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item list element: Extracurricular activities to help your economics career while at university
item list element: Multiplier Effect
item list element: Economics: Times Have Changed
item list element: Information Goods
item list element: Savings-Investment Identity
item list element: Goods Market Equilibrium
item list element: From Gambling to Economic Growth: how a Greek goddess inspired a new model for Italy’s local development
item list element: Mesoeconomics: Missing Link, or Needless Pedantry?
item list element: Economist Earnings by Job Title and Degree in 2023
item list element: What makes a successful economist?
item list element: The INOMICS Questionnaire: Fratzscher vs Blanchard
item list element: How to Make a Resume for Economics Jobs
item list element: Publish A Summary of Your Economics Research on INOMICS
item list element: Alfred Marshall
item list element: Recruiting Economists for Your Professional Training Courses
item list element: Labor Market
item list element: Factor Markets
item list element: Austrian Economics: Historical Contributions and Modern Warnings
item list element: Tips to Survive Your First Job
item list element: The economics of heavy metal music
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Extracurricular activities to help your economics career while at university
type: Article
title: Extracurricular activities to help your economics career while at university
description: Being involved in extracurriculars at university can make your time there more enjoyable by enabling you to meet friends, develop intellectually, and stay fit. You may not have considered it, but relevant hobbies for economists can even be advantages in your career development, too! This article explores some suitable economics hobby ideas that you might find beneficial. Although lots of these suggestions will help you whatever career you decide to pursue, some may be a little more useful specifically for a career in economics. Browse our program listings for economics opportunities 1. Debate team Joining the debate team will give you the chance to practice your oral presentation, argumentation, and critical thinking skills – all of which will be a big asset to you in any economics job search. It's also a great way to practice your public speaking, which can be a helpful advantage in job interviews. The ability to think through a position and support it with facts and logic is incredibly relevant to any research you do, too. On a fundamental level, research is posing a question, and either supporting or detracting from that question using facts and logic – just like debate! In economics research, the facts may need to be taken from a literature review or generated by your own econometric analysis, but the fundamentals are remarkably similar. Debate will also help your communication skills, which are one of the most important soft skills to have, useful in all aspects of life. Being able to communicate your ideas and research effectively, or back up your economics findings in your career, is essential to being successful. 2. Student governance Almost every university will have some kind of students' union or student council which you could join. Doing so shows future employers that you are responsible and engaged with political and practical issues. It also gives you the chance to make real changes to the way that your university is run. Being a part of the students'…
disambiguating description: Attending university can be a ton of fun, but it’s also supposed to prepare you for the next stage in your career. Normally, this involves a lot of studying. But breaks and hobbies are important to have, too.
date posted: 2019-01-22T08:00:00Z
date modified: 2026-06-19T12:05:35Z
language: en
keywords: Activities
keywords: college
keywords: student
keywords: extracurricular activities
keywords: univeristy
keywords: student life
keywords: extra
keywords: Sean McClung
keywords: extracurriculars
type: advice
disciplines: education
disciplines: artarthistory
disciplines: theologyreligeousstudies
disciplines: molecularbiology
disciplines: nursing
disciplines: communicationsdesign
disciplines: music
disciplines: agriculturalsciences
disciplines: softwaredevelopment
disciplines: earthscience
disciplines: chemicalengineering
disciplines: immunology
disciplines: biology
disciplines: law
disciplines: neuroscience
disciplines: history
disciplines: philosophy
disciplines: astronomy
disciplines: humanmedicine
disciplines: mediastudies
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disciplines: pharmacy
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disciplines: dentistry
disciplines: mathematics
disciplines: culturalstudies
disciplines: civilengineering
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disciplines: literaturecreativewriting
disciplines: genetics
disciplines: psychology
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disciplines: publichealth
disciplines: physics
disciplines: archaeology
disciplines: generaleconomics
disciplines: chemistry
disciplines: engineeringbusiness
disciplines: socialscience
disciplines: business
disciplines: physiotherapy
disciplines: microbiology
disciplines: biomedicine
disciplines: informatics
disciplines: marketing
disciplines: economics
disciplines: management
disciplines: biochemistry
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disciplines: sociologyanthropology
discipline labels: Education
discipline labels: Art & Art History
discipline labels: Theology & Religeous Studies
discipline labels: Molecular Biology
discipline labels: Nursing
discipline labels: Communications & Design
discipline labels: Music
discipline labels: Agricultural Science
discipline labels: Software Development
discipline labels: Earth Science
discipline labels: Chemical Engineering
discipline labels: Immunology

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

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

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

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

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

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

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

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

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

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

How to Make a Resume for Economics Jobs
type: Article
title: How to Make a Resume for Economics Jobs
description: You may be wondering how to make a strong resume for economics jobs that you’re interested in. Resume tips abound online, and many of them are quite good for your economics job application, too. In this article, we share some of the best ones, as well as economics-specific advice to help make your application stand out and ensure your resume gets noticed and read. Keep in mind that this article will focus on resume tips for an industry job application. If you’re more interested in applying for a PhD or academic jobs, check out our PhD application infographic or academic cover letter examples. You may also be interested in professional cover letters, or even highlighting your study abroad experience to your future employers. Now on with the tips! Formatting, formatting, formatting Realistically, the most important part of your resume is the formatting. That’s because the majority of recruiters and hiring managers will take only 6-7 seconds to “read” your resume (according to Indeed)! Applications submitted to job postings number in the hundreds on average (according to Zippia), and can be much higher. This incentivizes recruiters to spend as little time as possible skimming their massive stack of resumes to pick out potential leads. Although AI-assisted algorithms are increasingly being used to pick out the best applications for hiring managers, you need to ensure that your resume is formatted well so that when it is seen by a human, it isn’t tossed out immediately. So what makes for good formatting? Important information in bold (your name, job titles you’ve held, section headings, etc.) Use a clear, professional font, and use the same font throughout the entire document (like Arial, Cambria, or Times New Roman, etc.) Font size no smaller than 11pt Consistent margins, spacing, and font size Very little color; black-and-white should be sufficient Prioritizes readability and logical flow over creative design Clearly labeled, skimmable sections for Education and Profes…
disambiguating description: Completing an economics degree course is hard enough. But after you’ve earned your degree, you may very well begin to look for a job in economics, which is a whole new type of challenge!
date posted: 2024-06-03T19:57:20Z
date modified: 2026-06-26T12:28:11Z
employment type: onsite
language: en
keywords: resume
keywords: economics jobs
keywords: economist jobs
keywords: job application
keywords: economics resume
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)

Publish A Summary of Your Economics Research on INOMICS
type: EducationalOccupationalProgram
title: Publish A Summary of Your Economics Research on INOMICS
description: We invite economists who are conducting or have conducted research to write a summary of their research and why it’s important, interesting, or unique in the field, and share that article with other economists via INOMICS. This “research summary” article can function as an extended abstract that will help other economists discover your work and learn more about your area of expertise. The tone can be similar to a relatively casual lunchtime conversation with colleagues who are trained in economics but unfamiliar with your work. Please note: We do not publish academic research. However, an article that describes your research and its importance to an audience of early-career economists and economics students is encouraged. Writing a research summary article on INOMICS can help your research reach a broader economist audience, inspire others’ research, broaden your network by reaching others in related areas, and add to your portfolio of written work. Our Goals for Your Submission: You are able to share your research topic and other factors related to it with economists on INOMICS. Economist readers of INOMICS can find interesting articles about recent or upcoming research in economics on the INOMICS Blog, in addition to what’s already been shared on the Blog. You are able to build your portfolio of written work, and develop your reputation among the thousands of readers who use INOMICS. You add to the library of interesting INOMICS content; readers benefit from learning about the interesting topic area. Less experienced readers additionally benefit from learning about your research, evaluation of economics issues, methodology or challenges overcome while researching, etc. Submission guidelines: Articles must be written in English Articles should be at least 1000 word and no more than 2500 words. Use a conversational but intelligent style - short introduction and conclusion, relatively short sentences, informal but intelligent tone (imagine you are speaking to a junio…
disambiguating description: Call for Submissions At INOMICS we aim to support economists, their studies, and their careers.
date posted: 2024-03-01T06:00:00Z
date modified: 2025-12-23T13:35:00Z
hiring organization: INOMICS
job location: Place
  address: PostalAddress
    address locality: Berlin
    address region: State of Berlin
    address country: DE
job location type: TELECOMMUTE
employment type: online
language: en
keywords: Call for Submissions
keywords: Economics Research
keywords: Research Summary
type: scholarship
disciplines: politics
disciplines: othereconomics
disciplines: labordemographiceconomics
disciplines: economicdevelopmentgrowth
disciplines: healtheducationwelfareeconomics
disciplines: economicsystems
disciplines: macroeconomicsmonetary
disciplines: laweconomics
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
disciplines: businesseconomics
disciplines: economicthoughtmethodology
disciplines: industrialorganization
disciplines: microeconomics
disciplines: internationaleconomics
disciplines: publiceconomicspolicy
disciplines: socialscience
disciplines: datascience
disciplines: urbanruraltransportationeconomics
disciplines: economichistory
disciplines: economics
disciplines: financialeconomics
disciplines: econometricsstatisticsquantitative
disciplines: finance
disciplines: statistics
discipline labels: Politics
discipline labels: Other Special Economics Topics (JEL Z)
discipline labels: Labor and Demographic Economics (JEL J)
discipline labels: Economic Development, Innovation and Growth (JEL O)
discipline labels: Health, Education, and Welfare (JEL I)
discipline labels: Economic Systems (JEL P)
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Law and Economics (JEL K)
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)
discipline labels: Economic Thought & Methodology (JEL B)
discipline labels: Industrial Organization (JEL L)
discipline labels: Microeconomics (JEL D)
discipline labels: International Economics (JEL F)
discipline labels: Public Economics & Economic Policy (JEL H)
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: Urban, Rural and Transportation Economics (JEL R)
discipline labels: Economic History (JEL N)
discipline labels: Economics
discipline labels: Financial Economics (JEL G)
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: Finance
discipline labels: Statistics

Alfred Marshall
type: Article
title: Alfred Marshall
description: Indeed, Alfred Marshall is considered one of the founding thinkers of neoclassical economics. He was a mathematician and philosopher who later became a microeconomist. His work formalized foundational economic concepts and theories such as supply and demand, price elasticity of demand, consumer and producer surplus, marginal utility, and production costs to produce some of the earliest cohesive economic models. He was even instrumental in making economics its own separate subject for the very first time at Cambridge, where he taught for much of his career. The entire field of economics was greatly influenced by both Marshall and several of his pupils, including famous economists Arthur Pigou and John Maynard Keynes. Alfred Marshall’s life Marshall was born in 1842 in London, England. He was at one time considering a career in the clergy, but abandoned the idea after he demonstrated significant talent for mathematics. Thereafter, Marshall attended St. John’s College in Cambridge, earning accolades in math (such as “Second Wrangler” in the Cambridge Mathematical Tripos) and securing his future as an academic. At first, Marshall wasn’t an economist – few in his time were! Rather, he studied subjects like math, physics, philosophy, and ethics, like many other thinkers of his time. It was allegedly Marshall’s love for ethics that led him to eventually study economic decision-making, as he saw economics as a means of improving the human condition for the common man. This was an ideal he shared with Adam Smith, another (earlier) important British thinker in economics. Thus, Marshall lent his considerable intellect to economic pursuits. In 1865, he was elected to a fellowship at St. John’s College at Cambridge. He married in 1877, left St. John’s, and taught at the University of Bristol and then at Oxford for a period afterward. In 1885, he became the Professor of Political Economy at the University of Cambridge, where he remained until his retirement in 1908. During this t…
disambiguating description: Alfred Marshall is a famous economist who made great contributions to the field when it was still relatively new towards the end of the 19th century. Yet, students often learn about important figures in economics only briefly and in passing, although the content taught in economics courses often comes from brilliant economists such as Marshall.
date posted: 2024-05-08T13:32:42Z
date modified: 2026-06-24T12:06:55Z
employment type: onsite
language: en
keywords: Economist Profiles
keywords: economic theory
keywords: neoclassical economics
keywords: classical economics
keywords: Sean McClung
keywords: Marginal Revolution
keywords: Alfred Marshall
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Recruiting Economists for Your Professional Training Courses
type: Article
title: Recruiting Economists for Your Professional Training Courses
description: Economics is a large field with many sub-disciplines, and it’s impossible to master the whole lot from just one Master’s degree or even a PhD. A single economist doesn’t have to master the entire field, but taking time to deepen important skills can be very helpful for an economist’s career. So, proactive economists will seek opportunities to further their skills beyond graduation, especially as they encounter situations in the workplace that demand more technical or subject-specific skills. Professional development courses or skills training are one great method for them to do so, and institutions can develop and advertise them with this in mind. Who, what, and where: the basics of skills trainings for economists Professional training courses for economists may be offered by universities or by other organizations, including private companies and even multinational organizations like the IMF. Usually for a modest tuition fee, applicants 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 training courses 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). Economists looking to develop their skills will often search the Internet to look at online courses offered by their alma mater, another school they know of, or a reputable international organization. Online course platforms like Coursera are also a common place to search, but economists will typically still want to know which university is actually behind the course. And of course, to develop or host such a course, one must have an appropriate expert to help develop and deliver the course. This is one …
disambiguating description: This article overviews different types of economics skills training courses and discusses how course organizers and recruiters can make sure their programs get seen and attract the right talent. If you’re looking to better serve the economics alumni from your degree programs, build a pipeline of potential PhD candidates, or just attract more attention to the professional training courses you offer, keep reading for more.
date posted: 2024-04-16T16:02:55Z
date modified: 2026-06-29T14:29:53Z
employment type: onsite
language: en
keywords: recruiting advice
keywords: professional training course
keywords: professional training
keywords: recruiting economists
keywords: inomics
keywords: professional skills training
type: advice
disciplines: economics
disciplines: socialscience
disciplines: datascience
disciplines: generaleconomics
disciplines: statistics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Data Science
discipline labels: General Economics (JEL A)
discipline labels: Statistics

Labor Market
type: CreativeWork
title: Labor Market
description: In the labor market, employees sell their labor (the service being sold) to employers for a wage (the price at which employers can purchase the service we call labor). Since labor is a very important factor of production, the labor market is classified as a factor market. As with the market for any normal good or service, demand for labor tends to increase as the wage (or, the price of labor) falls, while the supply of labor tends to increase as the wage rises and it becomes more attractive for people to work. This is the same general relationship that can be observed in most product markets. However, the market for labor has a few unique characteristics that other markets don’t have. For example, as wages increase beyond a certain hourly wage level, the labor supply will start to decrease. This happens because when wages become high enough, employees become satisfied with their total income and begin to want more leisure rather than more income. This causes them to substitute work time for leisure. Due to this desire for work-life balance, the labor supply curve is “backward-bending”, unlike most product or service markets. In other words, an increasingly high wage will eventually incentivize people to work less, since they can afford to take a large amount of time off and still enjoy a high income. Figure 1 shows a typical labor market with downward-sloping employer demand for labor D and upward-sloping employee supply of labor S. The market is in equilibrium at an hourly wage of w* for h* hours of labor per week. The supply of labor is backward-bending beyond a "high enough" wage level of w', where further increases in wages will only incentivize workers to take more time off. That is, if quantity demanded for labor in this market increased such that employers were willing to pay more than w' per hour (for example due to a surge in demand for a product that requires specialist skilled labor), employees in the market would not supply hours of labor beyond h' per w…
disambiguating description: Employment is a major topic within macroeconomics, so much that labor economics is a massive field of research on its own. The market for employment, while unique, can be thought of just like the market for a physical good or service. So, what is the labor market?
date posted: 2020-02-05T12:08:49Z
date modified: 2026-06-29T09:39:58Z
language: en
keywords: labor market
keywords: Labour Market
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Tom McKenzie
keywords: factor market
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: labordemographiceconomics
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Labor and Demographic Economics (JEL J)

Factor Markets
type: CreativeWork
title: Factor Markets
description: A producer is typically a seller in the market for a final good or service (supply SG in the graph below). Simultaneously, these producers are also buyers in the markets for the factors of production (demand DF below) that they use in their production processes. For example, a paper manufacturer is a seller in the market for paper while being a buyer in the market for wood pulp. Figure 1: Illustration of factor markets for a firm producing final good G Figure 1 depicts how markets are often interlinked with one another. For example, the market for cars depends on the markets for raw materials such as steel, rubber and glass. It also hinges on labor markets for people to design and assemble the cars. That’s because these factors are all inputs to production for car producers, who depend on the markets for steel, rubber, glass, laborers, etc. to help them build and sell cars. Therefore, what is happening in one market can have a “ripple effect” on surrounding markets. If the price of steel increases, car producers face higher costs to produce the same products. This will cause them either to reduce the supply of cars, or to increase their price. Similarly, if the price of fuel increases, demand for cars will fall due to cross elasticity of demand. This will result in declining demand for steel, rubber, and other inputs by car producers, as they produce fewer cars in response to the lowered demand for cars. When deciding how much of a production factor to employ, producers weigh its marginal cost (MC) against its marginal revenue product (MRP). MC is derived from prices in the factor market. MRP depends on the market for the final product. As long as the last unit of input adds more to revenue than it does to cost (MRP > MC), it still makes economic sense to use it. If there were perfect competition in all markets, then the effects of a supply or demand shock from one market onto another’s prices would be relatively easy to calculate. However, in reality, most markets …
disambiguating description: Factor markets (or resource markets) are markets that help connect buyers and sellers of the inputs used to produce goods and services. “Factors”, then, are inputs used in production, often natural resources or intermediary products that are needed to make more complex goods, like nails or computer chips.
date posted: 2020-01-21T08:48:16Z
date modified: 2026-06-29T09:00:15Z
language: en
keywords: Factor Markets
keywords: factors of production
keywords: inputs
keywords: Sean McClung
keywords: Economics Terms A-Z
keywords: Tom McKenzie
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: businesseconomics
disciplines: industrialorganization
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Industrial Organization (JEL L)

Austrian Economics: Historical Contributions and Modern Warnings
type: Article
title: Austrian Economics: Historical Contributions and Modern Warnings
description: Although these “schools” are separately defined, many modern economists probably consider themselves to fall into an ideological mix of several, and theories from a school can be useful even if an economist considers themselves a “member” of another. This article focuses on the latter of these schools of thought, which happens to be set apart from the others in a unique way. Austrian economics is considered “heterodox”, or not mainstream. The Austrian school of economics may not even be considered legitimate economics by some modern economists. This article provides a brief history of the school, its contributions to economic theory and the reasons it’s generally no longer considered orthodox. Finally, there is a gentle warning about how the label may be misused in modern discourse. Defining Austrian economics To an Austrian economist, economics is about individual people making choices based on their preferences – in other words, human behavior (or “praxeology”, as Austrian school thinkers like to reference). Austrian economists are often also concerned with the unintended consequences of these individual choices, which have lasting effects on economic activity. Due to this concept of unintended consequences, Austrian economists tend to purport the idea that economic institutions form in unintentional and inefficient ways, as the result of individual agents’ own decisions and actions. In this view, it’s no one person who designs the economic systems we put in place – rather, they result as a by-product of the self-interested actions that individuals take. Then, because these systems are not purposefully designed, and because it’s impossible to know the preferences and utilities of every individual, Austrian economists tend to believe that government activity is usually harmful. In this way, they agree with classical economists who believe that government intervention is neutral at best. However, Austrian school economists disagree with the classical economists on o…
disambiguating description: There are many schools of thought in economics. Each rallies around one or more different theories about how the world works, and builds models to support those theories and explain the economy. These schools include the (neo)classical, (neo)Keynesian, monetarist, and Chicago schools. Readers may have heard about the Austrian school of thought as well.
date posted: 2024-04-10T19:18:04Z
date modified: 2026-06-24T16:43:39Z
employment type: onsite
language: en
keywords: Austrian economics
keywords: Sean McClung
type: blog
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: economicthoughtmethodology
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)

Tips to Survive Your First Job
type: Article
title: Tips to Survive Your First Job
description: After high school, you got the economics degree. At great emotional and financial cost, you got it. Three years of diligent work, complete. Never to be repeated, either; your liver feels permanently weakened, you continually explain to people that your degree had nothing to do with the stock market, and you’ll never hear the word “incentive” quite the same way. You then finished the internship. Though it was lengthy, unpaid, and involved minimal compensation, it was likely worthwhile because everyone strongly encouraged you to do it, and you complied. It served one important purpose at least. Brought up-to-date, with the font size adjusted to 24, your CV finally ran to a full page of A4, now ready for new job opportunities. Emboldened, you began the job search. 14 months later, self-esteem long gone, your persistence paid off, the application process, the long-awaited interview, vindication. You remained calm under pressure, outperformed tough competitors through four rounds of interview questions, and impressed your hiring managers with your commitment to working weekends. Contract signed, you now sit at the computer, nervously, waiting for adulthood to begin in this first step into the working world. <11an>limit:3;categories:Postdoc;disciplines:Economics</11an> Now, don’t get fired! And the nerves are there for a reason. Work is no walk in the park. Indeed, resting on your laurels now would be unwise. The 9-to-5 can be a cruel master, ruling with an iron fist, and is particularly prone to nepotism and other office politics. To survive its tumult and built-in bias, one must be smart, savvy and alert - things they don't teach at college, yet things you’ll need asap. Complacency on any of these fronts and, well, expect disappointing results. But let’s remain positive! You can prepare. Follow these tips to reduce the risk of floundering and increase your chances of experiencing success. Together, they make up the INOMICS guide to surviving your first entry level job. …
disambiguating description: It’s your first day at work and you’re nervous, naturally. You decide to quickly remember the journey that brought you to the computer screen you are now looking at. Many INOMICS readers will relate to this journey.
date posted: 2020-06-09T12:35:24Z
date modified: 2026-05-18T14:11:32Z
employment type: onsite
language: en
keywords: economics
keywords: first job
keywords: tips
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
disciplines: businesseconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)
discipline labels: Business Economics (JEL M)

The economics of heavy metal music
type: Article
title: The economics of heavy metal music
description: Cultural goods Heavy metal is an example of a cultural good. Cultural goods, like books, art, and music, can be studied using the standard tools of economics, such as supply and demand. Yet, cultural goods have unique characteristics that require further examination. Cultural goods embody aspects of both experience goods and information goods. Assessing their quality without experiencing them is challenging, as their value lies in the information they contain rather than in tangible commodities that are more easily compared. As a consequence, heavy metal music relies on word-of-mouth advertising within underground social networks to build a following. Quality signals, like fans wearing band T-shirts and posting on social media platforms, contribute to the genre’s growth, even amidst fluctuations in commercial popularity. Cultural goods like heavy metal music also generate positive externalities, meaning they produce value beyond private consumption. Heavy metal music helps develop social cohesion among its dedicated fanbase, and it inspires future musicians. These types of positive externalities are a common feature of cultural goods; part of their value is in helping groups of like-minded people form communities. On the other hand, cultural goods can also produce negative externalities, as not everyone will appreciate the noise pollution of their neighbor blaring death metal around the clock. Superstar theory Another way to consider the distinct attributes of cultural goods is to apply Sherwin Rosen’s superstar theory. Rosen (1981) demonstrated why a small number of top performers appropriate the majority of the earnings in certain industries like music, art and professional sports. We can apply this theory to heavy metal by considering two American thrash metal bands that became popular in the 1980s: Anthrax and Metallica. Both bands have a similar style and sound, but Metallica has a slight edge over Anthrax in terms of catchy, memorable melodies. In other words,…
disambiguating description: Economics can be used to study almost anything, including popular music. For example, the late Alan Krueger analyzed the music industry, examining live concert revenue, copyright protection, and streaming services in the book Rockonomics. Similarly, economics can offer insights about heavy metal specifically, a type of rock music characterized by loud distorted guitars, intense rhythms, and powerful vocal styles.
date posted: 2024-03-22T14:17:01Z
date modified: 2026-06-24T18:14:38Z
employment type: onsite
language: en
keywords: Sahar Milani
keywords: heavy metal music
keywords: music
keywords: heavy metal
keywords: cultural goods
keywords: metal music
keywords: cultural good
keywords: music economics
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)