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The Impossible Trinity
Most economic concepts are pretty dry, but the Impossible Trinity sounds like one of those dilemmas where you are in a burning house and can only save two out of three people. The term refers not to...
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Why The Austrian Business Cycle Theory Is Wrong
One of the surprisingly popular theories as to why the recession occurred is known as the Austrian Business Cycle Theory (ABCT), which argues that not only is the government not the solution to the...
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The Most Important Lesson Of Economics
Economics is a broad and vast field comprising intricate areas that would take years to master. This makes it very hard to summarise or reduce it to a simple point. However, if there was one simple...
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Overworked and Constantly Shouted At – My J1 Working Experience
In Ireland it is common for people to go abroad towards the end of college to somewhere warm and work for the summer. J1 visas are easy to get and it’s a great experience. You get a job for the summer,...
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On The Road To Recovery Or The Road To Nowhere?
The government has been celebrating Ireland’s recent exit from the Troika bailout and have proclaimed that Ireland is now on the road to recovery. The Taoiseach addressed the nation to celebrate the...
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Economists And Their Assumptions
The standard (or neo-classical) view of economics makes a lot of assumptions. The main ones are that people have rational preferences, they are self-interested, they are utility maximisers and they...
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A Less Than Pleasant Working Experience
Some things happen in life that are so strange, that you wonder if they really happened. Some things happen that are so horrible you wish they didn’t. Some things are like a living nightmare that you...
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Both The State And The Market Are Based On Coercion
It is common to hear people on the internet complain about the power of the state. It is regularly denounced for forcing people to obey its laws and pay taxes. Libertarians criticise this use of...
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Are Interest Rates Really That Important?
There is something I never got about interest rates. There is a consensus across economists that interest rates have a very important impact on the economy. Economists of all stripes agree that lower...
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4 Ways We Are Not Rational And How It Affects Economics
At the core of economics (especially economics teaching) is the idea that people are fundamentally rational, self-interested, utility maximising individuals who make decisions after logically...
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