This year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2016 has been awarded to both Oliver Hart, Professor of Economics at Harvard University and Bengt Holmström, Professor of Economics at the Massachusetts Institute of Technology. The Nobel Prize in Economics was given to the Professors for their contributions to contract theory, as mentioned by the Royal Swedish Academy of Sciences in their press release.

ERSA Office Louvain-La-Neuve BELGIUM 25th AUGUST 2015

In the third interview in the Experts Talk series, UMass Amherst Professor Emeritus, New York Times Economix contributor and leading feminist economist Dr. Nancy Folbre discusses the importance of interdisciplinarity, the overconfidence economics has in the individual pursuit of self-interest and what she learned from reading the comments section on her New York Times pieces, among other topics.

Continuing with last month’s topic, it is known that quality information increases student interest in universities. We pointed out the relevance of giving detailed information in the promotion of programs, courses and scholarships. If a prospective student finds quality information and thereby recognizes the value of an institution, he or she is more likely to apply and stay engaged with the university over a lifetime. So how else can universities provide information to their candidates?

The infamous opening ceremony of the International Congress of Mathematicians (ICM) was held today in Seoul, South Korea where Maryam Mirzakhani was awarded the Fields Medal, the most prestigious and honorable prize in the vast field of mathematics. Mirzakhani, an admired professor from the Departments of Mathematics at Stanford University in California, is the first female winner of the distinguished award that was established in 1936.

When a student chooses a program, it’s not only a decision about a subject and place of study, but also a choice regarding future career. Such a choice has a big impact on students’ dreams, plans, budgets and decisions that affect their personal and social life for at least the next 2 or 4 years.

Based on our experience here at INOMICS, as well as by examining site usage statistics, we can confirm that the click through rate (CTR) on Standard jobs advertised in summer is significantly higher than throughout the rest of the year.

We spoke with Dr. Dolan about his crossover interests in Russian literature and economics (and how he made that combination work to his advantage), his experience working in Moscow during the last years of the Soviet Union and why he recommends the MBA degree, among other topics.

Globalization has changed the panorama of the education, giving more options to students to choose the place where they want to study next. Nowadays, students from all over the world can enroll in a program in destinations they had never imagined. Moreover, high quality of education, career options and discovering of new cultures encourage young people to increase the percentage of foreign students at prestigious universities around the globe.

Although students and young professionals know that internships can be a great way to gain experience and help fill up their CVs, sometimes employers might not realize that hiring interns can be equally important for them and their organization. In order to highlight the ways in which internships can be mutually beneficial, we’d like to focus on three key reasons why hiring interns is advantageous for any organization.

This April 1st, we figured we’d spare you another bogus announcement or unfortunate attempt at a corporate joke and instead delve into the murky place where economics and humor intersect. If all you’re hoping for is a few economist jokes, (like the classic “Three Economists Go Hunting” jab we highlighted in a previous entry), then don’t worry, you’ll find some of those at the end of the post.

 There are many reasons why institutions and individuals engage in conference organization, be it an international congress or a local workshop on a specific area of economics or finance. In academia, it is a great way to publicize your research work, to educate a wider public about a certain issue or simply to bring together experts from the same field and share the state of research. In business, it is the ultimate way to expand a network, market your company and often pave the way to future clients. Regardless of the type of institution, all conference organizers face the same challenges, especially when organizing an event for the first time.

Time and time again we hear economists seeking to answer the questions:  “How and why some countries manage to get rich while others stay poor?” and “What can be done to change this fundamentally wrong situation?”. To help tackle these issues we are dedicating a series of blog posts to the field of Development Economics.

We are sad to share the loss of a great economist yesterday. Robert Fogel, Nobel Laureate (1993, with Douglass North) passed away yesterday at the age of 86. He was a Professor at the University of Chicago Booth School of Business and Founding Director of the Center for Population Economics.

There exist two sides to every argument; in this one we have on one side a utopian world where everyone is equal and on the other a world where inhabitants don’t want to share what they’ve earned (presumably) by persistence and hard work with others and keep it for themselves. Herein lie the issues of inequality and the question of welfare and income redistribution. There are debates at every level of society, government and especially amongst economists as to where this problem comes from and how to tackle it.

Sources: Christmas Spending Survey 2012, Deloitte; NRF’s Holiday Survival Kit  (US only); HSBC Christmas Spending Survey 2012 (UK only)The Christmas Season is probably the heaviest burden for family budgets among all the annual holidays, and the best business opportunity for retailers. In the US alone estimations of spending on Christmas-related items hit $586.1 billion in 2012.

INOMICS continues and expands its working partnership with the European Regional Scienc Association (ERSA) into 2013.

Halloween is a highly commercialized holiday in the US, with people of all ages celebrating and spending. Expected Halloween spending of US consumers in 2012 almost equals government expenditures of Kenya. According to surveys conducted annually by the National Retail Federation, in last five years total spending on Halloween in the US grew from $4.96 billion in 2006 to an expected $8 billion in 2012. After a significant drop in spending in 2009, consumers managed to bring it back up to the level of a previous year in 2010.

Google’s California headquarters is one of the more unusual places where you might find economists hard at work. While economists did not have a place at Google when it launched in 1998, by 2002 Google had begun to hire economists in advisory roles as the demand for Google’s ad space grew in size and complexity.

“You can’t be an economist without noticing all the interesting things about how the economy works, it is natural to be interested in it and I have had the privilege to be able to study it” said Alvin A. Roth answering questions during the unexpected 4am call from Sweden. Together with Lloyd S. Shapley, Roth was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel – more commonly known as the Nobel Prize in Economics – “for the theory of stable allocations and practice of market design”. During the award speech the field was described as being  “…about economic engineering, [and] how to design certain markets where the traditional market mechanism is expected to not work well.”

Data published on OECD.Stats Extracts gives an overview of the absolute numbers of graduates from tertiary type-A and advanced research programs for all standard fields of education.  According to the International Standard Classification of Education (ISCED), economics and economic history fall under the category of Social and Behavioral Science (business and related disciplines are not included). The graph presented above includes aggregated data for countries with the largest number of graduates in social and behavioral science* for the year 2010. The number of graduates from the US significantly out numbers graduates from other OECD countries, leading in every other discipline as well. Unfortunately, there is no information available on the exact percentage of economists among the graduates.

On November 16, 2006 the world lost one of the most influential economists of the twentieth century. Today, July 31, 2012, Milton Friedman would have celebrated his 100th birthday, which makes it perhaps a fitting time to stop for a moment and recall some of his contributions to the field.

Three Economists go out hunting