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An economist explains

Poverty: A Plea for a Free-market Solution

BY JULIUS SEIFERT, 03/05/2016 In 1795 political philosopher Thomas Paine called for a guaranteed minimum income. In the following centuries, this ideal has captured the imagination of very different men, from emperor Napoleon Bonaparte to civil right activist Martin Luther King Jr. and economist Friedrich Hayek. Today, calls for a ...

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The Political Economy of Development

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BY SERGEI GURIEV 17/04/2016   In recent decades, economists have come to an agreement on what policies promote economic development. Protection of property rights, rule of law, effective market competition, macroeconomic stability, and openness to foreign direct investments – all of these benefit economic growth. The emerging consensus, however, immediately raises ...

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The Prisoners’ Dilemma

Adapted from BBC

              BY SHAUN HARGREAVES HEAP If there is one thing that every social scientist should know, it is the prisoners’ dilemma game (PD). The PD describes a particular kind of social interaction where, when everyone acts in his or her own self interest, the ...

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Comparative Advantage

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BY JAMES SCOTT 19/02/2015 The theory of comparative advantage holds a particular place of pride within the economics profession. It is one of the first things that budding young students of economics learn, and this experience has been said to be akin to a rite of passage event – an initiation ...

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