Microeconomics is the study of what economic actors - be they people, firms, or whole industries -  do when confronted with choice, and how this affects the distribution of resources. It’s fascinatingly revealing but can be frustratingly complex. And regardless of which direction your economics career takes, it’s likely that, at some point, it will have to be mastered. But that’s fine, INOMICS is here. 

History, it feels, is quickening pace. Pandemics, both old and new, are rocking the world, shaking its foundations. Systemic racism, an age-old disease, continues to facilitate violence on black bodies and undermine humanity, while a novel coronavirus has killed hundreds of thousands, disproportionately affected people of colour, and compounded the often racial inequalities that characterise our societies. Protestors now fill the streets, and across much of the anglophone world a tipping point has been reached. What will emerge from this moment is hard to say. A better question may be what do we want to emerge? Either way, there can be little doubt, change is afoot - and it’s been a long time coming.

INOMICS has seen a surge in demand for online courses recently, with far more students searching for higher education alternatives. With the effects of COVID-19 ongoing, and many institutions still closed, enrolling in a fully online program or online degree has clearly become the best way to continue self-improvement and career development. Institutions offer a variety of online degree programmes and massive open online courses (MOOCs), which often have less expensive tuition fees. Additionally, you will save money by not having to commute to a campus. Distance learning can improve your technical skills too, as you navigate new learning management systems. Before you choose a course, though, there are a few things you need to consider. Here INOMICS’ walks you through the basics!

Universities around the world are currently experiencing a crash course in online education. The coronavirus pandemic has shaken the sector in a big way, leaving professors and students struggling to complete the academic year off campus and having to prepare for the next one under very uncertain circumstances. Although online learning has been around for at least two decades, adapting all courses to remote forms of education is proving a steep learning curve for most institutions. Applying a basic economic principle and considering some of the evidence on online versus traditional teaching methods can help to assess the likely effects of recent campus closures on student learning outcomes and to see how course provision and programme design may develop in the longer term.

When you think business school, you probably think MBA. A Master’s of Business Administration has long been a coveted — and often essential — qualification for business professionals. In recent years, however, the tide has begun to quietly shift, with more business school students than ever pursuing master’s degrees in specialized fields such as accounting, economics and business analytics.

Here INOMICS will be offering the latest news on how the coronavirus (COVID-19) is affecting the world of economics, so you can keep abreast of what the pandemic means for higher education, careers, and academia.

Starting out in a finance degree? Stuck at home during lockdown and want to remain safe while improving your financial knowledge? Simply interested in the topic? INOMICS is here to help. If you're looking for the most-talked-about books in the field, or planning on getting some interdisciplinary knowledge, check out our list of the top books in finance.

In the midst of the destruction it’s wrought, the lives and livelihoods it’s taken, and freedom it’s limited, COVID-19 has given us one thing that may yet prove positive - the opportunity to reflect. Under lockdown, we’ve been compelled to consider our pre-COVID lives, the aspects we valued, the parts we endured, and how things could be changed. Separation from reality has renewed our perspective. And it’s come at a convenient time, for a choice hangs in the air. With swathes of the economy on life-support, and recession hitting, we have the opportunity to choose which areas we preserve, and which we let perish. Ultimately, we must decide on which values our future economies are built. As climate catastrophe looms large, the stakes could not be higher.

You are educated, qualified and consider yourself reasonably intelligent. You have handed in countless papers, proposals, and at least one thesis. You probably have some experience under your belt, maybe already landed a pretty good job with good prospects. You are confident of your ability, ready to work evenings and weekends, and keen to impress. 

In the collective consciousness, the economist exists as a middle-aged man, bespectacled and clad in a suit, whose unhealthy pallor betrays a hermit-like lifestyle led in the confines of a library. Of course, this image isn’t a particularly fair reflection of the discipline, or its practitioners. Some, for instance, will be aware that in the last few years a number of economists have experimented with contact lenses. Nevertheless, the stereotype remains instructive: the large majority of economists are men, and given the positions they hold, and influence they exert, such homogeneity is a cause for concern.

Whether someone believes in higher rates of tax or not can tell you a lot about their political views. As a general rule, conservative politicians - at least since the 80s - have favoured fewer tax brackets and relatively lower rates of tax. The argument goes that this encourages people to work harder because they keep more of their money, which means more money remains in the economy; eventually it will trickle down to those not so rich. On the other end of the spectrum, more left-wing politicians argue that higher taxes on top earners are an effective way of raising government revenue for public services which help out those who need support, and that a few more dollars or pounds taken off of someone who earns astronomical sums already is a drop in the ocean.

Necessity is the mother of invention, so the old proverb goes. And with coronavirus spreading through countries, deep economic recession clambering at its coattails, the collective need has rarely been higher. In just four months, almost 300,000 lives have been taken worldwide, and lockdown, in its various forms, is threatening untold livelihoods - as of May 9th, 33 million jobs have been lost in the US alone. True to the saying, some invention has been forthcoming as incumbents have scrambled to protect their citizens and economies. The UK’s Chancellor, Rishi Sunak, for instance, has shown great ideological flexibility, committing to stimulus packages so large they’d make the most ardent of socialists blush. And similar developments can be seen across the world.

The ascension of the Chinese economy to global preeminence is not without precedent. China was, after all, one of the largest economies in the world from the Song Dynasty (c.900 CE) until the 19th century’s ‘Great Divergence’, when European industrialisation facilitated the long period of Western economic dominance that generations alive today know all too well.

In our current state of isolation, it’s important not to forget about some of the other issues which still beset the human race, not least climate change. Due to the fact that so fewer people are travelling both around the world and domestically each day, the levels of greenhouse gases being emitted are far lower than they have been in recent years.

As COVID-19 has spread globally, access to the outside world has shrunk, made increasingly off-limits by government lock-down, observable now only through glass. Our digital lives have expanded to fill the void, evenings previously spent with friends now passed plugged into laptops, obsessing over the latest figures, bailouts and newly-imposed restrictions - time blurs. Amid the chorus of leaders justifying ever more draconian measures, one thing has been hard to miss: the invocations of war.

As the world is ravaged by COVID-19, governments everywhere are enjoying burgeoning support. A glance at approval ratings finds presidents, prime ministers, even autocrats, overwhelmingly popular, in some instances irrespective of their actual performance. Of course, this is unsurprising: there’s long been a history of populations coalescing around established leaders in times of crisis. Amid uncertainty, we find their increased visibility reassuring. Speaking to the nation they look competent and confident; we feel inclined to trust them, and more often than not, we do.