Crime doesn’t pay only if you are at the top. Economists have always held the view that crime happens because on average it does pay. However a study conducted and published by the University of Chicago which studied a gang in a four year period from 1991-1995 have put this view into doubt. What they did was that they tracked the income and the expenditure as well of a particular criminal gang who’s business was in dealing in cocaine. What they found was really quite surprising even though the gang was dealing in huge sums the average gang member received less than the minimum wage at the time. This meant that most gang member’s would have to have part time jobs as well as their gang jobs. The study was done over a four year period, at the start of the study in 1991 the gangs monthly income stood at […]
I thought I would set up a poll to catch peoples views on whether people think that the World cup in Brazil is good or bad for Brazil economically. What do you think? Vote and comment below to have your say!
Brazil is currently hosting the FIFA world cup and will be hosting the next Olympics as well… (If for some reason you didn’t know) but despite how much the Brazilians love football and celebrate sport there still is friction and protest going on! I think that it is good for Brazil but only in the short term as the world cup encourages investment into the country, creates jobs from infrastructure spending and these jobs help to put money directly into the pockets of the poor. An added benefit is that there is a short term tourism boom that brings in a lot of money from wealthy foreigners. However I am concerned about reports of money being diverted away from the poor to pay for the world cup. In the long term however after the debt fueled spending spree has come to an end. After the wealthy foreign tourists have left […]
You may have noticed that eclectecon has been down for quite some time.. well the blog is back, after my old host messed up (and this new one isn’t much better). Iv had to re post all the old blog posts that I could find and hopefully if all goes well I should be setting up a economic forum on this domain as well very soon! *Note to self always keep backups.
In January 1998 a storm in Quebec Canada left many millions of people without a source of power or electricity it would take many months to restore energy again to all residents. Nobody could have predicted the full extent of the storm but economists could have easily been able to predict what was to follow. As with many natural disasters price gouging is a common phenomenon. In this case with out electricity prices of candles skyrocketed… before a box of candles would only cost around $1 a box but after the disaster prices were raised to 4 times that at $4 a box due to the increase in demand. Many see price gouging at times of need and disaster as morally wrong as “nobody should profit on the misery of others”. Even Canada’s Industry minister at the time even suggested at a time of need oil companies should not be […]
Here is my thought for today…. Stopping peoples benefits really is a stupid idea, but one the UK government is obsessed with! You must remember that people on benefits do not save up their benefits but spend it as soon as they can on life’s essentials. Taking away peoples benefits will leave these folks struggling and without any money at all to spend… this will not only increase crime rates as people become more desperate because they dont have any money at all but will also mean that businesses that rely on selling cheap goods to people on benefits also suffer…. essentially taking away peoples benefits who do not have jobs is like taking away a important backbone in our economy… Some may argue that this balance will reassert itself in the future but what you must consider is the fact that by taking away peoples benefits you could essentially […]
According to a survey by The Atlantic apparently 23% of the adults that took the survey had not read a book in 2013! Some politicians may use this statistic to try point to this statistic to try and illustrate a decline in education and adult literacy skills as it has long been believed that people who appreciate reading and regularly read books are more intelligent but I Have my doubts. Yes, It is kind of a sad statistic but I am not that surprised and I actually think that the number of people reading books will continue to fall as the technology and the way we consume information and media changes. Do you think reading is dead? Though I dont think that we will ever stop reading as such but the way information is handed to us may change and instead of information being hidden inside large text I believe in […]
The government is fixing unemployment…well the government is fixing and bending the true numbers and stats of unemployment (especially youth unemployment). Youth unemployment is really bad and I personally think that it is morally wrong to destroy people dreams and hope even before they are even given a chance. Many young people (I AM YOUNG), are far more determined and inspired with a reason to live, prove themselves and have plenty of new fresh ideas that can easily lift and refresh a failing old fashioned brand or company, but business owners would rather exploit the youth unemployed than give them a chance, and the government are helping these cooperation’s do just this by providing them with a army of free workers and if they fire these free workers great.. it will eman that the job center can stop the unemployed person from claiming and thus reduce the unemployed rate! Whilst […]
Whatever country I live in whether it is America or the Uk (which I am living in at the moment) I always get into the politics of the country whether I cannot vote or not I need to know what’s what and whether I am really living in a democracy or not. I have been living in the Uk for a year or two now and can quite safely say in that time I have noticed that the UK is not a democracy! WOW that is quite a bold statement about a western and rich country. But it is true and it is also true about many other apparently affluent and developed western countries. The fact is that the UK is a country of two halves…. but when I say two halves I actually mean that one (the poorer) half is a lot bigger than the (much richer) other half […]
At the moment I am living in the UK and there is a huge divide between rich and poor, or rather north and south. Much of the riches of the UK are found in the south east (London), I am not living down there though as the house prices are through the roof, it is rather over crowded and I just cannot stand the attitude and selfishness found down there. It is quite clear to see what side the current government the conservative are on… with all their economic decision focusing on helping the rich become richer and their smug and selfish attitude towards the poor (all unemployed people are lazy “chavs” apparently) it is quite easy to see why they chose to sell off the royal mail, a service probably unused by the elite of society but one used by many normal citizens and small businesses across England. The […]