Economics Terms A-Z
This subdiscipline of economics studies how the economic decisions made by individuals and institutions are influenced by psychological, cognitive, emotional, cultural, and social factors. Specifically, it busies itself with looking at rational decision making - and its boundaries - in contrast to how decision making is seen in classical economics.
In classical economics, decision making is seen as black and white: people make optimal decisions that always provide them with the best results in terms of satisfaction and benefit. Behavioural economics, however, shows how this isn’t the case, and that humans also make decisions that are contrary to their interests or don’t maximise benefits. It then tries to explain why this is the case.
Best Countries in Europe to Do Your Economics Master’s Degree
Studying abroad: the majority who do it say they love it, that it was a great decision, and that although there were difficulties the experience was an unforgettable one. It makes sense, too, for little can replicate the excitement of moving abroad, embracing a foreign culture, and meeting people you would in other circumstances never have met. The exposure to new ideas, conversations, and ways of life is thrilling, healthy, and a great thing to do while studying.
Is it time to bin GDP?
Gross Domestic Product, or GDP, is the sum of all goods and services that a country produces in a given year, adjusted - to make it comparable to previous years - for inflation. In many ways, though, it has become much more than that. It has become the barometer of a country’s progress, an indicator of a land’s prosperity, and the ultimate yardstick for assessing living standards. Some have even gone as far as describing it as 'the statistic to end all statistics'. When growing (at expected rates), politicians refer to it as proof of the success of their policies.
The Pros and Cons of a Career in Research
Upon completion of a Master's degree or PhD, the big question arises: what next? Although it seems a natural progression to continue with further research, there are many other careers open to academics: in business, in education, or in communication and journalism, for example. So how do you know if research is the right career choice for you? Read on to find out. Browse our job listings for economics opportunities