Archive For The “Economic Theories” Category

Economics of Sand -The Dollars & Sands

Economics of Sand -The Dollars & Sands

Economics of Sand – The Dollars & Sands Written by: Malvick Ong   “Nothing is built on stone; all is built on sand, but we must build as if the sand were stone.” Jorge Luis Borges Whenever articles examine commodities, the impression of oil, cobalt or gold with its growingly limited quantities and ever-increasing demand…

Behavioural Economics In Healthcare Policy

Behavioural Economics In Healthcare Policy

Behavioural Economics in Healthcare Policy By Malvick Ong For all who took Econs 101, standard economic theory roots itself on the assumption that people are rational, self-interested and utility-maximising agents. As such, individuals are assumed to make optimised decisions by weighing the cost/benefit of competing options. Authors of Freakonomics, Steven Levitt and Stephen Dubner, succinctly…

RATIONALISING IRRATIONALITY

RATIONALISING IRRATIONALITY

RATIONALISING IRRATIONALITY By Ibarra Jonel Mari Gabertan     Standard Economic Principle – Is there room for improvement?   Traditional microeconomic theory considers humans as “perfectly rational”. This stems from the standpoint that we make logical, unbiased, and perfectly informed decisions based on all the other alternatives that we have in order to optimize their…

The Economics of Ticket Scalping

The Economics of Ticket Scalping

The Economics of Ticket Scalping By: Amos Koh Have you ever been to a concert to watch one of your favorite bands perform? If so, how much did you pay for the ticket? When I was taking a study break and, subsequently, browsing through my social media, I came across several posts about a very…

THE PARADOX OF VALUE

THE PARADOX OF VALUE

THE PARADOX OF VALUE By Avantika Sen     Diamonds are, preferably regarded as a status symbol, to adorn ourselves with. However, they are valued more highly than water, which is a pre-requisite for sustaining life. Is  water’s fewer “valuable uses” in the household (washing cars, utensils and clothes), the cause of a dampening effect…

Ice Cream Theory

Ice Cream Theory

I-Scream, You-Scream, We-All-Scream Ice Cream, the divine food of the gods that was somehow discovered by man and then CONSUMED (almost every day, haha) by me. We all have, at least, one tub of ice cream in the fridge that is our go-to after a long day at “Uni” or work. The problem is that…

The “Crypto-standard”

The “Crypto-standard”

The “Crypto-standard” A look at redefining our standards on money. by Xiao Siming   What is money? This is a question often thrown around among my friends; and they would frequently joke about the numbers and digits in their banks, or the stack of paper they have in their wallet. But does money only entail…

The Growing “Economic” Divide

The Growing “Economic” Divide

The Growing “Economic” Divide by Nick Lee   According to Forbes, the combined net worth of all billionaires in 2017 is $7.67 trillion.[1] This is more than a two-fold increase as compared to a decade ago.[2] In addition, the wealthiest 1 per cent of the world population now own 50.1 per cent of all household…

Black Friday 1, Consumers 0

Black Friday 1, Consumers 0

Black Friday 1, Consumers 0 by: Cecilia Sim Xin Yang Black Friday brings T.G.I.F to a whole new level. According to Adobe Analytics, the research arm of software company Adobe, online sales at the 100 largest U.S. Web retailers totaled approximately $7.9 billion on Black Friday and Thanksgiving, marking a nearly 18% increase from 2016.[1]…

The Rise of Behavioral Economics

The Rise of Behavioral Economics

The Rise of Behavioral Economics by: Amos Koh Khin Phong Modern-day economics has been widely debated about and criticized because they lack the element of human psychology when it comes to decision making. Thus, Behavioral Economics partially solves this problem through the integration of economics and psychology, so that economists can analyze how people make…

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