Economics is divided into two sections, micro (focusing on individuals) and macro (focusing on the whole economy). However in universities the emphasis is heavily on micro to the extent that macro is often seen as simply micro on a larger scale. This is fundamentally wrong and ignores several points.
This focus ignores the fact that the best option for the individual is not always the best option for society as a whole. Continue reading “Macro Over Micro”
Unions have a pretty bad reputation. They are often stereotyped as protecting lazy and bad workers, as well as causing unemployment other inefficiencies. However the many benefits of unions are often ignored. These include increased morale, productivity and equality. Continue reading “The Benefits Of Unions”
There is a lot of debate over the minimum wage. An internet search of the topic will return with almost unanimous condemnation of it. It is blamed for unreasonably pushing wages too high and causing unemployment. It is decried as a major cause of economic problems rather than the solution. However, these arguments are based upon over simplified ideas and graphs. Now, most of them look nice and are easy to understand, but they should be judged on how well they describe the real world. The simple fact is they don’t really. Continue reading “The Advantage Of The Minimum Wage”
It is often claimed that this recession is hitting all of us. It is said that the rich suffer just as much as anyone else, if not more. It is argued that we all must make a sacrifice as we are all in this together. However this simply isn’t true. In fact this crisis is resulting in even further increases in the gap between rich and poor. Inequality and poverty are rising to even higher heights. Austerity is making the poor suffer the most while leaving the rich untouched. Quite simply the rich are getting richer while the poor are getting poorer. Continue reading “Rich Get Richer – Poor Get Poorer”
Recently I was sitting in my economics lecture trying to figure out what to do about the banks so that we never have another financial crisis. After much thought, I came to the conclusion that banks are too important to be left to the bankers. The only way to avoid future financial crisis and massive bank bailouts is to nationalise the banks. Now I’m no out-and-out Communist driven by ideology alone. I don’t believe in one size fits all, in that everything should be privatised or nationalised, rather it depends upon the situation. Listen to my explanation with an open mind and you might find a certain logic in this seemingly drastic proposal. Continue reading “Nationalise The Banks”
The policy of banning drugs has failed. It is time to face the facts and legalise cannabis (also known as marijuana). This would have numerous benefits. It would deprive criminal gangs of their main source of revenue. It would raise large amounts of revenue for the government. It would ensure the safety and health of users is protected. It would free up large police resources and ensure they are focused on more serious crimes. There would be minimal negative effects as cannabis in its natural state is not a dangerous drug. People should be free to make choices about their lives and live with the consequences. Continue reading “Legalise Cannabis”
I thought I’d post some of the brilliant and hilarious cartoons by The Irish Times cartoonist Martyn Turner. His biting saitre always get right to the heart of the matter in a genuinely funny way. He’s simply unbeatable.
Continue reading “Martyn Turner Cartoons”