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item list element: Banks
item list element: Crowding Out
item list element: Professional Trainings as a Means of Increasing Your Employability
item list element: Teaching Climate Change in Economics
item list element: Book Review: “Booms and Depressions”
item list element: Aggregate Supply
item list element: Aggregate Demand
item list element: Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
item list element: Money and the Money Supply
item list element: Adam Smith
item list element: Encouraging collaboration in teaching data analysis skills
item list element: Market Failure
item list element: Private Goods
item list element: How (and why) can we embed employability within economics degrees?
item list element: Free Rider Problem
item list element: Working in the USA: How to apply for a work visa after graduation
item list element: Studying in the USA: How to apply for a student visa
item list element: Public Goods
item list element: 2023 Nobel Prize in Economics - The Winner
item list element: Common Resources
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Banks
type: CreativeWork
title: Banks
description: A very brief history of banking Banking can be traced all the way back to institutions in ancient Mesopotamia (circa 2000 BCE), including Babylonia and Sumer. In these ancient societies, religious temples sometimes offered space for civilians to store wealth. For example, farmers were able to store grain, coins and other valuables. Sometimes, civilians were charged small fees when depositing resources. The temples then lent out some of their stores to help others – representing a form of early loan. Contracts for these services eventually developed, such that the Code of Hammurabi contained a series of laws regarding loan repayments and the liabilities of debtors and lenders. Other ancient societies developed banking practices as well; there are records of early banking and lending practices in Mughal India and in the Qing Dynasty in China. In Italy in the 14th and 15th centuries CE, the Medici family invented a double-entry record-keeping system, which is still being used today in modern accounting. This paved the way for more complex financial instruments and transactions to be created. And of course, central banks eventually evolved out of the concept of a standard bank. The earliest two were the Sveriges Riksbank (originally the Riksens Ständers Bank), founded in 1668, and the Central Bank of England, founded in 1694. In both cases, the banks were founded as lenders for the government, though the Central Bank of England was private and thus became a model for other central banks to follow. In 1913, the United States introduced the Federal Reserve system of decentralized central bank branches organized by region, a system that is considered both public and private. And, after World War II, the Bretton Woods agreement in 1944 led to the creation of the IMF and the World Bank, institutions that are meant to serve as financial lenders for the community of nations around the world. In the modern age, the role of banks in the economy still includes acting as safe plac…
disambiguating description: Banks are most commonly associated with storing people's money. But banks are financial institutions with multiple functions that are crucial in a modern economy. As such, though they are usually private businesses, banks face unique federal government-mandated regulations and protections that other industries do not (to the point that they may receive bailouts in times of dire recession). The importance of banks in economics goes beyond the traditional consumer-facing roles that we typically think about first.
date posted: 2024-02-19T13:34:26Z
date modified: 2024-09-10T14:59:39Z
employment type: onsite
language: en
keywords: financial institutions
keywords: financial system
keywords: lending
keywords: banking system
keywords: loans
keywords: Sean McClung
keywords: Banks
keywords: Economics Terms A-Z
keywords: banking
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: finance
disciplines: economicsystems
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: Finance
discipline labels: Economic Systems (JEL P)

Crowding Out
type: CreativeWork
title: Crowding Out
description: Let’s briefly examine crowding out in the context of the aggregate demand component of the aggregate demand–aggregate supply (AD-AS model) of the economy. Aggregate demand is, put simply, the summation of demand in the economy, and when it increases it encourages economic growth. The formula for aggregate demand is AD = C + I + G + NX. In this formula, C is consumption spending by individuals and firms, I is investment spending, G is government spending, and NX is net exports. If any one of these components changes, ceteris paribus, the AD curve will shift. For more on aggregate demand and its components, read the linked article. Students familiar with this concept may be confused by crowding out at first. G in the above formula is related positively to aggregate demand. In other words, when G increases, it should increase AD, too. And since AD can be thought of as overall demand in the economy, increasing AD should encourage economic growth, and thus be a good thing. How, then, does crowding out work? How could increased government spending be a bad thing for the economy? The mechanics of crowding out There are two main ways that increased government spending can reduce, or “crowd-out”, private and investment spending. These take place when the government either raises taxes or takes on debt to pay for increased government spending G. In the former case, raising taxes reduces C and I by some amount that may or may not be larger than the increase in government spending G, because when consumers and firms pay higher taxes, they have less money of their own to spend. In other words, if increasing G means that C or I must decrease, it’s mathematically clear that the increase in G might be completely offset by reductions in C or I. This would lower AD and depress the economy. Without more specifics, we can’t say for certain if aggregate demand increases or decreases overall. One prominent theory among economists is that when the economy is depressed or in recession, it’…
disambiguating description: The phrase “crowding out” in economics refers to a situation where government spending (which is part of fiscal policy) discourages (private) investment spending in the economy. This is considered a bad thing, since investment spending is one of the key drivers of economic growth.
date posted: 2024-02-19T13:47:10Z
date modified: 2024-09-17T19:24:10Z
employment type: onsite
language: en
keywords: Crowding Out
keywords: fiscal policy
keywords: Sean McClung
keywords: government spending
keywords: Economics Terms A-Z
type: terms
disciplines: politics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: finance
discipline labels: Politics
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: Finance

Professional Trainings as a Means of Increasing Your Employability
type: Article
title: Professional Trainings as a Means of Increasing Your Employability
description: Naturally then, you might wonder how you can further your skills beyond just graduating with your latest degree. Or, you may have encountered situations or job opportunities where you wish you’d had more time to study a particular topic. Professional development courses or skills training are one great method to do so. What is a professional skills training for economists? Professional trainings for economists may be offered by a university or by other organizations, including private companies. Usually for a modest tuition fee, you can take a class that lasts anywhere from a single day to a few weeks. Some of these economics trainings are only offered in person and on-site, but many course providers are increasingly offering online courses so that anyone around the world can join in. These trainings are usually focused around a particular topic, and are designed to give either an introduction to a specific area of economics (for example, macroeconomic forecasting), a useful tool for economists (such as R or Python), or a related field (like data science). Because these courses are designed to help economists advance their skills, some knowledge of economics is usually required. Many courses require participants to already have an advanced degree in economics, or some related field. This is important as the learning environment can be fast-paced, offering an introduction or advanced training in a complicated topic in as little as one week. Common topic areas for trainings There are a number of areas in which economists (particularly fresh Master’s or PhD graduates) can further hone their skillset through these types of opportunities. The following are a few major areas you may consider taking a training course in after your degree: Advanced micro- or macroeconomics: Although every economics degree comes with introductory and advanced micro- and macroeconomics coursework, it’s easy to forget much of this knowledge once you pick a major or specialization within your d…
disambiguating description: Economics is a massive field with many sub-disciplines, and it’s impossible to master the whole lot of it from just one Master’s degree or even a PhD.
date posted: 2024-02-12T06:00:00Z
date modified: 2026-06-29T14:23:32Z
employment type: onsite
language: en
keywords: professional training
keywords: economist skills
keywords: economics skills
keywords: Sean McClung
keywords: Professional skills training
keywords: skill training
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Teaching Climate Change in Economics
type: Article
title: Teaching Climate Change in Economics
description: Climate change is at the centre of public discourse, and a degree in economics can equip graduates with tools to analyse the challenges it presents and to find effective solutions and policies in response. In this article, building on the Royal Economic Society’s climate summit, we share a few thoughts on how to embed discussion of climate change and environmental sustainability into economics pedagogy. Climate change can sit at the heart of the economics curriculum Many economists see the environment as an essential part of the economic system. Indeed, CORE Econ defines the discipline⁠ “as the study of how people interact with each other and with their natural environment in producing and acquiring their livelihoods, and how this may change over time and differs across societies”. Considering the central role of the environment within real-world economies, the study of climate change and sustainability should be integrated throughout the economics curriculum and not relegated to optional units in the final year. This approach can embed the pressing societal issues our world faces within the subject, helping to motivate students and support their learning. Students studying CORE Econ are regularly asked at the beginning of their programme about what they believe are the most pressing problems that economists today should be addressing. In 2021, climate change and resource challenges featured strongly in answers from students across the world. We also need to consider how to embed climate change in students’ studies. Indeed, some of the work in environmental economics is technical and advanced – think for example of integrated assessment models or the valuation literature. Nevertheless, the research often has very straightforward intuition. For example in microeconomics, public goods, externalities, co-ordination problems, prisoners’ dilemmas and the tragedy of the commons can all be introduced through the lens of climate change. Similarly, in macroeconomics, we can …
disambiguating description: In 2019, the University of Bristol became the first UK university to formally declare a climate emergency. In the following year, a further 36 institutions in the UK followed suit. Beyond their own climate research and agendas to achieve carbon neutrality, universities play a key role in educating their students and the public about the climate crisis.
date posted: 2024-02-05T13:37:57Z
date modified: 2024-05-28T14:24:23Z
employment type: onsite
language: en
keywords: teaching economics
keywords: economics curriculum
keywords: Climate Change
keywords: economics of climate change
keywords: Economics Network
keywords: climate change economics
keywords: economics classroom
type: teach
disciplines: economics
disciplines: socialscience
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)

Book Review: “Booms and Depressions”
type: Article
title: Book Review: “Booms and Depressions”
description: The Author Irving Fisher is a revered mathematical economist and is considered by some to be "the greatest economist the United States has ever produced" (Schumpeter, 1997), despite his record of promoting harmful ideas (Fisher was known to be a proponent of eugenics, and endorsed racist ideas). Nevertheless, his books and reports in economics have been praised for their clarity and ease of understanding. Known in economics for his inveterate outlook, Fisher is credited with championing a range of reforms to the monetary system, including the compensated dollar, price level stability rule, 100% Money, Stamped Money Prohibition, and government-funded medical care, among others. Fisher’s inspiration for writing the book: losing in stocks In the 1920s, Fisher computed a stock market index that was regularly reported and published in reputed papers. On October 15, 1929, the New York Times quoted Fisher's statement at a meeting of the Purchasing Agent Association. The Times believed that Fisher's attitude "fell into almost unqualified optimism". A few days later on October 24, also known as Black Thursday, the stock market crash of 1929 (Bordo & Rockoff, 2011) proved the Times right and Fisher very wrong. The Great Depression had begun. Fisher's wrong prediction has become legendary. But rather than let it keep him down, the debacle influenced Fisher to reflect on his predictions and to write the book "Booms and Depressions". It went on to become the holy grail for research into business cycle fluctuations, debt cycles, and economic downturns. Book Overview In the book "Booms and Depressions", Fisher compiles nine main factors that caused the depression and accelerated its adverse effects, with over-indebtedness as the first main factor. The other factors include volume of currency, price level, net worth, profits, production, trade and employment, and optimism and pessimism. Over-indebtedness is when outstanding debts (whether they are individual, corporate, or national…
disambiguating description: The 1932 book "Booms and Depressions" by Irving Fisher, along with his 1933 Econometrica paper "The Debt-Deflation theory of Great Depression" earmarked the start of a new era for modern macroeconomics and financial literature. This article reviews the book in light of the current economic and financial scenario.
date posted: 2024-02-05T19:00:10Z
date modified: 2026-06-25T12:51:16Z
employment type: onsite
language: en
keywords: Booms and Depressions
keywords: economics books
keywords: business cycle
keywords: book review
keywords: Irving Fisher
keywords: Simtiha Ishaq Mir
keywords: recession
keywords: expansion
type: blog
disciplines: economichistory
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
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)

Aggregate Supply
type: CreativeWork
title: Aggregate Supply
description: This basic concept is applicable across all of economics, but is still mainly presented in a microeconomics sense. When studying the supply curve in microeconomics courses, students will learn that the supply curve for an item (i.e. batteries) shows how much of that item will be available for sale at any given price. At higher prices, more firms will seek to sell the item, and existing firms will seek to expand their production of the item. In a similar vein, macroeconomics courses will eventually ask, what happens if we sum all supply for all goods in the economy? The resulting curve contains information about the general amount of all goods and services in the economy ready to be sold at various price levels, and is called aggregate supply. Short-run vs. long-run aggregate supply Unlike with its counterpart aggregate demand, aggregate supply can’t easily be represented by a single curve. To analyze aggregate supply, it’s important to distinguish the time period considered. This leads us to have two main aggregate supply curves: “short-run aggregate supply”, or SRAS, and “Long-run aggregate supply” or LRAS. Figure 1: example aggregate supply curves Figure 1 shows an example. In the figure, P represents the overall price level in the economy, and Y shows total output (often measured by GDP). Meanwhile, AD and SRAS stand for “aggregate demand” and “short-run aggregate supply”, respectively. SRAS is upward-sloping and can be thought of similarly to a traditional supply curve considered from a microeconomics sense, though there are important differences. It is upward-sloping because firms are willing to sell higher quantities of goods when those goods can be sold at a higher price. Meanwhile, AD is downward-sloping like an individual’s demand curve, though it is distinct. See the aggregate demand article for more detail. Finally, LRAS in Figure 1 stands for “long-run aggregate supply”. Unlike supply curves students first encounter, this one is vertical. In other words,…
disambiguating description: New students of economics quickly learn about supply and demand. These are foundational concepts in economics. Individuals prefer to buy goods at lower prices, and demand more of a good the cheaper it gets. Firms prefer to sell goods at higher prices, and supply more goods the higher the price for those goods get.
date posted: 2024-01-24T18:46:10Z
date modified: 2026-06-25T11:59:53Z
employment type: onsite
language: en
keywords: economic growth
keywords: Sean McClung
keywords: Aggregate Supply
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicdevelopmentgrowth
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: General Economics (JEL A)

Aggregate Demand
type: CreativeWork
title: Aggregate Demand
description: This basic concept is applicable across all of economics, but is still mainly presented in a microeconomics sense. When deriving the demand curve in more advanced microeconomics courses, students will learn that the demand curve for an item (i.e., batteries) represents the summation of all individuals’ demand for that item in the economy. In a similar vein, macroeconomics courses will eventually ask what happens if we sum all demand for all goods in the economy – by individuals, firms and the government? The resulting demand schedule (often represented by a curve) contains information about the general demand for all goods and services in the economy at various price levels, and is called aggregate demand. Aggregate demand can be represented by a simple curve that looks just like an individual’s demand curve. Figure 1 shows an example. In the figure, AD and SRAS stand for “aggregate demand” and “short-run aggregate supply”, respectively. The short-run aggregate supply curve is the counterpart to aggregate demand, and is covered in its own article. Meanwhile, P represents the overall price level in the economy, and Y shows overall economic output. Figure 1: Example aggregate demand curve Just as with the individual demand curve, the aggregate demand curve is downward-sloping. This is because economic agents (whether they are individuals, firms or the government) demand higher quantities of goods when those goods are cheaper. The components of aggregate demand Aggregate demand is defined mathematically as AD = C + I + G + NX. Here, C represents consumption spending by individuals and firms, I is investment spending, G shows government spending, and NX represents net exports. If any one of these components changes, ceteris paribus, the AD curve will shift. C, consumption spending, may seem straightforward but is still worth examining. C includes all consumer spending in the domestic economy, as well as demand from firms for goods and services that do not constitute inv…
disambiguating description: New students of economics quickly learn about supply and demand. These are foundational concepts in economics. Individuals prefer to buy goods at lower prices, and demand more of a good the cheaper it gets. Firms prefer to sell goods at higher prices, and supply more goods the higher the price for those goods.
date posted: 2024-01-23T14:02:57Z
date modified: 2026-06-25T12:04:56Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Aggregate Demand
keywords: Economics Terms A-Z
type: terms
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicdevelopmentgrowth
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Development, Innovation and Growth (JEL O)

Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
type: Article
title: Economists Have a Sense of Humor Too: Economics Memes That Will Make You “LOL”
description: Now, let's dive into some of the funniest economics memes from the past. These memes have achieved viral status and have been shared and enjoyed by economists and non-economists alike. From witty one-liners to clever visual puns, these memes are guaranteed to make you burst out laughing, or at least chuckle quietly to yourself. So, sit back, relax, and get ready to laugh at the lighter side of economics. 1. For all Adam Smith critics, this one’s for you! The critics and supporters of Adam Smith’s theories have been debating each other for years. However, by using only one meme, critics of the invisible hand have managed to make quite the comeback! Image credit: https://www.instagram.com/economist_memes/ & Image copyright: @the_economy_stupid 2. The importance of keeping up with the latest data For an economist, anything concerning data is no laughing matter. Our data is the air we breathe, it is all we need, and yes, we would even come back to life for the sake of our data. Image credit: https://www.instagram.com/economist_memes/ 3. Turns out the 2008 Financial crisis was not the only major Economic downturn this generation has seen. We all had high hopes of economic recovery after COVID-19, but it seems that Simon had a different opinion… Image credit: Sara Taha 4. Flashbacks of the 2008 Financial Crisis and the good old days. After a first-hand experience of the impacts of the COVID 19 pandemic, Russia-Ukraine war, and world-record global warming…it seems easy to look back at 2008 and laugh. Image credit: https://www.facebook.com/elasticeconmemes 5. A traumatic experience for business majors Business students all around the world today are still trying to recover from the damage done by economics courses. Not only did these students suffer personally, but their GPAs took a bad hit too. Image credit: https://www.instagram.com/economist_memes/ 6. Economists’ predictions and forecasts Yes, as economists, we are usually very proud when we make predictions that are on …
disambiguating description: Economists are often immersed in the serious and complex world of numbers, charts, and theories. But contrary to popular belief, economists do have a sense of humor too! In fact, there is a whole subculture of economics memes that bring a lighthearted and comical perspective to the field.
date posted: 2024-01-15T16:00:47Z
date modified: 2024-01-15T16:17:53Z
employment type: onsite
language: en
keywords: Sara Taha
keywords: Economics memes
keywords: Adam Smith
keywords: economist jokes
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Money and the Money Supply
type: CreativeWork
title: Money and the Money Supply
description: The values of money Particularly philosophical readers may wonder why money is important at all. After all, most money is simply a piece of paper, a small bit of metal, or a number on a computer screen. We could easily decide that something else – say, seashells – was really money, and ignore the silly bits of colored paper. Or, we could do away with the paper and the seashells entirely, and just trade real goods with one another. So why do people use money? The immediate answer is that money has value and is useful because people believe it has value. We all recognize that money is a valid and useful way to pay for goods and services, which makes it worthwhile to have. Going further, there are three main helpful qualities that make money useful for us. First, money is a medium of exchange. This means that any person is able to exchange money for any good or service, because everyone recognizes that money has value. For example, a barber does not need to provide a haircut to a butcher in order to buy some raw beef (which would be bartering). Instead, the barber can receive money from any of their customers, and use that money to purchase the beef they want from the butcher. This purpose of money serves as a massive boon of convenience for all individuals. It allows trade to happen between individuals even when one person is not providing a good or service for the other. Second, money is also a store of value. The value of money (usually) can be relied upon because it does not rapidly decay and is not easily destroyed. For example, ice cream would be a poor store of value because it would only last for a few minutes before melting away. In contrast, paper or coin money is normally, but not always, a good store of value. In cases of hyperinflation, money makes a poor store of value because runaway inflation erodes its worth faster than people can spend it, leading to economic hardship. See the linked articles, particularly hyperinflation, for examples of how improperl…
disambiguating description: Money is an important facet of our daily lives. We use money to conduct transactions for just about everything – haircuts, bananas, trips abroad, fertilizer, shares of public companies, and much more can all be purchased with money. In fact, money is usually the only realistic way to acquire something. It’s very difficult to get goods or services in a modern economy without it.
date posted: 2024-01-15T22:59:59Z
date modified: 2024-09-09T13:26:54Z
employment type: onsite
language: en
keywords: M1 and M2
keywords: money
keywords: Sean McClung
keywords: money supply
keywords: Economics Terms A-Z
keywords: fiat money
keywords: monetary policy
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

Adam Smith
type: Article
title: Adam Smith
description: Adam Smith is arguably the most famous economist. His name is almost inevitably thrown around within the first few minutes of every introduction to economics course, and of course his famous book An Inquiry into the Nature and Causes of the Wealth of Nations is oft-discussed. But neither Adam Smith nor his contemporaries would have described him as an economist for most of his life. Instead, Smith was a philosopher, professor of logic, and sociologist. Today, he is often credited with launching the field of economics. Some even call him the “father of capitalism”, although Smith himself never used that word. So who was Adam Smith really, and why did he become so famous in economics? The life of Adam Smith Smith was born in Scotland in 1723 and lived until 1790. He was a philosopher as well as economist – indeed, economics as a field didn’t really exist until after Adam’s transformational The Wealth of Nations had been published. In 1737, Adam Smith matriculated at the University of Glasgow, graduating in 1740 at the age of 17. He then undertook graduate studies at Oxford, leaving there in 1746. In 1751, Smith was appointed professor of logic at the University of Glasgow, and a year later he was appointed the Chair of Moral Philosophy at the same institution. He was a fully participating member of university society, giving lectures daily and being elected the dean of the faculty in 1758. Adam Smith published his first book, The Theory of Moral Sentiments, in 1759. In it, he theorized on human nature, which laid a foundation for his later assertions about economic behavior. The work is primarily concerned with the moral character of humans and how reason interacts with selfish passion. It’s worth noting that even in this book Smith had stated that some “invisible hand” compelled the self-seeking rich to improve society, leading to benefits for everyone, although it would not be until Smith’s later writings that the phrase gained more recognition. Smith was offered a …
disambiguating description: Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.
date posted: 2024-01-08T16:43:46Z
date modified: 2026-06-25T13:00:50Z
employment type: onsite
language: en
keywords: economic theory
keywords: Economist Profiles
keywords: neoclassical economics
keywords: mercantilism
keywords: classical economics
keywords: Adam Smith
keywords: An Inquiry into the Nature and Causes of the Wealth of
keywords: Sean McClung
keywords: Wealth of Nations
keywords: economists
type: blog
disciplines: economichistory
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economic History (JEL N)
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Encouraging collaboration in teaching data analysis skills
type: Article
title: Encouraging collaboration in teaching data analysis skills
description: We propose three tips on how to successfully encourage collaboration between students in learning data analysis for applied courses: (i) design engaging teaching materials, (ii) get students to work in pairs during classes, (iii) use peer feedback for formative assessments. How to prepare: Engaging teaching materials Figure 1: Cheat sheet used in a session on data analysis and visualisations in Python for complete beginners (Image Credit: Author Generated / Economics Network) First, when choosing the materials, it is key to use real world datasets that are relevant for your students and that they will be interested in exploring further. In this way, even the process of data cleaning, which is quite feared by many students, can turn into a more engaging exercise. Second, during the applied classes (or labs), ask students to solve new exercises that they haven’t seen beforehand. Third, it is important to design cheat sheets that students can use in class, to enhance autonomy during the sessions. This enables students to develop their technical skills and focus on the exercise, rather than spend the session struggling to discover basic commands they need to employ. A cheat sheet also acts as a revision aid for students later. Thus, these cheat sheets should include the key commands (or functions) needed to tackle the exercises. Rather than making this a long list of commands, set up examples that students can follow easily. Then, it is up to them to find the commands from the cheat sheet that are relevant to each exercise. We have included an example of a cheat sheet used during a session on data analysis and visualisations in Python for complete beginners (Figure 1). Students were provided the cheat sheet and given a set of exercises, using a completely different dataset. How to deliver: Work in pairs in classes To facilitate the use of cheat sheets, get students to work in pairs. Pair programming is widely used by data scientists in industry for coding tasks: two peo…
disambiguating description: Given the increase in data availability worldwide and the surge in demand for data literacy in the labour market, more and more economics courses are including data analysis skills in their intended learning outcomes. As a result, helping students to develop these skills in the classroom is increasingly important for economics educators.
date posted: 2023-11-17T22:59:59Z
date modified: 2026-07-29T13:55:16Z
employment type: onsite
language: en
keywords: Stefania Simion
keywords: teaching economics
keywords: teaching data analysis skills
keywords: Economics Network
keywords: data analysis skills
keywords: teaching resources
keywords: Annika Johnson
keywords: Anastasia Papadopoulou
keywords: Python
type: teach
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Market Failure
type: CreativeWork
title: Market Failure
description: Sometimes, but not always, this involves making a Pareto improvement. For example, consider a market that under-produces a good or service that does not exhibit any externalities. If production was increased, overall social welfare would increase with no negative consequences. Market failure signifies that the sum of individuals’ self-interested actions have caused the market to reach an outcome that is not in the best interest of everyone involved. This is called market “failure” because typically, Adam Smith’s “invisible hand” does lead individuals’ self-interested actions to reach the socially optimal outcome in a market, as Smith famously observed. Paul Krugman and Robin Wells put it this way in their seminal text Macroeconomics: “...market failure […] happens when the individual pursuit of oneʼs own interest, instead of promoting the interests of society as a whole, actually makes society worse off.” It’s important to note that in the cases of both market failure and market efficiency, individuals are assumed to be rational. In other words, market failure does not result from individuals acting “incorrectly”, but rather from the best privately optimal decision(s) becoming misaligned with the best choice(s) for overall societal well-being. There are many potential causes of market failure. These include the presence of externalities, asymmetric information, market power (like monopoly or oligopoly), government overreach, recessionary pressures, and more. Most of these causes have something in common (with the exception of macroeconomic phenomena like recessions and bad government): they cause individual’s incentives to become misaligned with the socially optimal outcome. Market failure in economic theory Although it is widely agreed in the modern era that markets do fail, the reasons they fail and the strategies to correct them are important sources of ideological differentiation between economic schools of thought. In classical economic theory, market failure i…
disambiguating description: “Market failure” is a term that economists use to describe a market that is not functioning optimally. This is typically measured in terms of social welfare. Market failure in economics means that there’s a better outcome the market could achieve, one that would lead to an increase in social welfare.
date posted: 2023-11-16T17:29:36Z
date modified: 2024-03-21T13:50:22Z
employment type: onsite
language: en
keywords: market failure
keywords: externalities
keywords: deadweight loss
keywords: market equilibrium
keywords: Sean McClung
keywords: government intervention
keywords: Economics Terms A-Z
type: terms
disciplines: microeconomics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Public Economics & Economic Policy (JEL H)
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: Business Economics (JEL M)

Private Goods
type: CreativeWork
title: Private Goods
description: Private goods in economics are goods that are both excludable and rivalrous. This means that if one person uses the good, it reduces others’ ability to enjoy the good. And, consumers can be prevented from accessing the good if they don’t pay for it. This is the most common type of good, and often what most people think of when they think about goods in economics. Private goods include most goods and services that one can purchase: new shoes, a house, a pretzel, a concert ticket, and a beach towel are all examples of pure private goods. When you buy one of these items, you can use it, but others can’t (unless you let them, or they steal it). And, if you don’t pay for them, you’ll be prevented from using them. Note that the distinction “private good” has to do with the rival and excludable characteristics of the good or service, not the actual ownership or use of the item. If you buy a gift for someone – say a new headset – the headset is still considered a private good, because the gift recipient owns the headset (after you give it to them), multiple people cannot use it, and others can be easily excluded from using it. Likewise, if a family purchases a new microwave or TV, the good is still a private good even if multiple household members might make frequent use of it. Out of all the four categories of goods determined by rival and excludable characteristics, private goods are the only ones that markets can typically provide efficiently without much – or any – intervention. The cost of private goods is accounted for by the firms that produce them, and consumers buy private goods up to the point where the marginal benefit is equal to the marginal cost. This results in a combination of producer and consumer surplus that is efficient and maximizes overall welfare. Of course, many things besides characteristics of goods can prevent markets from efficiently providing private goods: monopoly or oligopoly, externalities, government intervention, imperfect information, and…
disambiguating description: There are many different ways that economists classify the different types of goods and services sold in the economy. The characteristics of goods – for instance, whether they are rivalrous or excludable – help economists classify goods into one of four categories. These are club goods, private goods, public goods, and common resources.
date posted: 2023-11-09T15:39:16Z
date modified: 2024-07-15T20:04:49Z
employment type: onsite
language: en
keywords: Private Goods
keywords: Common Resources
keywords: Club Goods
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Public Goods
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

How (and why) can we embed employability within economics degrees?
type: Article
title: How (and why) can we embed employability within economics degrees?
description: Introduction: The motivation for embedding employability skills Undergraduate economics degrees have traditionally been designed to develop a range of analytical skills, including solving economic problems using simple (mathematical) models, evaluating causal relationships via quantitative analysis of (complex) data sets, and the holistic combination of theory and empirics to communicate results to politicians, decision-makers, and the general public. Many of the skills that we think good economists should develop during their undergraduate studies are valued by employers. For instance, the 2019 employers survey from the Economics Network identified that employers value skills such as abstraction; analysis of economic, business and social issues; presenting quantitative ideas; and communicating economic ideas. However, the survey also shows that economics graduates often enter the workplace with gaps in skills that are sought. For example, while economics graduates are likely to have very high proficiency for analysing quantitative data, other key skills – such as the ability to apply economic concepts to a wider context – are scored poorly by employers of economics graduates. Employers also see gaps within economics degrees, suggesting that courses need to improve training in areas such as communication of economic ideas. Another example: while most economics degrees provide students with opportunities to develop skills using software packages such as Stata and R, employers also highlighted that this was still an area that required improvement. Employers emphasised a need for greater understanding of programming, through languages such as Python. Image credit: Pixabay.com. In addition, throughout their careers, graduates will need to develop new skills and learn to adapt in a rapidly changing world. This has led to an increasing demand for graduates who can demonstrate an awareness of key environmental issues, such as sustainability. Further, students will be expec…
disambiguating description: The higher education (HE) sector is under increasing pressure to embed employability skills within the curriculum to prepare students for the real world and create responsible graduates and citizens. This article reflects on how (and why) we, as educators, can better incorporate highly-demanded employability skills into the economics curriculum.
date posted: 2023-10-26T14:40:54Z
date modified: 2026-07-29T10:41:53Z
employment type: onsite
language: en
keywords: Employer skills
keywords: teaching economics
keywords: employability
keywords: Ashley Lait
keywords: Economics Network
keywords: Steven Proud
keywords: Atisha Ghosh
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Free Rider Problem
type: CreativeWork
title: Free Rider Problem
description: Free riding occurs when individuals lack proper incentives to contribute, or cannot be stopped from benefiting from others’ actions. If you maintain a garden and you live close to a bee farm, you will very likely benefit from extra pollination in your garden as a result of the farm’s bee stock. But, you won’t have to pay for this service, you probably won’t stop the bees from pollinating your garden, and you’re very unlikely to offer to pay for the free pollination you receive. In this scenario, you would be free riding. This is because you’d be enjoying the benefits of a positive externality (pollination) without contributing to the market for beekeeping services. The garden example is fairly innocuous. However, free riding can be an issue in certain situations, particularly with public property or common resources. In other words, contributing to a public good can often leave incentives to free ride. For example, consider a shared apartment with multiple roommates and a shared kitchen. The kitchen is used by everyone, but nobody “owns” the kitchen; everyone can use it freely. <11an>limit:3;categories:Bachelor's Programs;disciplines:Economics</11an> As many have experienced, over time the kitchen is likely to degrade significantly. In the absence of any interventions, it will become overused, dirty, and under-cleaned. Dishes will probably pile up in the sink. This is another example of free riding. The roommates are all incentivized to provide as little cleaning service as possible, and hope that another roommate will do the work for them, saving them time and effort. In this case, cleaning provides a positive externality, and is being under-provided due to free riding behavior. There are methods to solve the roommate’s kitchen sink problem, and others like it (such as slacking off during a group project, or littering). These include negotiating to create some sort of contract, or building and enforcing social norms. For example, if the roommates agree to a cleanin…
disambiguating description: The free rider problem in economics is a situation where certain individuals benefit from others’ actions for free, and so “free ride” by taking advantage of the situation. This is (usually) fully rational behavior from an economic standpoint. Often, when free riding occurs in a market, it signifies the presence of externalities and means that the good or service is being under-provided or overused. Free riding in economic theory can thus be a symptom of market failure.
date posted: 2023-10-25T14:26:54Z
date modified: 2024-05-17T16:49:08Z
employment type: onsite
language: en
keywords: Free rider problem
keywords: Sean McClung
keywords: free riding
keywords: free ride
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Working in the USA: How to apply for a work visa after graduation
type: Article
title: Working in the USA: How to apply for a work visa after graduation
description: First of all, congratulations! You’re on your way to becoming a full-fledged economist. But, if you want to transition from student to economist in the “land of the free and the home of the brave”, you’ll need to prepare to apply for your US work visa. We’re here to help you begin tackling the process. Read on for information about getting your United States work visa, and our tips for making the entire affair go smoothly. From student to job seeker: the H-1B visa program If you’re not from the US but completed your economics studies in the US, you probably had to get a Type F student visa. The process for attaining this visa is explained in the linked article. The US student visa does not authorize working in the country long-term. Once you complete your studies, you have a 60-day grace period where you’re allowed to remain in the US, and then you must leave the country. But fear not: if you successfully received a Type F visa and studied in the US, you’ll be eligible to apply for a change of status from non-working student to an employed worker. There are two ways to do this: either apply for a non-immigrant H-1B visa that allows working in the US, which is the most common and straightforward method, or apply for an immigrant visa. This latter visa type means you intend to live in the US long-term. However, if you plan to settle in the US long term, it’s entirely possible to apply for the H-1B visa and then later apply for permanent residence. In fact, this is one of the most common methods used by international students who plan to stay in the US after graduating. This method is typically recommended even if you want to live in the US permanently; directly applying for a permanent stay visa is more difficult than receiving an H-1B first. To apply for an H-1B visa, you must find a job in the US. Then, the employer can sponsor your application for the H-1B, which is necessary for your visa application to be processed. Because of the need for an employer sponsor, it…
disambiguating description: So, you’re studying for your economics degree in the United States of America. It's going well, and you’re enjoying life in the USA, so much that you’re thinking about staying longer and looking for a job in the US.
date posted: 2023-10-16T06:01:00Z
date modified: 2026-06-29T14:36:48Z
employment type: onsite
language: en
keywords: usa
keywords: H-1B visa
keywords: US work visa
keywords: Sean McClung
keywords: united states
keywords: work visa
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Studying in the USA: How to apply for a student visa
type: Article
title: Studying in the USA: How to apply for a student visa
description: Applying for the US student visa might seem to be a daunting process, but we’re here to help make sense of it. The process is relatively straightforward, although it has many pieces. Read on to learn about how to apply for the student visa for the USA and our tips for making the application process easier for you. Note that this information is accurate as of the publish date above. Some of these requirements could be changed by the US authorities over time, however. Be sure to double check with the appropriate US government authority. Note that this article only covers studying in the United States; it does not cover work visa requirements for the US. But fear not – we have another article for just that! First step: Entering the US To enter the US, many travelers will need a Type B tourist visa. This is a nonimmigrant visa that allows someone to stay in the US temporarily, but does not allow long-term stay. If a prospective student wishes to travel in the US – perhaps to explore university campuses – before they acquire their student visa and start university, this is the visa to apply for. Details on applying for the Type B visa can be found at the US Department of State’s website. Then, a prospective student with a Type B visa can apply for a Type F visa to allow long-term stay for studies with a proper application supplemented by Form I-539. However, this strategy is not guaranteed and so is not recommended. Rather, it’s more secure to apply for a Type F visa from the get-go – but this requires acceptance to a university program in the US. Some travelers will be able to enter the US without an official visa at all. However, these travelers must still fill out the Electronic System for Travel Authorization form (available here) as part of the US’s Visa Waiver program. As of this writing, the list of eligible nationalities includes 40 countries that can be found here, including most of Europe, Japan, South Korea, New Zealand, Australia, Singapore, and Taiwan. These…
disambiguating description: So you want to study abroad in the United States of America, the largest economy in the world. In keeping with its “melting pot” reputation, the US has been an education destination for many over the years, and is filled with many high-quality, internationally competitive universities. Of course, if you’re an international student, you’ll probably need to get a visa before you can go.
date posted: 2023-10-16T06:00:00Z
date modified: 2026-06-29T14:44:22Z
employment type: onsite
language: en
keywords: usa
keywords: study abroad
keywords: Sean McClung
keywords: united states
keywords: visa application
keywords: us student visa
keywords: student visa
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Public Goods
type: CreativeWork
title: Public Goods
description: Public goods in economics are goods that are both non-excludable and non-rivalrous. These characteristics of public goods mean that if one person uses the good, it does not reduce others’ potential enjoyment of the good, and further that people cannot be prevented from accessing the good. It’s easiest to illustrate the concept by using an example. A lighthouse provides a service that’s considered a public good. Lighthouses help guide ships by providing a signal that land is nearby, and warn against potential dangers in the water. The signal sent by lighthouses cannot be given to some ships but prevented from reaching others – it simply gets emitted. This makes the service non-excludable. Similarly, the signal put out by a lighthouse doesn’t diminish in usefulness as more ships receive it. Thus, a lighthouse’s service is also non-rival. Another example of a public good is the air we breathe. People can’t be stopped from using air, nor does breathing limit someone else’s ability to breathe. Yet more examples of public goods are disease prevention and national defense. Both of these services benefit everyone, and when one person benefits from them, others aren’t prevented from benefitting either. Because they are both non-excludable and non-rival, public goods are often subject to the free rider problem in economics. This problem arises when people can freely access a good or service, and as such are not incentivized to help pay for it or maintain it – in other words, they “free ride”. Free riders benefit from the work of others at no cost to themselves, and they refuse to pay if they have a choice. Because of this behavior, public goods that aren’t naturally occurring (like breathable air) are often provided by a government via taxation, as the private market will almost always under-provide them. In fact, public goods usually have large positive externalities, for instance: national defense makes everyone safer, parks improve neighborhoods (note these can also be cla…
disambiguating description: There are many different ways that economists classify the different types of goods and services sold in the economy. The characteristics of goods – for instance, whether they are rivalrous or excludable – help economists classify goods into one of four categories. These are club goods, private goods, public goods, and common resources.
date posted: 2023-10-18T14:15:09Z
date modified: 2024-07-15T19:54:44Z
employment type: onsite
language: en
keywords: club goods
keywords: private goods
keywords: public goods
keywords: Sean McClung
keywords: common resources
keywords: Economics Terms A-Z
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

2023 Nobel Prize in Economics - The Winner
type: Article
title: 2023 Nobel Prize in Economics - The Winner
description: Receiving this prize makes Claudia Goldin only the third woman to win the Nobel Prize in Economic Sciences (following Elinor Ostrom in 2009 and Esther Duflo in 2019), and makes her the first to do so alone, i.e. without sharing the prize with another economist. The research that awarded the prize The research that won Dr. Goldin the Nobel Prize examines the gender pay gap between men and women through the centuries. To start, Dr. Goldin gathered U.S. data across the past 200 years. She analyzed this data to look for trends in employment and earnings for both men and women to study how the gender pay gap evolved – and to explain why it still exists today. Part of the reason for her Prize is that this information can help society to fight the gender pay gap, ensuring that equally qualified men and women are paid the same amount. According to the Royal Swedish Academy’s press release1, Chair of the Committee for the Prize in Economic Sciences Jakob Svensson had this to say about Dr. Goldin’s research: “Understanding women’s role in the labour market is important for society. Thanks to Claudia Goldin’s groundbreaking research we now know much more about the underlying factors and which barriers may need to be addressed in the future.” A few of Dr. Goldin’s findings stand out. First, the participation of women in the workforce has evolved over time in a roughly U-shaped pattern (see Figure 1, which was illustrated by Johan Jarnestad for the Nobel Prize organization). A few centuries ago, before the Industrial Revolution – when society was more agrarian – women participated in the labor force at a rate of almost 60%. During the decades from the late eighteenth century through the start of the twentieth, women’s workforce participation steadily declined as society industrialized. Then, in the early twentieth century, it started to rise again. Dr. Goldin postulates that several factors gave rise to this resurging increase in women’s workforce participation. First, education…
disambiguating description: The famous 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, colloquially known as the Nobel Prize in Economics, has been awarded to a Harvard University economist this year: Dr. Claudia Goldin. The prize – worth 11 million Swedish crowns, or about $1 million or roughly €949.000 – was awarded to her by the Royal Swedish Academy of Sciences “for having advanced our understanding of women’s labour market outcomes…Her research reveals the causes of change, as well as the main sources of the remaining gender gap.”1
date posted: 2023-10-10T13:42:20Z
date modified: 2026-06-25T13:10:00Z
employment type: onsite
language: en
keywords: Gender Wage Gap
keywords: Nobel Prize
keywords: Gender Pay Gap
keywords: Dr. Claudia Goldin
keywords: Sean McClung
keywords: Gender inequality
keywords: Nobel Prize in Economics
keywords: Claudia Goldin
type: blog
disciplines: economichistory
disciplines: economics
disciplines: socialscience
disciplines: labordemographiceconomics
disciplines: generaleconomics
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: General Economics (JEL A)

Common Resources
type: CreativeWork
title: Common Resources
description: Common resources in economics are goods that are rival, but non-excludable. This means that if one person uses the good, it reduces others’ ability to enjoy the good. But, people cannot be prevented from accessing the good. This unique blend of characteristics can cause problems with the usage of common resources. For example, a public park is considered a common resource. Public parks are freely available to anyone who wishes to go to them. But at the same time, if one person goes to the park, it means there’s less space left for others to enjoy. Park area is not infinite; if everyone tried to go at the same time, it would be far too crowded and noisy to be enjoyable. Moreover, because a public park is free and non-excludable, individuals’ incentives to keep the park clean and tidy are very low. It’s quite easy for people to use the park, litter, and go home without cleaning up after themselves, which is often privately optimal (at least from a purely rational standpoint, economically speaking). Over time, this degrades the space. In economics, this situation is known as the free-rider problem. In order to keep the park clean and usable, a government authority or the charity of kind citizens is needed. Some natural resources are also considered common resources. An example is the amount of fish in the ocean. The ocean is a vast resource that every coastal nation in the world can utilize. It holds an abundant (and regenerating), but at any one time finite supply of fish. Crucially, nobody owns the ocean, and while it is very difficult for one nation to prevent another one from fishing (non-excludable), fishing the ocean leaves fewer fish for others to find (rival). Each (coastal) nation tends to maximize their own private utility functions from ocean fishing; they choose to fish at a privately optimal level. On its own, this amount will not deplete the oceans, because the ocean is so large compared to just one country. But, if every nation chooses to fish its own pr…
disambiguating description: There are many different ways that economists classify the different types of goods and services sold in the economy. The characteristics of goods – for instance, whether they are rivalrous or excludable – help economists classify goods into one of four categories. These are club goods, private goods, public goods, and common resources.
date posted: 2023-10-16T14:01:42Z
date modified: 2024-07-15T21:04:09Z
employment type: onsite
language: en
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Common resources
type: terms
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)