In A-Level Economics, we learn about the relationship between labour and their employers (firms). We learn about labour unions and monopsonies. More specific to today’s theme, we learnt that labour unions command substantial power when they form a majority and can make credible threats to firms.
When workers deem as a whole that they are […]

Part and parcel of studying or having studied economics, whether at A-Level or in university, is being involved in an ongoing debate of whether economics is more art or science. But unlike many decades back, modern day detractors of orthodox economic principles (i.e. “standard economic theory”) no longer simply say that economics is too abstract […]

As I refresh my knowledge on the vast, yet somehow focused subject that is economics, I’ve often wondered whether I could answer what the hell economics actually is off the top of my head. When I think about it, I’ve actually studied Economics at O-Levels, and recently, A-Levels, and am about to embark upon a […]