Economics comes out top again

October 10th, 2016 by econ-network
salary_infographic

The Market Inspector blog has posted an infographic to answer the question “what degree subject is most likely to get you hired with a good salary?” Using data from emolument.com, they found that economics comes out top of subjects taken in the UK, going by average salaries five years after graduation. This won’t be a surprise if you’ve read our previous posts on the topic.

The infographic gives another statistic that we hadn’t heard: eight percent of the world’s billionaires took degrees in Economics!

Philanthropy Paradox

September 5th, 2016 by Abbas

Educational philanthropy is a prime example of human generosity and the will to help others. It is especially fruitful when geared into the education and productivity of the youth, and it perhaps seems luring as a break-down of the cynical premise of ‘rationality’ that is the life-blood of conventional economics.

But can good-natured, well-intentioned philanthropy not do the good it is meant to do? Could it even lead to elitism and inequality? Could it be… harmful? On the surface, one is inclined to say no (especially as a donor), but a deeper look is warranted:

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Eight more parody songs that actually teach you some economics

April 25th, 2016 by econ-network

Following on from our favourite videos from the Rockonomics student competition, here are some picks from an Advanced Placement course in Economics in the US, where students have worked economics lyrics into popular songs.

Monopoly is the Way to Go

If there’s only one seller of a product and new firms can’t enter the market, competition can’t drive prices down, as explained in this video after some nice black-and-white scene setting. Being a monopoly is nice work if you can get it.

Money quote: “Monopolistic competition, oligopolies / neither of them are efficient allocatively”

Counting Prof

Looking at the same topic from a different angle, this is so well-produced it looks like a proper music video. Read the rest of this entry »

Economics graduates are in the money

April 15th, 2016 by econ-network

Click on the graph to see it full size

Anyone considering an Economics degree will find good news in research announced this week by the Institute for Fiscal Studies. It is a massive study, looking at what 260,000 university graduates in England are earning, ten years after graduating.

The IFS found “substantial” differences in the money people were earning, depending on the subject they took at university. Economists are most likely to be the top earners, by a clear margin. Read the rest of this entry »

Competition and Living Standards: the Moroccan Software Engineer

February 26th, 2016 by econ-network

For this story about the effect of economics in one person’s life, we thank guest author Elena Fernandez Prados for sharing an extract from her new book, Economics through Everyday Stories from around the World. ISBN 978-1523296415

Rachid Benchekroun is a software engineer from Casablanca, Morocco’s largest city. Rachid works for a technology company developing computer games and lives in an elegant villa around the corniche (waterfront promenade), one of Casablanca’s fanciest neighborhoods. But life has not always been easy for Rachid, and at the age of twenty-five, he feels that he has come a long way in life.

Rachid grew up in Casablanca’s suburbs, in a small one-bedroom apartment that he shared with his parents, his three siblings, and two of his cousins from the village. Abdel Karim, Rachid’s father, was a mechanic, while his mother, Fatima, was a homemaker. From an early age, Rachid learned the value of hard work. He attended school in the mornings and helped his father in the garage in the afternoons, oiling engines and pumping tires. At night, Rachid did his school homework diligently under a kerosene lamp. “Study hard, young boy,” his father often reminded him, “for it is the only way that the son of a mechanic from Chefchaouen can become someone in life.” Read the rest of this entry »

Eight parody songs that actually teach you some economics

September 18th, 2015 by econ-network

The Rockonomics competition, run by a group of US universities, gets students to write economics lyrics for popular songs and raps, and to make videos for them.

Some of these are pretty good ways to stick an economic idea in your head. Read on for our eight choices from the last few years of the competition.
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