10 Most Affordable Countries in Europe to Do Your Economics PhD
Fortunately, the UK and the US aren't the only two places in the world with colleges and universities great for studying economics. Particularly in many European countries, higher education hasn't yet been turned into a corporate business to the same extent, meaning not only can you find cheap PhD programs - some are completely free. But paying less (or even nothing) doesn't translate into a lesser experience. On the contrary, many of the countries on this list can make legitimate claims to housing some of the most prestigious higher learning institutions in the world. Studying abroad has other advantages during your years to complete the program, too. These include learning a new language, getting to know a new culture, meeting people you wouldn't normally, and more generally forcing yourself out of your comfort zone. These things can be somewhat scary, but are often incredibly rewarding. So without trying to convince you any further to move to another country, read on for our list of the top ten places to look for an affordable PhD in Europe (in no particular order). If you plan to start your PhD application soon, download our free guide "How to successfully apply to a PhD in Economics". 1. Germany Germany's positive academic reputation is known worldwide, and the country has a rich, impressive higher education system. Most universities in Germany have very low or no tuition fees, and there are large numbers of government grants available for PhD students, such as those provided by the DAAD or the Excellence Initiative. Living costs vary between areas, but rent control means that housing is relatively affordable in many parts of Germany, although costs have been increasing in recent years. There are often plenty of courses available in various fields in English; aside from that, learning German, while a tough language, can be an extremely rewarding experience. This author can testify. <11an>limit:3;categories:PhD Programs;countries:Germany;disciplines:Economics</11an> Browse PhD programs in Germany 2. Denmark The cost of tuition fees for PhD students in Denmark is also low: usually around DKK 3,600 (US$500) per year, making it an extremely affordable option for studying. The quality of life is very high there, with a beautiful countryside and a strong culture of environmental awareness. Rent and food can be expensive in large cities like Copenhagen, which must be taken into consideration. However, if you enjoy Denmark and want to stay longer, fear not – jobs pay equivalently well there. Browse PhD programs in Denmark 3. France France is known for its world-leading technical colleges like l’Ecole Polytechnique, where tuition fees are typically very low for PhD students at just €400 (US$440) per year. Paris can be an eye-wateringly expensive city to live in, but other cities like Lyon or Toulouse are more affordable and also have exceptionally good universities. It may be a little harder to find courses in English at French universities, but they definitely exist, even for economics. Browse PhD programs in France 4. Finland If you can handle the cold, you might consider studying in Helsinki, Finland, which has two world-leading universities. It is far more affordable to live there than in other Scandinavian capital cities, so if you want a taste of Scandinavian life without the hefty price tag then this might be for you. Generally, Finnish universities offer a lot of courses in English. Helpfully, this means that you won't have to learn the local language, which is renowned for being extremely difficult. Even so, it might be worth giving it a try! Browse PhD programs in Finland 5. Sweden Free tuition for all doctoral students – welcome to Sweden. There are also scholarships available from the Swedish government to cover living expenses of PhD students who come from other countries to study in Sweden. With a high quality of life and well-regarded universities for economics, Sweden is both highly affordable and highly attractive for studying. But bear in mind that the cost of living, especially in cities, can be high. Browse PhD programs in Sweden 6. Belgium Brussels is a bustling and highly cosmopolitan city best known as a center of political activity, but it also has a number of reputable educational institutions. PhD students in economics, politics or international relations in particular will find this a highly stimulating environment. The cost of living in Belgium is generally lower than other European countries and tuition fees are in the mid-range. Browse PhD programs in Belgium 7. Hungary Affordable in terms of both tuition fees and living costs, Hungary is a rising power in the European academic world. Academic scholarships for international students are common, making it a popular choice with students from around the world. The city of Budapest is known for being one of the most interesting and culturally intriguing cities in Europe, and it has universities like the Corvinus University of Budapest which offers programs in English. Bear in mind that Hungarian is a notoriously difficult language to learn, and the political situation in the country has become less and less inviting over recent years, something important to consider when moving abroad. Browse PhD programs in Hungary 8. Italy Who could resist the chance to spend a few years in Italy, eating what surely everyone agrees is the best cuisine in the world? (According to the Italians, at least). As well as delicious food and a relaxed, casual way of life, Italy offers good technical universities as well as institutions which specialize in economics, the arts, history, and architecture. Accommodation costs vary considerably even within a city, meaning that there are usually options available for students on a budget. Tuition fees are low and it's increasingly common to find international students at Italian universities. Browse PhD programs in Italy 9. Norway Another Scandinavian country which offers very low tuition fees is Norway. Tuition is generally free for all students, including international students, at all educational levels. Students only have to pay a small administrative fee of $50-$100 per semester, and the universities are of high quality. However, the costs of living in Norway can be very high, with the cost of basic staples among the most expensive in Europe. On the plus side, Norwegian is arguably one of the easiest languages for English speakers to learn once you've got past the difficult pronunciation. Unfortunately, Norwegians often speak such good English, you may never have a chance to practice. Browse PhD programs in Norway 10. Spain A beautiful country with famous architecture and sunny weather, Spain is another option for an affordable PhD program. It is also especially notable for being more accessible to the many native Spanish speakers in the world than many of the other countries on this list. The cost of living is lower than countries such as Norway or Sweden, although Spanish universities will often charge a modest tuition fee. This fee is higher for international students than for EU residents (somewhere in the range of €2,000 to €4,000, depending on the program). But, this is still very affordable compared to similar options in the US or UK. Browse PhD programs in Spain Until early 2022, Ukraine was on this list. However, due to the tragic invasion that began in late February 2022, students are unable to study safely there for now. We stand in solidarity with Ukraine and all of the people affected by needless violence; you can find ways to assist with humanitarian efforts by reading our Solidarity with Ukraine post.
Are you interested in doing a PhD in economics but worried about the cost? It's a real concern for many, and can dramatically affect your decision-making process. If you live in the United Kingdom, you could end up with around fifty thousand pounds worth of debt at the end of your three years. In the United States, you could have even more. The stress of having this weigh over you - not only while you're studying, but also afterwards while you search for a job and during your first years in employment, can be massive.
Countries with the Highest Salaries for Economists
Economists are – unsurprisingly – methodical about their careers, it’s in their nature. With every choice, and at every stage, the costs and benefits of decisions are meticulously weighed, the potential utility assessed. Here at INOMICS we know this better than most, helping, as we do, economists of all stripes through the process. We know which questions they seek to answer before choosing one career path over another. And always close to the top of the list – which, true to stereotype, is a lengthy one – is where in the world do economists earn the most? With salary data from respondents based in 128 countries, INOMICS’ recently released Salary Report answers this query, along with many others pertaining to economists’ salaries within and across regions. Among its most shocking findings, the report exposes the regional inequality in salaries. While the hierarchy itself may not be entirely surprising, the gulf between regions is so stark, and the disparities so great, it’s simply not possible to talk of a single global job market for economists – the geographical divergences in wages are too substantial. As the graph shows, North America is far and away the most lucrative job market for economists, the average annual salary standing at an eye-watering $112,164. Economists based in North America earn, on average, almost twice as much as their colleagues in the next most lucrative markets in Western Europe & Scandinavia and East Asia & Australasia, where average salaries stand at 61,108 and 60,787 respectively, and nearly five-times those in Africa and South Asia. This superiority of wages exists across all sectors, and although the cost of living is often more expensive, in terms of pure dollars and cents, the region is unrivalled. Truly, if the size of your pay packet is your greatest concern, it’s the only place to work. Delving a little deeper into the region’s data, further details also become clear: US wages are dragging up the region’s average. Wages in the US vastly outstrip those in Canada, which are themselves among the highest in the world, a difference that is most pronounced in industry and the public sector, where those occupying senior management positions earn an enormous $190,000 on average, exactly double that of their Canadian colleagues. That the highest wages in North America are found outside academia is not unusual, INOMICS data from other regions – most notably Western Europe and Scandinavia – shows a similar distribution. The regional inequality these data expose have long existed, as previous Salary Reports can attest. And they seem unlikely to shift. Indeed, this year’s Report reveals the stark difference in how the coronavirus pandemic has been experienced across the world, entrenching and exacerbating these divisions. Both our data, and the personal testimonies the Report also includes, show the extent to which economists working in the Global South have suffered far higher levels of job loss, greater reductions in working hours and salary, and have had more promotions postponed. Future insights will investigate in more detail the data surrounding these disturbing developments. To view our methodology and how we calculated the figures used in this article, please see the full INOMICS Salary Report 2020/21.
The following article is an analysis of data taken from the INOMICS Salary Report 2020/21 - which is available to download in full here. Specifically, this article looks at the average salaries of economists around the world working in academia, the public sector and the private sector. It is the first instalment in a series of insights handling the Report’s findings.
Macroeconomics and Monetary Economics (JEL E)
5 Tools to Help Lecturers, Professors & Teachers with Classroom Organisation
To preserve the precious time that is left, the pressure to find additional efficiency in other areas, especially class planning, is essential – and for that purpose INOMICS is on hand. There are now a whole host of online tools that can assist class management, and which make the organisation of classes easier, allow students to access materials electronically, and, by saving time, permit lecturers and professors to do things other than preparing quarterly reports. The following are a few of the best. Moodle Moodle is a learning management system for both students and teachers, focussing, in particular, on the needs of higher education institutions. It can be used to host information about classes, such as calendars and assignment due dates, and also to distribute information about individual lectures, such as handouts or additional notes. If you are running several classes with a large number of students, Moodle is designed to scale up, so it can handle many different sections and hundreds or thousands of individual users. All content is accessible through the website, so it can be accessed from anywhere, making it ideal for distance learning – a quality essential in the current moment. One issue to be aware of is that setting Moodle up requires some technical expertise, and access to a web server. For this reason, it is advisable for lecturers to ask for support from their IT department if they want to install the software. However, once the software is installed, it is easy to use, and can be fully customised to meet your individual needs. It is also free and open source. Blackboard Blackboard, another learning management system, is an alternative to Moodle. It has similar functions and features, but focuses more on e-learning and on adding online elements such as videos and interactive quizzes to course teaching. Blackboard is more limited than Moodle, as Moodle is open-source and therefore has more flexibility and options. However, many institutions still use Blackboard and have it installed and ready for teachers to use. The best way to decide whether you should use Blackboard or Moodle is to find out what others in your institution are using and to use that. The more institutional support and advice from colleagues that is available, the easier it will be for you to use the software. ReMarkable For professors who teach large numbers of classes, ReMarkable is a tool for the organisation and grading of class assignments. If your students are able to and agree to use the app too, they can submit their assignments, and then you can grade them and return them, all electronically. Students can also use the app to collaborate on assignments and check each other's work, so it's ideal if you are setting group work projects. You can also keep track of all the grades you have given out, so that you can see the marks of each student or class. Edmodo Edmodo is a social networking site for students and teachers that can be described as “Facebook for the classroom”. It allows teachers to set up invitation-only groups, which students can join to participate in discussions and to share information. Like Facebook, users can share text or links on each other's walls and hold discussions in the comments. Teachers can also share files or assignments through the website, issue updates (for example if a class is cancelled due to illness or weather conditions), carry out surveys, and share the class syllabus on a calendar. The website is free to use for both students and teachers, and there are also apps available for using the site on your mobile phone or tablet. Giving your students another excuse to check their phones during class may give you pause. Socrative If you're interested in teaching whole classes online, or if you want a way to get instant feedback from your students, then Socrative may be useful to you. It is a tool which allows teachers to set real-time questions for their students to answer, and then aggregates and visualises the results. So you can get quick feedback, perform a quiz, or poll the opinions of your students. This allows teachers to see the level of knowledge and understanding of the whole class, and tailor their teaching accordingly. It also keeps students feeling involved and interested, as they take an interactive part in the class. It is available as an app or browser-based, so it can be used as long as your students have access to a computer of some form.
Lecturers, professors, and teachers spend ever-increasing amounts of time dealing with bureaucracy, box ticking and completing performance reviews, and ever-dwindling time doing the things they joined the profession to do: namely teaching and researching. While this should, and hopefully will, be addressed, for now, at least, it’s the way things are.
For those planning a PhD in economics, check out our Sample Motivation Letter for some specific guidance as to how to get yourself prepared. For others applying for a research role, teaching role, or for a fellowship – stick around. The following are a collection of sample cover letter templates that you can use as a basis for your own. Yep, we got you covered! Sample cover letter for a research position I am writing to apply for the postdoctoral position in marine biology in the Department of Life Sciences. Having recently completed my PhD in biology, I am excited for the opportunity to join the world-renowned research team at the University of Leipzig. My primary research interests are migration behaviors in marine creatures, and in my current research I use methods including statistical modeling and field observations. My aim is for my research to form a bridge between modeling and field work approaches. I am therefore particularly attracted to the University of Leipzig as a department which values research using a wide range of methodologies, and which offers the chance for collaboration with colleagues in other life sciences fields. Working in research in both Germany and abroad has given me a network of potential collaborators and experience in international projects. I have found bringing together researchers from different fields to be particularly beneficial, and my interdisciplinary background has provided me with effective communication skills across a diverse range of groups. I am keen to continue collaborating with researchers from other disciplines in order to better understand complex issues. Furthermore, I have experience with the supervision of Bachelor's students, and with teaching undergraduate courses such as An Introduction to Oceanography, for which I received excellent feedback. I find the nurturing of students in order to realize their best potential to be a greatly rewarding aspect of teaching work and I am thus interested in taking on teaching work as well as research. I have three publications pending from my doctoral project, covering a broad range of scholarly interests. These papers are currently in the submission process for high-ranked peer-reviewed journals. I wish to acquire third-party funding to support my research in the future, and to that end I am preparing applications for the Deutsche Forschungsgemeinschaft (German Research Foundation) fellowship and the Sir Henry Wellcome Postdoctoral Fellowship. As a member of the committees which applied for extensions of funding from the German research foundation for both my graduate school and my university institution, I have experience with large-scale funding applications, both of which were successful in securing further funding. I am enthusiastic about the possibility of working at the University of Leipzig. I thank you for your consideration and look forward to hearing from you. Sample cover letter for a teaching position I am applying for the role of lecturer in psychology at the University of Hamburg. I completed a PhD on the topic of how stressful life events affect decision making at University College London. Since then I have been working in a postdoctoral role in the neurology department at the Charité Hospital Berlin. The primary topics I teach are neuropsychology, rehabilitation after brain injury, and the social impact of stress, and I have additional teaching experience in the field of neuroscience. My teaching philosophy is to promote independent thought and critical reasoning skills in my students by encouraging them to discuss and debate. For example, in my Neural Decision Making course, each student is required to learn a topic and present it briefly to the other students once per lesson. This not only challenges the presenting student to convey the material accurately and concisely, but also aids the understanding of the other students in the class. Similarly, three times per semester I organize debate classes in which the class is split into groups which must defend a contested position in the field. Encouraging students to consider perspectives which are contentious and with which they may not agree challenges them to think beyond their current knowledge and to explore alternative perspectives. This teaching style has been successful in engaging students and holding their interest. I am happy to have received strong positive feedback from students on my teaching, and one of my classes was selected by the student newspaper as a top ten course at my previous university. I also have experience co-supervising students in Bachelor's and Master’s psychology programs, from which I gained skills in project management and supporting students academically. My current research is on the relationship between priming and decision making, examining the degree to which value assessments are influenced by non-verbal primes. I have five publications on this topic, each published in high-impact journals. I am keen to continue this research at the University of Hamburg, given its expertise in decision making and its strong neuroscience community. I enjoy supporting students from diverse backgrounds and those who have followed non-traditional career paths. I believe that the strength of a discipline comes from hearing a wide range of viewpoints. I am excited to pass the experience I have received on to other students who are supporting themselves through work while studying, who may have family commitments, or come from a non-traditional academic background. The possibility of teaching Bachelor's and graduate students and continuing my research at the University of Hamburg is something I am enthusiastic about. Thank you for your consideration and I look forward to hearing from you. Sample cover letter for a fellowship In response to your advertised opportunity for a fellowship in experimental psychology from the Alexander von Humboldt Foundation, I am writing to you to express my interest in this fellowship. My PhD research included paradigms from experimental psychology alongside innovative interview techniques for assessing personality disorder traits. I believe combining knowledge from disparate disciplines can be uniquely effective in building new models for understanding complex phenomena such as mental disorders. I am therefore particularly attracted to the Alexander von Humboldt foundation as an organization which promotes interdisciplinary, unusual and innovative approaches to research. I have a truly interdisciplinary background, having studied psychiatry and neurology as well as psychology. I currently hold a postdoctoral scholarship at the University of Munich, where I perform research into the assessment and classification of personality disorders. Having worked with a broad range of methods including interviews, reaction time measures, subliminal stimuli detection, and theoretical work. I have been in frequent contact with both clinicians and empirical scientists, and I have experience in presenting to and learning from experts from a wide variety of specialties within psychology. For example, I co-organized the Constructs of Personality Disorders conferences in 2018 which included psychologists, philosophers and psychiatrists as part of an interdisciplinary working group. My recent research has focused on using interview methods to categorize and classify the rates of personal disorder symptoms within the general population. Having found evidence of higher-than-expected rates of symptoms within certain groups, particularly younger people, I was inspired to design further experiments to investigate this intriguing result. My background in both psychology and psychiatry makes me ideally suited to this work. I am confident in my abilities to design and run experimental projects, having worked independently throughout my PhD on a project of my own design. I also demonstrated an ability to run projects and maintain strict deadlines by completing both my PhD and three manuscripts for papers within 36 months. Thank you for considering me. I am excited for this opportunity to undertake a fellowship with the Alexander von Humboldt Foundation and I look forward to hearing from you.
When applying for an academic position as a researcher, lecturer, or for a fellowship, a cover letter is usually required to accompany your CV or resume. Stating your particular interest in the role, and showing how your academic and work experience enables you to excel at the job, is the aim of a successful cover letter. They can be one of the most important parts of your application, giving the recipient an idea of who you are and what your relevant expertise is. Essentially, it's the first impression an institution will have of you, so it's important to get it right.
How to Give a Great Academic Presentation
In this post, we will offer you specific tips on how to hone your presentation and sharpen your speech in order to give an interesting, memorable and overall successful academic presentation. Building on past blog articles including Dress Code for Academic Conferences and How to Write a Cover Letter, this post will offer you advice that can be applied across a range of situations that you will face time and again throughout your career. So, without further ado. 1. Tailor your talk to your audience Although you never want to underestimate the intelligence and experience of your audience, you also need to be aware of the specific crowd to which you are speaking. If you are at a highly technical conference for researchers in your subfield, going into great detail and skipping over any basic background research would be a good idea. If you are attending an interdisciplinary seminar the following month, however, simply adapting the same presentation is not a good idea. Take the time to make sure your presentation reflects the education level, interests and general make-up of your audience, and your talk will necessarily have a better reception. 2. Keep text to a minimum The idea of a visual aid is that it should accompany your presentation, not replace it. Thus, your slides should offer complementary information, rather than forcing your audience to try to simultaneously read and listen to you talk. Always use a font that is easy to read and keep the size large enough so that even those at the back of the room or lecture hall can see every word. However, images and graphs are always better than words – a simple slide accompanied by a great verbal description is your best option. 3. Practice, practice, practice Even if you feel completely confident in your presentation skills, it’s always a good idea to rehearse in order to give the best talk possible. Through practice you become more comfortable each element of your presentation and are less likely to forget small but important things such as an introduction of who you are and where you work or study. By practicing you can make sure that your slides are organized in such a way as to create a good flow for your points, you become more comfortable with all of the transition points and you have the chance to make any necessary changes before you find yourself on stage. 4. Harness your nerves Even if you’ve practiced like crazy, it’s normal to still feel nervous. If you make the conscious choice to channel that nervous energy into enthusiasm, you can actually boost your own performance and simultaneously build confidence. Taking long pauses and deep breaths are fine practices, and if done in a controlled manner they can add emphasis to specific points within your talk while also calming you down. If you are someone who forgets what you had planned to say when you’re nervous, make sure you’ve made clear notes to fall back on. Furthermore, you can arrange your slides so that each transition begins with a clear indication for you of what comes next. If you are giving a presentation in a language other than your native tongue, don’t let yourself get caught up in worrying about grammar or pronunciation. Focus on the content of your presentation and your audience will too. 5. Respect your time limit It is natural to get caught up in your talk and forget to keep track of time. A presentation that drags on forever invariably loses favor with the audience, however, so it’s important to keep to the schedule. Setting a watch or clock on the podium is one way to give yourself a physical reminder of the time without being too obvious about it. Another option is to ask a friend or colleague to give you a reminder when you’ve hit the halfway point or when you only have five minutes remaining of your allotted time. If you choose to use a reminder, remember not to speed up or rush even if you feel like you’re running out of time and still have lots to say. Prepare for this scenario ahead of time and choose which slides you could skip if need be. Regardless of whether you’ve had to skip certain sections, always have a strong conclusion planned. People tend to remember the beginning and end of events the best, so going out strong is important. Finally, always thank your audience and your host before leaving the stage.
Whether you’re a graduate student giving a presentation for a course or a researcher presenting at a conference, being able to give an engaging and well-prepared presentation is a valuable skill for anyone in academia – in COVID times it is invaluable. Today, hardly a talk is given without an accompanying PowerPoint presentation full of flashy graphs, images, exploding sub-titles, and often far too many bullet points.
Talk has begun of loosening the restrictions, and the route out of the wreckage is clearer by the day. With this in mind, and looking to our future, we must ask ourselves where our priorities lie? The post-COVID world is yet to be built – and we need to get planning. Placing community at the center When things are threatened, it’s natural to consider what we hold dear, what we would fight to protect. And like many previous crises, COVID-19 has reasserted the importance of community: the sense of collective belonging, shared purpose. In responding to the pandemic, it was local workers that kept society running, stacking shelves, delivering food, caring for the elderly; and it was from local spaces that mutual-aid networks emerged, filling the gaps left by inadequate government intervention. In the words of the National Organisation for Local Economies (CLES): ‘the emergency has underscored the centrality of community to our everyday lives’. At the same time, the crisis has also reminded us how much we undermine it. Decades of deindustrialisation, outsourcing, and austerity have helped erode community bonds, with local economies manufacturing little but inequality and precarious, often underpaid, work. And things are now worsening. As COVID-induced recession hits, thousands of businesses face bankruptcy, threatening countless jobs, and private equity firms hover like vultures, salivating at the prospect of picking up local firms on the cheap. UK highstreets, so often the focal point around which communities coalesce, are teetering on the brink of extinction, nothing but fast food chains and automated casinos to fill their empty fronts. For those prepared to fight to protect their communities, the time has come. Despite looking like an overwhelming task, the cause is not without hope. Polling shows that just 6% of Brits want a return of the pre-COVID economy, clearing the way for a new economic path - one that prioritises local livelihoods over big business, long-term prosperity over short term profits, and seeks the restoration of community. It’s time to make the case for community wealth building. Introducing... Community wealth building (CWB) is an approach to economic development. Described by the think tank, Collaborative Democracy (CD), as a ‘systemic, place-based alternative to the ‘no-placeness’ of extractive, corporate capitalism’, it reimagines local economies as owned by, and operating in the service of, the community - especially those most marginalized. By broadening ownership over capital and anchoring jobs locally, it seeks to ensure local economic stability and stem the flow of capital flight. For those sceptical, its potential has already been glimpsed, with CWB principles underpinning the so-called ‘Preston Model’, a program of development that’s helped revive the wider Lancashire area. Now, though, as lockdowns continue to expose the injustices of our economic model, it should be taken from the fringes to the fore - amid the current chaos its relevance has never been greater. Democratising the economy CWB is best understood by an exploration of the five principles, or ‘pillars’, upon which it rests. The first is the democratisation of the economy through the establishment of worker-owned initiatives. ‘Cooperative businesses stabilize communities’ explains economist, Jessica Gordon Nembhard, ‘because they… distribute, recycle, and multiply local expertise and capital within a community’. By centering members’ interests over the profit motive, cooperatives prioritise job security, the maintenance of affordable prices, and operate in the service of community wellbeing. Research from the International Labour Organisation (ILO) has also shown that cooperatives - and other democratically run enterprises - are also far more resilient in the face of economic crisis - and have been throughout history. From the German agricultural depression of the 1860s, to the Great Recession of 2008, they have consistently outperformed investor-owned businesses in protecting employee interests, and riding out the hard times - we now need more of them. It shouldn’t be too difficult either. Local authority business support can easily be re-channelled towards locally-owned, socially-minded ventures, while future bailouts, of which there will be many, can be made contingent on the diversification of ownership. Given the increase in poverty, unemployment, and inequality the government should put particular focus on supporting cooperatives in everyday economic sectors like food, care and utilities, to ensure their continued affordability. Financial power While championing worker-owned businesses is a worthy goal, without access to credit the expansion in this area will be stymied. Indeed, access to credit has long been an issue for small and medium-sized enterprises (SMEs), regardless of ownership. Between 2009-19 lending to SMEs dropped by over 40 percent, despite their number increasing by almost a third, and insolvency rates have rocketed. Now, in COVID-induced recession, financial flows to SMEs are constricting further, for the combined losses of revenue, capital expenditure and productive output have been enormous. In addition to better state support, regional investment banks - an essential plank of the CWB - must be considered. Through targeted lending, prioritising unionised cooperatives operating in the local area, these banks are well-placed to finance the growth of local economies, which commercial banks, put off by their small scale, have little interest in. Local authority pension funds should also chip in, redirecting investment away from global markets into local schemes. Together, these initiatives can recirculate wealth that already exists in the community - a multiplier effect in action. Anchor purchasing This can be further enhanced by what CLES describes as the ‘progressive procurement of goods and services’. With the commercial economy tanking, public sector spending is increasingly important as a means of stimulating supply and satisfying demand - especially that of ‘anchor’ institutions. As Professor Arthur Burris has observed, such institutions - namely schools, universities, hospitals, and others deemed ‘unmovable’ - ‘generate billions… in economic activity every year, and yet very few regional development strategies attempt to harness their untapped economic power – buying, hiring, investing, etc. – for the service of the local population.’ Their power is on the rise, too, for education and health are areas that, despite the tumults of the global economy, continue to grow at a rapid pace. CWB corrects this oversight, channeling anchor institutions’ purchasing toward local businesses that are more likely to employ low-income, lower-skilled workers - think a hospital catering contract only open to worker-owned enterprises based within 10 miles. And the effects can be huge. Anchors purchase such large quantities of goods and services, that if just a small portion of that procurement were concentrated locally, substantial numbers of local jobs could be created, preventing capital flight - just when it’s most needed. The labour market and its discontents But it’s not just jobs that are needed, it’s good jobs, with good conditions and good pay - an increasing rarity in modern-day Britain. In the UK, in-work poverty reached 12.7% in 2020, according to UN statistics, and the austerity-withered safety net is increasingly porous. The CWB approach recognises this cannot continue, and again uses anchor institutions to combat it. Anchors are aptly positioned to address the systemic dysfunction in local labour markets through their purchasing, which can be made contingent on firms guaranteeing terms and conditions, like the living wage and protection of workers rights, that ensure a dignified standard of living. With a wave of redundancies inevitable following the winding down of the Furlough Scheme, restoration of the welfare system must accompany these changes, and the case for a Universal Basic Income, temporary or otherwise, should also be taken seriously. Trade unions, too, must be re-empowered, and consulted throughout the recovery process - for the market has proven itself an inadequate arbiter. Land and property The last of CWB’s principles centers on land, property, and their respective uses. And like the above, COVID has heightened its relevance. Circuit breaker lockdowns have provided a stark reminder of the inequity with which society has allocated land and property. As inner-city families were ordered not to leave their cramped, overpriced flats, thousands of townhouses and pent-house apartments stood empty - by April 2020, at the height of nationwide lockdown, it was estimated that 250,000 people had left London to stay in second homes elsewhere. As a counterweight, CWB advocates the extension of the ‘commons’ (land held in perpetuity for the public good) wherever possible, leveraging the size and wealth of anchors to that end. As significant landowners, anchors have huge asset portfolios, the under-utilized parts of which can be transferred into community control through vehicles like Community Land Trusts, ensuring any financial or social gain may be distributed among the community. Exponents of CWB also seek to take advantage of falling property prices, proposing local authorities purchase land, while appropriating derelict or unused property - all to be kept under the commons. These assets can then be lent to cooperatives and social businesses in need of office space or infrastructure - creating a feedback loop of local wealth creation. One part of a larger project While comprehensive, community wealth building is no panacea - society’s problems are too numerous. Rather, it must be thought of as the local part of a broader overhaul, one part of a program of transformation that includes a green new deal, an industrial strategy fit for the digital age, a rehabilitated welfare system, and which also tackles the housing crisis. Although this may sound a tall order, let’s not forget we stand, like never before, at a crossroads - and all roads remain open. The economic chaos created by COVID may be our best chance to trade in our old economic system for a new one, one that’s local, generative, social and democratic - a genuinely inclusive economy. There's an appetite for it too. The solidarity that’s emerged in response to the pandemic has been widespread, a reassuring reminder of the humanism that prevails, even in the most testing of times. Such sentiment must now be seized, harnessed and snowballed, it must become the driving force towards lasting political-economic change that puts communities at the centre. If the future is to be bright, it must be local. Header Image Credit: Viacheslav Lopatin on Shutterstock (licensed image - copyright)
'The greatest science policy failure for a generation’ is how the editor of The Lancet, Richard Horton, described the UK’s COVID response last June. It was a widely shared sentiment – made credible by the UK having one of the highest death rates in the western world. Fast forward to the present, and the government has finally claimed a ‘much needed win’ – a big one, too. Its vaccination programme has been rolled out with remarkable swiftness, and the country’s vulnerable populations are well on their way to inoculation. Commentators of every stripe have taken note.
Public Economics & Economic Policy (JEL H)
Economic Development, Innovation and Growth (JEL O)
Urban, Rural and Transportation Economics (JEL R)
12 Characteristics of Successful Economics Students
So, to put worried minds at ease, we've compiled a list of the top 12 traits that will ensure that any good student gets the best out of their university experience. And to those now shouting 'what if I have none of them!', well, there's no need to worry, most can be acquired with a bit of determined hard work. Let's begin. 1. Intellectually curious In order to be a successful economics student, or any kind of student for that matter, it's particularly important that you're interested in and engaged with your subject. All of the other characteristics here depend upon you caring about your studies and your specific topic. Of course, everyone finds some topics more interesting than others, but the willingness to find something worthwhile in whatever economics issues you are currently studying will help to keep you on form during your studies. A good way to maintain your curiosity is by observing others who are good at what they do, and then asking questions about anything and everything you don't understand. Asking questions of experts is a brilliant way to learn how something works - they are experts after all! If asking questions fails, or more likely, is not possible, there are endless alternative means of finding something out - books, journals, the INOMICS study resources, and of course, the life-saving Wikipedia. Praise be! 2. Mathematical aptitude Here's a real obvious one: numeracy is a key skill for any economist. From dealing with large datasets to interpreting visual data like graphs, you'll need to be comfortable handling numbers and working with mathematical principles. This is why many economists take preparatory classes in mathematics before beginning work or study in economics. If you're feeling unsure, you should think about exploring this option. There are many introductory statistics, calculus and linear algebra courses freely available online. What's there to lose? 3. Knowledge of social sciences Economics also has a lot of common ground with other social science subjects like psychology, history, and sociology. Thus, having a working knowledge of these subjects and the methods used in them is highly beneficial. In recent years, economics and the other social sciences have become ever more interdisciplinary, meaning an understanding of these subjects is not only desirable but increasingly essential if you're to keep up to date on economic theory. Knowing a little about other, related areas will also benefit you in life in general; a bit of history knowledge gives people something else to ask you about at dinner parties, other than inflation rates or the stock market. 4. Good at understanding complex systems The unavoidable fact is that economics is a complicated subject which looks at complex and intertwined systems. To excel, you'll need to be able to pull together information from different sources and different fields to inform your theories. You’ll need to be comfortable examining data to look for trends and possible causations of a complex problem. Learning these skills requires time, effort, and a little patience. Above all, it entails reading, a lot, in order to get yourself up to speed with the latest developments, so being able to sift through dense scientific texts is an essential skill. 5. Self-driven Unlike in school, at university, you are expected to manage your own workload, attendance, and engagement. If you start to miss classes or assessments, you will quickly find your grades slipping, or worse, you may even fail - perish the thought! To prevent this from happening, it is essential that you can motivate yourself. Great students will push themselves to engage in class and to do the best they can in their assignments - without fail. Outstanding students will do even more than is officially required of them, to be the absolute best they can be. This should be the aspiration. It's hard we know, but why not give it a whirl?! Commitment is a vital aspect of being self-driven. It's easy to concentrate for a short time on something you find interesting. What's more difficult is remaining determined and motivated for sustained periods, when you don't necessarily love everything you are having to do, read, or write about. And trust us, this is a situation you are bound to face... Pick the right course and this will be kept to a minimum. 6. Healthy time management The ability to organize your time and schedule is another incredibly important ability for an budding economist. Successful students should plan their weeks and semesters well in advance to ensure they can attend all the classes that they need to, and also have enough time for researching and working on assessments. It's equally as important to give yourself time for hobbies, socializing, and general fun. Taking a break is essential to avoid burnout and to ensure you have the energy and drive to study when you need it. And while it's important to stay on top of your classes, coursework and other assignments, taking time for yourself and seeing your friends is a must if you are to maintain a healthy balance. With mental health rates deteriorating among students, this is more important than ever: take the time to relax. If you struggle with time management, do something as simple as getting yourself a planner that you can jot down all of your commitments in. Really, it changes everything! 7. Admitting you don't understand One quality which is often overlooked is the ability to admit when you don't understand something. Seriously, this is important, especially in a complex subject like economics. Although you may feel embarrassed to admit the gaps in your knowledge, it is the only way to learn. This way, the teachers or other students around you can help by explaining the topic more clearly, and you will benefit in the long run. Bite the bullet! This comes hand in hand with intellectual curiosity. If you aren't able to admit you don't know something due to fear or embarrassment, you won't be able to utilize your innate curiosity - and it's curiosity that leads to innovation, creativity and originality. So yeah, it is pretty important! 8. Lateral Thinking The ability to come up with new ideas or new ways of thinking about a problem is a characteristic of an exceptional student. This could not be more true of economics where new ways of thinking are the name of the game. For that reason, don't be afraid to give your own opinion on a topic or argument, even if it's contradictory to what others have said. As long as you can justify your view, teachers and other students should welcome your input. Likewise, when presented with data or evidence, you should be able to adjust your ideas and theories to explain that evidence. This is exactly how the field of economics continues to grow and evolve! There are lots of things you can do to improve your ability to think about theories or economic problems creatively. One of them, as we discuss later, is reading widely and learning a range of skills. The more you have in your toolbox, the more ways you'll be able to think about a problem and come up with an innovative way to solve it. There's also collaboration: working with someone who has a completely different set of strengths than you will force you to see things differently. In partnership with them, you'll both be able to contribute to an idea that would never have been formulated if you were working alone. But there are other ways, too. Travelling widely can help you become more creative in general by exposing you to different environments and cultures. Practicing a rewarding hobby- like playing an instrument, writing, or doing something else creative- can show you new ways of thinking. And of course, connecting with people who are naturally creative is always a good idea. Surrounding yourself with people who have a skill you want to possess can push you to improve. 9. Solid reading, writing, and analysis skills Whatever subject you study, there are some skills that you will always need. The ability to read materials and glean the relevant facts, the ability to write up your findings in a clear and engaging way, and the ability to critically analyze the material you find will be needed at every stage of your academic career. Just as essential is reading things that aren't directly related to your course - newspapers, articles about other academic areas, even novels, can expand your knowledge outside of your chosen discipline. Of course, it's important to make sure this doesn't interfere with your university work. This is related to thinking laterally and seeing the bigger picture - you'll only be able to do that if you read a lot, and vary what you read. 10. Communication skills A further set of skills which are important, but seldom taught are communication skills. Being able to present the information you know to both a lay audience and an expert audience is vital for demonstrating your grasp of the material. You should get in practice at presenting orally, making slides, and engaging in debates in order to get the most from your studies. One fun way to practice this is to try describing some economic phenomena to your friends, when they inevitably ask you for your opinion on capitalism or labor laws. 11. Performing under pressure There are times when you need to perform under pressure, particularly in written exams. Being able to keep calm and not panic will help you perform to the best of your ability. Fortunately, this is something which tends to come with practice. The more exams you do, the more comfortable you will become with them. Another common situation is when you must present to an audience. Remember, the more prepared you are, the less your nerves will impact you. If you know your material, and can articulate your points without reading a script, you will be more able to respond calmly even when the audience asks you an unexpected question. Also, you don’t need to respond to questions immediately. A pause for thought is often warranted and can help you organize yourself before answering. 12. Understanding other perspectives Finally, one characteristic which you may not realize that you need is the ability to listen to and understand other people. Academic success is not only about putting forward your own views; it is also about being able to engage productively with people who have a different perspective. Learn to listen, to argue constructively, and not to be defensive about your own ideas, and you'll be a better student and encourage others as well. When all's said and done, you don't have to agree; in fact, the point in attending university is to challenge views and be challenged yourself. What's important, though, is to be empathetic and respectful of other people, regardless of whether you respect the perspective they have taken. Being able to do this shows maturity and is an essential quality of being a successful economics student (and person).
What does it take to succeed as an economics student? What qualities make a good economics student – one who thrives at university, enjoys their economics degree, and then, once it's all done and dusted, who goes and gets a good job? These are big questions – there's no doubt – and their answers may not immediately be clear.
Economics bloggers vary widely from individual students and professors sharing their thoughts on the state of the profession, to blogging superstars like Gregory Mankiw, Paul Krugman, John Cochrane and Tyler Cowen, whose analyses are backed by years of experience and a deep knowledge of the field. Reading economics blogs can be an easy way to get your fill of knowledge and, in many cases, they're more palatable than academic journals, which can be dense and grueling. The blogs we've listed - in no particular order - are the ones we here at INOMICS turn to when we're looking for interesting, informative, and occasionally offbeat articles on a wide range of economic topics. So go on, dive in. 1. Random Observations for Students of Economics Gregory Mankiw uses his blog predominantly to keep in touch with his own students, but it also serves as an excellent source of information on many economics topics to those currently studying. Mankiw himself is the Robert M. Beren Professor of Economics at Harvard University, so quite the authority! 2. Macro Musings Blog David Beckworth was formerly an economist at the U.S. Department of the Treasury. Now, he is a senior research fellow at the Mercatus Center of George Mason University. His specialities are monetary economics, international economics, and capital markets. He also has a podcast of the same name, and both the blog and the podcast "reflect his occasional musings on macroeconomic issues". 3. Mainly Macro Mainly Macro is a blog written by Emeritus Professor of Economics and Fellow of Merton College, Oxford Simon Wren-Lewis. Wren-Lewis is one of the most esteemed economists of the age, and his blog is, as he says, for both economists and non-economists. It is an essential resource that mixes politics and economics. 4. Confessions of a Supply Side Liberal Miles Kimball, who holds the Eaton Chair in Economics at the University of Colorado Boulder as well as being Emeritus Professor of Economics and Survey Research at the University of Michigan, writes this blog. It proclaims itself as a "partisan non-partisan" economics blog. An independent who grew up "in an apolitical family", his blog is obviously political but he writes that his "many strong opinions" are open to revision and do not line up with either the U.S.'s Democrats or Republicans. The blog itself doesn't focus only on economics, but also on topics such as politics, diet, and even Kimball's personal life. 5. Marginal Revolution Two professors from George Mason University, Tyler Cowen and Alex Tabarrok, set up Marginal Revolution in 2003. Cowen was named in an Economist poll as one of the most influential economists of the last ten years in 2018, and in 2011 Foreign Policy named him one of its Top 100 Global Thinkers. Tabarrok meanwhile has written for many reputable publications, including the Wall Street Journal and the New York Times, with a focus on monetary theory, financial economics and welfare economics. 6. Conversable Economist Timothy Taylor is the conversable economist, but he's also an author of several books and the managing editor of the Journal of Economic Perspectives. His blog focuses mainly on economics, but occasionally touches on other topics such as universities and students, and also history. 7. Naked Capitalism Naked Capitalism is contributed to by several different authors, all of whom have credentials writing and studying economics. Naked Capitalism began in 2006 as a response to what the founders thought was the "obvious underreporting in the US of the severity and extent of the underpricing of risk in all credit instruments". It is critical of both the policies it sees as beginning in the 1970s under Reagan and Thatcher, which led to the 2008 Financial Crisis, and the response which has come afterwards. Naked Capitalism sees its goal as fighting the entrenchment of a status quo that helped to fuel a recession which "reduce[d] the bargaining power and pay of ordinary workers" and was "detrimental to most citizens". This blog is essential reading for anybody who wants to understand the Financial Crisis, as well as what came afterwards. 8. Econbrowser Econbrowser is written by James D. Hamilton, Professor of Economics at the University of California, San Diego, and Menzie Chinn, Professor of Public Affairs and Economics at the University of Wisconsin, Madison. Its aim is to analyze current economics and policy - as simple as that. Posts come frequently, often as regularly as every day. 9. New Economic Perspectives Another blog with multiple writers, New Economic Perspectives offers economic analyses from several highly qualified economists, legal scholars and financial market practitioners. Following the 2008 Financial Crisis, the bloggers wanted to weigh in on global economics and "provide an accurate description of the cause(s) of the current meltdown as well as some fresh ideas about how policymakers... should address... the continued weakness in their economies". 10. Econlib The Library of Economics and Liberty, or Econlib for short, is simultaneously a blog, a podcast, and a place for students and researchers to learn more about specific aspects of economics. Alongside its regular articles and essays, it sells editions of economic classics, posts videos of economists, has lists and definitions of economics terms, and provides suggestions for further reading. 11. Econometrics Beat Dave Giles wrote Econometric Beat, a self-proclaimed "resource for econometrics students & practitioners". A retired Professor Emeritus from the University of Victoria, Canada, Giles conducted research into both econometrics and applied statistics. He wrote this blog even into his retirement up until 2019. He has left it up, so that students and practitioners of econometrics can still see the old discussions, which are quite helpful. 12. The Enlightened Economist Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge who specializes in competition analysis and the economics of new technologies and globalization. This includes extensive work on the impacts of mobile phones in developing countries. Consequently, her Enlightened Economist blog is an absolute must for the latest reviews and updates on books about economics & technology. 13. Paul Krugman Paul Krugman, a household name and heavyweight economist in the modern age, writes a regular column for the New York Times on macroeconomics, trade, healthcare, social policy and politics. In case anyone hasn't heard of him, Krugman is Professor Emeritus at Princeton University's Woodrow Wilson School, and in 2008 won the Nobel Memorial Prize in Economic Sciences for his work on international trade theory. He has written many books and even more research papers on topics centering on international trade and finance, and has also had pieces published in Foreign Affairs, Scientific American and the Harvard Business Review. 14. Real Time Economics Real Time Economics is the Wall Street Journal's dedicated economics section, which functions much like a blog. It provides news, commentary and analysis of both U.S. and world economics. 15. Thoughts on Economics Thoughts on Economics is a hobby blog account mainly focused on Post-Keynesianism, Institutionalism and related theories. The author, Robert L. Vienneau, is critical of neoclassical and mainstream economics, and documents the errors of these approaches and others (like Austrian economics). However, he tries to not comment on the politics of the modern era but focuses on economic theory. Occasionally, he will also post enjoyable cooking recipes to the blog. 16. The Undercover Economist The Undercover Economist is written by Financial Times columnist Tim Harford, and "reveals the economic ideas behind everyday experiences". Harford has written an eponymous book and has spoken at TED and the Sydney Opera House. He is also a broadcaster and formerly worked for Shell and the World Bank. He was recognized with an OBE (British honor) in 2019 for services improving economic understanding. 17. Ed Dolan’s Econ Blog Ed Dolan has taught at Dartmouth College, the University of Chicago, George Mason University and Gettysburg College. Along with his wife, he founded the American Institute of Business and Economics in Moscow. His blog serves as a resource center to promote “economic literacy”, particularly for teachers of economics, but increasingly others as well. 18. Vox EU Vox EU is the Centre for Economic Policy Research (CEPR)'s policy portal, and was set up in 2007 to promote "research-based policy analysis and commentary by leading economists". The audience and writers include economists from all sectors, as well as students of economics. It even occasionally accepts unsolicited submissions, and you can find details of the submission procedure on the website. CEPR itself has partners across the world, which work together with the aim of enhancing the quality of economic policy-making across the world through high-class research. 19. Worthwhile Canadian Initiative This blog mainly focuses on Canadian economics, although it sometimes branches out to the rest of the world. Several authors contribute to the blog, including Frances Woolley, professor of economics at Carleton University, and Stephen Gordon, professor of economics at l'Université Laval in Quebec City, among others. It covers a wide range of topics, from macroeconomics to the environment to education, and even includes a 'fun' section for those times when you're needing a bit of a break from the hard stuff. 20. Lars P. Syll Lars Pålsson Syll is a professor at Malmö University in Sweden. His blog is a mix of personal posts - such as videos that he finds amusing - and professional posts that focus on the philosophy and methodology of economics, theories of distributive justice, and critical realist social science. An avowed critic of neoliberalism and market fundamentalism, his blog covers a wide range of topics in English, French, German and Swedish. To find even more great economics blogs, check out the extensive list over on Feedspot.com.
There are many excellent economics blogs out there. Whether you want to read commentaries on economic policy, find out what people are currently researching, or simply keep up-to-date with the latest economic happenings across the world, there are blogs for all tastes.
But we knew this. Consumers are aware of the tradeoff they make buying books on Amazon instead of at the bookshop they walk past on their commute. And shopkeepers, obviously, don’t need telling - they’ve been struggling against internet forces, and before that out-of-town superstores, for years. Now, though, in this COVID-defined moment, lingering hope for a reprieve may well have been dashed, as, in accordance with lockdown and social distancing, even the most committed high street consumers have been kept away - and it’s unclear in what numbers they’ll return. Soon, 40% of non-food sales are predicted to take place online, up from 20% in February, and last month John Lewis and Boots announced a slew of store closures, with retail expert Bill Grimsey warning it’s ‘just the start’. In the coming year, he expects many retailers to join the likes of Toys “R” Us, Claire’s, Debenhams, and Oasis in administration - taking countless jobs with them. And it’s not just retail. Over a third of UK bank branches have shut since 2015, with numbers now increasing, and lockdown has brought the hospitality sector to its knees. The stakes are high This sense of loss is seismic. The character of many towns emanates outwards from the high street, which operates as a bustling hub of exchange, not just economic, but social and cultural. Particularly in smaller towns, for those more rural and isolated, its demise is a devastating, unanchoring experience - jobs are lost never to be replaced, spots where friends used to meet disappear, and optimism fades. It’s a feeling captured visually by the bleak-looking thoroughfares of boarded up fronts that are now a familiar sight in many town centres, the only life coming from corporately owned gambling, payday-loan, or fast-food shops. On the outskirts of these towns it’s not uncommon to find distribution warehouses, often the new centre of regional employment, where workers endure insecure work, with bad conditions and low pay. The Preston Model and a little bit of hope But there is hope. What’s happening is the result of adherence to a neoliberal economic model, greatly exacerbated by COVID. Once the virus is contained, reconstruction will offer an opportunity to depart this orthodoxy. With the right strategy, using what Democracy Collaborative calls community wealth models, local economies could yet be revived, and highstreets resurrected. Work to that end, though, must begin now. Here the ‘Preston Model’ provides an illustrative case study of work underway, and an example of an innovative approach to community wealth building, which could be scaled up. The model itself is underpinned by an effort to embed capital in the local community, and relies on combining the economic weight of ‘anchor institutions’, those immovable institutions permanent in the community, like schools, universities, hospitals, etc.. Together, these institutions procure contracts with local businesses with certain conditions attached. (Contracts are only entered with unionised businesses, cooperatives, and companies that operate in the local area and pay a living wage.) This could take the form of a catering contract in a hospital open only to worker-owned enterprises based within 10 miles. It works to ensure that capital, previously extracted by big corporations and leaked outside of the local economy, instead stays within it, boosting local employment and future investment. In Preston, the results have been immediate. Research from The National Organisation for Local Economies (CLES) found that anchor institution spending in the Preston economy increased from £38m to £111m in just three years, improved almost all economic measures, including GDP and productivity, and resulted in Preston being named Britain’s most improved city in 2018. Incentivising worker-owned businesses, as the model does, is a worthy goal, but without access to credit the possibility of expansion is limited. This is why the establishment of regional investment banks are essential to the success of community wealth building. Through targeted lending - prioritising sustainably run cooperatives and unionised businesses - these banks finance the growth of a sector, which commercial banks, put off by its small scale, would have little interest in. Local authority pension funds can also be encouraged to redirect investment from global markets to local schemes for additional means of financial support. Outside of the Preston Model, reviving reforms also need to be made in public services, particularly transport. For a high street to flourish, or at the very least function, it needs to be accessible. Yet in huge swathes of the UK, where cuts have meant the withdrawal of local bus routes and the rising price of tickets, access has been increasingly denied. Reinstating and expanding public travel links, while extending initiatives like the freedom pass, which enables over-60s to travel for free, would be a big step forward. Establishing rent caps to reign in unscrupulous landlords, appropriating derelict or unused properties into community trusts, and reforming business rates should also be part of any broader project to reanimate the high street. Easily implemented, they’re all eminently commonsensical. And when some retail goes, as it will, communities should consider what they want in its place - cafes, hairdressers, centres for learning and care. Change should be guided by society’s needs, not the market’s. Taking control Looking ahead, we should recognise that it’s impossible to completely insulate local markets from globalisation, COVID remains at large, and Amazon, evidently, is not going anywhere. But instead of continuing with the market at the wheel, communities must take control. We need conditions in which local development is encouraged, where jobs are locally and sustainably made, not lost - the Preston Model has proven it’s feasible, even on a shoestring. Failing to act is to choose a high street of pawnbrokers and gambling shops, of insecure, low-wage work, that degrades the environment. Is it too much to ask for something more? Header Image Credit: SimonHS on Shutterstock (licensed image - copyright)
The internet has given us many things: unlimited information, ever-expanding interconnection, myriad means of procrastination - in some places it’s even helped birth democracy. But as one hand giveth, the other, as is often the case, taketh away. And in the UK, it looks like the gift of online shopping may come at the expense of our high streets - and the thousands of livelihoods they maintain.
Sample Motivation Letter For Your Economics PhD Application
It should be noted that a European-style motivation letter focuses on academic background and research history, avoiding too much personal information. The US-style personal statement, on the other hand, is much more 'life experience' based. Here, we focus on the European style. 1. What to include in a motivation letter There are a number of essentials you should include in your motivation letter when applying for your PhD. The introduction should (perhaps obviously) clearly state which economics program you are applying for. This will lead nicely into the next section, which should contain your reasons for wanting to do a PhD and specifically why you wish to do the program for which you've applied. It is important to show what impact your proposed research will have on the industry, including perhaps the gaps in the literature/research that currently exist and how your research fills these in. Following on from this, your own academic background should be explained, including any academic achievements or awards you may have garnered aside from your degrees. Finally, your future career plans, and how your PhD and research proposal will help you achieve them, could be your closing statement of the motivation letter. 2. Be specific One bad habit that many people have when writing their motivation letter is being too vague. Saying that you enjoyed your economics undergraduate course or that you find economics interesting is too vague to be meaningful. After all, it can already be assumed that you enjoyed studying economics or you wouldn't be applying for a PhD. Instead, try to be more specific: mention which particular courses or topics appealed to you most, what you learned from them, and why you want to learn more about them. This is also a good way to mention your research areas of interest and how they will benefit the field. 3. Give concrete examples Another common mistake is to make claims without giving any evidence to back those claims up. For example, you'll often see people say 'I work well independently' or 'I am highly organized and good at managing all of my assignments'. Without demonstrating how these things are true, there is no reason for the hiring committee to give weight to your self-assessment. For better results, give concrete examples of your claims in action, such as 'My high level of organization was demonstrated when I completed my economics undergraduate courses while also working a part-time job, which required excellent time management skills' or 'In my second year, I successfully organized an undergraduate conference with 50 attendees.' 4. Show your personality It is important to be professional in your motivation letter, so the letter should not contain jokes, sarcasm, or irrelevant personal information. However, you also needn't be dull and impersonal. You can and should allow your personality to shine through in your letter, and show how you are different from other candidates. Maybe you have strong opinions about a particular topic in economics, or perhaps you have taken an unconventional career path. In these cases, you needn't hide your individuality. Show how your background gives you a unique perspective on your subject's issues and your approach to academic work. Remember, the point of the motivation letter is not to show how similar you are to an imagined perfect candidate – it's to show off your unique personal approach and how you could be a great PhD student. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> 5. Focus on skills An adjustment issue that some people have in during a PhD program is the gulf in requirements between an undergraduate or Master's course and a PhD. In an undergraduate or Master's course, you have to attend classes, complete assignments, and perform well in assessments. In a PhD, you will often have to come up with your own research questions, choose the best methodology to answer those questions, and motivate and organize yourself to complete your work. If you don't have direct experience with doing these PhD tasks, that's okay – you won't be expected to know everything before you even start the PhD. However, you do want to show in your motivation letter that you have the capacity to perform this kind of work. In order to do this, you should focus on the skills that you have – such as data analysis, writing, research, presentation, and so on. Try to give examples of how you have used these skills in the past to show that you're ready for the challenge of a PhD now. 6. Talk about your future plans Something that hiring committees like to see is that you are interested in working in your chosen field in the future. This means that you need to talk about what your post-PhD plans are if you want to be accepted. For most people applying for a PhD, the interest will be in doing a postdoc once they have completed the PhD. Other people may know that they want to work in industry, or for an NGO or for the government. Any of these answers is fine, but the committee will want to see that you have thought about your long-term career. Do mention your long-term plans near the end of your motivation letter to show that you are serious about a career in your chosen field. 7. Sample motivation letter for an economics PhD To Whom It May Concern, I am writing to express my interest in pursuing a PhD in economics at Imperial College London. I am particularly keen to apply for the doctoral program in the economics department at Imperial as its research interests are an excellent match for my academic background. I studied Business Management for my BA at Kingston University and during this time I developed a particular interest in the relationship between government policies affecting small businesses and economic outcomes country-wide. Furthering this interest, my BA thesis, which was supervised by Prof. Helen Smith, used statistical techniques to analyse the rate of growth of small businesses before and after new legislation regarding wages was put into place. My aim was not only to consider the ethical arguments regarding minimum wages and small businesses, but also to find evidence about whether policies encouraged or discouraged the growth of small businesses. After completing my BA, I undertook an MSc in economics at University College London. From this course I gained deeper knowledge of statistics and modelling, which I made use of in my thesis project – an investigation into how the number of people employed by a small business affects the ability of that business to weather changes in wage laws. My aim throughout this project was to gather more evidence on the effect of new wage laws on the long-term stability of small businesses. I now wish to continue my academic career with a PhD in economics, and I cannot imagine a better place to study this than the business school at Imperial. I admire the economics department’s commitment to both fairness and to accuracy, and I wish to further my work on minimum wage increases and small businesses in a way that respects both the dignity of workers and the needs of business owners. I particularly wish to work with Dr. Jane Brown, whose work on small business ethics has been a great source of inspiration for me. This research has the potential to contribute to the theoretical models of small business growth in economics, but it also can contribute real-world value to policymakers and small business owners. As small businesses are often touted as the counterbalance in the move towards large multinational corporations due to globalisation, greater understanding of how to support these small businesses, and how to help them grow, will only become more valuable in the future. Owing to my extensive knowledge of small business and wage laws, and my experience with statistical analyses and modelling, I am confident that I can complete the research project which I have proposed to a high standard. While both my previous thesis projects were on a smaller scale, I have recently been volunteering as a research assistant in a co-operative project focussing on cultural differences in small business creation, which has given me experience on large-scale projects too. This experience has helped me to plan out the time for my PhD realistically and confidently. After completing the PhD, I plan to either pursue a postdoc placement within academic economics, or to work as a consultant for small business associations and policymakers. I believe that with my knowledge and experience in this increasingly important field, I can make important contributions to both the Imperial Business School and wider discipline of economics. I hope to be considered for this position.
When you apply for an economics PhD, you will need to write not just a research proposal but also a letter of motivation. This letter describes why you wish to undertake a PhD and why you would be well-suited to researching your proposed topic. But what needs to go in this letter, and what tone is appropriate for it? To give you some ideas, INOMICS is sharing a sample economics letter of motivation, as well as offering advice on how to write your own, so you can maximize your chances of getting accepted. If you plan to start your PhD application this autumn, you can download our free guide "How to successfully apply to a PhD in Economics".
So, we’ve compiled a list of top economics journals to help you familiarize yourself with the publishing landscape. Regardless of where you are in your economics journey – whether freshman, PhD candidate, or professor actively publishing in economics– take note of these influential journals. ➲ Download the INOMICS Handbook now 1. The Quarterly Journal of Economics, Oxford University Press This is the oldest English language professional journal in the field of economics – and one of the most respected. It covers all aspects of the discipline, has published many famous economics papers, and is arguably the top economics journal of all time. For those who know their stuff, it is the go-to. 2. Journal of Financial Economics, Elsevier A journal with a focus on applied papers and case studies, it often includes conjectural papers which address issues less quantifiable and more descriptive than other journals in the field. 3. Journal of Finance, American Finance Association The Journal of Finance is one of the top places to publish in the field of finance, along with the Review of Financial Studies and the Journal of Financial Economics. 4. Econometrica, Econometric Society With a specialization in econometrics, this journal has been established since 1933. In addition to its reputation, it attracts high-quality research through awarding of the Frisch Medal every two years, which recognizes outstanding research published in the journal. 5. Journal of Economic Literature, American Economic Association This journal commissions peer-reviewed survey and review articles which aim to keep readers informed about the current state of the economics literature. The journal also features book reviews, information about soon-to-be published books, and an index of economics dissertations from North American universities. 6. Journal of Political Economy, University of Chicago Press Another long-standing journal, the Journal of Political Economy was first published in 1892 and covers both theoretical and empirical work. Its specializations include: monetary theory, fiscal policy, labor economics, development, micro and macroeconomic theory, international trade and finance, industrial organization, and social economics. <11an>limit:2;categories:Professor|Jobs|Courses|Programs|Conferences;disciplines:General Economics (JEL A)</11an> 7. American Economic Review, American Economic Association Established in 1911, this is another well-established and highly respected journal in the field of economics. Once a year, in May, an issue is dedicated to presenting proceedings and papers from the annual meeting of the American Economic Association. 8. Review of Economic Studies, Oxford University Press Another economics stalwart, RESTUD, as it is known, is a must-read for those interested in theoretical and applied economics. It was founded with the specific aim to publish work from young and up-and-coming economics researchers, a mission which it continues to this day. 9. Review of Financial Studies, Oxford University Press With a focus on financial economics, this journal, published on behalf of the Society for Financial Studies, accepts both theoretical and empirical papers which fit in the intersection between finance and economics. 10. Journal of Econometrics, Elsevier Another influential journal in the field is the Journal of Econometrics, established in 1973. The journal focuses on econometrics methodologies, and how they can be applied to substantive areas of economics. 11. The Review of Economics and Statistics, Harvard Kennedy School Already over a hundred years old, the Review of Economics and Statistics is a general journal of applied quantitative economics. Occasionally, the journal also publishes collections of papers devoted to a single topic of contemporary interest, be it methodological or empirical. 12. Journal of Economic Growth, Springer Science+Business Media This journal predominantly publishes research on economic growth and comparative economic development. Research is primarily contemporary, but sometimes also includes historical insights. Some key topic areas include income distribution, demographic transition, human capital formation, technological change and structural transformation in the growth process. 13. Journal of Monetary Economics, Elsevier Science Founded in 1975, this journal is a leader in macroeconomic research. It is often ranked highly in its specialist subject area, and accepts submissions in all areas of macroeconomics. In recent years it has published research contributions to a wide range of macroeconomic topics including behavioral macroeconomics, fiscal shocks, and pricing in product and labor markets.
Whether you are a seasoned researcher or a new economics student, it pays to know which journals are the most prestigious and well-known for certain topics. They can help you find the right papers for a literature review, stay on top of the latest research in the field, and even help you set your own publishing goals.
Econometrics, Statistics and Quantitative Methods (JEL C)
10 Great Resources to Help Teach Economics
1. Moodle If your university has a CMS like Moodle, (this writer had the luxury of having access, thank you Humboldt Universität) you can upload lecture notes, links, and much more to a central website from which students can download all the information they need. You can even use it to host online class discussions (when has this ever been more relevant?) or to notify students that you're running late or a class is cancelled. There is widespread consensus among teachers that this is one of the easiest ways to get your materials online – and trust us, your students will be eternally grateful for the convenience. 2. Discovering Statistics Statistics can, and often is, an intimidating topic for many students, and one which is perceived (INOMICS does not concur) as being dull. Regardless, this website from Professor Andy Field is full of funny, engaging information and practical advice on how to use statistics correctly in an academic setting. It can be an especially useful resource if, as is likely, you have some non-econometrics students in your class who may struggle with stats. The plain-language teaching of Prof. Field has been a ‘way in’ to statistics for countless otherwise hesitant students. Use it. 3. Mendeley Mendeley is a site which can be used for both reference management (the band of most students’ lives) and social networking. For students, the reference management function will be most helpful, allowing them to build reference lists without all the tedious formatting that used to be required. Show this site to students who are tired of fiddly referencing procedures to make their lives easier. Using Mendeley means you can say goodbye to deadline day phenomenon of the disappearing bibliography. 4. Yahoo Finance A website and app for keeping up to date with the latest news in global finance, including stock prices. Students can investigate the stock prices to see how what you are teaching them in the classroom plays out in practice. 5. Khan Academy The Khan Academy offers an enormous resource of online teaching materials which covers economics, finance, mathematics, and much more. If you have a student who is looking for a new challenge, or one who is struggling with the basics and needs some help finding a place to start, then Khan Academy will have materials to assist. 6. SPSS There are a multitude of programs available for statistical analysis, each of which has their own advantages and disadvantages. However, it might be worth using SPSS to introduce your students to statistical software. While it's not the most comprehensive program available, SPSS is relatively easy for a beginner to use and has a large online support community. This makes it an un-intimidating entry for students getting into statistical analysis. 7. iTunes U This Apple app has video and audio educational material from a huge range of subjects, including economics. Some universities will put entire courses online, recording full-length lectures. This makes the app an invaluable support for students. Encourage them to investigate the economics courses which are available to help broaden their knowledge. For teachers, it’s an excellent means of knowing what’s being offered elsewhere, and ensuring your syllabus does not fall behind the times. 8. Economics: A Very Short Introduction The Very Short Introduction books are aimed at a general audience, but they can also provide a helpful starting point for new students who are struggling to orient themselves in a complex field. The book is brief, written in a conversational tone, and easy to chew through, making it an excellent introductory text for your new students. Make it part of your course’s preparatory reading? 9. Freakonomics Radio This podcast, a spin-off from the enormously popular eponymous book, covers exciting and news-worthy issues in economics, with a fun and upbeat approach. It's more casual than academic, but is helpful in showing how the abstract issues discussed in economics can be seen in the real world. It makes for excellent listening on the way to or from economics classes, so encourage your students to download a few episodes. 10. The Economist magazine Requiring little in the way of introduction, The Economist magazine, now well over 150 years old, is notable for the high quality of its writing and its longer, in-depth articles. For students who are interested in the crossover between economics and politics, international relations, or sociology, then this magazine will be full of interesting and relevant material. For the majority, it's likely already in their bookshelves.
Teaching in any capacity, let alone in economics, can be a daunting prospect: the prepping, marking, not to mention the actual teaching. It’s hard work. This reality is most acutely felt when you are starting out or moving institutions and having to settle in somewhere new. In both instances, the pressure and workload can feel intense. That is why it's useful – if not essential – to be aware of all the support that's out there, most of which – conveniently – is free and accessible online. So, without further ado, here are ten of our favourite tools for helping teach economics.
In the words of Economist, Dambisa Moyo, the answer is zero: African people ‘are worse off; much worse off… aid has helped make the poor poorer, and growth slower’. A strong condemnation this may be, but Moyo's assessment is no outlier. Development expert, William Easterly, has drawn similar conclusions – his study ‘Can Foreign Aid Buy Growth’ revealing an inverse correlation between aid and per capita growth. Indeed, the aid establishment has endured four decades of trenchant critiques, many of the most vocal coming from within its own ranks. Throughout this time, the sector has shown itself impressively impervious, rarely changing its approach to development, offering only window dressing in way of reform. When criticism has built, the response from donors, whether the World Bank, the U.S, or even Bono, has invariably been the same: the demand for ‘one final push’. Poverty eradication, by this logic, has always been just one last injection of aid away. Given the huge cash flows of aid from the developed to developing world its persistence is hard to make sense of. Even harder to reconcile is the fact that between 1970 and 1998 poverty in Africa rose from 11% to 66%, this while aid flows were at their peak. <11an>limit:2;categories:jobs|courses|conferences;disciplines:Economic Development, Innovation and Growth (JEL O)|Urban, Rural and Transportation Economics (JEL R)</11an> The paradox Something, evidently, does not add up. How is it possible that an initiative so ‘well-intentioned’ can be so ineffectual, to the point of possibly being disruptive? And further, how can said initiative be allowed to continue unchanged for so long? To answer these questions, it’s necessary to consider the motivations behind its continued provision and the effects of its implementation - simple sounding steps that curiously the development community itself has, thus far, seemed so unwilling to take. Before continuing, one other thing should be said. In the following, ‘aid’ is meant to describe grants and low-interest loans given directly to governments, from other governments or institutions like the IMF, World Bank, etc. It does not cover humanitarian or emergency aid given, for instance, in the aftermath of a war or natural disaster. It should also be noted that what follows isn’t intended to discredit aid per se. Rather, it’s meant to expose the flaws in the form it currently takes – of which, there are many. Questionable motivations? Considering exactly which countries receive aid makes for an interesting starting point, and helps assess how benevolent the aims of donors really are. One would be forgiven for presuming that the five poorest countries in the world, as measured by GDP, would figure prominently among the top recipients of both UK and US aid – two of the world’s most generous ‘philanthropists’. And yet, on inspection, not one feature in either country’s top ten. Instead, the UK funnels the lion's share of its aid to countries that are either burgeoning markets, like, for instance, Nigeria, or countries like Syria and Pakistan, that are believed to be of high geopolitical value – these two, in particular, vital to the ‘war on terror’. The same principles hold true for the US, who gives most of its aid to Israel, Egypt and Jordan; the primary aim in each country not to alleviate poverty, but to buttress American geopolitical aims. Revealing, too, is that these aid packages often come with many strings attached: most often, the guarantee that aid be spent on goods produced by the donor country. More recently, in the case of the EU, aid has been made contingent on the recipient country curbing emigration – a process, which, in effect, has seen the EU outsource part of its borders controls, in one high profile case to a country with a questionable human rights record. When these stipulated conditions aren’t met aid, typically, is withdrawn, making it function as both the carrot and the stick. Using aid so strategically is really nothing new. During the Cold War both sides of the Iron Curtain used it to try to bribe developing countries round to their way of thinking. What it highlights, though, is the insincerity with which aid is so habitually presented. Masked in the language of altruism, its primary concern is often to boost donor’s commercial interests and further political aims. Fostering sustainable economic growth in the recipient country is merely an added (and unlikely) bonus, and sometimes even an irrelevance. How else, for example, could one explain America’s long-term financial aid programme for repressive Ethiopian Prime Minister Meles Zenawi? Occasionally, the self-interested aims of aid aren’t even hidden. While in Nigeria in 2018, then UK Prime Minister, Theresa May, declared that British aid would be exclusively used as a means of promoting British trade and political interests. As journalist Kenan Malik has noted, in many cases, this ‘aid for us’ focus leads to the exploitation of developing economics: Western governments utilise their ability to ‘borrow money at low rates, set up aid programmes, and then lend said money to poorer countries at much higher rates’. The rich make money; the poor accrue debt. To service the new debt, more aid is then offered and now the aid-dependent country has no option but to accept; thus completing the circle. African debt currently stands at around $350 billion. Disruptive influences Of course, not all aid programmes are so selfishly motivated, at least not so explicitly. Some genuinely seek poverty alleviation and economic growth. And yet, many such initiatives can be equally as destructive. According to development economist Angus Deaton, the problem begins with the way the introduction of foreign money in a country affects the relationship between a government and its people. Essential to the functioning of this relationship is the payment of taxes. To run a country a government must collect taxes from its people, and since the people must agree to relinquish their money for this to work, they hold some power over the government. This dynamic creates accountability. Deaton argues that aid damages this relationship. It reduces government reliance on the people’s taxes, and, therefore, reduces governmental accountability. For weak governments, as the recipients of aid tend to be, the effects of this can be very corrosive, acting as the breeding ground for both corruption and despotism. Research conducted by Transparency International has shown that corruption significantly reduces a country’s productivity, increases inflation and puts off foreign investors – ultimately it creates more poverty. And poverty, as we know, encourages aid. There are countless examples in the African continent of how the introduction and expansion of aid programmes have quickly been followed by increases in corruption. Nigeria, Congo, and Zambia, to name a few, all experienced terrible kleptocratic practices while their governments received enormous amounts of aid. Why continue? The obvious next question is: once this process has begun, why does it continue? Why continue to provide aid for corrupt and despotic regimes? Beyond the economic incentives and political advantages cited above, Moyo posits two further reasons why this cycle of aid is left uninterrupted. First, there now exists an overwhelming pressure on donors to give. A whole industry has grown around aid, one that Moyo estimates employs – through the World Bank, IMF, countless NGOs, charities, and governmental aid agencies – around 500,000 people, or as she puts it the population of Swaziland. The livelihoods of these people depend on the ongoing distribution of aid. Moreover, within many of these organisations, successful lending is measured by the size and quantity of the loans given, rather than what the loans are actually spent on. Non-disbursed aid often increases the chances of aid programmes being slashed, putting jobs at risk. This has internalised the incentive to continuously lend, often, as history has shown, irrespective of the levels of corruption in the recipient country. The decision to lend to less-than-reputable governments is also informed by the view that if aid was reduced, or even cancelled, the poor would suffer. Education and health budgets would not be met and the country in question would falter. This feeling, however worthy, ignores the reality that in the majority of African cases the poor aren’t receiving the money and the country is already faltering. In 2014, Deaton, along with many other economists, contended that of the $135 billion spent on official aid, only a small portion ended up helping the poor. Arguing along similar lines, Economist Peter Bauer described aid as a ‘form of taxing the poor in the West to enrich the new elites in the former colonies’. Once in their hands, rather than saving it, economic studies have shown that most often aid is then spent on consumer goods. This, in turn, has a number of negative consequences. First, as savings decline, banks have less money to lend, leading to a fall in domestic investment. Meanwhile, higher consumption, as a result of the aid influx, means that more money is chasing fewer goods and the country experiences inflation. The typical response to inflation is to raise interest rates, making investment even more unlikely, meaning fewer jobs, which leads to more poverty. And what happens next? The system is broken Clearly aid is not working. From the disingenuous motivation behind its provision, to the unintended and disruptive knock-on effects of its delivery, at every stage there exist problems. If the Western world is sincere in its desire to help end poverty, it needs to put self-interest to one side, return to the drawing board, and consider the possibility that its participation in development – as it’s currently conducted – might actually be unhelpful. Many of Africa’s biggest advances in recent years, like the widespread adoption of mobile phones, have come from within. And as Deaton has long questioned: ‘who put us in charge anyway?’
​Development aid: what is it good for? Well, according to much research the answer may well be absolutely nothing. In fact, it may well be worse than nothing. When judged against its aim of ‘instigating economic development and alleviating poverty’, its record is so dismal it looks as though aid actually hinders the achievement of its own stated goals. And the curious thing is this seems to be something of an open secret. Even to an untrained eye the big numbers pertaining to development aid don’t look right. Take Africa, for example. Over $1 trillion dollars has been pumped into the continent in the last 50 years, and how much has it benefited? How many African countries are actually in a better condition now than they were before receiving aid?
If you are considering a PhD program, or just beginning one, advanced awareness of these stresses may help you overcome them if you ever have to make their acquaintance (don't worry, we have our fingers crossed). Plus, knowing that they are frequently experienced and nothing out of the ordinary will hopefully provide you some comfort. Okay, let's begin. 1. Isolation One of the most common problems for PhD students is the feeling of isolation. PhD candidates often work alone, having few or sometimes no other people on their project. This happens while friends may be working in offices and in teams, enjoying a far more social side to the 9-5. Predictably, this can lead to loneliness, lack of motivation, and the fear that no one understands, or can relate to the problems you are experiencing. As an antidote to this, it is advisable to make an effort to get into contact with other graduate students. There are many ways of doing this, for instance, through journal clubs, conferences, or networking. Being in contact with other PhD students will give you someone to talk to, complain to, and will help alleviate these disruptive and negative feelings. Simply breaking up the routine of studying can do you a whole world of good! 2. Stress With looming deadlines, large scale projects, and a huge amount of personal investment, a PhD can be extremely stressful. This is compounded by the fact that everything is always riding on you and you alone - making the highs higher and the lows, well, let's not go there. It has been found that PhD students have high levels of mental disorders - likely related to high levels of stress they have to endure. For this reason, it is imperative that one finds healthy ways to decompress, whether through exercise, meditation, the arts, or anything else. Any university worth its salt will also have mental health services which can be sought if things get particularly difficult. Regardless of how bad you're feeling, its always helpful to talk it through with someone. No problem is too small. 3. Conflict with your supervisor Another common problem can be issues arising between PhD students and their supervisors. Supervisors are part-boss, part-mentor, and occasional friend. It's an odd combination, the balance of which sometimes can be hard to maintain. When disagreements surface - and of course, over 3 years it is only natural that they will - some students can feel that they have to defer immediately to the wishes of the more senior and experienced supervisor. Again, here a supportive network of PhD students around you can help navigate these challenges. Additionally, familiarity with the faculty in a broader sense (which is encouraged) will allow you to canvass more opinions. This may help you clear up a point of particular contention. Who knows, maybe you were right all along! 4. Funding issues Most PhD students rely on external funding to support themselves while studying. Unfortunately, this too can be a source of concern. Funding can, at times, be insecure. It has been known, for example, for funding to be reduced while still in the middle of the PhD. This is a precarious position to be left in and it can be extremely stressful to secure new funding. Ideally, supervisors should be on hand to help with this. One should never think twice about approaching them for advice - it's what they are there for. Still, it's also recommended that students at least have some money saved in case of emergency. <11an>limit:3;categories:Scholarships;disciplines:Economics</11an> 5. Time management So much to do, so little time to do it! This is probably the mantra of our age. Learning when to jump at new opportunities and when to say no to extra tasks is a skill which every academic should develop if they are to avoid going mad. This can be honed by knowing how to prioritize. What is absolutely essential that I finish today? What, at a push, could I postpone till tomorrow? Setting aside enough time in your day to fulfil these tasks will help this process and enable you to, when necessary, say 'nope, I literally do not have the time for that'. Rather obviously, it helps to be organized and to calendar your appointments carefully. And remember, it is better to do a few things well, than a number of things badly. 6. Work/life balance It sometimes seems like PhD students are expected to study all the time; to be in the office every weekend and to work late every day. But this is not sustainable. You also need time for hobbies, friends, and family in order to function at peak level. This may seem a really obvious point to make, and yet, many students still suffer from the effects of having an incredibly lop-sided schedule. Students should always remember: making time for activities outside of the PhD is vital for long-term success. A healthy social life, regular exercise, and cultural activities will be stimulating and fun. And, they're likely to make you happier. Even though you might not think about “happiness” when considering your goals for studying, you surely deserve some every now and then. 7. Lack of institutional support Some universities are better than others at supporting PhD students. The best universities have extensive programs for helping them, through mentoring, workshops, and social events, while at other universities students are left to fend for themselves. Graduate schools can be helpful here, as they are geared towards meeting the specific needs of PhDs. Try to find out what kind of support is offered by your institution – there may be more than you think! 8. Lack of personal support Another challenge for PhD students is dealing with a lack of personal support. Friends, partners, and family members may not understand the worth of a PhD, and may not be supportive of the choice to pursue one. Many a PhD candidate has been distressed by a well-meaning relative asking when they will be finished with their PhD and get a real job. This is another reason to get in contact with other PhD students, who can understand the stresses you are experiencing and give you the support you need. Sharing these commonalities also helps to make light of them. Nothing builds camaraderie like shared experiences. 9. Concerns about the future In addition to worrying about their current projects, many PhD students feel concerned about their future too. In an uncertain job market, and with academic positions being intensely competitive, there is no guarantee that getting a PhD will lead to a desirable job (we hope it will!). That said, research does show that having a PhD under your belt hugely increases your chances of getting one. It also increases your chances of being paid better and enjoying greater job satisfaction. Economics PhDs in particular have excellent job placement rates. To help ensure you get to enjoy all of these benefits, it's sensible to start the job hunt early. Remember, too, all the transferable skills you develop during your PhD studies could help you to get an industry job, if you feel you have had enough of academia. 10. Problems with motivation Finally, with a program typically taking at least three years, it's hard for anyone to maintain motivation throughout their whole PhD project. Feeling fed up, bored, or dissatisfied with one's project is a very common experience! When things are not going so well, and motivation is low, you should consider giving yourself a break. A few days or even a week away from your project can sometimes be really helpful, allowing you to come back to your work invigorated and able to look at it from a fresh perspective. Maybe when you come back, you see something that before you had missed? Or even better, maybe you realize that the work you've done is actually a whole lot better than you had previously thought. THIS can be brilliantly motivating. Plus, you probably deserved a break anyway!
Starting a PhD is an incredibly daunting task. Normally at least 3 years, there are some challenges that you are almost certainly going to have to face during the program. Below we look at some of the biggest (and most common) problems that PhD students encounter.
More than just giving you good economics books to read, at INOMICS, we're dedicated to helping you get the most out of your economics education and career. For more information and career advice, download the INOMICS Handbook, which contains interesting insights into the world of economics, as well as recommended institutions and study offers for you. INOMICS takes part in the Amazon 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. <11an>limit:2;categories:jobs|courses|conferences;disciplines:General Economics (JEL A)</11an> 1. The Big Short by Michael Lewis A description of the events leading up to the 2007-2008 world financial crisis by financial journalist Michael Lewis, who also wrote Moneyball: The Art of Winning an Unfair Game, this bestselling non-fiction book spent 28 weeks on the New York Times bestseller list. In 2015 it was also made into an award-winning film starring Christian Bale, Steve Carrell, and Ryan Gosling. The book follows many of the people who believed the housing bubble was going to burst and who, by betting against the collateralized debt obligation bubble, ended up profiting vastly upon its eventual collapse. It also follows some of those who lost money, such as Howie Hubler, who sits in second place for the most lost in a single trade at $9 billion. 2. Post-Capitalist Society by Peter F. Drucker Peter F. Drucker is considered to be the most important thinker on management theory ever, and his writings have contributed to the development of the modern business corporation. Well known for predicting future events such as the economic rise of Japan and the emergence of an information society, this book argues that First World nations have already moved to a society beyond capitalism, in that capital is owned by organizations rather than individuals. Regular citizens therefore become, in essence, the owners of enterprises, and therefore the owners of capital, meaning capitalism is changed without being destroyed. Drucker concludes by arguing that organizations will continue to become highly specialized, and that outsourcing rather than diversification will define the future. 3. Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg COO of Facebook and former VP of Global Online Sales and Operations at Google, Sheryl Sandberg made a splash with her first book, which deals with women in the workplace. She addresses the reasons that women continue to find less success in the workplace than men, even after the passing of equal pay laws. She also encourages women to promote themselves more aggressively in their careers. The book combines anecdotes, social experiments, and the author's personal experiences to give an overview of how gender politics still play a defining role in the workplace. It also gives some solutions as to how this can be overcome. The book received both glowing reviews and much criticism, with some calling Sandberg a 'faux feminist'. Others have argued that women are turned into consumer objects in the book, with emphasis taken away from solidarity and systematic gender bias. Whatever the relative merits of these criticisms, this book has been so widely reviewed and talked about that it's essential reading. 4. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt & Stephen J. Dubner Freakonomics deliberately blends pop culture topics with the theories of economics by discussing specific amusing or interesting examples across a series of articles written by the authors. For example, they explore how cheating operates in different businesses including teaching, sumo wrestling, and selling bagels. The light tone and fun content have made this book a big hit with the public, and it has stayed on bestseller lists since it was first published in 2005. It has sometimes faced criticism for being more a work of sociology or even criminology than economics. However, it remained popular, and the authors started their own blog, also entitled Freakonomics, in 2005. 5. The Upside of Inequality: How Good Intentions Undermine the Middle Class by Edward Conard Former managing director of Bain Capital and prominent neoliberal Edward Conard has written another book about the social benefits of inequality, arguing against the commonly held view that the wealthy 1% of US citizens are the cause of many social problems. Debuting at number eight on the New York Times top ten non-fiction list, it was met with broadly positive reviews even by those who disagreed with its argument, such as esteemed economist Larry Summers. Its controversial central theme makes for interesting reading, whether or not you agree with the premise it sets. 6. An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith Oldie but goodie, Adam Smith's magnum opus that was published two hundred and fifty years ago remains one of the fundamental works of classical economists. Written as the industrial revolution was taking its first baby steps, it discusses free markets, productivity, and the division of labor. It also attempts to offer practical solutions based on solid economic theory that would replace the culture of mercantilism that dominated at the time. A bestseller that sold out within months at the time of publication, The Wealth of Nations is one of the essential economics books that professionals and laypeople alike ought to have read. 7. Postcapitalism: A Guide to Our Future by Paul Mason Paul Mason, the former economics editor of the British TV channel Channel 4, looks at the current state of global politics and attempts to predict the macroeconomic future of the planet. An analysis of how the 'digital revolution' poses a serious threat to capitalism, Mason argues that the way we view and indeed do work has been totally changed, which has the potential to remove the market-driven economy. Written with the effects of the global financial crisis very much still in mind, Mason's book is polemical and, of course, firmly leaning to the left. Covering everything from protecting to the environment to minimising work until only very small amounts are necessary, some have hailed Mason as 'a worthy successor to Marx'. 8. This Changes Everything: Capitalism vs. the Climate by Naomi Klein Another anti-capitalist, Naomi Klein, tackles the subject of how environmental concerns will affect capitalist politics in her most recent book. She portrays the solving of the climate crisis as being directly at odds with neoliberal thinking, and requiring an ecological revolution for it to be fully addressed. Her central theme is that the market economy is fundamentally at odds with the climate crisis, seeing as it focuses on increased consumption and consists of trade agreements between countries which destroy the environment. It has received positive reviews even from those who disagreed with some of its argument. 9. Guns, Germs and Steel: The Fates of Human Societies by Jared Diamond Another beloved classic, Guns, Germs and Steel covers aspects of geography, history, and economics in order to explain why European and Asian societies have been historically more prosperous than societies in other parts of the world. First published in 1997, it caused a storm upon release, arguing that Eurasian and North African civilizations have survived not due to any intellectual, moral, or genetic superiority, but due to environmental differences which were predetermined. Criticized as deterministic and simplistic, yet praised for its scope and consciousness of the role of the environment, the book won many an award and was the inspiration for a documentary produced by the National Geographic Society. 10. The Rational Optimist: How Prosperity Evolves by Matt Ridley Finally, this book covers topics in both psychology and economics in its argument that the human tendency towards the trading of goods and services is the beneficial trait which has allowed humanity to prosper. This trait, Ridley argues, is central to the reason that human civilizations exist. In a similar vein to Drucker, Ridley argues that as humans become more specialized in what they are good at, prosperity will continue. The Rational Optimist has alternately been seen as a defense of free trade and globalization, and a work that ignores many legitimate criticisms of globalization and wealth inequality. Header Image Credit: congerdesign on Pixabay (Free for use under the Pixabay Content License)
The topic of economics is rich with great writing, and many books have been published over the years that tackle economic issues for a popular audience. Here is our list of ten of the best books in the area of economics. Many of the books here are economics bestsellers, but we have included a few lesser-known titles that have had an important impact on how the public perceives economics. Some titles, too, are interdisciplinary, combining science, psychology and economics to explain history and human processes; others are narratives of events. All, though, are well worth a read.
Agricultural and Environmental Economics (JEL Q)
Although over a decade later neoliberalism is yet to be replaced, its grip on power has considerably loosened, the pandemic – and all its attendant injustice – forcing the most recent reckoning with its shortcomings. It’s a process we can see in real time, with new political formations emerging on both the right and left. Indeed, alternatives that in previous years would have been dismissed as too radical, utopian or even regressive, are now earnestly discussed as people seek an exit from the current political model. But what does this really mean? What exactly are these alternatives looking to depart? The word neoliberalism is used with such regularity – and at times carelessness – that its definition has become hazy, its precepts unclear. And therein lies much of its power. To escape its clutches people must first understand it: how it arose, to whom it accrues power, and by what means it has been sustained. To that end, the following attempts to dissect the term, studying its history, the policies born from its logic, and the effects it’s had on society. It's conception Although famously associated with the politics of Margaret Thatcher and Ronald Reagan, neoliberalism’s history predates both leaders – the term likely first used in the late 19th century. It found an institutional home, however, some fifty years later, when in 1947 a group of alarmed economists convened at Mont Pelerin, and ominously warned that ‘the essential conditions of human dignity and freedom had disappeared’. To those in attendance – who would coalesce and become the Mont Pelerin Society – the roots of the crisis were clear and found in the ‘declining belief in private property and the competitive market’. A staunch defense of an increasingly besieged free-market capitalism was needed, and the state must withdraw from interfering with economic activity – only then could liberty be preserved. This fear of state intervention was so potent it placed social democracy on the same spectrum as both Nazism and communism. By this logic, government planning – whether in the United State’s New Deal, or the UK’s nascent welfare state – was something to be fought and a mortal danger to individualism, another of the Society's key tenets. State intervention of any kind, it was believed, could, and likely would, lead to totalitarian rule. While hyperbolic to a modern ear, one should remember the period in which these schools of thought emerged. Friedrich Hayek’s polemic The Road to Serfdom – considered a founding text of the doctrine - was first published in 1944 as the Second World War still raged and people were seeing first hand the horrific potential of total state control. Hayek identified German and Soviet economic planning as the birthplace of these tyrannies and promulgated economic libertarianism, a serious reduction of governmental intervention into the economy, as the most effective bulwark against such abuses. As the century progressed, the fledgling ideology caught the attention of the rich who saw it as a means of escaping unwanted governmental restraints – in particular, public protections and high taxation. Through lavish funding from these elites, a network of think tanks straddling both sides of the Atlantic was quickly established, designed to spread the neoliberal word among academics and policy-makers. Despite this financial backing, the ideology remained on the margins. The post-war consensus was in full swing and Keynes’ economic recommendations were being readily applied across most of the Western world. Governments were unashamedly raising taxes – in the UK income tax reached 75% – broadening public services and expanding social security. Neoliberals, in contrast, were thought of as out of step with the real world, relics from the past, and were forced to bide their time. It wasn’t until the economic crises of the 1970s that neoliberalism finally got its chance. But when it did, its ecosystem of think tanks, pressure groups, and organizations were well prepared. As its influential proponent Milton Friedman commented of the time, when Keynesian economics began to fail, and people were scrambling for change, ‘there was an alternative ready there to be picked up’. The world has not looked back. <11an>limit:2;categories:jobs|courses|conferences|Professor;disciplines:Politics </11an> The policies Most famously, neoliberal prescriptions were ‘picked up’ by Thatcher and Reagan who assumed power in 1979 and 1980 respectively. Thatcher was a self-professed, dyed-in-the-wool neoliberal. And had it not been for the reluctance of her own cabinet she would have carried out Hayek’s doctrines to the letter - recently released letters show she had hopes of dismantling the entire welfare state. As it was, in her 11 years as Prime Minister she was still capable of transforming British society. Through a neoliberal policy program of massive tax cuts for the rich; a drawn out, but eventual crushing of trade unions; widespread privatization of housing, telecoms, steel, and gas; financial deregulation; and the introduction of competition in the provision of public services; she left Britain a markedly different place. Across the pond, Reagan had embarked on a similar journey, gutting union power and cutting government spending. Capturing the spirit of the age he declared that ‘the most important cause of our economic problems has been the government itself’. It wasn’t long before the ideology was also adopted by international institutions like the IMF, World Bank and World Trade Organisation, and imposed on an unprecedented scale across the world. Its spread was such that even nominally left-wing political parties, like the UK Labour Party and the Democrats in America, would eventually cave into its practices, assimilating its core principles. And with that, the ‘Overton window’, the range of ideas tolerated in public discourse, moved someway to the right. The reality The politics of the 1980s were, without doubt, neoliberalism at its most strident, and its record during the time is highly contested. In Britain, where its tenets were most closely followed, policy aims were often missed. Economic growth – the Holy Grail to neoliberals and a chief indicator of progress – was actually slower than in previous decades, and its dividends were increasingly unevenly distributed – inequality dramatically rising. Meanwhile, Thatcher’s smashing of the unions left workers vulnerable in the face of big business, and without the protection of collective action, wages were squeezed. This meant that even when the unemployment rate began to fall, in-work poverty rose. Similar trends were found in the US where Reagan's massive tax cuts, shrinking of social security (food stamps, for instance, were slashed), and increased subsidies for corporations increased both inequality and poverty, while lining the pockets of big business. Already unequal, the balance of power tipped further away from the everyman. It was also tipping away from the state. The wilful transfer of authority into the hands of unaccountable transnational corporations was perhaps an even greater consequence of the ideology’s supremacy. Important services were outsourced, the market left in charge, and, with the lobbying industry exploding, money began to rule the roost. This development has proved a dangerous one, reducing governments' ability to respond to the needs of their electorates. Disempowerment and the perceived disconnect between the rulers and the ruled has in turn fed both disenfranchisement and volatility among populations. Few, for instance, would doubt that it was this culture, this feeling of impotency, that contributed both to Brexit and the election of Donald Trump. More than just an economic theory As it’s evolved, entrenched, and become normalized in public discourse neoliberalism has, like many sets of economic and political ideas, morphed into a more general framework by which we are encouraged to understand the world, ourselves, and why we behave as we do. In its crowning achievement, it has managed to redefine what it means to be human. No longer the sentient, cooperative and empathetic beings scientific evidence suggests we are; humans have been reduced to competitors. Coldly rational – ruthless even – neoliberalism has set people against each other, valorising the notion of ‘getting ahead’ – the question of whom, and by what means, too infrequently asked. Our democratic choices, it has also taught us, are best expressed in transaction: a process of rewarding merit and punishing inefficiency that no government could match. It has, in essence, encouraged atomisation. It has loosened societal ties, sanctifying the interests of the individual over all else. As Thatcher would memorably pronounce: ‘there is no such thing as society’. Over time, too, these notions have been internalized, such that now the rich, ignoring their structural advantages of birthplace, inheritance and education, have come to believe that their success is merely a result of their own ability. The inverse is also true. The poor, instead of seeing the often insurmountable obstacles they face, have come to blame themselves for their debt, unemployment, or lack of health. Because of these structural barriers, now so deep-rooted, social mobility has slowed, and wealth is increasingly concentrated in the hands of a few. On a personal level, the development of this unforgiving, dog-eat-dog culture has coincided with a proliferation of mental health conditions that populations are now experiencing on unprecedented levels. Self-harm, depression, anxiety have all become hallmarks of our modern age. To fundamentalists this inequality, this inevitable by-product of neoliberalism, is considered virtuous, the talented and hardworking elevated above the idle and unskilled. The system, they contend, is the closest to fair that we can hope for. Taking a look around it’s difficult not to hope that they are wrong. What's next? Whether neoliberalism really is in its last throes hinges on a new system, based on new values, taking its place. And this is far from certain. Political imagination has, for some time, been in short supply. For decades, political parties have hovered around the center ground desperately triangulating in the hope of attracting weary, apathetic voters. However, in the wake of the Brexit and Trump earthquakes, and the devastation of COVID, we may have reached some kind of juncture. As we survey the mounting dissatisfaction, inequality, and alienation, it's hard to argue that things are as they should be. The question is: will something new emerge from the wreckage? Or will we return to a politics of tinkering around the edges, the politics that brought us here, and has, up until now, failed to address society's biggest problems. Only time will tell. Header Image Credit: mark reinstein on Shutterstock (licensed image - editorial use - copyright)
Few would contest it as the ideology of our political age. Ever since the 1980s, it has dominated western politics, underpinning governance, influencing culture, and leaving its indelible mark across society. During this time its core tenets were rarely challenged and only its peripheral aspects tweaked. The 2008 financial crash, however, changed this, shaking confidence in an ideology whose name, up until that point, was rarely ever spoken. With the loss of savings, skyrocketing inequality and falling living standards that followed, people wanted answers and began to question the political system that had facilitated such a disaster.
Pros and Cons of Being A College Professor
The Benefits of Being a College Professor One of the biggest pros is the freedom that it offers you in terms of research. Once you are senior enough, you can choose which projects to work on and which methodologies you employ. Few other jobs can match this level of intellectual freedom, and it is undoubtedly one of the perks of being a professor. Alongside freedom, is the joy of teaching, which, with the right group, can be endlessly interesting. The beauty of teaching is often – somewhat counter intuitively – the learning. Engaging young ambitious students with learning materials, and seeing what novel angles they take when approaching them can be highly stimulating, to say nothing of how rewarding it can be. Who, for instance, get's to say that they shape and inspire the next generation of academics? Another big plus is the working hours that academia can offer, which are frequently more flexible than in other professions. If, for example, you are a young parent who needs to leave the office early to pick up a child from school, workarounds can often be found, and your job can be made to fit around home life. Sabbaticals are another possibility. Many senior professors will, at some point in their career, arrange to take off few months, maybe even a year, from their regular teaching duties so that they can go and research in a different university and country. Others sometimes go even further, and step away from teaching entirely to work on writing a book, for example, all the while knowing that they can return to their position once they are done. And finally, on the way to becoming a professor there are many opportunities for travel. You can find jobs in many places all over the world, and you can travel to new places for conferences or research visits. If you enjoy exploring new places and getting to know new cultures, languages, and cuisines, then working as a professor offers many chances for you to develop those interests. The Negatives of Being a College Professor One of the biggest issues with being a college professor is that because there are a large number of highly qualified academics competing for a small number of professorship jobs, they are highly competitive. Even a talented and hard-working researcher who has published extensively and has teaching experience may not ever manage to land a permanent professor job. This low supply and high demand can lead to poor job security: researchers who are waiting to land a professorship role often feel compelled to take on a series of temporary jobs with contracts ranging from 6 months to a few years. This insecurity is stressful, and means that you have to be constantly vigilant about finding and applying for new roles. It certainly is not for everyone. If you do successfully get a permanent job as a professor, there is also the issue of compensation. Professors are by no means poorly paid, and they typically earn enough to live comfortably and to raise a family. However, someone with the level of skill and experience that a professor has could almost certainly earn much more money in the private sector. This problem is then compounded by the last issue on this list: as a professor expect long hours. As we discussed before, hours do tend to be flexible, however, it is still (too) frequently expected that professors will work both in the evenings and on the weekends. In some cases, it can even be difficult for them to take the vacation days which they have earned, as there is just too much work, with deadlines making things additionally tricky. In order to remain at the front of the profession, you will likely have to work many hours each week, and sacrifice time spent with family, friends, and pursuing your hobbies. Unperturbed? Check out our professor jobs here.
If you're thinking about which direction to take your research career, one possibility is the professor route, teaching and researching in a university context. This is one of the most desirable jobs among young academics, and something that people often strive for. But what are the pros and cons of working as a college professor?
The carriers must pay attention to their passport validity An erection of a harder border between the UK and EU involves not only changes in customs work, fees and tax calculations, and other money-related issues, but a lot of small details, many of which were previously ignored by carriers, and which are now critically important. For example, the validity periods of ID documents and the amount of time UK drivers can spend in the EU, and vice versa, are of newfound significance. As stated on the official UK government website, UK drivers that enter the EU must have a passport that is valid for at least six months. Every UK citizen can stay in the EU without a visa on condition that he/she does not spend more than 90 days in the EU over a 180-day period. This means that carriers must calculate how many days their employees (drivers) have spent in the EU at any given time. The 90 day countdown begins as soon as you cross the UK/EU border. From the 1st of October citizens of EU, EEZ countries and Switzerland will need to present their passports to enter the UK. ID cards will no longer be considered a valid travel document. The number of documents required to cross the UK/EU border has also significantly increased. From the 1st of January the movement of goods across the UK/EU border in either direction are considered exports and imports simultaneously. This means that all documents related to transport and the movement of goods from one area to another must be filled and completed. Free movement of goods has ended. This will create a huge amount of bureaucracy for British ports and airports since all cargo from Europe goes through them. Goods from the UK, on the other hand, can go in various directions, distributing the workload of document inspection. <11an>limit:2;categories:jobs|courses|conferences;disciplines:Politics|International Economics (JEL F)</11an> Same old story During the first days of January, it quickly became clear that none of the parties involved with the ports were completely prepared for the new order – institutions, cargo operators, carriers, export/import companies. Nobody. Preparation for the 1st of January was also hindered by the chaos at the UK/EU border in December, which was caused by the EU closing its borders with the UK due to the fear of spreading the new COVID-19 type. Businesses felt the consequences of Brexit in the first week on January: food deliveries were delayed due to issues with customs documents, logistics companies stopped sending goods, while some retailers found out that their delivery chains were obsolete. After ten years in close cooperation, UK and EU carriers were suddenly forced to learn a lot in a very short time. In early January, The New York Times reported that the European delivery company, DPD, was going to stop sending packages from the UK to the EU for a period to give it time to figure out new cross-border systems. At the same time, the retailer Marks & Spencer announced that due to the border crossing issues, its stores in Paris would not receive deliveries of fresh salad and other food items from the UK, apologising to their customers for the limited availability of goods. First to crack were the seafood (crustacean) producers and suppliers. On 18th of January, they came to Westminster to protest the additional bureaucracy caused by BREXIT, which had caused delays of cargo deliveries to EU, and which had resulted in a lot of damaged goods and significant losses. Producers of crustaceans have calculated that delivery to clients now requires 48+ hours, while previously it took only 24 hours. According to Venture Seafood director, Garry Hodgson, representatives of his company were delayed for 30 hours in France because they were obliged to fill out 400 forms for one cargo of crustaceans on its way to Spain. Before Brexit, most deliveries required a document of supply, but now each shipment needs an export health certificate, fishing certificate, customs permit, and safety documents. In addition, any carrier of mixed or combined cargo can be held at the border due to a single box having improper documentation. Because of this the importers have started to pay additional fees for empty trucks to ensure that goods travelling through the Eurotunnel are delivered on time. This has resulted in partially empty trucks moving between countries. It’s also increased the number of trucks on the roads, because two or even three trucks now transport a cargo that could previously have been transported by a single truck. While waiting for the chaos on the borders to subside, many EU carriers reduced or even stopped their deliveries to the UK, a moratorium that resulted in many empty trucks returning from the UK to the EU. The companies were willing to pay for the trucks to return empty because it was cheaper than getting stuck for 4-5 days in another country. How will Brexit affect the shipping industry? Right now, no one can confidently answer this question. Experts are busy studying data and making estimates, and unfortunately none are optimistic. For example, a survey by the Chartered Institute of Procurement & Supply shows that in January drivers spent 3-5% more time at the UK border than before Brexit. The experts warn that the delays will likely only increase and that this will create real problems both for the carriers and manufacturers of fresh products. Survey results also showed that more than a half of UK companies that import or export goods to EU had delayed deliveries in January, mainly, due to additional paperwork. Transporeon, a German logistics software company, tracks cargo truck movement in Europe in real time. The Live Tracker summarizes GPS data and is able to show how much time trucks spend in lines at each point of crossing. The executive director of the company Stephan Sieberi stated that: “a truck has value only if it moves”. If every day 10,000 trucks spend an additional hour at the border, it means that 10,000 working hours have been lost. “Waiting time increase by 5-10% in the port of Dover is a significant indicator for the logistics services providers”, said Sieberi. In the middle of February the BBC stated that the British government thought the worst had passed and that the total cargo flow had reached the levels of the previous year. BBC data showed that outgoing train traffic in the beginning of February was at 98% compared to traffic in February last year, while incoming land vehicle traffic reached 99% compared to last year. Approximately 80-90% of trucks arrive at the border prepared for the new situation. In January and February, truck traffic from Kent to the EU, including ferries and through Eurotunnel, reached 67% and 82% compared to the 2020. Ferry companies, however, do not keep track of empty returning trucks, and some estimates suggested that approximately 50% of trucks returning to the EU were empty. French sources speculated that as much as 60% of the returning trucks could have been empty. Before Brexit, the number of empty trucks never exceeded 30%. It is obvious that the changes brought about by Brexit and the unusual effects of COVID-19 will continue to affect the shipping industry, making it imperative that all parties pay close attention to the current guidelines, and ensure that they are ready to make quick decisions should things change. Entrepreneur, Rolands Peterson, is an economic, transport and logistics expert. He pays particular attention to developments in the global economy.
2021 began not only with an understanding that COVID-19 restrictions would likely continue for some time, but that the effects of Brexit – Great Britain leaving European Union – would also start to be felt. That Brexit would bring about changes to the UK/EU border was known for months. And yet, when it happened, most of the carriers and state institutions were not ready, creating (or rather, extending) the chaos in ports and near the Eurotunnel.
Best Open Source Software for Economics Graphing and Plotting
1. Gnuplot Gnuplot is one of the best-established graphing tools, popular among intermediate and advanced users. Available cross-platform for Windows, Linux and Mac, its primary function is the visualization of mathematical data and functions. Over the years its functions have diversified so that it is now usable for the visual display of all kinds of scientific data, in both two-and three-dimensional plots. It is a command line program, so some amount of programming knowledge is required. However, having been in use for many years (since 1986), there is extensive documentation and advice on using the program which can be found online. 2. Matplotlib Matplotlib is another popular option for economists looking for tools to aid in the visual display of their results. It is a 2D Python library for plotting which produces particularly attractive figures, and the library can be used in Python scripts or be run on web application serves. This library is a good choice for anyone familiar with the statistical software package Matlab, as the Matplotlib interface is similar, making it easy to learn. The default style of the graphs produced by Matplotlib is attractive and polished, requiring less tweaking than those produced by Gnuplot. However, Matplotlib works only with Python, whereas Gnuplot can work with other programming languages too. 3. R R is already popular among statisticians and scientists working in data-heavy fields for statistical analysis in addition to graphing. It uses a command-line interface, thus requiring some degree of technical ability, but once mastered is a powerful tool for data analysis and can be very beneficial for an economist. There are a wide range of graph types available in both 2D and 3D formats, which is beneficial for finding the perfect format for displaying your data. However, while the default graph style produced by R is functional, it requires some work to make the produced graphs look more elegant. R is an excellent plotting option for the economist working with a large data set, particularly if they are already familiar with the programming language. If you want to take advantage of the advanced features of plotting with R but are intimidated by the command line, then R Commander can be a great help – it is a graphical user interface for R which is designed to be accessible for novices. 4. Gephi A further possibility is Gephi, an visualization tool for the exploration of networks and complex systems. It is most known as a social network analysis tool for visualising the social relationships between individuals, but it also has applications for economic research. Alongside delivering network metrics and calculations, Gephi offers a high degree of design control enabling users to build high quality graphics suitable for publication and poster display. As it is Java-based it runs cross-platform, and although it requires some technical knowledge of network analysis, the user experience is fairly accessible. An alternative tool for these kinds of data sets is NodeXL, an open-source plug-in for Microsoft Excel which allows the analysis of social network data with Excel, and is more suitable for beginners. Each of these tools can help you to communicate your data more effectively by presenting it in an attractive and carefully-designed format. Software ranges from the more technical, command-line based tools like Gnuplot and R, which are very powerful but require more extensive technical knowledge, to GUI-based programs like R Commander or NodeXL which are more accessible to novice users. Also important to consider is the type of data which you wish to visualize; large data sets are better suited to heavy-duty tools like R, whereas social network data is better served by more specific tools like Gephi or NodeXL. From this wide range of tools you can find the perfect open-source solution for plotting and graphing in order to make your data shine.
A great way to make your presentations or papers slick and memorable is to improve your graphs and diagrams. The standard graphs produced by software such as Excel or SPSS can convey the required information, but tend to lack style as these tools have limited customisation options. Other software exists for the singular purpose of configuring your diagrams, including many which are open-source and hence freely available. As an economist, it's important to make sure your graphs are looking as good as possible, as they are essential for winning over and keeping the attention of your audience.
1. Apply broadly, but only if you’re really interested When applying to college many people send out dozens of applications, including ones to universities they aren't even particularly interested in attending. While at undergraduate level these 'safety' schools might be a good idea in order to guarantee you'll get an education (although there's also an argument for taking another year out to improve your grades and reapplying), at the graduate level this isn't necessarily the best strategy. <11an>limit:3;categories:PhD Programs;disciplines:Economics</11an> Yes, applying to only your two dream departments is an extreme gamble, but it's probably better to put your all into applying to those places, as well as maybe one or two backups you'd still be happy to attend, in order to ensure your most important applications get the lion's share of your attention and time. That way you can really put your heart into your applications, which will shine through and likely help land you a spot in the program of your dreams. Moreover, if you’re actually interested in a program at the outset, you’re much more likely to be able to maintain that momentum and ultimately work your way through to a completed dissertation. If you attend a school you don't particularly like, and especially if your program isn't exactly what you wanted to do, you may find yourself getting demotivated down the line, and a PhD is big jump up in terms of work quantity and self-discipline than even a Master's degree. 2. Spend ample time on your dissertation proposal Although a thoroughly researched dissertation proposal is a key component of many applications, it remains conspicuously absent from others. Yet, whether you are asked to include a 10-page proposal or simply a paragraph highlighting your specific interests, this description is often the crux of what separates an admitted PhD candidate from one who is left wondering why they were rejected. The proposal you write in your application will possibly have little to do with the research you will actually conduct - many change their research several times over the first few months, and your tutor will help you narrow down and improve your topic. That being said, the clarity of focus you have in your proposal, along with the reasons you give for wanting to work with specific professors, can make all the difference. So don't be fooled into writing off the thesis proposal element of your application because you know your research topic will change anyway. Instead, use this as a chance to show how passionate and committed you are to your discipline while also showing off your great writing, research and organizational skills, as well as showing that you're familiar with the research interests of your chosen tutors. Speaking of which... 3. Familiarize yourself with the professors you’d like to work with Even if your PhD application does not specifically ask you to list professors with whom you would like to work, an awareness of the research being done in the department to which you are applying and a readiness to talk about how you could add to it will give you a firm leg up in case you are called in for an interview. Additionally, drawing connections between your own research interests and the work of specific professors demonstrates that you have done your homework – it shows you are familiar with the department and can offer a detailed argument for why you would be a good addition to it. A good tactic is to get in touch with potential advisors before you apply. This can be a great idea because they can give you tips on your proposal before you formally apply, and can tell you before whether they'd be interested in attaching themselves to your research. Remember, you'll be working a lot with your tutor in order to make this the best piece of academic writing you've ever done, so they have to be excited by it too. Saying this, some programs specifically ask you not to contact anyone individually until you’ve already made the cut, so look at the application guidelines carefully and choose to send that email or not based on what they suggest. 4. Highlight relevant qualifications and don’t dwell on those that aren’t Many young people's academic and career journeys do not follow a perfectly straight trajectory. And this is fine. In fact, it can arguably add to the breadth of your knowledge base and make you a more well-rounded candidate than those who have only gained experience in one specific area. Thus, in your application, do not apologize for a hodgepodge CV. Instead, draw a map for the admissions team by highlighting the interconnectedness of various positions you have held, while simply omitting those that may not be relevant. There is no reason to explain past jobs or studies that are not related to your current interests, and doing so might draw attention away from all of your other qualifications that make you a great candidate. Yet, if questions arise then be prepared to discuss your winding path and offer sincere and confident reasons for why you’ve made the choices you have – giving emphasis to how they’ve shaped your current interests, and how they can (if they can) help you moving forward. 5. Thoroughly prepare for your interview If you make it through to an interview, be it in person or via Skype or telephone, make sure you have a clear understanding of what type of interview it will be and prepare yourself accordingly. Don’t be afraid to ask for as many details as possible – will it be a one-on-one interview or will you be addressing a group of professors? Should you prepare a presentation or is it more of a casual conversation? The more information you have beforehand the better you can prepare, thus minimizing the risk of being caught off guard. Moreover, once you’re in the interview you should also come prepared with more detailed questions, both to show your interest in the program and to help you figure out if it really is a good fit for you. And don't forget the obvious stuff: dress smartly, be polite (thank yous and pleased to meet yous), and remember a smile can go a long way.
Whether you are applying to a structured program like those typically found in the United States, an independent research PhD like those in much of Europe and elsewhere, or a hybrid of the two, the first step is to gather your thoughts (and paperwork) in an effort to convince the admissions board that you are the most qualified and motivated candidate for the position. Regardless of location or discipline, your application will almost certainly include a personal statement, transcripts, copies of your previous degrees and letters of recommendation. If you plan to start your PhD application this autumn, download our free guide "How to successfully apply to a PhD in Economics".