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.
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