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The Economics of Migration
Migration can be motivated by economic, social or even political reasons, with both positive and negative consequences on the home country and host country. Usually, people seeking the advancement of their home country cross the border for better opportunities, quality of life or asylum. Weβll first discuss the many economic benefits for the home country.…
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Tito’s Market Socialism
Ever heard of Communist policemen driving Fiat cars? Well, you would have if you lived in Titoβs Yugoslavia. Josip Broz Tito was the leader of Yugoslavia for the better part of the 20th Century. He felt that his nation should not ally itself with either the Soviet-led Warsaw Pact or the American-led NATO alliance. Hence,…
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The Doorman Fallacy
Picture yourself at a 5-star hotel. As guests arrive at the hotel, a doorman greets them, assists them out of their cars and ensures they enter with ease. It would seem like he does nothing more than open doors which could be easily done using automatic sliding doors. However, there is much more that a…
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The Rise of Red Bull
Red Bull. What do you think of when you hear this name? Most people would think of the sports drink or the F1 team.Some link them to various football teams or as that marketing company promoting adventure sports. Well, all of them are right.In reality, Red Bull is all of this! Red Bull may have…
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Box Box Box: Pit Lane Perspectives
1. Pit stops in Formula One are strategic tools used to gain a competitive edge. 2. Originally focused on refueling and basic repairs, pit stops evolved with the introduction of specialized crews and equipment. 3. Pit stops have evolved from 25-30 seconds in the 1950s to lightning-fast maneuvers today. 4. Up to 22 specialized crew…
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Is Pretty Privilege Real?
In a world where how we look can affect quite a bit, the idea of “pretty privilege” has become a hot topic. Pretty privilege means that people who are seen as attractive get special advantages in different parts of life, like social interactions and job opportunities. Opponents to this concept say that beauty is on…
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Why Bharat Matters: A Book Review
The book βWhy Bharat Mattersβ authored by S. Jaishankar contributes to the list that encompasses various opinions on the changes in Indiaβs role in international relations. 2) Jaishankar lays emphasis on the strategic positioning of India in the Asian region and explains its optimal location regarding proximity to sea lanes, and powerful neighbours. 3) Jaishankar…
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Importance of Sports in India
β’ India’s diverse culture and heritage have led to a significant increase in sports participation. β’ Indian athletes have excelled in various sports, including Asian Games, Commonwealth Games, and Olympics. β’ β Sports infrastructure development is aimed at strengthening and building a sustainable economy. β’ β As India becomes a global sporting powerhouse, harnessing the full…
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Beyond Borders: An Overview of the Israel-Palestine conflict
Over the centuries, Jews have faced constant persecution by Christians and Antisemitic groups. So, in the 19th century, it became clear that the only solution to this was for the Jews to form their own nation. In 1948, the country of Israel was formed but this was not taken well by the neighboring Arab countries.…
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K-Pop Effect: The Hero Korea Needed
We all know bands like NIRVANA, One Direction and The Beatles, the rising popularity and fame of Korean-pop culture has led to the emergence of top-selling groups such as BTS and BLACKPINK who have taken the world by storm with their hypnotic pop music. From worldwide tours to music-videos with more than a billion streams,…
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The Law of Diminishing Marginal Utility
There are not many ideas of the utmost importance in economics that can be equated with the concept of diminishing marginal utility. It is a crucial part of microeconomic theory that assists us in understanding decisions by consumers and their behavior. Discussions on this principle provide useful insights into our lives, businesses and the economy…
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Gender Inequality in the Workplace
1) Gender stereotypes are a social construct. They arenβt real and have no scientific backing. 2) According to a 2020 report by the World Economic Forum, India has only 25% of working women, as compared to 82% of working men. 3) A study by MGI said that advancing womenβs equality could lead to a $28…
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From innings to investments: A new insight on sponsors of IPL
In the dynamic world of cricket, where every boundary hit is cheered for, and every wicket taken is celebrated, lie secret gems for investors – the sponsors. Whether it is the brand that shines across the playerβs chest, or a company name that is barely visible, all of them have their own business stories and…
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The Met Gala & its Effects on the Economy
The Met Gala, a flagship fashion event for a cause, has left the entire world in fascination, as people discuss and judge each outfit. However,its effects on the economy are often left undiscussed. Firstly, the fashion industry experienced a significant boost. Celebrities walked the red carpet in outfits by celebrated designers, and these influential figures…
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Electoral Bonds: A Bouquet of Scams?
On the 15th of February, the Indian political landscape was shaken up when the Supreme Court of India released the verdict stating that the electoral bonds scheme was unconstitutional. The ruling said that the scheme violated the Right to Information Act and freedom of speech and expression under Article 19(1(a)) of the constitution. The electoral…
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India develops, We develop: A summary of the PMβs interview with Newsweek
1)Prime Minister Narendra Modi had an interview with Newsweek, commenting on Indiaβs unstoppable economic growth in recent years. 2)The revocation of Article 370 has led to citizens of Jammu and Kashmir having new hopes in their life. 3)India is taking leaps in infrastructural growth, by building ports, airports and improving highway networks. This includes Mumbai…
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India’s Unsung Heroes: The Vital Role of Informal Economies
Auto-rickshaws, village farmers, and aunties selling aachar may seem like very different types of work. Yet, they all belong to the local and informal economy that thrives across the country. These activities demonstrate how independent workers and small businesses contribute significantly to India’s diverse economic landscape, supporting communities and sustaining vibrant markets. When we think…
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Near-failures of the Most Developed Countries
βThe Sun Never Sets in the British Empire!β, a saying from Great Britain that would hold true for centuries, but the country took democracy a little bit too far, letting residents vote for Brexit, a move that demolished the economy, almost irreparably. The massive brain gain, and import of labour from other countries in the…
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Rationally Irrational 101 : How Your Very Human Decisions Build The Economy
This year when we were introduced to utility theory, we learnt of one of the pivotal pillars that almost all economic theory tactfully balances on – the assumption that all consumers are rational individuals. As economics students, we had had our fair share of these statements, but as a psychology student, I was absolutely appalled;…
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Mumbai Local and Mumbaikars: A Love Story
There are some aspects of Mumbai which define this beautiful city of ours. Gateway of India, our βBombaiyaβ Hindi, Bandra-Worli Sealink, our grit & resilience, our rickshaws actually running by meter, the most heavenly food on planet Earth in Vada Pav and some beautiful colonial architecture. As a Mumbaikar who has lived in and loved…
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India’s G20 Presidency: Paving the Path to Global Influence
In the grand theatre of international diplomacy, where nations contend for influence and recognition, India, a land of captivating paradoxes, has embarked on a remarkable journey as it assumed the presidency of the G20 in 2023. India’s G20 presidency held the promise of far-reaching positive impacts, reflecting the country’s economic transformation. The G20 platform offers…
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The Veil of Sustainability Surrounding Thrifting
Trends and fashion never cease to amaze us. The most unlikely things become popular overnight. Things that would have been considered hideous and ridiculous a decade ago may be a common sight now. Recently, another such trend has popped up, and it goes by the name of thrifting. I am sure everyone has heard of…
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The Dark Side of Fast Fashion: How Itβs Undermining the Economy
From the dressing style in the 1900s to the style now, fashion has come a long way. Fast fashion is a strategy where recent catwalk outfits and trendy designs are mass produced at low cost and low quality, and are distributed to retail outlets targeted at young consumers. New collections must be introduced continuously to…
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The Invisible Hand: In conversation with Sustainable Growth expert, Dr. Mario Gruber
The team of PPSIJCβs Economics club, The Invisible Hand, were eager to put what they had learnt into action and contribute towards sustainable development. Therefore, to make a positive difference, they came up with the βInvironmentalβ initiative. βWe realised that in our own communities economic progress and environmental protection is often seen as mutually exclusive…
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India, a Manufacturing Superpower
After 75 years of independence, India is entering its golden era, leapfrogging the United Kingdom to become the worldβs fifth-largest economy. We started off as an economically backward country and the 1961 budget changed the future of India with liberalisation, globalisation and privatisation being its main objective. This created a lot of employment in India,…
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The Maggnificient Revolution
Let me set up a scene for you. You are in a chilly hill station, your whole body is shivering from the cold and you have just gotten back from a tiring hike. What is the one food item you desperately crave? Itβs Maggi, right? This dynamic journey of Maggi in the Indian economy began…
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PM Modi to America: A Cardinal Strategic Move
PM Modiβs international tours leave a certain segment of people wondering and critiquing whether heβs truly a Prime Minister, or someone with a wanderlust whoβs using his post to tour the world, having visited a whopping 65 countries and making a total of 130 overseas visits during his reign. Recently, he has made headlines, having…
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Economic Impacts of the Eras Tour
Who doesnβt know who Taylor Swift is? She has changed the game as a singer, a songwriter and even as one of the first artists who stood up to big record labels. She has broken multiple records with 11 Grammys under her name. She has built a reputation as one of the most influential artists…
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Can Threadβs arrival potentially wipe out Twitter?
βIntroducing Threads: A New Way to Share with Text.β This is how Meta announced the arrival of their new application in affiliation with Instagram on the 5th of July, 2023. The notification, as everyone opened their mobile phones, confused everyone because this was the last thing that they were expecting from Meta. Formerly Facebook Inc,…
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Roe V. Wade
Roe V Wade, the bill allowing women in the USA to have an abortion was overturned in 24 out of the 50 states on June 24, 2022, therefore preventing women from getting abortions after 6 weeks. This ruthless, meritless change has had and will continue to have an irreversible socio-economic impact, as it continues to decrease…
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Dumping the dollar
For as long as we can remember, the US dollar has been the official trading currency of the world. But is their dominant reign coming to an end at last? Is their hegemony under the threat of being taken over by the BRICS? After facing economic sanctions from the West over the invasion of Ukraine,…
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The University Dream- Is It Still Worth It?
When I was all of 6 years old, my mother asked my cousin and I which one of us wanted to go to Harvard and which one Stanford. As light-hearted as that question probably was, it planted the seed of aspiration in me, the aspiration to go to a top university abroad. When I was…
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The Pink Paint Dilemma: Behind the Scenes of Barbie’s Colourful World
“The world ran out of pink” has recently become a headline that has caught everyone’s attention. You may be wondering what led to this unthinkable situation. Well, according to Sarah Greenwood, the production designer of the upcoming ‘Barbie’ movie, the creation of the perfect backdrop for the film required such a significant amount of pink…
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βAmbitious women must be thinβ – now becoming economically rationalised?
Previous generations of feminism have taught women to free themselves from self-admiration, just as they had freed themselves from domestic slavery and a life circumscribed by childbearing; however, a woman being greatly affected by a comment about her weight is not rare. Mireille Guiliano, the CEO of Veuve Clicquot, published βFrench Women Donβt Get Fatβ,…
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PREMIER LEAGUE: A BLESSING IN DISGUISE
We have seen one rollercoaster of a Premier League season, with Manchester City winning their third title in a row despite Arsenal being far ahead of them just 2 months ago. Exciting storylines like this are why an average of 1.9 million football fans in the UK watch each Premier League game. This is one…
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The Star Wars Film and Television Series’ Economic Impact: How a Single Space Saga Made a Billion DollarsΒ
For the last 45 years, the Star Wars series has captivated millions of fans worldwide ever since Star Wars: A New Hope was released in May 1977. However, this intergalactic saga has an impact that is beyond entertainment- it has boosted the economy, generating billions of dollars over the course of its run. The Star…
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The Creator Economy
Felix Kjellberg, popularly known by his online alias, βPewdiepieβ, is one of the most successful creators, with over 110 million subscribers on Youtube and over 21 million followers on social media platforms like Instagram and Snapchat. Due to his massive fan following, he has amassed a fortune that is estimated to be worth tens of…
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UK and India; a brief history of trade relations
From one enslaving the other to having strong trade relations that help boost each other’s economies, UK and India have come a long way. The first ever trade establishment of the UK and India was between Tudor England and Mughal India in 1600 when Queen Elizabeth I granted the very new East India Company a…
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The Economics of the International Music Industry
Let’s go back a few months in time, back to the 1st of December 2022. You opened your Instagram in the morning, and all you could see on your feed was one thing. Every story, post and reel was about a singular thing, Spotify Wrapped. I was also obsessed with it because it was my…
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India’s Big Festival – The IPL
βIndia Ka Tyohaarβ, if you are an avid cricket fan, you would have probably guessed what this article is about, just from that phrase. For those who are clueless, this article is about the Indian Premier League, or IPL, and its journey from when the first match was played way back on 18th April 2008.…
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The Age of Scarcity Begins
The ties that bind the global economy together and deliver goods all over the world are unravelling at a frightening pace. Russiaβs invasion of Ukraine and Chinaβs COVID Zero lockdowns are immensely disrupting supply chains, influencing growth, and propelling inflation to a great level. As a result of this, the global trade has fallen by…
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The Rise and Fall of Online Learning
Byju Raveendran, an engineer from a small village in Kanpur, landed on the Forbes list of India’s 100 Richest People in less than a decade through his startup, Byjuβs. But how did he do it? What was Byjuβs timeline? How did this impact the Indian economy? And most importantly: Why is this startup continuously declining? …
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HOW ELECTION LIFECYCLES AFFECT POLICY MAKING AND FINANCIAL MARKETS
Elections have proven to be influential in the countryβs policy-making and financial markets. They bring on a lot of uncertainty and volatility in the markets, as with monumental shifts in the government, investors and traders are forced to make panic calls and decisions, all of which have repercussions in both the long and short term.…
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Trade Wars, Tariffs, and Deindustrialisation
The US Dollar has dominated both the global economy and the trade system for quite some time, serving as the worldβs reserve currency. Despite this, the dollar has faced aggressive protectionist policies, particularly through tariffs from the US on countries that it trades with. One of the most dire consequences, although slow to develop, is…
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A lo Cubano
Cuba is a nation that has beat the odds. Their former leader, Fidel Castro, survived an estimated 634 assassination attempts, they resisted a coup attempt by the mighty Americans in1961 and achieved full literacy within a year of the Castro regime, a feat that many developed nations are unable to achieve even today. Yet, in…
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A BEGINNERβS GUIDE TO BEHAVIORAL ECONOMICS
Have you ever wondered why people donβt always act in the most economically efficient manner? Why aperson might buy a piece of cake for βΉ150 simply because it was at a 50% discount rather than buying the same cake of a different brand for βΉ100? Or why someone might buy an object that they donβt…
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How Economics Helps Actuaries Predict the Future
While actuarial science is widely recognized as a study dealing with numerical data to forecast risks, what people overlook is how crucial of a role economics plays in their profession, helping them see the wider picture. To put this into perspective, let’s look at an example. When actuaries create life insurance policies, researching the average…
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Scrollonomics: How Social Media Hacks Your Habits
Behavioural economics is a field of study which combines economics and psychology to analyse human-decision making – how and why they make certain economic decisions and the influence of other factors on it. This field of study is the front-runner for social media companies, wielding immense power in shaping how we interact with these platforms. It…
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LATEST POSTS
- HOW ELECTION LIFECYCLES AFFECT POLICY MAKING AND FINANCIAL MARKETS
- Trade Wars, Tariffs, and Deindustrialisation
- A lo Cubano
- A BEGINNERβS GUIDE TO BEHAVIORAL ECONOMICS
- How Economics Helps Actuaries Predict the Future
The Rise of Red Bull
Red Bull. What do you think of when you hear this name? Most people would think of the sports drink or the F1 team.Some link them to various football teams or as that marketing company promoting adventure sports. Well, all of them are right.In reality, Red Bull is all of this! Red Bull may haveβ¦
Box Box Box: Pit Lane Perspectives
1. Pit stops in Formula One are strategic tools used to gain a competitive edge. 2. Originally focused on refueling and basic repairs, pit stops evolved with the introduction of specialized crews and equipment. 3. Pit stops have evolved from 25-30 seconds in the 1950s to lightning-fast maneuvers today. 4. Up to 22 specialized crewβ¦
Is Pretty Privilege Real?
In a world where how we look can affect quite a bit, the idea of “pretty privilege” has become a hot topic. Pretty privilege means that people who are seen as attractive get special advantages in different parts of life, like social interactions and job opportunities. Opponents to this concept say that beauty is onβ¦
Importance of Sports in India
β’ India’s diverse culture and heritage have led to a significant increase in sports participation. β’ Indian athletes have excelled in various sports, including Asian Games, Commonwealth Games, and Olympics. β’ β Sports infrastructure development is aimed at strengthening and building a sustainable economy. β’ β As India becomes a global sporting powerhouse, harnessing the fullβ¦
Beyond Borders: An Overview of the Israel-Palestine conflict
Over the centuries, Jews have faced constant persecution by Christians and Antisemitic groups. So, in the 19th century, it became clear that the only solution to this was for the Jews to form their own nation. In 1948, the country of Israel was formed but this was not taken well by the neighboring Arab countries.β¦
The Law of Diminishing Marginal Utility
There are not many ideas of the utmost importance in economics that can be equated with the concept of diminishing marginal utility. It is a crucial part of microeconomic theory that assists us in understanding decisions by consumers and their behavior. Discussions on this principle provide useful insights into our lives, businesses and the economyβ¦
Gender Inequality in the Workplace
1) Gender stereotypes are a social construct. They arenβt real and have no scientific backing. 2) According to a 2020 report by the World Economic Forum, India has only 25% of working women, as compared to 82% of working men. 3) A study by MGI said that advancing womenβs equality could lead to a $28β¦
From innings to investments: A new insight on sponsors of IPL
In the dynamic world of cricket, where every boundary hit is cheered for, and every wicket taken is celebrated, lie secret gems for investors – the sponsors. Whether it is the brand that shines across the playerβs chest, or a company name that is barely visible, all of them have their own business stories andβ¦
The Met Gala & its Effects on the Economy
The Met Gala, a flagship fashion event for a cause, has left the entire world in fascination, as people discuss and judge each outfit. However,its effects on the economy are often left undiscussed. Firstly, the fashion industry experienced a significant boost. Celebrities walked the red carpet in outfits by celebrated designers, and these influential figuresβ¦
Electoral Bonds: A Bouquet of Scams?
On the 15th of February, the Indian political landscape was shaken up when the Supreme Court of India released the verdict stating that the electoral bonds scheme was unconstitutional. The ruling said that the scheme violated the Right to Information Act and freedom of speech and expression under Article 19(1(a)) of the constitution. The electoralβ¦
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