In this short video from the Royal Economic Society, Gill Wyness of University College London explains the long-term financial benefits to individuals who do a degree. Bear in mind that the benefits are especially high if your degree subject includes economics, as you can see elsewhere on our site.
“Economics…Understand the world around you” is a short video from the Women’s Economics Network, speaking to economists in banking, academia, commerce about what their jobs involve and how their economic thinking is crucial to their work.
The Economics Society of the London School of Economics and Political Science’s Student Union (LSE SU) has announced an essay competition that is open to sixth-form students in the UK and beyond. Write no more than 2,000 words on one of the listed questions, and you can win Amazon vouchers of up to £125, and the top three entries will be published by the Society in their journal Rationale.
The questions for this year are:
- Can Economics tell us anything about how we can try to prevent war?
- Imagine that in front of you is a Big Red button. If you press the button, everyone in the world would have their wealth magically equalised. Would you press the button? Explain the economic reasoning behind your decision
- Discuss the effect of the rise of ad blocker software on the Internet – is it a blessing or a curse?
- ‘Free trade is a necessary evil’. How far do you agree?
- ‘On a societal level, University Education is inefficient – for most people, it hardly makes them better at their future jobs, but it comes at a huge opportunity cost because students miss out from entering a career earlier. Most people who go to university only do so because they’d be left behind in the job market if they didn’t go and everyone else did’. With reference to this argument, should the government drastically limit the number of university places available?
The deadline is on 1st August 2017. Follow the above link for more details, and good luck!
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!
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:
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”
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 »