The 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, more commonly known as the Nobel Prize in Economics, has been awarded to three influential economists this year - Daron Acemoglu, Simon Johnson, and James Robinson. The prize – worth 11 million Swedish crowns, or about $1 million or roughly €950,000 – was awarded by the Royal Swedish Academy of Sciences for their ‘studies of how institutions are formed and affect prosperity’ (Ricciuti), providing critical insights into why some countries achieve higher per capita incomes and others struggle with persistent economic challenges. Their work also emphasizes the importance of establishing robust institutions to support sustainable economic growth and social stability.

The holiday season is coming and Christmas is just around the corner. If you want to avoid buying presents for the holidays in a panic, you had better get to planning the gifts you'll be giving.

Staying informed on economic trends, policies, and research is key to gaining valuable insights into the ever-changing global economy. Whether you're an economics student, educator, or enthusiast, exploring different viewpoints is essential. Economics bloggers and podcasters come in all forms—some are academics like Gregory Mankiw and Paul Krugman, while others are insightful thought leaders like John Cochrane and Tyler Cowen. Their expertise spans from real estate to public policy and macroeconomic trends.

Almost everyone has heard of Pokémon: it’s the highest-grossing media franchise in the world1. The core concept is also familiar to most people – in the Pokémon world, quasi-magical creatures live alongside people in idyllic, family-friendly harmony. 

Imagine this: you're trying to solve a complex puzzle where every piece represents a different facet of economic performance. Now, imagine that the shape of some of these pieces are influenced by the quality of the institutions in place—things like governance, legal frameworks, and anti-corruption measures. As it turns out, the fit of these pieces can make or break the overall picture of economic growth. Institutions, in this sense, are not just background players; they are fundamental to how the economic puzzle comes together.

The Sustainable Development Goals advocate ensuring universal access to clean and affordable energy by 2030, prompting a global push toward transitioning from unclean energy sources to cleaner alternatives. In response, Ghana has subsidized the cost of clean energy; however, the financial burden of this transition remains substantial for households. The role of household asset accumulation in facilitating this transition has been underexplored in existing literature; examples include Kafle and Dean (2015) and Ansong (2015). Utilizing logistic and instrumental variables (IV) regression methods along with data from the Ghana Living Standards Survey (round 6 & 7), I investigated how durable asset accumulation influences households' choice of cooking fuels in the research paper "The Nexus Between Household Durable Asset Accumulation And Household Cooking Fuel Choice in a Developing Country".

In today’s world, the discipline of economics finds itself at an inflection point. The mainstream orthodoxy, often criticised for being made up of half-truths, is starting to unravel. As a result, a transformative shift is happening.

Is it possible to reinvigorate under-developed regions by turning the public’s penchant for gambling into a force for economic growth? That is one of the questions asked by labor policy economist Luigino Giliberto in his debut book, Athena’s Reasons (currently offered in Italian). The book details a model of regional economic growth that aims to reinvigorate Italy’s less developed areas, inspired by the ancient Greek goddess Athena.

Everyone’s heard of micro- and macroeconomics. The two terms are so deeply ingrained in the world of economics that even lay people generally know what they refer to. Almost everything economists analyze can be arguably given one of these labels.

The following article first appeared in the INOMICS Handbook 2024.Download the INOMICS HandbookProfessor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the 2024 edition of the INOMICS Handbook Questionnaire. This time, he poses the questions to Dr. Olivier Blanchard, a prominent macroeconomist, who graciously took to the spotlight in this latest round. Thus, the back-and-forth has been dubbed Fratzscher vs. Blanchard, as is tradition. Dr. Blanchard offers us some interesting food for thought: the interview touches on the joy of conducting research with former students, the sometimes counterintuitive things we learn from economics, an analysis of Real Business Cycle Theory, and more.

Alfred Marshall is a famous economist who made great contributions to the field when it was still relatively new towards the end of the 19th century. Yet, students often learn about important figures in economics only briefly and in passing, although the content taught in economics courses often comes from brilliant economists such as Marshall.

There are many schools of thought in economics. Each rallies around one or more different theories about how the world works, and builds models to support those theories and explain the economy. These schools include the (neo)classical, (neo)Keynesian, monetarist, and Chicago schools. Readers may have heard about the Austrian school of thought as well. 

Economics can be used to study almost anything, including popular music. For example, the late Alan Krueger analyzed the music industry, examining live concert revenue, copyright protection, and streaming services in the book Rockonomics. Similarly, economics can offer insights about heavy metal specifically, a type of rock music characterized by loud distorted guitars, intense rhythms, and powerful vocal styles.

The 1932 book "Booms and Depressions" by Irving Fisher, along with his 1933 Econometrica paper "The Debt-Deflation theory of Great Depression" earmarked the start of a new era for modern macroeconomics and financial literature. This article reviews the book in light of the current economic and financial scenario.

Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.

The famous 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, colloquially known as the Nobel Prize in Economics, has been awarded to a Harvard University economist this year: Dr. Claudia Goldin. The prize – worth 11 million Swedish crowns, or about $1 million or roughly €949.000 – was awarded to her by the Royal Swedish Academy of Sciences “for having advanced our understanding of women’s labour market outcomes…Her research reveals the causes of change, as well as the main sources of the remaining gender gap.”1

Are you feeling overwhelmed by the complexities of economics? Do you need a break from the serious and often confusing world of resource distribution, scarcity, and production? Look no further! We have collected 10 hilarious economics jokes that are sure to bring a smile to your face. So sit back, relax, and get ready to laugh!

Being (or becoming!) an economist probably seems like a good idea. After all, you’re reading the INOMICS Blog! Beyond reading relevant advice and interesting articles, it can be helpful to have real data to answer questions about the job market for economists.

International cooperation is important for economic growth, because it allows societies to grow more than they could on their own. When countries specialize in the economic areas they are relatively more productive in (utilizing their comparative advantages) and trade with other nations, everyone is made better off.

Students often learn about important figures in economics only briefly and in passing, yet the content taught in economics courses often comes from brilliant economists such as these.

Professor Marcel Fratzscher, esteemed macroeconomist and president of the DIW Berlin, once again asks questions about economics and life in general to a peer in the field. This time, he has the pleasure of being joined by postdoctoral researcher Dr. Jesse Wursten, who generously agreed to take the hot seat in this exchange. Thus, the back-and-forth has been dubbed Fratzscher vs. Wursten, as is tradition. What follows is a conversation that offers insight into some of the challenges of balancing family with an economics career, the usefulness of economists when it comes to analyzing policy externalities, and more.

For decades, the U.S. dollar has reigned supreme as the world's primary reserve currency. Its dominance can be attributed to several factors, including the size and stability of the U.S. economy, the political influence of the United States, and the widespread acceptance of the dollar in international trade and finance. The dollar's status as the de facto global currency has significant implications for the functioning of the global financial system.

Artificial intelligence tools are becoming more and more ubiquitous with each passing week. The development of ChatGPT-3.5 in particular launched conversations about the capabilities of AI into the mainstream. Since then, news stories and speculation about AI supplanting (and sometimes replacing) human workers continue to be released. The economics of AI is, as a result, becoming an important topic in our field.

The Graduate Record Examinations, more commonly known as the GRE, is one of the most important standardized tests in the world for admission to post-Baccalaureate programs. It’s very often required by universities when considering admission into their Master’s or even PhD programs.

Islands bring to mind a particular vision of beaches, coconuts, and relaxation that’s hard to beat. Many people think of them as the ultimate vacation destination, and indeed tourism is important for many islands. Yet due to their unique geography, most islands in the world face a set of economic challenges that many mainland nations don’t experience.