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Category: Terms and Concepts

The Big Mac Index: A delicious indicator

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The Big Mac Index was written by Pam Woodall in The Economist in 1986. The index, also known as Burgernomics, is published every spring by The Economist.

Purchasing Power Parity; hey look, a balance

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  Our willingness to pay a certain price for foreign money must ultimately and essentially be due to the fact that this money possesses a purchasing power as against commodities and services…

Property Rights: a Key Player in Economics

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Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has…

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  • Amos Tversky
  • Daniel Kahneman
  • cognitive bias
  • Milton Friedman
  • Wealth of Nations
  • Nobel Prize Laureate
  • Adam Smith
  • 20:20 ratio
  • law of small numbers
  • the halo effect
  • wealth inequality
  • income inequality
  • Law of Large Numbers
  • Dow Jones Industrial Average
  • status quo bias
  • Behavioral Economics
  • daniel kahnemann
  • hyperinflation
  • the gambler's fallacy
  • gambler's fallacy
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