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.


Earth Overshoot Day marks the day on which humanity has used all the biological resources that Earth regenerates during the entire year.
Earth Overshoot Day is computed by the Global Footprint Network. Our planet’s biocapacity (the amount of ecological resources Earth is able to generate that year) is divided by humanity’s Ecological Footprint (humanity’s demand for that year), and then multiplied by 365 (the number of days in a year).


(Planet’s Biocapacity / Humanity’s Ecological Footprint) x 365 = Earth Overshoot Day

Comparison to previous years

Measurement evaluation

The annual dates are calculated accordingly to the data set of each year. Consequently, it is inaccurate to simply look at media accounts from previous years to determine past Earth Overshoot Days, as improved historical data and collection methods can shift the day significantly.


In the past 40 years, the date has shifted by 5 months: from December to July. On a positive note, however, the rate Earth Overshoot Day has moved up on the calendar has slowed to less than one day a year on average in recent years.

What next?

The precise Overshoot Day is less significant than the magnitude of ecological overshoot reflected by the Ecological Footprint. Food industry uses half of our biocapacity. Here is a list of actions promoted by the #MoveTheDate movement that we can take to prevent resource inefficiency in food production. Reducing meat consumption by 50% will delay Overshoot by 17 days while cutting food waste in half will delay Earth Overshoot Day by a further 13 more days. This also reflects 2 sustainable goals by the United Nations (UN): zero hunger and responsible consumption and production.

Sources (Accessed 15/07/2022)


Should housework be included in the GDP?

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. However, it doesn’t include a broad fraction of human labour. In SNA terminology, unpaid labor corresponds to the category of ‘own-account services.’ This includes activities such as childcare, cleaning, meal preparation, and care for the sick and elderly. All of those are excluded from GDP as they are repetitive actions, which are not contributing to actual production.

What is your opinion? Do you think GDP measurements should be changed?

Additional reading:

University Information

Undergraduate Economics and Econometrics Education in Australia


If you want to study in an English-speaking country with word-class education and pursue various opportunities for research and work opportunities (eg. PYP), then Australia is the choice for you! With its diverse culture and wildlife it is one of the most popular student destinations and has many internship opportunities.

Reasons to study in Australia:

  • High standards of living with comparatively low costs 
  • There are scholarships for international students
  • Strong emphasis on scientific research and availability of innovative technology
  • It is possible to work part-time (20h/week) while studying
  • Universities establish the practices and facilitate employment


  • English level certificate B2 or higher
  • Australian Senior Secondary Certificate of Education (Year 12) or an overseas equivalent
  • Maths prerequisite (IB, A-level, or equivalent)
  • IB diploma score of 31 or higher OR 3 A-levels grades C and higher OR equivalent high school degree

*Depending on the University, requirements may vary.

Top 5 Universities for pursuing Economics or an Econometrics degree in Australia:

  1. Monash University
  2. University of New South Wales
  3. University of Melbourne
  4. University of Sydney
  5. Australian National University(ANU)

A further list of universities in Australia:

University Information

Undergraduate Economics and Econometrics Education in Asia


Do you want to experience adventure and a rich culture diversity in a rigorous academic environment? Then studying in Asia is the perfect choice for you! Asia is known for a high academic standard and innovative achievements, with a very differentiat culture throughout the continent. This is therefore is a great opportunity to improve both hard and soft skills.

Reasons to study in Asia:

  • Affordability (majority of regions are relatively cheap)
  • Diverse culture and experience
  • When combined with the knowledge of the language of the country, it looks good on your resume
  • Competitious environment, which will both motivate and challenge you

Requirements for international students*:

  • Academic qualifications and study records
  • Letters of recommendation
  • Proof of language proficiency(either national language or English, depending on the country)


  • Proof of sufficient funding (or scholarship award)
  • Entry exam 

*Depending on the University requirements these might vary.

Top 5 Asian countries to study in:

  1. Japan – ranked 1st for teaching quality with three top universities, Japan attracts the highest number of international students. However, the cost of living is relatively high, but there are XS generous scholarships for international students
  2. Singapore – a modern and innovative country, ranked 2nd in Asia teaching quality, where English is the de facto national language
  3. Thailand – one of the best global destinations, ranked 5th in  providing students with alignment to their career goals after graduation and 1st for experience and adventure
  4. Taiwan – the most affordable country, ranked 3rd in Asia for studies that align with career goals and 4th in teaching quality
  5. Israel – the 3rd most educated country in the world, with some of the best universities located there. The country is known for its rich diversity and culture. Moreover, the knowledge of Hebrew is not compulsory there.

Top 5 Universities for pursuing Economics or an Econometrics degree in Asia:

  1. Eitan Berglas School of Economics, Tel Aviv University
  2. Department of Economics, Hebrew University of Jerusalem
  3. Faculty of Economics, University of Tokyo
  4. Economics, New York University Abu Dhabi
  5. Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University

Further ranking of Economics and Econometrics Universities in Asia:

University Information

Undergraduate Economics Education in Europe


Education in Europe provides differentiation and a wide range of experience and opportunities as well as high-quality education and reputation. The tuition fees are low and scholarships, as well as many exchange programs, are available to help students make the most of studying for an Undergraduate Economics degree.

Reasons to study in the UK:

  • High quality and recognisable education
  • Multicultural society as around half a million international students enrol each year
  • Possibility to work while studying and research opportunities
  • Highly differentiated courses 

Reasons to study in the EU:

  • Low tuition fees
  • Easy to travel and participate in Exchange programs(eg Erasmus Mundus)
  • Reputational education that will help with further employment

Requirements to study Economics in the UK*:

  • A or AS levels in Maths (from A to C)
  • (I)GCSE results in Maths (from A to C)
  • English language certificate B2 or higher


  • Economics A or AS levels or/and (I)GCSE
  • Statistics A or AS levels or/and (I)GCSE
  • Research programs and EPQ

Requirements to study Economics in the EU*:

  • Level of English or the national language B1 or higher 
  • GPA score 75% or higher
  • Secondary school certificate or equivalent
  • Past exams transcript

*Depending on the ranking of the University requirements might vary.

Top 3 Economics Universities in the UK:




Top 3 Economics Universities in the EU:

1.University of Toulouse 1, France

2.Bocconi University, Italy

3.University of Zurich, Switzerland

A further list of top Universities in Europe:


What is Economics for you?

Today’s discussion post is a little different… We are asking you what economics means to YOU personally!

Here are some quotes to inspire you:

“Economics is the painful elaboration of the obvious.” – Friedrich von Hayek

“Economics is a study of cause-and-effect relationships in an economy.” – Thomas Sowell

University Information

Undergraduate Economics Education in the USA


Over the past years, the USA has been a dominant destination for international students, as well as the principal choice for American high school students. According to the latest report by the ‘QS university rankings’, the USA is a leading country in the quality of education. If you want to receive valuable experiences and opportunities relevant to your academic and cultural preferences, while pursuing an Economics degree, the USA is a perfect fit.

Reasons to study Economics and Econometrics in the USA:
A high percentage of international students and no national discrimination
Flexibility, as the timetable and courses can be modified
Possibility to pursue Major and Minor degrees at the same time
Smart technology and developed classroom facilities
Research and internships opportunities
Globally recognised academic excellence

Requirements to enter Economics Undergraduate studies*:
TOEFL score 70 and higher or IELTS 6.0 and higher (only if you are not a native speaker)
SAT score of 1250 and higher or ACT score of 17 and higher
Analysing, writing and maths skills (vary from Statistics to calculus)
AP in Microeconomics/Macroeconomics, Statistics, Calculus
SAT subject tests(1 or 2) – Math level 2, History, Sciences
Research or projects
Internships/summer job
Sports/Music/Performance Arts

*Depending on the ranking and level of the University, requirements will vary

Top 5 universities in Economics and Econometrics in the USA are:
1. Harvard University – Cambridge, MA
2. Massachusetts Institute of Technology (MIT) – Cambridge, MA
3. Stanford University – Stanford, CA
4. University of California-Berkeley(UCB)
5 and 6. Yale University – New Haven, CT and Princeton University – Princeton, NJ

A further list of top economics universities in the USA:

P.S. About which region would you like to hear next?

University Information

Undergraduate Economics Education

Why and how?


The best way to pursue a career in economics, econometrics or a related field, is to achieve a degree in BSc, BA or BBA in Economics. So here is some relevant information to help you prepare for your University application!

Requirements to enter Economics Undergraduate studies*:

  • High scores in economics or a related subject, such as statistics, maths, or business studies
  • Five GCSEs (A-C), plus three A levels (or equivalent), including maths or economics
  • 77% of those offering BSc degrees and 58% overall require A or AS levels in Maths (from A to C)
  • Level of English or the language of the program B2 or C1
  • IB diploma score 34-38
  • CGPA 3.0 and GPA 3.2 for two last years

*Depending on the ranking and level of the University, requirements will vary

Most popular specializations and courses:

  • Development Economics
  • Organizational behaviour
  • Labour Economics
  • Science Economics
  • Urban economics
  • Information economics
  • Others might include – Educational economics, Growth Economics, Experimental Economics, regulation Economics, History of Economics, Economics of Tax policy, Game theory, Applied Economics etc.


  1. BSC(Bachelor of Sciences) Economics

BSc takes a more technical approach to the subject with a greater mathematical and statistical focus, therefore students study those at an advanced level.

Moreover, BSc Economics has some additional subjects and practical sessions as compared to BA Economics. A Bachelor of Science in Economics gives students the necessary knowledge in math, business and economics to work as financial analysts, economists or market research analysts.

  1. BA(Bachelor of Arts) Economics

BA in economics develops a broader set of skills than BSc, however, students study the subjects of mathematics and statistics at the basic and medium level. BA Economics is designed to suit those interested in focusing on the application of theory and the factors which influence key decisions and policy making. BA is also the more traditional preparation for graduate school.

  1. BBA(Bachelor of Business Administration)

BBA is the alternative option to the standard BA. In general, the degree covers a more practical curriculum and is ideally suited for students looking to enter the workforce immediately after completing undergraduate work or move on to graduate work in Business. 

Top 5 universities in Economics and Econometrics in 2020 are:

  • 1. Harvard University (Massachusetts, USA)
  • 2. Massachusetts University of Technology (Massachusetts, USA)
  • 3. Stanford University (California, USA)
  • 4. UCB – University of California, Berkeley (California, USA)
  • 5. The London School of Economics and Political Science (London, UK)

        A further list of top economics universities in the world:

IN Comments: Next month we will expand on Universities and the application processes in more detail for each region: USA, UK, EU, Asia and Australia. Please comment which region you would like to hear about first!