Additional Courses to Improve Your Prospects in a Career in Economics
From business to programming to statistics, there are plenty of areas which can help you improve your chances of getting a job and widen your skillset more generally, if you've got the money and time to enrol on one. Of course, not everyone will be able to attend these courses due to aforementioned money and time limitations; however, those who are able to will find that improvement in these areas will greatly help your career prospects, and of course, if one looks to websites like Coursera and Udemy, many introductory and intermediate courses can be found for free. But which are the best areas to improve upon? Browse our course listings to help maximise your career prospects Business and finance As there is a great deal of crossover between economics and business in the job market, you can widen the potential pool of jobs to which you can apply by taking some units in business or finance. You might have such units as part of your course, or you may be able to take units from the Business Studies department in addition to your regular units. You could consider studying topics like management, marketing, leadership, or accounting, all of which can give you an edge when it comes to applying for jobs and will be useful when you start work too. Moreover, courses on business and finance are easy to find online, often for free, especially for beginners. Programming and IT You probably already have basic IT skills like online research, word processing, using spreadsheets, and perhaps using databases. Improving these skills, though, particularly alongside your studies, can be extremely useful in all sorts of jobs. Even if you're not hugely technical, you can can find some IT skills which you can learn – for example, HTML is easy to learn and being able to build basic websites will be useful to many employers. On top of this, basic coding courses, and even coding which takes you to the intermediate and advanced levels, can often be found online. Bear in mind that coding is literally another language, meaning many hours of hard work will have to be put in to become competent. Statistics and data analysis It's not always the most exciting of topics, but gaining a good understanding of statistics will help you during your degree and beyond. If your program doesn't include a methods course to teach you the basic principles of statistics, then consider taking this as an extra unit. Also think about honing your data analysis skills by learning to use software like MATLAB, SPSS, R, or Stata. This will benefit you when you are performing data analysis for your projects, and will also show to employers that you have highly technical skills. Real world projects An excellent way to make yourself stand out in the job market as a recent graduate is to have experience on a real-world project. One of the best ways to do well when applying for jobs is being able to demonstrate that you have already succeed in the type of work which they are hiring for. You can impress an employer by showing that you don't just have knowledge from your studies, but also that you know how to apply that knowledge to a real-world business challenge. Courses sometimes offer an optional placement year, and some modules will allow you to work for a time at an organisation or business; you should jump at the chance to attend courses and modules like this. Also, make sure that you record the results of your project and write them down somewhere: if you can show that your project resulted in a 10% increase in sales, for example, or made a company's processes more efficient, then you can add this to your CV and it will be a real eye-catcher for hiring managers. Moreover, keeping a diary of your efforts or a log of your duties will be helpful during the dreary task of waffling on about yourself in a cover letter. On top of all of this, internships and placement years sometimes offer full-time roles after the completion of a degree for particularly successful candidates, meaning the immediate post-degree job search is made somewhat less stressful. Soft skills One area which you shouldn't neglect in your degree is soft skills. These are non-technical skills which allow you to interact with other people more effectively, but are sometimes overlooked by students as they are not tested academically. However, you can get a lot of benefit from taking a course of a day or two on topics like giving academic presentations, writing a CV, writing grant proposals, communication skills, etc. If you're looking to improve your job hunting skills by getting better at interviews, then you can certainly benefit from such a course. Universities typically offer soft skill courses either through graduate schools (for graduate students), or through the library or research department (for Bachelor's and Master's students). Sometimes these courses are offered online, which can be useful for those unable or unwilling to head to the campus. On top of this, there is a wealth of information about soft skills online, whether in article or course-format. Check out places like Coursera or Udemy where you'll be able to find often-free courses on many soft skills.
If you're doing an economics degree and thinking about ways to maximise your career prospects once you graduate, there are lots of courses outside the realm of economics for you to choose from.
Econometrics, Statistics and Quantitative Methods (JEL C)
According to some economic theories, changes in the money supply affect investment and consequently economic growth. Economists who subscribe to Keynesian or monetarist theories believe that increases in the money supply foster investment and spending, which results in higher production and lower unemployment. At the same, though, increases in money supply raise inflation. The same is true in reverse for the opposite situation: a decrease in the money supply dampens investment and spending, which leads to a decrease in production and higher unemployment, while at the same time lowering inflation. Students should note that classical economists, however, may disagree with these views and assert that the money supply does not affect real economic variables, a theory known as monetary neutrality. This article ignores the classical viewpoint and considers monetary policy as it is typically introduced in macroeconomics courses. The role of the central bank So, how does the central bank influence the money supply? Central banks directly control the monetary base. But, they cannot completely control the entire supply of money since the monetary base only forms part of the money supply. Central banks have three main instruments available to influence the money supply of a country: the discount rate, open market operations, and the reserve requirement. The discount rate Readers may already be familiar with the idea that central banks “set” interest rates. But, central banks cannot do this directly; rather, they use the discount rate to influence interest rates in the economy. The discount rate is the interest rate at which commercial banks can take out a loan from the central bank. It is an important macroeconomic variable that has cascading effects for all other interest rates in the economy. Banks typically borrow money from the central bank when they don’t have enough liquid assets on hand to pay some unexpected obligation (i.e., withdrawal requests from customers) or to satisfy increased reserve requirements. At a lower discount rate, borrowing money from the central bank is more attractive for commercial banks (as there is less to pay back) and hence the demand for those loans increases. The same is true for the reverse; a higher discount rate increases the cost of borrowing from the central bank and decreases the demand for loans. Money borrowed by commercial banks from the central bank is then made available to private households and businesses, also in the form of loans. So, central banks can increase the money supply by reducing the cost of banks borrowing from them. Similarly, a higher interest rate makes borrowing more expensive and less attractive, incentivizing commercial banks to borrow less money from the central bank. Consequently, there is less money available for the bank to give out as loans for private households and firms. So, if the central bank wants to decrease the money supply, it can raise the discount rate. Open market operations and reserve requirements Open market operations refer to the purchase or sale of government bonds “on the open market” by the central bank. In other words, when the central bank buys and sells securities like a normal individual or firm, it’s called open market operations. If the central bank decides to buy government bonds that are held by private households, companies or commercial banks, it increases the amount of money that's circulating in the economy. This is because the central bank can simply create the money used to buy the security, adding it to the economy during the purchase. Similarly, by selling government bonds, the central bank reduces the money supply as individuals or firms give the central bank their money to purchase the asset. Then, the central bank can take that money out of circulation, reducing the money supply. The central bank has a third main instrument to control the money supply: the reserve requirement. The reserve requirement is the fraction of each unit of money deposited in a bank that the bank is legally obliged to keep as a reserve. In other words, the bank must have some amount of cash on hand that they are not allowed to use for anything except meeting their obligations (such as fulfilling withdrawal requests). The reserve requirement is set by the central bank. By increasing the reserve requirement, the central bank decreases the money supply because commercial banks must hold more of their money in the form of cash that is sitting “unused”. Therefore, they have less money to give out in the form of a loan. Conversely, if the central bank wants to increase the money supply, it can decrease the reserve requirement, which frees up more of the bank’s “unused” reserves to be lent out. While changes in the discount rate and open market operations are commonly used to alter the money supply, changes in reserve requirements are rare in practice. Contractionary vs. expansionary monetary policy Expansionary monetary policy describes policies that lead to an increase in the money supply, like decreasing the discount rate or purchasing government bonds through open market operations. According to economic theory, expansionary monetary policies will stimulate investment and consumer spending, shifting aggregate demand to the right; this leads to an increase in production and a decrease in the unemployment rate. Therefore, expansionary policies are deemed appropriate to stimulate growth during recessions when unemployment is high and production is low. But, an increase in the money supply will lead to higher inflation rates. Thus there is widespread agreement among economists that expansionary monetary policies should not be used when the economy is already performing well. Conversely, contractionary monetary policy is policy that reduces the money supply and lowers aggregate demand. While this may seem like a bad thing, in times of high inflation contractionary monetary policies are the main tool used to lower inflation and stabilize the economy. Contractionary monetary policies include increasing interest rates or selling government bonds through open market operations. A higher interest rate makes saving more attractive than spending and decreases the demand for loans as borrowing becomes more expensive. Consequently, investment and consumption decrease, and so does production. Lower production in turn will lead to higher unemployment, which may further dampen consumption. Other interest rate targets When a bank needs cash, it generally has two options for borrowing: from the central bank and from other commercial banks. The “discount rate” sets the cost of borrowing from the central bank, which was discussed above. But when commercial banks borrow from other commercial banks, they don’t use the discount rate. The interest rate at which banks borrow from each other is very important, though it can have different names depending on the country and the context. It’s important because this interest rate often sets a benchmark by which other interest rates are determined. So, if this interest rate increases, borrowing generally becomes more expensive across the whole economy. Thus, central banks may want to influence (or outright set) the interest rate that banks face when they borrow from each other. For example, in the United States, this rate is known (somewhat confusingly) as the “federal funds rate”. The U.S. Federal Reserve sets a target interest rate range, and commercial banks can borrow money from each other at an interest rate within this range. This rate is one of the key subjects of the widely-referenced “Taylor Rule”, a rule of thumb posited by an American economist that describes optimal monetary policy responses. It has often been used by analysts to predict future monetary policy. Although the federal funds rate may be used as a benchmark by financial institutions around the world, it’s specific to the US. Other countries and other financial institutions around the world may reference other rates. For example, the London Interbank Offered Rate (LIBOR) played a similar role until 2023, where it began to be replaced by the Secured Overnight Finance Rate (SOFR). These interest rates in turn influence the “prime rate” in different regions, which is the interest rate that banks give to high-quality borrowers. If you have a good financial history and healthy credit score, you’ll likely be offered the prime rate for many financial products. Further Reading The main objective of monetary policy is to ensure steady, long-term economic growth and to stabilize the economy in times of a crisis. Many economists have studied the reactions of governments during financial crises to assess the effects of monetary policies on production, inflation and unemployment. Jannsen et. al. show in their article “Monetary policy during financial crises: Is the transmission mechanism impaired?” (International Journal of Central Banking, 2019) that the effects of monetary policy on production and inflation depend on the timing of their implementation. They also show that these policies have greater effects during financial crises. The authors found that the differences in the timing and size of the monetary policies taken during the financial crisis of 2008-2009 helped explain differences in the macroeconomic performance of different countries after the crisis. Good to Know Because contractionary monetary policy can increase unemployment and slow economic growth, it can be very unpopular with individual voters. Thus, politicians may be reluctant to implement contractionary policy even during times of high inflation, to avoid becoming unpopular. Similarly, because expansionary policy encourages growth while lowering the unemployment rate, it can be tempting for politicians to implement expansionary monetary policy during an election year – even if the economy doesn’t need it. In this case, expansionary policy can lead to very high inflation that will ultimately harm the economy. These are two major reasons why most countries today keep monetary policy in the hands of a central bank that is not beholden to political leadership. This allows the central bank to conduct monetary policy that is right for the economy without interference from political pressure. Of course, this is a simplification. In the real world, different central banks may feature different levels of actual independence in practice. As research from Caixa Bank shows, central banks in many Western countries have been becoming more independent over time. In many of these countries, historical episodes of inflation or stagflation demonstrated the need for an independently operating central bank, causing the nation to be more inclined to increase central bank independence. However, while independence has proven useful, if the central bank makes mistakes or fails to react to the economy appropriately or in a timely fashion, it may cause additional hardship. This type of situation has led Australia, for example, to attempt to increase accountability for central bank officials. For more on this topic, visit Caixa Bank’s article about central bank independence.
Monetary policy refers to the set of policies that monetary authorities such as central banks use to influence the money supply of a country and thereby economic activity.
Public Economics & Economic Policy (JEL H)
Macroeconomics and Monetary Economics (JEL E)
Although referencing football – specifically, the English variety - the sentiment was also thought applicable to sport more generally. Because eye-catching qualities like creativity and flair are difficult to quantify, the consensus was that judgement of sporting prowess was best left to those well-versed in said sport - in the majority of cases, former players. Certainly, the very notion that statisticians had anything to contribute in terms of team selection, acquisition, or even strategy was given little consideration. Statistical Analysis, the Roots In the UK, this began to change in the 1990s, when - as documented in the New Statesmen - undergrads at Lancaster University analysed, in-depth, goal-scoring probability in a hypothetical football match. While rudimentary in its technique, the analysis attracted the attention of more senior statisticians, namely Stuart Coles, who then expanded on the students' findings. His resultant work was to have far-reaching consequences. Across the pond, a similar development was already underway. This one, however, was to be even more transformative, radically altering the way certain sports, particularly baseball, were conceived. Owing to its easily isolated ‘one-on-one’ contests - pitcher v batter, for example - baseball lends itself well to statistical analysis. Indeed, the use of sabermetrics, ‘the empirical statistical analysis of baseball’, has been employed in some capacity ever since the sport was first professionalised. Its current use, though, both its universality and sophisticated nature, has its roots in Billy Beane’s tenure as General Manager (GM) of the Oakland Athletics, and his now much-famed ‘Moneyball Effect’. The 'Moneyball' Effect As GM of the (relatively) cash-strapped Oakland A’s, Beane’s innovative approach was the perfect manifestation of necessity being the mother of invention. With no way to meet compete with the spending power of their deep-pocketed rivals, Beane adopted an analytical, ‘sabermetric’ approach when planning the assembly of his squad, bringing into his management team a number of statisticians for the purpose. Through rigorous and incredibly time-consuming analysis, the team learnt that ‘stolen bases’, ‘runs batted in’, and ‘batting averages’ – for years the yardsticks by which a player’s ability was measured - were not necessarily the best gauges of overall effectiveness. Rather, it was not-so-glamorous ‘on-base percentage’ and ‘slugging percentage’ that were more accurate indicators of players’ potential offensive success. Historically, scouts overlooked these traits in favour of speed and contact, meaning their market price was undervalued, and players possessing said traits could thus be acquired on the cheap. It was following these new principles, heeding the word of his statisticians that Beane assembled his team. The result dismayed many, for on paper, the newly formed roster was a motley crew of old, in some cases injured, has-beens. Their appearance alone drew ire from the purists already angered by the cold scientific approach. How could a team of such visible misfits go onto success? Well, initially they didn’t. The Athletics fared so poorly during the first part of the season - enduring at one stage a 5-16 streak - that many were quick to declare the method a failure. And yet, as many will know through its dramatisation in the film ‘Moneyball’, their fortunes reversed, the A’s eventually winning the American League West, breaking the long-standing record of 19 consecutive victories in the process. The Spread Around the world, these developments did not go unnoticed. The sporting community watched keenly as baseball laid down the statistical blueprint for success. It was not long before comparable models were incorporated into the management systems of football teams, both American and English, Ice Hockey, Basketball, and many others. One of the highest profile converts was American football coach Bill Belichick. Although denouncing its use publically (to guard his methods), the New England Patriots boss had long held ‘a Moneyball sort of attitude’. In fact, the whole management team at the Patriots was imbued with a Moneyball-esque philosophy. From the owner Robert Kraft, described as the ‘biggest believer in data and analytics’, to Belichick's most trusted advisor Ernie Adams, the Patriots’ football research director and previous bonds trader, most were willing converts. Even Belichick himself holds a degree in economics. Such expertise, NBC has commented, is easily read into the team’s recruitment which is highly suggestive of a sophisticated understanding of ‘hyperbolic discounting’ - the result, thus far, has been the acquisition of high-quality players at bargain prices. On the field this has led to five Super Bowl triumphs - it seems to be working. Professional basketball teams were also quick to jump on the bandwagon, compiling huge databases of information from games that were then used in the offseason to inform decisions regarding contracts and free-agent signings. Many a romantic will be turned off by the use of intensive, analytical thinking almost instinctively. The deployment of cold, emotionless figures to make sense of sport, something that by nature is highly dynamic, emotional, and capricious, just doesn't sit right. Such a mindset, though, ignores the creative latitude many of these models allow, particularly in more fluid games like English football and basketball, where a value judgement must still be made as to which parts of the game are prioritised. But in the End... Obviously, it will never be possible to reduce human behaviour to a simple formula - no matter how badly the betting enthusiast may wish. Yet, what analysts have proven, through the employment of statistical models, is their ability to get teams punching above their weight - a weight normally dictated by financial restrictions. That said, the advantage gained, history has shown, can often be short-lived. As the A’s experienced, the problem was that as soon as these models gained credibility, they were quickly adapted, and in some cases, bettered by other teams. Just two years after the A's experiment, the Boston Red Sox also adopted a sabermetrics model to aid recruitment. The result? They won the 2004 World Series, their first since 1918.
‘Chance dominates the game’ concluded C. Reep and B. Benjamin in their 1968 study ‘Skill and Chance in Association Football’ - and not without consequence. Until recently, this statement stood as received wisdom, the phrase deemed self-evident, its veracity left unquestioned. Predictions based on statistics were a folly they said, the game was ‘too fluid, too unpredictable’.
Inventory of hazardous substances in container vessels: another necessary but bureaucratic burden for carriers
In addition, as early as the end of this year, from 31 December 2020, in accordance with the European Union Ship Recycling Regulations (EUSRR), ships of 500 gross tonnage and upwards with the EU member state flag and all other ships, regardless of country of origin, will be required to keep an inventory of hazardous substances and materials (IHM) when visiting an EU or European Economic Area (EEA) port. New European ships and EU-flagged ships which are being dismantled must have this list of hazardous materials (IHM), inspected by the relevant administration or authority, indicating the location and approximate quantity of these materials. Check out our engineering jobs listings COVID-19 is stirring things up However, as a result of the COVID-19 coronavirus pandemic, many ship-owners may not be able to complete the required Inventory of Hazardous Materials (IHM) before the deadline. To this end the British and International Maritime Council (BIMCO) recommends that its members firstly develop an IHM on older ships. Older ships are usually recycled more quickly, and such planning will show that ship-owners are proactive in meeting the requirements of the new EU regulations. In addition, as members of BIMCO, www.strategies.lv has already written to the European Commission and asked for favourable conditions for all parties concerned regarding the deadlines for shipping companies to complete the IHM process while dealing with COVID-19 limitations and outages. The letter also includes a set of industry guidelines on compliance with EU ship recycling regulations and the establishment of an inventory of hazardous materials, which BIMCO members are encouraged to use. It is now known that the new regulation will affect approximately 137 (58%) of the 236 BIMCO member vessels. Only 33 ships have completed their work on this, while the rest are in various stages of development in an attempt to meet these new requirements. www.strategies.lv is propounding streamlining of the system, but it also wants it to be a reasonably achievable condition for all market participants and for this new bureaucratic burden not to further restrict companies which are already hit by the pandemic.
The European Union (EU) is working very hard to make ship recycling greener and safer in the future. It is quite clear that the dismantling of ships in many parts of South Asia in its current state is not acceptable, either from an environmental or a social point of view. Ship recycling regulations, adopted seven years ago, are finally gathering pace now. In particular, the regulation firstly prohibits or restricts the installation and use of hazardous materials such as asbestos or ozone depleting substances on board ships.
Urban, Rural and Transportation Economics (JEL R)
How to Write a Successful Motivation Letter for Economics Conferences
Browse our economics conference listings Start with the basics: your name, institutional affiliation, and a very brief career recap You should open your letter of motivation by introducing yourself and giving basic information on your current role and the current topic of your economics research. You may want to include a sentence in which you mention the positions you have held previously, or any grants which you have been recently awarded. However, the majority of your letter should be about your research rather than about yourself, so keep this section short and to the point. Give a basic description of your economics research You don't need to describe the exact details of your research, such as the experimental methods used or the results which you have gathered so far, as this information should be contained in your abstract. But you should give a simple summation of which sub-field you work in and what your research is about. Keep this general, as the people reading it may not be experts in your area. Imagine you were describing your work to a friend who works outside of academia, and write a few sentences about your research in this style. <11an>limit:2;categories:conferences;disciplines:General Economics (JEL A)</11an> Fit your topic to the conference theme As well as a general topic or subject which they cover, many economics conferences will have a theme which is different each year. The theme will typically reflect a large or important issue in the field which has been prominent over the year. If you can find a way to fit your research into the conference theme, this will greatly improve your chance of being accepted. The fit doesn't have to be perfect, but the themes are usually designed to be flexible, so put a sentence into your abstract about how your findings do or will impact on the theme and you'll make your presentation more relevant for the conference organizers and the audience. Be specific about the benefits of your economics research You probably know that you should describe all the ways that your research could have an impact on the field, in order to persuade the conference organizers that the attendees would benefit from hearing about your work. However, you should avoid the common mistake of describing the benefits of your work in generic terms. For example, 'This work will help to develop a more complete understanding of [this particular sub-field]' is too vague and is not convincing. Instead, be specific about the benefits of your work, for example 'This work will add the perspective of [a particular group] which is currently missing from analyses in [this particular subfield].' Also make sure to note why your research timely and of relevance at this time in particular. For example, 'Following the publication of [major work] last year', or 'With the [major world event] approaching next year, this research adds [a new perspective/important data/a new theoretical framework or idea] which is important at this time because...' Describe how your economics research is relevant to the conference audience You should consider why your work would be of interest not only to other members of your field in general, but to the audience at this conference in particular. For example, if you work in psychology in the field of mental health, and you are applying to a conference with a strong clinical focus, then you could describe why your work would be useful to clinicians for their practice. Or if you are applying for an interdisciplinary conference, describe the relevance of your work to the other fields represented at the conference.
When you apply to present at an economics conference, you'll often be asked to provide a letter of motivation along with your abstract and CV. This is used to decide which applicants will be invited to give a talk or poster presentation at the conference. But what information should this letter of motivation contain, and what's the best way to increase your chances of being accepted to present?
Freight container market needs a two-year recovery period
At first, everyone thought that this was just a problem for China: a significant reduction in manpower, the closure of factories and shipyards, but, as the events unfolded, it was already clear that this was a global crisis. Various restrictions have led to labor shortages in all segments of China's shipping industry, which in turn has affected trade, and this decline is the sharpest in 16 years. China is a major player in the international trade chain, with the most active and important shipping container ports in the world. Although the country was the first to be hit by the coronavirus, it is one of the first to embark on a recovery path, while the rest of the world is still overcome by uncertainty and chaos about the future scenario. Check out our engineering jobs listings Surplus cargo - a major problem in the shipping industry As a result of the economic consequences of the coronavirus, the volume of cargo imported into the USA also decreased significantly - by 12.5%. These retail figures sharply reflect the extent to which domestic consumption of goods has declined, but it will take a long time to recover to pre-coronavirus levels. The United States has also imposed strict restrictions on ships entering Chinese ports by imposing strict crew and ship surveillance. According to the coast guard guidelines, the ship's crew is currently required to have a 14 day quarantine period. These requirements are causing a significant drop in trading activity, which is halting the progress of industry processes. Another trend that is exacerbating the transport market as a whole is the increase in demand for small vessels, while large vessels are experiencing a sharp drop in chartering tariffs on the main long-haul routes with the most delays. With container vessels at a standstill, a new record of -2.65 million TEU was reached in the spring of this year, driven by the transport of semi-empty or virtually empty vessels. Baltic and International Maritime Council (BIMCO) expects the idle fleet to remain at around 10% for the remaining year, which is also in line with the World Trade Organisation's optimistic scenario of a 10% reduction in container traffic demand in 2020. Given that most international cargo ships are quarantined, surplus cargo will create additional problems for freight operators. In some cases, due to increased congestion in ports, containers are sent back to the country of origin because there are countries that avoid Chinese shipments. China is a major importer of crude oil, so the slowdown in economic activity in China is certainly having a negative effect on demand for crude oil tankers. This is also noted in the market research Vessels Value data, which this year showed a sharp drop in demand for Chinese crude oil tankers. From an average of 3.4 billion ton miles per day in 2019 to almost zero today. However, it should be noted that fluctuations in fuel prices have led to a direct reduction in shipping costs for a number of operators. Namely, the demand for oil tankers is currently increasing, as the "collapse" of The Organization of the Petroleum Exporting Countries (OPEC + Alliance) led to a 30% drop in oil prices and a possible price war between the world leaders. Nevertheless, the COVID-19 pandemic is expected to severely damage oil demand 2020, which will have a negative impact on oil transportation rates in the coming months. Demand for container transport will not recover in the short term Experts already estimate that the demand for container transport will not recover in the short term, it will take at least two years. As the virus continues to spread like wildfire, container shipping is increasingly becoming the epicenter of the global shipping industry crisis. The sale of containerized consumer goods has been hit hardest by various restrictive measures and consumer habits, so the crisis could last long enough. The current scenario, which revolves around the coronavirus, has caused a number of setbacks in the maritime and shipping sectors, and it is still quite difficult to predict the future of the shipping industry. If COVID-19 restrictive measures are reviewed at the level of policy makers, this will stabilize the situation and make it more predictable.
The COVID-19 crisis has hit hard enough and continues to affect the global container shipping market. The current economic situation does not give much hope for a short-term recovery of this market. Demand for container shipments has fallen sharply, especially as China closed much of its plants in February 2020. The volume of production or cargo to be exported to other countries plummeted. The situation was exacerbated by a number of restrictions and requirements in almost every industry and in the world's ports.
Event management and organization during the coronavirus outbreak
Virtual options such as GoToMeeting and Zoom are viable solutions which allow conference organizers to host their events safely, in spite of the pandemic. Virtual broadcasting may also allow you to expand the options available to participants. Here’s how: Pre-recorded sessions: Allow each speaker to submit a recording of their presentation along with corresponding written materials. This will enable you to offer your participants access to all materials, or only to those materials which are most relevant to them. This will allow you to structure your pricing in the most effective way, enabling you to offer a more personalized experience and ensuring participants get the best value for their money. If you want to learn more about the risks and challenges for conference organization and recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Live webinar packages: Live webinars are the best option if you want to give participants a more hands-on and interactive experience. To this end, you can provide a link to all prospective participants asking them to join in at the appropriate time on the scheduled date, allowing them to be part of the active discussion and to ask questions. If you haven’t gotten the message out yet, be sure to take the opportunity to remarket and rebrand your conference or event as an entirely online experience. Social media live events: Going Live on Facebook or Instagram, or using other tools such as YouTube, LinkedIn or Twitter is an excellent way to broadcast your event while growing your social media presence. Social media is a handy tool since users will most likely already have the apps installed or can use it via their browsers; it eliminates the need for any links to be shared or for any type of prior coordination. Users can just click on your social media profile and join in on the conversation. Being honest and clear will get you far and help you establish a good working relationship with your participants. Engage with them every step of the way and make sure they know what’s happening. Communicate concisely and promise only what you can deliver. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. If you are interested in promoting events offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your recruitment strategy during these tough times, help you plan and optimize your strategy for 2021, and support you in reaching your last attendee quotas in 2020 and beyond.
One of the areas of recruitment most adversely affected by COVID-19 is that of conferences and events, which until 2020 had been almost totally based on on-site attendance. With long-term health and safety measures in place affecting and restricting public gatherings, it is now time to rethink budget allocations and put them towards online broadcasting facilities as well as equipping your conference environment with the tools to continue, remotely.
Within free-market economies, market players act via the relevant mechanism or accepted system of determining prices and quantities bought and sold in the market. Occasionally, the actions of market players affect the welfare of individuals and groups who are not directly involved in the market. Such effects are called externalities because they are external to the market. For example, the production of particleboard releases toxic chemical waste into the environment. If producers and consumers are left to negotiate prices freely then the cost of this externality, the environmental damage, will be ignored. Other individuals and groups in the economy who have no need for particleboard will suffer the externality without compensation. This situation is illustrated in the graph: the equilibrium quantity of particle board in the market \(Q_{1}\) is determined where the marginal benefit (\(MB\)), or marginal revenue, to producers equals their marginal private cost (\(MPC\)). If the environmental damage can be costed then for each unit of particleboard produced the additional toxic waste and associated marginal damage (\(MD\)) can also be included in the graph. It follows that the additional cost to society as a whole from the market for particleboard, its marginal social cost (\(MSC\)), is the sum of the marginal private cost and the marginal damage\[MSC=MPC+MD.\] A new socially optimal equilibrium quantity \(Q^{*}\) is determined, taking into account the externality, where the marginal benefit from particleboard production is equal to its marginal social cost. Note that while this quantity \(Q^{*}\) is less than the free-market quantity \(Q_{1}\) it is nevertheless still positive, i.e. it is socially optimal to produce some particleboard. This is because some members of society, namely the producers and consumers of particleboard, stand to gain from it. A compromise is met in which the costs and benefits are simply set against each other from a social perspective. In the above example it is in society’s interest to move from the free-market equilibrium \(Q_{1}\) to the socially optimal equilibrium \(Q^{*}\). This can be seen by quantifying the loss to particleboard market participants in terms of forgone consumer and producer surplus, represented by the pink triangle in the graph, and subtracting it from the reduction in damage, represented by the shaded blue area under \(MD\) in the graph. The result is a positive net social gain (\(NSG\)), which, as shown in the blue triangle between \(MSC\) and \(MB\) in the graph, is also equal to the reduction in social cost minus the reduction in (private) benefit to market participants when moving from \(Q_{1}\) to \(Q^{*}\). Figure 1: Net social gain from "correcting" an externality The obvious question, once one has established the presence of an externality and the existence of a socially optimal equilibrium, is how to get there. More often than not a public (government) response to the externality is required, however, in some cases a private response will be sufficient. In free-market economies, firms that cause general forms of pollution through their operations are often taxed by the government, to compensate society for the environmental damage. The value of the marginal damage is paid back by the firm to society through the tax, and as a result of the effective increase in their costs, firms decide to reduce production. An alternative public solution is for government to allocate a fixed number of pollution rights and to charge firms for the right to produce and cause a limited amount of pollution (here, the ‘socially acceptable’ amount caused by producing \(Q^{*}\) in the graph). Such rights can be auctioned and allocated to the highest bidder, in order to maximise compensation to society for the damage. Each of these solutions effectively ‘internalizes’ the externality back into the market such that the socially optimal equilibrium is preferred by market participants over the original free-market equilibrium. In certain instances, the externality only affects one or a few other members of society. A classic example of externalities is that of a river flowing in a remote part of the country where people fish for food. People living upstream may catch fish before the fish swim downstream so people living downstream have none left to catch. In such cases it is important to have clarity on who owns the rights to the fish in the river, in order to avoid conflict over what then becomes a scarce resource. Yet as long as property rights are properly assigned and upheld by law, and it is not costly for individuals to bargain with one another over these rights, it will not be necessary for the government to intervene any further to manage the externality caused by over-fishing. The individuals affected will sort it out on their own. This laissez-faire solution to the problem of externalities has come to be known as the Coase Theorem after the late economist and Nobel laureate Ronald Coase who described it in “The Problem of Social Cost” (Journal of Law and Economics, 1960). Further reading The problem of externalities in economics and the Coase Theorem are discussed in detail in chapter 5 of Public Finance by Harvey Rosen and Ted Gayer (10th edition, 2013). Good to know As already mentioned, externalities can also be positive. For example, a farmer planting orange trees to grow and sell oranges will be providing new nectar and pollen sources for bees, which benefits the local ecosystem and everyone living in the area. It may be in society’s interest to encourage a greater production of orange trees than the farmer would choose if left simply to the market for oranges. In such cases of potential marginal social benefit, the government can offer subsidies to farmers to increase production. Of course, subsidies also require financing so it is important to quantify the social benefits, and weigh them against any costs when making policy decisions.
Externalities are costs (negative externalities) or benefits (positive externalities) of market transactions that are not reflected in the market price and that affect individuals who are not participating in the market. Depending on the allocation of property rights in the economy, the presence of externalities is addressed through negotiation between the affected parties and/or government intervention in the market.
In order to calculate an elasticity of substitution, it is first necessary to determine an isoquant. From there, one must work out input ratios and marginal rates of technical substitution (or MRTS) along the isoquant. An isoquant represents combinations of inputs \(x_{1}\) and \(x_{2}\), which are required to produce a given level of output \(\overline{Y}\). These combinations along the blue isoquant \(f\left(x_{1},x_{2}\right)=\overline{Y}\) are visible in the graph below. For any given point \(\left(x_{1},x_{2}\right)\) on the isoquant \(f\left(x_{1},x_{2}\right)=\overline{Y}\), it is possible to compute the input ratio. This is simply the quantity of one input divided by the other \(\frac{x_{2}}{x_{1}}\), as depicted by the gradients of the pink and grey lines in the graph. Any production technique that uses inputs \(x_{1}\) and \(x_{2}\) to achieve output \(\overline{Y}\) will have an input ratio specific to that particular technique. For any given point \(\left(x_{1},x_{2}\right)\) on the isoquant \(f\left(x_{1},x_{2}\right)=\overline{Y}\) one can also calculate the marginal rate of technical substitution \(\frac{-dx_{2}}{dx_{1}}\). This is the rate at which input \(x_{1}\) can be exchanged for input \(x_{2}\) while maintaining the level of output at \(\overline{Y}\). Figure 1: Elasticity of substitution along a curve In essence, elasticity of substitution \(\sigma\) measures how easy it is to move between points along an isoquant. When moving between such points there are changes in both the input ratio and the marginal rate of technical substitution. Elasticity of substitution sets proportionate changes in the input ratio against proportionate changes in the marginal rate of technical substitution such that \[\sigma=\frac{\frac{\Delta\left(x_{2}/x_{1}\right)}{x_{2}/x_{1}}}{\frac{\Delta\left(-dx_{2}/dx_{1}\right)}{-dx_{2}/dx_{1}}}.\] A positive value of \(\sigma\) indicates a certain degree of substitutability between production inputs. For the extreme case of perfect substitutes, elasticity of substitution approaches infinity \(\sigma\rightarrow\infty\). Electricity from two different suppliers could be seen as an example of a perfect substitute. Indeed, the electricity does the same job of powering production, regardless of the supplier. On the other hand, a value of \(\sigma=0\) indicates just the opposite: the inputs cannot substitute for each other, as they are perfect complements. Therefore, one cannot be employed without also employing the other. For example, in car production, wheels require tires: neither is sufficient on its own. Thus wheels and tires are perfect complements. In general, elasticity of substitution changes at different points along an isoquant. For example, it may be harder to swap machines for people (low \(\sigma\)) when only a few people are involved in production. On the contrary, it is easier to introduce machines (high \(\sigma\)) while there are still enough people to run the machines. However, a special case is one in which the elasticity of substitution is at a constant level for any combination of production inputs. That is, \(\sigma\) is the same value at any point along the isoquants that represent the production function. In practice, this is somewhat unrealistic but it simplifies the mathematics considerably, in particular for empirical modelling. This explains why the assumption of Constant Elasticity of Substitution (CES) is popular among economists studying production. The best-known example of a CES production function is the Cobb-Douglas production function. The decision about how to organise production depends both on the substitutability of production inputs (value of \(\sigma\), shape of isoquants) and on the relative cost of the inputs to one another, which can be represented by means of isocost lines. For example, if an energy firm produces electricity both through an environmentally friendly source (e.g. wind) and by burning a carbon fuel then how much of each input (wind or carbon fuel) the firm allocates to electricity production will come down to their relative cost. Of course, if the firm suffers a bad reputation for causing harm to the environment then the reputational cost could also be internalised within the production cost. This would make it more likely for the firm to choose or increase its use of the green source. Alternatively, governments could seek to regulate the market for electricity (see the articles on positive and negative externalities). Further reading For an application of elasticity of substitution to the theory of environmental economics, see the paper by economists Daron Acemoglu, Philippe Aghion, Leonardo Bursztyn, and David Hemous, “The environment and directed technical change” (American Economic Review, 2012). The authors compare ‘clean’ and ‘dirty’ technologies within a model of sustainable growth, offering recommendations for different types of government intervention that depend on the substitutability of inputs. Good to know The concept of elasticity of substitution is also applicable to the theory of demand, for the analysis of indifference curves and the substitutability of goods and services in consumption. The concept dates to the early 1930s, when it was originally developed simultaneously and independently by economists John Hicks and Joan Robinson. Ironically, one might argue that Hicks and Robinson were good substitutes for one another in the production of economic knowledge, with a mutually high value of \(\sigma\)! Nevertheless, from the student’s perspective, a good understanding of this concept requires some effort. As Thomas Edison once said, there is no substitute for hard work. <o:p></o:p>
Elasticity of substitution measures the ease with which one can switch between factors of production. The concept has a broad range of applications. For example, it can be used to compare labour and capital in firms, or native versus immigrant workers in the labour market. Additionally, it can assess 'clean' versus 'dirty' methods of production for environmental economics.
Derivatives are widely applied in economic modeling and theory, because they are an invaluable tool used to measure the effects and rates of change in economic variables and find the maximum and minimum values of functions. Microeconomists and macroeconomists alike make frequent use of derivatives. The technique is key to solving constrained optimization problems, such as Lagrangian optimization, for the purposes of maximizing utility and profit. Many other decision problems can be represented mathematically and solved using first derivatives. Further, derivatives are often important for understanding why certain models of the economy differ or to examine their underlying assumptions. Using derivatives in economics with a profit example Consider the following production cost function for a good C(q) = k + aq2 where k is a fixed cost, q the number of units produced and a is a parameter representing variable costs. C(q) represents the total cost of production for q units of the good. When making the decision about how much of the good to produce, a profit-maximizing firm will be interested in the cost of producing the last unit of the good (known as the marginal cost) and aim to set this equal to the extra revenue from selling that unit (marginal revenue). Suppose that (total) revenue from selling this good is simply the unit price p times the quantity sold R(q) = pq. Then profit (π) will be revenue minus cost π(q) = R(q) - C(q). Maximum profit is found by taking the first derivative of the profit function and setting it equal to zero: \[\begin{aligned} \frac{\partial\pi\left(q\right)}{\partial q}=\frac{\partial R\left(q\right)}{\partial q}-\frac{\partial C\left(q\right)}{\partial q}&=0\\ \Leftrightarrow\ \ \ \frac{\partial R\left(q\right)}{\partial q}&=\frac{\partial C\left(q\right)}{\partial q}\\ \Leftrightarrow\ \ \ p&=2aq\\ \Rightarrow\ \ \ q^{*}&=\frac{p}{2a}.\\\end{aligned}\] Since the first derivative of the profit function is zero at this optimal point where p = 2aq, profits are neither growing nor falling. It can be verified that the point is a maximum (and not a minimum) by taking the second derivative of the profit function: \[\begin{aligned} \frac{\partial^{2}\pi\left(q\right)}{\partial q^{2}}&=\frac{\partial^{2}\left(pq-\left(k+aq^{2}\right)\right)}{\partial q^{2}}\\ &=-2a,\end{aligned}\] which is negative for positive a, i.e. the gradient (or slope of the tangent line) of the profit function is decreasing in q. In other words, as q grows, profits increase by a smaller amount, and beyond the optimal point q* profits begin to decrease as q increases further. So, profits are still growing at q < q* but falling for q > q* and therefore profits are at a maximum at q = q*. This example is represented in the following graph where it is shown how profits (π) are maximized at point q = q* where the first derivative of the revenue function, which is marginal revenue, equals the first derivative of the cost function which is marginal cost (in other words, the point where MR = MC): Figure 1: Graphical representation of profit maximization In Figure 1, the red line shows the profit function. It is at its maximum at the point q*, which is also the point where the green cost function C(q)’s derivative (or slope of the tangent line) equals the slope of the blue revenue function R(q). Recall that this is the point where marginal cost equals marginal revenue. Pointed out on the graph are the three relevant points on each function. Recall that profit is maximized at the point where the first derivative of the profit function equals zero. This is shown by the red arrow. This produces q* as the optimal quantity. It can be shown that the first derivatives of R(q) and C(q) are equal at this point by plugging q* into the provided functions and solving; these points are denoted by the blue and green arrows in the graph. A note on total derivatives The above example involves simple, direct, partial relationships between output quantity q and revenue/cost/profit. In most real-world situations, revenue and cost will also depend on other variables. For example, revenue is also affected by sales effort e and marketing expenditure m. Costs are additionally affected by the price of raw materials r and wages w. Insofar as these other variables interact with the production quantity, it may be necessary to calculate the total derivatives of the revenue and cost functions with respect to q in order to determine the optimal level of production, \[\begin{aligned} \frac{dR\left(q,e\left(q\right),m\left(q\right)\right)}{dq}&=\frac{\partial R}{\partial q}+\frac{\partial R}{\partial e}\frac{de}{dq}+\frac{\partial R}{\partial m}\frac{dm}{dq};\\ \frac{dC\left(q,r\left(q\right),w\left(q\right)\right)}{dq}&=\frac{\partial C}{\partial q}+\frac{\partial C}{\partial r}\frac{dr}{dq}+\frac{\partial C}{\partial w}\frac{dw}{dq}.\end{aligned}\] Calculating these total derivatives takes into account any indirect effects of changing the production quantity on revenue and cost that arise due to potential differences in sales effort, marketing expenditure, the price of raw materials and wages brought about by changing the production quantity. Further reading Hal Varian offers a simple introduction for economists on how to calculate derivatives of functions, both total and partial, in the mathematical appendix to his popular text book Intermediate Microeconomics: A Modern Approach (see sections A10 to A13 of the ninth edition). Good to know More often than not, when economists compute derivatives of functions they are performing ceteris-paribus analysis. Taking the partial derivative of a function y = f(x1) with respect to x1 is done to estimate the effect of x1 on y while assuming that all else remains equal. This is why many economics courses only focus on the partial derivatives and assume that other influences on the revenue and cost functions remain constant. Therefore, total derivatives are seldom used in most economics courses. However, it’s still important to remember that basing economic reasoning on partial derivatives involves making the key assumption that other factors are held constant.
Derivatives of functions are computed using differential calculus. A derivative in calculus is defined as “the rate of change of quantity y with respect to quantity x”. This sounds very similar to the definition for a slope, and in fact the derivative can be thought of as the slope of a curve. This article will discuss the usage of derivatives in economics, but will not explain how to calculate derivatives.
The Best Free Online Macroeconomics Courses
We understand how difficult it’s been in these last months, the fear, frustration, and now, more recently, the boredom. Many have picked up new hobbies to pass the time, some have started learning a new language, and others, even, have experimented with exercise... As admirable as these endeavours are, a trick is still being missed. For what better way could there be to emerge from all of this madness than with a better grasp of... macroeconomics. Yes, there is none. You’re in luck, too. For there are countless opportunities to do this online, oftentimes for free! Can anyone really say they don’t need a little revision on the functions of GDP, the fluctuations of inflation, or the factors informing unemployment rates?! We thought not. So without further ado, here are our best picks of all that's out there: 1. Macroeconomic Diagnostics (edX) Hosted by the IMF, this course will teach you to assess a country’s macroeconomic situation using practical tools integral to day-to-day macroeconomic analysis. Throughout the 6 weeks of the course, you will learn how to analyze potential output, identify expenditure composition of growth, measure inflation, and assess sources of inflation. You will also gain a grasp of monetary and fiscal policy, develop an understanding of public and external debt sustainability, and learn how to assess the medium-term prospects of any given economy. It’s pretty all encompassing, and best of all it’s free! 2. Macroeconomics for a Sustainable Planet (edX) Run by the prestigious SDG Academy, this course focuses on the potential earth-saving question: is it really possible to develop a thriving global economy in a fair and environmentally-resilient way? At 13 weeks in length, and thus slightly longer than others in the list, the course also manages to squeeze in scrutiny of GDP, assessment of sustainable investment strategies, and takes a look at the rapidly changing labor market. We could not recommend it highly enough. 3. International Macroeconomics (edX) Let the University of Queensland lead you through an exploration of all the fundamentals of contemporary international macroeconomy, including the study of trade, exchange rate systems, international financial policy and open macroeconomy. At just 6 weeks, this course is not just for the economist, but also the layman, and will deliver a great level of understanding on the international economy, in addition to trade balance and exchange for anyone ‘curious about global economic behaviour and what influences it’. 4. Principles of Economics: Macroeconomics (classcentral) In 8 hours of material, this free macroeconomics course explores the economic way of thinking, and the role incentives play in our lives. It also seeks to answer big questions like: why do some countries grow rich while others remain poor? What role does a country's banking system play in its economic policy? Big questions to one side, it also covers important topics like the function of the Federal Reserve, also known as ‘the fed’, monetary policy, fiscal policy, the Solow Growth Model, and the ‘economics of ideas’. 5. Macroeconomic Forecasting (edX) Another course hosted by the IMF, here you’ll learn how to create and assess forecasting models to predict macroeconomic variables such as inflation and economic growth. Over the course of its 9 week duration this macroeconomics course will familiarise you with macroeconomic variables such as inflation, growth and consumption, while instructing you how to create statistical models in economics and then how to apply them to policy. 6. Strategic Business Management - Macroeconomics (Coursera) Delivered by the University of California, this course is for anyone interested in exploring the strategic components of applied economics combining business strategy with the principles of macroeconomics. It equips its participants with a powerful analytical toolbox with which to assess the major functions of business, management, statistics, and, of course, business strategy. 11 weeks in length, if you want to ‘expand your skills at the interface of strategy and business management’ this is the course for you.
With university life still suffering major disruptions and COVID fatigue reaching new heights, we at INOMICS felt it time for the latest instalment in our ‘online course’ series.
Depression and Anxiety on the University Campus
Scarier than all this, though, is the real truth: that it’s not just college students, but all young people. Vindication for this comes from the conclusions of a psychiatric report from 2008 which found young people of student age but who don’t attend college to be equally as likely to suffer from some kind of psychiatric disorder as their college-going counterparts. Non-college attending individuals were more likely to self-medicate with drugs, whereas college students were at a higher risk of having some kind of alcohol misuse disorder. Among the initial sample of over 43,000 respondents, nearly one-half met the criteria for a psychiatric disorder. It’s glaringly obvious there’s a mental health crisis among young people. But why? Money, drugs, and TLC The reasons for this crisis are manifold and complex. The aforementioned 2008 study found that among both young adults of college-going age and the general population as a whole, loss of social support was a heavily contributing element in an increase in risk for psychiatric disorders. Another obvious explanation specific to university-goers could be the pressures students are put under to study long and hard and perform well, troubles mirrored among the non-student population in job insecurity, financial worries and the stress of the 9 to 5. Students are expected to deal not only with their studies, but also the stresses of moving away from home, living somewhere new, being thrust into a community of total strangers, and managing their own finances, all similar worries for young people attempting to purchase their first property and find a decent job. Moreover, n places like the United Kingdom and America, university fees are preposterously high, meaning many students live under financial strain and work part-time jobs – another pressure. But these aren’t the only factors. Said stresses have changed little over time; half a century ago, students were still under pressure to perform well in their exams in an unfamiliar, potentially lonely environment. The financial burden was perhaps less, but – and without taking away its obvious impact – this can’t be used to explain the huge increase in disorders. One potential factor is the opening up of the conversation around mental health: students are more willing to talk about their struggles, so levels of diagnosis are higher, and therefore it appears there is an epidemic. But even this doesn't explain away the numbers. Even taking into account potential disparities in statistics, university campuses across the world are nonetheless experiencing a proportional upsurge in students who need help. Perhaps the most important factor which has bee neglected is lifestyle. The stress of university can affect sleeping patterns, and getting enough sleep has been shown to be essential in staving off depression. Many students eat poorly, don’t exercise as much as they should, and often drink copious amounts, whether due to the university lifestyle in general or as a coping mechanism. Some experiment with drugs, which can become a crux, and a large number of students report feeling isolated and alone. Those who have difficulty making friends may be disproportionately affected. All of these are important contributing factors to mental illnesses. Recent studies from, among others, Dr Steve Ilardi, have shown, for example, that Omega-3 is a critical fatty acid in combating depression, and having a stable social circle and frequent social contact can work wonders. Being stuck inside all day studying at the computer doesn’t help either, as getting enough sunlight is an often-overlooked contributor to mental health difficulties. Dr Ilardi recommends a programme which involves regular exercise, a tight-knit social circle, adequate Omega-3 and sufficient sleep every night. The trials have a 90% success rate (success being judged on patients not going into remission after 12 month). However, his programme potentially difficult to implement when one considers the stresses - and pressures - of university life. Universities themselves have a responsibility to deal with this problem, not just students. Unfortunately, these institutions are totally unprepared to deal with the problem. System failure The quality and crucially the availability of mental health care varies from university to university - but in general, it is inadequate. A survey at the University of California, San Francisco, suggested that of the 24% of students who were depressed, only 22% used mental health counselling services. Three of the main reasons students gave for not using services were cost at 28%, lack of confidentiality at 37%, and at the top of the list a lack of time, with nearly half – 48% – of students giving it as a reason not to attend. These results suggest not only that the mental health care systems in place aren't affordable for regular students, but also that the university system itself, at a foundational level, doesn't encourage either open dialogue nor space for students to look after their mental health. This space needs to open up immediately, though. The discourse around mental health – specifically, the stigma that still surrounds it – is changing, but not fast enough. A study from 2009 in Medical Care Research and Review conducted on American campuses found that how students felt they were judged by their peers did not play a significant role in whether or not they sought help; their own personal feelings towards themselves were far more important. And these personal feelings of guilt, shame, whatever they may be, which caused people to close themselves off and feel uncomfortable talking about their mental health, were highly dependent on identity. Certain groups were far more at risk of stigmatising themselves than others: namely, younger, Asian, international, and/or more religious men, and predominantly those from poorer families. In the United Kingdom, men are just as likely to be depressed as women, but far less likely to seek help, and a far worse statistic highlights this point: suicide is the biggest killer of men under the age of 45, and men account for three-quarters of suicides in the United Kingdom. These stats will only get worse - and certain people will suffer more than others - if these spaces on campuses don't open up for this dialogue to take place. Chemical solutions Put in these terms, the problem seems insurmountable; fixing our youth is going to require time, money, and compassion on the behalf of the government, the health care system and universities, as well as us rethinking the way we want to live our lives. Fortunately, some are trying to come up with solutions before the university level. In New York, the Mental Health Association has launched an online training program to ‘help educators better prepare in supporting student mental health’. The program aims to aid teachers in their understanding of the signs and symptoms of mental health, as well as how it can affect youth development. New York State enacted a law in 2018 that made some form of mental health education mandatory in schools. Head over to India, and the same conversation is opening up, with positive effects. In Mangaluru, the District Mental Health team has begun organising camps to create awareness among teachers and parents of mental health issues, and has implemented a hotline system which students can call if they need counselling. Dr Ratnakar of the District Mental Health team says ‘the primary objective of the mission is to unearth the fear that is instilled in... young minds’ – in other words, to remove the stigma surrounding mental illness. These types of programs are especially effective as they try to mitigate the problem at an early age – during the school year. There is always the risk, however, that these types of top-down impositions can be crudely structured and organised, of low quality, even. Regardless, it’s a step in the right direction. At the university level, there are necessary steps to be taken to mitigate the fallout of this epidemic. Universities should be promoting lifestyles that foster both physical and mental health, the two going hand in hand as they do. This means providing adequate facilities for both free and low-cost sports, as well as doing things like not allowing students to stay in the library all night in order to encourage healthy sleeping habits. Moreover, an environment in which talking about mental health is encouraged should be a priority. Aside from this, universities must work with healthcare providers to ensure counselling and support led by trained professionals are available for students whenever they need it. This would shorten waiting lists and guarantee the correct therapeutic route for the person in need. Equally as important, these services need to be properly publicised. Too often, student support services aren’t advertised to students, meaning they don’t take advantage of the services which could help them through their studies and, in more serious cases, save their life. This is especially true for emergency services for those close to mental breakdown or contemplating taking their own life – these services are essential and cannot be spared. There’s a more serious issue that needs to be tackled if we are are to mitigate this problem, and it comes back to Dr Ilardi’s research. The modern lifestyle – as he puts it, our ‘sedentary, indoor, sleep-deprived, socially-isolated, fast-food-laden, frenetic’ modern life – is one conducive to mental illnesses, particularly depression. If we want to decrease the likelihood that people will experience mental illness, this needs to change. This isn’t just about providing healthcare and talking therapy for students; it’s about a fundamental shift in the way we interact with the world around us, the things we do to our bodies, and the way we live our lives. Until we do this, until we make this central structural change, rates of depression will continue to climb, irrespective of how many psychologists are available for weekly sit downs and how destigmatised the conversation becomes. The problem goes deeper than just discourse: it reaches right down into our bodies, the food we put in them, the people we interact with; in other words, into our very chemistry. If you’re affected by mental illness or psychiatric problems, whatever they may be, it’s essential to talk to a GP or a mental health professional. If you're contemplating suicide, most countries have a suicide help line. The UK number for Samaritans is 116 123 and the US National Suicide Prevention Lifeline is 1-800-273-8255.
In recent years, an epidemic has enveloped university campuses across the world - and it's not the COVID-19 coronavirus pandemic. Compared to any other generation of college students in history, current students experience more mental health issues than ever before. Some reports suggest that 35% of freshers in American universities experience anxiety disorders - and this percentage is compounded by the fact that, terrifyingly, nearly 10% of students have considered suicide in the previous twelve months. Since the 1950s, rates of suicides on American campuses have tripled, and it’s now the second most common cause of death among students. In the United Kingdom alone, a student commits suicide every four days.
Online MSc in Data Science, Technology and Innovation
Online learning Our online learning technology is fully interactive, award-winning and enables you to communicate with our highly qualified teaching staff from the comfort of your own home or workplace. Our online students not only have access to the University of Edinburgh’s excellent resources, but also become part of a supportive online community, bringing together students and tutors from around the world. Programme structure You can study to an MSc, MSc with Medical Informatics specialism, Postgraduate Diploma, Postgraduate Certificate or Postgraduate Professional Development level. These credits will be recognised in their own right for postgraduate level credits or may be put towards gaining a higher award such as a PgCert. Learning outcomes The modular course structure offers broad engagement at different career stages. Individual courses provide an understanding of modern data-intensive approaches while the programme provides the knowledge base to develop a career that majors in data science in an applied domain. Career opportunities This programme is intended for professionals wishing to develop an awareness of applications and implications of data intensive systems. Our aim is to enhance existing career paths with an additional dimension in data science, through new technological skills and/or better ability to engage with data in target domains of application.
Demand is growing for high value data specialists across the sciences, medicine, arts and humanities. The aim of this unique, modular, online distance learning programme is to enhance existing career paths with an additional dimension in data science. The programme is designed to fully equip tomorrow’s data professionals, offering different entry points into the world of data science – across the sciences, medicine, arts and humanities. Students will develop a strong knowledge foundation of specific disciplines as well as direction in technology, concentrating on the practical application of data research in the real world.
MSc in Online Data Analytics for Government
WHY THIS PROGRAMME The Statistics Group at the University of Glasgow is internationally renowned for its research excellence. Students are able to benefit from this by learning from academics whose expertise covers the analysis of data from a wide range of applications. Designed for part-time study, this programme allows you to gain an MSc degree from a leading university while you're still in full-time employment. Plus, from day one you can start to put your new knowledge to the test at work. You won't have to wait until you've graduated to make a real difference in the workplace. A faster study route, which lets you complete the programme in two years, and a slower study route, which lets you complete the programme in four years, is also available. You will have the freedom to work at your own pace and access to a wide range of learning tools including rich interactive reading material and tutor-led videos. You will also be able to arrange tailored one-to-one sessions with our academic team. PROGRAMME STRUCTURE This flexible part-time programme is usually completed over three years. In the first two years, you will take two courses each trimester. If you are doing the MSc, in the third year you will undertake a project and dissertation. Core courses (MSc / PgDip) SAMPLING FUNDAMENTALS (10 credits) This course introduces students to key concepts from probability theory and provides an introduction to survey sampling with a focus on the underpinning probabilistic mechanisms. STATISTICAL COMPUTING (10 credits) Designed to introduce you to programming in the statistical software environment R. You’ll be introduced to basic concepts and ideas of a statistical computing environment and trained in programming tools which use the R computing environment. The course provides computational skills which will support other courses on the programme and you will learn the fundamental concepts in scientific programming. DATA SCIENCE FOUNDATIONS (10 credits) This course will introduce you to different approaches to learning from data, with a focus on interval estimation, hypothesis testing and frequentist and Bayesian model-based inference. You will then learn how to implement these statistical methods using R. PREDICTIVE MODELLING (ODL) (10 credits) This course will introduce you to predictive modelling using multiple linear regression as a showcase. It will present some of the distributional theory underpinning the normal linear models and the associated methods for testing and interval estimation. You will also find out how the design matrix of a linear model can be constructed to accommodate categorical covariates or, through basis expansions, non-linear effects. ADVANCED PREDICTIVE MODELS (ODL) (10 credits) Looking at models which can account for a non-normal distribution of the response and/or the fact that data is not independent, but correlated. You will gain an overview of different generalisations of linear regression models and become acquainted with the theory of exponential families. You’ll also be introduced to generalised linear models and the concept of a time series. STATISTICS IN GOVERNMENT (10 credits) The course provides an introduction and overview of survey sampling and design, survey statistics, ethics, types of surveys, data processing and management. DATA PROGRAMMING IN PYTHON (ODL) (10 credits) This course will introduce you to object-oriented programming and Python as a generic programming language and its use for data programming and analytics. You will learn to use Python libraries that are relevant to data analytics such as scikit-learn, NumPy/SciPy and pandas. UNCERTAINTY ASSESSMENT AND BAYESIAN COMPUTATION (ODL) (10 credits) Develops the foundations of modern Bayesian statistics and demonstrates how prior distributions are updated to posterior distributions in simple statistical models. You’ll be introduced to advanced stochastic simulation methods such as Markov-chain Monte Carlo. You’ll also find out how to fit Bayesian models using high-level software for Bayesian hierarchical modelling such as BUGS or STAN. INTRODUCTION TO SURVEY RESEARCH (10 credits) The course provides an introduction and overview of survey sampling and design, survey statistics, ethics, types of surveys, data processing and management. DATA MINING AND MACHINE LEARNING I: SUPERVISED AND UNSUPERVISED LEARNING (ODL) (10 credits) An introduction to machine learning methods and modern data-mining techniques, with an emphasis on practical issues and applications. You’ll be introduced to different methods for dimension reduction and clustering (unsupervised learning), a range of classification methods beyond those covered in the Predictive Modelling course. You’ll also learn about neural networks, deep learning, kernel methods and support vector machines. DATA MINING AND MACHINE LEARNING II: BIG DATA AND UNSTRUCTURED DATA (ODL) (10 credits) This course will provide you with a grounding in data mining and machine learning methods used in big data scenarios. You will also learn methods for analysing networks and unstructured data, as well as formal methods for social network analysis and quantitative text analysis. LARGE-SCALE COMPUTING FOR DATA ANALYTICS (ODL) (10 credits) The course introduces students to deep learning and convolutional neural networks and presents an overview over systems for large-scale computing and big data. DATA ANALYTICS PROJECT (ODL) (60 credits) (MSc only) At the end of the programme you will complete a project, giving you the opportunity to put the skills you have acquired throughout the programme into practice. During the project you will solve a real-world data analytics problem using state-of-the-art data science methods. CAREER PROSPECTS The programme equips you with key data and analytical skills required to master the challenges and make the most of the opportunities in today's technology-driven world. The programme is specifically designed for employees in the public sector and will help you accelerate your career and progress to senior roles in data science and analytics.
While the amount of data being produced is proliferating at a staggering rate, the skills to extract information and the value we receive from it are both relatively scarce. Analytics and data-driven decisioning is playing an increasingly important role in the economy, society and public administration. Designed together with the Office for National Statistics, our MSc in Online Data Analytics for Government is based on our successful online MSc programme in Data Analytics and will provide you with vital skills required to develop your modelling and data handling expertise. You will gain a firm grounding in the principles of learning from data sets, whilst at the same time getting hands-on experience handling, analysing and visualising data, helping your organisation to maximise the insights and value extracted from its data.
King’s Business School is the new hub in London for engaging with business, finance and government; where game-changing research informs a contemporary approach to business education, creating socially responsible leaders of the future. Learn from leading academics and active senior finance professionals who will give you the right knowledge and tools to effectively tackle business challenges and support your career aspirations. There will be a strong focus on practical skills, giving you the right knowledge and tools to effectively tackle challenges in the global finance and banking sectors, and support your career aspirations. Fit your studies around your work and life commitments without taking a career break, and start to grow the essential research, analytical and critical thinking skills that you will need to succeed in your future finance career. Why study with King’s Business School? King’s College London has been ranked top in London for business & management studies (The Complete University Guide 2019). The course aims to develop practical skills and maximise employability. Course modules are led by industry leaders to ensure that there are real world applications for all of your learning. King’s Business School provides a highly stimulating intellectual environment, where students access unparalleled academic excellence and study alongside international peers from over 50 countries. Achieve a Postgraduate Certificate in as little as 8 months, a Postgraduate Diploma in 16 months and an MSc in just 2 years. Become part of a large and active community of alumni worldwide. Benefits of online learning: Access world-class teaching and excellent student support, from anywhere in the world, without leaving home. King’s online courses offer the same rigour as on-campus courses. Six intakes per year for maximum flexibility. Small class sizes allow close instructor interaction and collaboration with other professionals from across the globe. The course information sheet is a printable version of the information on this web page, which you can download here.
The 100% online MSc in Global Finance & Banking from King’s Business School allows you to explore advanced financial and banking principles, such as investment analysis, analysis of financial statements, models of asset returns, optimal investment & risk and portfolio management.
Courses available Machine Learning: Practical Applications online certificate course Explore machine learning techniques to optimise your data analyses for informed business decision-making. 8 weeks | 7-10 hours per week Public Policy Analysis online certificate course Gain practical skills and analytical frameworks for analysing, evaluating, and communicating public policy. 10 weeks | 7-10 hours per week Automation: Implementation in Business online certificate course Learn how to deploy and manage key service automation technologies in your organisation, ethically and effectively, for enhanced productivity, profitability, and customer satisfaction. 6 weeks | 7-10 hours per week Real Estate Economics and Finance online certificate course Gain the theoretical knowledge and practical skills to make more informed real estate investment decisions. 8 weeks | 7-10 hours per week MBA Essentials online certificate course Gain holistic business and leadership skills to become a better manager, with this essential toolkit for the contemporary business environment 10 weeks | 8-12 hours per week Managerial Finance online certificate course Develop an understanding of the crucial frameworks and tools of modern corporate finance to make better managerial and investment decisions 6 weeks | 8-12 hours per week Business, International Relations and the Political Economy online certificate course Learn to maximise opportunities and mitigate risk stemming from global events with expert commentary and insights from LSE thought-leaders 8 weeks | 7-10 hours per week Negotiation Programme online certificate course Maximise your negotiation skills for business and career success in this six-week online course. 6 weeks | 7-10 hours per week Data Analysis for Management online certificate course Develop the skills you need to analyse, interpret and communicate data with confidence and impact within your organisation. 8 weeks | 7-10 hours per week Cryptocurrency and Disruption online certificate course Understand the theory and technology behind cryptocurrencies, how people invest in them and the future implications for business. 6 weeks | 7-10 hours per week How Online Courses Contribute to LSE's Mission LSE was founded to address real world issues - with the aim of understanding the causes of things for the betterment of society. Offering online certificate courses supports this vision, making LSE’s world-leading teaching and research accessible to a global audience. The interactive nature of the learning experience enables the School to reach the widest possible audience, and allows students worldwide to engage in the academic debate for which LSE is renowned. The Online Learning Experience Studying with LSE online, you’ll gain access to the insights and teaching of LSE subject experts and thought leaders, as you would on-campus, in addition to hearing from industry pioneers through video lectures. You’ll engage with real-world case studies and issues, and upon successful completion of your course you’ll walk away with a certificate from LSE - validation of the knowledge and skills you’ve gained. Presented in Collaboration with GetSmarter To present these online certificate courses, LSE is collaborating with online education leaders, GetSmarter. GetSmarter’s people-based, interactive and supportive learning model has resulted in unprecedented course completion rates, as well as measurable career improvements for many past students. Studying with LSE and GetSmarter, you’ll have a dedicated Success Manager and access to technical and academic support around the clock. This personalised and intimate approach allows you to study from anywhere in the world, at the time of your convenience, and still interact with your peers. Further Information and How to Apply For more information on these online certificate courses, visit the course pages below, or contact lseonline@getsmarter.com.
The London School of Economics and Political Science is now offering short, certificate courses, available online from anywhere in the world. These courses allow working professionals to enhance their skills online and in their own time, using a highly supportive and interactive learning platform.
London School of Economics & Political Science (LSE)
Adding a new recruit to your team during the COVID-19 pandemic
In light of this, we’ve created a to-do list with pointers and tips, to help you welcome and acclimatize your newest team members while the pandemic is still ongoing. Publish and make employees aware of health and safety guidelines Should employees need to go into the office, whether regularly or sporadically, they ought to be familiar with the health and safety guidelines of the office. Hold a virtual meeting to bring new team members up to speed with the policies of your office. Send out periodic emails and post signs on the noticeboards and in thoroughfares in the office with the necessary information on the coronavirus pandemic and how employees can work along with each other and their employer, to reduce the risk of spreading the virus. Information on local testing centers should also be provided; if employees are deemed at risk, they should easily know where they can be tested. Newly recruited team members may be coming from different regions or countries and so preparing a small virtual welcome packet with the regional and/or country rules on COVID-19, will certainly streamline the adjustment process for employees. This will protect team members as well as your institution or company by ensuring the people who make your entity successful, are as healthy, comfortable, happy and productive as can be. Facilitate virtual social events Colleagues connecting with one an another has never been more important. Social distancing rules and remote working have created barriers to normal human interaction and has negatively impacted regular socializing amongst colleagues. The need to find creative ways for team members to bond and feel a sense of togetherness is now more crucial than ever. To this end, we recommend organizing or otherwise facilitating designated hours at the end of the workday for team members to virtually mingle, share a drink or a meal or, to just unwind after a day’s work. A good idea is to designate the last hour of the last workday of the week to a social activity. If you want to learn more about the risks and challenges for job recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Furthermore, social and cultural differences between a team consisting of members from different backgrounds also need to be bridged. A great way of doing this is through socializing events. Organizing these types of events will not only score you points as an employer but also build team spirit and can increase productivity. Progress tracking facilities Invest in good task management or project tracking tools. These tools allow employees to keep abreast of the periodic tasks ahead of them while enabling them to effectively manage their goals. Task management tools are essential in a remote working setup since the usual in-person updates, reminders and meetings are now no longer feasible or as routine as they used to be. Task management tools allows you as an employer to measure productivity, understand employee performance and prevent micromanagement. This is also a great way for everyone to know what each of their team members is working on since the tasks and to whom they’re assigned is visible by anyone with access to your company’s dashboard. Quick, periodic updates When planning meetings, establish clear times and lengths so everyone knows how long they have to dedicate to them. This will prevent meetings running way over the time needed for their purpose. Have fixed rules which allow for personal updates during daily meetings to be no longer than 60 seconds. This enables persons to streamline their thought process and focus on the essentials when giving their updates. Also, it prevents people from going into too much detail which is often irrelevant for most other team members. Doing this will allow employees to better plan their days and manage their time, boosting productivity. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. If you are interested in promoting jobs offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your job recruitment strategy during these tough times, plan and optimize your strategy for 2021, or support you filling in the last applicant quotas in 2020.
Although recruiting efforts were initially slowed due to the coronavirus pandemic, things are picking up again. Companies, organizations and academic institutions all seem to be getting back into the swing of things.
Download the INOMICS Handbook With 11 years left to 2030, there is a sense of urgency and a recognition that innovative approaches are necessary to overcome the challenges IsDB Member Countries face in reaching the SDGs. This is where The Lives and Livelihoods Fund (LLF) comes in. Launched in 2016, the LLF is the product of a unique partnership model that provides highly concessional financing up to US$2.5 billion. It does so by combining the ordinary financing of the IsDB with donated grants from the King Salman Humanitarian Aid and Relief Centre (KSRelief) in the Kingdom of Saudi Arabia, the Qatar Fund for Development (QFFD), the Abu Dhabi Fund for Development (ADFD), the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development (ISFD), and the UK’s Department for International Development. Recipient low-income member countries pay back the IsDB while donors indirectly cover the markup rate under IsDB financing, in doing so dramatically reducing the cost of borrowing. The LLF, a bonded partnership compact between some of the biggest development organizations in the Gulf, targets the key drivers of poverty in the most marginalized Muslim populations. In particular, it seeks to address critical needs in health (specifically, primary healthcare & infectious disease control) agriculture (smallholder farmers’ production & productivity), and basic infrastructure. The development impact of LLF investments is maximized further by combining technical support from international donors, innovative implementation models involving the private sector, and a special Project Preparation and Implementation Facility (PPIF). The PPIF is devoted to increasing the relevance, readiness and results (the 3Rs) of projects eligible for LLF funding, measuring them against a refined criteria for selection, and thus laying the foundations from which millions of lives can be saved and livelihoods secured. Thanks to the relentless efforts of the LLF Management Unit, in close collaboration with relevant IsDB entities and regional hubs, the Fund has approved projects worth over US$1.16 billion to a total of 19 different countries - and disbursements are only increasing. With respect to health, the LLF has provided funding designed to improve the ability of IsDB member countries to eradicate infectious diseases. Notable examples include a US$100 million approved project in Pakistan to fight polio, and a US$32 million project in Senegal to eliminate malaria for good, both of which were in partnership with UNICEF and the Global Fund. Freeing these countries from such maladies allows their respective workforces to better contribute to economic development. The LLF also provides guidelines as to how recipient countries can provide better public healthcare to their populations. Cameroon, for instance, has received US$30 million of LLF funding for improving its healthcare system, while Djibouti was awarded a US$20 million of concessional financing to help improve its mother and child healthcare management. And the LLF isn’t neglecting its responsibility to help tackle the COVID-19 outbreak, either. It will be redistributing certain existing health investments to make sure essential services can continue running, as well as increasing them to help with the response to and recovery from the virus. Moreover, the LLF will invest in strengthening the agriculture sector in at-risk countries to ward off the potential collapse of this industry. COVID-19 affects us all, and the LLF will be playing its part to stop it. In a joint effort with reputable development actors such as the African Development Bank (AfDB), BADEA, and IFAD, the LFF is revolutionizing the traditional way of feeding vulnerable populations. It does so by adopting an approach that addresses both nutrition and production, while also taking into account the value chain at a regional level, in order to maximize synergies between the private and public sector to achieve economies of scale. It was with this method that, in 2016, the LLF approved a US$90 million livestock value chain development project that covered Burkina Faso, Mali and Senegal. In 2016 and again in 2018, the Regional Rice Value Chain Development Program amounting to more than US$100 million and covering The Gambia, Guinea, Niger, Sierra Leone and Senegal was also announced. These investments contributed to helping recipient governments reduce their food self-sufficiency deficit, boost their livestock and agriculture production, and reduce their spending on food imports. The LLF is also transforming the lives and livelihoods of millions of people through improving sanitation systems, thus dramatically reducing the disastrous spread and impact of waterborne diseases. To this end, the LLF has approved a US$54 million project to improve the water and sanitation of the city of Conakry in Guinea, and a US$49 million project for sustainably improving the sanitation system in Abidjan and eleven secondary cities in the Ivory Coast. We are proud to confirm that the LLF is now acknowledged as the largest development initiative of its kind based in the Middle East. It has established itself as one of the best means IsDB member countries have of achieving the SDGs by the 2030 deadline. That being said, much remains to be done to address the many problems these countries face. Many still require support in rebuilding their national health care systems, developing food self-sufficiency, and strengthening their ability to provide potable water, clean power, and decent sanitation systems to their poorest communities. Our ambition is to save millions of lives by eradicating extreme poverty and extending a helping hand to vulnerable people in the world. That the LLF has approved financing of over US$1.16 billion in the three years since its inception demonstrates that when committed actors join forces, anything is possible. We strongly encourage international donors, regional development actors, and all organizations committed to eradicating poverty and disease in the poorest countries to stand with us; for as a united front, we will achieve the SDGs by 2030.
Four years ago, the world adopted an ambitious set of Sustainable Development Goals (SDGs) designed ‘to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030’. Despite rising life expectancy and the eradication of many endemic diseases, more than 400 million people in the member states of the Islamic Development Bank (IsDB) still live in absolute poverty, subsisting on less than US$1.90 per day. It is, perhaps, these countries that face the greatest challenges in fulfilling the SDGs. Traditional methods of development finance have struggled to alleviate the extreme poverty in some regions of the world, leaving the poorest populations without the basic building blocks needed to lead healthy lives and build dignified livelihoods. Many remain deprived of primary healthcare, protection against infectious diseases, a sufficient and nutritious food supply, potable water, clean power, and sanitation.
Economic Development, Innovation and Growth (JEL O)
Best practices for every stage in the job recruitment process during Covid-19
Here we’ve compiled a list of tips and solutions to help make your recruitment plans more befitting. Job Advertising: Communication is key! Being as clear as possible in the job description in terms of the role, expectations and tasks to be performed, will help build a good rapport and trust with job applicants. Include flexible working hours, childcare, health insurance and the possibility to work remotely to incentivize applicants. Consistency and clarity in your recruitment offer should be achieved through cooperation between the HR, PR and marketing departments. Processing Applications: A clear application process should be defined by the HR department to ensure the timely and efficient processing of incoming applications. Information should also be communicated to applicants promptly and succinctly and updates should be given regularly. These will help boost your status as an employer and score you points in the minds of prospective employees, building overall positive associations with your institution and brand. Current employees should also be kept in the loop when recruiting new candidates; don’t forget to update team members and let them know who will be joining them and when. Rakuna is a great one-stop shop for optimizing your recruiting needs. From automating interview scheduling, to digitizing the entire application process, Rakuna can help you to centralize your recruitment activities, boost candidate experience and build employer branding. If you want to learn more about the risks and challenges for job recruitment during the 2020 pandemic, download our e-guide resource about recruitment during Covid-19. ➲ Download our e-guide "Recruitment during Covid-19" here Candidate pre-selection: If your vacancy requires a pre-assessment of skills, ensure the test or interview can be done remotely. The software and hardware needs and constraints of the candidate also need to be taken into account; if your assessment requires a certain browser, speed of internet connection or other particular requirement, be sure to communicate this well in advance to the candidate so that they are adequately prepared. Interviews: The technological and software requirements of the interview and communication process should be factored into your budget. Investing in reliable technology and communications services will make the interview process hurdle-free, putting you and your candidate at ease and ensuring the efficiency of the process. Be empathetic to the needs and questions of your candidate during this process. Remember, remote communication can be somewhat alienating so try to bridge the gap by being understanding and taking time to address the candidate’s queries. Hiring Process: Confirming and cross-checking references can be challenging; getting a hold of the referees via online communication requires planning and patience. Be sure to set up meeting times for video calls well in advance so everyone can be properly organized. Also, the process should be able to be done entirely online. Not only is this solution safer, but it is cheaper and less time consuming for all parties involved. Onboarding: Despite the working from home set-up, the company culture should still remain. Efficient messaging, task management and communication systems are essential. Google Hangouts and Slack are great messaging tools while Kronos, Oracle or Asana are excellent project and task management solutions. Making use of these are sure to enhance the communication and management experience for your team. Remember to always include virus safety information to ensure the maintenance of good health of everyone. During the upcoming months, we are releasing a series of articles on recruitment tips and advice during Covid-19. If you are interested in following this series, subscribe to our Newsletter. As a welcome gift you will receive our recruitment e-guide as well as exclusive access to special promotions for our subscribers. If you are interested in promoting jobs offered by your institution, please contact us at info@inomics.com. We will be happy to boost and support your job recruitment strategy during these tough times, plan and optimize your strategy for 2021, or support you filling in the last applicant quotas in 2020.
COVID-19 has undoubtedly brought about fundamental changes in the ways in which we have traditionally approached recruiting. Job recruiting strategies have to be flexible and dynamic to ensure they fit with the current climate.
If you’re on the hunt for a behavioural economics program, or if you’re currently studying and just want to make sure you stay in the know, it’s definitely worth browsing some of the best books which have been written on the subject over the last few years. Maybe it’ll make you feel as though you’ve done something productive today! INOMICS and our parent company 11 Academia Networks are Amazon Associates, meaning we are a part of their affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post. Misbehaving: The Making of Behavioral Economics - Richard Thaler Nobel Prize winning behavioral economist megastar Richard Thaler brings us a beautifully written, engaging, often funny look into the world of a discipline he helped get to its feet. Building on the work of a previous book, Nudge, which he cowrote with Cass R. Sunstein, it simultaneously deals with the principles of behavioral economics while also describing the troubles he had convincing other economists of the importance of irrationality when it comes to economics. Behavioral economics takes many of its cues from psychology, coupled with ‘a practical understanding of incentives and market behavior’, and Thaler attempts to help the reader make better decisions - in business, in government, and in life. Predictably Irrational: The Hidden Forces That Shape Our Decisions - Dan Ariely Most of us think that rational behavior guides our actions - that we are always making decisions that can be justified. But when we take a step back to think about chain smoking, junk food, extreme sports, and going back for sixths at all-you-can-eat buffets, it becomes clear this isn’t the case. Ariely, behavioral economist at MIT, attempts to answer the question of why seemingly intelligent humans don’t always act in their own interests (as orthodox economics believes) and instead make irrational decisions. Mixing everyday experiences with scientific research, he shows how emotions, societal norms, and expectations influence our decision making processes, and offers insights into how to break out of these cycles. Inside the Nudge Unit: How Small Changes Can Make a Big Difference - David Halpern Based on Thaler’s idea of ‘nudging’ people (also known as libertarian paternalism) into making better, more rational decisions in their lives, the Nudge Unit (or Behavioural Insights Team) was created as a small part of the British government to promote this goal. Now a much larger institution, Halpern’s book describes the institution’s journey, from an idea to where they are now: saving us and the government millions of pounds by nudging us to make small changes to our behavior that we don’t even necessarily realise. What Works: Gender Equality by Design - Iris Bohnet Bohnet’s groundbreaking work takes behavioral economics and uses it for a more noble pursuit: that of gender equality in the workplace. Her findings reveal that trying to change mindsets doesn’t really work, due to the persistence of unconscious biases. To combat this, she builds on the work of behavioral scientists, showing that there are ways of changing organisations, rather than the people within them, which helps equality. Mostly, this involves changing - and not even by much - the practices with which companies pick their talent. Examples include making changes to interview procedures, being sure to have the right percentage of positive discrimination, and altering hierarchies. Most of all these changes are relatively small, and not particularly costly, but could make a huge difference - and create a more equal society for all. The Ethics of Influence: Government in the Age of Behavioral Science - Cass R. Sunstein Thaler’s coauthor of Misbehaving, Sunstein presents the ethical case for their famous idea of the ‘nudge’. Since the idea’s inception, it has been used to help people and governments better protect the environment, reduce poverty, and improve economic growth, as well as make people's personal lives happier and more fulfilling. Addressing ideas such as manipulation, welfare, and how far the state is allowed to reach, Sunstein presents the fors and againsts for nudges, recounting how governments have used them, and ultimately makes the case (unsurprisingly) that nudges should be used often by governments to improve society - while not ignoring the fact that sometimes, nudges can be manipulative and ethically wrong. Happiness by Design: Finding Pleasure and Purpose in Everyday Life - Paul Dolan Once we realised that what advertising sells us isn’t happiness but pleasure, the next narrative was that we can become happy simply by changing our mindset. One example of this is meditation, an undisputedly positive activity which can increase wellbeing. However, Dolan has another trick for us: change your behaviour, rather than your mindset, by altering the environment around you - sometimes in extremely minor ways. The three steps he lays out to doing this are deciding, designing, and doing, showing how where we spend our attention - because focusing on one thing means we are unable, by definition, to focus on something else - is directly correlated to how happy we are. Scientific, amusing, and offering practical advice on how to change, Happiness by Design is a roadmap to creating a happy life, and turning off the autopilot with which many of us exist.
The current circumstances can be tough: being isolated from families and friends is difficult, and having to spend most of our time inside isn’t particularly healthy. However, there is one thing you can spend a lot of time doing which will improve your quality of life exponentially: reading!