Download Principles of Microeconomics: Scarcity and Social Provisioning

Principles of Microeconomics: Scarcity and Social Provisioning takes a pluralistic approach to the standard topics of an introductory microeconomics course.

Principles of Microeconomics: Scarcity and Social Provisioning takes a pluralistic approach to the standard topics of an introductory microeconomics course. The text builds on the chiefly neoclassical material of the OpenStax Principles of Economics text, adding extensive content from heterodox economic thought. Emphasizing the importance of pluralism and critical thinking, the text presents the method and theory of neoclassical economics alongside critiques thereof and heterodox alternatives in both method and theory.

This approach is taken from the outset of the text, where contrasting definitions of economics are discussed in the context of the various ways in which neoclassical and heterodox economists study the subject. This textbook will be of interest especially to instructors and students who wish to go beyond the traditional approach to the fundamentals of microeconomic theory and explore the wider spectrum of economic thought.

Table of Contents
Chapter 1. Welcome to Economics!
Chapter 2. Choice in a World of Scarcity
Chapter 3: Defining Economics: A Pluralistic Approach
Chapter 4. Demand and Supply
Chapter 5. Labor and Financial Markets
Chapter 6. Elasticity
Chapter 7. Consumer Choices
Chapter 8. Challenging the Role of Utilitarianism
Chapter 9. An Institutional Analysis of Modern Consumption
Chapter 10. Cost and Industry Structure
Chapter 11. Perfect Competition
Chapter 12. Monopoly
Chapter 13. Monopolistic Competition and Oligopoly
Chapter 14. The Rise of Big Business
Chapter 15. Costs and Prices: The Evidence
Chapter 16. The Megacorp
Chapter 17. Monopoly and Antitrust Policy
Chapter 18. Environmental Protection and Negative Externalities
Chapter 19. Positive Externalities and Public Goods
Chapter 20. Poverty and Economic Inequality
Chapter 21. Issues in Labor Markets: Unions, Discrimination, Immigration
Chapter 22. Information, Risk, and Insurance
Chapter 23. Financial Markets
Chapter 24. Public Economy
Chapter 25. Money and the Theory of the Firm
Chapter 26. International Trade
Chapter 27. Globalization and Protectionism
Chapter 28. The Economics of Globalization and Trade: A Pluralistic Approach

Principles of Microeconomics by N. Gregory Mankiw

There are many academic books in the field of economics but this one is best. Principles of Microeconomics holds everything that a student is looking for in an academic book. The language is pretty simple and consists of many things like eloquence, elegancy, good examples, understandable graphs. There are many real cases presented for pretty much every chapter. There are questions you can work through to see how well you understood everything.

5th Edition of Principles of Microeconomics is Clear, understandable, approachable, and, to the extent possible, a comprehensive textbook about economics. As an independent learner like me, this book provided a good way to learn more about the basics of economics and many ways to “think economically” too. While the book is intended for a course on economics, it is easy to read and understand if you are studying on your own.

Freakonomics by Stephen Dubner & Steven Levitt

Freakonomics by Stephen Dubner & Steven Levitt

 The book is presented in 6 key chapters with no unifying theme. In each chapter, the authors ask a seemingly strange question, then use detailed stories and data to uncover the unexpected and often uncomfortable truths. Freakonomics helps you make better decisions by showing you how your life is dominated by incentives, how to close information asymmetries between you and the experts that exploit you and how to really tell the difference between causation and correlation.

Freakonomics shows, economics ultimately boils down to the study of incentives. Incentives are all around us, whether natural or manufactured (like by a parent, teacher, boss, politician or economist). In this episode, we talk about 4 major areas of economics, using a few stories and studies from the book to flesh out the concepts:

Freakonomics by Stephen Dubner & Steven Levitt

– Moral incentives VS Economic incentives

– Information Asymmetry

– Correlation VS Causation

– Risk Assessment

Table of contact:

INTRODUCTION: The Hidden Side of Everything

  1. What Do Schoolteachers and Sumo Wrestlers Have
  2. How Is the Ku Klux Klan Like a Group
    of Real-Estate Agents?
  3. Why Do Drug Dealers Still Live with Their Moms?
  4. Where Have All the Criminals Gone?
  5. What Makes a Perfect Parent? 133
  6. Perfect Parenting, Part II; or: Would a

Freakonomics Summary

At its roots, economics is simply the study of incentives. It’s all about how we use our limited resources in an attempt to satisfy our unlimited wants and needs. It’s about the trade-offs we make each day. For example, we’re incentivised to go to work and trade our time (a limited resource) to get money to buy the things we want. When we’re a toddler, we’re curious to see what’s going on up there on the stove so we reach up and touch it, but when we get burned we’re incentivised not to touch it again. Our parents praising us for a good score in our 4th-grade maths test is an incentive to do some extra homework the night before the test.

If these incentives don’t occur organically, it’s up to people to create them. A trip to the toy store might be how a parent incentivises their child to eat all of their veggies, or a government agency might find a company that doesn’t pay all of their taxes correctly. People in positions of power – parents, teachers, bosses, politicians – are setting up incentives that encourage people to do more ‘good’ things and less ‘bad things.

Wealth, Poverty And Politics By Thomas Sowell

Famed economist and syndicated columnist Thomas Sowell have authored more than 30 books on topics related to economics, public policy, history, class, culture, education, and race. A professor with a doctorate from the University of Chicago, Thomas Sowell is largely considered to be one of the most influential American economists of the 21st century. In Wealth, Poverty and Politics, Thomas Sowell conveys the nuts and bolts of free-market economic theory against the backdrop of modern debates on income inequality and public policy, which he argues often underplay the production of wealth as a factor. 

Thomas Sowell goes through the hype about the importance of human capital and productivity that is, making something that saves thousands or millions of lives or relieves the toil of living vs. the over-discussed and unproven hypothesis about victimhood and equality of outcomes. Great examples about ageism, the perils of isolation, and the fluctuations of cultures across time.

Chapter 1: Issues
Chapter 2: Waterways
Chapter 3: Lands
Chapter 4: Climate, Animals and Diseases

Chapter 5: Culture and Economics
Chapter 6: Cultural Diffusion
Chapter 7: Culture and Progress

Chapter 8: Population
Chapter 9: Mental Capabilities

Chapter 10: Political Institutions
Chapter 11: Politics and Diversity
Chapter 12: The Welfare State

Chapter 13: Economic Differences
Chapter 14: Implications and Prospects
Chapter 15: Causation versus Blame
Chapter 16: Goals

Degrowth And Its Criticism

Degrowth And Its Criticisms

COVID-19 has indirectly raised the issue of degrowth. The forced closure of sectors of the economy has forced people to consider what consumption is really essential. In Covid, we have prioritised public health over GDP. Accepting very large falls in GDP, in return for getting on top of virus and protecting vulnerable people. The question is whether the experience of COVID-19 will encourage more discussion about issues that are more important than growth.

In Defense of Degrowth - Local Futures

What is degrowth?

Degrowth is a political and economic theory that emphasises changing society’s priorities from economic growth and production to a society based on sustainability, well-being, concern for the environment and cooperation. The motives for pursuing degrowth include providing environmental sustainability for the long-term and improving quality of life. Critics argue degrowth is a luxury of the middle classes and many very poor still need to see economic growth to lift them out of poverty.

Degrowth: Its Origin

Some of the first ideas regarding preserving the environment and the excessive exploitation of natural resources emerged at the end of the Second World War. However, it was in the early 1970s that the concept of degrowth took off, with the publication of The Entropy Law and the Economic Process, a book by Nicholas Georgescu-Roegen that was quickly followed by the work of the Club of Rome with the Limits To Growth Report in 1972. As a result, a couple of intangible principles were found and grounded:

  • A large part of the resources humans use and rely on are dependent on ecosystem services and are limited;
  • Each withdrawal of non-renewable resources has the potential to jeopardize the long-term survival chances of humanity;
  • Infinite growth (demographic, economic …) in a finite world is impossible.

Things you should know about degrowth

We are used to hearing politicians and policy wonks talk about economic growth, celebrating when it goes up, and selling their pet projects and policies as the key to boosting growth. The problem is, as the economy expands, so does our consumption of resources. Waste, emissions and other pollution go up, too. This is why many are asking can we really keep infinitely expanding our economies on a planet of finite resources?

1. Our obsession with GDP

Real GDP | LaptrinhX
Our obsession with GDP

It was only in the mid-20th century that gross national product (GDP) became the go-to measure of economic success, providing a metric for competition between capitalism and communism. Expanding GDP became increasingly central not only to economic policy but just about every global project aimed at making the world a better place. GDP as a tool for measuring growth is increasingly questioned. Indeed, as an answer to its inefficiency, distinguished economists are working on more relevant ———–and comprehensive alternative indicators, such as the Human Development Index (HDI), the—– ecological footprint or the social health index.

2. Economic growth doesn’t help everyone

The benefits of economic growth have increasingly been going to the super-rich, with the divide between rich and poor yawning ever wider. Developing countries tend to have high growth rates, as more people have disposable income and more markets open for consumer goods. But in industrialized countries, growth generally slows, and efforts to speed it up to don’t necessarily result in a better standard of living for most people.

3. A degrowth economy could mean more free time

We know we should consume less, and consume more carefully, share and repair appliances, cycle rather than drive, take the train instead of flying. But these things can feel like big sacrifices that, individually, have little impact. We’d be poorer in stuff, but richer in time, replacing the sugar-rush of consumerism with more profound pleasures, such as community and creative pursuits — be they the arts or growing our own food. We would have time to volunteer and share resources, engage in direct democracy, and develop alternatives to a profit-driven economy.

4. Some sectors would shut down, but others would flourish

Green Economy in the Mediterranean
Green economy

Degrowth isn’t about slamming the brakes on the entire economy and sliding into a painful recession. Instead, the focus would shift to sectors — like care, education, renewable energy and public transport — that improve human and ecological wellbeing, rather than those that attract investment purely because they generate profit. In an economy shaped for people, not profit, better public services and a fairer distribution of wealth would mean that more of us could afford to live well, on less. 

Criticisms of degrowth

Economic growth reduces poverty. For many developing economies, economic growth has enabled many people to be lifted out of poverty. Degrowth may seem a good idea for advanced western economies, but for those in developing economies with widespread poverty, economic growth and higher output make a significant difference to living standards.

The term is confusing. Degrowth implies a negative connotation of lower living standards. We are so used to growth being considered a good thing, that degrowth implies less. A better term would be to focus on notions of positive well being. Some have criticised degrowth for placing too much emphasis on economic growth, when the real key is not reducing growth, but promoting growth that helps the environment. For example, supporters of the Green New Deal argue, investment in renewable energy can lead to higher growth and a better environment. The term degrowth originated from Italian and French words and the translation has different connotations in English.

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What is Japanification?

The central idea behind the word “Japanification” is that an economy loses altitude in its growth trajectory for an extended period. It is associated with low-interest rates, low inflation and high government indebtedness. The extent to which these factors are causal agents or just the side effects is hotly debated by economists.

Once not too long ago most countries wished to be like Japan as the country quickly turned around its economic fortunes with technology and development. So much so that Japanification was a matter of pride for most countries. Not anymore. Japanification has come to mean a country that has been suffering from all kinds of stagnation: political, demographic and economic. 

As a visual, here’s Japan’s long-term nominal GDP in US dollar terms:

What is Japanification?
What is Japanification?

The chart is pretty similar in yen, too. It’s three decades of economic stagnation, any way you look at it.

One important point to stress is that, on some measures at least, Japan’s economic performance has not been all that bad – or at least not so bad as to justify some of the more extreme headlines it has received. Since the start of this decade, Japan’s working-age population has contracted by around 0.5% a year. Yet despite this, GDP has increased by an average of 1.3% a year and GDP per capita has increased by an average of 1.5% a year. While this is not a stellar performance, it doesn’t amount to the “lost decade” of growth that some have used to describe Japan’s recent experience.

Current concerns about the possibility of Japanification are centred more on Europe where growth has been stubbornly low. Experts say the coronavirus outbreak is resulting in economic damage that poses the greatest risk faced by the eurozone since the 2008 financial crash.

The developed world appears to have entered a period of Japan-style low growth, low inflation and super-loose policy. What about the emerging world? Well, the good news is that the issues I’ve outlined in this note only affect those countries at the technological frontier. In that sense, the emerging world is immune to all of this. The bad news, however, is that emerging markets are facing challenges of their own. I’ll return to these in next week’s note.

In case you missed it:

Top 5 Nobel Prize-Winning Economic Theories Everyone Should Know

Economists Whose Idea Are Changing The World

Different Ways To Calculate GDP Of A Country

Top 5 Nobel Prize-Winning Economic Theories Everyone Should Know

Nobel Prize-Winning Economic Theories Everyone Should Know

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was established in 1968 by the Bank of Sweden, and it was first awarded in 1969, more than 60 years after the distribution of the first Nobel Prizes.

It has been awarded 51 times to 84 Laureates who have researched and tested dozens of ground-breaking ideas. Here are five prize-winning economic theories that you’ll want to be familiar with. These are ideas you’re likely to hear about in news stories because they apply to major aspects of our everyday lives.

1. Management of Common Pool Resources

Common Pool Theory

In 2009, Indiana University political science professor, Elinor Ostrom, became the first woman to win the Nobel Prize in economics. She received it “for her analysis of economic governance, especially the commons.

Management of common-pool resource is a resource that benefits a group of people, but which provides diminished benefits to everyone if each individual pursues his or her own self-interest. The value of a common pool resource can be reduced through overuse because the supply of the resource is not unlimited, and using more than can be replenished can result in scarcity. Overuse of a common pool resource can lead to the tragedy of the commons problem.

2. Behavioral Economics

Intro to Behavioral Economics

The US academic Richard Thaler won the Nobel prize in economics for his pioneering work in behavioural economics. The Royal Swedish Academy of Sciences, which awarded the £845,000 prize, praised Thaler for incorporating psychological assumptions into analyses of economic decision-making.

Unlike the field of classical economics, in which decision-making is entirely based on cold-headed logic, behavioural economics allows for irrational behaviour and attempts to understand why this may be the case. The concept can be applied in miniature to individual situations, or more broadly to encompass the wider actions of a society or trends in financial markets. The theory is particularly useful for companies and marketers looking to increase sales by encouraging changes in behaviour by consumers.

3. Asymmetric Information

Information Asymmetry
Nobel Prize-Winning Economic Theories Everyone Should Know

In 2001, George A. Akerlof, A. Michael Spence, and Joseph E. Stiglitz won the prize for their analyses of markets with asymmetric information. The theory showed that economic models predicated on perfect information are often misguided because, in reality, one party to a transaction often has superior information, a phenomenon known as information asymmetry.

An understanding of information asymmetry has improved our understanding of how various types of markets really work and the importance of corporate transparency. Asymmetric information can also be viewed as the specialization and division of knowledge, as applied to any economic trade. For example, doctors typically know more about medical practices than their patients. After all, physicians have extensive medical school educational backgrounds that their patients generally don’t have. This principle equally applies to architects, teachers, police officers, attorneys, engineers, fitness instructors, and other trained professionals. Asymmetric information, therefore, is most often beneficial to an economy and a society in increasing efficiency.

4. Game Theory

Top 5 Nobel Prize-Winning Economic Theories Everyone Should Know

The academy awarded the 1994 prize to John C. Harsanyi, John F. Nash Jr., and Reinhard Selten for their pioneering analysis of equilibria in the theory of non-cooperative games. The theory of non-cooperative games is a branch of the analysis of strategic interaction commonly known as “game theory.”

One of Nash’s major contributions was the Nash Equilibrium, a method for predicting the outcome of non-cooperative games based on equilibrium. Nash’s 1950 doctoral dissertation, “Non-Cooperative Games,” details his theory. The Nash Equilibrium expanded upon earlier research on two-player, zero-sum games. Selten applied Nash’s findings to dynamic strategic interactions, and Harsanyi applied them to scenarios with incomplete information to help develop the field of information economics. Their contributions are widely used in economics, such as in the analysis of oligopoly and the theory of industrial organization, and have inspired new fields of research.

5. Public Choice Theory

Nobel Prize-Winning Economic Theories Everyone Should Know

James M. Buchanan Jr. received the prize in 1986 for his development of the contractual and constitutional bases for the theory of economic and political decision-making. Using Buchanan’s insights regarding the political process, human nature, and free markets.

He showed that contrary to the conventional wisdom that public-sector actors act in the public’s best interest as “public servants”, politicians and bureaucrats tend to act in their own self-interest, just like private-sector. He described his theory as “politics without romance.” We can better understand the incentives that motivate political actors and better predict the results of political decision-making. We can then design fixed rules that are more likely to lead to desirable outcomes.

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Economists Whose Idea Are Changing The World

Economists Whose Idea Are Changing The World

Economics is one of the most important and influential fields of study one can enter: the ramifications of its theory have changed our world, and will of course continue to do so. When we think of powerful men of the past, our minds turn to politicians and leaders the Churchills, Ghandis and even the Stalins and Hitlers who led men to glory, freedom, or destructions. However, the economists on whose ideas and counsel these giants of the modern age based their policies have had no less of an influence, indeed arguably even more of an impact, on our world.

We’re living in the age of the rock star academic. Everyone is trying to make sense of financial crises and the old economics textbooks don’t work so well anymore. So it’s natural to turn to the people who study this stuff for a living. Thomas Piketty, a French academic, sold 1.5 million copies of his book “Capital in the Twenty-First Century,” while Nobel prize-winning economists like Paul Krugman and Joseph Stiglitz can be found burning up social media, the newspapers, and the conference circuit. But not everyone with influential ideas on economics and finance is as well-known. Here are the Economists that are changing the world behind-the-scenes.

Related post: Skill And knowledge Required For An Economics Major:

1: Ha-Joon Chang, University of Cambridge

Idea: Developed countries talk a lot about the free market but really use their power and financial strength to profit at the expense of emerging economies. Chang’s ideas are controversial, centering on the role that international bodies like the IMF and World Bank play in the world economy. In books such as Kicking Away the Ladder and The Myth of Free Trade he argues that the governments of bigger economies help out their own companies, while preaching the benefits of the free market to developing nations.

2: Katherina Pistor, Columbia Law School

Idea: The rule of law must be suspended for financial markets in a crisis, or the whole system will collapse. Pistor, who won the Max Planck academic research award in 2012, is developing a legal theory of finance to work out how laws affect its shape and composition. She discovered that, in a crisis, the regulations that build markets aren’t worth the paper they’re printed on. Political power is the driving force behind who gets hit in the heat of the moment.

3: Charles Calomiris, Columbia Business School

Idea: Financial collapses don’t happen at random and aren’t inevitable. They come from complex bargains between politicians and bankers that spiral out of the government’s control. That’s one of the reasons why the US has had 12 major banking crises since 1840, while Canada has had none.

Related post: Economics Books For Economist.

4: Jon Danielsson, London School of Economics

Idea: Trusting your risk models will lose you money in a crisis. Risk models will generally tend to have the same outcomes when everything is going well, even if they have different mathematical foundations. This tricks people in to thinking that they work all the time. But when all hell breaks loose, the models will give you wildly different risk assesments, leaving you flying blind. This is bad for banks and hedge funds but even worse for central banks, who have to make policy decisions for everyone else.

5: Marianne Bertrand, University of Chicago Booth

Idea: CEOs are rewarded for luck rather than performance. Also, employers judge applicants on their name as much as their qualifications. Bertrand is one the reasons why there’s been such a shareholder backlash against CEO pay, after proving their huge bonuses are based on luck rather than genius. In a 2003 paper, she and Sendhil Mullainathan also famously replied to help-wanted ads in Chicago and Boston with fake names. Some applicants used names like Emily and Greg, while others used names like Lakisha and Jamal. “The results show significant discrimination against African-American names,” the authors wrote. “White names receive 50% more callbacks for interviews.”

Related post: Highest Paying Jobs with an Economics Degree

6: Alvin Roth, Harvard University and Stanford University

Idea: You don’t need money to make a stable market for something. Roth, along with Lloyd Shapely, won the Nobel Prize in 2012 for showing that people can make a market based on mutually-beneficial swaps rather than cash to satisfy a specific need. This was particularly useful for easing the shortage of kidney donors in the US. Roth used game theory to pair up donors with patients they didn’t know, making it easier for people to swap their organs and find a match.

7: Richard Portes, London Business School

Idea: Bondholders can often work together to get concessions from a borrower. Portes, now professor of economics at London Business School, laid down the groundwork for collective action clauses, where sovereign bondholders use their bargaining power to impose conditions on a debtor country. The work has been especially important in cases like Greece or Argentina.

Related post: 11 Best Modern Economics Books

8: Charles Goodhart, London School of Economics

Idea: Goodhart’s Law. Goodhart said that as soon as governments or central banks turn a statistic, such as the stock market, into an implicit policy target, it ceases to become a reliable statistic. This is because players in financial markets change their investment strategies to pre-empt the policy. Goodhart was one of the orignal members of the Bank of England’s monetary policy committee in 1997, and a veteran of financial crises in 1970s.

9: Alberto Alesina, Harvard University

Idea: Far from hurting growth, austerity measures can actually help economies recover. In 2009, Alesina and Silvia Ardegna published a paper called Large Changes in Fiscal Policy: Taxes Versus Spending. It was an important part of the debate in the years that followed over whether austerity and reducing debt or boosting government spending were the best strategies for economies recovering, cited by fiscal hawks.

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an economist

A question or a challenge? There is a variety of reasons a student would choose to major in any discipline. These choices are inspired by different reasons, from family background to the environment or peer group association or it could even be for a choice of career or passion, whichever it is, it is important for you to understand some basic insight about economics.

From a personal perspective, the study of economics has provided me with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided me with a methodology for understanding and making sense of our complex environment. So here are 6 absolutely foolproof reasons for studying economics.

1. Economic Forecaster:

As an economist, you can make a living from predicting future economic events. The key to being a good economic forecaster is to use a mixture of dice and lottery numbers. (some economists make the mistake of using just lottery numbers, but this can lead to really bad forecasting) If this method fails just use the statistics from the previous year; they are always more accurate than the actual predictions of economists. An economist practically evaluates risks, which may be conditions or circumstances that may lead to a result of fluctuating from their initial estimates, hence demonstrates the thorough and deep thinking process used to final forecast estimates. Forecast results are sometimes generated annually but at other times updated frequently. Though there are so many tools put in place to help economists achieve results but need the statistical knowledge and models to follow in order to arrive at the result for particular variables. For your information economists have successfully predicted 10 out of the last 2 recessions.

2. You will understand the Market dynamics:

learning, as they say, is all-round progress, which touches every part of one’s life. Choosing to study economics will help you to understand the dynamics of the market. Market dynamics are simply those factors that impact the market. An economist perspective would mean demand and supply, opportunity cost, scarcity, equilibrium just to mention a few. The course will expand your vocabulary and knowledge to understand how the market works even if you would not be working primarily as an economist, but always at the back of your mind to help understand your organization market and can also help to influence the strategic decision in improving your organization’s performance.

3. Economists know reasons for unemployment:

Economist would define unemployment as a part of the labour force actively seeking employment. Dividing the unemployed over the employed gives an economist a statistically calculated percentage. An indicator used in understanding the operations of the total country’s labour force. Unemployment consequentially has an adverse effect on a country’s economy, especially when the rates are so high. This can then draw the attention of the media and other nations of the world too. There are numerous reasons for unemployment of a particular person in a country but if a country experiences recession or economic fall, most of the available private sector may be forced to lay off staff to reduce cost, and this, in turn, is causative for sometimes the mental minds both for the unemployed and employed. Reasons are numbers to an economist, which they could also predict or decipher in an economy.

Related post: Economics Books For Economist.

4. Able to make a good decision on personal spending:

There is a funny idea that economists are stingy people, but it is not so, they are only after making a very good economic decision. Learning to major in this course would enlighten your scope of reasoning to another level and eventually with enough passion to carry on would turn into a habit that is economically sound and financially healthy, since economics will teach you about market behaviours and organization trends. For example, learning about willingness to pay theory could help you develop your own spending habits, which will prove your sound economic mind and able to influence analytical thinking in immediate family members if possible.

5. Economists earn a high paying Job:

This is another reason be it as it may, why some students study economics as a major. It gives you the power to examine the labour markets, prospective private companies, industry tendencies or forces which direct the economy as it is. Definitely a major in economics could land you different jobs, one of such is a market research analyst, where they are required to apply skills like graphical representation, statistical skills and a critical mind for thinking, another is an economic consultant is needed across various sectors like government, finance, education, healthcare and business, they are required also to analyze and research economic strategies in order to help enhance performance. Any student that enjoys analytical thinking could major in economics which in turn will help to understand deeper how to coordinate and interpret data using mathematical formulas and statistics to make calculations. There are models also in place to learn, which helps to predict the effect of policy decisions, industry tendencies, climate change, investment, just to mention a few. The ability for problem-solving and great communication skills should be a strong suit for such an interested student, they are required to evaluate problems and recommend solutions.

Related post: Highest Paying Jobs with an Economics Degree

6. You can always give advice.

When the economy enters a recession, you will be able to tell everybody why the economy is in a recession. Also, you will be able to suggest several conflicting reasons as to how we can get out of a recession. This will simultaneously, both confuse and impress everybody; but it doesn’t matter because nobody ever listen to economists.

Related post: Skill And knowledge Required For An Economics Major:

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Top 10 Universities For Economics In The World


Economics is a popular subject with international students because of its excellent career prospects. An Economics degree from a top university could lead to a career in accountancy, banking, finance and many other areas. So these are our best universities for Economics.

1. Harvard University

Founded in 1636, Harvard University is the oldest higher education institution in the U.S. The bulk of Harvard’s students study at the graduate level and more than 20 percent of the student body is international. The university is made up of the undergraduate college, as well as 11 other degree-granting institutions including the highly ranked Business and economics School, Graduate School of Education, Law School and the John F. Kennedy School of Government. The university’s academic calendar is semester-based and English is the language of instruction. The Harvard Library is the largest academic library in the world, boasting around 19 million volumes at its more than 70 libraries.

2. Massachusetts Institute of Technology

Massachusetts Institute of Technology, founded in 1861, is located in Cambridge, Massachusetts, near Boston. Around 11,000 students attend the university, with roughly 60 percent of them studying at the graduate level.  MIT contains five schools: architecture and planning; engineering; humanities, arts, economics and social sciences; management; and science. English is the language of instruction at MIT. The academic calendar is a 4-1-4 system with a four-week “Independent Activities Period” in January. There are many opportunities for both undergraduate and graduate students to gain research experience at one of MIT’s many labs or centres, including the MIT Nuclear Reactor Laboratory, one of the largest university research reactors in the U.S. Nearly 90 percent of MIT undergraduates participate in the school’s Undergraduate Research Opportunities Program, which partners students and faculty for research projects, by the time they graduate.

3. University of California Berkeley

The University of California—Berkeley is situated roughly 15 miles from San Francisco in what is known as the Bay Area. The public university, also commonly known as Berkeley or Cal, was founded in 1868. More than 70 percent of Berkeley students study at the undergraduate level. The academic calendar is semester-based and English is the language of instruction. UC—Berkeley offers students around 350-degree programs. Some of the most popular majors for Berkeley undergraduates have included electrical engineering and computer science; economics; political science; business administration; and psychology. Roughly 15 percent of the student body is international, and tuition and fees are higher for out-of-state students. Around 3,000 international scholars come to Berkeley each year in temporary teaching or research positions. 

4. Stanford University

Stanford University was founded in 1885 and is located in California’s Bay Area, around 30 miles south of San Francisco.  More than half of the student body studies at the graduate level. Stanford’s academic calendar is based on a quarter system and the language of instruction is English. Around 8 percent of the undergraduate student body is international, as is around 30 percent of the graduate student population. Stanford’s has a huge library system, which supports 20 libraries, comprises more than 9.3 million physical volumes.  Research funding at Stanford has topped $1 billion, including funds from the federal government.

5. University of Chicago

The University of Chicago is a private institution that was founded in 1890. The university is located in Chicago, Illinois, in the Midwest region of the U.S. Around 40 percent of the university’s student body studies at the undergraduate level. The university’s academic calendar is based on a quarter system and the language of instruction is English. Roughly 10 percent of undergraduates and 30 percent of graduate students are international.  the university has several facilities located overseas, including centers in Paris, Beijing and New Delhi, which facilitate study abroad, student exchange and research.

6. University of Pennsylvania

The University of Pennsylvania, also known as Penn, was founded in 1740. The private, Ivy League institution is located in West Philadelphia, and nearly half of its full-time students study at the undergraduate level. Around 19 percent of the total student body is international, with students from more than 100 countries. In a recent year, more than 40 percent of Penn’s international undergraduates hailed from Asia, 20 percent were from Europe and nearly 15 percent were from Canada and Mexico. The university uses a semester-based academic calendar and the language of instruction is English. Penn’s research budget was more than $875 million in a recent year. The university’s Center for Undergraduate Research and Fellowships helps students find research projects that suit their interests, as well as funding resources.

7. Columbia University

Columbia University is a private institution that was founded in 1754. It is located in the Upper West Side of New York City’s Manhattan borough. Originally called King’s College, the school received its current name in 1896. Around 30 percent of students at Columbia study at the undergraduate level and almost 30 percent of the total student body is international. Columbia’s academic calendar is semester-based and the language of instruction is English. Columbia students and faculty conduct research across the sciences, humanities and social sciences disciplines at more than 200 university centres and institutes. Columbia has also established global centres in Amman, Jordan; Beijing; Mumbai, India; Paris; Istanbul; Nairobi, Kenya; Santiago, Chile; and Rio de Janeiro to facilitate study abroad and research opportunities for students.

8. London School of Economics and Political Science

London School of Economics and Political Science was founded in 1895 and joined the University of London in 1900. LSE offers 40 Bachelor’s degree programmes, over 140 taught Master’s and Diploma programmes, and PhD opportunities across the social sciences. Teaching and research are conducted through 25 Departments and Institutes and 23 Research Centres and the language of instruction is English. LSE has students from over  160 countries worldwide making the School a very international and cosmopolitan institution in which to study and their central location offers easy access to the vast cultural and social life that London has to offer. Scholarships are available to attend the session in London, while other July programmes are available in Beijing and Cape Town, South Africa.

9. New York University

New York University, also known as NYU, is a private university that was founded in 1831. The university’s main campus is in New York City, and it has additional campuses in Abu Dhabi, United Arab Emirates, and Shanghai, which opened in 2010 and 2013, respectively. In a recent year, around one-quarter of the NYU student body was international, with students hailing from more than 130 countries. For several years, NYU has welcomed more international students to campus than any other U.S. university. Tuition costs are the same for domestic and international students, and university housing is available for both undergraduate and graduate students. The university follows a semester-based academic calendar with a three-week January term. The primary language of instruction is English. NYU has 11 academic centres located around the world – including sites in Berlin; Buenos Aires, Argentina; and Tel Aviv, Israel – that are home to NYU students who are studying abroad. Students at the undergraduate level are included in research activities at NYU through such programs as the Dean’s Undergraduate Research Fund, which awards grants to students pursuing research projects.

10. Northwestern University

Northwestern University is a private institution that was founded in 1851. The university has three campuses – the main one in Evanston, Illinois; one in nearby Chicago; and one in Doha, Qatar. The city of Evanston is located around 14 miles north of Chicago, on the shore of Lake Michigan. Tuition is the same for domestic and international students, and international undergraduate applicants are permitted to apply for need-based aid from Northwestern. Northwestern follows a quarter-based academic calendar, and the primary language of instruction is English. In a recent year, the university earned more than $650 million in sponsored research awards. The institution’s Office of Undergraduate Research helps students take advantage of various research opportunities, such as the Summer Undergraduate Research Grants program, which supports students for eight weeks of full-time summer work under faculty supervision.

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