Tejvan Pettinger How does the minimum wage affect aggregate demand/aggregate supply and macroeconomic factors such as inflation, unemployment and economic growth? A minimum wage is the statutory minimum wage that employers can pay per hour. In 2018, the UK minimum wage was set at £7.83 an hour...
Tejvan Pettinger For the past 40 years, China has been one of the strongest performing economies – transforming itself from a developing economy to an unprecedented level of prosperity. However, in recent years, there have been concerns the rapid rate of growth in China is beginning to...
What caused the Wall Street Crash of 1929 Tejvan Pettinger The 1929 stock market crash was a result of an unsustainable boom in share prices in the preceding years. The boom in share prices was caused by the irrational exuberance of investors, buying shares on the margin,...
Tejvan Pettinger A typical supply curve shows an increase in supply as wages rise. It slopes from left to right. However, in labour markets, we can often witness a backward bending supply curve. This means after a certain point, higher wages can lead to a decline in...
Author: vsanthakumar The BJP government headed by Narendra Modi plans to transfer 6000 Rupees per annum to the account of small farmers. Rahul Gandhi has offered to make a cash transfer to ensure a minimum income to all poor households. This seems to be the time of...
The Four Major Statistical Scales of Measurement 1. Nominal or categorical The nominal or categorical statistical scale of measurement is used to measure those variables that can be broken down into groups. Each group has attributes distinctly different from the other. The most commonly used nominal or...
There are various theories which have been put forward from time to time as to why the interest is paid. The most important theories are: (1) Productivity Theory of Interest. (2) Abstinence or Waiting Theory of Interest. (3) Austrian or Agio Theory of Interest. (4) Loanable Fund Theory of...
What if those who argue for economic reforms are corrupt? Author: vsanthakumar I do consider myself as a practicing economist, and in that position, I see the usefulness of pro-market reforms in enhancing the efficiency of the supply of a number of goods and services, in certain contexts....
Arun Kumar The Union Budget 2019-20 is a full Budget in spite of the title of Interim Budget. The convention is that it should have been a Vote on Account to carry on the business of government for a few months till the full Budget is...
We, Indians, should accept the fact that ours is not a great economy or society's Author: vsanthakumar1 Indian sub-continent might have supported one of the great human civilizations in the past. However the majority of people who were part of such civilizations led a precarious life. The greatness...