All in Economics

A Look Into the Economic Impact of Hosting the World Cup

A Look Into the Economic Impact of Hosting the World Cup

Michael Ferrito
Economics

The FIFA World Cup is the infamous international soccer championship event that is far and away the most-watched sports broadcast when it comes around on its 4-year cycle. The winning international soccer team receives one of the most sought-after trophies in the sports world, creating roaring waves of nationality and competitive pride for all participating countries and their fans. Additionally, upwards of $400 million in total prize money is up for grabs for the competing teams. 2022 FIFA World Cup champion Argentina received $42 million in prize money on top of the trophy, and this figure has been increasing every tournament. 

Alleviating Poverty with UBI

Alleviating Poverty with UBI

Hope Lambert
Current Events, Economics

Universal Basic Income (UBI) is a revolutionary idea that ensures everyone receives the basics to survive. The goal is to provide citizens a monthly stipend, between $250-$1,000, to reduce the number of people who struggle to pay for necessities such as house payments, food, and water so that they can focus on other goals like education, quality time with family, and personal hobbies. Poverty creates a life of instability with work, unstable living situations, and little to no access to education. Whenever we speak about poverty, people tend to think that this is only an issue experienced by those unwilling to work (or considered lazy by some).

The Implications of a Carbon Tax in the US

The Implications of a Carbon Tax in the US

Rob Moia
Current Events, Environmental Policy, Economics

Climate change is arguably the most relevant and impactful current event. Both its effects and countermeasures are felt globally, and many countries have begun implementing policies and goals in hopes of nullifying its impacts. Environmental catastrophes such as rising sea levels and extreme weather conditions are a direct result of greenhouse gas (GHG) emissions and are on course to continue worsening if emissions don't dramatically decline.

The Behavioral Economics of Substance Abuse

The Behavioral Economics of Substance Abuse

Amira Zidan
Economics

To understand the reasoning behind substance abuse, we have to look at it from economic and psychological aspects, which brings us to the behavioral economic theory of substance abuse. It represents the reinforcers and contingencies, whether endogenous, as a subjective response to drugs, stress or arousal, or exogenous, which are the environmental factors such as low availability of alternatives, low prices of substances, social contexts that promote substance use, as well as life events that cause stress or dysphoria, that push the individual toward making cost-benefit decisions (Murphy & Dennhardt, 2016). 

Gift Cards, Good Cards and Asymmetric Information

Gift Cards, Good Cards and Asymmetric Information

Zev van Zanten
Finance, Economics

Picture this: It is your birthday, and among the countless toys, cards, and other items you’ve received is a veritable mountain of gift cards. While you are glad that people thought of you, you are also a little confused about why so many people gave you gift cards. After all, they are just a less useful version of cash that’s accepted at a small subset of stores and which you either don’t use, don’t spend all of, or use but have to pay the remaining balance of your purchase out of pocket. Yet despite this, gift cards are by far the preferred gift to cash, which has led to tens if not hundreds of millions of dollars being spent on them each year. One explanation of this phenomenon has its roots in the field of asymmetric information, which can also explain key features of car markets, charities, and more.

Economic and Psychological Concepts Behind Luxury Consumption

Economic and Psychological Concepts Behind Luxury Consumption

Fathima Gafoor
Economics

What comes to mind when you think of brands like Chanel, Prada, and Dior? It’s probably images of extortionate price tags. Boasting price ranges that an average middle-class person probably can’t afford, it’s well known that these luxury brands are highly sought after in society. Luxury goods have been the topic of controversy for decades, as some people value the craftsmanship and rich history behind these brands, while others criticize the inaccessibility of luxury companies and their unethical practices. Despite the controversies and high price tags, what allows luxury brands to thrive, and how do economic concepts tie into this? 

NBA Drafts, Australian Convicts, and Early Pilgrims: The Importance of Incentives

NBA Drafts, Australian Convicts, and Early Pilgrims: The Importance of Incentives

Zev van Zanten
Economics

If you happened to watch the NBA Draft Lottery last month (or heard about it at a later date), a particular detail about how top picks are assigned likely stood out to you. I'm talking about the choice to use a weighted lottery that favors the worst teams instead of guaranteeing them top picks, which seems somewhat counterproductive to the draft's goal of helping the worst teams improve through access to the best incoming talent. However, a look into the draft's history reveals that what seems to be a poor choice is, in fact, a necessary modification that strengthens the league by addressing a key economic issue that lies at the heart of our history, modern policy systems, and more.

A Brief Overview of Russian Economic History

A Brief Overview of Russian Economic History

Karnik Aswani
Economics

Russia's economic history spans several centuries and has contributed to its current position as one of the most powerful countries in the world. Over time, Russia has expanded its territory and become a major global economic player. However, this journey was not without challenges, including the abolition of serfdom, the devastation of World War I, the Bolshevik Revolution, and the collapse of the Soviet Union. Despite these obstacles, Russia's economy remains strong, with abundant natural resources such as oil, gas, and minerals, and a highly educated workforce.

Load More