Economikly Originals

Did The Delphic Oracle Predict An Economic Crisis? The Greek Economy Collapse

Reading Time: 5 minutes Did The Delphic Oracle Predict An Economic Crisis? The Greek Economy Collapse By Oishika Saha The Greek economy has always been used as an example to demonstrate the rapidly spiraling state of an economy. In 2015, Greece defaulted on its debt to the International Monetary Fund (IMF) which was worth €1.6 billion. Several people are …

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Venezuela’s Hyperinflation Story

Reading Time: 5 minutes Venezuela’s Hyperinflation Story By Swati Solanki Ever imagined a daily life with an inflation rate of 1,000,000%? A rate at which the price of your coffee cup doubles between weekly paycheques! That’s exactly what is being faced by the citizens of Venezuela. The story of how inflation became hyperinflation involves more than economics; it’s a …

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Keynesian Multiplier

Reading Time: 5 minutes Keynesian Multiplier By Dhruv Wandre Introduction With countries always looking to increase employment and investment, F.A. Kahn came up with the concept of the Multiplier, which was later refined by J. M. Keynes. Known today as the Keynesian Multiplier, it asserts how an increase in private consumption expenditure, investment expenditure or the net government spending …

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Consumerism: Making of Powerful Corporations

Reading Time: 6 minutes Consumerism: Making Of Powerful Corporations By Jagriti Sharma The term ‘Consumerism’ was originally introduced in the late 17th century and intensified through the 18th century as a result of the growing ‘middle class’ who embraced new ideas about luxury consumption and about fashion as an arbiter for purchasing rather than necessity. Today, in the 21st …

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Critique On Hayek’s Road to Serfdom

Reading Time: 5 minutes Critique On Hayek’s Road To Serfdom By Renuka Bhatt “The Road to Serfdom” is one of the most popular works of Friedrich Hayek, a theoretical economist, and philosopher. Belonging to the Austrian School of Economic Thought, Hayek had been the proponent of a complete laissez-faire system (perhaps, except for the banks), with minimal to zero …

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Happier But Jobless – The Hidden Truth Behind UBI

Reading Time: 7 minutes Happier But Jobless: The Hidden Truth Behind UBI By Dhruv Wandre The ideology behind having a Universal Basic Income (UBI) – is the government providing the citizens with the guaranteed income to cover their cost of living and provide financial security, to those about the poverty line. The income is given regardless of your employment …

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Fancy A Fallacy? The Pitfalls In Economic Thought​

Reading Time: 7 minutes Fancy a fallacy? The pitfalls in economic thought By Arushi Arora The thought of Economics as a Social Science brings to the mind a vast field of study held together by relative unanimity and uniformity in decisions and ideas. However, a closer look reveals the real picture. You might hear an economist waging war for …

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Witch Hunting: The 16th Century Muggle Response To Economic Shocks

Reading Time: 3 minutes Witch Hunting: The 16th Century Muggle Response To Economic Shocks By Arpita Mary Abraham “When the hysteria of a witch-hunt is granted supremacy over the logic, values, and spirit of the law, justice can only become a warped, alien concept in that society.” ― Stewart Stafford Witch trials and executions had taken the lives of as …

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The Socio-economic Costs Of Going With The Flow

Reading Time: 4 minutes The socio-economic costs of going with the flow By Arpita Mary Abraham “When Internet Stocks have done very well, people might well buy Internet Stocks, even if by that point they’ve become a bad investment.” – Nudge: Improving decisions about Health, Wealth and Happiness by R. Thaler and C. Sunstein In economic terms, a bubble …

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Money CAN buy happiness, especially on a Black Friday.

Reading Time: 5 minutes Money CAN buy happiness, especially on a Black Friday. By Oishika Saha Black Friday sales mark the commencement of holiday season shopping. On this day, retailers offer great discounts on their goods in order to attract customers. While in the present day, Black Friday is seen as an extended Thanksgiving holiday for most people, it …

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The Economics Behind Fashion: Pursuit Of Sustainability

Reading Time: 7 minutes The Economics behind Fashion: Pursuit of sustainability By Arshiya Chaudhary The manufacturing process in the fashion world today is broken, toxic, and terribly inefficient. Fast fashion is accelerating the problem even more. It’s established in the marketplace and centered around disposable clothing encouraging us to buy it, use it and throw it away after a …

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Data is the new oil: Decoding the Jio Ecosystem

Reading Time: 7 minutes DATA IS THE NEW OIL; DECODING THE JIO ECOSYSTEM By Arushi Arora As the world stares at an impending and prolonged recession period, tumbling growth, and the worst economic slowdown in 30 years, there is one company that nevertheless continues to attract a chain of foreign investors. Jio, a company that has disrupted marketplaces and …

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Female Employment and Climate Change – A Surprising Dichotomy

Reading Time: 5 minutes Female Employment & Climate Change – A Surprising Dichotomy By Renuka Bhat In the list of 17 Sustainable Development Goals (SDGs) listed by the UN, numbers 5 and 13 advocate Gender Equality and Climate Action, respectively. As has been seen in case of other goals like Quality Education and No Poverty, these goals don’t exist …

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The Economic Cost of Suicides

Reading Time: 8 minutes THE ECONOMIC COST OF SUICIDES By Rohit Harlalka Suicidal and non-fatal suicide behaviour are serious concerns facing many countries. They take immense emotional toll on the friends and family of the victims and especially on those who have survived such attempts. A suicide is a purposeful act of self-harm undertaken with the expectation that it …

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Social Security: The Nordic Way of Dealing With Crisis

Reading Time: 4 minutes Social Security: The Nordic Way of Dealing With Crisis By Arpita Mary Abraham Since the onslaught of the global pandemic, experts all over the world are looking at how Nordic countries- Sweden, Denmark, Norway, Iceland, and Finland are dealing with the crisis. Even though individual country responses have been very different, something very common runs …

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Gambling: Far Beyond Entertainment

Reading Time: 6 minutes Gambling: Far Beyond Entertainment By Riya Chawla The gambling industry has experienced major growth in some countries such as the U.S., Australia, Singapore, and China, during the past few years. Some studies show that gambling could be a potential development strategy. In the most basic sense, gambling refers to a game for money. This generalized …

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K-pop: ‘K’ for Kapital How South Korea Commodified Idols

Reading Time: 8 minutes K-pop: ‘K’ for Kapital How South Korea Commodified Idols By Renuka Bhat Back in 2012 when Gangnam Style by PSY first made a big splash, it was when the Hallyu – the Korean Wave – hit the Western world. Some may argue over the nature of its viral popularity (bordering on notoriety) in Internet meme …

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Confronting Racial Economic Inequality: A Case of the United States of America​

Reading Time: 11 minutes Confronting Racial Economic Inequality: A Case of the United States of America By Rohit Harlalka Since time immemorial, equality has been at the helm of every African- American national’s dream. With hundreds of protests and revolts ravaging through their hearts and efforts, even in today’s 21st century, this dream remains far from realised. Built on …

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Capitalism, The Consumer’s Religion: A Brief History​

Reading Time: 9 minutes Capitalism, The Consumer’s Religion: A Brief History By Pratyush Bhanja “Capitalism is the astounding belief that the wickedest of men will do the most wickedest of things for the greatest good of everyone.” – John Maynard Keynes “Religion” is a complicated word, often misconstrued as a set of practices and rituals centered around the worship …

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