Unit 1 Micro: Highest and Lowest Paid Jobs in the UK
A summary of the highest and lowest paid jobs in the UK labour market can be found here. I often use this data and resource links as starting points for discussion introductory labour market economics for EdExcel Unit 1 and it might also be handy for AQA Unit 3 economics.
read more...»A2 Economics Revision Workshops
Preparations are well underway for our series of A2 macro revision workshops at different locations in the UK and overseas during March and April. Bookings can still be made using this link
There are five main sessions during the day
1 Prospects for the UK Economy
2 Monetary and Fiscal Policy Economics
3 Trade Imbalances and Exchange Rate Economics
4 The Euro Zone Crisis
5 Session Focusing on Exam Technique
AS Economics Revision Workshops
The AS Macro (Unit 2) Revision Workshops are just a few weeks away and preparations are in full swing for the series of events in our UK venues and also in Spain (Madrid) on April 13th. The day is split into five sections.
1 Recession and Recovery – Understanding the Economic Cycle
2 Inflation and Unemployment – Conflicting Objectives?
3 Monetary Policy and Economic Performance
4 Fiscal Policy and Supply-side Policies
5 Special session on Exam Technique in AS macro
Bookings can still be made using this link
read more...»Unit 3 Micro: Slideshare Presentation on Trade Unions
An updated presentation for A2 microeconomics on some economic aspects of trade unions in the UK is now available through slideshare
read more...»Hours worked vs Productivity
Much of the stuff written about Greece over the last months has accused the Greek people of all kinds of things - living beyond their means, failure to pay taxes, and laziness among others. Recent OECD data, used by Tim Harford in More or Less on Radio 4 (link to the podcast here), suggests that Greeks are not lazy - they actually work longer hours per person than any other European country. However, analysis of the figures a little more depth, which GDP per worker, when it is used as a measure of productivity, putting Greece almost at the bottom of the table. The data (more detail in the article here) does come with a health warning, as unlike figures such as CPI or LFS unemployment it is not collected according to agreed international methods but by individual national statistics authorities. However, it could be useful for students to analyse likely reasons for the difference in number of hours worked and productivity between countries such as Germany and Greece.
The UK comes a rather mediocre 14th in both tables, by the way.
Unit 2 Macro: A Man Regains his Self Respect
We have followed Stephen Stubbs on the economics blog before. This committed man from the north-east of England has been out of work for more than a year and had filed nearly two thousands job applications in a concerted and lengthy pursuit of a fresh job. What marvellous news it is that he has found work with the student loans company. Here are two videos that tell the story of his long and difficult pathway to finding new work.
read more...»Unit 3 Micro: Video Resources on Trade Unions
Here is a selection of short news video resources on trade unions in the UK
read more...»Unit 3 Micro: Trade Union and Industrial Stoppages
I am teaching trade unions as part of our study of labour markets in the UK and the rest of Europe. This data from Timetric tracks the number of days lost from industrial disputes / stoppages and is always useful in providing historical context. Data on UK trade union membership can be found here
* Trade union density for employees in the UK was just 26.6 per cent in 2010
* Trade union membership levels for UK employees was 6.5 million compared with 2009. Across all sectors of the economy, just under half of UK employees (46.1 per cent in 2010) were in a workplace where a trade union was present
* The hourly earnings of union members, according to the LFS, averaged £14.00 in 2010, 16.7 per cent more than the earnings of non-members (£12.00 per hour)
Unit 3 Micro: Volkswagen targets growth markets
Here is a one minute news clip packed with nuggets of good business economics. Profits have more than doubled at German car-maker Volkswagen after the company delivered a record number of vehicles last year. It delivered more than 8.2 million vehicles, up almost 15% on 2010. Listen and watch for information on their acquisitions and competitive strategy especially when targeting fast growing markets in emerging economies especially China, India and Brazil.
read more...»Unit 2 Macro: Rosling on China and the UK Converging
Here is a lovely three minute Newsnight video featuring Hans Rosling on the convergence in income per capita and health outcomes between China and the UK. Great presentation.
Unit 3 Micro: Low Pay in Supermarkets
The award-winning journalist Paul Mason provides this video report on low pay for hundreds of thousands of people who work for the big four supermarkets. I use this video when teaching monopsony power in the labour market. For many people, supermarket workers’ wages are being supplemented by state benefits such as child tax credits
read more...»Are Graduate Economists Fit for Purpose?
A fortnight ago I spoke at an event organised by the Government Economic Service and the Bank of England on the teaching of Economics in schools and universities.It was a really interesting day and in this article Diane Coyle, Managing Director of Enlightenment Economics draws together many of the threads of discussion and debate. I’ll be writing up my own commentary after the weekend.
The Business of Sport - An Evening with Leeds Rhinos
Rugby League legend Kevin Sinfield and Leeds Rugby CEO Gary Hetherington are speaking at the Eton College Sports Society on Monday 27th February starting at 8.40pm. If anyone is in the vicinity and would like to come to the meeting please feel free to do so. Entry is free, please contact me if parking is needed. It should be a great chance to discuss the business of professional rugby in one of the toughest sports in the world.
Lord Bilimoria at the Entrepreneurship Society
Karan Bilimoria, Founder of Cobra Beer is speaking at the Eton Entrepreneurship Society on Thursday 1st March starting at 8.40pm. If anyone is in the vicinity and would like to come to the meeting please feel free to do so. Entry is free, please contact me if parking is needed.
Greek Debt - Its Over, Totally Over!
Another great piece of work by the team at the Guardian here using Xtranormal. This one tries to explain the current situation regarding the Greek debt deal. Is it over? Sorted? maybe not…
read more...»Unit 1 Micro: Ten Approaches to Curbing Binge Drinking
Economics is a social science involving the study of human behaviour. we know that binge drinking is an economic and social issue that probably requires a range of policy interventions to address effectively over time. This BBC news magazine article offer ten policy prescriptions - students can easily add to the catalogue - but provides a really good example of how to build good evaluation into an AS micro market failure / government failure question.
Unit 2 Macro: Targeted Tax Cuts to help the Economy
The Confederation of British Industry is a lobbying organisation and seeks to promote and protect the interest of many of the UK’s leading businesses across manufacturing and services. Ahead of the March Budget, their head John Cridland argues in this video for a series of targeted tax cuts as a stimulus for the economy. This is worth watching to get a feel for what are the priorities of business at this stage of the cycle. How much different would it be if the interviewee was representing the trade unions?
read more...»The Economics of Climate Change - Stern 5 Years On
Lord Nick Stern tonight gave the first of three lectures on the ethics and economics of climate change as the annual lecture series in honour of Lionel Robbins started at the LSE.
It is over five years since the publication of the Stern Report and much has happened in the intervening period. Stern however was at pains to emphasise that his core message remained undimmed, namely that the costs of inaction are enormous but the costs of early action to cut emissions are manageable. We have seen in recent years rapid technological change much of which is hugely encouraging in taking us closer to de-coupling the relationship between production and consumption and carbon emissions. But more is needed, Stern is arguing in these three lectures for a new industrial revolution, a deep set of changes to production processes and technologies that happens across every sector. The economics and politics of how progress might be made in moving towards a new revolution will be the focus of the second and third lectures.
LECTURE 1 - Tuesday 21 February 2012
What we risk and how we should cast the economics and ethics
LECTURE 2 - Wednesday 22 February 2012
How we can respond and prosper
LECTURE 3 - Thursday 23 February 2012
How we can get there: building national and international action
Drink, drink, more drink
Students are often asked to weigh up policies to limit the over consumption of demerit goods like alcoholic drinks. This BBC article cited by Ben White considers some of them.
Most governments have used a combination of policies with varying levels of success. One policy option is the use of variable rates of Excise Duty. The March 2011 budget resulted in a rise in the duty on strong beers (above 7.5% alcohol) of 25%, and the duty on weak beers (below 2.8%) cut by 50%.
read more...»10 Solutions to Binge Drinking
Last week David Cameron called binge drinking a “scandal” and referred to the negative externalities that are incurred by 3rd parties - in this case the NHS, to the tune of £2.7bn a year. He pledged to introduce drunk tanks whilst there are plans for a minimum price for alcohol.
read more...»Teaching Opportunity - Economics at Oundle School
Exclusive news of a temporary teaching opportunity to work alongside the superb Econ team at Oundle…
read more...»Pinterest: Board on Developments in the EU Economy
Here is a new macroeconomic board drawing together news flow on key developments in the European Union economy as the continent struggles to overcome the financial, political, economic and social crisis: Pinterest European Economy Board
Unit 2 and Unit 4 Macro: The Truth About Long-Term Unemployment
Here’s 10 examples of people in the US who once found their skills in great demand but for various reasons once the bubble burst they have found it impossible to find work again and so join the increasing ranks of the long term unemployed.
read more...»Unit 3 Micro: Inside the iPhone and Intellectual Property
This is a remarkable video featuring Geoff McCormick, director of UK design firm The Alloy that looks inside an iPhone at the component parts. Each and every iPhone contains thousands of patented components, ideas, designs and processes. Fantastic when teaching about the economics of intellectual property and the patent wars dominating the courts.
read more...»Pinterest: Board on Developments in the UK Economy
I am putting together a new Pinterest board on developments in the UK economy - it can be found here If any teaching colleague would like to collaborate and help maintain and grow the board please let me know.
Unit 3 Economics: Cooperation and Competition
Paul Ormerod blogs here about the growing academic interest in cooperation between businesses and within our economic system. Our discipline will move towards embracing cooperative strategies between agents in markets because often it provides a way to reduce the fragility of businesses and economic systems in an age of systemic shocks and threats. Paul links to another really interesting blog by Ed Mayo.
Unit 1 Economics: Panorama - Poor America
For those of you who missed this week’s panorama “Poor America” it is well worth 30 minutes of your time. Students often assume that a high GDP per capita always leads to the good life for all- this programme highlights inequality well.
Video clip: Poor America: ‘Some kids are making ketchup soup’
The Panorama programme on America’s poor is available to view for the next 12 months - click here
read more...»Unit 2 Macro: The Dash for Gas in Mozambique
In the last twelve months two huge discoveries of natural gas have been made in the East African country of Mozambique. The latest - a deepwater discovery - is said to hold over 210 billion cubic metres of natural gas and investment in exploiting the field could be the major cataylst for a rapid phase of growth and development for one of the world’s poorest countries. The country has large untapped oil, coal and titanium reserves in addition to the gas. According to the UK Trade and Investment body, within 15 years Mozambique could be Africa’s second largest coal producer (after South Africa) and one of the largest coal exporters in the world.
Can it benefit in a sustainable way from exporting these resources or will they prove to be a curse on development?
For many years Mozambique has been afflicted by a brutal civil war which ended in 1992 and then a series of natural disasters including floods in 2001 and 2001 which destroyed much of its infrastructure.Floods were replaced by a calamitous drought in 2002 but more recently the economy has achieved strong growth and progress in lifting people out of absolute poverty. That said, 50% of Mozambicans living on less than $1 a day, foreign aid accounts for nearly half of government spending and there remain severe doubts about whether the dividends of an export-boom in natural resources will feed through the the majority of the population.
The Mozambique government has a 10% stake in the newly-discovered gas fields, it sold a licence to the Italian company Eni to explore for new gas reserves and Eni has committed to building a multibillion-dollar liquefied natural gas terminal in the country as a distribution platform to export mainly to fast-growing Asian economies.
Other transnational companies are investing in Mozambique. Vale, a Brazilian multinational is spending over $3 billion to rebuild and extend the 425 mile Nacala railway and connect it to a deep water port so that Mozambiquan coal can be exported.
Putting the infrastructure in place will take several years and gas production on a huge scale may not start before 2016. Although new industries brings risks as well as opportunities, the potential for a step change in development in the country is enormous.
read more...»2012 RES Essay Competition: Clarification on Question 6
Question six in this year’s competition is likely to prove highly popular. “‘Is austerity the best way out of the debt crisis?”. Just to clarify for students already engaged in research for this question, the answer does not have to be specifically related to the UK but it would be fine to focus on the UK. The debt crisis extends to many parts of the world economy and students are free to adopt any approach they choose. The judges will always credit an interesting and relevant approach to the question drawing on debt issues facing one or more countries.
A return to Glass-Steagall to prevent another crash? A lesson from economic history.
At the World Traders’ Tacitus lecture last night, Terry Smith proposed a return to the provisions of the Glass-Steagall Act in order to reform the banking sector. The title of his lecture was ‘Is Occupy right?’, and while he clearly didn’t go along with some of the propositions of the Occupy movement, such as the imposition of a financial transaction tax, he did say that they have a serious point to make about the financial system.
read more...»
