Board, during the last 9 year over 1,000 organisations have worked harder to define clear processes to improve the candidate experience. According to Deloitte, 87% of candidates say that a great recruitment experience can change their mind about a company they have once doubted. If you want to learn more about candidate e…
disambiguating description: With a fresh year fast approaching, you might be thinking about recruiting new members of staff - forward-thinking talent that will drive your institution forward and take its offerings to the next level.
date posted: 2019-12-10T09:45:55Z
date modified: 2026-07-07T12:59:09Z
language: en
keywords: employer branding
keywords: job recruitment
keywords: recruitment marketing
keywords: recruitment trends
keywords: social recruiting
keywords: employee referrals
keywords: diversity recruitment
keywords: talent pools
keywords: collaborative hiring
type: advice
disciplines: economics
disciplines: law
disciplines: socialscience
disciplines: culturalstudies
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Cultural Studies
discipline labels: General Economics (JEL A)

Your Guide to Student Recruitment Tools & Trends in 2020
type: Article
title: Your Guide to Student Recruitment Tools & Trends in 2020
description: But, of course, if your prospects aren’t privy to what you have to offer, you’d may as well not exist. It’s harsh, but in many ways, it’s true. And, in the age of digital transformation, reaching out to the right students though the touchpoints that they’re most likely to engage with is essential to success. No longer is demonstrating your values, telling your story and showcasing your offerings online optional - these days, if you want to get budding higher academics excited about your institution, you have to get digital. To help you enhance your student recruitment efforts in 2020, we’ve put together a guide that outlines current student recruitment trends, in addition to a rundown of the tools that will help you connect with your audience in the most valuable way possible. Student recruitment trends A UCAS report revealed that in the UK alone, student applications for higher education dropped by 5% in 2017, with a 7% drop in the EU. But, while this may be the case, understanding your audience while remaining abreast of the latest recruitment trends will help you boost your enrollment rates this year, and beyond. To help you steer your student recruitment efforts in the right direction this year, here are the three latest recruitment trends that you should know: Emerging technology continues to evolve: In recent times, recruitment and technology have become almost synonymous, with artificial intelligence (AI) and machine learning (ML) tools and platforms becoming increasingly sophisticated, and tailored, to specific goals, needs and preferences. With such platforms, potential candidates are presented to the user based on their skills, background, personal goals and personality type. By using tech-driven recruitment platforms, you’ll be able to understand your target demographic on a deeper level, while sourcing potential candidates that you can potentially reach out to and engage. Data-driven recruitment equals success: You might use digital data for a number of …
disambiguating description: With a fresh year in full swing, it’s time to start thinking about fresh blood, or in other words: attracting new, prosperous students to your institution. You know that you’re worthy; you know that you have something unique to offer, and you know that you have the faculty, as well as the facilities, to provide an exciting, inspirational academic experience.
date posted: 2019-12-10T13:02:09Z
date modified: 2026-07-07T15:51:15Z
language: en
keywords: student recruitment
type: advice
disciplines: economics
disciplines: artarthistory
disciplines: socialscience
disciplines: culturalstudies
disciplines: history
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Art & Art History
discipline labels: Economics and Social Sciences
discipline labels: Cultural Studies
discipline labels: History
discipline labels: General Economics (JEL A)

Esther Duflo, Abhijit Banerjee, Michael Kremer win the 2019 Nobel Prize
type: Article
title: Esther Duflo, Abhijit Banerjee, Michael Kremer win the 2019 Nobel Prize
description: Michael Kremer showed the efficacy of experiments in economics with his research (alongside other colleagues) in Kenya in the 1990s. These experiments were aimed at increasing the effectiveness of schooling. Kremer received his PhD from Harvard University in 1992 and is the Gates Professor of Developing Societies at Harvard University, Cambridge, USA. Abhijit Banerjee is the Ford Foundation International Professor of Economics at MIT; he formerly taught at Princeton and Harvard. He earned his PhD from Harvard University in 1988. He has authored a number of books in economics, and is a fellow of the National Academy of Sciences, the American Academy of Arts and Sciences and the Econometric Society2. Alongside Esther Duflo, he has conducted research using more experiments – making novel use of randomized controlled trials in economics – in areas such as health, education, and microcredit. Esther Duflo is something of a rarity in her field, being the youngest ever recipient of the Nobel Prize in Economics (she received her PhD from MIT in 1999), and the second female winner. Eschewing the grand theory model favored by her contemporaries, Duflo has carved out her own academic path, pursuing a rigorous analysis of - in her own words - "the pieces that comprise the whole". Her motivation: a long-held commitment to the alleviation of poverty. She is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at Massachusetts Institute of Technology at MIT. "Instead of relying on our intuition, or that of others, we set up large-scale, rigorous randomized controlled trials to understand what works, what does not work, and why. We are not alone: this movement has taken hold in economics" She's not wrong. Randomised Controlled Trials (RCTs), whose popularization the Nobel winners have helped to spearhead, have changed the face of development economics in two very different ways. The first is practical: they’ve simply become the new norm. As put by the Ro…
disambiguating description: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 has been awarded to three economists “for their experimental approach to alleviating global poverty”1: Esther Duflo, Abhijit Banerjee and Michael Kremer.
date posted: 2019-12-04T12:18:45Z
date modified: 2026-07-07T10:16:44Z
employment type: onsite
language: en
keywords: Economics
keywords: Economist
keywords: Nobel Prize
keywords: William Pearse
keywords: Esther Duflo
keywords: Sean McClung
keywords: Abhijit Banerjee
keywords: Michael Kremer
type: blog
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: healtheducationwelfareeconomics
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

The soft skills you need to succeed
type: Article
title: The soft skills you need to succeed
description: Download the INOMICS Handbook! Communication At the top of every list of essential soft skills seems to be communication. Effective communication doesn’t just mean being able to talk to another person as though they are a human being (although this is obviously useful on a day-to-day basis) – it also means being able to adapt your communication style to different people based on their seniority, age and relationship to you. It means having the ability to adapt your presentation skills, according to whether you’re talking to five people in a thesis workshop or five hundred at a conference. It means being able to write a pithy research proposal for your PhD thesis, slog out a decent essay introduction that remains concise and yet easy to understand, or compress your ideas into a couple of sentences to efficiently get across exactly what it is you do, want, or need. It also means shutting up and listening to someone else speak in order to learn and grow. This last part includes emotional intelligence, something very important for effective communication. If you can’t empathise with people, it’s impossible to communicate effectively with them. Communication skills will help you in every aspect of your life, from forming new relationships with people (this doesn’t necessarily mean friendship, but rather contacts; an essential part of networking is communication) to listening to what others have to say even when you disagree with their opinions. So how to improve these communication skills? A good way is to surround yourself with people you know are good at communicating – whether that means getting someone who can hold an audience to help you with your next presentation or sitting down with a colleague who seems to know absolutely everyone to help you improve your networking skills. You could also take a course in communication (yes, they exist), or throw yourself in at the deep end by forcing yourself to present and talk to people as often as is humanly possible. Teamwo…
disambiguating description: Everyone knows about the hard skills you need to be able to succeed in economics or in academia in general: excellent writing and proofreading skills, the ability to extract information from what are often dense scientific texts, and being able to evaluate and analyse data effectively, among other things. But they aren’t the only skills you need to have. There are, of course, the dreaded soft skills – a slippery term that can mean anything from being able to clearly communicate your ideas to another human being to more abstract concepts like emotional intelligence. But what are the most important soft skills to have, and how can you develop the ones that need some more work?
date posted: 2019-10-03T07:00:00Z
date modified: 2026-07-07T15:52:16Z
language: en
keywords: skills
keywords: soft skills
keywords: leadership
keywords: job
keywords: communication
type: advice
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management
discipline labels: General Economics (JEL A)

Game Theory
type: CreativeWork
title: Game Theory
description: In game theory the decision makers (i.e., individuals) are called players and each has a set of possible actions they can take. For example, in chess you have two players and each player has several possible actions or moves to choose from. In a simple decision problem, an individual chooses the best option between several alternatives. The main difference between this and a game is that in a game, the payoff that the player gains from making a decision depends on the opponent's reaction. When a chess player moves a figure, they will try to predict how their opponent will react, and how they can counter that reaction. This series of decisions will influence the game’s outcome and the player’s chances of winning. Of course, game theory isn’t only used to study real games like chess or Settlers of Catan. It’s also used to analyze any type of strategic interaction. For instance, in economics we use game theory to study how firms interact in a particular market. Let us, for example, consider two main competitors in the airline industry - Lufthansa and United. When Lufthansa decides how to price their plane tickets, what kind of conditions to offer to their customers, or how to design new flight routes, they will need to predict how their customers are going to react to these decisions. This of course depends on the reaction of United. If Lufthansa raises ticket prices, United may counter by offering a promotion or simply not lowering prices, and gain more market share from Lufthansa as consumers switch over. The market for passenger planes is not the only market in which a few or several firms compete. In oligopolistic markets, profit-maximizing firms take into account the strategies of other firms when they decide how to price a product, whether to launch a new marketing campaign, how much to invest in R&D, and so forth. Besides competition between firms, game theory can also be used to study many other questions. For example, how do recommendations from other consumer…
disambiguating description: In economics, game theory is an important field of study that focuses on the interaction of several decision makers that act strategically. A game refers to any type of situation in which the payoff or utility that an individual can gain by making a decision depends not only on their decision but also on the decision of others.
date posted: 2019-12-05T09:09:45Z
date modified: 2022-09-30T10:05:10Z
language: en
keywords: Game Theory
keywords: Mirjam Sarah Salish
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Consumer Theory
type: CreativeWork
title: Consumer Theory
description: In order to examine people’s utility-maximizing behavior, a few assumptions must be made. First, economists assume that people are rational and seek to maximize their personal utility functions. We also assume that their preferences are consistent and do not change over time. This means that people will behave in a sensible and predictable way. Next, economists often assume that there are diminishing marginal returns. In the consumer theory context, this means that people enjoy something less as they accumulate more of it, which is usually the case. The first pizza you buy will probably bring you a good amount of utility; the fifth, not quite so much. In the case where we’re discussing utility functions, we call this diminishing marginal utility. Fully analyzing utility functions requires the use of mathematical models. Some of the common, core assumptions in consumer theory when deriving equations are: Consumers have perfect information: This assumption states that consumers have complete information about their options, so they can always make the best choice possible for themselves given their budget. Thus people always know how good a new food will taste, how well a new device will work, and how much fun a vacation to a new country will be. Consumers are price-takers. That is, they do not try to negotiate or otherwise change the price or quantity parameters they face. Prices are linear. This means that the price for each unit of a good does not change as more of the good is purchased. No bulk discounts here. Goods are divisible. This simply means that it is possible to purchase a fraction of a good, i.e. 2.5 cars. This assumption mainly serves to simplify the mathematical work for economists. These assumptions can be modified slightly for different scenarios without changing the major takeaways of consumer theory. For instance, the perfect information assumption can be relaxed, and peoples’ maximization problems updated accordingly, but many of the key learnings…
disambiguating description: Also known as consumer choice, this term refers to the study of how and why people spend their money based on their preferences. This involves analyzing how they maximize the utility of their purchases while working within budget constraints.
date posted: 2019-12-05T09:05:10Z
date modified: 2022-10-11T09:42:00Z
employment type: onsite
language: en
keywords: derivatives
keywords: diminishing marginal returns
keywords: diminishing marginal utility
keywords: Lagrangian optimization
keywords: Consumer Theory
keywords: Sean McClung
keywords: Microeconomics
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Elasticity and Inelasticity
type: CreativeWork
title: Elasticity and Inelasticity
description: The formula for elasticity is straightforward. It can be found by dividing the percentage change in quantity demanded by the percentage change in price. However, this simple formula (known as the point elasticity formula) yields a different answer depending on which point is chosen as the first point. Sometimes, this is undesirable behavior. To correct for this, economists also use a formula for elasticity shown below. This is known as the midpoint formula (sometimes also called arc elasticity). This is a very similar formula to that for elasticity of substitution, cross elasticity of demand and income elasticity of demand. \begin{equation*} \text{Elasticity}= \frac{\frac{\mathit{Q}_{2}-\mathit{Q}_{1}}{(1/2)*(\mathit{Q}_{2}+\mathit{Q}_{1})}}{\frac{\mathit{P}_{2}-\mathit{P}_{1}}{(1/2)*(\mathit{P}_{2}+\mathit{P}_{1})}} = \frac{\text{%}\Delta\mathit{Q}}{\text{%}\Delta\mathit{P}} \end{equation*} Elasticity is a general term, but forms the basis of several important concepts in economics. For more information on these more specific concepts, please see the other terms that have been linked in this article.
disambiguating description: Elasticity refers to how much a business, a producer, or a consumer changes its amount of goods demanded or supplied as a result of price and income fluctuation. It provides answers to some useful questions, such as how much more or less a product will sell if the price changes. It’s defined for both quantity demanded (price elasticity of demand) and supplied (price elasticity of supply).
date posted: 2019-12-05T09:38:14Z
date modified: 2022-12-20T15:38:05Z
language: en
keywords: Sean McClung
keywords: Elasticity and Inelasticity
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Behavioral Economics
type: CreativeWork
title: Behavioral Economics
description: In classical economics, decision making is seen as black and white. People make optimal decisions that always provide them with the best available results in terms of satisfaction and benefit. Additionally, people are assumed to have perfect information. Behavioral economics, however, shows how this often isn’t the case, and that humans also make decisions that are contrary to their self-interest or which don’t maximize benefits. It then tries to explain why this is the case. Behavioral economics concepts are used extensively by businesses to induce behavior in customers. Product designs, special deals, sales, and advertising campaigns are all ways that businesses try to persuade customers to buy or use a certain product. Much research has gone into understanding what factors can convince people to buy something, or what might alter their decision. One example of this is the “decoy effect”. Often, a business will want to sell a certain item - let’s consider the example of a large soda. By including a “medium” size soda that is smaller than the large, but only at a slight price discount, more people will purchase the large soda since that seems like a better deal. There are many other examples of how behavioral economics concepts are used by companies, advertising campaigns, product design, and more to try and induce specific choices. Behavioral economics is closely related to psychology, and as such benefits greatly from collaboration with psychologists or other experts who understand human behavior. In fact, economics itself is built on models of human behavior as participants in markets (which are usually not entirely accurate, as we’ve described above). Psychology, meanwhile, has a long tradition of understanding human behavior not from mathematical models, but from real-world experiments. Bringing the two fields together and updating economic models with more realistic representations of human behavior is an ongoing process. But, it’s one that will continue to i…
disambiguating description: This subdiscipline of economics studies how decisions made by individuals and institutions are influenced by psychological, cognitive, emotional, cultural, and social factors. It is concerned with understanding how people actually make decisions, rather than assuming that the decision-making process is perfectly rational.
date posted: 2019-12-05T08:47:38Z
date modified: 2022-06-07T10:24:51Z
employment type: onsite
language: en
keywords: James Matthew Alston
keywords: psychology
keywords: Sean McClung
keywords: behavioral economics
keywords: Behavioural Economics
keywords: economic rationality
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences

Comparative Advantage
type: CreativeWork
title: Comparative Advantage
description: These concepts are often used in reference to international trade, and are perhaps best demonstrated in that context. Consider two nations - we’ll call them Atlantis and Narnia. Below, we will demonstrate that even with absolute advantages in both goods, Atlantis is better off if it cooperates with Narnia and trades - despite being able to make more of both goods than Narnia can. Suppose that there are only two goods, smartphones and bread. Also assume that each country has 10-hour work days. Atlantis, being a very advanced nation, can produce 15 smartphones per hour, or 150 smartphones per day (since we assume 10-hour work days). It can also make 10 loaves of bread per hour, or 100 loaves of bread per day. Meanwhile, Narnia is not as efficient; it can make 3 smartphones in an hour, or 30 per day, and it can produce 6 loaves of bread per hour, or 60 per day. Smartphones Bread (loaves) Atlantis 150 100 Narnia 30 60 It is clear from the table that Atlantis has an absolute advantage in both goods. That is, Atlantis can produce more than Narnia no matter which good it produces. Let’s consider a scenario where each country uses the 10 hours it has in a day to produce its own goods. How much can each country make on its own? We can use the table above to draw a Production Possibilities Frontier for both countries and answer this question: Figure 1: PPFs for Atlantis and Narnia Any point on this line for either country represents a product mix it can produce on its own. For example, if both countries decide to split their time equally between each good, then Atlantis can produce 50 loaves of bread and 75 smartphones; meanwhile Narnia can produce 30 loaves of bread and 15 smartphones. This gives a total of 80 loaves of bread and 90 smartphones produced in total with both countries in autarky. But, can we do better? If the countries can trade, can we improve overall economic welfare? To answer this question, let’s examine comparative advantage by looking at opportunity costs…
disambiguating description: Comparative advantage means that you can produce a good or service at a relatively lower opportunity cost than that of your competitors. Comparative advantage is different from absolute advantage, which means you can produce a given item more efficiently than someone else.
date posted: 2019-12-05T09:57:38Z
date modified: 2026-06-25T11:20:11Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Comparative Advantage
type: terms
disciplines: microeconomics
disciplines: internationaleconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: International Economics (JEL F)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Asset
type: CreativeWork
title: Asset
description: There are two types of assets, tangible and intangible, which are themselves made up of subclasses. Of the tangible variety, most commonly you’ll hear about current and fixed assets. Current assets refer to things that can be consumed, exhausted or sold. Examples of current assets are cash, stock, and marketable securities. Fixed assets meanwhile are trickier to convert into cash, like land, buildings, equipment and machinery. Fixed assets are used by businesses over a long period of time and they play a crucial role in a company's long-term operations. While they may not be as easily converted into cash as current assets, they hold significant value and contribute to the overall worth of a business. Examples of fixed business assets include real estate, manufacturing equipment, vehicles owned, office buildings, etc. These economic assets are not meant to be sold, but rather they generate revenue by helping the business perform its operations. In contrast to tangible assets, intangible assets don't have a physical form. They are more like ideas or concepts, making it difficult to determine their value accurately. This difficulty sometimes leads to disagreement between the value a company claims it has and its actual market value. Examples of intangible assets include patents, trademarks, goodwill, copyright, trade names, and other intellectual property. For instance, patents offer legal protection for inventions and innovations, giving exclusive rights to the inventor for a specific time period (to distribute and use the invention). However, trademarks are unique symbols, logos, or names that can distinguish a company's products or services from others in the market, and they are valuable assets that help create brand recognition and customer loyalty. Just like how certain logos and colors are known by almost everyone, like the specific dark blue associated with Yves Klein. Meanwhile, goodwill in economics refers to the positive associations that consumers have abou…
disambiguating description: An asset is ANY resource that produces positive economic value for its owner - its owner being its owner as a result of a past event, most likely a transaction.
date posted: 2019-12-04T10:33:29Z
date modified: 2023-06-19T14:21:04Z
employment type: onsite
language: en
keywords: William Pearse
keywords: Asset
type: terms
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
disciplines: businesseconomics
disciplines: finance
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Econometrics
type: CreativeWork
title: Econometrics
description: Econometrics is a relatively recent revolution. In the past, economists’ ability to test economic relationships was severely limited, since they had to work by hand. Large datasets make working by hand nearly impossible, even for the most simple statistics concepts. Thankfully, the advancement of technology has allowed today’s economists to work with large datasets, complicated models, and cutting-edge statistics using software tools such as R, Python, and Stata, to name but a few. But not every econometrician uses a dataset at all times. Theoretical econometrics is closely related to statistical theory, and studies estimators and other theoretical relationships. This is an important process that helps improve the efficiency of later economic research by discovering better statistical methods to use. Clearly then, this process of searching for better methods uses math and statistics techniques intensively. Key to this theoretical process is the search for unbiased, efficient and consistent estimators. These qualities are desirable in statistics because they usually make an estimator suitable for inference, and so let us “prove” economic relationships via known math and statistics results. <11an>limit:2;categories:Courses|Programs;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)</11an> The applied branch of econometrics, meanwhile, uses data to describe and predict economic phenomena. An example: a bank might rely on a model using customer characteristics to predict how many customers will default on their debt. Such models are used widely in the credit industry. To illustrate further, an econometrician can build this model using explanatory variables like age, debt to income ratio, credit rating, and employment status in a regression. Once the model is estimated, they can use statistical tests to learn about the relationships among these variables. For example, economic theory tells us that we expect rates of default to decrease if someone has a…
disambiguating description: Pioneered by Ragnar Frisch, Jan Tinbergen, Lawrence Klein and Simon Kuznets, econometrics is the application of statistical models to economic data. Its aim is the quantitative analysis of economic phenomena, either theoretically or with real data. This gives empirical rigor to economics, and can possibly “prove” economic relationships or discover new ones.
date posted: 2019-12-04T10:25:21Z
date modified: 2024-01-10T16:32:49Z
employment type: onsite
language: en
keywords: William Pearse
keywords: Econometrics
type: terms
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: datascience
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Data Science
discipline labels: Statistics

Capital
type: CreativeWork
title: Capital
description: Types of capital Financial capital Capital is most commonly thought of as money, specifically money used to buy other goods which are then sold for a profit. An example of this would be the money that a business uses to buy its products, such as a retail business buying its clothes. More generally, financial capital can be thought of as assets a company needs to provide its products for sale. Capital goods These are things which are used to make goods or services, and as such can be a variety of goods. For example, tools would be a capital good to a handyman; oil rigs would be a capital good for an oil company; wind turbines would be a capital good for an energy company. Capital in this sense is considered one of the major “factors of production” (alongside labor) and is a foundational part of many economic models. Natural capital/ecological capital Didn’t think the world had capital? Think again. Natural capital is natural resources, such as air, water, and organisms. This type of capital is arguably the most important, as it includes things like clean drinking water and fertile soil which the world gives us and makes civilization - and life in general - possible. The future of natural capital is dependent on a healthy ecosystem, making the fight against climate change and environmental destruction all the more crucial. Social capital Something a little more abstract, social capital includes intangible things like the relationships between people (i.e. networking), as well as cultural heritage and identity. However, it also refers to more tangible things, such as shared public spaces. Human capital Human capital is perhaps the most self-explanatory of these terms. You have human capital, and so does this writer, because our knowledge enables us to perform labor and therefore helps the economy grow. Instructional capital A controversial definition as it is sometimes thought of as an extension of human capital, this could include the learning materials which make edu…
disambiguating description: The term capital is used differently in different economic contexts. The common theme is that capital usually refers to some productive asset or capability that can be used to contribute to the economy. Below, we will detail some of these different meanings.
date posted: 2019-12-04T10:37:24Z
date modified: 2022-08-17T09:09:11Z
employment type: onsite
language: en
keywords: James Matthew Alston
keywords: Capital
type: terms
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
disciplines: finance
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Top 10 Journals of Finance
type: Article
title: Top 10 Journals of Finance
description: Browse our job listings for economics opportunities 1. Journal of Finance Published by Wiley. The official publication of The American Finance Association, which publishes English-language research in all areas of finance. It is one of the most highly cited and broadly read journals in the field. It reaches over 8,000 academics, professionals, libraries and institutions around the world, and is published six times a year. 2. The Review of Financial Studies Published by Oxford Academic. Covering both theoretical and empirical work in finance, the Review publishes high-quality papers which are immediately relevant to the field of finance. It interprets finance as including 'the interface between finance and economics.' It is published once a month. 3. Journal of Financial Economics Published by Elsevier. A top-tier journal which accepts empirical and analytical papers, particularly in the areas of capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations. It focuses on 'research in the area of... the theory of the firm', and is published monthly. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Financial Economics (JEL G)</11an> 4. Journal of Accounting and Economics Published by Elsevier. A journal which focuses on the interface between economic theory and the practice of accounting, particularly in how economic analyses can be applied to accounting problems. It covers the role of accounting within firms, the information content and role of accounting numbers in capital markets, the role of accounting in financial contracts and monitoring agency relationships, determining accounting standards, theories of accounting firms, and government regulation of corporate disclosure and the accounting profession. It is published bimonthly. 5. Journal of Financial and Quantitative Analysis Published by Cambridge. Covering theoretical and empirical research, particularly regarding the topics of corp…
disambiguating description: It's important to keep your finger on the pulse of the latest updates in your field. Otherwise your knowledge could be out of date and your research won't be be topically informed. The finance journals listed here are some of the best in the English-speaking world, offering the latest insights into finance, economics, accounting and business. If you're studying or working in the field of finance, here's our list of the top finance journals you should be reading.
date posted: 2017-06-27T15:45:20Z
date modified: 2026-07-07T10:18:07Z
employment type: onsite
language: en
keywords: James Matthew Alston
keywords: Finance
keywords: accounting
keywords: journals
keywords: finance journals
type: blog
disciplines: economics
disciplines: law
disciplines: financialeconomics
disciplines: socialscience
disciplines: business
disciplines: finance
discipline labels: Economics
discipline labels: Law
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Finance

The Economist's Decline
type: Article
title: The Economist's Decline
description: Economists, so the story goes, had successfully grasped the essence of human behaviour: rational, and, therefore, highly predictable. With this discovery, an age-old question whose answer for millennia had eluded humanity was finally laid to rest. Where philosophers, psychologists, and sociologists had failed, economists had struck gold. They had cracked it. As a result, imperfect theories - as economic theories inherently are - started to be treated as laws of nature, like facts, and confidence among economists erred towards hubris. A sense of exclusivity pervaded the field, an unspoken agreement that outsiders were unwelcome, and their contributions unneeded. Economists preferred to work in isolation, adding to what they saw as a body of incrementally growing objective knowledge. When called upon, politicians typically assimilated their prescriptions - who were they to contest it? - and a docile public simply stood by, watching on in ignorant bliss. How could it be any other way? To the untrained, the language of economists is enough to render any growth-guaranteeing model incomprehensible. Indeed, the extent that their work is misunderstood is shocking - Brits were famously unable to distinguish debt from deficit despite enduring waves of austerity justified, in part, by both. Thus, for much of their legitimacy economists have relied upon blind faith, an investment the masses have, for a long time, been more than happy to make. It’s basically a science after all! <11an>limit:2;categories:workshops;disciplines:Economics</11an> A discipline in crisis In the last 10 years, however, things have changed, and in this era defined by populist, anti-establishment politics, economists’ time in the sun looks to be drawing to a close - for the time being at least. Reliance on their theories is withering, and general trust in their practice has waned. Politicians, clearly, have distanced themselves from economic aides. Gone are the days when leaders swore allegiance to econom…
disambiguating description: The reputation gained by economists has been a remarkable feat of PR; a branding job like no other. Quite how it developed remains a mystery, some inexplicable sleight-of-hand. Its consequence, however, is far easier to discern: in the minds of many, economics came to be thought of as a science. Removed from its rough prediction roots, it became a discipline of watertight theory, with a methodology capable of unearthing indisputable truths.
date posted: 2019-07-23T07:50:14Z
date modified: 2026-07-07T10:19:11Z
employment type: onsite
language: en
keywords: economics
keywords: crisis
keywords: William Pearse
keywords: reputation
keywords: economists
type: blog
disciplines: economichistory
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

The Challenges of Microfinance
type: Article
title: The Challenges of Microfinance
description: Check out our economics job listings Rebranded as microcredit and more recently, financial inclusion, it has come to dominate the social investment sector, acquiring something of a cult following in the process. Described as transformative, and touted a panacea by its loyalists, the craze has persisted despite growing academic evidence questioning its efficacy. In some ways, such loyalty is unsurprising. There is little shortage of inspiring anecdotes of hardworking individuals pulling themselves up by their bootstraps having put their meagre micro-loan to exceptionally good use. These stories are uplifting and it’s tempting - and all too easy - to conclude that they’re typical of recipients of microfinance. And yet, when the data has been assessed - of which, it should also be said, there is not a huge amount - the results have been inconclusive, at best. Empirically speaking, a resounding endorsement of microfinance is impossible; the research simply isn’t there. ‘On current evidence, the best estimate of the average impact of microcredit on the poverty of clients is zero’ declared development economist David Roodman. The UK’s Department for International Development (DFID) has expressed similar reservations. Commenting on a systemic literature review into microfinance it concluded that ‘no clear evidence yet exists that microfinance programmes have positive impacts’, also stating that the zealous support it receives is based on ‘foundations of sand’. It’s certainly curious that although formal, government-backed microfinance initiatives are now widely available across much of the developing world, a huge number of loan sharks and predatory lenders still operate in parallel. Surely if microfinance is failing to compete with informal lenders, it’s not functioning as intended? Here the problems it's encountered are explored in an attempt to better grasp why a seemingly so-well-intentioned endeavour has reportedly been so badly misfiring. The issues There are a numbe…
disambiguating description: Since its inception in the 1970s, microfinance has become the darling of development organisations the world over - the idea with the potential to save the planet’s poor. Pioneered by Bangladeshi social entrepreneur and Nobel Peace Prize Winner Muhammad Yunus, it provides the financially marginalized with banking services that, given their impoverishment, would otherwise be out of reach. Such provision, its proponents claim, empowers the poor to take control of their own lives and plot their own path out of poverty - an antidote that is humane, retains the dignity of it recipients, and is lucrative. Aside from bank accounts and insurance, it is mostly implemented in the form of microloans.
date posted: 2019-05-03T07:58:09Z
date modified: 2026-07-07T10:20:03Z
employment type: onsite
language: en
keywords: microfinance
keywords: William Pearse
keywords: loans
keywords: microcredit
keywords: Muhammad Yunus
keywords: Microloans
type: blog
disciplines: microeconomics
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: financialeconomics
disciplines: management
disciplines: economicdevelopmentgrowth
discipline labels: Microeconomics (JEL D)
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: Business
discipline labels: Financial Economics (JEL G)
discipline labels: Management
discipline labels: Economic Development, Innovation and Growth (JEL O)

Top jobs in international economics
type: Article
title: Top jobs in international economics
description: Browse our job listings in international economics 1. Work as an analyst One of the most popular career paths for economists generally, and for international economists specifically, is working as an analyst. This is a broad term which refers to anyone who performs work in which data is analysed in order to find particular patterns or to determine the best course of action. There are many types of analyst role which an international economist could take on – from financial analysts, who analyse businesses' equity and securities, to research analysts, who dig through data which is collected as part of a research project, to policy analysts, who work on investigating the effects of public policies to see whether they are effective. You could find a job as an analyst at a private think tank such as the Peter G. Peterson Institute for International Economics, in a business such as Reis, a commercial real estate analytics company or for the federal or local government. 2. Work in the finance industry Another big employer of economists is the finance industry. Having a knowledge of international affairs and international money systems is highly useful in an increasingly international finance market. You might find work with a bank or an insurance company, working in a role such as financial analyst, financial management, or investment banker. Work in the finance industry tends to be very well compensated but is also high-pressure and with long working hours expected. If you love to throw yourself fully into projects and don't mind putting your social life on the back burner for a time, then you could find work in the finance industry to be very rewarding. However, if you're looking for a job with good work-life balance or a strong social outlook, this may not be the industry for you. <11an>limit:2;categories:jobs|conferences;disciplines:International Economics (JEL F)</11an> 3. Work for a global organisation A way to put your specialist knowledge of international economic…
disambiguating description: If you're an economist and you're thinking about working in the field of international economics, you might be wondering what kind of career options are open to you. Here are a few suggestions for jobs which you could do.
date posted: 2018-05-11T11:44:06Z
date modified: 2026-07-07T15:53:43Z
employment type: onsite
language: en
keywords: careers
keywords: economics
keywords: international economics
keywords: career path
keywords: top careers
keywords: global organisations
type: advice
disciplines: marketing
disciplines: internationaleconomics
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
discipline labels: Marketing
discipline labels: International Economics (JEL F)
discipline labels: Economics
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management