Exploring the economics of suffering in This War of Mine ( Admin posted on October 31st, 2014 )

By
Christian Donlan

Published

30/10/2014

There are circumstances in which a bandage is worth more than a diamond. For example: any circumstance in which you happen to find yourself bleeding heavily. This War of Mine pretty much buries you in these kinds of circumstances. Its a survival game, and, for all its panic and blind grasping, its also a game about economics. Wartime economics. Prison economics. Diamonds are down, and bandages are up – way up.

I was introduced to this collapse in the value of diamonds because Id been asking 11 Bit Studios senior writer Pawel Miechowski about the grotesque...

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Secular stagnation: the scary theory that’s taking economics by storm ( Admin posted on October 31st, 2014 )

Until the summer of 2013, positively nobody was talking about secular stagnation. But over the past year or so, interest in the subject has boomed to the extent that we already have economics writers complaining that other writers are misusing the term and scholars making formal models to show how its possible. Google Trends shows that discourse around the idea is surging.

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Oil — A Question of Economics ( Admin posted on October 31st, 2014 )

The recent debate over falling oil prices has become an over simplified economic question of supply and demand, ignoring other interrelated economic theories. Despite the global recession and, oil demand has remained at 90-91 million barrels per day (mbd) over the past 5 years. However, due to the recession, Western nations have slowly reduced their demand. Meanwhile low growth, fuel efficiency, and demand in Asia has risen to compensate for this fall. The International Energy Agency (IEA) has reduced its growth forecasts for 2015 suggesting that demand may grow modestly by a 1 mbd to nearly 93 mbd.

Despite the political instability in parts of the MENA region, supply has managed to keep...

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Economics Progresses One Funeral at a Time ( Admin posted on October 30th, 2014 )

Quantitative easing is over. It is a good occasion to consider what we know about central bank intervention, when it is appropriate and when it isnt. We have a century of broad and deep central bank history and data upon which to make our assessment.

Yet we seem to ignore much of what has been learned in favor of unproven beliefs and disproven zombie ideas.

Are we doomed to repeat the same errors? When it comes to economic policy, it certainly appears that way. Despite a century of historical experience, inflationistas and deficit scolds on both sides of the Atlantic recommend the same wrongheaded policies over and over.

A bit of background: In 2010, a group including...

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Economics fellowship honors fallen Vietnam soldier ( Admin posted on October 30th, 2014 )

Courtesy of Jessica Guess

Anonymous alumni gift for economics honors fallen Vietnam War soldier

An economics alumni established the Wayne W. Gross Graduate Fellowship to honor his friend, Wayne Gross, who died in Vietnam. The recipient of this will be a PhD student in economics who is beginning their dissertation process. One recipient is awarded for the duration of three years.

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5 things homebuyers should do right now ( Admin posted on October 30th, 2014 )

Have you decided its time to buy a home? Before you start popping in at open houses, or searching for your dream home online, there are a few essential make it or break it tasks youll need to tackle. After all, if you fall in love with a home, you want to know whether its within your reach.

1. Find Out How Much Home You Can Afford

Unless you are planning on paying cash for your next home, you will need to be able to answer the question, How much house can I afford? To answer that question you need to know two things: the total monthly payment you can afford, and how that translates into the price of the home you can afford.

A mortgage calculator can make the math easy...

Functional Economics – Getting Your House in Order ( Admin posted on October 30th, 2014 )

Many of you have are aware of the incredibly fragility in the world financial system. Most have seen it coming for some time. Many of you saw it all coming before the great crisis of 2007-2008. Some of you saw it before the Dotcom crash. Perhaps a few of you saw it all before the Savings and Loan crisis.

Very few remember the Penn Railroad bailout, and the lead-up to the end of Breton Woods. And yet, with in each cycle, we have yet to see a scorched earth clearing. An actual deflation leading to the end of the dollar.

The year 1971 was an important turning point but served, ultimately, as only the culmination of a long battle between banks and politicians. In the end,...

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Bitcoin Basics: The Economics Of Mining ( Admin posted on October 30th, 2014 )

To the outsider, mining Bitcoin sounds easy. All you do is buy a powerful computer, hook it up and watch while your stack of Bitcoin grows, right? Well not exactly. Computing power such as that needed to successfully mine Bitcoin at this point in the virtual currency’s evolution doesn’t come cheap, nor does the electricity needed to power it. If thoughts of mining have crossed your mind, take a look at the chart below from Coinplorer.com.

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How mortgage numbers stack up ( Admin posted on October 29th, 2014 )

It means many homeowners who have over-extended themselves to buy property risk reaching retirement age still carrying tens of thousands of dollars in mortgage debt.

Theres a big percentage of people in Auckland who are unable to pay off their mortgages, said mortgage adviser for Loan Market, Bruce Patten.

When they get to the point that they want to retire theyre basically selling up and moving out of Auckland.

The figures show Auckland and Southland have the highest proportion of households who own their own home but are still making repayments (36 per cent).

But Auckland has the lowest percentage of households who own their homes outright (25 per cent), while...

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Women Underrepresented in Economics ( Admin posted on October 29th, 2014 )

A study by theUniv. of Southampton has found there are far fewer women studying economics than men, with women accounting for just 27 percent of economics students, despite them making up 57 percent of the undergraduate population in UK universities.

The findings suggest less than half as many women (1.2 percent) as men (3.8 percent) apply to study economics at university, while only 10 percent of females enroll at university with an A level in math, compared to 19 percent of males.

This underrepresentation of women economics degrees could have major implications in policy making, says lead author of the study Mirco Tonin.

Economists have an influential role in think tanks,...

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