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EconIR WEB’s most recent posts:

World’s Overshoot Day 2022 — 28th of July

We consume almost twice as many resources as Earth can produce in the same time period, leading to a depletion of resources and negative externalities such as Carbon Footprint and the loss of biodiversity. A negative externality is a negative effect experienced by a third party due to an economic activity. Definition Earth Overshoot Day […]

A Look at Abenomics

Introduction Japan’s longest-serving Prime Minister, Shinzo Abe, was shot twice on Friday while holding a speech at a political campaign event in the city of Nara. He has since died in hospital, and a suspect has admitted to causing the shooting with a homemade gun. During Abe’s time as the Japanese Prime Minister from 2012 […]

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). […]