(From my Oxford Cycling photos) The Office of National Statistics has an interactive site for people to contribute to concepts of what should count as ‘national well-being’. The ONS is currently developing a new index for well being and is inviting people to take part. Measuring National Well Being What is National Well-being? It is …
In recent years, the gap between average female wages and men’s wages have decreased, however, for various reasons, men’s pay is still higher than women. Reasons for Gender Pay Gap Career breaks to have children (Studies have shown that women without children have a much smaller pay gap than women who take time off work …
Readers Question: I’m not studying economics, just a normal person trying to make some decisions about my future and asking for advice on just how bad things are going to get over the next few years. I have a pessimistic friend who says currencies will collapse and I should be stocking up on tinned food, …
For many goods we expect the price to be determined by market forces – by supply and demand. For example, computers, cars, holidays, food e.t.c. However, there is another class of good where society dislikes the idea of prices being set by market forces. The best example is football tickets or Concert tickets. . In …
Readers Questions – why do restaurant charge different prices, for instance high price for water and reasonable price for food? ‘Serve them a drink before they can blink’ – this is what I remember learning when I worked in a Little Chef. We were taught to waste no opportunity to sell extras – drinks, water, …
Definition of Fiscal Space – The difference between the current level of public debt and the level of debt that is sustainable and manageable. A key issue for many advanced economies is being aware of the level of government borrowing that is sustainable in the long term. Basically, how much can a government borrowing without …
Bill Gates and Warren Buffet are two of the richest men in the world. Does the concept of scarcity apply to them? Wealth of Bill Gates In 2011, the wealth of Bill Gates is estimated at $56 billion. This comes from a variety of sources, but his 6% share in Microsoft provides the bulk of …
A casual observer may have been led into thinking that the recent credit crunch and recession were caused by profligate governments, with Governments spending and borrowing too much. Much attention has been focused on the need for fiscal austerity and less on ways to maintain recovery and help reduce unemployment. Governments are not entirely blameless, …