One of the most important ideas I have learned in economics is opportunity cost. At first, the concept seems pretty simple, but I have realized that it applies to almost every decision people and governments make. Opportunity cost is the value of the next best alternative that is given up when a choice is made. A basic example is deciding how to spend my time. If I choose to study for an exam, I am giving up the opportunity to use that time to hang out with friends, workout,

Inflation affects almost everyone, even if people do not always think about it in economic terms. When prices rise, everyday purchases such as food, gas, housing, and other necessities become more expensive. Learning about inflation has helped me understand that changes in prices are connected to much larger economic forces and government decisions. Inflation occurs when the overall price level of goods and services increases over time. When this happens, the purchasing power

Healthcare is one of the most important areas where economics and public policy come together. Almost everyone depends on healthcare at some point, but the cost of receiving it can vary significantly between people. Because healthcare involves limited resources, high costs, and decisions that can affect people's lives, governments face difficult questions about how the system should be organized and funded. From an economic perspective, healthcare is different from many other

Economic recessions can have a major impact on individuals, businesses, and entire communities. When the economy slows down, businesses may earn less revenue, workers can lose jobs, and consumers may reduce their spending. Because of these effects, governments often face an important question: how much should they intervene when the economy is struggling? One of the main ways governments respond to recessions is through fiscal policy. Fiscal policy involves government decisio

The NFL is usually viewed as entertainment, competition, and one of the biggest sports leagues in the US. However, the league also provides an example of how public policy and economics influence professional sports. From stadium funding to labor agreements and community development, many decisions surrounding the NFL involve issues that go far beyond what happens on the field. One of the clearest connections between the NFL and public policy is stadium financing. Building o

One of the first concepts I learned in economics was scarcity, and although it seems simple, it may be the most important idea in the entire field. Scarcity means that resources are limited while human wants are virtually unlimited. Because there is never enough money, time, or resources to satisfy every need, individuals, businesses, and governments are constantly forced to make choices. Scarcity is especially important in public policy because governments operate with limit

Now that the 2026 World Cup has come to an end, it is interesting to look back at the tournament through a public policy lens. While most people remember the incredible games and unforgettable moments, the tournament also demonstrated how economics and public policy play a major role in making an event of this scale possible. Co hosted by the US, Canada, and Mexico, the World Cup required an unprecedented level of international coordination and planning. One of the biggest ch

One topic that has been on my mind recently is academic integrity and the role it plays in education. While academic integrity is often associated with avoiding cheating or plagiarism, I think it represents something much broader. At its core, it is about being honest in the learning process and recognizing that education is meant to develop knowledge and critical thinking, not simply produce high grades. In many schools, there is a strong emphasis on outcomes. Test scores, G

One of the most interesting concepts I have encountered while studying economics is the idea of externalities. Externalities occur when the actions of individuals or businesses affect people who are not directly involved in a transaction. Because these effects are often not reflected in market prices, externalities can lead to outcomes that are inefficient from society's perspective. A common example of a negative externality is pollution. When a factory produces goods, it ma

One of the most important ideas in economics is competition. Competition occurs when businesses compete with one another to attract customers, improve products, and lower prices. While competition is often taken for granted, it plays a major role in shaping economic outcomes and is a key reason why governments create policies designed to keep markets competitive. When firms compete, consumers generally benefit. Businesses have an incentive to offer better products, provide be

One topic that has become increasingly important in both economics and public policy is international trade. Every day, countries buy and sell goods and services across borders, creating a global economy that connects businesses, consumers, and governments around the world. While trade may seem like a straightforward exchange of products, it has significant effects on economic growth, employment, prices, and public policy. Economists generally support trade because it allows

One public policy concept that I have found particularly interesting is the idea of public goods. Public goods are goods and services that are available to everyone and are difficult or impossible to restrict access to. Because of their unique characteristics, public goods often create challenges for private markets and help explain why governments play such a significant role in certain areas of the economy. Economists define public goods as being both non-excludable and non

One of the most important ideas I have learned while studying economics is the concept of incentives. Incentives are factors that encourage people to act in certain ways, and they play a central role in nearly every economic decision. Whether people are deciding how to spend money, businesses are choosing what to produce, or governments are designing public policies, incentives help explain why individuals and organizations behave the way they do. Economics often assumes that

A hotly debated topic in public policy is the minimum wage. Minimum wage laws establish the lowest hourly wage employers are legally allowed to pay workers. Supporters argue that raising the minimum wage helps workers afford basic living expenses and reduces poverty, while critics argue that large increases may create higher labor costs for businesses and reduce employment opportunities. Because of these competing perspectives, minimum wage policy has become an important area

Recently I had the opportunity to look around IU while in Indiana. My uncle, a former graduate student, showed me around the campus as well as the Kelley School of Business. One of the first things that stood out to me was the atmosphere of the campus. IU felt large and active, but still organized in a way that made it feel welcoming rather than overwhelming. Walking through the campus gave me a better sense of what student life could be like. Most of the students were takin

Land Value Tax is an interesting public policy ideas because it has support from people across very different political viewpoints. Some support it because it is economically efficient, others because it could reduce inequality, and many urban planners support it because it may help increase housing supply. Even with all of this support, it is still rarely discussed in mainstream politics. A Land Value Tax works differently from a traditional property tax. Instead of taxing b

Income inequality refers to the uneven distribution of earnings and wealth across a population, the gap between those at the top of the income ladder and those at the bottom. Economists typically measure it using tools like the Gini coefficient, where a score of zero represents perfect equality and one represents maximum concentration of income in a single individual. By this and most other measures, the United States has seen a steady widening of the income gap over the past

While attending the University of Chicago open house, I had the opportunity to sit in on a model economics class, which turned out to be one of the most interesting parts of the tour. The lecture was given by professor Pablo Peña and focused on the concept of human capital, a topic that connects economics directly to education, skills, and long-term economic growth. Human capital refers to the skills, knowledge, education, and experience that individuals accumulate over time.

During my recent college visits, I had the opportunity to see the University of Chicago campus, and the experience gave me a clearer picture of how economics and public policy are emphasized there. From the moment I arrived, the campus stood out because of its strong academic atmosphere and its reputation for serious intellectual focus, particularly in economics. One of the first things I noticed was the architecture. Many of the buildings feature classic Gothic style designs

One public policy topic that has become increasingly relevant in recent years is student loan forgiveness. As the cost of higher education has continued to rise, many students graduate with significant amounts of debt. In the United States, total student loan debt has grown into the trillions of dollars, making it one of the largest forms of household debt. Because of this, policymakers and economists have begun debating whether forgiving some or all of this debt could benefi