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Oligopolies and Criminals: Whats the Link?

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 Let's say the police catch 2 criminals, Jace and Jack. They are taken to the police station, where the police suspect they have committed a more serious crime on top of what they were caught doing- in order to have some concrete evidence, they need to extract a confession from Jace and Jack. The police start interrogating them in different rooms- they have no contact with each other. So here's the dilemma. If Jace cooperates (remains silent) but Jack defects (testifies that Jace did it), Jack gets away with the crime, whereas Jace gets a 3 year prison sentence. The same thing would happen but to Jack if Jace defects and he remains silent. However if both cooperate, they just get a 1 year prison sentence each. If both defect, then each get a 2 year prison sentence. It would be more easily understandable with this diagram:  1 From both Jace and Jack's perspective, defection is always better than cooperation- if they don't, there is a risk of serving 3 years in prison. So...
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Whats All This Faff About Trump's Tariffs?

  I am sure we've all heard recently how Trump has imposed a lot of tariffs on different countries for the goods they import/export to and from the USA. But what does it really mean, and what are the challenges it brings to countries? I am here to explain.  After taking the office on the 25th of January, 2025, President Donald J. Trump has sanctioned a series of steep tariffs, increasing the USA tariff rate from 2.5% to 27%- the highest it has been in over a century¹. He has also escalated an ongoing trade war with China, another trade giant.  What is the benefit for increasing tariffs?  These kind of tariffs are known as protective tariffs. Protective tariffs are enacted with an aim to protect a domestic industry. This is achieved quite simply- by increasing tariffs on imported goods, these products would cost more than their counterparts which were produced in the USA- hence encouraging higher sales of domestic products, boosting the economy. Let's take the example...
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Welcome to EconNews!

 Hey there,  I would like to thank those of you here, your views are what would keep me going and publish posts here. Here, you should expect to find news about what is going on in the world of Business and Economics. A bit about me- I am a student in Year 10 and have a passion in this field- I would like to pursue Economics in university. This blog here, as well as providing you with information and keeping you up to date, will really help me accumulate heaps of knowledge of Economics. I am currently aiming to post 2 articles a week, so keep checking for new articles!  Thank you,  Vihaan Zawar Editor of EconNews
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