The Lorenz Curve







PS- Sorry about the digital quality of today's blog. I typically use "Microsoft Word" to write the blog itself and then transfer that onto "Blogger" but this week I used the "Equations" setting to do all the maths for today and I realised that I couldn't copy that onto here very well, hence the quality.


Comments

Post a Comment

Popular posts from this blog

Where did Venezuela go wrong? - Shrey Srivastava

 In this blog, I will be discussing the reasons why Venezuela suffered one of the largest economic crashes in recent history. I will be talking about: ·         - Early boom of Venezuela ·         - Government policies ·         - The country’s oil industry, its benefits and its consequences ·         - The following hyperinflation In my opinion, Venezuela is one of the most interesting case studies to investigate, this is because of a variety of factors, such as: the country’s initial booming success, in large part due to its large oil reserve; its transient experience of social welfare policies and finally its harsh economic downturn. Venezuela has the world’s largest oil reserves which is estimated to contain enough oil to fill up 304 billion barrels which, for perspective, is 48.3 quadrillion litres of oil in Venezuela alone which is enough to meet the oil demand of the entire world for 8.6 years (according to the Energy Information Administration’s estimate on how much
Read more

Minimum wage, good or bad?

Image
  In this blog, I will be discussing these points: 1.        What is minimum wage and what are the rates? 2.        What it was intended to do 3.        What effects does it have in the broader economy?   Minimum wage is the lowest salary, per hour, an employer can pay their employees. The minimum wage varies country to country and state to state, some countries such as Singapore do not even have a minimum wage. In the USA, Federal minimum wage is set at $7.25 however individual states can set the minimum wage higher than the Federal requirements if they wish to, for example Washington D.C. places their minimum wage at $15 and California’s minimum wage is $14, these being the highest rates in the country. In the UK, the lowest an employee can be paid is £8.91 as of 2021. These hourly rates only apply to adults, the minimum wage decreases if the employee is under the set age, such as in the UK, the minimum wage for under 18s is almost half of the minimum wage applied to those
Read more

Why Bitcoin is glorified gambling

Image
 Firstly, I have finished my exams now and will be returning to my normal schedule. And secondly, tomorrow marks my blog’s 1 st birthday, it has been a brilliant year for sharing my take on economics with all of you and I am glad to say that it has been an enlightening journey writing this blog and I hope that it has provided a certain degree of educational value to all of you. Without further ado, let’s get onto today’s controversial topic, bitcoin. I will be discussing what bitcoin is, whether it should be considered a currency, how it has accumulated its value, and why it is volatile. Bitcoin is considered the “poster boy” for cryptocurrencies, this is on account of its large trading volume, price (at the time of writing this blog, (29/06) the price is £16,543) and fame. Bitcoin is considered by some, “the future of money”, this is because the “currency” itself is encrypted (hence “crypto”-currency) and completely online allowing for a reduction of frictional costs (the costs t
Read more