Economics

A majestic beauty in the Dunedin Botanic Garden, in Dunedin, New Zealand.

Humanism and Karl Marx

Most read of the thoughts and writings of Karl Marx, one of the most influential revolutionaries in the 19th-century, whose magnum opus, Das Kapital and The Communist Manifesto forever changed the world for better or worse since their emergence, as a disputed economic project and a failed revolutionary enterprise. Little do people realise that Marx…

The Euro Sign at the Eurotower, Seat of the European Central Bank in Frankfurt, Germany.

Karl Marx and Class Struggles

‘The history of all hitherto existing society is the history of class struggles’ is what Karl Marx, one of the most influential revolutionaries and a lesser-known philosopher, believed to be the core of the problem with capitalism and the capitalist mode of production, and is how he started the dialogue in The Communist Manifesto, as a call to…

The Father of Modern Economics, Adam Smith in Edinburgh, Scotland.

‘Tell Me Something I Don’t Know About Economics’

Economics is incomplete. One fundamental principle that many economic models build on, that we are all rational agents with clear preferences, is flawed. Economics does not account for, among our many cognitive biases, our natural impulse of drawing comparisons, to a degree that irrelevant factors may influence our decisions. Imagine this, say you are buying a $20 book, would…

The Clock Tower of the Cardiff Castle in Cardiff, Wales.

Richest One Percent Will Own More Than The Rest

It goes without saying that, in this day and age, the rich gets richer and the poor gets poorer. Or as the French economist Thomas Piketty put it, r > g, in his book Capital in the Twenty-First Century, where r is the rate of return to wealth and g is growth rate of the…