Oxford University Press's
Academic Insights for the Thinking World
Today, 8 April, is John Hicks’ birthday. Hicks is well known for his publications such as The Theory of Wages and Value and Capital. He is considered to be one of the major figures in the history of British economics. This year marks 28 years since Hicks’ death and 45 years since he won the Nobel Prize for Economics. To mark this momentous day, we have created a quiz to see how well you know about this influential economist.
While the current US administration is re-examining the North American Free Trade Agreement and finding issues with the trade deficit, it is worth considering the impact of trade between the United States and Mexico and examining the history between these two nations. In the following excerpt from the forthcoming 2nd edition of Mexico: What Everyone Needs to Know, Roderic Ai Camp explores how Mexico has contributed to the US economy in recent years.
On 16 March, less than nine months after the public voted to leave the European Union (EU) in a hotly contested referendum, Britain enacted a law authorizing the government to begin the process of negotiating “Brexit,”— Britain’s withdrawal from the EU. Although there was much talk of “Bregret” following the referendum, recent polling suggests that British attitudes have not changed much since June.
Is speculation ingrained into American culture? Economists dating back to as early as John McVickar have analyzed the American enthusiasm directed toward speculation. History indicates that the American approach to enterprise has differed from its European counterparts since its inception. In this shortened excerpt from Speculation: A History of the Fine Line between Gambling and Investing, author Stuart Banner discusses the economic risks taken in early American history, and the cultural significance of speculation in the United States today.
The UK has yet to decide what relationship with the EU it will seek following Brexit. But whatever option it pursues, the government’s ability to achieve its goals will depend on the success of its negotiating strategy. To design a successful negotiating strategy, it is first necessary to understand the purpose of trade agreements. When a country sets trade policy unilaterally, it does not account for how its choices affect the rest of the world.
The European Union (EU) is a political and economic union consisting of 28 states that are located within Europe. With the United Kingdom’s recent decision of leaving the EU, the future of the European Union is timely as ever. Therefore, the OUP Economics team have decided to trace a very concise history of the European Union all the way from the end of World War two to Brexit.
Contemporary Singapore has transformed into a “global city,” and remains an important player in international affairs. One of the original “Four Asian Tigers,” Singapore’s economy has grown into one of the most competitive and dynamic economies in the world. However, Singapore faced great adversity on its journey towards modern power. In this shortened excerpt from Singapore: Unlikely Power, author John Curtis Perry sheds light on the importance of Singapore as a symbol of courage and strength.
“Knowledge workers,” or people who think for a living, continue to be major players in the global economy. In today’s competitive job market, creating a successful career in a knowledge work field takes more than a college degree. One of the keys to success is authenticity: understanding yourself so that you can take charge of your own work.
How much would we understand about human evolution if we had never discovered genetics or DNA? How would we track the development of the human species without taking into account the universal code of life? Yes, we could study ancient trash heaps to estimate people’s average caloric intake over time. Or we might seek clues in burial mounds regarding population growth rates and changes in our physical characteristics over time.
Firms and individuals depend on honest accountants. Managers make decisions on the basis of information they provide. Investors decide whether to buy, sell, or hold on the basis of their pronouncements. And the advice of an accountant can make the difference between collecting a fat refund and going to prison for tax fraud. Honest accounting is as important for countries as it is for firms and individuals.
There are some economic terms that are fixed and immutable. Marginal cost will always be the addition to cost from an incremental increase in output, and average cost will never be anything other than total cost divided by output. Other terms have greater fluidity and evolve over time with developments in theory and practice. For this reason, compilation of the Dictionary is never finished and definitions are never final.
Most students feel that they are in a “damned if you do, damned if you don’t” situation. They worry about whether future employers might find an offending photo or post attached to their names. But many of them also worry about what happens if they have no social media presence at all for their future employers to scrutinize and dissect. If they are completely absent from social media, this might seem suspicious, too
What is “code”? Although “code” can be applied to a variety of areas—including, but not limited to computer code, genetic code, and ethical code—each distinct type of code has an important similarity. Essentially, all code contains instructions that lead to an intended end. Philip E. Auerswald, author of The Code Economy, argues that code drives human history.
How are farm animals treated and should one care? For the record, I am not vegetarian and I follow something similar to a paleo diet high in animal proteins and fats. But whether or not one believes animals have rights, libertarian philosopher Loren Lomasky once gave me the most succinct argument for caring about the welfare, at least some, of animals: “You wouldn’t put your cat in a microwave, would you?”
Valentine’s Day each year brings with it accusations of shameless appropriatation of sacred rituals by retailers.But of course, there is nothing new in the commercialisation of rituals and traditions. Following enforcement of Confucianism in the Ming and Qing dynasties of China, the nuo exorcism ritual was re-created as an often expensive personal experience performed by nuo Masters for a group of households.
While today’s business media (and business schools) are much enamored with Silicon Valley-style start-up entrepreneurship, only those startups able to grow into large, complex enterprises (e.g., Google, Facebook, Linkedin, Netflix) materially impact the evolution of the global industrial system. The average lifespan of such large, complex enterprises, however, is on the decline.