What In The Economics?
What In The Economics (WITE), initiated by the NUS Economics Society (NUS ECS), is a research program aimed at analysing contemporary economic subjects. Through WITE, Research Executives will have the opportunity to refine their economic intuition and communication skills by delving into research on current affairs from an economic perspective.
Greta Thunberg has said in her ‘Our house is on fire’ speech that “The bigger your carbon footprint, the bigger your moral duty” (Paddison, 2021). There is irony in that the countries most able to financially, culturally, and politically influence climate change efforts are the ones contributing most to worsen it.
Read MoreThe transition to new energy sources has gradually entered the public's consciousness. Perhaps, in the next half-century, we will no longer witness vehicles powered by internal combustion engines on our roads, nor hear the roaring sound of Lamborghinis. This marks the dawn of a new era.
Read MoreThe Linear Economy model that most businesses still adopt today is characterised by a ‘take-make and dispose’ model; raw materials are taken to produce goods where they become waste after consumption (Ellen Macarthur Foundation). Furthermore, stakeholders in this economy have no concern for any environmental consequence on nature and the climate, resulting in a loss of biodiversity.
Read MoreSince Russo-Ukranian War, Russia has been heavily criticized by the international community. As a chief oil and energy producing country, Russia’s involvement in series of war not only disrupted the supply chain of raw materials but also increased inflation rate as prices of raw materials soared. During the war, Wagner Group, Russia’s Private Military Company, supported the invasion of Ukraine, noted for its cruelty and military power. Yet, Russia’s operations in Africa were less known despite its ripple economic effect on African countries.
Read MoreThe divergence from rational choice influenced by non-economic factors, such as emotion, leading to the formation of “ill-informed” decisions or judgments are referred to as cognitive bias. These biases, making us susceptible to persuasion, wield significant influence over consumer choices and market outcomes. In the dynamic field of economics, understanding human behaviour becomes as crucial as analysing intricate market trends. Consequently, businesses have adeptly learned to exploit cognitive biases, incorporating them into their sales strategies to shape consumer behaviour and drive sales.
Read MoreOn 24 February 2022, Russia launched a full-scale invasion of Ukraine, escalating the war that started in 2014 (World Economic Forum, 2023).
The invasion has sparked extensive global apprehension and garnered widespread condemnation from numerous nations, prompting them to affirm their commitment to supporting Ukraine by curtailing Russia’s earnings that are used to spearhead their invasion and attacks on the country (World Economic Forum, 2023). This includes the enforcement of an oil embargo, which rendered Russia unable to export oil to various countries.
Read MoreThe ongoing developments in the financial industry have sparked speculation about the potential arrival of the next global financial crisis. Each passing day brings forth new revelations, drawing parallels between the current turmoil and historically-recorded financial crises.
Read MoreIn November 2022, American singer Taylor Swift announced her upcoming Eras tour with Ticketmaster, a leading ticketing platform, handling the sales of tickets. The excitement from her fans, however, soon morphed into anger and frustration.
Read MoreSingapore has made significant efforts to promote gender equality, and disaggregated data has played a critical role in informing these policy decisions. For instance, Singapore’s Ministry of Manpower (MOM) publicises quarterly gender-disaggregated data on topics like employment (Xiu, 2020).
Read MoreNUS Economics Society: Mid-battle against inflation, the Fed might raise the interest rates again.
In the effort to curb the rising inflation – currently at 6% - US Federal Reserve policymakers proposed to hike the Federal Reserve interest rate to above the median of 5.1% on the 16th of December (CNA, 2022).
However, investors were taken aback by the hawkish stance of the Fed as it was believed that the Fed will take a looser monetary policy in the face of declining inflation (CNA, 2022).
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