The recent surge in the house prices rise in UK is an indicator. But what does it indicate? Well let us look closely. There is shortage of new houses in UK, and this has led to the price rise in the housing sector. The prices are up 1.7 % while all experts had indicated a… Continue reading More people buying Cars,Houses
Giffen goods are those commodities whose demand goes up with the rise in price. If the price goes down the demand for the commodity also decreases. This is opposite to what the law of demand states. Normally the rise in price of a commodity results in decrease in the demand. The first instance was found… Continue reading The Giffen Paradox
Does culture affects the economy? Economists do not recognize culture as a determinant of economy. The most difficult question is – What exactly is culture? Due to this ambiguous nature of culture, economists have been reluctant to include it as a variable. In common parlance culture is the beliefs and life style that people inherit… Continue reading Effect of Culture on Economy
Thanks to the horrific council-themed Christmas card, a lot of people are paying attention to council housing. Many people who do not live in the country might not know about council estate or social housing, so here goes. Technically, council housing is a part of a state run social housing program that enables people to… Continue reading What is council housing?
There was a point of time when there were few pound shops around, but nowadays, it’s impossible for you to go shopping without stumbling on to a pound shop. What exactly makes these shops so popular? And how do they actually affect the economy? First of all, pound shops became popular because of the simple… Continue reading Pound shops: What’s their effect?