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EconIR WEB’s most recent posts:

California’s Gas Prices: The Highest In The United States

Introduction California gas prices are the highest gas prices in the United States, with a state average of $6.16 per gallon compared to the national average of $4.96. A Chevron gas station in Los Angeles even reached $8.05 per gallon: the highest charging gas station in the country. This has caused Californians to erupt in […]

Finland and Sweden: Applications to join NATO

Introduction The ongoing war in Ukraine has caused numerous security concerns to arise in many European countries. As the Russian Federation continues its military actions, two countries that have historically held back from joining NATO, Finland and Sweden, have applied to join the intergovernmental organization. This led to a rise in tension in their relationship […]

Russian Aggression in Georgia and Ukraine: Powerful and Worrying Parallels

Introduction Ever since Ukraine was attacked on 24 February, the Georgian people have expressed their full support for the besieged country through protests, volunteering, donations, etc. Ukrainian flags can be seen hung on every balcony, window and door in the downtown area, the suburbs, and so on. Every evening, thousands gather in the city center […]

Sanctions imposed on Russia: a big change to daily life

Introduction This year, on the 24th of February, the world witnessed the Russian invasion of Ukraine. After rising tensions, the Russian Government decided to start the ‘special military operation’ which has since claimed thousands of lives. As a result of this conflict, many countries were quick to impose strict economic sanctions on Russia, which have […]

Political Stability Continues to Rock Haiti

Background Information Haiti’s political climate has been nothing short of troubled essentially since its independence. A result of a weak economy brought on by 17th-century colonial tactics and compounded by numerous natural disasters, Haiti is home to one of the most corrupt and turbulent governments in the world. It is this climate that gave rise […]

Evaluating the effectiveness of a tax on a good with an inelastic demand

Introduction Price elasticity of demand (PED) refers to the responsiveness of quantity demanded to a change in price. A type of price elasticity of demand is inelastic PED. Inelastic PED displays a low responsiveness of quantity demanded to a change in price (Inelastic PED = % change in price / % change in quantity demanded). […]

Turkey’s Financial Setback

What happened? Istanbul: State data revealed that the annual inflation rate in Turkey has surged to a 20-year high of 48.7% despite months of assurances by President Recep Tayyip Erdogan that the soaring figures were just temporary and that his government could ease the pain on Turks weighed down by rising living costs. Turkish citizens […]

Bottleneck Recession in Germany: when will the situation improve?

Introduction It is no surprise that the COVID-19 pandemic has damaged many of the world’s biggest economies. Last year in Germany, however, economists started predicting something called a “bottleneck recession”. Many of the materials that German firms need for production of goods are in short supply, hence harming the supply chain of the economy. But […]