What if one of the biggest problems with conventional economics is that it misunderstands human beings? Mainstream economic theory frequently starts from the assumption that
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Inequality is about much more than the difference between what one person earns and another. It is about income, wealth, opportunity, security and, ultimately, power.
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Poverty is not a fact of nature. It is a political choice. The UK considers a person to be living in poverty when their income
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In this latest video in my Understanding Economics series, I look at an idea economics has been missing for the last forty years, and it
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Why are we never allowed to have enough? Modern economies constantly encourage us to want more: more possessions, more consumption, more experiences and often more
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Rent is not just the money you pay a landlord. In economics, it means something far bigger and far more significant. Economic rent is any
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What is income? It sounds like one of the simplest questions in economics, but the answer matters enormously. In this episode of Understanding Economics, I
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Most people think economics is about money. It isn’t. Economics begins with something much more fundamental: resources. Every society has limited resources and must decide
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What is macroeconomics, and what does it tell us about how an economy really works? In this episode of Understanding Economics, I explain why macroeconomics
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