Category Archive: Economics

Book Review: Meltdown by Thomas E. Woods

Book Review: Meltdown written by Thomas E. Woods, Jr.   Contents 1.0 Introduction 2.0 Summary 2.1 Chapter one: The Elephant in the Living Room 2.2 Chapter two: How Government Created the Housing Bubble… Continue reading

My Students For Liberty Club

Students For Liberty Notre Dame Sydney seeks to promote the ideas of individual rights, private property, and peace. The objects of the club are (i) to educate more students about the differing philosophies… Continue reading

Are Keynesian policies a more viable method to deal with the economic crisis?

For Keynesian policies to be a more viable method to deal with the economic crisis, it would have to stop associating within society in the short-run, and rather focus on the individuals that… Continue reading

The Significance and Utility of an Economics Major

Question: Explain the significance and utility of your major to the society 10 years from now. An economics major teaches a student two key principles, first that the future is uncertain and second… Continue reading

Microeconomics – The Costs of Production

TOTAL REVENUE, TOTAL COST & PROFIT Total revenue is a firm’s return from sale of output. Total cost is the amount paid for inputs used to make outputs. Profits are total revenue minus… Continue reading

NPR: Why Kids Don’t Work Their Way Through College Anymore?

The answer to that question isn’t because they’re lazy. It is math. A summer job just doesn’t have the purchasing power it used to have in relation to tuition fees. Not to mention… Continue reading

Microeconomics – Consumers, Producers & Efficiency of Markets

WELFARE ECONOMICS Welfare economics is the study of how the allocation of resources affects economic well-being. Participation in market leads to buyers receiving benefit consumer surplus and sellers receiving benefit producer surplus. Equilibrium… Continue reading

Microeconomics – Application & International Trade

EQUILIBRIUM WITHOUT INTERNATIONAL TRADE Assume: an isolated country only produces steel. Imports and exports of steel are prohibited. Results: domestic price adjusts to clear market. The sum of consumer and producer surplus measures… Continue reading

Microeconomics – Elasticity & Its Applications

Elasticity measures how much buyers and sellers respond to changes in market conditions. Price elasticity of demand measures how much the quantity demanded of a good responds to a change in the price… Continue reading