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item list element: Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
item list element: 2024 Nobel Prize in Economics- The Winners
item list element: The Top Economics Blogs to Follow in 2025
item list element: How to better engage economics students in work placements
item list element: The Economics of Pokémon: Development, Pricing, and Wealth
item list element: Fisher Effect
item list element: Characteristics of Money
item list element: Corruption Uniquely Alters How Institutions Promote Economic Growth
item list element: Sustainability May Be Bolstered By Income: Household Cooking Fuel Choice in a Developing Country
item list element: Extracurricular activities to help your economics career while at university
item list element: Multiplier Effect
item list element: Economics: Times Have Changed
item list element: Information Goods
item list element: Savings-Investment Identity
item list element: Goods Market Equilibrium
item list element: From Gambling to Economic Growth: how a Greek goddess inspired a new model for Italy’s local development
item list element: Mesoeconomics: Missing Link, or Needless Pedantry?
item list element: Economist Earnings by Job Title and Degree in 2023
item list element: What makes a successful economist?
item list element: The INOMICS Questionnaire: Fratzscher vs Blanchard
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Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
type: Article
title: Distribution effects in a perpetual Bitcoin bull market: Who really pays for the Lamborghini
description: 1. Introduction The debate over Bitcoin’s utility and sustainability dates back to Nakamoto’s 2008 white paper. Many economists see Bitcoin as a speculative bubble that will eventually burst, causing social damage through high energy use and illicit payments (Rogoff 2017, Roubini 2018, Avoca 2021, Taleb 2021). Many Bitcoin supporters, however, have changed their primary interest in Bitcoin as they see it as an investment asset with the potential for everlasting capital gains, encouraging even latecomers to invest and assuming no harm to those staying out. Our paper explores both Bitcoin’s original promise as a payment system and its current role as an investment asset. We argue that Nakamoto's (2008) understanding of retail payments was inaccurate and that this explains why Bitcoin has never been significantly used in legal e-commerce. Likewise, Bitcoin lacks the traits of financial assets: It does not generate any cash flow like real estate, interest like bonds or dividends like stocks, and it cannot be used productively like commodities (Bindseil, Papsdorf and Schaaf 2022). <o:p></o:p> In fact, many supporters now dispense with any reference to economic justifications as to why the Bitcoin price should rise or reach a specific level. They simply take further price increases for granted and promote the idea of Bitcoin as a pure investment asset. The list of those in favour of this financial situation without “reason” ranges from politicians and financial giants to sportsmen and Hollywood stars (Hoffman 2024, Bent 2024, Coindesk 2021, Gerard 2024, Bitfinex 2024, CNN 2024).<o:p></o:p> We therefore conclude that Bitcoin’s appeal is based on self-fulfilling beliefs in its rising value, fuelled by new investments (van Oordt 2024), but not supported by economic fundamentals or legal social utility, which also implies that Bitcoin has no impact on the economy's production potential. This means that the wealth gained by early adopters comes at the expense of latecomers. It…
disambiguating description: We examine the redistributive effects of Bitcoin in a theoretical scenario where its price continuously appreciates. Early adopters benefit from rising consumption and asset accumulation at the expense of later investors, who fund Bitcoin purchases by liquidating real assets and reducing their consumption. The analysis reveals that even in the absence of a crash, Bitcoin causes wealth redistribution that enriches early investors while reducing the real wealth and purchasing power of non-holders and latecomers. This dynamic, if unaddressed, risks eroding societal cohesion. Amid a record high market capitalization of USD 1.8 trillion following the 2024 election in the USA, this risk is higher than ever.
date posted: 2024-11-26T14:45:00Z
date modified: 2026-06-23T10:06:15Z
employment type: onsite
language: en
keywords: cryptocurrency
keywords: Ulrich Bindseil
keywords: Social Cohesion
keywords: Bitcoin
keywords: Research Summary
keywords: Jürgen Schaaf
type: blog
disciplines: othereconomics
disciplines: economics
disciplines: financialeconomics
disciplines: socialscience
disciplines: finance
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Finance

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

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

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

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

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

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

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

Sustainability May Be Bolstered By Income: Household Cooking Fuel Choice in a Developing Country
type: Article
title: Sustainability May Be Bolstered By Income: Household Cooking Fuel Choice in a Developing Country
description: The analysis revealed that an increase in durable asset accumulation heightens the likelihood of households adopting cleaner cooking fuels. Therefore, I find that the Ghanaian government could incentivize the adoption of clean fuels, consequently mitigating environmental pollution, by implementing policies aimed at augmenting household income. More broadly, this means that economic development can have positive effects on sustainability, something that policymakers in other regions should take note of. Introduction The seventh Sustainable Development Goal aims to ensure access to clean and affordable energy by 2030. This goal is crucial because reliance on unclean energy sources like firewood, charcoal, and kerosene cause significant environmental and health issues, including air pollution, deforestation, soil degradation, and harmful emissions that contribute to climate change. These sources emit harmful gasses such as CO2, methane, and nitrogen oxides, which adversely impact human health. Studies by Younger et al. (2022) and Amegah et al. (2012) reveal detrimental health effects from exposure to these gasses, including reduced birth weight and increased neonatal mortality in low-income countries like Ghana). In Ghana, the use of unclean energy stems from “energy poverty”, where households lack access to modern, clean and affordable energy sources. This forces them to resort to dirty and inefficient fuel sources. Factors contributing to this lack of access include low income levels, high prices of modern energy sources, and geographic location. Shockingly, energy poverty in Ghana is reported to be at a staggering 82.5% (Adusah-Poku and Takeuchi, 2019). This study aims to ascertain the impact of durable asset accumulation on the selection of household cooking fuels in Ghana. It posits that durable assets afford households greater financial capacity and purchasing power, enabling them to meet various needs, including access to cleaner fuels. The analysis distinguishe…
disambiguating description: The Sustainable Development Goals advocate ensuring universal access to clean and affordable energy by 2030, prompting a global push toward transitioning from unclean energy sources to cleaner alternatives. In response, Ghana has subsidized the cost of clean energy; however, the financial burden of this transition remains substantial for households. The role of household asset accumulation in facilitating this transition has been underexplored in existing literature; examples include Kafle and Dean (2015) and Ansong (2015). Utilizing logistic and instrumental variables (IV) regression methods along with data from the Ghana Living Standards Survey (round 6 & 7), I investigated how durable asset accumulation influences households' choice of cooking fuels in the research paper "The Nexus Between Household Durable Asset Accumulation And Household Cooking Fuel Choice in a Developing Country".
date posted: 2024-08-07T15:38:08Z
date modified: 2026-06-23T10:31:26Z
employment type: onsite
language: en
keywords: Nicholas Perigrino Palma
keywords: fuel
keywords: economic development
keywords: fuel choice
keywords: Ghana
keywords: cooking
keywords: Sustainable Development Goals
keywords: sustainability
type: blog
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)

Extracurricular activities to help your economics career while at university
type: Article
title: Extracurricular activities to help your economics career while at university
description: Being involved in extracurriculars at university can make your time there more enjoyable by enabling you to meet friends, develop intellectually, and stay fit. You may not have considered it, but relevant hobbies for economists can even be advantages in your career development, too! This article explores some suitable economics hobby ideas that you might find beneficial. Although lots of these suggestions will help you whatever career you decide to pursue, some may be a little more useful specifically for a career in economics. Browse our program listings for economics opportunities 1. Debate team Joining the debate team will give you the chance to practice your oral presentation, argumentation, and critical thinking skills – all of which will be a big asset to you in any economics job search. It's also a great way to practice your public speaking, which can be a helpful advantage in job interviews. The ability to think through a position and support it with facts and logic is incredibly relevant to any research you do, too. On a fundamental level, research is posing a question, and either supporting or detracting from that question using facts and logic – just like debate! In economics research, the facts may need to be taken from a literature review or generated by your own econometric analysis, but the fundamentals are remarkably similar. Debate will also help your communication skills, which are one of the most important soft skills to have, useful in all aspects of life. Being able to communicate your ideas and research effectively, or back up your economics findings in your career, is essential to being successful. 2. Student governance Almost every university will have some kind of students' union or student council which you could join. Doing so shows future employers that you are responsible and engaged with political and practical issues. It also gives you the chance to make real changes to the way that your university is run. Being a part of the students'…
disambiguating description: Attending university can be a ton of fun, but it’s also supposed to prepare you for the next stage in your career. Normally, this involves a lot of studying. But breaks and hobbies are important to have, too.
date posted: 2019-01-22T08:00:00Z
date modified: 2026-06-19T12:05:35Z
language: en
keywords: Activities
keywords: college
keywords: student
keywords: extracurricular activities
keywords: univeristy
keywords: student life
keywords: extra
keywords: Sean McClung
keywords: extracurriculars
type: advice
disciplines: education
disciplines: artarthistory
disciplines: theologyreligeousstudies
disciplines: molecularbiology
disciplines: nursing
disciplines: communicationsdesign
disciplines: music
disciplines: agriculturalsciences
disciplines: softwaredevelopment
disciplines: earthscience
disciplines: chemicalengineering
disciplines: immunology
disciplines: biology
disciplines: law
disciplines: neuroscience
disciplines: history
disciplines: philosophy
disciplines: astronomy
disciplines: humanmedicine
disciplines: mediastudies
disciplines: dieteticsnutrition
disciplines: pharmacy
disciplines: mechanicalengineering
disciplines: dentistry
disciplines: mathematics
disciplines: culturalstudies
disciplines: civilengineering
disciplines: veterinarymedicine
disciplines: literaturecreativewriting
disciplines: genetics
disciplines: psychology
disciplines: dancetheatrefilmstudies
disciplines: publichealth
disciplines: physics
disciplines: archaeology
disciplines: generaleconomics
disciplines: chemistry
disciplines: engineeringbusiness
disciplines: socialscience
disciplines: business
disciplines: physiotherapy
disciplines: microbiology
disciplines: biomedicine
disciplines: informatics
disciplines: marketing
disciplines: economics
disciplines: management
disciplines: biochemistry
disciplines: cellbiology
disciplines: sociologyanthropology
discipline labels: Education
discipline labels: Art & Art History
discipline labels: Theology & Religeous Studies
discipline labels: Molecular Biology
discipline labels: Nursing
discipline labels: Communications & Design
discipline labels: Music
discipline labels: Agricultural Science
discipline labels: Software Development
discipline labels: Earth Science
discipline labels: Chemical Engineering
discipline labels: Immunology

Multiplier Effect
type: CreativeWork
title: Multiplier Effect
description: Put simply, the multiplier effect is the macroeconomic phenomenon that causes the economy to grow (or shrink) by more than the amount of money that has been introduced into or taken away from it. This is possible because of a chain reaction caused by the fact that money can be used many times. The effect in action Let’s begin with an economic growth example, where the effect has a positive impact on the economy. Suppose that someone experiences an exogenous increase in wealth of $500, meaning that this $500 magically appears in the economy and is granted to one randomly-chosen person – let’s call him Frank. When Frank receives this magically generated $500, the total amount of money in the economy grows by $500 immediately. Thus, GDP (defined by the income method) has also grown by $500. But Frank hasn’t even done anything with the money yet! Let’s say he chooses to save $200 of it, and he spends the other $300 on a pair of limited-edition Air Jordan shoes from Nike. Now, although the amount of money in the economy hasn’t changed, the economy itself has actually grown by $800 (in total)! That’s because the $300 that Frank spent on Nike shoes just became new income for the owner of the Nike store. Now, suppose that the owner of the Nike store chooses to save $200 of Frank’s extra spending, and chooses to use the remaining $100 to have the store cleaned by Silva’s cleaning service. The $100 becomes income for Mr. Silva, the owner of the cleaning service. Now, the economy has grown by a total of 500 + 300 + 100 = $900, all from Frank’s magical $500. This process will continue, increasing GDP by much more than the original $500 that Frank acquired. Readers may wonder how this makes sense. Hasn’t the money just moved around, and Frank has become poorer? After all, once Frank spends $300, he only has $200 left. This question seems logical but is missing a key fact. Frank isn't poorer. Rather, he's just traded $300 in cash for $300 worth of goods (the Air Jordans), which t…
disambiguating description: Economic growth leads to higher income for everyone – at least in theory. This isn’t a surprising fact. What may be surprising, though, is that adding $500 to the economy can actually increase economic growth by more than $500. This is possible because of a phenomenon known in economics as the multiplier effect; let’s take a look at what the multiplier effect is and how it works.
date posted: 2024-07-30T20:08:31Z
date modified: 2024-07-30T18:08:31Z
employment type: onsite
language: en
keywords: velocity of money
keywords: velocity of circulation
keywords: Sean McClung
keywords: marginal propensity to consume
keywords: Multiplier Effect
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Economics: Times Have Changed
type: Article
title: Economics: Times Have Changed
description: Assumptions Mainstream economic theory is built upon a foundation of assumptions that are becoming increasingly outdated. For example, the way that businesses operate has changed drastically over the lifetime of the discipline, though many of the core assumptions of economics have remained unchanged. The shift towards the ‘knowledge economy’ and the idea of ‘economies of scale’ are proof of this business evolution. Both of these concepts have great appeal for capitalists – if companies get bigger, they benefit from cost savings. Bulk buying, advertising discounts, lower borrowing costs, and the ability to reduce fixed costs proportionally can all help bigger organisations reduce their average spend. Image credit: University of Bath. However, should companies get too large, ‘diseconomies of scale’ can set in. Perhaps production processes for different components can’t scale up at the same speed, communications get lost in translation, or workers start to feel less motivated. The theory implies that as businesses grow, they eventually hit limitations. This should mean that no company can grow large enough to corner the market. At least, that’s what we used to think. Grow – Continuously. While some companies still have scope for diseconomies of scale, in other cases, these forces can be offset by ‘increasing returns to scale’ which allow growing companies to reinforce their gains. Often described as ‘being ahead to get further ahead’, if a company grows by clever strategy – or even by chance – increasing returns can magnify this advantage. Therefore, the product, company, or technology can go on to lock in the market. In the new intangible economy, companies can grow – continuously. There are different sources of increasing returns, too. For example, the idea of ‘learning by doing’ (the more experience you have in doing something, the better you become) is one mechanism by which companies can experience increasing returns. Take the production of lithium-ion batteries f…
disambiguating description: In today’s world, the discipline of economics finds itself at an inflection point. The mainstream orthodoxy, often criticised for being made up of half-truths, is starting to unravel. As a result, a transformative shift is happening.
date posted: 2024-07-24T15:22:51Z
date modified: 2024-07-24T13:41:04Z
employment type: onsite
language: en
keywords: University of Bath
keywords: network effects
keywords: future of economics
keywords: economic assumptions
keywords: economies of scale
keywords: artificial intelligence
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Information Goods
type: CreativeWork
title: Information Goods
description: In other words, information goods are non-rivalrous, i.e. one person consuming it does not affect another person’s ability to consume it, too. Further, as they can be freely shared, they’re considered non-excludable in “normal” circumstances, which means they can be accessed and consumed by people who have not paid for them. As such they can be considered a subset of public goods (since they’re both non-rival and non-excludable). Markets usually fail to produce the socially optimal level of public goods, since the incentives to produce them are very low compared to their benefits. This is one of the reasons why information goods are often patentable, subject to copyright, or considered intellectual property, which typically make them temporarily excludable for commercial use. These innovations in economic law allow markets to produce a healthy level of these goods – more on this later. For example, a book can be considered an information good. It contains knowledge, or simply a good story, that can be copyrighted and digitized for distribution, and it’s not depleted when consumers enjoy it. In the same way, movies, music, and video games can also be considered information goods. Many of these goods can take physical forms, too; books, CDs, and DVDs can be held, for example. But that doesn’t prevent them from being considered information goods, because what differentiates one book from another is the text printed into it. And, since that text can be digitized and distributed, it is an information good. There are many other examples: online courses, databases, software programs, algorithms like specific AI models, and even your private consumer data are all information goods. Information goods often have high fixed costs to develop, because someone must discover or invent the information that’s worth selling. Consider a pop song, for example. It takes years of training and many hours of hard work to write a high quality, record-breaking pop song. However, after develo…
disambiguating description: Information goods are an important component of the modern economy. The definition of “information good” may vary, but it generally refers to goods that can be shared digitally (even if they haven’t been) and aren’t depleted when consumed.
date posted: 2024-07-12T20:09:44Z
date modified: 2024-07-12T18:09:44Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Information Goods
keywords: Economics Terms A-Z
keywords: experience goods
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Savings-Investment Identity
type: CreativeWork
title: Savings-Investment Identity
description: It’s helpful to define the term “investment” in an economics sense before continuing. The word “investment” in finance and in everyday discourse usually refers to the buying and selling of assets like financial securities. However, in economics, investments are economic activities that have potential to grow the economy. They can be conducted by private firms, governments or other entities (like entrepreneurs) Examples include the building of a new university, the construction of a manufacturing facility, or the R&D expenses used to develop a new medication. When firms or other economic agents want to make an economic investment, they must typically take out a loan, usually with the help of a bank to act as an intermediary. The money comes from funds that economic agents have saved, which are then considered loanable funds since these are the funds banks can repackage and make available for borrowing as loans. So, the savings-investment identity holds true by necessity. The amount of money available for borrowing is equal to the amount of savings that economic agents have stored, because those savings are converted into loanable funds. Describing the identity mathematically We can show this identity mathematically by using the formula for GDP and making some assumptions. The relevant formula is: GDP = C + I + G + NX, where C stands for consumption, I stands for investment (defined just as we’ve discussed above), G is government spending, and NX represents net exports. As a side note, readers may notice that this is the same as the equation for aggregate demand (AD), and that’s because GDP is one measure of Y, or economic output. When the economy is in long-term macroeconomic equilibrium, Y as measured by GDP is equal to AD and both short-run and long-run aggregate supply. Returning to the equation, let’s assume that the economy under consideration does not trade with any others, so that the NX term is zero. Let’s also assume that aggregate demand and both short-run …
disambiguating description: The savings-investment identity in economics is a macroeconomic concept related to aggregate demand, the IS Curve and the market for loanable funds. This identity states that the amount of funds available for investment activities must be equal to the amount of money saved in the economy. It can also be thought of as an accounting identity, as it is true by definition.
date posted: 2024-07-12T19:59:33Z
date modified: 2026-06-29T10:52:39Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: investment
keywords: savings
keywords: Savings-investment identity
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Goods Market Equilibrium
type: CreativeWork
title: Goods Market Equilibrium
description: This means that supply and demand are balanced. There is no excess demand, no supply surplus, and no problems: everyone can participate in the market transactions they want to. This is only possible if aggregate demand and aggregate supply are equal (AD = AS; we assume in this article that short and long-run aggregate supply are the same). This also happens to be the point where desired national savings and desired national investment are in equilibrium at a certain interest rate. Understanding how these concepts are intertwined is important for intermediate macroeconomics students, so let’s dive in. National savings and the goods market equilibrium condition The goods market equilibrium is often defined in economics textbooks as the point where “desired national savings” equals “desired national investment”, sometimes referencing the savings-investment identity, since the identity describes how investments must equal savings. Some authors or textbooks might introduce these concepts together. But this identity doesn’t seem to be at all related to product markets or the point where AD = AS, so let’s examine further. Goods market equilibrium emerges from a description of GDP that uses the same equation as that for aggregate demand: Y = C + I + G + NX. In short, one of the methods for calculating GDP is to sum up spending in the economy, including consumption spending C, investment spending I, government spending G, and – you guessed it – net spending on trade NX. By this logic, GDP can be thought of as the sum of all spending in the economy, since all money is either spent to acquire goods or is “spent” on savings, which fuels investment spending. The savings-investment identity in this construction of GDP describes that spending on investment is fueled by savings, and thus that savings really represents investment spending. Therefore calculating GDP by focusing on spending does not exclude savings. Let’s start by examining the market equilibrium using algebra. The go…
disambiguating description: The “goods market” is a vague-sounding (and rather poorly named) term in economics that is nevertheless an important macroeconomic concept. Goods market equilibrium refers to the idea that, in an economy, there is equilibrium between how many goods consumers want to buy and how many goods producers want to supply.
date posted: 2024-07-12T17:55:33Z
date modified: 2026-06-29T09:08:57Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Goods Market Equilibrium
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

From Gambling to Economic Growth: how a Greek goddess inspired a new model for Italy’s local development
type: Article
title: From Gambling to Economic Growth: how a Greek goddess inspired a new model for Italy’s local development
description: In the author’s own words, “Strange, perhaps, for a book that intends to deal with economic issues to bring Greek mythology into question.” He continues: “Certainly, it was not my intention to disturb the Gods of Olympus except that, absentmindedly reopening a booklet on Greek mythology, I once again came across the myth of Athena after about thirty years…The rereading of this myth and this very original Goddess made me reflect on the qualities and characteristics that every healthy society should possess to guarantee balanced and constant progress over time.” According to Giliberto, for some years now there has been debate in Italy about the need to undertake new models of territorial development. To that end, the book hypothesizes a desirable “cultural conversion”. By encouraging local citizens to invest even small sums of their money into local development rather than gambling with it, economic growth could be stimulated. Further, citizens would become more aware of the businesses and economic details of their region, increasing civic involvement. The Athena Model: regional development via local stock exchanges Giliberto notes that research has shown that at a certain point, increasing wealth no longer increases happiness. But that doesn’t mean that development isn’t a worthy goal, particularly in areas where the local economy has declined. And, Giliberto asserts that this model of development could serve two purposes: not only economic development, but also fostering cultural growth by better serving under-developed areas. He writes: “On the one hand, new theoretical approaches to well-being tend to demonstrate that it is necessary to review traditional models of development. In the case of my book, the intention is to reverse a cultural trend...Often, parts of the local population are abandoned to intellectual isolation, which also leads to forms of addiction [such as] gambling, alcohol and drugs...Perhaps the time has come to involve citizens in participating …
disambiguating description: Is it possible to reinvigorate under-developed regions by turning the public’s penchant for gambling into a force for economic growth? That is one of the questions asked by labor policy economist Luigino Giliberto in his debut book, Athena’s Reasons (currently offered in Italian). The book details a model of regional economic growth that aims to reinvigorate Italy’s less developed areas, inspired by the ancient Greek goddess Athena.
date posted: 2024-07-11T18:12:20Z
date modified: 2026-06-23T10:37:39Z
employment type: onsite
language: en
keywords: economic growth
keywords: growth and development
keywords: gambling
keywords: Sean McClung
keywords: Luigino Giliberto
keywords: stock market
keywords: Italy
type: blog
disciplines: economics
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)

Mesoeconomics: Missing Link, or Needless Pedantry?
type: Article
title: Mesoeconomics: Missing Link, or Needless Pedantry?
description: Microeconomics is generally concerned with the optimal decision-making of individual economic actors, while macroeconomics considers the behavior of economies and economic data from a bird’s-eye view. But what if these two labels aren’t sufficient to encompass all of economics? Are economists missing something by failing to think outside of these “big or small” labels? That’s the question asked and answered by the term “mesoeconomics”, which purports to be the crucially important in-between that the field of economics has been missing. This term has been around for some time (it was first coined in 1986 by economist Yew-Kwang Ng) but has yet to become very popular among mainstream economists. That may be because there hasn’t been enough attention on the term to produce a significant body of research for it yet. Or, it could be because it’s a distinction that is simply not necessary to have within the field of economics. This article will dive into both sides of the argument, helping you make your own informed opinion. Will mesoeconomics become the next exciting new sub-field, like game theory, behavioral economics, and others before them – or is it overly pedantic? Before discussing the potential pros and cons of popularizing this new label, let’s first define it. Defining mesoeconomics Mesoeconomics is often defined as “the intermediary between micro- and macro-economics”, but this definition is quite lacking, as it does not explain what, exactly, is in between. Where “micro” is concerned with an individual economic agent’s decision-making, and “macro” is concerned with larger-scale economic behavior, mesoeconomics studies how society’s institutions – made up of individuals – interact based on the incentives that they face. As such, two existing sub-fields of economics can already be considered mesoeconomic; regional economics (often considered macroeconomics) and industrial organization (often considered microeconomics). To learn more about mesoeconomics, let’s ta…
disambiguating description: Everyone’s heard of micro- and macroeconomics. The two terms are so deeply ingrained in the world of economics that even lay people generally know what they refer to. Almost everything economists analyze can be arguably given one of these labels.
date posted: 2024-07-09T19:02:28Z
date modified: 2026-06-23T10:41:13Z
employment type: onsite
language: en
keywords: economic thought
keywords: economic theory
keywords: realistic
keywords: Sean McClung
keywords: mesoeconomics
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Economist Earnings by Job Title and Degree in 2023
type: Article
title: Economist Earnings by Job Title and Degree in 2023
description: We begin by examining the average earnings of economists by various job titles around the world. Figure 1: global average salaries by job title (global data, PPP-adjusted) Average salaries for economists follow a clear trend globally. Unsurprisingly, there is an increase in earnings as academic economists are promoted from Lecturer/Assistant Professor level to Associate Professor and finally full Professor status. Similarly, industry economists continue to earn more as they rise from Junior Level Positions to Middle Level Positions and finally Senior/Executive Level Positions. Consultant and Researcher/Analyst roles out-earn Middle Level Positions, and earn less than Senior/Executive positions. Note that these numbers are slightly different than what can be found in the INOMICS Salary Report’s Figure 12 (for example). This is because Figure 1 is a simple average rather than a cross-segment average, which the Salary Report utilizes. One surprising result from Figure 1 is that academic economists out-earn industry economists by a substantial margin. Regionally, however, this pattern does not always hold true; in the INOMICS Salary Report we find that academic economists typically earn less than industry economists until they are promoted to a full Professor of Economics, at which point they tend to earn as much as the highest-paid industry earners. This phenomenon can be seen in the Salary Report’s “Regional Analyses of Academic and Industry Economist Salaries by Job Title” subsection. Here, in Figure 1, the reason academic economists out-earn their industry counterparts is due to the geographic distribution of survey respondents in worldwide data; 45% of the survey respondents in academic roles are from the high-paying “Global West” region while only 30% of industry respondents are from this same region, skewing the results downward for industry roles compared to academic (the “Global West” region is defined below). Nevertheless, this global data paints an excellent …
disambiguating description: Aspiring economists may be curious to know: how much do economists earn in different types of jobs? The INOMICS Salary Report contains a wealth of data about economist pay by job title and region (among many other factors). This article takes Salary Report data on salaries by job title and analyzes it from a new angle, including highest degree earned, which will help younger economists to plan their career path.
date posted: 2024-06-25T21:45:11Z
date modified: 2026-06-19T12:12:40Z
employment type: onsite
language: en
keywords: Salary Report
keywords: economics salaries
keywords: INOMICS Salary Report
keywords: Sean McClung
keywords: economist earnings
keywords: PhD earnings
keywords: economist salaries
keywords: economist careers
keywords: economics careers
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

What makes a successful economist?
type: Article
title: What makes a successful economist?
description: This quote from the famous economist Keynes raises a number of areas that help us begin to answer the question of how to succeed as an economist. Reading the quote, an economics student may ask: in the modern age, what are the necessary skills one must possess in order to become a “successful” economist? The answer is, of course, hugely subjective. It may also fluctuate as one’s own career goals change. Here, we will identify some of the age-old must-haves – as well as some of the new skills economists ought to acquire in the age of climate change, globalization, and AI. Before we begin: the need for economists The present age is a remarkable time, probably among the most exciting and challenging times ever to enter the field. Many economic models and presumptions of the past are continually showing themselves to be outdated and in need of theoretical improvements. This has much to do with the new challenges facing our generation. Whether it’s in confronting climate deterioration, demographic change, the rise of AI and automation, wealth inequality, or even incorporating basic realism into textbooks, there is room for increasingly advanced economic models that can more accurately account for the complexities of real life. Beyond the need for improved economic models, though, is a societal and political need. In handling many of these emerging challenges – some of which were wrought by an inability to regulate our own activities – the ailing neoliberal orthodoxy has found itself ill equipped. To borrow the words of economist Howard Reed: “until we ditch the old textbook, we’ll never face up to the challenges of the modern world”. So far, there has been little sign of this happening any time soon; as Prospect editor-in-chief Tom Clark has observed of most Western governments, “out-dated frameworks still inform policy prescriptions”. In fact, searching for alternative solutions may partly explain why there’s been a resurgence of nationalist and even fascist sentiment a…
disambiguating description: The following article first appeared in the INOMICS Handbook 2024. Download the INOMICS Handbook “The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher…He must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.” – John Maynard Keynes
date posted: 2019-09-26T10:28:04Z
date modified: 2026-06-29T14:18:23Z
employment type: onsite
language: en
keywords: skills
keywords: INOMICS Handbook
keywords: study advice
keywords: handbook
keywords: economist
keywords: William Pearse
keywords: Sean McClung
keywords: successful
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The INOMICS Questionnaire: Fratzscher vs Blanchard
type: Article
title: The INOMICS Questionnaire: Fratzscher vs Blanchard
description: Olivier Blanchard is the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics and the Robert M. Solow Professor of Economics emeritus at the Massachusetts Institute of Technology (MIT). After obtaining his PhD in economics from MIT in 1977, he taught at Harvard University before returning to MIT in 1982. He was chair of the economics department from 1998 to 2003. In 2008, he took a leave of absence to serve as economic counselor and director of the research department at the International Monetary Fund, where he stayed until 2015. He then joined the Peterson Institute. Blanchard has worked on a wide set of macroeconomic issues, including the role of monetary and fiscal policy, speculative bubbles, the labor market and determinants of unemployment, economic transition in former communist countries, the nature of the Global Financial Crisis, and the recent burst of inflation. He is the author of many books and articles, including two textbooks on macroeconomics (one at the graduate level with Stanley Fischer and the other at the undergraduate level). He is a past editor of the Quarterly Journal of Economics and the NBER Macroeconomics Annual; he is also a founding editor of the American Economic Journal: Macroeconomics. He is a fellow and former Council member of the Econometric Society, a past president of the American Economic Association, and a member of the American Academy of Arts and Sciences. Marcel Fratscher: What is your favorite place on earth? Olivier Blanchard: The French island where I have spent most of my summers, and, with time, a longer and longer period of time each year. Zen, sea, and fortunately and unfortunately, zoom. MF: Outside of economics, what occupation would you choose if you could be absolutely anything? OB: Concert pianist (although there is zero evidence that I have the slightest gift in that particular direction). But music moves me more than nearly anything else. MF: What is your favorite piece of music…
disambiguating description: The following article first appeared in the INOMICS Handbook 2024. Download the INOMICS Handbook Professor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the 2024 edition of the INOMICS Handbook Questionnaire. This time, he poses the questions to Dr. Olivier Blanchard, a prominent macroeconomist, who graciously took to the spotlight in this latest round. Thus, the back-and-forth has been dubbed Fratzscher vs. Blanchard, as is tradition. Dr. Blanchard offers us some interesting food for thought: the interview touches on the joy of conducting research with former students, the sometimes counterintuitive things we learn from economics, an analysis of Real Business Cycle Theory, and more.
date posted: 2024-06-17T19:19:18Z
date modified: 2026-06-23T10:42:58Z
employment type: onsite
language: en
keywords: INOMICS Handbook
keywords: macroeconomist
keywords: macroeconomics
keywords: Olivier Blanchard
keywords: Real Business Cycle theory
keywords: INOMICS Questionnaire
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)