Deidre McCloskey, the eminent economic historian whom some of you may know as Donald, before her illustrious transition in the 1990s, recently gave a talk to the Legatum Institute on her ideas of Bourgeoisie Capitalism. When asked to summarise her thesis into a few words, she said “let people have a go”. She believes that Read more about Bourgeoisie Capitalism[…]
Why have statutory minimum wages become more prominent in recent decades? Why have they generally had little adverse effect on employment? Prior to the introduction of the national minimum wage (NMW) in 1999 there had been no statutory wage floors since the abolishment of the Wages Councils in 1993 by the Conservative government. Growing wage Read more about Minimum Wages[…]
This is a long overdue follow on from my previous post Life at Cambridge, and details my experience of the Cambridge Economics Tripos for 1st year Lent and Easter terms. The Course Lent Microeconomics This term we began by looking at Game Theory, where we cover the basics such as Nash Equilibrium, before moving on Read more about Life at Cambridge Part II[…]
Found this interesting infographic on the internet on cognitive biases. How many do you suffer from?
Economists have an affinity for the concept of efficiency, but often this is quite a vague concept. In this article we attempt to explain a few different types of efficiency/inefficiencies and show the different situations in which the word “efficiency” should be used. Before we start it is important to remember why inefficiencies are bad Read more about Efficiency[…]
Paul Mason today gave a ‘sermon’ (they even made us sing hymns!) on what he describes as Post-Capitalism. Without yet having read his book I wanted to address a few of his points based on his talk. Therefore some of my issues and criticisms may be cleared up at a later date. I find it Read more about Paul Mason’s Capitalism[…]
New Labour was forced by political circumstances to adopt neo-liberalism and the Conservative European, Foreign and Defence policies, and so abandoned traditional Labour party ideology. Discuss. New Labour began government with a promise not to increase spending above Conservative plans for the first two years of their government along with no increases in basic or Read more about New Labour v.s. Old Labour[…]
‘Agriculture played a fundamental role in British industrialisation.’ Explain the main ways in which agriculture can theoretically influence industrialisation. Word Count = 498 Agriculture can influence industrialisation through the generation or release of capital, the release of labour, acting as a market for industrial goods or through increased output. Perhaps the most fundamental way that Read more about Was there an agricultural revolution?[…]