Daily Life Economics

Tag: dailyprompt

  • Security or Adventure? An Economist’s Take on Risk Preferences

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    dailylifeecon
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    Are you seeking security or adventure? Risk preferences are a central concept in economics that describes how individuals make decisions under uncertainty. Here’s how economists define it: Risk-averse individuals prefer a certain outcome over a gamble with the same expected value. In other words, they avoid uncertainty—even if taking a risk might result in a…

  • Dinner with living legends: Our Economists guests lists

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    dailylifeecon
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    If you could host a dinner and anyone you invite was sure to come, who would you invite? Some time ago, we shared our dream dinner party with five historical economists—think Adam Smith, Mary Paley, and John Maynard Keynes—who, sadly, are no longer around to RSVP. But what if the economists had to be live?…

  • Patatas Bravas, Sausages, and the Edgeworth Box: Our Most Memorable Camping Trip

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    dailylifeecon
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    Describe your most memorable vacation. Our most memorable vacation? Definitely last summer’s camping trip. We love camping—it’s peaceful, simple, and always sparks great economic conversations. (Yes, even on holiday, we can’t help it!) But last summer took it to another level when a casual lunch turned into a full-blown economics case study. Picture this: two…

  • Where we bring expertise: economics

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    dailylifeecon
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    On what subject(s) are you an authority? “Authority” is a strong word—and perhaps not one we’d naturally use to describe ourselves. But if we think of it as having developed deep knowledge and experience in a subject, while always remaining open to learning more, then for us, that subject is economics. Economics shapes how we…

  • The future of UK higher education

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    dailylifeecon
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    What are you most worried about for the future? There’s no shortage of pressing concerns when we think about the future—climate change, the shifting balance of global power, the rise of populism, and growing economic uncertainty, to name just a few. All of these will undoubtedly shape the way societies and economies function in the…

  • Teaching beyond the textbook

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    dailylifeecon
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    What makes a teacher great? A great teacher is not just someone who transmits knowledge, but someone who sparks curiosity, encourages independent thinking, and guides students to make connections beyond the classroom. In our experience, great teaching starts with empathy and clarity. It means understanding where students are starting from—what motivates them, what confuses them—and…

  • Let’s talk about Adam Smith

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    dailylifeecon
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    Who is your favorite historical figure? We probably won’t surprise anyone by choosing Adam Smith—often called the father of modern economics—as our favourite historical figure. But there’s more to him than you might think. Some of his ideas have become points of debate in contemporary circles, especially his association with neoclassical economic interpretations. But, it’s…

  • Enjoying the Spring/Summer vibes?

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    dailylifeecon
    in

    What is your favorite season of year? Why? Seasons don’t just change the weather—they change us too. From the clothes we wear to the food we crave, seasonal shifts influence our daily lives in surprisingly economic ways. Did you know that our consumer behavior is affected by changes in weather and seasons? As temperatures rise…

  • Luxury, elasticity, and Price

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    dailylifeecon
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    What’s the one luxury you can’t live without? In economics, a luxury good is defined as one with high income elasticity of demand—meaning that as your income rises, your demand for such goods increases more than proportionally. Think of it as treating yourself when you earn more. However, luxury goods also have high price elasticity…

  • Three books you should read if you like economics

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    dailylifeecon
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    List three books that have had an impact on you. Why? Books have a special way of shaping our thinking, and for those of us who see economics in everyday life, some stories and lessons stay with us long after we’ve turned the last page. Here are three books that have made a lasting impression…