Inflation has been one of the most used words in the last couple of years and has been the bane of households, firms, and governments. Given the unprecedented scale of the pandemic, central banks were forced to inject money into economies, with demand falling at an alarming rate, wiping out years of economic growth. Despite inflationary risks, central banks decided that the present was more important, with rising unemployment and falling investment posing huge threats. Unfortunately, the gamble of central banks came to bite, with Russia’s invasion of Ukraine worsening an already fragile situat ..read more

Discover Economics is delighted to launch the 2024 “Young Economist of the Year” competition, sponsored by KPMG UK. Discover Economics is a campaign aimed at increasing diversity in economics, by transforming perceptions of the subject and encouraging young people to consider studying economics in the future. https://video.wixstatic.com/video/04271c_b03cc258cdcb4814a2166f7a96a0c6ba/1080p/mp4/file.mp4 The 2023 competition saw over 2,000 young people enter, submitting their thoughts on a range of real-life economics problems. The winners of last year’s competition were Sami Shahadat and Yiya Zha ..read more

Although the idea of economic degrowth isn’t new and has gained popularity in recent years, its key attributes can be difficult to conceptualise. It is still an evolving field of thought with various approaches. Mainly, it is a concept that challenges the capitalist idea of perpetual economic growth. It suggests that unlimited growth leads to corporations’ exploitations, overproduction, and environmental destruction. Instead, it proposes that societies prioritise social and ecological well-being. This calls for a reallocation of wealth, a decrease in the global economy's material scale, a tran ..read more

Let's be honest here, a lot of us have worked a job where we were asked how many hours a week we could do and we have all said full time hours (knowing full well we won’t be able to), probably to make sure we get the job. Then, when it comes to seeing your rota you find each week varies in the hours you are working. You, my friend, are on a zero hours contract; a contract in which the number of hours and responsibilities are not specified, only the pay rate is. This is probably why they are so common for students! In 2012, nearly 1% were on these contracts (CIPD, august 2022) and the rates sky ..read more

Cryptocurrency is defined as a digital currency in which transactions are verified and records are maintained by a decentralised system using cryptography, rather than a centralised authority such as our everyday banks. It’s an ever expanding market, appealing to the public not only because of its decentralised system of transactions, but also its ‘foreignness’ within the financial sector. But will it be able to compete with the likes of our everyday banks? What is the appeal of cryptocurrency and its advantages? On one hand, many people agree that cryptocurrency's decentralised system is what ..read more

Every four years, the calendar adds an extra day to February, creating the mystical "leap year." But beyond the excitement of an extra day off or the rare birthday on February 29th, does this additional day have any impact on the economy? The short answer is yes and no.   A Leap in Spending Studies suggest that a leap year can lead to a slight increase in economic activity, primarily due to increased consumption. With an extra day, people might spend more on dining out, entertainment, or even impulse purchases. A 2020 study by KPMG estimated that Australia's economy could see a $5.2 billi ..read more

Every February 14th, love seems to take centre stage, adorned with roses, chocolates, and romantic dinners. But beneath the surface of sentimental gestures lies a fascinating dance between emotions and economics. Let's dive into the "Economies of Love" this Valentine's Day, exploring how love intertwines with spending and societal trends. Firstly, it's hard to ignore the financial frenzy surrounding the holiday. According to the National Retail Federation, Americans spend an estimated $23.9 billion on Valentine's Day, making it a significant commercial event. From jewellery stores to restauran ..read more

Tourism tax is defined as “tax imposed on tourists when they visit a place for a certain period of time”. It doesn’t have a set value to pay per destination, and therefore can be adjusted depending on both the tourist and on/ off-peak seasons to bring in the maximum revenue for a destination, such as Venice, Amsterdam and Edinburgh. However, implementing this in destinations such as Wales needs careful evaluation. What are the benefits? On one hand, tourism tax can bring many benefits for residents and tourists alike, with the money being reinvested into things such as infrastructure and publi ..read more

Veganuary, the global pledge to try a vegan diet for January, isn't just about personal health and animal welfare – it's also shaking up the economy. While the trend's environmental benefits are well-documented, its financial footprint is less explored but equally significant. So, let's dive into the delicious (and surprising) economic impact of Veganuary. Impact on Demand and Supply: Veganuary's economic impact isn't limited to supermarkets. Restaurants, cafes, and even fast-food chains are adding more plant-based options to their menus, catering to the growing demand. This diversificati ..read more

Application season can be understandably stressful, with personal statements to write and colleges to shortlist it can seem overwhelming. However, it doesn't have to be! Here are some tips and tricks you can try to make application season a bit more manageable: Sometimes, it’s not all about rankings. Your perfect college may not be the top three. If possible, try to go to open days to get a feel of the university and otherwise talk to students studying there and research it online! Unibuddy and LinkedIn can be helpful for this  The same goes for courses! Before applying blindly to a univ ..read more