What if I'm not great at "real math"?

Ask an Economist
Abbreviated Question: 
What if I'm not great at "real math"?
Answer: 

You are correct that modern economics requires a high degree of facility with mathematics, including probability and statistics.  The requirements for mathematical proficiency will vary somewhat from program to program.  That said, economics also requires an interest in and keen eye for the world around us, important policy problems and human behavior.  I hope that the requirement to achieve a level of mathematical proficiency would not put you off of further study of economics, if you find these uses of economic reasoning interesting and appealing.

General and economic success of a country inquiry?

Ask an Economist
Abbreviated Question: 
General and economic success of a country inquiry?
Answer: 

Thank you for bringing this rumor to our attention.  First, it would be helpful to understand what you mean by “a country’s success” or “potential”.  I suspect you may be referring to a country’s growth in income (growth in GDP/economic growth) which oftentimes is misconstrued for economic development. 

Are there any positive effects of applying tariffs?

Ask an Economist
Abbreviated Question: 
Are there any positive effects of applying tariffs?
Answer: 

Tariffs, like many government policies, have both costs and benefits.  As your questions points out, we have heard much about the costs of tariffs in the ongoing trade disputes.  But there are also benefits that accrue.  For example, the U.S. steel and aluminum industries will benefit from the tariffs imposed by the Trump administration, as some U.S. companies shift some of their steel and aluminum needs to U.S. suppliers due to the tariffs and the impact the tariffs have on the relative costs of U.S.

What qualifies as a cartel?

Ask an Economist
Abbreviated Question: 
What qualifies as a cartel?
Answer: 

Let me first state that I cannot answer the legal part of the question. Antitrust litigations often involve economists to show empirical evidence of abuse of market power and to determine the extent of damage the cartel has caused to consumers and other firms. That is, the role of economists is not to argue whether a certain behavior is legal or not but rather to examine whether it has consequential market effects. I will focus this response on how economists view wage rate information sharing.

Trevin Kennedy

Feature Story

Current employment/job title: AgYield, Oakbrook Terrace, Illinois; Commodities Broker and Consultant

I use AgYield’s software to develop customized risk management strategies for farmers.

Megan Joos

Feature Story

Current employment/job title: U.S. Bank in Pella, IA, Assistant Relationship Manager

Emily Schwenneker

Feature Story

Current employment/job title: John Deere, Marketing Representative

Currently, I'm in the Marketing and Customer Support Development Program. In this program, there are two paths to follow: marketing and sales or customer and product support. During the 15-18 month program, each representative completes two 6-9 month project- or function-based rotations and instructs at a regional training program.

Nicole Monck

Feature Story

I am a farmer. I bought my own farm and some days I am the boss and decision maker, which has its perks and its downfalls. I also help my parents on our family farm where my job description changes daily. Some days I am a manager, boss, or hired help.

Each day is different, and that's my favorite thing about my job. I have learned so many things in the last year, some the hard way and some the easy way. 

How can any president take credit for the number of jobs being filled?

Ask an Economist
Abbreviated Question: 
How can any president take credit for the number of jobs being filled?
Answer: 

Politicians can claim credit for whatever they want – and typically they do claim credit for everything that looks good and blame everything that looks bad on their opponents. 

How would rental income be divided between equal owners of a property where one owner resides there?

Ask an Economist
Abbreviated Question: 
How would rental income be divided between equal owners of a property where one owner resides there?
Answer: 

It is not possible to provide a very good answer to this question because because it is not very clearly posed and is not specific about the desired remedy. Also, the answer below represents some off-hand views of an economist and, under no circumstances, is to be understood as anything close to proper legal advice.

Pages

Subscribe to Department of Economics RSS