Game theory: A gem of microeconomics

Microeconomics has many captivating branches within it, but the newest and most exciting one has to be game theory. In fact, just two years ago in 2014, the Nobel Memorial Prize in Economic Sciences went to the game theorist Jean Tirole. This is indicative of just how far game theory has come in such a short time, since John von Neumann set the building blocks for game theory not even a century ago, in 1944. Nowadays, it is an essential part of microeconomics, which helps one understand how firms operate in a variety of different situations. But what exactly is it? Continue reading “Game theory: A gem of microeconomics”

The resurgence of Keynesian economic theory

In the tumultuous global macroeconomic climate, which we find ourselves in today, people are increasingly looking back in time at the ideas of one revolutionary economist: John Maynard Keynes. The cogitation of the most influential economist of the 20th century has been thrown somewhat under the water in recent decades, in wake of the 1973 oil shock and the recession that shook much of the developing world from then until 1975. However, contemporaneously with the great recession of 2008, Keynesianism has seen a resurgence, often cited by many scholars nowadays in economic debate. Regardless, even given this, the question remains: is Keynesian economic theory still relevant in today’s day and age? Continue reading “The resurgence of Keynesian economic theory”

It’s a great time to be Indian

What is India? India is more than just a country. It’s an amalgamation of hundreds, even thousands, of different cultures and faiths, living together harmoniously under one sky. It’s a country that’s seen its growth halted by horrific oppression (read: Amritsar massacre) due to Western colonialism. It’s the country from which came the world’s first university and the stepping stones to the first ever moon landing. It’s a country that’s justly going to surpass their former ruler, Great Britain, in global power and influence (some argue that it already has). Continue reading “It’s a great time to be Indian”

Does a faltering economy promote radicalism?

Since the infamous 9/11 terror attacks that shook America, and indeed, much of the developed world, many academics have all been looking for exactly what is the root cause of the radicalism that pervades and is so cancerous to modern society. However, the main core of the problem may not be political, or even psychological: it might be economic. Continue reading “Does a faltering economy promote radicalism?”