Economics Archives

The Importance of Consumers & How They Shape the Market

Why is the importance of consumers for a business strategy? What influence do consumers have over a market? According to Competitive Strategy by Michael Porter, influential buyers can impact what businesses offer, their pricing strategies, as well as overall market demand for products and services. For example, in the smartphone market, buyers exert significant influence due to their ability to readily switch brands. Here are the multiple conditions that increase buyer influence over a market.

Are We in Late-Stage Capitalism? The 2 Points of View

Are we in “late-stage capitalism”? Was capitalism always doomed to fail? What would replace capitalism if it died? Some authors have argued recently that capitalism is a system destined to fail, while others argue that the system is resilient due to its system of checks and balances. In a more extreme view, some believe that capitalism will inevitably lead to a revolution. Below we will discuss all these possible scenarios.

How to Ask for More Money and Promote Your Value

Guaranteed Basic Income: Creating A Better Tomorrow

Do you believe you deserve a promotion at work? How should you ask for more money? Money is a complicated topic that people like to dance around. But at the end of the day, people rely on money for rent, food, clothes, and more. That’s why you need to learn what you’re worth so you know you’re getting paid the right amount. Let’s look at how to ask for more money that you deserve.

Some Are Saying Crypto Is Dead—Are They Right?

Is crypto dead? Is there hope for its revival? Are there other uses for blockchain technology? In November 2021, the price of Bitcoin peaked at over $68,000. A year later the price had dropped below $18,000 and the cryptocurrency industry witnessed the collapse of the cryptocurrency exchange FTX. Today, the promising world of virtual currencies is growing more fringe and isolated. Keep reading to learn why some are saying “crypto is dead” in 2023.

Is 2023 a Bull or Bear Market? It Depends on Who You Ask

Is the US in a bull or bear market right now? Why can’t the experts agree? Depending on which financial analyst or media outlet you listen to, right now the US stock market is either a bull, a bear, or a bull within a bear. To avoid risky bets on stocks, ignore current, frenzied bull and bear forecasts and look to experts who take a retrospective approach to assessing the market’s health. Continue reading for a breakdown of each side’s opinion on the matter, and how to create your investment strategy.

John List’s The Voltage Effect: Book Overview & Takeaways

Is your idea scalable? If so, what’s the best way to scale it over time? In his book The Voltage Effect, John List uses the word “voltage” to describe the power and momentum of scalable ideas. He lays out a framework for building and preserving your idea’s voltage as you scale. Continue reading for an overview of John List’s The Voltage Effect.

What Is the Spillover Effect? Unintended Consequences of Scale

What is the spillover effect? How does it impact your ability to scale an idea? In The Voltage Effect, economist and professor John A. List provides advice on how to figure out if a particular idea will scale. In order to do this effectively, you must understand the spillover effect, recognize it when it’s happening, and manage it well. Read more to learn how to deal with the unintended consequences of scaling your idea.

Alexander Hamilton as Secretary of the Treasury: His Duties

How did Alexander Hamilton become Secretary of the Treasury? What were the major changes he made during his time in the role? According to Ron Chernow’s biography Alexander Hamilton, Secretary of the Treasury was one of the biggest roles to fill after the Constitution was ratified. President George Washington appointed Hamilton as the first person to fulfill this duty and changed the course of the US economy. Find out how Hamilton changed the US economy by imposing new taxes, which led to criticisms from other politicians.

How to Change Your Money Mindset: Advice for Women

Do you want to change how you think about money? What should you do to transform your money mindset? According to Rachel Rodgers’ book, We Should All Be Millionaires, an essential part of becoming a millionaire as a woman is to transform the beliefs you have about money. These beliefs are holding you back from earning more and building wealth. Learn how to change your money mindset and add some zeros to your bank account.

How to Avoid the Sunk Cost Fallacy: Why Quitting Is for Winners

When should you give up on an idea or a project? What’s the best way to identify diminishing returns? Sometimes it’s hard to give up, especially when you’ve invested so much and you don’t want to be a quitter. But, sometimes cutting your losses and moving on is the best course of action. In The Voltage Effect, economist John A. List explains why, sometimes, quitting is for winners. Continue reading to learn how to avoid the sunk cost fallacy and stop wasting valuable resources.