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Money can make you happy by giving you access to basic goods and services, such as food, healthcare, housing, and education. Money alone cannot guarantee lasting happiness. While your level of material comfort can indicate a happy or fulfilled life, continuous or total happiness transcends material possessions. Read more
MEC: How Interest Rates Influence Investment
Businesses actually take into account more than just whether the interest rate is high or low. Instead, they typically compare it with the expected rate of return on investment. The idea known as the Marginal Efficiency of Capital in Economics compares the expected return with the interest rate as a requirement for borrowing for investment. Read more
Why is risk different from uncertainty?
Differentiating between risk and uncertainty is essential in economics since they have rather different effects on decision-making. The quantity of information available and the degree to which those results can be quantified or anticipated vary between them. Read more
What is Cost-Benefit Analysis?
Cost-benefit analysis (CBA) is a systematic approach to determining the value of a project or decision by weighing the costs and benefits. CBA enables clearer and more objective decisions by translating both into quantifiable concepts, often expressed in monetary values. Read more
Pareto Optimality
Because it enables economists to determine whether resource allocation maximises general well-being, the idea of Pareto optimality is fundamental to welfare economics. A more thorough understanding of how this principle relates to actual decision-making and policy evaluation is provided. Read more
Inclusive economic growth
Inclusive economic growth places more emphasis on equitable distribution of national wealth, unlike traditional economic growth, which is primarily concerned with increasing output or GDP. It seeks to ensure that vulnerable and marginalised populations benefit from growth. Read more
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