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A collection of 8 posts

The sunk costs fallacy: an unlikely friend

behavioural economics

The sunk costs fallacy: an unlikely friend

Sunk costs are one of the first things any economics student learns about. For the uninitiated, a sunk cost is defined as ‘a cost that is already incurred and cannot be recovered’. Specifically, it is taught that any rational decision maker should not take sunk costs into account when making

Economics: An elite subject soon only available in elite universities?

Economics: An elite subject soon only available in elite universities?

There are some alarming stories coming out of the UK about the state of academic economics there. It appears that economics is becoming an elite subject for elite UK universities. The relevant literature is listed below but a very accessible source is the London School of Economics and Political Science

Behavioural economics: why do we study at university?

behavioural economics

Behavioural economics: why do we study at university?

My friends, the end of the semester is approaching, and there is a distinct lack of motivation in the air. That’s right, final exams are looming upon us, and understandably we are unenthusiastic about it. While I enjoy my studies, I dislike burning the midnight oil, drinking copious amounts

Should you consider a career in academia?

Should you consider a career in academia?

This article was featured as part of Equilibrium 2013, our annual print publication. Consider the conventional pleasantry, so often delivered after exchanging names: “And what do you do?” I love my work, but this is not always a question that is easy to answer, particularly given the tendency for people

A foray into the world of economics research

A foray into the world of economics research

This article was featured as part of ESSA’s annual Equilibrium publication. During a particularly gruelling stretch of Advanced Microeconomics revision, a friend of mine aptly summed up the Economics Honours year in one sentence: “Honours is equal to life, and by transitivity, there is no more to life”. For

Statistics, social science, and the media

Statistics, social science, and the media

Everybody likes to hear a confident opinion. Take Truman’s wish for a one-armed economist, for example, who would be unable to tell him ‘On the other hand…’. Headlines are often written with a confident certainty. Qualifications and conditions aren’t as convincing. The problem is, it can be difficult

Three ways economics can make you a better student

Three ways economics can make you a better student

The clock is ticking down towards the start of the semester. You know those scenes in films where a military unit is checking all their gear, lining up their sights, strapping themselves in? That’s what university students are doing right now. You can hear (or overhear) it in the

So what is economics?

So what is economics?

One afternoon, I asked a friend what she was studying. She answered art history, and without much more, I felt like I had a pretty good idea of what her studies entailed. Being the polite friend she is and was, she reciprocated the question back to me, and in order