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In Economics, what is internal labour market?

This refers to the administrative system within a company which determines the internal allocation and pricing of labour. In the internal labour market, the competition for vacant roles within the company is limited to the pool of labour that is already part of the company. People from outside the company …

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Listening to the gambling industry is terrible economics

Philip Hammond makes an unlikely defender of the gambling industry. The chancellor is a frugal man who rather relishes his nickname of Spreadsheet Phil. He is certainly not a politician you would ever find pumping £100 a time into a fixed-odds betting terminal (FOBT) at a high street bookies. Yet, …

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Trickle-Down Economics Must Die, Long Live Grow-Up Economics

Economics, as it has been practiced in the last three decades, has been positively harmful for most people. — Economist Ha-Joon Chang For over thirty years we’ve treated something as fact which is actually false. Economists we trusted to know better, didn’t, and so people have suffered and continue to suffer. …

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