Due to various externalities, a labour market never operates in perfect competition mode. One such externality is the inelasticity in wages introduced due to personal fulfilment and satisfaction that led to personal job preference. This meant that salary is not the sole determinant of one’s...

Central banks modulate the performance of the economy through a variety of means such as adjusting interest rates, bank reserve ratio, or supply and demand dynamics of a currency. These approaches achieve broadly similar goals for improving economic goals but each endure its own set of...

Subsidies are commonly used in encouraging specific actions that could yield a benefit to societies, but which are expensive for the individual to undertake. One example is the purchase of hybrid vehicles which have lower carbon and air pollutants emissions per unit distance travelled. However,...

Competition reduces prices. But, what is not commonly known is that competition also promotes more products in the same category, leading to a diversity of makes and models that could only benefit the consumer. At the theoretical level, a perfectly competitive market creates the space for...

Transport connects places of supply with those of demand, in goods, labour, leisure and other socioeconomic functions. Public transport is the main mode of transportation for most people in cities around the world, where a hub and spoke network of roads define the landscape on which people move...

In many economic systems where demand is low but steady, supply formation generally takes time and in the form of led by demand, i.e., supply catches up with demand, but seldom overproduce to cater to sudden surge in demand due to constraints in raw material or limited machinery time. These...

Provision of charging stations is requisite infrastructure supporting the adoption of electric vehicles in any city and country. To avoid duplications and wastage of resources, only one charging station is available at each parking lot, which meant that only one provider is assigned for each...

We all want to be promoted to a higher position for reasons of more power, higher pay, more duties, but seldom to handle more responsibilities. At least, the above are the prevailing norms in many economies and firms around the world. But, in that case, how could modern firms, especially...

Many parameters such as tax rate and interest rate have been correlated with economic growth with varying degrees of success. However, quality of political leadership is often not a numerical or categorical parameter in modeling economic growth of a nation even though a stable and thoughtful...