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number of items: 20
total items: 2585
item list element: Loanable Funds Market
item list element: Purchasing Power Parity (PPP)
item list element: Interest Rates
item list element: Monetary Neutrality
item list element: Is an Economics PhD Worth It? The PhD Pay Premium
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
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Loanable Funds Market
type: CreativeWork
title: Loanable Funds Market
description: The market for loanable funds is a market that behaves similarly to a typical product market that students learn about in microeconomics, with supply and demand curves and all. In this case, the “product” is an amount of loanable funds. But what exactly are these funds, why are they important, and how do they help to determine the interest rate? Defining loanable funds Loanable funds are sums of money saved by lenders that are available for borrowers to use. When a firm or an individual wants to make a major investment, like upgrading the company’s manufacturing software or buying a house, they’ll usually need to take out a loan in order to afford the investment. These borrowers then seek a lender from whom they can take out a loan. In the modern economy, this process is usually aided by organizations like banks that help to connect savers and borrowers. Like with any other market, there is a supply of savings that are available for borrowing – or in other words, loanable funds – and a demand for borrowing those funds. Equilibrium is normally determined where the quantity supplied and the quantity demanded of an item are equal to one another at a certain price. But what’s the price for a loan? The answer is the interest rate. The interest rate on a loan determines the amount of money in addition to the loan’s original amount that the borrower must pay back to the lender when the debt comes due. So, the interest rate represents the price for the loan. When many new borrowers start to demand loans, the price for borrowing will rise, meaning the interest rate will increase. But when there are more lenders than borrowers, lenders must reduce the price of the loanable funds they offer in order to compete for borrowers, lowering the interest rate. The market for loanable funds can be graphed just like a market for a “typical” good or service. Graphing the market for loanable funds Figure 1: equilibrium in the market for loanable funds (LF) Figure 1 shows the loanable fund…
disambiguating description: The loanable funds market (also sometimes called the “market for loanable funds” in economics) is an important macroeconomic concept. Loanable funds are the most common way that major economic investments are funded, leading to long-term economic growth. It’s also an important concept because it shows one way that the (real) interest rate can be determined.
date posted: 2024-03-22T13:33:55Z
date modified: 2026-06-29T09:43:12Z
employment type: onsite
language: en
keywords: Market for Loanable Funds
keywords: loans
keywords: Loanable Funds Market
keywords: Sean McClung
keywords: savings
keywords: Economics Terms A-Z
keywords: debt
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
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: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Purchasing Power Parity (PPP)
type: CreativeWork
title: Purchasing Power Parity (PPP)
description: For example, an economist might ask: is a Japanese car more expensive to purchase in Japan or in the United States? Since the currencies between the two countries differ, economists will have to calculate one currency in terms of the other in order to compare directly. One method for doing this is by using an exchange rate. But currency exchange rates fluctuate very often, and are influenced by financial speculation as well as economic activity; so, the value of a Japanese car in terms of USD might change drastically from one day to the next. Thus, relying on exchange rates can be misleading for some applications, leading economists to search for alternative methods of comparison. Purchasing Power Parity explained Enter Purchasing Power Parity (PPP), which is used by economists as a way to directly compare the prices of goods in different countries more reliably and fairly. PPP is constructed as an exchange rate based on the total cost of a representative basket of goods and services in different countries (similar to how the CPI is constructed). An accurate PPP rate cannot be constructed by comparing only a single good. However, once constructed, the PPP rate can be used to both compare the costs of specific goods and also give an indication of differences in the overall price level between countries. As such, PPP rates are used often by groups such as the International Monetary Fund, World Bank, the United Nations, and individual governments to answer macroeconomic questions. PPP in its most simple form is constructed as a ratio of prices. For example, if the representative basket of goods costs $42,000 USD, and ¥3,906,000 (¥ is the symbol for Japanese yen), then the PPP rate between the US and Japan based on this consumer good is (42000 / 3906000) = 93. This means that the same quality and quantity of goods takes roughly 93 times more currency to purchase in Japan than in the US, or that 1 USD in the United States can buy roughly the same amount of goods and serv…
disambiguating description: In macroeconomics, comparing economic data between different regions or countries is commonplace. But comparisons shouldn’t be made hastily. Naturally, goods and services are very often sold in different currencies that hold different values, so direct comparison often requires a currency conversion of some sort. And, the relative price level may differ between countries, such that making a direct comparison can be misleading.
date posted: 2024-03-13T14:29:54Z
date modified: 2024-04-08T18:16:07Z
employment type: onsite
language: en
keywords: PPP
keywords: Sean McClung
keywords: PPP exchange rates
keywords: Economics Terms A-Z
keywords: Purchasing Power Parity
type: terms
disciplines: internationaleconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
discipline labels: International Economics (JEL F)
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: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)

Interest Rates
type: CreativeWork
title: Interest Rates
description: Interest rates in general economics are (for once) essentially the same thing as they are in finance: a percentage that determines how much a financial balance will grow with each predefined period of time. Nevertheless, interest rates are a very important linchpin of macroeconomics and have far-reaching consequences for the economy. Before describing why this is, it helps to clearly define what interest rates are in economics. As a side note, inflation happens to be very important when learning about interest rates. It’s a good idea to be comfortable with the concept before learning more fully about interest rates. Nominal vs. real interest rates: what’s the difference? In the real world, the cost of borrowing is denoted in terms of the (nominal) interest rate. But there are actually two interest rates that exist simultaneously: nominal interest rates and real interest rates. The nominal rate is the rate that we always deal with in the real world. Interest rates that are listed on savings accounts, mortgages, other types of loans, etc. are nominal interest rates. They are used to calculate interest payments and other quantities that factor in the rate of interest. Real interest rates, though, are “hidden” interest rates that people are actually paying instead of the nominal rates they agreed to! But rather than being the result of some crazy conspiracy, real interest rates exist because of inflation. When there is inflation, money loses its purchasing power over time. The same amount of cash can purchase fewer goods and services in the future. This means that nominal interest rates don’t tell the full story of a financial agreement. For example, suppose that you take out a loan of $100 that must be paid back with interest in one year. The nominal interest rate that you agree to is 5% – that is, when the debt comes due, you must pay back $105, which is an extra $5 on top of the original amount. If there is no inflation, the real interest rate is also 5% in this case…
disambiguating description: Readers are probably familiar with the concept of interest rates in the world of everyday finance. Savings accounts, student loans, mortgages, etc. are all accompanied by an interest rate that partly determines how much money is added to a savings account or to the amount of debt someone owes.
date posted: 2024-03-13T14:05:01Z
date modified: 2024-10-04T13:38:54Z
employment type: onsite
language: en
keywords: macroeconomics
keywords: interest rate
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: target interest rate
keywords: Interest rates
type: terms
disciplines: politics
disciplines: publiceconomicspolicy
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: financialeconomics
disciplines: generaleconomics
disciplines: businesseconomics
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: Economics and Social Sciences
discipline labels: Financial Economics (JEL G)
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Finance

Monetary Neutrality
type: CreativeWork
title: Monetary Neutrality
description: Money serves several important functions in the economy. It is a unit of account, which allows people to view the cost of goods in comparable terms. It is a store of value, allowing people to store up the value of their labor over time, i.e. saving to grow their wealth. It is also a medium of exchange, allowing people to trade goods for just money rather than being forced to barter. The article money and the money supply dives further into these useful qualities of money. Directly following from these qualities is the fact that money forms the basis of prices in the economy. Prices are quite useful as they are directly comparable numbers that tell economic agents how much a good or service costs in nominal terms. Money affects nominal values only In economics, real variables measure actual economic output that occurs in the real world. For example, if a candlemaker produces three candles, the value of those three candles would be included in the count of real GDP. Meanwhile, nominal variables are those – such as prices – that are not exact or direct measurements of real economic value, but approximations. In short, nominal values measure the price of a good or service, which is meaningless without knowing the prices of other goods in the economy. Real values are meaningful and allow for direct comparison, because they are relative values compared to other real goods and services. When considering the economy as a whole, using real values allows for meaningful comparison of various countries’ GDPs to one another and across different years, for example. With real values, we can directly compare if the Bolivian economy was more productive in 2022 or 2023. Monetary neutrality states that money only affects nominal values, but not any real values in the economy. Therefore, because economic agents are rational and make decisions based on real values, money essentially doesn’t affect the economy at all. Recall that classical economic theory also states that price changes a…
disambiguating description: Monetary neutrality is an economic theory that states money and the money supply do not affect any real economic variables, only nominal ones. This theory was initially popularized by classical economists, and though it has received challenges from Keynesian and monetarist ideas, it remains an important theory in the field.
date posted: 2024-03-11T19:36:57Z
date modified: 2024-04-08T18:11:13Z
employment type: onsite
language: en
keywords: Money
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Monetary Neutrality
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: financialeconomics
disciplines: socialscience
disciplines: economicthoughtmethodology
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: Economic Thought & Methodology (JEL B)

Is an Economics PhD Worth It? The PhD Pay Premium
type: Article
title: Is an Economics PhD Worth It? The PhD Pay Premium
description: Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term? <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data. The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data. Figure 1: Regional Premiums in economics PhD pay compared to a Master’s Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however. First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region. In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regio…
disambiguating description: Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist, asking whether you should do a PhD, and even asking what kinds of economists are paid the most. Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.
date posted: 2024-02-13T13:39:56Z
date modified: 2026-05-13T20:08:07Z
employment type: onsite
language: en
keywords: economist pay
keywords: economics PhD
keywords: economics jobs
keywords: economics degree
keywords: economist jobs
keywords: INOMICS Salary Report
keywords: Sean McClung
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

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)