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item list element: Quantity Theory of Money
item list element: Velocity of Circulation
item list element: How to research and publish in economics education
item list element: Top YouTube Channels to Learn Econometrics and Economics
item list element: The Places to Be for Economics Pedagogy
item list element: Microeconomics
item list element: Macroeconomics
item list element: The INOMICS Questionnaire: Fratzscher vs Miguel
item list element: The Life of Rational Economic Man
item list element: 5 Industry Skills I Never Thought I Would Use in my PhD
item list element: Deflation
item list element: The 'Recipe With No Ingredients' in Macroeconomics Textbooks
item list element: Welfare Economics
item list element: Policy or academic economist: Which should I become?
item list element: Inflation
item list element: Consumer Price Index
item list element: GDP Deflator
item list element: Solidarity with Ukraine, ways to help and assisting international students fleeing war
item list element: 10 Qualities That Define A Good Economist
item list element: Finding Inspiration As An Economist
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Quantity Theory of Money
type: CreativeWork
title: Quantity Theory of Money
description: This theory was originally formulated by the Polish mathematician Nicolaus Copernicus in 1517, but the version most commonly known today was developed by the American economist Irving Fisher in 1911. It gained popularity in 1963 with the publication of Milton Friedman's and Anna Schwartz's influential book A Monetary History of the United States. Since then, it has become a cornerstone of the monetarist school of economics, which sees excessive expansions in the supply of money as the primary driver of rising prices and hence inflation. Fisher’s Equation of Exchange Fisher's Equation of Exchange is an identity that always holds true by definition. It essentially states that the quantity of money spent in an economy needs to equal the quantity of money used. This is expressed as: \begin{equation*} MV_T \equiv P_TT \end{equation*} where M = Quantity of money VT = Money velocity of all transactions (money turnover) PT = Price level of all transactions T = Total transactions in the economy. According to the QTM, in any given time period, total money expenditure is equal to the total value of goods traded in the economy. The volume of transactions T depends on the supply of goods and services to be exchanged. The greater the supply of goods in an economy, the larger the number of transactions and trade, and vice versa. An alternative formulation makes this relationship more explicit by introducing real output or gross domestic product (GDP) to the equation. This particular formulation of QTM is quite common and regularly taught to students of economics, so you may recognize it: \begin{equation*} MV \equiv PY \end{equation*} where M = Quantity of money V = Income velocity of money P = Price index (not price level) Y = Real output (GDP). In this equation, as with the price of a commodity, the value of money is determined by supply and demand factors. Under the assumption of full employment and full use of all resources, Y cannot be increased and is therefore assumed consta…
disambiguating description: According to the quantity theory of money (often abbreviated QTM), the general price level of goods and services is proportional to the quantity of money in an economy.
date posted: 2022-05-13T12:56:05Z
date modified: 2023-10-02T16:52:30Z
employment type: onsite
language: en
keywords: Quantity Theory of Money
keywords: Simone Schotte
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Thought & Methodology (JEL B)

Velocity of Circulation
type: CreativeWork
title: Velocity of Circulation
description: The velocity of money gives an indication of whether consumers and businesses are saving or spending their money. It is influenced by a variety of factors, such as the frequency of transactions, trade volume, business conditions, prevailing price levels and expectation regarding future prices, and borrowing and lending policies. Being typically higher during periods of economic growth and lower during contractions and recessions, the velocity of money can be used as a measure of economic activity alongside other key economic indicators such as GDP, unemployment, and inflation. Calculating the velocity of circulation The velocity V of money measures the rate at which money is exchanged to purchase domestically-produced goods and services within a given period. Following Fisher's Equation of Exchange, V is calculated as the ratio of nominal GDP (output Y evaluated at current prices P) to money supply M: \begin{equation*} MV = PY \Longleftrightarrow V = \frac{PY}{M} \Longrightarrow V = \frac{GDP}{M} \end{equation*} While GDP is typically used as the numerator, gross national product (GNP) may also be used. In the denominator, two alternative measures for the average stock of money can be applied: M1 is the sum of currency, demand deposits, and other liquid deposits in circulation. It is typically used in shorter-term transactions of everyday consumption. When you buy something with cash or a card, you are using money from the M1 supply. M2 is a broader measure. It consists of M1 plus several assets that are less liquid but still easily convertible, such as savings deposits, money market securities, and other time deposits. Central banks closely follow the evolution of M2 as an indicator of money supply and future inflation. It is a common target of monetary policy. To give an example, imagine an economy with two agents: a farmer and a mechanic. Both have initial cash holdings of €50, for a total stock of money equal to €100. In one year, the farmer produces wheat worth…
disambiguating description: The velocity of circulation is the frequency at which one unit of currency (i.e., a one-Euro coin) is exchanged in an economy within a given time period. If it is rising, then more transactions are taking place between individuals in an economy. It is also known as the velocity of money.
date posted: 2022-05-13T12:35:13Z
date modified: 2026-06-29T11:07:45Z
employment type: onsite
language: en
keywords: quantity theory of money
keywords: Simone Schotte
keywords: velocity of money
keywords: velocity of circulation
keywords: economic indicators
keywords: monetary policy
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: finance
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Finance

How to research and publish in economics education
type: Article
title: How to research and publish in economics education
description: A recent article introduced a range of publications and conferences focused on teaching, assessment and pedagogy in both economics and more widely. This article may help motivate you to adopt a more innovative approach to teaching, and may also spark the desire to share your work in pedagogy. Just as with research in economics, there are a wide range of areas within pedagogy that you could focus research in, and the skills developed as an academic economist are often transferrable when thinking about teaching and learning more generally. In this article, we will discuss some of the key elements needed to publish research relating to economics education. 1. Develop teaching innovations A first step towards developing research in pedagogy might be to explore new teaching innovations. These don’t need to be radical innovations, but just need to be novel. For example, you might introduce a game within a principles of economics lecture to illustrate marginal productivity through active learning. A good understanding of what has been developed and evaluated previously is important here. Economics journals such as the International Review of Economics Education, the Journal of Economic Education and the Journal of Economic Teaching may provide you with inspiration. They can also help identify what has worked, and what has not. Some journals will publish work introducing an innovation, but for most journals it will also be important to evaluate the teaching innovation. 2. Evaluate economics teaching innovations Having introduced a new teaching innovation, it is usually important to evaluate the innovation. Economists have significant training in evaluation, and this can build upon the applied economics you have learned during your PhD, or earlier. The principal reason for evaluating the innovation may be to check that it is having the desired effect, and is not having any deleterious effect on student outcomes. Of course, the act of evaluating the innovation may also mean t…
disambiguating description: As you develop your career in higher education economics, you will likely be carrying out research within a field in economics. But you will also likely be involved in delivering and developing teaching within your department. As a result, you may be interested in developing and disseminating an understanding of what students should learn and how they learn.
date posted: 2022-05-06T15:45:18Z
date modified: 2022-05-09T08:04:15Z
employment type: onsite
language: en
keywords: research in economics education
keywords: economics education journals
keywords: economics education
keywords: publish economics education
keywords: Steven Proud
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Top YouTube Channels to Learn Econometrics and Economics
type: Article
title: Top YouTube Channels to Learn Econometrics and Economics
description: So, are you looking for resources to learn economics online? INOMICS has got you covered, whatever your reason. We’ve published various articles that aim to help our readers make the most of online resources already out there. Some of the most popular thus far have included free and paid for online courses in econometrics, lessons in mathematics and statistics, and a list of the best (in our humble opinion) economics podcasts. Continuing in this vein, we would now like to share with you a list of the best YouTube channels we could find, updated for 2022 and useful for any student of economics. For more online learning opportunities click here INOMICS We’re big readers here at INOMICS, but did you know that you can watch our content, too? Aimed at young economists, our Youtube channel’s fun, short, and informative videos help explain all those economics terms you should know, but often don't...Need a quick definition of the prisoner's dilemma? INOMICS has just the video for you. New Economic Thinking It’s important to question conventional understandings of economics, especially when they may uphold systems of oppression or hide ideological assumptions that need unpacking, debating and challenging. The Institute for New Economic Thinking’s channel does an excellent job of this, featuring regular interviews with economists at the front-line who are moving the discipline forward. Marginal Revolution University Marginal Revolution University believes that economics has the power to change the way you see the world. Their mission is to help you discover your inner economist, one video at a time. With full courses like the principles of micro and macroeconomics, mastering econometrics and series like everyday economics, checking out MRU really is a must for any budding economics student. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Econometrics, Statistics and Quantitative Methods (JEL C)|General Economics (JEL A)</11an> EconplusDal Next up is E…
disambiguating description: Online learning is not a novelty anymore. During the coronavirus pandemic and subsequent lockdown, many institutions were forced to invest in their online program offerings - or simply adjust their courses to be online-friendly. But sometimes it’s nice to learn without having to fully commit to a long program. Other times, learning from a different source can help new concepts make sense, or can refresh the memory.
date posted: 2018-10-07T22:00:00Z
date modified: 2026-07-06T11:04:41Z
language: en
keywords: youtube
keywords: courses
keywords: economics
keywords: learning tools
keywords: resources
keywords: Online resources
keywords: Lectures
type: teach
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: econometricsstatisticsquantitative
disciplines: datascience
disciplines: generaleconomics
disciplines: finance
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Finance
discipline labels: Statistics

The Places to Be for Economics Pedagogy
type: Article
title: The Places to Be for Economics Pedagogy
description: Journals specialising in economics education 1. The Journal of Economic Education is one of the longest standing journals, dedicated to economics education. The journal is based in the United States, with articles from across the world, and provides original articles on teaching economics. In it, leading academics evaluate the latest teaching techniques, such as using technology or games to teach economics, and course programmes. 2. The International Review of Economics Education is a UK-based journal, with articles from across the world, providing a forum for high quality research in the areas of pedagogy, assessment, teaching methods and course structure. Recent issues delve into the use of technologies and new media to teach economics, as well as what we can learn from international economics education practices. 3. Journal of Economics Teaching is a journal focussed on the more practical elements of teaching. The articles are peer reviewed, but the aim of this journal is much more on providing ideas and case studies that others can adopt, with less of a focus on the evaluation of the innovations than the previous two journals. Of course, research in economics education is not confined to specialist journals. Applied economists are always interested in evaluating innovations, and there are often good papers focussed on education in economics subject journals, including the Journal of Economic Perspectives, the Journal of Labor Economics, the Journal of the European Economic Association and many more. Journals specialising in higher education pedagogy more generally The journals focusing on economics education are just a small subset of a much larger literature about pedagogy in higher education. A good educator will often have an appreciation of the debates, not just within the pedagogy of their own field, but more generally. 4. With the growth in online provision, particularly following the onset of the Covid-19 pandemic, understanding the challenges and opportu…
disambiguating description: As an academic economist, it is likely that you will be engaged in both research and teaching. As you develop your skills, it will be important to think about what makes good teaching, and how the discussion about pedagogy in economics education develops over time. Knowledge and appreciation of the debates in pedagogy may also be important as you apply for external certification, such as an Advance HE fellowship. You may even want to develop and write for publication about economics pedagogy. There are a range of journals and conferences for those interested in higher education pedagogy.
date posted: 2022-04-29T08:44:17Z
date modified: 2022-06-23T08:18:50Z
employment type: onsite
language: en
keywords: Max Wood
keywords: economics pedagogy
keywords: Economics Network
keywords: economics journals
keywords: Steven Proud
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Microeconomics
type: CreativeWork
title: Microeconomics
description: The insight gained from these studies is increasingly informing macroeconomic models of the labor market, inflation, industries, and how the economy works. However, historically macroeconomic models have been ad-hoc simulations of how the real economy works, aiming to describe these large-scale phenomena. This is one of the key differences between micro- and macroeconomics. The fundamentals of microeconomics are generally agreed upon by modern economists. The field is used to examine supply and demand in specific markets to find if they are perfectly competitive or not, describe how monopolies behave, determine socially optimal outcomes and what may prevent them, examine individuals’ optimal strategies in theory, outline costs and benefits of certain actions, and much more. Often in microeconomic models, certain assumptions are made to deliberately simplify reality so it can be studied. This produces a tractable mathematical model of human (or firm, or market) behavior, which is the bread and butter of many microeconomists' work. With a model’s help, they can perform hypothesis testing on ideas, just like a scientist would do in a field like physics. Then, it's possible to learn how to best allocate resources, restore market equilibrium, predict behavior, and more. But, that does not mean the field is already “solved”. Classic microeconomic assumptions usually include the idea that humans are fully rational, utility maximizing, and have perfect information to make optimal decisions. This “rational economic man” can be distilled into a formula of behavior, using math to build a model. Sadly, these classic assumptions are often not realistic. People almost never have perfect information. And, they have many subconscious biases that could prevent them from making an optimal choice. Moreover, sometimes people just make mistakes! If these assumptions are not realistic, where did they come from, and why were they widely used? The answer requires a very brief history lesso…
disambiguating description: Microeconomics, one of the two main branches of economics, studies the choices made by individuals. This can be a consumer, a single business, or even a household. The decisions that these individuals make with their limited resources and time are modeled and used for a wide variety of real-world applications.
date posted: 2019-12-04T10:17:15Z
date modified: 2023-08-07T20:14:40Z
employment type: onsite
language: en
keywords: Microeconomics
keywords: Sean McClung
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences

Macroeconomics
type: CreativeWork
title: Macroeconomics
description: Compared to the more agreed-upon and orthodox microeconomics, there is more ongoing macroeconomic research and debate still shaping the discipline. While microeconomics focuses on the behaviors of individuals, households, or firms, macroeconomics is more concerned with topics like employment, international trade, and economic growth. Areas of study for a macroeconomist include: How can economic growth be stimulated? What drives inflation? How should the central bank set interest rates to help the economy recover? What factors cause unemployment and how can government policies improve the conditions of the labor market? Should we impose tariffs on foreign goods to protect domestic markets? Varying schools of macroeconomic thought have developed due to the extreme complexity of these questions. These schools are informal and are defined by groups of economists, each of whom share similar views about how the economy works. Some of the core ideas that often form the basis of a school include: how money affects the rest of the economy, whether markets are efficient, the rationality and efficiency of individuals, and whether intervention into markets is good or bad for society. Of course, this is a simplification, and there are other points that macroeconomists may disagree on. Some well-known schools of macroeconomic thought include: the neoclassical, monetarist, real business cycle theory, and New Keynesian schools. It’s worth noting that often newer schools of thought develop out of old ones. This can happen after a unique event in history surprises economists and challenges their thinking. Such an event - like the 2008 financial crisis - is usually unexpected. Economists may struggle to explain how it occurred. Afterwards, they will be forced to study why their predictions were wrong, or why their models couldn’t explain the event as it unfolded. This causes them to review their theories and possibly generate new ones. These new theories proliferate and cause existing…
disambiguating description: Macroeconomics is one of the two main branches of economics, the other being microeconomics. Macroeconomics is a vast field with many sub-disciplines that attempt to answer questions about how the world and the various markets within it work in the long run.
date posted: 2019-12-04T09:26:21Z
date modified: 2024-03-21T13:21:09Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Macroeconomics
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences

The INOMICS Questionnaire: Fratzscher vs Miguel
type: Article
title: The INOMICS Questionnaire: Fratzscher vs Miguel
description: Marcel Fratzscher: What is your favorite place on earth? Edward Miguel: It may be a little cliche, but my favorite physical location is the Big Island of Hawaii, on the Kona side. It’s where my family (my wife and two kids) and I have traveled regularly over the past decade or so for our family holidays, so it’s a place that holds many of our favorite memories and warm feelings. It is also a stunning landscape -- with mountains, lava and black volcanic rock all set against the Pacific. I dream about it often! MF: Outside of economics, what occupation would you have if you could be absolutely anything? EM: I have always loved studying languages -- at different times, I’ve taken courses in or learned the alphabet for Arabic, Chinese, French, Korean, Polish, Portuguese, and Swahili, in addition to Spanish, which I speak fluently -- and also have an amateur interest in historical linguistics, including which languages are related to each other, and the historical processes that led to the expansions of particular peoples and cultures. This scholarly field has also been deeply influenced by new DNA evidence on genetic differences and similarities across populations. In another life, I would have loved to be a scholar working at the intersection of these issues. MF: What is the virtue you appreciate the most? EM: I appreciate creativity, both in research interactions and in daily life (although I’m not sure it’s considered a classical virtue...). I enjoy being with people who have new ideas, combine concepts or words in unexpected ways, and generally allow others to see the world in a different light. I think this is one of the reasons I have always been drawn to the world of scientific research. MF: Your all-time favorite figure in economics? EM: The economist I admire most is Ken Arrow. I only had the chance to meet him a few times -- early in my career at Berkeley, when he was already late in his -- but was impressed by his humanity, humor, honesty, and generosity. He …
disambiguating description: Esteemed economist, Berkeley Professor, and friend of INOMICS, Edward Miguel generously took time out of his busy schedule to take part in the fourth INOMICS Handbook Questionnaire. Opposite him in his customary role of quizmaster was Professor Marcel Fratzscher, president of the DIW Berlin, and one of Germany’s leading voices in macroeconomics. Observing tradition, and as a nod to those involved, the encounter has been dubbed ‘Fratzscher v Miguel’. What took place was both in-depth and personal, the conversation ranging from the beauty of Hawaii and gender bias in economics, all the way to wealth taxes and COVID-19. For anyone connected to economics, especially those starting out, this one is not to be missed.
date posted: 2022-02-18T14:26:27Z
date modified: 2026-07-06T11:06:58Z
employment type: onsite
language: en
keywords: INOMICS Handbook
keywords: Marcel Fratzscher
keywords: Edward Miguel
keywords: interview
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

The Life of Rational Economic Man
type: Article
title: The Life of Rational Economic Man
description: However, despite pillaging the planet and endangering our existence, we still find time for solidarity and charity, betraying a nature seemingly as generous as it is destructive. Recent events draw attention to this paradox, coronavirus triggering swells of heart-warming community spirit as well as the hoarding of toilet paper. Which leads to the question: given such a paradox, what, if anything, does it mean to be human? Philosophers seem unable to muster a unified answer. In fact, little consensus has emerged anywhere - except, that is, among a cadre of economists, whose influence has gone on to define their discipline. The following is the story of how this clique defined their own answer to this question - the story of rational economic man. His evolution It begins when ‘The Father of Economics’, Adam Smith, wrote about the importance of man’s self interest in making markets work. It’s not, he famously explained in The Wealth of Nations, the benevolence of the butcher, brewer or baker that keeps us fed and refreshed; rather, it’s their selfishness, their pursuit of personal wealth. While acknowledging ‘generosity, justice, and public spirit’ as other, nobler drivers of human behavior, it’s his conception of selfishness that’s best remembered - becoming the first plank of economics’ conception of man. However, selfishness notwithstanding, man - according to Smith - was still to some degree unpredictable. Economists were, therefore, denied a discrete unit of analysis, and unable to model human behavior with much precision, reducing their work to rough prediction. What economists needed was a constant, their own version of the scientist’s gene, something both simple and predictable. It was thus, with an eye on their scientist colleagues, that they began to define human nature (and reality) to fit their theoretical needs. To gain access to the scientific method, they would first have to reverse it. <11an>limit:3;categories:Summer Schools;disciplines:Economics</11an>…
disambiguating description: Humanity’s evolving nature has propelled it up the food chain, from prey to planetary predator. Just 60,000 years ago, homo sapiens roamed the earth, insignificant and insecure, their existence of little consequence. Life, as Thomas Hobbes put it, was ‘nasty, brutish, and short’. Fast forward to the present and man’s mark is unmistakable, the dawn of the ‘anthropocene’ testament to mesmerizing advances in technology - and a masochistic disregard for our ecosystems.
date posted: 2022-02-10T13:00:00Z
date modified: 2026-07-03T12:04:52Z
employment type: onsite
language: en
keywords: economic history
keywords: behavioral economics
keywords: rationality
type: blog
disciplines: economichistory
disciplines: economics
disciplines: socialscience
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Economic Thought & Methodology (JEL B)

5 Industry Skills I Never Thought I Would Use in my PhD
type: Article
title: 5 Industry Skills I Never Thought I Would Use in my PhD
description: Approaching an economics PhD similarly to a job helps students complete the journey in good shape. In business, people think in terms of products, projects, and stakeholders. To create a product, one needs an idea and a team. To implement the idea, one needs to arrange the process and set the deadlines. To get the product to consumers, one should market it properly. A PhD is similar. The thesis is one big project with chapters as products, and yourself, your supervisors, and the university as stakeholders. The difference is that you do the full round of tasks yourself: writing a research proposal (sales), implementing ideas (project management), and presenting the outcomes at conferences and in journals (public relations). I worked for a private think tank before starting my doctorate in economics; these five skills from my job were instrumental in helping me handle my PhD. Sales mindset Attempting to submit a winning research proposal is not unlike trying to market a new product. A successful venture solves someone’s problem and caters to someone’s needs. This someone then has high potential to become a customer. To facilitate this, a company creates brand awareness and reaches out to the target audience to gain clients. For big and expensive products, clever sales managers approach each client individually to ensure better conversion. When applied to academia, a research proposal is a sales letter, and a research idea is a future product. Academic research is rarely done in a vacuum, and a PhD is not an exception. Output is usually big, long, and expensive, which is why knowing the potential consumers of your research is crucial. Just like with target ads, research proposals and papers should be tailored to organizations, journals and individuals who will be reading and evaluating them. Be aware of who will be reading your text and plan the output accordingly. Project management A PhD is one big project with a clear delivery term, and thesis chapters are the produ…
disambiguating description: Economics PhDs are aware of the transferable skills they should master to land a job in industry. But what about the reverse: is prior industry experience valuable for a PhD program?
date posted: 2022-02-05T22:59:59Z
date modified: 2026-07-06T11:08:32Z
employment type: onsite
language: en
keywords: phd student advice
keywords: business skills
keywords: think tank
keywords: phd advice
keywords: industry skills
keywords: phd research
keywords: research
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

Deflation
type: CreativeWork
title: Deflation
description: At first glance, deflation may seem like a good thing. Falling prices mean that the purchasing power of money already in the economy increases. That is, the same amount of money can buy more goods and services. However, deflation is usually the consequence of a deteriorating economy, appearing alongside rising unemployment, wage cuts, and falling business profits. It also causes the real value of existing debt to increase, which makes paying off debt incredibly difficult, discouraging investment and possibly causing a debt crisis. Drivers of deflation Economists distinguish three central causes of deflation: Demand-driven deflation The main and most problematic cause of deflation is a drop in aggregate demand (AD) in reaction to a severe economic downturn – or the anticipation thereof. If consumers anticipate employment and incomes will fall, they reduce spending (the AD curve shifts inwards). Confronted with this decline in demand, companies will reduce aggregate supply (AS) and lower prices to compete for fewer customers. In this setting, deflation can easily become cumulative, creating a deflationary spiral that can intensify the economic downturn. If customers delay purchases in anticipation of further price declines, this reduction in spending will cause prices to fall, which will encourage more waiting and more price declines. Figure 1: Demand-driven deflation Supply-driven deflation On the contrary, “good” or “benign” deflation can occur when the aggregate supply of goods and services increases faster than aggregate demand, resulting in falling prices. This may be driven by a price decline for key input factors, or advances in technology resulting in rapid productivity improvements (the AS curve shifts outwards). In this case, deflation can be consistent with higher rates of economic growth. Figure 2: Supply-driven deflation Monetary deflation A reduction in money supply can also contribute to deflation. For example, if the interest rate is increased during a…
disambiguating description: Deflation describes a general decrease in the price level of goods and services in an economy. Put differently, deflation is negative inflation; unfamiliar readers are encouraged to take a look at Inflation first.
date posted: 2022-03-25T14:10:14Z
date modified: 2026-06-25T12:10:17Z
employment type: onsite
language: en
keywords: Deflation (Economics)
keywords: simone schotte
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: businesseconomics
disciplines: finance
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Finance

The 'Recipe With No Ingredients' in Macroeconomics Textbooks
type: Article
title: The 'Recipe With No Ingredients' in Macroeconomics Textbooks
description: Almost fifty years ago William Nordhaus and James Tobin, both professors at Yale University and later Nobel Prize laureates in economics, wrote an article with which they intervened in the debate aroused by the well known Report to the Club of Rome, The Limits to Growth (Meadows et al, 1972)1. Among other things, they wrote: "The prevailing standard model of growth […] is basically a two-factor model in which production depends only on labor and reproducible capital. Land and [natural] resources, the third member of the classical triad, have generally been dropped" (Nordhaus and Tobin, 1973, p. 522). Nordhaus and Tobin made reference to an analytical tool largely used by the standard theory, the aggregate production function. That function is normally presented in the form Y = f(L, K), in which the determinants of product (Y) are labor (L) and capital (K) - the “factors of production”. Sometimes, along with labor and capital, “technology” or “efficiency” are considered causes of economic growth. One may wonder why natural resources, traditionally represented by “land”, were dropped from the production function. There are several answers. Firstly, some neoclassical economists in the late 19th and early 20th century included “land” in capital assets (see Daly and Cobb, 1989, pp. 109-113; Czech, 2013, pp. 91-116); so in the following years many economists didn’t see “land” in the function and simply “forgot” it, consequently forgetting natural resources. Secondly, after World War II the general atmosphere of economic optimism meant that many economists considered natural resources not scarce (see Nordhaus, 1974, p. 22, Daly, 1999a, p. 79), and so irrelevant for economics; if and when a single resource would became scarce, it could be substituted with another resource on the basis of the idea that "Nature imposes particular scarcities, not an inescapable general scarcity" (Barnett and Morse, 1963, p. 11). Moreover, many economists avoided the problem of absolute scarcit…
disambiguating description: Production is interaction of man and nature Karl Polanyi, The Great Transformation
date posted: 2022-03-14T22:59:59Z
date modified: 2026-07-03T13:33:50Z
employment type: onsite
language: en
keywords: macroeconomics
keywords: natural resources
keywords: macroeconomics textbook
keywords: Giandomenico Scarpelli
type: blog
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Welfare Economics
type: CreativeWork
title: Welfare Economics
description: Total Surplus In a stylized model, the total market surplus denotes the total welfare of all participants in a market. It is the sum of consumer surplus and producer surplus, which can be understood as the net gain to society from all trades (or transactions) that are made in that market. An individual's consumer surplus is the difference between the highest price they are willing to pay for a product and the price they actually pay. The area below the demand curve and above the market price is the total consumer surplus summed up for all consumers in the market. A producer's surplus is the difference between the lowest price they would be willing to accept, considering production costs, and the price the product is actually sold for. The area above the market supply curve and below the market price is the total producer surplus summed up for all producers in the market. In the market equilibrium where supply equals demand (denoted by P* and Q* in the figure below), the sum of consumer and producer surplus – and thus total welfare – is maximized. Figure 1: Welfare maximized in a perfectly competitive market In case of market inefficiencies, where the quantity traded on the market diverges from the socially efficient outcome, social welfare remains below the optimal outcome. For example, if market power allows producers to charge a price P' > P*, this reduces the quantity traded to Q' < Q*. Figure 2: Welfare reduced in an inefficient market exhibiting deadweight loss In this situation, the consumer surplus (CS) is lower than in equilibrium: \begin{equation*} CS' = A < CS^* = A + B + D, \end{equation*} while the producer surplus (PS) is higher than in equilibrium: \begin{equation*} PS' = B + C > PS^* = C + E. \end{equation*} While area B is transferred from consumers to producers as a consequence of a price increase, areas D + E reflect the deadweight welfare loss; that is, the cost to society created by market inefficiency: \begin{equation*} W^* - W' = (CS^* + PS^*)-…
disambiguating description: Welfare economics is the study of how a given allocation of goods and resources in a society affects economic well-being. It seeks to guide public policy toward an allocation that benefits society overall. As such, it provides the tools to compare between different resource allocations and evaluate them from a social welfare perspective – or in layman's terms, to judge how "fair" those allocations are. There are three core concepts used in welfare analysis: total surplus, allocative efficiency, and the social welfare function.
date posted: 2022-03-16T14:26:39Z
date modified: 2026-06-29T11:10:29Z
employment type: onsite
language: en
keywords: economic welfare
keywords: simone schotte
keywords: welfare economics
type: terms
disciplines: microeconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: socialscience
disciplines: healtheducationwelfareeconomics
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Microeconomics (JEL D)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Policy or academic economist: Which should I become?
type: Article
title: Policy or academic economist: Which should I become?
description: This might come as a surprise to someone outside the field, but economists come in different packaging. The two most common career options – policy and academia – offer widely different paths for economists. This begs the question, especially for the upcoming economics graduate: what are the differences? I have tasted both worlds myself: after working for an economic think tank, I returned to academia to pursue a PhD in economics. Although both paths offer an intellectually challenging environment, and my research continues to be policy-oriented, I clearly see differences in the research scope, working process, and the kind of outcome that is expected from me. Solving vs Finding Problems The most radical and noticeable difference between policy and academic economists is that the former work with the problem they are given, whereas the latter contemplate what problems are worth greater attention. For example, the government is not happy with the unemployment rate in the economy. It has increased by 2 percentage points over the past year. One of the options to bring people back into the workforce is to introduce active labor market policies, ranging from funded retraining in the workplace to career counseling programs for the unemployed. A policy economist would be hired to help design a solution. Thus, the problem is given to them. In academia, on the contrary, people have the opportunity to choose the topic they are genuinely interested in. They quest for a problem or a research question themselves, rather than have it dropped from above. So, they can choose between studying labor market policies or voting behavior of single mothers, for example. Or they may choose to study anything else within the scope of their expertise. Theoretical Mechanisms vs Practical Implementations When the problem is given to a policy economist, their task is to find a viable solution, often within the given budget constraint, so as to answer the how question. When an academic researcher…
disambiguating description: “I am an economist,” I once proudly mentioned at a party, in a round of small talk. “Oh, so you do a lot of money counting and financial reporting?” was the reply I heard, like so many economics graduates before me. “Nah, let’s leave that to the business and finance professionals,” I answered. But what do real economists do exactly?
date posted: 2022-03-07T15:16:16Z
date modified: 2026-07-06T11:09:44Z
employment type: onsite
language: en
keywords: academic economist
keywords: think tank
keywords: academia
keywords: policy economist
keywords: Hanna Sakhno
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

Inflation
type: CreativeWork
title: Inflation
description: Drivers of inflation Economists distinguish three central causes of inflation: While the first and second describe imbalances on product markets, the third is the result of domestic monetary policy. Demand-pull inflation Demand-pull inflation occurs when consumer demand outpaces supply. That is, aggregate demand (AD) rises faster than production capacity and thus aggregate supply (AS). This type of inflation is typically associated with strong economic growth – or the anticipation thereof. When consumers are confident that the economy is performing well, they expect income and employment to rise, and increase spending (the AD curve shifts outwards, depicted below). Other causes of a rise in demand may include tax cuts, which increase consumers’ discretionary income, or higher government spending. Figure 1: A depiction of demand-pull inflation Cost-push inflation Cost-push inflation occurs when the aggregate supply of goods is reduced (the AS curve shifts inwards, as depicted below), while aggregate demand remains the same, thus driving up prices. This will often be caused by an increase in production costs, for example due to rising prices of raw materials. The higher production costs are passed on to consumers in the form of higher prices for finished goods. A common cause of cost-push inflation are rising oil or gas prices. These affect transport costs and thereby lead to higher prices for a range of products. Natural disasters can also cause shortages in the supply of goods that drive up prices. For example, droughts or floods affect crop and pasture production and thereby can cause spikes in food prices. Figure 2: a depiction of cost-push inflation Monetary inflation According to the quantity theory of money, excess money creation is the primary driver of inflation. If money supply outpaces output growth, there will be more money available in the economy to spend on the same number of goods, thus causing the value of money to fall. Central banks use monetary pol…
disambiguating description: Inflation describes an increase in the general price level in an economy over a certain period, usually a year. It is typically calculated for a broad basket of goods and services, reflecting changes in the overall cost of living. However, it can also be more narrowly defined for a set of specific goods, for example to reflect only price changes in the costs for food, housing, energy, or transportation.
date posted: 2022-03-07T15:53:08Z
date modified: 2026-06-29T09:37:08Z
employment type: onsite
language: en
keywords: inflation
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

Consumer Price Index
type: CreativeWork
title: Consumer Price Index
description: To create the CPI, national statistical agencies usually use information from household surveys to construct a market basket of goods and services that are commonly consumed in the country. They then track the cost of purchasing this basket over time. The basket includes items of daily life like milk, fruit, cereal, and coffee, as well as expenses for housing, transport, clothing, health, education, and recreational activities. Calculating the CPI The CPI is calculated as the cost of this basket at a given point in time, Ct, relative to its cost in the base year, C0: \begin{equation*} \mathit{CPI}_t= \frac{\mathit{C}_t}{\mathit{C}_{0}}*100 \end{equation*} As an example, imagine an economy with two goods, A and B, that are consumed at two points in time, t = 0 and t = 1. The realized prices (P) and quantities (Q) are as follows: t = 0 (base) t = 1 Q P Q P Good A 10 €50 8 €55 Good B 80 €20 83 €22 How can we calculate the CPI for this economy? Let’s assume that the consumed quantities of goods A and B in t = 1 had remained at the same levels as in t = 0. We can then calculate the cost of the consumption basket as: \begin{equation*} \mathit{C}_0= \sum(\text{Q}_0*\text{P}_0) = (10 * €50) + (80 * €20) = €2,100 \end{equation*} \begin{equation*} \mathit{C}_1= \sum(\text{Q}_0*\text{P}_1) = (10 * €55) + (80 * €22) = €2,310 \end{equation*} The CPI would then be calculated as: \begin{equation*} \mathit{CPI}_0= \frac{\mathit{C}_0}{\mathit{C}_{0}} * 100 = 100 \text{ (base period)} \end{equation*} \begin{equation*} \mathit{CPI}_1= \frac{\mathit{C}_1}{\mathit{C}_{0}} * 100 = \frac{€2,310}{€2,100} * 100 = 110 \end{equation*} Keeping the items and their quantities in the consumption basket constant over time may seem odd, but this ensures comparability and allows us to isolate the price effect on what is purchased. In reality, consumers will react to these price changes depending on the elasticity and inelasticity of demand. Therefore, to account for changes in consumer habits and re…
disambiguating description: The Consumer Price Index, or CPI, describes developments in the average cost of living in a country. The percentage change in the consumer price index over a given period is the most widely used measure of inflation.
date posted: 2022-03-09T10:59:59Z
date modified: 2026-06-25T11:52:28Z
employment type: onsite
language: en
keywords: consumer price index
keywords: inflation
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

GDP Deflator
type: CreativeWork
title: GDP Deflator
description: Calculating the GDP Deflator The GDP deflator, Rt, is calculated as the ratio between the nominal and the real GDP, where the real GDP is measured in prices of a defined base year, t = 0: \begin{equation*} \mathit{R}_t= \frac{\text{GDP}_t}{\text{realGDP}_{t}}*100 = \frac{\sum(\text{Q}_t*\text{P}_t)}{\sum(\text{Q}_{t}*\text{P}_0)}*100 \end{equation*} As an example, imagine an economy that produces two final goods, A and B, that are consumed at two points in time, t = 0 and t = 1. The realized prices (P) and quantities (Q) are as follows: t = 0 (base year, 2018) t = 0 t = 1 (2019) t = 1 Q P Q P Good A 10 €80 15 €80 Good B 40 €20 40 €22 The nominal GDP in period t = 1 is the market value of all final goods produced in the economy in current prices: \begin{equation*} \text{GDP}_1= \sum(\text{Q}_1*\text{P}_1) = 15 * €80 + 40 * €22 = €2,080 \end{equation*} The real GDP in period t = 1 is the value of the production at constant prices of the base year, t = 0: \begin{equation*} \text{realGDP}_1= \sum(\text{Q}_1*\text{P}_0) = 15 * €80 + 40 * €20 = €2,000 \end{equation*} The GDP deflator is the ratio between the nominal and real GDP in t =1: \begin{equation*} \mathit{R}_1= \frac{\text{GDP}_1}{\text{realGDP}_1}*100 = \frac{€2,080}{€2,000} * 100 = 104 \end{equation*} The base year of the deflator is indexed at 100 and, in the example, the current value of the deflator is 104, so inflation is 4% between t = 0 and t = 1. This is easy to see in this simple example. The general formula for calculating the GDP Deflator inflation rate is as follows: \begin{equation*} \text{Inflation rate} = \frac{(\text{GDP Deflator}_{t =1}-\text{GDP Deflator}_{t =0})}{\text{GDP Deflator}_{t =0}} * 100 = \frac{(€2,080 - €2,000)}{€2,000} * 100 = 4\%. \end{equation*} Alternate method to measure inflation An alternative measure of inflation uses the consumer price index (CPI). Since the GDP Deflator reflects price changes in the prices of all domestically produced goods and services, it is a much broade…
disambiguating description: The gross domestic product price deflator, or GDP deflator, is a price index that shows how, on average, prices for all goods and services produced in an economy change over time. It is commonly used to estimate the rate of inflation. The GDP gives the market value of all final goods and services currently produced within a country during a given time period. The items and quantities that enter into its calculation vary year by year, so it is a very current way to estimate inflation.
date posted: 2022-03-07T16:09:41Z
date modified: 2026-06-29T09:05:42Z
employment type: onsite
language: en
keywords: GDP Deflator
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Solidarity with Ukraine, ways to help and assisting international students fleeing war
type: Article
title: Solidarity with Ukraine, ways to help and assisting international students fleeing war
description: How to help and donate It is difficult to know how best to concretely help those in need. Of course, donating money provides an immediate form of assistance. If you have the means, you can assist institutions like the Kyiv School of Economics, which is raising funds for humanitarian aid. You can support their campaign with a donation on their website. If your institution is offering assistance as well, please email ua-help@inomics.com and we will add your institution to the list below. We also wish to direct your attention to some of the major humanitarian aid organizations working in Ukraine right now: Red Cross special Ukraine fund UNHCR (The UN Refugee Agency) UNICEF (United Nations Children's Fund) The International Rescue Committee Doctors Without Borders Alternatively, there are multiple organizations and initiatives with a more specific focus for the support they are offering. Donate for Specific Types of Support Care.org has established a special Ukraine Crisis fund to provide food, water, hygiene kits, psychosocial support, and cash assistance — prioritizing women and girls, families, and the elderly. The Volkswagen Foundation is offering funding to Ukrainian academics and scientists who have fled their country and arrived in (or are in transit to) Germany. Doctoral students, postdocs, and established scientists have the opportunity to continue their work at a university or research institute in Germany for 6-12 months with the Foundation's help. Support Transport for People Fleeing Ukraine: Mission Lifeline are organizing transport convoys from the Ukraine Border. CARA, the Council for At-Risk Academics, provides help to academics in dangerous situations. They and their UK university partners are helping Ukrainians flee their country and find safe areas to continue their work. Support Journalism and Free speech: Ukraine Independent (English-language Ukrainian Newspaper) Fundraising Page Katapult Magazine (German/English language Ukrainian Online Magazine) …
disambiguating description: A historic tragedy like the war in Ukraine calls for historic measures of outreach and solidarity. There is an urgent demand for humanitarian aid and safe passage for the hundreds of thousands of refugees already created by the war. This includes thousands of students at Ukranian universities who have had to flee the conflict.
date posted: 2022-03-02T18:22:30Z
date modified: 2022-03-09T14:31:30Z
employment type: onsite
language: en
keywords: donations
keywords: ukraine donations
keywords: ukraine
keywords: ukraine crisis
type: blog
disciplines: othereconomics
disciplines: microeconomics
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: economicdevelopmentgrowth
disciplines: healtheducationwelfareeconomics
disciplines: economicsystems
disciplines: urbanruraltransportationeconomics
disciplines: economichistory
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: laweconomics
disciplines: econometricsstatisticsquantitative
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
disciplines: businesseconomics
disciplines: economicthoughtmethodology
disciplines: industrialorganization
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Microeconomics (JEL D)
discipline labels: International Economics (JEL F)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: Economic Systems (JEL P)
discipline labels: Urban, Rural and Transportation Economics (JEL R)
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Financial Economics (JEL G)
discipline labels: Law and Economics (JEL K)
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Economic Thought & Methodology (JEL B)
discipline labels: Industrial Organization (JEL L)

10 Qualities That Define A Good Economist
type: Article
title: 10 Qualities That Define A Good Economist
description: There are lots of skills that come with being an economist, some more important than others. Obviously, being able to sift through dense theoretical and scientific papers and acquire the information you need is one of the top skills an economist - and academics in general - should have. Seeing as you'll spend so much of your time reading, it's essential to be good at it. But there are other skills, both soft and hard, that are essential to your career as a successful economist. Read on for the ten we at INOMICS think are the most important. Remember, if you think you're a little weak in one area, there's always room to improve through courses (INOMICS may be able to help you here), persistence, and surrounding yourself with other successful people who have expertise in areas you do not. 1. Mathematical aptitude Numeracy is a key skill for an economist. From dealing with large datasets to interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with mathematical principles. This is why many economists take preparatory classes in mathematics before beginning work or study in economics. 2. Knowledge of social sciences Economics also has a lot of common ground with other social science subjects like psychology, history, and sociology. Thus, having a working knowledge of these subjects and the methods used in them is highly beneficial. In recent years, economics and the other social sciences have become ever more interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will also benefit you in life in general; a bit of history knowledge gives people something else to ask you about at dinner parties, other than inflation rates or the stock market. 3. Good at understanding complex systems The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined…
disambiguating description: Having helped so many economists take their next career step, we at INOMICS know full well how rewarding working in economics can be. When you find that solution you've been looking for, or contribute some research that actually seems to get read and make a difference, it can be the best feeling in the world. But this won't happen unless you work on yourself and the skills that are essential for becoming a successful economist in general.
date posted: 2018-02-27T10:14:44Z
date modified: 2026-07-06T11:11:31Z
employment type: onsite
language: en
keywords: job interview
keywords: skills
keywords: 10 Qualities That Define A Good Economist
keywords: interview advice
keywords: Career Advice
keywords: List
type: advice
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: management
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Management
discipline labels: General Economics (JEL A)

Finding Inspiration As An Economist
type: Article
title: Finding Inspiration As An Economist
description: No matter what type of economist you are, whether you’re an industry economist, a government economist, or an academic economist, you have to be getting inspiration at least sometimes to grow as a person and to excel in your field. It is what helps us come up with new ideas and motivates us to get out of bed in the morning and start working. For an academic economist specifically, inspiration plays a key role in your career. It is one of the most important main ingredients to your success as a researcher. From coming up with ideas and finding a research gap, to methodological analysis and writing style, inspiration is crucial every step of the way. Unfortunately, we all feel uninspired at times. The good news is that’s a natural part of the cognitive process that everyone struggles with. If you’re currently stuck in a slump, here is a list of 6 things you can do to get inspired again: 1. Wake up early Believe it or not, there’s something truly magical about the early morning. If you’ve ever woken up around sunrise, you would know that’s true. There’s something about the early hours of the day that give off positive vibes of absolute serenity, tranquility, and clarity of mind. During that time, your focus and energy are at their max. So use those hours wisely to think clearly, get creative, and find inspiration. 2. Get some alone time Being out in the hustle and bustle of everyday life, it’s easy to get lost in the noise and lose your focus and any form of inner thought that inspires you. This is why it’s important to disconnect for a while and spend some quiet time in solitude. See where your thoughts take you. Ponder. Give yourself some space for contemplation, and perhaps reflect on everything you’ve learned and accomplished and how you’ve made a positive difference in the world. Take a mental break to allow yourself to refocus. Write in a journal. Digging into your own mental processes can provide unexpected sources of inspiration. 3. Explore other fields; immers…
disambiguating description: In a culture obsessed with measuring capabilities and results, we often overlook the important role of inspiration. As economists, inspiration awakens us to new possibilities within ourselves, allowing us to conquer our own limitations, and to succeed at doing what we do.
date posted: 2022-02-10T22:59:59Z
date modified: 2026-07-06T11:20:32Z
employment type: onsite
language: en
keywords: critical thinking
keywords: inspiration
type: advice
disciplines: economics
disciplines: socialscience
disciplines: healtheducationwelfareeconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Health, Education, and Welfare (JEL I)