Most Popular Posts of 2016

2016 has been an exciting year for us. Starting the year as Principles of Economics and Business, we have relaunched the website in August under the name Quickonomics. The new website provides a platform where everyone can quickly and easily get access to relevant and interesting economic content. As a result of […]

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The Prisoner’s Dilemma

The prisoner’s dilemma is arguably the most famous example of game theory. It describes a situation (i.e. game) between two prisoners, who act in their own self-interest, which results in an inefficient outcome for both of them. In essence, the prisoner’s dilemma illustrates why it can be difficult to maintain cooperation […]

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The Coase Theorem

The Coase Theorem (named after the British economist Ronald Coase) is a famous theorem that addresses the question of how effectively private markets can deal with externalities. In essence, it states that private parties can solve the problem of externalities on their own, if they can bargain over the allocation of […]

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The Unemployment Rate

The unemployment rate refers to the share of the total labor force that is without a job but actively seeking work. It is one of the broadest and most widely available indicators of economic activity. In every economy there are always some people who lose or quit their jobs, while others […]

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The Different Types of Goods

In economics, goods can be categorized in many different ways. One of the most common distinctions is based on two characteristics: excludability and rivalrousness. That means, we categorize goods depending on whether people can be prevented from consuming them (excludability) and whether they can be consumed by individuals without affecting their availability to other […]

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