Author: MJE

Written by Radi Akbar When the word ‘economics’ is uttered, most would think of the Federal Reserve, financial markets, and a discussion about a potential recession. Artificial intelligence, however, rarely comes to mind. Though economics has many definitions, British economist Lionel Robbins defines economics as “the science which studies human behavior as a relationship between…

Written by Kunal Sharma Healthcare economics is the intersection of the wide array of medical organizations that currently exist and the influx and outflux of capital through these bodies. Healthcare, especially in the United States, is notoriously expensive. Through social media, news outlets, and other media sources, we have seen heavy itemized bills from hospitals…

Written by Rob Lucas A common trend among sports franchises is to demand brand new facilities, which are to be publicly funded. Teams will often threaten to leave their respective city trying to leverage new and expensive facilities in other places from their current cities. While many do this, it is rare to see a…

Written by Noah Rich “Households and firms interacting in markets act as if they are guided by an ‘invisible hand’ that leads them to desirable market outcomes” (Mankiw 9), so claim many modern introductory economics textbooks. However, do they?  The invisible hand, as commonly defined by economists like Paul Krugman, is a metaphor describing the…

Written by Amer Goel “We could solve all our problems if only we were the efficient, rational human beings of standard economic theory,” said Jeremy Grantham, British investor and CEO, as he speculated on the base assumption of every modern economic theory: a purely rational society. In a world where everyone is rational, motivated by self-interest, the magic…

Written by Nayan Srinivasan March 11th 2020. It’s a day that will go down in the history books. It was the day the World Health Organization declared COVID-19 a global pandemic, but for most Americans this wasn’t the point at which they started to understand the gravity of the situation. It was later that night…

Written by Sam Siberell In a world where 57% percent of countries are democracies[1], voting obviously has a large impact on global outcomes, but do people always vote with policy in mind, or money? In my high school government and politics class, I was told to keep in mind that “a lot of people vote…

Written by Joshua Ravichandran What are the first things that come to mind when you think of a Ferrari? Probably something that’s red, fast, and most definitely expensive. Despite its astronomically high price, Ferrari cars are sold out many years in advance because the demand for one is so high. This is the opposite of…

Written by Amanda Jaworsky Logic and rationality are two key cornerstones to many aspects of economic theory, and while they are useful tools in understanding many economic decisions, there are times when consumers go rogue and exhibit distinctly irrational behavior. The most common source of this irrationality is emotional response: consumers often view economic events…