In Search of the Real Adam Smith

By Adam Stromme Editor-in-Chief, International Relations & Economics Undergraduate Student When people think about Adam Smith, they often remember one thing before anything else: the “invisible hand.” And automatically, from that one particle of memory from introductory economics, the rest all falls into its familiar place. Amongst the great pantheon of Liberal thinkers, Adam Smith…

Economics Book Club: Migration, its Economic and Social Effects

By Diksha Babbar EPRG Outreach, The Economics Society This semester Dr. Ian Smith from the School of Economics and Finance has organised a weekly Economics book club. The main aim of the event is to encourage discussion on current economic issues amongst students passionate about economics. The book club is not restricted to Economics students, but is…

Excellent Essays: The Industrial Revolution as a Result of Britain’s Commercial Success Between 1500-1750

By Sergey Puchkov Economics Undergraduate Student Trade as the Cause of the Industrial Revolution in Britain As Robert C. Allen put it, “Britain’s empire served Britain’s economy.” Between 1500-1750, Britain established a colonial trade empire, and overtook Mediterranean economies in the production and export of wool and draperies. The development of commerce led to: (1) the growth of…

Alec Ross: A Lecture on the Age of Innovation

By Jolie Tran Undergraduate Student Lecture by Alec Ross: November, 2015 “He who has access to data and information will have control to the political and economic worlds of the technological age.” Alec Ross, Hillary Clinton’s former Senior Advisor for Innovation, came to the University  in November to share his story and his vision for …

All a Non-Economist Needs to Know About Costs

By: Grzegorz Janota “I hate this course but since I already did a semester I don’t want it to go to waste”. The above statement is common among university students – apart from those who study economics. Why? The answer lies in our knowledge of costs. Understanding costs is essential to making a rational decision…

Digitizing Currency

By: Mayank Kapadia Five years since the introduction of the first cryptocurrency, the jury is still out on bitcoin’s success. The bitcoin, in effect used as an internet currency, offers an alternative method of payment and money transfer. The creation and transaction of bitcoins is regulated by cryptography, eliminating the need for a central authority,…

The Odd Couple: QE and Inflation

By: Ben Proos Economic theory predicts that the quantity of money in circulation is directly proportional to general price levels. This makes intuitive sense: If the supply of money increases, the ‘price’ (value) of money will fall, and thus it takes more money to purchase the same quantity of goods whose value has remained constant….

Is the Music Streaming Boom Exploiting Musicians?

By: James McNamara Ever since the first record album ever sold in 1909 to Apple’s contemporary revolution iTunes, the music industry has evolved and innovated as fast as the music itself. Throughout this time, the life of a startup musician has not been an easy one; the struggles of becoming a ‘star’ are well known…

All a Non-Economist Needs to Know about Diminishing Returns

By: Grzegorz Janota Imagine that you are in a society committee meeting with 15 other members. The only ones who really contribute are the president and officers. The rest of you give only a couple of remarks throughout the whole meeting. Angry and frustrated, you curse over having sacrificed your time for such an unproductive…

The Evolving Economics of Advertising

By: Emman Raja Any first year Economics student at St Andrews can tell you that advertising ‘shifts demand to the right, creating a new price equilibrium’. But beyond affecting price, what else do we know about the economics of advertising, and how it is evolving in the 21stcentury?    Back in the 19th century, advertising…

Nash Equilibrium in Poker

By: James McNamara & Anmol Srivats Nash equilibrium is defined as a state in a multi-player game where every player knows every other player’s strategy and no player has any incentive to change his or her own strategy. This concept may seem purely academic, since it explains something that we already understand, but in addition…