Economics Archives

The Richest Man in Babylon: 7 Cures for a Lean Purse

What are the “7 Cures for a Lean Purse”? How did Arkad—the richest man in Babylon—come up with his wealth principles? The 7 Cures of a Lean Purse are the financial principles of Arkad, a fictional character in the Babylonian parables titled The Richest Man in Babylon. Arkad, who began his wealth journey as a poor scribe, came up with these principles when his friends approached him for advice on how to grow wealth. Here is a quick synopsis of Arkad’s wealth principles.

Anticipating Industry Change: The Earlier, the Better

Do you keep up with industry trends? What type of industry change do you anticipate in the near future? Do you have an action plan on how to reorient your organization accordingly? As technological, political, and economical landscapes change, so too do the industries that operate within them. Fundamental changes to an existing industry structure can upend existing competitive dynamics and create valuable opportunities for those who are tuned in and ready to exploit them. In this article, we’ll take a look at the common sources of industry change (rising resource costs, deregulation, and technological advances) and how to anticipate

Tony Robbins: Wealth Mastery for Financial Success

What is Tony Robbins’ wealth mastery method? What practical steps can you take to improve your finances? For many people, finances are a source of worry and stress. Tony Robbins’ wealth mastery method involves avoiding common financial mistakes, having a clear financial plan, and building wealth. Following this advice will help you to take control of your financial life and reduce stress about finances. Find out more about Tony Robbins’ wealth mastery method below.

The Impact of India’s Economic Collapse on Annawadi

How did India’s economic collapse in 2008 affect the residents of Annawadi, according to the book Behind the Beautiful Forevers? What did the residents do to survive? India’s economic collapse heavily affected sectors like construction and hospitality which resulted in fewer jobs for Annawadi’s residents. Hungry residents started eating rats and frogs, while some like Sunil survived by stealing. Read on to learn more about the devastating impact of India’s economic collapse on Annawadi’s residents.

The Future of the Workforce: How Will We Adapt?

How has the state of the workforce changed over the years? What are the main factors responsible for the changes? What can we do to adapt? According to Thomas Friedman, the author of Thank You for Being Late, globalization and the increasing interconnectedness of the world have resulted in eight fundamental changes in the state of the workforce. Further, the future of the workforce depends on how well we can adapt to these changes. Keep reading for the eight changes that transformed the state of the workforce and the three ways we can adapt.

Globalization and Climate Change: There Is No Planet B

What is the connection between globalization and climate change? Will the Earth be able to withstand the effects of accelerating globalization? As a result of the accelerations in technology and globalization, climate change is also accelerating at a pace greater than anything seen before in human history. For the most part, the planet has been good at maintaining equilibrium. Today, however, changes are happening so fast and so globally that we’re approaching the limit of the planet’s ability to buffer the climate. In this article, we’ll discuss the effects of globalization and its implications for the planet Earth.

How to Fix the Health Care System in the United States

How does the American health care system work? How does it differ from the systems in other developed countries? And why are so many Americans dissatisfied with the way it functions? Unlike most developed countries, the United States does not provide free health care to the population. Instead, American citizens are covered by either private or public health insurance, or a combination of both. This article takes a look at the main problems with the health care system in the United States and lists several ways it could be fixed.

The 3 Kinds of Globalization: Tech, Business, & Money

What exactly is globalization? What role does technology play in the increasing pace of globalization? Accelerations in technology have resulted in a corresponding acceleration in globalization—the flows of knowledge and information that connect the world and make every part dependent on all the other parts. According to Thomas Friedman, the author of Thank You for Being Late, there are three kinds of globalization happening in the world: 1) the flow of technological knowledge, 2) the flow of business, and 3) the flow of money. Keep reading to learn about the three types of globalization and their implications for the world at

Economics Basics: What Are Negative Externalities?

What are negative externalities? What do governments do in an attempt to control them? Negative externalities are costs incurred by non-involved parties as a result of an economic transaction. To prevent negative externalities, governments may impose externality charges. This article takes a look at negative economic externalities and how governments determine how to levy them on the consumer.

The Psychology Behind the Stock Market

How do investors make money in the stock market? What factors do they use to base their investment decisions? According to economist Tim Harford, stock market psychology is a nearly random walk that trends upwards. A report that says that stock prices will go up tomorrow, for example, will make stock prices go up today because people will buy them expecting them to go up tomorrow. In this article, we’ll explain the basics of stock market trading, how prices are valued, and how investors decide what stocks to invest in.