Social Order in Society

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 6, 2022 / Economics, Economic Policy, Globalization, Public Policy, Scientific Writing

Social Order in Society Read Post »

Social order, a dynamic, complex system enabled by various societal processes, encompasses diverse dimensions such as economic, social, political, and technological aspects. This article discusses the economic order, and elucidates the definitions of social and economic orders from an economist’s perspective. It also examines the relationship between societal subsystems, individual interactions, and social order. Furthermore, digital and government orders are explored, including their potential drawbacks, within the context of resource allocation, market failure, and social welfare.

Collective order, Economic order, Economics, Globalization, government failure, Government order, Market failure, market order, Politics, Social order, Social welfare

Elasticity in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / January 6, 2022 / Foundations of Economics, Economic Blog, Economic Policy, Economics, Microeconomics, Public Policy

Elasticity in Economics Read Post »

Elasticity in economics represents the sensitivity of economic parameters like demand, supply, and prices, among others, to changes in affecting factors. It includes price elasticity of demand, which assesses demand changes if prices increase, and income and cross-price elasticity in household theory. Additionally, direct and indirect price elasticity of demand are derived mathematically. Also, firm and market theories apply elasticity to assess the price sensitivity of input demand, production, firm supply, and market representation.

Demand Elasticity, Economics, Elasticity, Household Theory, Market Theory, Microeconomics, Price Elasticity, Theory of the Firm

Production Technology in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 12, 2021 / Foundations of Economics, Business Administration, Economics, Macroeconomics, Mathematics, Microeconomics

Production Technology in Economics Read Post »

Production technology in economics refers to the sum of all knowledge and capabilities of the society to combine scarce resources to produce final goods for consumption. This concept covers all industrial processes and exchanges within the value chain. The production function is the mathematical interpretation of production technology. Important concepts include the return to scale, the marginal product of inputs, and the change of marginal productivity. These concepts are also applied at both microeconomic and macroeconomic levels. The understanding of production technology requires some mathematical background.

Change of Marginal Product of Inputs, Economics, Inputs, Macroeconomics, Marginal Product of Inputs, Marginal Rate of Technical Substitution, Microeconomics, opportunity costs, Outputs, Production function, Production technology, Return to Scale of Inputs

Scarce Resources in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 4, 2021 / Foundations of Economics, Economics, Globalization, Macroeconomics, Microeconomics, Sustainability

Scarce Resources in Economics Read Post »

What are the scarce resources in economics, and why should society understand what they are? In your economics class, students should clearly understand the concept of scarcity and how it relates to economics. All the students want to know is why labor, capital, natural resources, human capital, and all other forms are scarce in all economies or the world. Time is also a scarce resource captured by labor, natural resources, wealth, and human capital investments. 1. What are Scarce Resources in Economics? So what is the meaning of scarce resources? Scarce resources in Economics are all kinds of inputs of production processes needed by

Capital, Economics, Human Capital, Labor, Natural Resources, Resources, Scarcity, Sustainability, Time, Wealth

Motives of Money Demand and Supply

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 3, 2021 / Macroeconomics, Economics, Foundations of Economics, Monetary Economics

Motives of Money Demand and Supply Read Post »

What are the motives of money demand and supply? Most of us participate daily in the money market as demand or even as suppliers without perceiving it. So why do we hold or withdraw money? Let us dig deep into the questions surrounding the functions of money and the motives of money demand in this article. Let us start by defining what money is. What is Money and its Funktions? Whoever wants to understand what money is should first look at the functions of money. Much of macroeconomic literature explains the money functions using three phrases: Learn how to describe

Bank of England, Banking, Central Banks, Economics, European Central Bank, Financial Markets, Functions of Money, Macroeconomics, Microeconomics, Monetary Policy, Monetary Theory, Money, Motives of Money, US Federal Reserve

Studying Economics in Freiburg

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / October 27, 2021 / Study in Germany, Economics, Freiburg im Breisgau

Studying Economics in Freiburg Read Post »

Studying economics in Freiburg is a fascinating experience for both locals and international students from all over the world. In this article, I would like to share some experiences and tips on organizing your studies in Freiburg. Why Study Economics in Freiburg? Although the Covid19-Pandemic has changed the university landscape, you might want to enjoy living at the foot of the black forest. You will find a multicultural city called Freiburg, which might inspire you to fall in love with a mix of urban life, suburban and country life, for those who love nature. Before we get lost in the

Albert-Ludwig-University of Freiburg, Economics, Freiburg im Breisgau, Student life, Study Consulting, University

Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / March 13, 2020 / Economic Blog, Behavioral Economics, Economics of Pandemics, Financial Markets, Foundations of Economics, Global Crises, Globalization, Health Economics, Macroeconomics, Markets, Microeconomics

Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash Read Post »

Health shocks can also cause economic shocks (ceteris-paribus). The coronavirus pandemic is one of the health shocks that might unravel another global economic shock. Why is that the case? Fact number one, health is a basic human need. Consequently, the satisfaction the health needs requires human decision-making in all economies. Decision-makers face the challenge of managing the synergies between health and economics amid a health shock. How is the Scenario?

Corona-Crash, Coronavirus, COVID-19, Economic Research, Economic Shocks, Economics, English, Financial Crisis, Financial Markets, Global Economy, Global Health Shocks, Globalization, Health, Health Economics

How to explain the Omitted Variable Bias

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / December 16, 2019 / Economic Blog, Econometrics

How to explain the Omitted Variable Bias Read Post »

Explaining the omitted variable bias in regression analysis, econometrics.

Albert-Ludwig-University of Freiburg, Bias, Econometrics, Economics, mathematics, Omitted-Variable-Bias, quantitative analysis, quantitative methods, regression analysis, regression model, statistics

The Technique of Scientific Writing in Economics

By James E Njoroge, M. Sc. (VWL) - Economic Coach, Consultant and Lecturer / November 21, 2019 / Economic Blog, Freiburg im Breisgau, Scientific Writing

The Technique of Scientific Writing in Economics Read Post »

Since I started training individual students from several economic faculties in German Universities about the technique of scientific writing, they asked me where they could find some inspiration to get an appropriate topic for their Bachelor and Master thesis. Depending on the regulations of your university, the supervising professor or lecturer may suggest a specific topic (area of research). Another alternative, the lecturer may give you handouts as an inspiration (starting point) for your research and expect that you will define your own specific research question and then consult with them to fix the final topic. Before you spend a

Bachelor Thesis, Creative Thinking, Economic Topics, Economics, English, Freiburg im Breisgau, Master Thesis, Mind-Maps, Scientific Writing, Spontaneous Thinking, Student, Student life, Study, Teaching, Technique of Scientific Writing in Economics, University, Writing skills

Elasticity in Economics

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Production Technology in Economics

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Scarce Resources in Economics

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Motives of Money Demand and Supply

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Studying Economics in Freiburg

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Synergy between Health and Economics: Oil-Price-Crash or Corona-Crash

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How to explain the Omitted Variable Bias

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The Technique of Scientific Writing in Economics

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Economics

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