Pensions seem straightforward: governments simply have to devise a system that ensures that people save enough of their income. It is basically that simple when you are dealing with an individual, but when you are organising something at the population level, it is more complicated.
Publications
In 1999, the year in which the European single currency was launched, the Nobel Prize in Economics was awarded to Robert Mundell for his theory of the conditions under which it is desirable for multiple countries to use a unified currency rather than each having their own one.
With the election date approaching, GCC states, just like the rest of the world, are closely watching for the next American president. With Clinton and Trump proposing opposing policies, these will have direct impact on GCC states, particularly in the energy and trade sectors.
A business cycle is the movement of total economic activity (GDP) around a long-run trend. When total economic activity grows faster than its long-term trend, it is called a boom, and the reverse is a recession.
The two men who on Monday received the 2016 Nobel prize in economics, Oliver Hart and Bengt Holmstrom, made key contributions to contract theory, including the “principal-agent” (PA) model.
The UAE implemented a decree on October 3 that helps workers receive their wages on time by specifying punishments for tardy employers. This is a welcome move for a country where more than 90 per cent of the labour force is foreign, although maybe not for the reasons that you would think.