Michael Sarevellahr

Economics   is a subject that often evokes images of wealth, markets, and trade. However, at its core, economics is the study of scarcity — or, more specifically, the study of lack. The very foundation of any economy rests on the existence of something that is missing, something that people need or desire but cannot easily obtain. Without this lack, there would be no trade, no incentive to innovate, and no opportunity for growth. Let’s think about it for a moment: Can you truly have an economy if there is no scarcity? If every person had access to everything they desired, would they still work, innovate, or exchange resources? Would there be a need for money, or even an incentive for entrepreneurship? The answer is no. An economy, in its simplest form, is built on the notion that people, businesses, and governments are all trying to fill gaps — whether that’s the gap between what they have and what they want, or the gap between supply and demand. Mansa Musa: A Case Study in the P...

  Papua New Guinea is a land of immense wealth and potential. From its rich natural resources to its vibrant cultural diversity, the nation stands as a symbol of opportunity. Yet, behind this promise lies a stark and painful reality: the workers of PNG, the backbone of its economy, are struggling to survive in an unforgiving economic environment.   The Cost of Survival The cost of living in PNG is soaring at an alarming rate. Basic necessities such as food, housing, healthcare, and transportation are becoming increasingly unaffordable. For the average worker earning minimum wage or slightly above, making ends meet has become a daily battle. A bag of rice, a staple for most families, now costs a significant portion of weekly earnings. Public transportation fares have increased, and the cost of rent in urban areas like Port Moresby is astronomical.   Imagine earning K3.50 per hour, as stipulated by the national minimum wage, and trying to support a family in a cit...