The reason we have such a hard time understanding concepts in economics is because many of the definitions given to terms are so clear, yet filled with ambiguity. If terms like capital or institutions have more than one interpretation, this can have some implications when getting a message across. Sometimes, an alternative interpretation will completely … Continue reading Clearly Ambiguous: Capital
Cultural Capital: How It Impacts the Economy
In continuing our analysis of what goes into economic mobility, we run into cultural capital: the capital often left out of the economics because it’s assumed to be out of our control. But, even though we all come from different ethnic and cultural backgrounds, we can take comfort knowing there are a couple cultural attributes we … Continue reading Cultural Capital: How It Impacts the Economy
Capital and the American Dream
The “American dream” is rooted on the idea that people can go from “poor” to “not poor” in this country with a can-do attitude and strong work ethic. Although we’ve heard a handful of these “rags to riches” stories, research shows that it ain’t as easy as it used to be. In this series, we … Continue reading Capital and the American Dream