ItemList
number of items: 20
total items: 249
item list element: No Deal Brexit and the Threat to UK Universities
item list element: The Economics of Match Betting
item list element: Can Economics Ever Be Ethical?
item list element: How Economics Changed the World
item list element: Marxian v Neoclassical Economics
item list element: Top 10 Business Journals
item list element: Economics Blogging Tips From Leigh Caldwell
item list element: The Economics of Climate Change
item list element: Nobel Prize in Economics 2018 - The Winners
item list element: Economics Blogging Tips From Miles Kimball
item list element: Gender Pay Gap Prevails in Economics
item list element: Economics Blogging Tips From John H. Cochrane
item list element: 9 Things All Economists Hate
item list element: With Britain's Brexit Negotiations in Flux, Let's Talk About No Deal
item list element: Is The World Cup Really Worth Hosting?
item list element: Experts Talk: An Interview with Dr. Mark Thoma
item list element: The Economics of Christmas Songs: When to start playing Jingle Bell Rock?
item list element: 2017 Nobel Prize in Economics awarded to Richard Thaler
item list element: Getting Started with Stata
item list element: Standardizing the Data of Different Scales - Which Method to Use?
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No Deal Brexit and the Threat to UK Universities
type: Article
title: No Deal Brexit and the Threat to UK Universities
description: The threat to universities Last week it was the turn of the universities to express their horror at a possibility of a ‘no deal’. An open letter from five higher education groups, including the Russell Group and University Alliance, described its consequences, unequivocally, as the ‘biggest threat’ UK universities have ever faced. As of January 2019, the bodies collectively represented 50,000 EU staff and 130,000 EU students in the UK, along with 15,000 UK students studying on the continent - all, they stressed, now face a future fraught with uncertainty. For some institutions, the threat posed is an existential one. With the number of EU students predicted to fall as much as 60%, and a potential loss of an estimated €1.3bn of European Research Funding, certain universities could be forced to seek government bailouts to stay open. In such a scenario, the government's response remains uncertain, the current signs, though, look far from positive. Just two months ago, the Office for Students (OfS) declared that universities that were not financially sustainable would not be bailed out. Evidently, the mantra ‘too big to fail’, a favourite of the banks, doesn’t seem to apply to educational institutions. Failing finances These predictions, too, come at a time when British universities are already feeling the pinch. Earlier this year regulators warned that many stood on ‘the brink of a credit crunch’, having embarked on ill-advised borrowing sprees designed to boost student intake. The sector’s debt is reported to have risen to £10.8 billion, more than three times what it was prior to the financial crash. And now the fear is that ‘no deal Brexit’ will be like dousing an already dangerous looking fire with a can of petrol, while simultaneously knowing that the fire service is on strike. To make matters even worse, university closure, if it does happen, is likely to be regionally uneven and will help exacerbate existing inequality. As Vice Chancellor of Buckingham University…
disambiguating description: With every passing day - and they seem to be whizzing by now – the likelihood of the UK leaving the EU without a deal, known as a ‘no deal Brexit’, is increasing. For the large majority, the prospect of this is nightmarish. In the event, it is widely understood that there would be a number of inevitabilities: the economy would slump, possibly crash; many businesses would flee, and with them whatever tax receipts they hadn’t yet evaded; and the Tory hard right would sit back and revel. That only a handful of MPs and a slither of the broader population actually desire this, testifies to the failure of parliament, and more so, the failure of government in dealing with the negotiations. For two years, it has concerned itself with little else, shelving manifesto pledges to deliver the country here, to the now. And the situation, to put it lightly, is a shambles.
date posted: 2019-02-02T13:14:26Z
date modified: 2026-07-07T11:04:42Z
employment type: onsite
language: en
keywords: no deal
keywords: uk universities
keywords: European Union
keywords: William Pearse
keywords: E.U
keywords: brexit
type: blog
disciplines: economichistory
disciplines: politics
disciplines: marketing
disciplines: internationaleconomics
disciplines: economics
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: generaleconomics
disciplines: urbanruraltransportationeconomics
discipline labels: Economic History (JEL N)
discipline labels: Politics
discipline labels: Marketing
discipline labels: International Economics (JEL F)
discipline labels: Economics
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management
discipline labels: General Economics (JEL A)
discipline labels: Urban, Rural and Transportation Economics (JEL R)

The Economics of Match Betting
type: Article
title: The Economics of Match Betting
description: Looking for a graduate program to continue your studies? Check out our program listings. Odds and the efficient market hypothesis If you go to make a bet on a particular sporting outcome, the bookmaker will offer you odds: that is, their figure for how much they will pay out if you win the bet, based on their estimation of the probability of you winning. For an event that is highly likely, you will get odds that pay out very little, but for an unexpected turn of events, you would be paid more. Setting these odds is one of the most important jobs of a bookmaker, as the odds that they offer must be realistic enough to draw in betters but not too generous that the bookmaker risks losing money. The economics comes in when we consider the efficient market hypothesis, which states that markets will natural organise themselves into the most efficient form, so that the price of any goods or services are inherently linked to the worth of those goods or services. This assumption is pervasive throughout economics theory, and if it held for sports betting then we would expect that the odds offered by a bookmaker represented the exact odds of that event occurring. However, this is clearly not the case as if it was, neither bookmakers nor gamblers would ever make a long-term profit. Instead, both bookmakers and betters are driven by psychological forces, such as peer pressure – feeling that you ought to make a bet because everyone else is doing so – and the sunk cost fallacy – when you know your faith in a certain team is misplaced but you keep betting on them anyway because you don't want to confront the fact you were wrong about their skills. These are examples of a recent approach to economics, behavioural economics, which has been championed by Richard Thaler and others and which seeks to bring together insights from both economics and psychology. The costs and benefits of gambling Another feature of gambling noted by both economists and psychologists is the individual differ…
disambiguating description: One area of life that is greatly influenced by economics but you might not think of as a typical economics topic is sports and match betting. Gambling on sporting events is a huge international multimillion dollar industry covering gambling from traditional betting events like dog or horse races to modern betting outfits that let you place bets on everything from how many goals will be scored in a given match to which players will be picked for a draft. As betting on sports events is essentially an exercise in modelling and probability, we can use the lens of economics to understand more about how match betting works.
date posted: 2019-01-28T09:30:38Z
date modified: 2026-07-07T11:05:29Z
employment type: onsite
language: en
keywords: economics
keywords: Gambling
keywords: Georgina Torbet
keywords: betting
keywords: sport
keywords: match-fixing
type: blog
disciplines: othereconomics
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences

Can Economics Ever Be Ethical?
type: Article
title: Can Economics Ever Be Ethical?
description: Looking for a job in economics? Check out our job listings. On first view, economics and ethics appear incompatible Economics is based primarily on the view of people as rational actors, who will make predictable decisions to optimise their own well being. Rational choice theory states that an agent can be said to be acting rationally if they have rational preferences and they choose the option which is preferential to them compared to the alternatives. Under this understanding, the key factor that economics attempts to optimise is preference satisfaction. Inherent in this approach is the assumption that human well being is served best by allowing people to choose whatever will satisfy their individual preferences best. However, there are clearly limitations to this view. Someone might have preferences which are detrimental to their well being, such as a belief that a pseudoscientific treatment will improve their health and a preference towards that treatment over conventional medicine when they fall ill. A totally free market for healthcare with no restrictions on misleading advertising and no requirement to base treatments on evidence might satisfy individual preferences, but it would be hard to argue that it would benefit human well being when it would cause more people to become sick and die. On the other hand, economists might argue that preference satisfaction is valuable not because it promotes human well being, but because it is a method for optimising the efficient sharing of resources. Under this view, ethics is not within the realm of economics, as the two are totally different frameworks for approaching the world. Market forces require companies to consider ethical values The problem of differentiating economics from ethics in this way is that ethical concerns do have a marked impact on economical issues. It may be most efficient, for example, for a business to employ children. Children cost less in wages than adults and they can perform tasks such as sq…
disambiguating description: Can economics ever be ethical? This might sound like a strange question to an economist who focuses on collecting data, analysing it, and using that data to make predictions. What ethical considerations could be raised here? What do abstract theories of ethics have to do with cold, hard economic facts? Today we'll look at some of the ways that economics interacts with the topic of ethics.
date posted: 2019-01-15T16:30:00Z
date modified: 2026-07-07T11:06:15Z
employment type: onsite
language: en
keywords: economics
keywords: Georgina Torbet
keywords: ethics
keywords: ethical
type: blog
disciplines: economics
disciplines: socialscience
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Thought & Methodology (JEL B)

How Economics Changed the World
type: Article
title: How Economics Changed the World
description: An early step: the introduction of coinage In order to have a concept of economics, first, there must be a concept of money as an object in and of itself, with money existing independently of trading through barter. During the 6th century BC, precious metals were used in bars or bullion for trade, measured by weight. Most scholars agree that the Lyndians, a people from an area called Anatolia which is now Turkey, were the earliest to use coins. They first minted coins around 600 BC, although these early coins were of such high value that they would be used for saving and to pay for rare large expenditures rather than everyday expenses. As trade between peoples promoted the concept of the coin, it was adopted by the ancient Greeks and Romans, and from there the idea spread throughout Europe and beyond. The coin was easily transportable and became one of the earliest pieces of shared understanding between different cultures, allowing trade between unknown parties on a scale which had been impossible before. The beginning of modern economics: trade between nations The widespread adoption of coinage facilitated trade at an unprecedented level during the ancient Greek and Roman eras. Large-scale trade between nations arguably began with the empire of Alexander the Great in 300 BC, who ruled Macedonia and expanded his reach through Asia and Africa to create one of the largest empires in this period of history. This empire created a shared economic and cultural understanding between nations that were hundreds of miles away from each other. Following this period, the Greeks remained in Central Asia from 250 BC to 10CE, opening up a trade route between the East and West known as the Silk Road. Along this established route, people could trade goods more easily and smoothly than ever before, which allowed them access to new resources and ideas. The route was named for the precious silks that were exported from China to the Roman Empire in addition to jade, bird feathers, spice…
disambiguating description: Although it is generally thought of mainly as a theoretical academic subject, economics has been a driving force in society for thousands of years. The exchange of money and the way that financial systems interact has lead to some of the most profound changes to the everyday lives of human beings across the planet. To illustrate how the practice of economics has changed the world, today we'll look at the role of economics in Western history from the 6th century BC era up to the present day.
date posted: 2018-12-18T11:53:15Z
date modified: 2026-07-07T11:07:08Z
employment type: onsite
language: en
keywords: economics
keywords: silk road
keywords: trade
keywords: environmentalism
keywords: change
keywords: Georgina Torbet
type: blog
disciplines: economichistory
disciplines: marketing
disciplines: economics
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: management
discipline labels: Economic History (JEL N)
discipline labels: Marketing
discipline labels: Economics
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management

Marxian v Neoclassical Economics
type: Article
title: Marxian v Neoclassical Economics
description: Browse all of our Bachelor's Programs here History of the theories Marxian economics is, as the name suggests, a school of thought based on the work of Karl Marx. During the 1800s Marx wrote extensively in the area of political philosophy looking at labour and the economy, and particularly focused on the power dynamics between workers and the ruling class. This work was a reaction against the classical view of economics developed by theorists such as Adam Smith, an early pro-free market theorist who believed the invisible hand of the market would benefit society. The Marxian approach to economics rejects this framework and instead considers the construction of value within a capitalist society. Marx was especially concerned with the rights of workers, who create value through their labour but do not gain the full rewards from this value. Instead, labour is exploited by members of the ruling class for their own interest. Unlike Smith, who believed in a laissez-faire approach to economics and argued that the market would eventually correct any unjust imbalances, Marx argued that capitalist society is specifically structured in order to extract value from the working class by means of labour for the benefit of the ruling class, and that this exploitation is not a bug that will eventually be worked out but an essential feature of capitalism. By contrast, neoclassical economics emphasises individual rationality and the maximisation of profit and is one of the primary models of economics used by those in the field today. The approach was developed throughout the 1800s but was not named until 1900, when Thorstein Veblen wrote an article discussing various schools of economics. The essential principle of neoclassical economics is that every individual will attempt to maximise their personal satisfaction through the means that are available to them – in a capitalist society, that will be primarily through the gaining and spending of money – and that individuals will make inf…
disambiguating description: Economics is a broad and always developing subject, and there have been many schools of economic thought over the years. Today we'll be looking at two prominent schools that are relevant for modern economists, Marxian and neoclassical economics, to see how they differ and why they both continue to be of interest despite their many differences.
date posted: 2018-12-07T09:23:05Z
date modified: 2026-07-07T11:08:06Z
employment type: onsite
language: en
keywords: neoclassical economics
keywords: Georgina Torbet
keywords: adam smith
keywords: Karl Marx
keywords: Marxian economics
type: blog
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: economicsystems
disciplines: economicthoughtmethodology
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Systems (JEL P)
discipline labels: Economic Thought & Methodology (JEL B)

Top 10 Business Journals
type: Article
title: Top 10 Business Journals
description: 1. Academy of Management Journal Published by Academy of Management. For the publication of empirical work in the field of management, with particular focus on findings which contribute directly to the practice of management. AMJ includes empirical methods including qualitative, field, laboratory, quantitative, meta-analytic and mixed-method. The journal is published six times a year in February, April, June, August, October, and December. 2. Academy of Management Review Published by Academy of Management. For the publication of theoretical insights and developments, covering the conceptual aspects of management practice and with a particular focus on challenging the conventional wisdom of the field. All its articles 'extend theory in ways that develop testable knowledge-based claims' and are generally grounded are economics, psychology, sociology, or social psychology. AMR is published quarterly in January, April, July, and October. 3. Journal of International Business Studies Published by Springer. An interdisciplinary journal which covers the strategies of multinational enterprises and their interactions with other organisations and institutions. The journal is the official publication of the Academy of International Business and 'provides accessible, thought-provoking content for the general academic business community'. The Journal of International Business Studies is published nine times per year. 4. Journal of Management Published by Sage. Accepting both empirical and theoretical research articles, this journal covers all topics in the field of management, including business strategy and policy, organisational behaviour, human resource management, and organisational theory. It aims to publish pieces that have a high impact on the field of management in general, and is itself published eight times a year. Two Review Issues are also published in January and July which include the most widely read and cited articles. 5. Journal of Business Ethics Published by Sp…
disambiguating description: If you're in the field of business, whether you're a student, a researcher, or an entrepreneur, then you'll know how important it is to keep up to date with all the latest developments. To help you with this, we've compiled a list of the top academic journals in business, so you can know where to look for all the latest cutting-edge research.
date posted: 2018-11-15T14:12:22Z
date modified: 2026-07-07T11:08:51Z
employment type: onsite
language: en
keywords: James Matthew Alston
keywords: journal
keywords: journals
keywords: Business
type: blog
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: businesseconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management
discipline labels: Business Economics (JEL M)

Economics Blogging Tips From Leigh Caldwell
type: Article
title: Economics Blogging Tips From Leigh Caldwell
description: For other articles on economics, studying and finding jobs... ➲ Download the 2019 Handbook now! Introducing the esteemed Mr Leigh Caldwell…. If forced to pick, which blog article would you say you are most proud of? And, in addition to that, which has created the most ‘buzz’, not necessarily just in terms of reads, but in the conversations it started? I think my personal favourites [from the blog Knowing and Making] are the series of posts in which I lay out my core ideas about cognitive economics. Cognitive economics studies how individuals make economic decisions based on what’s going on in their heads - primarily through an individual’s imagination, empathy and beliefs. Looking at my series posts, such as, ‘Introducing System 3: How we use our imagination to make choices’,’ Neuroscience, psychology and economics: the evidence for System 3 (long)’ and 'Lassie died one night', would give a reader a great insight into cognitive economics. The blog that got the most attention, however, was probably this one, 'Behavioural economics: the Kylie Minogue of market research' - I think people in the market research industry found it amusing. Finally, I would like to hope that 'The gender pay gap on Euristica: an imaginary island' (accompanied by a video of my TEDx talk) has also had a positive impact. This one is for the economic-blog enthusiasts out there. Which fellow (rival?!) bloggers are you currently reading? And whose blogs would you recommend as essential for our readers to follow? I don't see them as rivals at all! My current favourites are Steve Randy Waldman's blog, Interfluidity: he doesn't post too often but when he does, his articles get straight to the heart of complicated, deep topics. Miles Kimball's blog, Confessions of a Supply-Side Liberal is also commendable, often containing insights into cognitive economics - my core focus. If you are looking for funny and penetrative, check out Chris Dillow's blog, Stumbling and Mumbling. His blog is aligned mostly t…
disambiguating description: Responding to the success of our blogging article in our 2019 INOMICS Handbook – for those of you unacquainted, click here – the economists are back, answering more blog-oriented questions. This time around, we’ve taken a bit of a personal turn, quizzing our participants about their blogging successes; the concepts behind their writings; and their preferred reads. For those setting out on their economic journey, the following makes for essential reading
date posted: 2018-11-13T08:57:45Z
date modified: 2026-06-22T10:23:52Z
employment type: onsite
language: en
keywords: economics
keywords: economist
keywords: blogging
keywords: William Pearse
keywords: blogger
keywords: Leigh Caldwell
type: blog
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

The Economics of Climate Change
type: Article
title: The Economics of Climate Change
description: Compiled by over 80 of the world’s leading climate scientists - in an amazing feat of international cooperation - the report lays out the devastating consequences of allowing global warming to reach 2C above pre-industrial levels – the world’s survival, in any recognisable state, resting on a few fractions of a degree. In particular, the study emphasises the importance of keeping global temperatures below 1.5C, rather than 2C, listing the many frightening scenarios this would help stave off. Of the most dangerous, it's expected to: halve the number exposed to water scarcity; help prevent sea level rise that would otherwise obliterate low-coastal regions; and significantly reduce the risk of extreme weather events. Time, the report reinforces throughout, is now scarce, and terrifyingly, the point of no return is drawing close. To limit warming to just 1.5C, the transformation of economies, worldwide, must begin now. How do we get there? Regrettably, moral arguments – ‘we must preserve the world for future generations, etc.’ - have often failed to engage the masses; even when some of the world’s most precious places are imperilled. This general inertia has various sources, from the almost incomprehensible scale of the impending crisis, and its amorphous nature, to, from a business perspective, the perceived costliness of taking action. Often, unless one is on the absolute front line of climate deterioration, the typical response is a simple shrug of the shoulders, followed by a murmuring about enjoying the warmer weather. To be clear, this is not to say that moral arguments should be abandoned, they shouldn’t. Indeed, they should constantly be reinforced, repeated, and reiterated. It is rather that additional, equally strident means of persuasion also be adopted. Increasingly, given the rapid technological advancement in renewables, the economic argument is now looking a particularly sound one. The economic argument As put by Adnan Amin, the Director General of the In…
disambiguating description: Climate change is back on the front pages of the world’s press – belatedly. Its return is thanks to the landmark IPCC report, published in October 2018, which has served as a brutal reminder of the dystopian future that awaits humankind if radical policy change is not enacted immediately.
date posted: 2018-10-30T13:40:09Z
date modified: 2026-06-22T10:22:07Z
employment type: onsite
language: en
keywords: environment
keywords: economics
keywords: global warming
keywords: William Pearse
keywords: carbon tax
keywords: climate change
type: blog
disciplines: politics
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: healtheducationwelfareeconomics
disciplines: agriculturalenvironmentaleconomics
discipline labels: Politics
discipline labels: International Economics (JEL F)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: Agricultural and Environmental Economics (JEL Q)

Nobel Prize in Economics 2018 - The Winners
type: Article
title: Nobel Prize in Economics 2018 - The Winners
description: All this talk of awards got you feeling inspired? Well, check out all the latest academic opportunities in the field of economics here! William Nordhaus Outside of a commitment to long-term macroeconomic analysis, the pair’s research is actually very different. Yale economist Nordhaus is commonly seen as a pioneer in environmental economics. Since the first murmurings of climate change in the 1970s, he has warned governments of the dangers of global warming and explained how their economic models are contributing factors. As a prolific researcher, he has produced multiple models designed to alleviate these damaging effects, the best known of which - his Dynamic Integrated Climate-Economy (DICE) model - was adopted by the US Environmental Protection Agency, and has been used to measure the impact of climate policy interventions. In more recent years, he has become a public and very vocal advocate for a universally imposed carbon tax as the best means of tackling greenhouse gas emissions. Paul Romer Romer’s research has promoted the so-called ‘endogenous growth theory’, which posits that countries can ensure economic growth through a focus on supply-side measures, i.e. investments in human capital, innovation, and knowledge. Further, he has argued that technological change can be induced by appropriate state intervention, specifically, in the form of R&D tax credits and patent regulation. Politically minded Brits may remember Gordon Brown being roundly mocked following a speech, co-written with Ed Balls, in which he mentioned ‘post neo-classical endogenous growth theory’. In words now immortal, Michael Heseltine disparagingly responded to it by saying: ‘it wasn’t Brown’s, it was Balls’. Oh Michael, how times have changed. Looking forward In accepting the award, both economists looked beyond the precariousness of the current moment and remained optimistic about the future. Acknowledging the Trump administration's climate change scepticism, Nordhaus did concede that the…
disambiguating description: The announcement of the Nobel Prize in Economics 2018 could not have been timed better. It took place just 24 hours after the release of the Intergovernmental Panel on Climate Change’s (IPCC) stark warning that only 12 years now remain for global warming to be kept to a minimum of 1.5C, beyond which catastrophe looms. Rather appropriately, considering the admonishment, the gong was jointly awarded to Americans William Nordhaus and Paul Romer for their research into, as put by Swedish Academy, two of the most ‘basic and pressing’ economic issues of our time: ‘long-term sustainable growth and the welfare of the world’s population’.
date posted: 2018-10-09T09:51:13Z
date modified: 2026-06-22T10:18:39Z
employment type: onsite
language: en
keywords: Nobel prize
keywords: economics
keywords: William Pearse
keywords: nobel prize winners
keywords: economists
type: blog
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Economic Thought & Methodology (JEL B)

Economics Blogging Tips From Miles Kimball
type: Article
title: Economics Blogging Tips From Miles Kimball
description: Other articles on economics, studying and finding jobs... ➲ Download the 2019 Handbook now! Introducing the esteemed Mr Miles Kimball…. If forced to pick, which blog article would you say you are most proud of? And, in addition to that, which has created the most ‘buzz’, not necessarily just in terms of reads, but in the conversations it started? If I consider what I have written on Quartz as an extension of my blog then the first piece I wrote on negative interest rate policy, "How Subordinating Paper Currency to Electronic Money Can End Recessions and End Inflation", is up there. The piece represents a whole area of research and activism that I am very proud of. You can see how much intellectual effort this led to in all the links on my bibliographic post, "How and Why to Eliminate the Zero Lower Bound: A Reader’s Guide". The argument made here is that if we make vigorous use of negative interest rates, we never have to have a repeat of the Great Recession, and we can avoid secular stagnation. By far the most buzz I have ever had for anything is from the piece I wrote with Noah Smith about math education: "There's One Key Difference Between Kids Who Excel at Math and Those Who Don't". Our message there is "You too can do math." In our society we expect almost everyone to be able to learn to read. We should have a similar can-do attitude toward learning math. Of things that have never appeared on Quartz, let me point to "On the Great Recession" as a blog post I am proud of. More recently, the blogging I have done on obesity has gotten a lot of buzz and engendered a lot of discussion. Going simply on page view data alone, the most popular post on my blog is: "John Stuart Mill's Brief for Freedom of Speech". Such is its popularity it shows up as the second hit if you google John Stuart Mill freedom of speech. Finally, I also have one blog post that successfully popularized a new word. If you google "teleotheism" you will get to my post "Teleotheism and the Purpose of…
disambiguating description: Responding to the success of our blogging article in 2018r’s INOMICS Handbook – for those of you unacquainted, click here – the economists are back, answering more blog-oriented questions. This time around, we’ve taken a bit of a personal turn, quizzing our participants about their blogging successes; the concepts behind their writings; and their preferred reads. For those setting out on their economic journey, the following makes for essential reading.
date posted: 2018-09-25T09:09:43Z
date modified: 2026-06-22T10:16:58Z
employment type: onsite
language: en
keywords: Miles Kimball
keywords: INOMICS Handbook
keywords: economist
keywords: blogging
keywords: inomics
keywords: Blogs
keywords: William Pearse
type: blog
disciplines: marketing
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
disciplines: economicthoughtmethodology
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: Economic Thought & Methodology (JEL B)

Gender Pay Gap Prevails in Economics
type: Article
title: Gender Pay Gap Prevails in Economics
description: As in previous years, around a quarter of our survey’s participants were female. However, because this edition is our largest, in terms of respondents, to date, the actual number increased on last year, totalling 586. The representation of women according to the level of seniority varies significantly, with women overrepresented at junior-level and midlevel positions within academia. Worryingly, senior-level women are underrepresented in both academia and the private sector – the trend exhibited clearly in both graphs above. This indicates the existence of a “glass ceiling” that makes it disproportionately difficult for female economists to reach senior level positions. There is also a salary disparity between male and female economists that, as the graph above shows, increases with seniority. While at junior-level discrepancies in pay are around $6,000 and $3,000 in academia and the private sector respectively, at senior-level this increases to $22,000 and $28,000. In percentage terms, this equates to men receiving 27% and 34% higher salaries – a shameful gulf. Evidently then, even when the 'glass ceiling' of job accessibility is circumvented, females often then encounter a 'salary ceiling' - quite obviously, the field of economics has much to do to achieve salary equality across the genders. It is, for this reason, we believe studies like our Salary Report are essential; publicising and exposing retrograde trends, and beginning conversations that will eventually tackle such flagrant injustice. ➲ Download the full Salary Report here! There will be more analysis of the Salary Report’s findings in the upcoming weeks, keep an eye on the INOMICS insights section for future instalments. Additionally, for career opportunities and job listings in business, finance, and economics, take a look at our jobs section. It has all that you will need to take that next big step!
disambiguating description: The following is an analysis of data taken from the INOMICS Salary Report 2018 - downloadable for registered users here. Specifically, it looks at the representation and average salaries of both men and women, across all levels of seniority, in academia and the private sector. It is the 5th instalment in a series of insights handling the Report’s findings, and the first that seeks analysis through the prism of gender. The first four can be found in our insights section.
date posted: 2018-09-21T11:58:22Z
date modified: 2026-06-22T10:15:38Z
employment type: onsite
language: en
keywords: wages
keywords: salaries
keywords: gender
keywords: gender pay gap
keywords: William Pearse
keywords: INOMICS Salary Report 2018
type: blog
disciplines: economics
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: healtheducationwelfareeconomics
disciplines: generaleconomics
disciplines: finance
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: General Economics (JEL A)
discipline labels: Finance

Economics Blogging Tips From John H. Cochrane
type: Article
title: Economics Blogging Tips From John H. Cochrane
description: For other articles on economics, studying and finding jobs... ➲ Download the 2019 Handbook now! Introducing the esteemed Mr John Cochrane…. If forced to pick, which blog article would you say you are most proud of? And, in addition to that, which has created the most ‘buzz’, not necessarily just in terms of reads, but in the conversations it started? The ones I am most proud of are the longer form essays that introduce some relatively new ideas, or explain research in (I hope) an accessible way. The series on neo-Fisherism is perhaps the best example. It was great as a two-way conversation. I wrote the blog posts as I was wrestling with the ideas -- theory and fact took me far beyond my own comfort zone -- and the back and forth is provided with commenters, other blogs, and even academic papers clarified the ideas for all of us. (I now actually have citations to the blog from academic papers!) The "stock gyrations" is a recent example of this kind of writing, though in this case an old idea rather than a new one. The series on the Fama vs Shiller Nobel prizes was pretty good, and I learned a lot about basic philosophy of science differences in writing it. The blog gives, I think, far more widespread readership of essays I write that might otherwise get buried by being published in somewhat small circulation outlets. "Rule of law in the regulatory state" "Towards a run-free financial system" "how and why we care about inequality" "trade and immigration" and so forth. As for buzz, I'm happiest when I see the blog cited in academic articles, or when a serious blog discussion happens, say between myself, Steve Williamson, Dave Henderson, Alex Tabarrok, Tyler Cowen, Miles Kimball and so forth. I must admit though I got a lot of initial buzz back when Paul Krugman and Brad DeLong had a habit of writing that I am stupid, corrupt, an idiot, and so forth, at least when Paul finally started actually putting links into the things he was making fun of. They seem to ignore me th…
disambiguating description: Responding to the success of our blogging article in this year’s INOMICS Handbook – for those of you unacquainted, click here – the economists are back, answering more blog-oriented questions. This time around, we’ve taken a bit of a personal turn, quizzing our participants about their blogging successes; the concepts behind their writings; and their preferred reads. For those setting out on their economic journey, the following makes for essential reading.
date posted: 2018-09-13T12:57:12Z
date modified: 2026-06-22T10:14:27Z
employment type: onsite
language: en
keywords: economist
keywords: blogging
keywords: William Pearse
keywords: blogger
keywords: john h. cochrane
type: blog
disciplines: marketing
disciplines: economics
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
disciplines: economicthoughtmethodology
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: Economic Thought & Methodology (JEL B)

9 Things All Economists Hate
type: Article
title: 9 Things All Economists Hate
description: 1. Tax deductions Most people hate paying their taxes. Filling out forms and handing over a load of your money to the government is not what anyone wants to do, and if there's a chance to save money on taxes then most people are delighted with that. But not economists. They point out that tax dedications and tax loopholes create an unnecessarily complex system that benefits some more than others – and that benefits those who can afford accountants the most. Making a tax system too complicated increases the number of loopholes available and makes the system harder to manage and less fair. 2. Corporate income tax Conversely, most people think that corporations should pair their taxes in order to benefit everyone in society. But many economists disagree. They argue that corporations should be encouraged to keep their money and reinvest it into their business, not hand it over to the government. If governments want to tax rich people then they should raise the individual income tax rate on the highest earners, not add an extra tax on companies. 3. Untaxed carbon pollution Almost everyone agrees that climate change is a real and pressing problem, but there are many disagreements about how to combat it. One policy with only middling support is taxing carbon emissions so that companies have to pay for the pollutants that they produce. This policy is unpopular among business owners, but it has strong support from economists who argue that it makes economic sense to incentivise the cutting of carbon emissions through taxation. 4. Agricultural subsidies In both the EU and the US, as well as elsewhere in the world, governments pay massive amounts of money in the form of subsidies for the growing of particular agricultural crops. The idea is to safeguard an essential food supply, but in practice, the policy encourages the overuse of chemicals, the growing of only certain crops, and the dumping of large amounts of unused food. Many economists agree that subsidies should be disco…
disambiguating description: There are some surprising ways in which the opinions of economists diverge from most other people – and some things about which economists agree that they can't stand. Here are 9 things that economists hate:
date posted: 2018-08-09T12:16:22Z
date modified: 2026-06-22T10:13:24Z
employment type: onsite
language: en
keywords: economics
keywords: procrastinate
keywords: Georgina Torbet
keywords: 9things
keywords: economists
type: blog
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: General Economics (JEL A)

With Britain's Brexit Negotiations in Flux, Let's Talk About No Deal
type: Article
title: With Britain's Brexit Negotiations in Flux, Let's Talk About No Deal
description: Then, just days later, when the dust had settled and the topography of the new cabinet revealed, it was suddenly the reverse that looked most likely - perhaps coherency in governmental policy was to be the result of the most recent tumult? Certainly, with Davis and Johnson gone, two prominent and highly-influential proponents of ‘hard-brexit’, a path had emerged - by no means free of obstacles, but visible nonetheless - for the hobbling government to stagger down in the direction of a ‘softer’, and judging by the polls, more popularly endorsed brand of withdrawal. Going Soft? These particular developments, triggered by the so-called ‘Chequers Agreement’, were fleetingly believed a breakthrough - finally, after two years the Prime Minister had formalised some kind of Brexit strategy. Even though there was no guarantee how those on the continent would respond - commentators were quick to point out that much of the proposal stood at odds with key tenets of EU legislation - the agreement represented a softening in position, a willingness for concession, and a concern for the mounting evidence suggesting disaster if negotiations were botched. No Deal in Sight Alas, rather predictably, the position held for little over a week before the government caved to the demands of the increasingly influential right-wing European Research Group. Most significantly, the compromise included an amendment to the ‘customs bill’, a part of the Chequers Agreement it was thought would lead to too close a relationship between Britain and the EU27, post-Brexit. Perceived a capitulation by many, these concessions have since been rounded on by all sides of the chamber. Peter Dowd, the shadow chief secretary to the Treasury, disdainfully summarised the collective mood to the Guardian: “It took two years for the prime minister to reach her Chequers deal, but only two days for it to fall apart”. With every passing day, as factions further divide and consolidate, it is becoming harder to see any Br…
disambiguating description: The reporting of British politics for journalists has rarely been so onerous. Dramatic landscape shifts in the form of u-turns, resignations, and unexpected elections, are now so frequent the lifespan of articles, previously measured in days, are better predicted in hours - sometimes just a handful. Last week’s rapid-fire resignations of Brexit Secretary, David Davis, and Foreign Secretary, Boris Johnson, over their intransigence regarding Britain’s Brexit strategy epitomised this difficulty. Following the double salvo, it looked, albeit briefly, as though anything was possible: a vote of no confidence; a leadership election; maybe even a general election. All bets seemed off.
date posted: 2018-07-18T09:59:15Z
date modified: 2026-06-22T10:12:07Z
employment type: onsite
language: en
keywords: bank of england
keywords: no deal
keywords: inomics
keywords: William Pearse
keywords: brexit
type: blog
disciplines: economichistory
disciplines: politics
disciplines: marketing
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: law
disciplines: education
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
discipline labels: Economic History (JEL N)
discipline labels: Politics
discipline labels: Marketing
discipline labels: International Economics (JEL F)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Law
discipline labels: Education
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management

Is The World Cup Really Worth Hosting?
type: Article
title: Is The World Cup Really Worth Hosting?
description: Browse our PhD listings for more opportunities This emergent brand of patriotism is just one in a long list of certainties the World Cup will be serving up; the menu year to year, comfortingly, rarely changing. That said, given the propensity of every nation to hugely inflate its own chances pre-tournament, each will be met with a familiar mixture of disbelief, outrage and eventually depression. The scenarios we still have to enjoy, in no given order, will include: an England exit (on penalties, naturally); a disappointing Argentina (and subsequent referendum on Messi’s psychological fortitude); and a plucky underdog, whose fearlessness steals the hearts of all neutrals, but whose hopes are cruelly dashed when knocked in the quarters - presumably by an offside goal inexplicably missed by VAR. And yet, despite knowing all this, we wait, as always, with bated breath. Recent History Regrettably, in recent years the host nation losing out financially has become almost as predictable as the above; this outcome though, the loss of billions of dollars of taxpayers’ money is less amusing, and its effects far longer lasting, than the odd England penalty miss… With Russia having committed a reported $11.6 billion for this year’s incarnation, questions have once again been swirling as to the financial viability of hosting football’s greatest prize. The widening economic consensus on the topic is that approaching hosting duties as a financial investment to be followed by commensurable returns is foolhardy, at best. Casting an economic eye over the experience of the last few hosts provides ample evidence to support this theory, undermining, in the process, the age-old maxim that economists are simply ‘bad sports’. The 2014 world cup in Brazil is perhaps the case in point. Four years on from what by footballing standards was a huge success, and the post-festa hangover is still being keenly felt. The Numbers According to the Harvard Business Review, the country’s preparations cost…
disambiguating description: With the world cup now over a week old, we have reached the moment when even those initially reluctant, those who decried it at its outset, give in to football frenzy and find themselves, at least twice a week, standing amid a crowd of similarly dressed strangers, screaming at 11 little men on a screen they can barely see. It is wholly inevitable, and few would disagree, thoroughly enjoyable.
date posted: 2018-06-24T10:00:49Z
date modified: 2026-06-22T10:10:27Z
employment type: onsite
language: en
keywords: football world cup
keywords: economics
keywords: fifa football world cup
keywords: cost
keywords: world cup
keywords: William Pearse
type: blog
disciplines: politics
disciplines: marketing
disciplines: economics
disciplines: law
disciplines: education
disciplines: socialscience
disciplines: business
disciplines: psychology
disciplines: management
disciplines: generaleconomics
disciplines: finance
disciplines: statistics
discipline labels: Politics
discipline labels: Marketing
discipline labels: Economics
discipline labels: Law
discipline labels: Education
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Psychology
discipline labels: Management
discipline labels: General Economics (JEL A)
discipline labels: Finance
discipline labels: Statistics

Experts Talk: An Interview with Dr. Mark Thoma
type: Article
title: Experts Talk: An Interview with Dr. Mark Thoma
description: For the second installment of the INOMICS series Experts Talk, we interviewed Dr. Mark Thoma, who teaches macro and time-series economics at the University of Oregon. Dr. Thoma also maintains the very popular fiscal policy blog Economist’s View (which is also hosted on the EconoMonitor), is a columnist for the Fiscal Times and has previously been a contributor to dozens of top publications including Forbes, The Economist and The New York Times. After earning your BA in economics and statistics you went directly on to earn your PhD in economics as well. What made you interested in the field initially and what motivated you to pursue an academic career as an economist? When I was in high school, the inflation problems of the 1970s were beginning. I remember asking my parents what caused inflation, and their answer was that they didn’t know. The inflation problems, the gas lines at service stations, and so on heightened my interest in these issues, and probably helped to lead me into monetary economics, one of my specialties. But there were other factors as well. When I took Economics 1, the instructor wrote on my final “you should major in economics” and that encouragement made a big difference. The course itself used a text called “The Economics of Social Issues” and I really liked the way economics gave us insight into those types of problems. I was good at math, so it seemed easy to me, and that helped too. I had worked in tractor stores in the small farming town I grew up in while in high school, and also in college, and I really didn’t like the 8-5 workday routine. It just didn’t suit me. The freedom that academics offered was much more attractive and that was a major reason I decided to pursue a Ph.D. My plan was to teach somewhere, take summers off, etc. and have lots of free time, but once I got to graduate school I realized I liked the research side of the discipline quite a bit. So, instead of having lots of leisure as I initially planned, I ended up in the …
disambiguating description: In this interview, Dr. Mark Thoma discusses his dislike for the 8 – 5 lifestyle, his lifelong love of math, the importance of economic history and why he’d like to have dinner with Milton Friedman, John Maynard Keynes and Adam Smith, among other topics.
date posted: 2018-02-22T23:00:00Z
date modified: 2026-06-22T10:09:18Z
employment type: onsite
language: en
keywords: economics
keywords: history
keywords: mark thoma
keywords: economists
keywords: interviews
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Economics of Christmas Songs: When to start playing Jingle Bell Rock?
type: Article
title: The Economics of Christmas Songs: When to start playing Jingle Bell Rock?
description: Each year, it feels like it comes earlier. You find yourself humming along to ‘Jingle Bells’, or perhaps it’s ‘Feliz Navidad’, maybe even ‘Jingle Bell Rock’. Christmas is usually one of the most important retail periods of the year, and Christmas songs play an important role in boosting sales. Stores start to play Christmas music to remind us that the holiday season approaches, and that it’s time to start buying presents for loved ones. But the timing of when this happens is very, very important. Radio stations and streamer servers have also realised the potential of Christmas songs, and how crucial the timing is. These songs are a special breed – songs that people cringe at for 11 months of the year, but for a limited amount of time they become the most in-demand songs there are! Judging the right time to start playing holiday music is a careful decision. As this blog post on The Dow of Christmas Music argues, top Christmas songs have a market of millions of radio and streaming listeners, and are a ‘major source of ad and streaming revenue’. Recognising this, starting in the 1990s, a vast number of radio stations begin switching to a constant line-up of Christmas songs. This year, the first station made the move to Christmas songs on October 24th. It would seem that the trend is becoming earlier each year, and as this post demonstrates, Christmas song season is becoming gradually more and more data driven. It has also been argued in this blog post on Psychology Today, however, that Christmas music does not increase sales, but rather – it hurts them. So it would appear that (as always) there are arguments on both sides! Many claim that they don’t like Christmas songs – probably mostly economists. A 1993 paper in the American Economic Review on The Deadweight Loss of Christmas would seem to be a testament to a spoiltsport economics approach to Christmas. But it doesn’t have to be all bad – there are a lot of interesting takes on Christmas songs and the economics of C…
disambiguating description: It happens every year. As you’re walking through a shopping centre, a store, or perhaps a supermarket, you hear a Christmas song, and you know it’s the beginning of the buying frenzy that leads up to Christmas.
date posted: 2017-12-17T23:00:00Z
date modified: 2026-06-22T10:08:02Z
language: en
keywords: Economics
keywords: Jokes
keywords: Christmas
keywords: Humour
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

2017 Nobel Prize in Economics awarded to Richard Thaler
type: Article
title: 2017 Nobel Prize in Economics awarded to Richard Thaler
description: Professor Thaler is currently the Charles R. Walgreen Distinguished Service Professor Of Behavioral Science And Economics at Chicago Booth, the University of Chicago School of Business, and has previously worked at the SC Johnson College of Business at Cornell University as well as acting as the co-director of the National Bureau of Economic Research Behavioral Economics Project since 1991. The Nobel prize was given to Professor Thaler for his foundational work in behavioural economics. He combined insights from the fields of economics and psychology to show how human psychology affects both individual decisions and market outcomes. His work in behavioural economics has been on three primary topics: limited rationality, social preferences, and lack of self-control. His research into the topic of limited rationality looked at how people make financial decisions, and why it is that people make decisions that seem to be against their best interest. For example, why do people choose to satisfy short-term cravings instead of working towards long-term goals? He found that people tend to create a simplified and separate account in their mind for each decision, and to make decisions based on that account rather than considering the larger consequences of any given decision. This work has lead to the development of what is termed the mental account theory, which has changed how economists think about the rationality of decision making. The second of Thaler's main topics is social preferences, and the concept of fairness in particular. The idea of fairness applies to economics in terms of what kind of pricing consumers find acceptable from businesses. For example, consumers tend to be accepting of price increases in goods which are due to rising costs of materials or manufacturing, but they are not accepting of price increases due to high demand. Consumers find it fair to raise prices if materials become more expensive, but if a company raises prices because demand is high, c…
disambiguating description: The Nobel Prize for Economics, the most prestigious prize in the field, has been awarded this year to American economist Richard Thaler. The prize, fully titled The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was announced by The Royal Swedish Academy of Sciences and will be awarded in a ceremony in Stockholm in December.
date posted: 2017-10-16T07:08:53Z
date modified: 2026-06-22T10:06:57Z
employment type: onsite
language: en
keywords: Nobel Prize
keywords: economics
keywords: 2017
keywords: richard thaler
keywords: thaler
keywords: laureate
keywords: Nobel
keywords: Georgina Torbet
keywords: Winners
type: blog
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Getting Started with Stata
type: Article
title: Getting Started with Stata
description: One of the major advantages of Stata is that it is eminently portable. Its developers are committed to cross-platform compatibility and so Stata runs the same way on Windows, macOS, Unix, and Linux systems. All versions of Stata provide the full set of features and commands: there are no special add-ons or toolboxes. Five important features for getting started with Stata 1. The toolbar The Toolbar contains icons that allow you to open and save files, print results, control Logs, and manipulate windows. Some very important tools allow you to open the Do-File Editor, the Data Editor and the Data Browser. 2. Current working directory The cwd is the directory to which any files created in your Stata session will be saved. Likewise, if you try to open a file and give its name alone, it is assumed to reside in the cwd. If it is in another location, you must change the cwd [File >Change Working Directory] or qualify its name with the directory in which it resides. You generally will not want to locate or save files in the default cwd. A common strategy is to set up a directory for each project or task in a convenient location in the filesystem and change the cwd to that directory when working on that task. This can be automated in a do-file with the cd command. 3. Command panel As you’d expect, to execute a command in Stata, you type it into the Command Panel. Although traditionally a command-line driven package, recent versions of Stata contain a user-friendly graphical user interface (GUI). A major advantage of the GUI is that when you are using a new command, you can easily find out the correct syntax to use by viewing it in the command panel. 4. Do file The Do-File editor allows you to construct a file of Stata commands, or “do-file”, and execute it in whole or in part from the editor. A major advantage of a do file is that ability to quickly and effortlessly reproduce your analysis and results. 5. Adopath commands Another advantage of Stata’s command-line driven envir…
disambiguating description: What is Stata? If you want to work in econometrics, chances are you’ll need to learn to use a statistical analysis package like Stata. Stata is one of the most widely used software packages to help students and researchers explore, summarise and analyse complicated datasets. The software is available in several different versions which differ mainly in the number of variables allowed in memory.
date posted: 2017-08-16T12:00:00Z
date modified: 2026-06-22T10:06:02Z
valid through: 2017-08-02T22:00:00Z
start date: 2017-08-02T08:00:00Z
end date: 2017-08-02T22:00:00Z
employment type: onsite
language: en
keywords: stata
keywords: statistics
type: blog
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: statistics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Statistics
discipline labels: Economic Thought & Methodology (JEL B)

Standardizing the Data of Different Scales - Which Method to Use?
type: Article
title: Standardizing the Data of Different Scales - Which Method to Use?
description: When you want to analyze this data to find patterns in it, you will often run a regression and look to compare the effect sizes (i.e., the coefficients) of each variable. But, before you compare effect sizes, you first need to make sure that your data variables are on the same scale so that they can be compared. Considering the example above, the effect of the two measures of reaction time on your dependent variable y would be comparable, as they are both measured in milliseconds. But how would you compare, say, the effect sizes of height and reaction time on y? To do this, you need to use a statistical technique called standardization. Confusingly, standardization can have several meanings, depending on the field. And to add to the confusion, others may refer to the same process as normalization, though we will introduce a separate definition for that. The general process we are talking about here (that normalization and standardization fall under) is the transforming of data of different types to the same scale so that their effects on the dependent variable y can be compared. Methods for standardizing data Standardization: calculating Z-score The first step in standardization is quantifying how much variance exists in your data. This is described by the standard deviation, which is calculated by working out the square root of the variance (the average of the squared deviations of each value from its average value). This will give you a number that represents variance, which you need for the next step. Once you know the mean and standard deviation of your data, you are ready to perform standardization. You calculate a z-score by subtracting the mean from each data point, and then dividing the difference by the standard deviation of the population. This means that each variable will have a mean of 0 and a standard deviation of 1, so you can compare your different variables meaningfully. Studentization However, economists never know the true population mean or varia…
disambiguating description: When you're doing data analysis, you might find yourself with a number of different variables to work with. For example, perhaps you have invited participants to your lab and run them through your experiment. You have collected data on variables such as the participant's age (in years), their height (in cm), their reaction time to a particular stimulus (in milliseconds), their reaction time to another stimulus (in milliseconds), and their rating of a preference (on a 1 – 10 scale).
date posted: 2017-07-10T11:13:08Z
date modified: 2026-06-22T10:05:05Z
employment type: onsite
language: en
keywords: Standardization
keywords: scale
keywords: Data
keywords: deviation
type: blog
disciplines: economics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: statistics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Statistics
discipline labels: Economic Thought & Methodology (JEL B)