Race as a Variable: The Progressive Era

The Progressives of the late 19th century and early 20th century paved the way for expanded government and socialistic policies. But when looking back at these the ideas and views of the economists, sociologists, and other experts at that time there is an overwhelming cloud of prejudice behind their ideologies. They sought to change the way of thinking about society as whole and how to better it, but this led them to see “inferior” individuals as negatively affecting society. Of course, it is important to remember that this was a different era, dating back before the civil rights movements of Continue reading

Trump Promises Lifting of Restrictions on Louisiana’s Oil and Gas Industry

Donald Trump has made a lot of promises over the past year or so on the campaign trail, some more believable than others. One of the promises that is more believable is the idea that fossil fuel energy will be let loose. Trump furthered his promise in a rally in Baton Rouge about lifting the regulations on the oil and gas industries in Louisiana. These industries are extremely important to the economy in Louisiana but come with the mark of unclean energy, something that brings caution with the continued warming of the globe. However, Trump hasn’t put any stock in Global Warming, Continue reading

Is the Discipline of Economics Lacking Diversity?

It’s rather interesting to think about different fields of study and the gender break down within them. For example I took a psychology class here at UPS, in which there were only two men. In contrast I took a computer science class in which I was the only girl out of 23 students. But women are not necessarily misrepresented in the field of economics– look at Janet Yellen, the most powerful economist in the world. But at the same time Elino Ostrom is the only female to win the Nobel Prize in Economics, and she herself was a political scientist. Continue reading

Keynes vs Hayek

In the world of economic study there are many different schools of thought, but two influential economists have steered the way for modern economics. John Maynard Keynes and Friedrich August Hayek were both pioneers of the early twentieth century. They developed economic theory that would shape polarizing sections of the economic belief. Keynes was a product of King’s College, Cambridge and his general theory was an examination of the economic forces behind the Great Depression. But while Keynes was developing his own theory on employment and interest rates, Hayek was doing much of the same. Hayek was an Austrian native Continue reading

Trump Delivers on Campaign Promise

Trump has yet to take office and he’s already delivered on one of his campaign promises. Tuesday evening president elect Trump struck a deal with Carrier Corporation to keep 1,000 jobs previously scheduled to be outsourced to Mexico in the United States. Back in February Carrier announced they would close their Indianapolis plant and send 2,000 jobs to Mexico. This announcement was much maligned by Trump and Bernie Sanders whose campaigns were in part built on anti-outsourcing platforms. Both candidates believe that a key to maintaining a strong US economy is to keep jobs, particularly manufacturing jobs which have been Continue reading

Thanksgiving Travel Stats

As many of you may know, the Wednesday before Thanksgiving and the Sunday after are the busiest travel days in terms of the number of people flying in the United States. Many of us felt this experience, not only at the airport, but also with our wallet. The price of airfare was almost a hundred dollars lower traveling on Tuesday and Saturday each way instead. Considering I was flying between Seattle and Oakland, that’s big difference. However, if you account all modes of transportation, Thanksgiving day is actually to peak travel day, as you can see here. It turns out Continue reading

The Economist Just Called out Economists

Economists are infamous for using the ceteris paribus assumption when formulating predictions on economic movement. While this holding all other things constant can be useful in examining particular sources of economic change, it can also be a downfall and lead to partial equilibrium thinking where one assumes a certain outcome based on all other things constant when in reality those other things may not truly be constant. While the assumption can be effective in the short term, it can be damaging in the long term if it fails to adjust as expected. Instead of investing more research into the reason Continue reading

Prime Minister of India Bans Currency in Country

In an effort to abolish corruption and crime throughout the country, India’s Prime Minister Narendra Modi banned the largest bills on Nov. 8 from being in circulation and printed throughout the country. How would this stop corruption, you ask? A lot of crime organizations throughout Indian benefit from the country not being able to account for all of the bills in circulation. So it’s a basic thought, if India bans these bills, then they can account for the bills that are counterfeit. These rupee bills are equivalent to $8 and $15 in the dollar but bring significant more value to the Indian Continue reading

Breaking Down Election Statistics

Since the surprising Presidential Election results became official a myriad of theories have come to light trying to explain how or why Donald Trump was victorious. They range from believes that Hillary Clinton never really had a chance to win because a third straight Democratic term was historically unlikely to suggestions that white coastal elites shamed Midwesterners so much (through social media particularly) that it turned them against Democrats – in Congressional and Senate elections as well as the Presidential one. Other theories include 1. America is racist (Obama winning twice, not once, but twice!! makes this one far-fetched in Continue reading