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 Is the Discipline of Economics Lacking Diversity?
Milton Friedman, who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy, came up as a relevant figure in the past weeks. He is the father of the “laissez faire” libertarian mindset that challenges what he regards as “naive Keynesian” theory. Keynes was by no means a leftist and some would even say he came to save capitalism with his theory that free markets could not be counted on to provide full employment, later creating new rationale for large-scale government intervention in the economy. Friedman is remembered by his passionate belief Continue reading The Father of Capitalism and Freedom
In light of today’s big event, it is worth discussing what the winner will be faced with in the White House. There are two possible scenarios when looking at the movement of the economy- they will either face a recession in office, or have the longest economic expansion in US. History. Although the ladder seems quite more appealing, economists predict that the likelihood of a recession in the next four years at 60% You might be thinking if we know a recession is likely to come – how can we prevent it? The problem is that there are a number Continue reading Is a Recession Nearing?
The Affordable Care Act, also known as Obamacare, was signed into law by president Obama in 2010. Our system differs from places with free healthcare such as Australia and the UK, because they pay higher taxes. But shockingly we as a nation spend the more money per capita on healthcare than Germany, the UK, or Canada. As of 2013, the US spent 18% of its GDP on healthcare costs. According to Forbes Writer, Jeffrey Dorfman, Obamacare does little if anything to reduce total expenditures on health care – mostly it just shuffles around who pays for what. Simply put, millions of Continue reading The Scoop on Obamacare
Listen to the podcast here or by clicking the title. If you’re interested in participating in one of Andrew’s experimental projects, shoot him an email at email@example.com !
In light of the quote I included in a recent article about Gary Johnson (and in light of the creeping up date of November 6), “A wasted vote is voting for somebody you don’t believe in”, I sought to find reason behind this statement and ones similar to it surrounding the theory of voting. History would nudge us to believe that some votes don’t “count”. For example, in numbers of U.S. presidential elections the most popular candidate did not win. Why do some economists, specifically, choose not to vote and claim, “voting doesn’t pay”? Game theory states that your vote Continue reading Does Your Vote Count?
In a prior post I took a deeper look at what the large epidemic, the Zika virus, will cost the world. Similar to Zika, category 3 storm, Hurricane Matthew, is a type natural “disaster” that will have an unstoppable effect on the economy. There are at least 200,000 homes along the coast from Florida to North Carolina at risk of damage from the storm surge alone. Due the potential to affect such a broad geographic area, some sources are claiming that Matthew could be one of the costliest hurricanes in U.S. history estimated to cost just Florida as much as Continue reading Hurricanes Increase GDP
In case you missed UPS alum Keila Meginni’s seminar talk, you can listen to Cole Driscoll’s interview with her where they discuss her educational path, economic interests, favorite professors, and future plans. Enjoy!
In light of the debate last night between America’s two dominant parties, I wanted to talk about the man who didn’t get to make it to the stage. Yes that’s right, there is still someone out there fighting. The man is Gary Johnson, the Libertarian Party’s presidential candidate. The two-term Republican governor of New Mexico, a state that usually votes democratic, claims that most Americans are in fact libertarians but just don’t know it yet. In his interview with Stephen Dubner, Johnson tells listeners his biggest problem, “Right now, 65 percent of Americans don’t even know that I exist”. But Continue reading There’s Another Candidate?
The World Bank has stated that it estimates that Zika will cost the world $3.5 billion dollars in 2016. Although as of June 2016 there have only been 341 confirmed cases of Zika among pregnant women in the US, there are more than a million people who are infected in Brazil. What factors go into calculating the cost of an enormous, widespread virus that also has many externalities on the economy, and how is this calculation done? The methods of putting a price tag on an epidemic involve extrapolation, history, statistics, science, and many other methods. The first piece of the Continue reading How Much it Will Cost to Stop the Zika Virus