Author: admin
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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…
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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…
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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.
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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…
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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!
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Sunk Cost
A sunk cost is the amount of funds/resources that a company/individual has already spent and cannot recover. The concept educates businesses that sunk costs should not influence their future choices or actions. This is because these past expenditures are irrelevant to future decisions. Example:A company produces basic cricket bats for $50 and sells them for…
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Opportunity Costs
Opportunity Cost is the cost of choosing one option over another. It is the value of the option you give up when you allocate your resources (like time, money, or effort) to a particular choice. Essentially, it’s the value of what you could have gained but didn’t because you chose a different path. Example:Imagine a…
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Unemployment
The unemployment rate represents the total percentage of people who do not have a job or source of income even though they want to and have the ability to work. It is an economic indicator that measures the people in the labor force actively seeking employment but who cannot find suitable jobs. Example:From May to…
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Supply and Demand
Supply refers to the quantity of a product or service that producers can provide in the market. Demand, on the other hand, represents the quantity of that product or service that consumers want to buy. The interplay between supply and demand sets the price and accessibility of goods and services within an economy. Example:Since before…
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Gross Domestic Product (GDP)
GDP is a metric that countries use to calculate the total value of all goods and services generated within the country during a specific period (year or quarter). When a country’s GDP goes up, it usually means the economy is growing or getting better. Example:As of 2022, global GDP exceeded $100 trillion, with the United States leading at $25…