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Immigration: Could we – should we – stop migrants coming to Britain?

Immigration: Could we – should we – stop migrants coming to Britain? | economics | Scoop.it
Britain is convulsed with anxiety about immigration, with claims of too many EU citizens coming here, the benefits system being abused and wages being forced down.
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Why our happiness and satisfaction should replace GDP in policy making

Why our happiness and satisfaction should replace GDP in policy making | economics | Scoop.it
Since 1990, GDP per person in China has doubled and then redoubled. With average incomes multiplying fourfold in little more than two decades, one might expect many of the Chinese people to be dancing…

Via Geoff Riley
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Another contribution to the debate on Happiness vs GDP.

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Geoff Riley's curator insight, October 21, 2014 3:27 AM

If you are studying economic growth, the standard of living and economic well-being, this is a hugely important article to read and I recommend it you in the strongest possible terms.

 

The Easterlin Paradox concerns whether we are happier and more contented as our living standards improve. In the mid 1970s Richard Easterlin drew attention to studies that showed that, although successive generations are usually more affluent that their parents or grandparents, people seemed to be no happier with their lives? It is an interesting paradox to study when you are writing about measuring economic welfare and the standard of living.


What is the Easterlin Paradox?

1) Within a society, rich people tend to be much happier than poor people.
2) But, rich societies tend not to be happier than poor societies (or not by much).
3) As countries get richer, they do not get happier.

 

Easterlin argued that life satisfaction does rise with average incomes but only up to a point. Beyond that the marginal gain in happiness declines. 

 

Easterlin and others including Professor Richard Layard and Daniel Kahneman have spawned a huge amount of research into the economics of happiness and well-being - Layard in particular has written extensively on the economic and human costs of worsening mental health across a number of countries.

 

One of Easterlin’s conclusions was that relative income can weigh heavily on people’s minds.

 

Faced with this choice what would you rather have?

 

You get £5,000 and a friend gets £3,000

 

or

 

You get £10,000 and a friend gets £15,000

 

Economists such as Justin Wolfers have challenged the Easterlin Paradox - see this recent article: 

 

There is a continuous debate about whether we can actually get accurate and reasonably objective measures of our well-being. Clearly income is just one of many factors that influences how satisfied we are with our lives.

Mr Jones's curator insight, November 12, 2014 11:17 AM

Not quite there yet but at some time we will consider the desirability of growth and one of the issues there is the extent to which it makes consumers happy/ boossts their welfare.  In addition this article is closely link to issues surrounding inequality and what differentces it makes.  See for example Wilkinson's argument that more unequal societies are more unhappy/have lower welfare.

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Clean growth is a safe bet in the climate casino - FT.com

Clean growth is a safe bet in the climate casino - FT.com | economics | Scoop.it
The debate on action over climate change is stuck. Despite copious words and many international conferences, including a UN summit in New York this week, emissions of greenhouse gases continue their upward march. Could this change? One can at least
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A positive new approach to the debate on the environment clearly explained by the FT's Martin Wolf.

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Post-crash economics: some common fallacies about austerity

Post-crash economics: some common fallacies about austerity | economics | Scoop.it
Robert Skidelsky: Propositions in economics are rarely absolutely true or false – the truth depends on people's expectations (RT @Jodatu: Post-crash economics: some common fallacies about austerity | Robert Skidelsky
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Why long-term unemployment matters

Why long-term unemployment matters | economics | Scoop.it
‘Research shows that employers ignore people who have been out of work for more than six months’ “Quantity has a quality of its own.” Whether or not Stalin ever said this about the Red Army, it is ...
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Reducing long-term unemployment is almost impossible as no one seems to want to hire someone who has been out of work for more than six months. A good reason for ensuring that downturns are short.

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The world's biggest companies - Telegraph

The world's biggest companies - Telegraph | economics | Scoop.it
Apple is no longer the world's most valuable listed company, after being knocked off the top spot by Exxon on Wednesday. Here is a list of the world's biggest companies according to market capitalisation.
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I love this! A list of the world's biggest companies by market capitalization. Can you guess all 10?

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Buddhist Economics: How to Stop Prioritizing Goods Over People and Consumption Over Creative Activity

Buddhist Economics: How to Stop Prioritizing Goods Over People and Consumption Over Creative Activity | economics | Scoop.it
"Work and leisure are complementary parts of the same living process and cannot be separated without destroying the joy of work and the blis (Buddhist Economics: How to Stop Prioritizing Goods Over People and Consumption Over Creative Activity

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INFOGRAPHIC: Keynesian vs. Austrian Economics

INFOGRAPHIC: Keynesian vs. Austrian Economics | economics | Scoop.it
There has been a century old debate of whether Keynesian or Austrian economics is best.
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The Office of Fair Trading

The Office of Fair Trading | economics | Scoop.it
Homepage for the OFT website
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This is a fantastic website to use for Competition Policy (Unit 3) and Externality topics (Unit 1). There are some easy-to-read reports on ongoing/recent cases that have come to the attention of the OFT due to concerns over some firms' pricing power or possible collusive behaviour. There are some lovely cases of asymmetric information (a report on the second hand car market, one on dentistry and another on estate agents). Please take a look.

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Nobel Prize-winning economics professor dies - Chicago Daily Herald

Nobel Prize-winning economics professor dies - Chicago Daily Herald | economics | Scoop.it
UPI.com
Nobel Prize-winning economics professor dies
Chicago Daily Herald
Mortensen shared the Nobel economics prize with two other Americans in 2010 for their work explaining how unemployment can remain high despite a large number of job openings.
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Asset prices - The Economist

Asset prices - The Economist | economics | Scoop.it
Asset prices
The Economist
Many economists have struggled to accept that bubbles exist, as that is difficult to square with the idea of efficient markets. If assets are obviously overpriced, why don't smart investors take advantage and sell?
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Autumn Statement checklist - FT.com

Autumn Statement checklist - FT.com | economics | Scoop.it
Economy George Osborne will reveal large improvements in growth, unemployment and inflation forecasts.
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What to look for in the Autumn Statement.

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Microfinance in Asia

Microfinance in Asia | economics | Scoop.it
India has some of the highest levels of microfinance activity in the world.  It is difficult to know exactly when the notion of microcredit was introduced to the region, but the practice has spread...
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Microfinance (Unit 4)

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Xenophobia Is Bad Economics: 5 Reasons Why Britain Should Welcome ... - Forbes

Xenophobia Is Bad Economics: 5 Reasons Why Britain Should Welcome ... - Forbes | economics | Scoop.it
Like the United States, the British nation was built on successive waves of immigration.  It’s our strength and our distinction.
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Yes! Some sense in the immigration debate at last!

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World Poverty Map | Poor Economics

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An interesting world map showing the rates of absolute poverty across different countries. 

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I do? No thanks. The economics behind America's marriage decline. - Washington Post

I do? No thanks. The economics behind America's marriage decline. - Washington Post | economics | Scoop.it
Wall Street Journal (blog)
I do? No thanks. The economics behind America's marriage decline.
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The Flow of Money: Mapping World Remittances - TIME

The Flow of Money: Mapping World Remittances - TIME | economics | Scoop.it
The money that immigrant workers send home — more than $240 billion in 2007 — plays a large role in the economies of developing nations. Here's the inflow and outflow of remittances worldwide, as a percentage of GDP.
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A lovely world map of remittances data as % of GDP.. Remittances are flows of money from migrant workers back home and this influx of funds can be hugely significant to some countries. Like profits earned abroad, this data is included in the home countries' GNI but not in their GDP statistics.

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The four lessons of happynomics

The four lessons of happynomics | economics | Scoop.it
‘Happiness is surely important, but the case for letting economists loose on the subject is less clear’ The discipline of happynomics (or to give it an academically respectable title, “the economic...
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The economics of happiness is a fantastically important area. We all want to be happy, but what really makes us so? It's not always what we think!

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Dental Economics

Dental Economics | economics | Scoop.it
While tooth lose is on the decline, it isn't declining evenly. (Dental Economics: While, overall, tooth loss (not disease) has seen a drastic decline in recent years this dec...
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For the medics/dentists among you!

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Your Economics Career: Exploring Opportunities and Options

Your Economics Career: Exploring Opportunities and Options | economics | Scoop.it
Thanks to ever-changing financial regulations and the increasingly complex global economy, the demand for economists is growing, especially in the scientific, professional and management consulting a… (Your Economics Career: Exploring Opportunities...
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Economics news, UK and world economy comment and analysis | Business | The Guardian

Economics news, UK and world economy comment and analysis | Business | The Guardian | economics | Scoop.it
Latest economics news, comment and analysis from the Guardian, the world's leading liberal voice
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Bridging the poverty gap calls for bold ideas - Telegraph

Bridging the poverty gap calls for bold ideas - Telegraph | economics | Scoop.it
Raising the minimum wage will help the poor, but it is no substitute for free-market reform (#Economics ▪ Bridging the poverty gap calls for bold ideas: Raising the minimum wage will help the poor, but i...
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There's a lot in the news at the moment about the government's plans to raise the minimum wage. It's been suggested that this is a rather cynical move by the government to reduce the tax credits given out to low income earners, and there are fears it might lead to an increase in unemployment. Why do you think the government is so keen?

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Redesigning economics for ecological realism: 3 areas of advancement

Economics as we know it today is broken. Unable to explain, to predict or to protect, it is need of root-and-branch replacement. Or, to borrow from Alan Greenspan, it is fundamentally “flawed”. But where do we look for inspiration in facilitating what is the mother of all paradigm shifts? Interestingly, the most insightful and strikingly innovative ideas are coming from all directions other than the economics profession. Ecology offers the insight that the economy is best understood as a complex adaptive system.


Via jean lievens
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Twitter / Yowan: Basic Economics of Minimum ...

Twitter / Yowan: Basic Economics of Minimum ... | economics | Scoop.it
RT @Yowan: Basic Economics of Minimum Wage: http://t.co/YxqIvD7l9n
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Microfinance in Africa

Microfinance in Africa | economics | Scoop.it
Rapid and highly variegated change characterises the African continent in the 21st century. Bolstered by increased international demand for commodities, South-South investment, and improved investo...
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