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number of items: 20
total items: 2599
item list element: Building Your Career in Economics: From Study Choices to the Economics Job Market
item list element: The Top Apps for Economists
item list element: Summer Schools and Courses – Top Searched Terms on Google
item list element: Cournot Competition
item list element: JEL Codes
item list element: COVID-19 and the Economists’ Redemption
item list element: Building a Teaching Career in Economics
item list element: The INOMICS Awards 2022
item list element: The Value of Nature’s Services to Modern Economies
item list element: Quantity Theory of Money
item list element: Velocity of Circulation
item list element: How to research and publish in economics education
item list element: Top YouTube Channels to Learn Econometrics and Economics
item list element: The Places to Be for Economics Pedagogy
item list element: Microeconomics
item list element: Macroeconomics
item list element: The INOMICS Questionnaire: Fratzscher vs Miguel
item list element: The Life of Rational Economic Man
item list element: 5 Industry Skills I Never Thought I Would Use in my PhD
item list element: Deflation
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Building Your Career in Economics: From Study Choices to the Economics Job Market
type: Article
title: Building Your Career in Economics: From Study Choices to the Economics Job Market
description: Economists work in a variety of industries including business, health, government, and education, and their role mostly involves research and providing reports and recommendations based on data collection, analysis, and interpretation. In the United States, local and federal government agencies are the largest employers of economics graduates. It is essential that students plan their education based on where they are interested in entering the workforce. Although it is possible to gain an entry-level position with a bachelor’s degree, a master’s degree or a PhD are typically required to work as an economist for the government or in academia. In the competitive economics jobs market, it is important for students of economics to consider their career choices early. 1. Choosing a Concentration When pursuing a degree in economics, students can choose various concentrations: business economics, corporate finance, quantitative economics and econometrics just to mention a few. Students who graduate with a concentration in finance can find employment at large banks and government organizations as a consulting, financial, credit, risk, or valuation analyst; or a databank administrator, trader and more. A concentration in business economics, on the other hand, offers versatility which translates to a wide range of employment opportunities such as entrepreneurship or marketing in any sector such as finance, manufacturing, services and government. Concentrations in quantitative economics and econometrics can lead to jobs that require expertise in economic modeling, forecasting and evaluation. Students who choose this major usually continue to graduate studies and find employment in academia or as data scientists, risk model analysts, market researchers, consultants or investment bankers. The ability for economists to analyze data using mathematical and statistical methods is in high demand and short supply, which puts economists with strong analytical and quantitative skills at…
disambiguating description: Chiara Yates, professor of economics at Southern New Hampshire University, offers advice to aspiring economists navigating their studies and the early stages of their career. The following article first appeared in the INOMICS Handbook 2022. Download the INOMICS Handbook
date posted: 2022-06-13T04:00:00Z
date modified: 2026-07-06T10:43:39Z
employment type: onsite
language: en
keywords: advice for economics students
keywords: Chiara Yates
keywords: economics career
keywords: economics career guide
type: advice
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Top Apps for Economists
type: Article
title: The Top Apps for Economists
description: World, Business, & Financial News Apps 1. The Economist App Store / Google Play This app from The Economist magazine focuses on news and analysis for economics topics from around the world. It offers a selection of free articles from The Economist, plus reports on current affairs, science, technology, and other news. You can save articles to read later and share articles over social media. If you’re a regular reader of The Economist, then this app is a must-have. 2. Yahoo Finance App Store / Google Play One of the most popular finance apps is Yahoo Finance, which you can use to track the stocks that you are interested in and get real-time information on the stock market. There is also a section for finance news which has all the headlines you need to read to stay updated about the current economy. The app is mostly aimed at investors, but with all this information it’s also helpful for economists (particularly those in the finance industry) who want to stay informed. 3. Castbox App Store / Google Play A great way to keep up with the latest news and discussions in economics is to listen to podcasts. Podcasts like Marketplace, Planet Money, or Bloomberg Taking Stock are great ways to learn about current events with an economics angle, and you can listen to them while you are exercising or pottering around the house. Castbox is a free and easy to use podcast app. 4. Bloomberg App Store / Google Play Another very popular finance app like Yahoo Finance is Bloomberg. This app has sections for business and finance news, market data, and portfolio tracking. The news section is also outstanding and offers analyses and opinion pieces as well. Economic Databases 5. FRED App Store / Google Play Another fantastic place to find economic data, the Federal Reserve Economic Database (FRED) app contains “nearly 810,000 economic data series from 108 regional, national, and international sources”. These data series include a myriad of economic indicators and variables, like interest ra…
disambiguating description: In spite of all its distracting qualities, your phone is one of the most useful tools you’ve got, whether you’re studying or working in the field. It’s simply a question of how you use it. With this in mind, we have compiled a list of apps that are helpful for economists to have. They can help you find data, stay up to date, and crunch numbers on the go. INOMICS takes part in the Apple affiliate program. This article contains affiliate links, which means we may earn money through any qualifying purchases made after you click through. However, this is not a sponsored post.
date posted: 2018-07-19T07:00:00Z
date modified: 2026-07-06T11:02:17Z
employment type: onsite
language: en
keywords: app
keywords: mobile apps
keywords: economics
keywords: Georgina Torbet
keywords: edutainment apps
keywords: investing apps
keywords: economy
type: teach
disciplines: economics
disciplines: socialscience
disciplines: business
disciplines: econometricsstatisticsquantitative
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Econometrics, Statistics and Quantitative Methods (JEL C)
discipline labels: General Economics (JEL A)

Summer Schools and Courses – Top Searched Terms on Google
type: Article
title: Summer Schools and Courses – Top Searched Terms on Google
description: The increase in interest is clearly seen around the internet. Google searches for the phrase "Summer School" follow a similar trend to that on INOMICS, with the number of searches in April-June around three times higher than the monthly average in the winter months. The growth trend is almost identical for the search phrase "Economics Summer School". Interestingly, according to Google the countries in which this latter search term is most entered are Italy, India, the UK, the USA and Germany. The visitor stats on the INOMICS website are similar, although Turkey, Belgium, France, Russia, China and the Netherlands also represent important traffic sources for Summer School seekers. In order to reach the maximum possible candidates for your Summer School, we recommend the following top tips when uploading your course to INOMICS: Use a Concise Title – Use "Summer School" plus the main focus of your program for the title. If possible a key subject area can help attract interest, for example "Summer School on Health Economics". Add a logo – This highlights the announcement on INOMICS, and increases the likelihood of prominence on Google results. It also helps to hold the attention of page visitors. Get the timing right – As described above, March, April and May are the most popular times to look and apply for Summer Schools on INOMICS. Announcements should go online from late February, and ideally be placed six to eight weeks before the deadline (the maximum allowed on INOMICS is twelve). If your Announcement is online for two months or more, you may also consider booking a repost shortly before the deadline. Include application details – Add clear instructions how applicants can apply, as well as a concise program description. Presenting your program and the application process as well organized and straightforward can give your Summer School the edge over others. Include keywords – Using relevant popular search terms in the main body of your INOMICS announcement has a do…
disambiguating description: How to Optimize Your Summer School Promotion on INOMICS With the festive period over, now is the season to find Summer Schools on INOMICS. Each year we see a marked increase between January and May in the number of visitors navigating on the INOMICS site to the "Summer Schools" sub-category.
date posted: 2013-02-05T13:52:43Z
date modified: 2026-07-06T11:03:38Z
language: en
keywords: summer schools
keywords: google
keywords: seo
type: advice
disciplines: chemistry
disciplines: education
disciplines: law
disciplines: socialscience
disciplines: business
disciplines: dentistry
disciplines: mathematics
disciplines: physiotherapy
disciplines: nursing
disciplines: biomedicine
disciplines: veterinarymedicine
disciplines: astronomy
disciplines: humanmedicine
disciplines: marketing
disciplines: economics
disciplines: digitization
disciplines: psychology
disciplines: dieteticsnutrition
disciplines: management
disciplines: publichealth
disciplines: physics
disciplines: earthscience
disciplines: pharmacy
disciplines: generaleconomics
discipline labels: Chemistry
discipline labels: Education
discipline labels: Law
discipline labels: Economics and Social Sciences
discipline labels: Business
discipline labels: Dentistry
discipline labels: Mathematics
discipline labels: Physiotherapy
discipline labels: Nursing
discipline labels: Biomedicine
discipline labels: Veterinary Medicine
discipline labels: Astronomy
discipline labels: Human Medicine
discipline labels: Marketing
discipline labels: Economics
discipline labels: Digitization
discipline labels: Psychology
discipline labels: Dietetics / Nutrition
discipline labels: Management
discipline labels: Public Health
discipline labels: Physics
discipline labels: Earth Science
discipline labels: Pharmacy
discipline labels: General Economics (JEL A)

Cournot Competition
type: CreativeWork
title: Cournot Competition
description: The French polymath Antoine Augustin Cournot (1801–1877), after whom this economic model is named, illustrated this market situation using the example of two firms exploiting mineral water springs, each able to produce unlimited quantities at zero cost. According to the law of demand, there is an inverse relationship, or negative correlation, between quantity and price. That is, higher levels of production result in relatively lower prices, and vice versa. To maximize profits, each firm has to consider this trade-off between quantity and price, taking the expected market supply by its competitors into consideration. This constitutes a game strategic situation (see also game theory). In the Cournot-Nash equilibrium, each firm chooses the quantity that presents the ‘best response’ to the competitor's production quantity. Below we derive the Cournot equilibrium quantities and calculate the market price. We will see that Cournot competition leads to a more efficient market outcome than if there was only one firm in the market (monopoly). But, there is still an efficiency loss compared to the equilibrium under perfect competition. Model Assumptions Let's have a quick look at the main assumptions of the Cournot model: There is a fixed number of firms in the market and firms have market power. This means that each firm's production decision affects the market price. All firms produce a homogenous good. In other words, there is no product differentiation. This means that the goods produced by any firm are completely identical in the eyes of the consumers (they are perfect substitutes). Firms compete in terms of the quantities that they produce. That is, they compete for market share. This is the key difference to Bertrand competition, in which firms compete in prices. Each firm acts strategically on the assumption that its competitor(s) will choose the equilibrium quantity, and decides its own production quantity so as to maximize its profit. The production decisions by all…
disambiguating description: Cournot competition describes an oligopoly market model in which two or more firms produce the same good and compete for market share. The competing firms decide simultaneously and independently of each other on the amount of output they will produce. The total quantity supplied by all firms then determines the market price. This is distinct from Bertrand competition, where firms compete in prices, or Stackelberg competition, where firms sequentially choose their production quantities.
date posted: 2022-05-31T10:43:40Z
date modified: 2026-06-25T11:30:45Z
employment type: onsite
language: en
keywords: Cournot competition
keywords: Simone Schotte
keywords: market equilibrium
keywords: competition
keywords: oligopoly
type: terms
disciplines: microeconomics
disciplines: economics
disciplines: socialscience
disciplines: businesseconomics
disciplines: industrialorganization
discipline labels: Microeconomics (JEL D)
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Business Economics (JEL M)
discipline labels: Industrial Organization (JEL L)

JEL Codes
type: CreativeWork
title: JEL Codes
description: JEL Codes have become the standard way to classify economics content. They can be used with papers, articles, dissertations, and even book reviews - essentially anything related to economics can be assigned a JEL Code. Although seldom taught by economics courses, the Codes are widely used by professional economists and are easy to understand. If you are a student of economics and you plan to read journals, conduct research, or study for a PhD, it pays to become familiar with the JEL classification system. There are twenty different JEL Codes. Each one contains many “sub-codes” as you drill down towards more and more specific topics. For example, JEL Code F is “International Economics”. One of the “sub-codes” under it is F6, “Economic Impacts of Globalization”. Going even further, we finally arrive at F680, which discusses the creation of policies that have been made to deal with the impacts of globalization. Top-level JEL Code Descriptions: A: General Economics and Teaching: covers general studies of economics, its relations to other disciplines, and the teaching of economics. B: History of Economic Thought, Methodology, and Heterodox Approaches: studies about schools of economic thought and methodologies used, including newer ones being developed. C: Mathematical and Quantitative Methods: includes studies about mathematical, econometric, and other quantitative methods, but not studies that merely use well-established quantitative methods. D: Microeconomics: contains many subcategories that include household behavior and family economics, market structure and pricing, general equilibrium and disequilibrium, welfare economics, select decision-making and behavioral economics topics, and more. E: Macroeconomics and Monetary Economics: studies about the performance of an economy, including output, prices, interest rates, employment, and the factors that determine them. Also includes studies on central banking and monetary policy. F: International Economics: includes tra…
disambiguating description: JEL Codes are an economics classification system. They were developed by the Journal of Economic Literature to help economists identify what specific topic(s) a paper discusses. As such, the Codes can help people quickly search through economics content to find relevant information. They can also help people make sense of what topic a new paper is really focusing on, if the title is unclear.
date posted: 1970-01-01T22:59:59Z
date modified: 2023-09-27T20:37:00Z
employment type: onsite
language: en
keywords: economics classification
keywords: Journal of Economic Literature
keywords: JEL Codes
keywords: Sean McClung
type: terms
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)

COVID-19 and the Economists’ Redemption
type: Article
title: COVID-19 and the Economists’ Redemption
description: In summary, your majesty, the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole. Throughout the subsequent decade, economists sought to repair the reputational damage to their profession. These experts in self-interest had recognized a need to restore public confidence in their work. Economists took it upon themselves to engage in public debate and entire economics curricula were redesigned. Many set out to broaden their horizons through interdisciplinary work with other scientists, something that had hitherto been less common in economics than other social sciences (see figure 1). However, despite these endeavors, general attitudes toward economists were little changed. In the United Kingdom, a majority of voters chose to leave the European Union, disregarding the broad consensus among economists that it was going to do them material harm. According to a YouGov poll taken in 2017, economists were among the least trusted of a selection of “experts”, with only politicians faring worse (see figure 2). In fact, a shortage of trust in economists is nothing particularly new. As far back as 1925, Frank Fetter wrote in the American Economic Review about the relationship between economists and the public, stating, Academic economists incur popular distrust because they are supposed to echo and reflect the opinions of the business world, while business distrusts them as dangerous radicals because they refuse to worship at the altar of Mammon. As with their lack of foresight prior to the financial crisis of 2008/09, few, if any, economists saw the coming of COVID-19. The economic impact of the pandemic is huge. Yet since its primary cause is biological, there has been less finger-pointing at economists this time round. On the contrary, the wide-rang…
disambiguating description: The following article first appeared in the INOMICS Handbook 2021. Download the INOMICS Handbook On a visit to the London School of Economics in November 2008, the Queen asked her hosts why no one had seen the financial crisis coming. It took the professors nine months to come up with an excuse, put forth in a letter in July 2009:
date posted: 2022-05-16T15:37:46Z
date modified: 2026-07-03T11:56:59Z
employment type: onsite
language: en
keywords: Covid-19
keywords: Tom McKenzie
keywords: economists
type: blog
disciplines: politics
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Politics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

Building a Teaching Career in Economics
type: Article
title: Building a Teaching Career in Economics
description: A growing number of universities offer different career pathways into teaching roles, making it possible to pursue a career in academia tailored towards your specialism. This might be a traditional teaching and research role or a teaching and scholarship-focused role. For a research and teaching role, universities will often place a great weight on your published and ongoing research, your potential for producing world-leading research, and how well your research fits into the overall balance of the department. Institutions will also look at your statement of teaching philosophy. Though, in some institutions, research potential may be given more weight in decision making. However, for teaching-focused positions the balance of the role will be skewed towards teaching. So, institutions will be looking for evidence of your teaching philosophy and engagement in thinking about pedagogy, alongside your research. Some institutions will expect academics working in teaching and scholarship-related roles to continue with discipline-focused research, whereas others will place more emphasis on scholarship of teaching and learning, such as through evaluation and development of pedagogies. It is likely that a teaching-focused career will require you to engage with a higher teaching load than a traditional research and teaching role. In some institutions, teaching-focused academics may teach twice as many hours as “research and teaching” academics. Any application will need to be tailored to the role and institution to which you are applying. Be passionate about teaching and pedagogy! If you intend to start a teaching career in economics, it is important to have a passion for teaching and the ability to motivate and inspire students. Teaching with passion means bringing knowledge into the classroom with enthusiasm, creating interaction with students, and sharing your own interests and research, where relevant, for discussion. If you are passionate about education, a teaching caree…
disambiguating description: This article was produced in cooperation with the Economics Network, the largest and longest-established academic organisation devoted to improving the teaching and learning of economics in higher education. Learn more about the Economics Network here. When you enter the job market for teaching economics, the institutions that you are applying for may well have different characteristics. Therefore, you may need to tailor your application to the type of institution and the role specifications in the job advert.
date posted: 2022-05-16T09:43:03Z
date modified: 2022-08-09T14:15:24Z
employment type: onsite
language: en
keywords: teaching economics
keywords: economics education
keywords: teaching careers
keywords: Economics Network
keywords: Lory Barile
type: teach
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The INOMICS Awards 2022
type: Article
title: The INOMICS Awards 2022
description: Based on aggregating the total interest in offers publicized on INOMICS during the previous year (see methodology) winners were chosen across 7 different categories. In each category, we identify the Top 3 institutions as well as those in the Top 20, listed in no particular order. The awards (past awards) hope to acknowledge the universities, research centers, economics schools, banks, think tanks, and government and private institutions which listed their career and study opportunities on INOMICS in 2021, and were the most popular among our users. The full list of award winners can be found in the INOMICS Handbook 2022, alongside expert career advice from economics professors and a fascinating interview with economic historian Adam Tooze, who offers his wisdom on the economics landscape. Download the INOMICS Handbook for free. Top 3 Employers University of Copenhagen (Denmark) University of Cape Town (South Africa) Queen Mary University of London (United Kingdom) Top 3 Training Course Organizer Vrije Universiteit Amsterdam (The Netherlands) University of St.Gallen (Switzerland) Barcelona School of Economics (Spain) Top 3 Places to Do a Master's University of Luxembourg (Luxembourg) CERGE-EI (Czechia) University of Alicante (Spain) Top 3 Places to Do a PhD Graduate School of Economic & Social Sciences (GESS), University of Mannheim (Germany) University of Surrey (United Kingdom) University of Konstanz (Germany) Top 3 Conference Organizers Review of Socio-Economic Perspectives (RSEP) Ruhr Graduate School in Economics (RGS Econ) (Germany) Masters International Research and Development Center Top 3 Summer School Organizers University of Oxford (United Kingdom) Paris School of Economics (France) The University of Surrey (United Kingdom) Top 3 Scholarship Providers CEMFI (Spain) The Institute for Employment Research (IAB) (Germany) UniCredit Foundation See all winners in Handbook
disambiguating description: Now in their sixth year, the INOMICS Awards remain unique in their celebration of institutions committed to the career development of economists worldwide.
date posted: 2022-05-16T09:47:03Z
date modified: 2026-07-03T11:58:32Z
employment type: onsite
language: en
keywords: INOMICS Handbook
keywords: Awards
keywords: Ranking
type: blog
disciplines: economics
disciplines: socialscience
disciplines: generaleconomics
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: General Economics (JEL A)

The Value of Nature’s Services to Modern Economies
type: Article
title: The Value of Nature’s Services to Modern Economies
description: These factors of production from nature hold the core of all economies’ potential output, which therefore makes our economy dependent on the life-support systems of our planet. Even businesses seemingly removed from raw materials - like software-as-a-service companies - depend on power generated from natural sources. Yet, over the past few decades, economic theory has managed to fabricate the illusion that somehow we can get by without natural resources, or that they are insignificant to our modern world. We know that resources are finite, but apparently as a species we lack the feeling of urgency to realize their significance for the maintenance of our world and for the future generations that will follow us. National governments continue to focus on growing their economies, paying little heed to the consequences they may have on nature. The services provided to us by nature take four main forms, as first identified by the UN Millennium Ecosystem Assessment’s 2003 “Ecosystems and Human Well-being: A Framework for Assessment” report. They are called provisioning services, regulating services, cultural services, and support services. The value estimates for ecosystem services in the rest of this article are typically estimated by: the market value method, avoided damage cost method, replacement cost method, opportunity cost method, or by hedonic property models. These are some of the most prominent ecosystem valuation methods, but there are others as well. Provisioning Services Provisioning services are the ecosystem services provided to humans as products obtained directly from nature, such as: Food from plant, animal and microbe sources. Fuel, wood, and other sources of energy. Fiber, cotton, wool, hemp and silk. Genetic resources such as the genetic information used for biotechnology and animal and plant breeding. Ornamental resources such as shells, animal skins and flowers. Biochemicals, natural medicines and food additives. Fresh water from sources such as rive…
disambiguating description: For as long as we can remember, Mother Nature has been serving mankind as our major root source of livelihood. From the land that provides the nutrients for our crops, to the stone for our roads and buildings, to the oil for transport in our globalized world, we rely on these natural resources to maintain our modern way of life.
date posted: 2022-03-31T10:01:39Z
date modified: 2026-07-03T11:59:28Z
employment type: onsite
language: en
keywords: Sara Taha
keywords: natural resources
keywords: nature
keywords: natural services
keywords: environmental economics
type: blog
disciplines: economics
disciplines: socialscience
disciplines: agriculturalenvironmentaleconomics
disciplines: generaleconomics
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Economics and Social Sciences
discipline labels: Agricultural and Environmental Economics (JEL Q)
discipline labels: General Economics (JEL A)
discipline labels: Economic Thought & Methodology (JEL B)

Quantity Theory of Money
type: CreativeWork
title: Quantity Theory of Money
description: This theory was originally formulated by the Polish mathematician Nicolaus Copernicus in 1517, but the version most commonly known today was developed by the American economist Irving Fisher in 1911. It gained popularity in 1963 with the publication of Milton Friedman's and Anna Schwartz's influential book A Monetary History of the United States. Since then, it has become a cornerstone of the monetarist school of economics, which sees excessive expansions in the supply of money as the primary driver of rising prices and hence inflation. Fisher’s Equation of Exchange Fisher's Equation of Exchange is an identity that always holds true by definition. It essentially states that the quantity of money spent in an economy needs to equal the quantity of money used. This is expressed as: \begin{equation*} MV_T \equiv P_TT \end{equation*} where M = Quantity of money VT = Money velocity of all transactions (money turnover) PT = Price level of all transactions T = Total transactions in the economy. According to the QTM, in any given time period, total money expenditure is equal to the total value of goods traded in the economy. The volume of transactions T depends on the supply of goods and services to be exchanged. The greater the supply of goods in an economy, the larger the number of transactions and trade, and vice versa. An alternative formulation makes this relationship more explicit by introducing real output or gross domestic product (GDP) to the equation. This particular formulation of QTM is quite common and regularly taught to students of economics, so you may recognize it: \begin{equation*} MV \equiv PY \end{equation*} where M = Quantity of money V = Income velocity of money P = Price index (not price level) Y = Real output (GDP). In this equation, as with the price of a commodity, the value of money is determined by supply and demand factors. Under the assumption of full employment and full use of all resources, Y cannot be increased and is therefore assumed consta…
disambiguating description: According to the quantity theory of money (often abbreviated QTM), the general price level of goods and services is proportional to the quantity of money in an economy.
date posted: 2022-05-13T12:56:05Z
date modified: 2023-10-02T16:52:30Z
employment type: onsite
language: en
keywords: Quantity Theory of Money
keywords: Simone Schotte
type: terms
disciplines: economics
disciplines: macroeconomicsmonetary
disciplines: socialscience
disciplines: economicthoughtmethodology
discipline labels: Economics
discipline labels: Macroeconomics and Monetary Economics (JEL E)
discipline labels: Economics and Social Sciences
discipline labels: Economic Thought & Methodology (JEL B)

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

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

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

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

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

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

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

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

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

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