Economische Begrippen. 10 Lesser Known Economic Issues. Politics While not an economist in the traditional sense, I am very interested in the study of economics. While not everyone shares this level of interest, I believe people should have an understanding of economics as the field is so important to understanding the world that we live in.
Though this list contains ideas that are controversial, it is not intended to promote anger or controversy. Rather, these entries were chosen to shed some light on lesser known, yet important economic issues facing our world, and give readers something to ponder. Please give your opinions on these issues in the comments. Also known as the Diamond-Water Paradox, the paradox of value is the contradiction that while water is more useful, in terms of survival, than diamonds, diamonds get a higher market price.
This paradox can possibly be explained by the Subjective Theory of Value, which says that worth is based on the wants and needs of a society, as opposed to value being inherent to an object. The Idea Shop: Estimating Price Elasticity of Gasoline: A How-To Guide. (Note: In this post, we’re ignoring the famous problem of endogeneity bias when trying to estimate demand elasticities. It turns out simultaneity isn’t much or an issue in this case — the paper discussed below addresses the issue and ends up with very similar results — so we’ll delay a discussion of instrumental variables for another post.)
Like most concepts in economics, price elasticity is easy to talk about but hard to measure. Most people understand the basic idea—some things have lots of substitutes while others we can’t do without. But few learn how to actually measure elasticity in the real world. In this post, I’ll show you a simple way economists actually measure elasticities. Start with the Theory Our goal here is to estimate the price elasticity of demand for retail gasoline. The simplest theory is that we know gasoline — like everything else — should have a demand curve. So there’s our theory. G = a*P + b*Y Where: Gij = A + a*Pij + b*Yij + ei + eij 1. 2. 3. 4. 5.
Average U.S. 15 Fascinating TED Talks for Econ Geeks | Accounting Degree.com. If you dream of a career in accounting, economics or finance, there’s a pretty good chance you love learning more about the global economy, monetary decision-making and other fiscal topics. Through these talks, you’ll get to hear some of the world’s foremost experts on behavior, economics, and politics discuss a wide range of issues, from inequality to consumerism– often with an interesting and unique take on the subject matter that’s perfect for stimulating your inner (and not-so-inner) geek.
Loretta Napoleoni: The intricate economics of terrorism: You might be surprised at the economic and political issues that go on behind terrorist organizations. What They Used To Teach You At Stanford Business School - Market Movers. Chris Wyser-Pratte, who got his MBA from Stanford in 1972 and then spent the next 23 years as an investment banker, sent me the following note last night. I'm reprinting it here with his permission: I learned exactly seven things at Stanford Graduate School of Business getting an MBA degree in 1972. I always used them and never wavered. They were principles that enabled me to put the cookbook formulas that everyone revered in context and in perspective.
News. Sector specific news. Finance. Study. Indicators. The North American Journal of Economics and Finance. Business.