Lessons we can learn from a prison economy
In conclusion, economics is a subject which is very hard to predict. Models are constantly theoretical as you cannot do experiments on economies. Therefore, a prison can provide economists with a great microcosm of a market, helping them understand behaviour and movements in the market. The prison can help understand how currencies form, how to react to a classical recession and how people’s decisions are affected by their surroundings.
Bibliography
Britannica. Arab oil embargo https://www.britannica.com/event/Arab-oil-embargo Consulted: 30/08/22 Dugan, A. In U.S., Smoking Rate Hits New Low at 16%. https://news.gallup.com/poll/237908/smoking-rate- hits-new- low.aspx?g_source=link_NEWSV9&g_medium=NEWSFEED&g_campaign=item_&g_content=In%2520 U.S.%2c%2520Smoking%2520Rate%2520Hits%2520New%2520Low%2520at%252016%2525 Consulted: 27/08/22 Gibson- Light, M. (2016) ‘Must Work for Food: The Politics of Nutrition and Informal Economy in an American Prison’, 111th Annual Meeting of the American Sociological Association , Seattle, Washington Goldberg, P and Hellerstein, R. (2007) ‘Sticky Prices: Why Firms Hesitate to Adjust the Price of Their Goods’, Current Issues in Economics and Finance, Vol. 13, No. 10, November 2007 Hammill, A., Ogden, J. and Glorney, E. (2017) The illicit economy in prisons: A new measure of biddability (BIDSCALE) to predict involvement in prison illicit economy and its consequences. Prison Service Journal, 234: 16-22 Harford, T. (2013) The Undercover Economist Strikes Back . London Humphrey, T. Averting Financial Crises: Advice from Classical Economists https://www.richmondfed.org/publications/research/econ_focus/2014/q4/federal_reserve. Consulted 19/08/22 inflationeu. (2022) https://www.inflation.eu/en/inflation-rates/great-britain/historic-inflation/cpi-inflation- great-britain-1979.aspx Consulted: 30/08/22 Laurens, R. ‘ An Economic Psychological Approach to Herd Behavior ’, Journal of Economic Issues 40, no. 1 (2006): 75 – 95. http://www.jstor.org/stable/4228225 Macalister, T. (2011) ‘Background: What caused the 1970s oil price shock?’ The Guardian at Background: What caused the 1970s oil price shock? | Oil | The Guardian Oxford Reference. Say’s Law https://www.oxfordreference.com/view/10.1093/oi/authority.20110803100443967 Consulted: 30/08/22 Pettinger, T. (2012) ‘Economic Policies of the 1970s’ at Economic Policies of the 1970s - Economics Help Examples of economic problems. https://www.economicshelp.org/blog/15276/economics/examples- of-economic-problems/. Consulted: 19/08/22 Radford, R. (1945) ‘The Economic organisation of a POW camp’, Economica : 1-11. The Economic Lowdown Podcast Series (2021) ‘Functions of Money’. Wang, A. (2016) ‘‘They’ll kill for it’: Ramen has become the black - market currency in American prisons’, Washington Post. ‘They’ll kill for it’: Ramen has become the black -market currency in American prisons - The Washington Post Young, J (2022) ‘Classical Economics’ https://www.investopedia.com/terms/c/classicaleconomics.asp Consulted: 30/08/22
220
Made with FlippingBook - Online catalogs