Economics Articles

Essays on topical issues, latest developments in UK and global economies, and answers to readers questions

Automation – benefits and costs

Posted on January 16, 2017

Definition of automation Automation refers to the process of automatically producing goods through the use of robots, control systems and other appliances with minimal direct human operation. Within manufacturing industries, automation has led to increased labour productivity as fewer workers are needed to produce the same number of manufactured goods. A perceived downside of automation …


Rational expectations

Posted on January 9, 2017

Rational expectations is an economic theory that states – when making decisions, individual agents will base their decisions on the best information available and learn from past trends. Rational expectations is the best guess for the future. Rational expectations suggests that although people may be wrong some of the time, on average they will be …


Inefficiencies within Greek economy

Posted on January 7, 2017

Over Christmas and the New Year I visited Greece – landing at Athens airport then hiring a car to Kalamata. After writing many articles on the economic troubles of Greece, it was interesting to visit in person. Whilst enjoying a holiday, I was always aware – in the back of my mind – the Greek …