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Unit 4 Macro: Who Will Grow Next?

Monday, October 28, 2013

In the second part of his conversation with Professor Richard Hausmann, John Authers from the FT asks which countries are well set for growth in the years ahead. Hausmann argues that there are three factors that explain growth - firstly how well natural resources are used, second how many productive capabilities a country currently has. And thirdly, how easy can a nation can acquire new productive capabilities. He claims that Mexico is better placed than Brazil on account of improved diversification into more sophisticated products. Hausmann forecasts that China will grow at a rate of around 5% between now and 2020, well below the growth target set by the Chinese government.

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Unit 4 Macro: Aid and Economic Development

Saturday, October 26, 2013

Here is an updated streamed presentation on overseas aid and economic development (updated October 2013)

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Unit 4 Macro: Microfinance and Economic Development

Friday, October 25, 2013

Here is an updated revision presentation covering aspects of the growth of microfinance and the role that it can play in driving development. We have also linked to some suggestions for background reading on the microfinance issue.

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Unit 4 Macro: Growth Elasticity of Poverty

Growth elasticity of poverty is a measure of elasticity (responsiveness) that calculates how much poverty falls for each percentage point in economic growth. According to a recent estimate from World Bank development economists Luc Christiaensen, Punam Chuhan-Pole and Aly Sanoh, that elasticity was about 2.0 in the developing world as a whole (excluding China) during the 2000s, but only 0.7 in Africa. In other words, the rapid growth achieved in many African countries over the last decade or more has not had as much impact on inequality as in other regions.

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Unit 4 Macro: How Countries Grow

The nature of A2 economics specifications is that they lag interesting and important developments in the subject much of which are directly relevant to what students are taught in the classroom. The role of complexity in understanding how and why countries grow is one such example and I have blogged before about the work of Cesar Hidalgo and Richard Hausmann through the Observatory of Economic Complexity - see "Teaching Trade in a Different Way"

It is a joy to find the Financial Times covering some of their ideas in a brace of short videos as part of the John Authers Daily Note. You can always find these clips on the FT's You Tube Channel and I strongly recommend this for ambitious and enthusiastic students.

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Hinkley China Power.

Monday, October 21, 2013

A huge reminder about the shifts in economic power arrived with the news about the development of Hinkley C nuclear power station.

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Unit 4 Macro: Keeping up to Speed in Development Economics

Saturday, October 19, 2013

Are you a student taking an A2 economics course in development economics? Each day fresh research and news articles appear that are directly relevant to your work and keeping up to speed can be difficult! Our Scoop.It board provides an avenue to follow with a daily selection of useful articles to extend and enrich your understanding and awareness. Click here or follow the live stream below. The RSS feed for this board can be found here

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Angus Deaton- - The great escape from inequality

Friday, October 18, 2013

It was a pleasure to visit the LSE earlier on this week to hear a lecture from the distinguished economist Professor Angus Deaton from Princeton University in the United States. His new book "The great escape from inequality" is on my must-read list for the half term holiday and brings into focus over 250 years of changes in health and income inequalities across the world economy.

I will blog about his book a little later on but for now this Financial Times interview provides an introduction to some of the main themes of his book. Incidentally, Professor Deaton has strong views on the efficacy of foreign aid and this chapter of his book has provoked some strong responses from the pro-aid lobby active on twitter. Click below for the full video of his lecture at the LSE.

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Unit 4 Macro: Minerals and Development - Overcoming Resource Curses

Sunday, October 13, 2013

On the World Bank twitter account, President Jim Kim is quoted as saying that "Properly managed, new minerals wealth could transform Africa’s development." Back in June 2013, a new report from the African Progress Panel looked at this important issue and set out an agenda for maximising Africa’s natural resource wealth and using it to improve well-being.

My own students have been researching the economics of natural resources and whether they can be a blessing and/or a curse to countries seeking sustained growth and development. I just wanted to share one or two of these essays with you because I was delighted with the depth of the independent research on show and the quality of evaluation in their arguments.

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Does Migration Harm Developing Countries?

Thursday, October 10, 2013

Does migration harm developing countries? Professor Paul Collier is interviewed by the Guardian

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Unit 4 macro - constraints on development - corruption and bribery in education

Almost one in five people worldwide paid bribes to education services last year, according to Transparency International’s 2013 Global Corruption Barometer. In the world’s poorest countries the number rises to one in three.

These shocking figures feature in their report into global education, and an excellent item on the BBC website highlights some of the key findings, with analysis of how they impact on potential for development. For example, in parts of sub-Saharan Africa and Asia the corruption might take the form of requiring parents to pay a fee for a school place that should be free. In Eastern Europe, it might be paying to gain an advantage in university admissions.

"Leakages" in the funding of schools in Kenya had the equivalent value of losing more than 11 million text books, says the report. A study of 180 schools in Tanzania showed that more than a third of intended funds had failed to reach the school. The list of examples goes on, and the BBC item gives some analysis of the effect, raising the cost of education and lowering the quality of human capital.

Students learning about growth and development issues can often state that 'corruption' constrains development, but struggle to give clear evidence of exactly how it does so. Studying this report would really help them to give that evidence, and also to understand some of the difficulties faced by students in other countries.

Peru’s Free Trade Agreement with China

Wednesday, October 09, 2013

Workers in Peru say they are suffering because of competition from cheaper imports. Chinese imports are stifling what was one of the largest clothing manufacturers in South America and a free trade agreement could make matters worse. A short video clip on this issue/

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Falling Coffee Prices - Farmers Switch to Oranges

Here is a familiar tale - sharply falling world coffee prices are causing the terms of trade to drop and threatening the commercial viability of coffee production among many of Indonesia's small scale coffee farmers. Can stronger marketing and investment in processing help these farmers move up the value chain?

The price of coffee in Indonesia has dropped to a third of the price from one year ago, due to an oversupply of it in the world's market. This has caused many coffee farmers in Indonesia to stop growing coffee and switch to other plants, such as oranges.

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Natural Resource Curse - Updated Presentation

Tuesday, October 08, 2013

Here is an updated presentation on aspects of the natural resource trap or natural resource curse issue facing low (and also high) income countries

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Unit 4 Macro: Economic Growth, Investment and the Middle Income Trap

Thursday, October 03, 2013

A revision presentation on aspects of the links between investment and economic growth. Plus some slides on the causes of the so-called Middle Income Trap

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Monopsony Power: Migrant Workers Exploited in Qatar

Monday, September 30, 2013

A deeply troubling report is featured here in the Guardian. Qatar, one of the richest countries on the planet, will be hosting the World Cup in 2022. But much of the Gulf state's expansion is being built by some of the poorest migrant workers in the world. In the worst cases, employees are not being paid and work in conditions of forced labour. Thousands of workers from Nepal are trapped in jobs and wages very different to what they were promised.

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Shanghai’s New Free Trade Zone

Here are some video resources on Shanghai's new tree trade zone. The Financial Times reports that "The Chinese government has declared that it wants to use the zone – a small 28 sq km sliver of Shanghai – as a test bed for policies from interest rate liberalisation to capital account opening - There are no residents in the zone – only offices, factories and hotels" There is much debate about whether the creation of a new free trade zone will bring about greater digital freedom in China - allowing for example, freer access to social networks such as Facebook and Twitter

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Unit 4 Macro: Is China Losing its Competitiveness as a Low-Cost Location for Manufacturing?

Thursday, September 26, 2013

More than half of U.S.-based manufacturing executives at companies with sales greater than $1 billion are planning to bring back production to the U.S. from China or are actively considering it, according to a new survey by The Boston Consulting Group.

The share of executives who are planning to "onshore" or “reshore” or are considering it rose to 54 percent, compared with 37 percent of executives who responded to a similar BCG survey in February 2012.

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Talking Business with Linda Yueh

Here at Tutor2u we are really looking forward to the launch of a new programme on BBC - Talking Business with Linda Yueh. Linda has spoken at several of our Tutor2u events in recent years and her ability to communicate important and often complex ideas to a wider public has been clearly evident in her presentations. This is a programme well worth tuning into and sharing with your students. Click here for details. See also: China's Transformation - The Long View (Linda Yueh at the Tutor2u Conference)

Globalisation – how globalised is the world?

Wednesday, September 25, 2013

Today in class we were discussing the forces of globalisation, and some of the discussion took us down the following route:

Globalisation is defined in many different ways – there is no textbook definition - but economic globalisation is usually characterised by some of the following features:

    - An increasing interdependence between economies and an erosion of national boundaries

    - Increased cross-border activity from MNCs

    - Increased cross-border flow of trade in goods and services, movement of people, flows of financial assets, hot money, and FDI flows

    - The growth of labour migration and outsourcing and global supply chains

The OECD’s definition is: “The geographic dispersion of industrial and service activities, for example research and development, sourcing of inputs, production and distribution, and the cross-border networking of companies, for example through joint ventures and the sharing of assets”

One index that attempts to quantify and measure globalisation is called the KOF index.

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Unit 4 Macro: Prospects for the Indian Economy

We are exceptionally grateful to Bob Hindle for making available the notes and presentation from a superb talk given by Roopa Purushothaman from Everstone Capital at the Oberoi International School, 3rd September 2013. This is a fantastic resource for students and teachers who are focusing on India as part of their work on growth, development and macro polices to manage the economy. Check below for full details.

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Bangladeshi Clothing Factories

Tuesday, September 24, 2013

Since the appalling fire a few months back at the Rana Plaza complex that cost the lives of more than 1100 people, there has been intense interest and scrutiny of working and living conditions of thousands employed in Bangladeshi clothing factories.

On Monday night the BBC programme Panorama broadcast an investigation into this and the findings were compelling and deeply disturbing.

In "Dying for a Bargain" Panorama discovered there have been at least 50 fires in Bangladeshi clothing factories in the last 10 months. Clothing factory workers filmed by #BBCPanorama were released at 2:30 am, 19 hours after they started. They were due back at 7am. You can see a clip of this here. Events uncovered at the Ha Meem Sportswear factory will no doubt have left executives at Lidl scrambling to find out the truth about what is happening at one of their major clothing suppliers.

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Conflict: Growth vrs the Environment

Monday, September 23, 2013

As soon as students encounter the idea of GDP they are guided towards thinking about the possible drawbacks to growth, especially for the environment.

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More ways to estimate the level of economic activity

Saturday, September 21, 2013

The race seems to be on (Penny got ahead of me on this) to find ways to gauge the level of economic activity. The most obvious start point is to use a tool like the BBC's Economy tracker which includes the clear favourite of GDP, inflation and unemployment. But as the graph I've used to illustrate this blog shows, there are plenty more beside.

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Paul Ormerod: China at the Cutting Edge

Thursday, September 19, 2013

In the whole of the 20th century, only a few countries managed to transform themselves and join the club of rich economies. Japan is the most prominent example. The key question for the first half of the 21st century is whether or not China will manage to do the same. It is a difficult and elusive feat, and the number of failures, of countries who nearly made it but then fell back, is as great as the successes.

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Infrastructure Investment in Ethiopia

Wednesday, September 18, 2013

The Ethiopian government is ploughing up to 15% of her GDP into large-scale infrastructure development projects - will this kick start a renewed period of fast growth and development? The Grand Ethiopian Renaissance Dam will be the largest hydroelectric power plant in Africa when completed, delivering 6,000MW. The cost and the potential impact of diverting the Blue Nile have created controversy in the region. This FT video looks at some of the issues. This BBC news resource is also useful: The dam that divides Ethiopians

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Unit 4 Macro: ASEAN - Trade and Economic Growth

Monday, September 16, 2013

Economist Anthony Beaumont considers how the deeper economic integration within the ASEAN single market can act as a stimulant to economic growth and development for member nations

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Unit 4 Macro: Macau’s Comparative Advantage in Gambling

Sunday, September 15, 2013

Few places come close to matching the revenues from gambling generated by casino-led Macau as this Economist graphic illustrates! Macau is a special administrative region of China on the other side of the Pearl River Delta from Hong Kong. Jobs in casinos are easy to come by and unemployment is said to be little more than 2% of the labour force. But what are the economic risks and social costs of having a local economy chronically dependent on gambling for the bulk of jobs and incomes?

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Unit 4 Macro: Ambitions for ASEAN in next phase of Globalisation

Thursday, September 12, 2013

ASEAN is a trade bloc of 10 nations with an aggregate economic size of $2.3 trillion. Their aim is to establish a fully-fledged economic community (AEC) by the end of 2015. The trading bloc’s diversity – ranging from advanced economies like Singapore to developing countries like Myanmar is an interesting feature – who will be the winners and losers from deeper economic integration in the region?

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Marginal Revolution - New Online Course on Trade Theory

Wednesday, September 04, 2013

Our friends over at Marginal Revolution are starting a new short course in international trade.

  • Why do countries trade? And how do they decide what to trade?
  • What are the effects of trade on wages, prices, welfare, and economic development?
  • What is protectionism, and how should we analyze tariffs and quotas in in a supply-and-demand framework?

Click here to find out more

Unit 4 Macro: Patterns of Trade Activity for Students

As an introduction to trade theory I am looking at data on the pattern of exports for different countries drawing on 2010 data from the Observatory of Economic Complexity at MIT. The task for students is to match the country with their pattern of exports (% by value) for the year 2010. There are ten countries - who can get all ten right? Download the resource below - in pdf format and also the charts in a powerpoint format

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Unit 4 Macro: Growth and Development in Vietnam

Thursday, August 29, 2013

This blog brings together study resources on growth and development issues for the emerging Vietnamese economy. After many years of rapid growth, the socialist-oriented transition economy is entering a slowdown phase with growth of less than 5% in part because the boom in cheap low-value added manufacturing built on low wages is hard to sustain. Other economists point to endemic inefficiency among state-owned enterprises as a key factor holding back potential growth in a country once described as "little China".

One bright spot is that Vietnam has surpassed Brazil to become the largest coffee exporter in the world.

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Lesson Activity on Life Expectancy - Trapdoor

Friday, August 23, 2013

Here is a lesson activity that you could use when teaching economic development. In this version of Trapdoor, students are presented with 16 countries. Their challenge is to identify those countries that have a mean life expectancy of 80 years and over. Get the answer wrong and the student falls through the Trapdoor...

Download Economics Trapdoor - Life Expectancy [8MB download]

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Working Hard for a Big Mac - A Measure of Real Wages Around the Globe

Thursday, August 22, 2013

An intriguing take here on relative real wages in a range of developed and developing economies - using that staple resource to help teach PPP: the price of Big Macs!

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Economics at the Movies - The Cola Road Documentary

Wednesday, August 21, 2013

For years, a mystery has baffled visitors to developing countries: Coca-Cola is everywhere, but basic medicines are not. This year, Zambia has become the first African country to embrace a trial of the ColaLife concept. ColaLife aims to use Coca-Cola’s distribution model to deliver life-saving medicines to far-flung, rural communities

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Development Economics: Living on One Dollar

Monday, August 19, 2013

What is it like to live in extreme poverty? Could you budget only one dollar a day to survive? Four friends from the United States spent their summer living in Guatemala on one dollar a day to try and understand the reality of poverty first hand. This is the official trailer of a new documentary being screened for the first time in August 2013 and comes from the Center for Global Development

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Enterprise, rather than aid, will boost the development of poorer countries

Saturday, August 10, 2013

“Give a man a fish and he will eat for a day. Teach him how to fish and he will eat for a lifetime”. This Chinese proverb has great sense and should be applied to foreign aid. Simply giving developing countries money does not benefit them in the long term, as this aid is finite. Inward investment gives them the skills to develop their own economies, whilst benefiting the aid-givers in the process. Bono is well known for his philanthropic work and he recently said: "In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure." So this really is a "rockstar" concept.

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Unit 4 Macro: Climate Change in Africa Will Hit the Poor the Hardest

Monday, August 05, 2013

A new World Bank report says rising temperatures in the next few decades will cause food shortages and increased poverty in Africa. This short video provides some background on some of the key sustainability challenges facing the continent.

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Unit 4 Macro: Quah v Chang on Market-Led Development

Tuesday, July 30, 2013

Here are some summary notes from a discussion between Danny Quah and Ha Joon Chang at a recent LSE panel discussion on the question "Is there a future for market-led development?"

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Unit 1 Micro: Coffee Prices and Profits Fall for Growers

Sunday, July 28, 2013

We are now into the 3rd year of falling coffee prices in the world economy and the combination of weaker revenues and rising costs are causing big problems for some of the coffee suppliers in the poorest countries. This Financial Times news video provides some background on the industry. The price has fallen 60 per cent from its peak and the market seems saturated.

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Unit 4 Macro:Growth and Challenges for the Philippines

Monday, July 22, 2013

BBC news is producing a series of reports on the economic and social consequences of fast growth in the Philippines. We will link to these reports in this blog as it will be a useful resource for students wanting a case study on the economics of growth and development

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Unit 4 Macro: Innovation and New Sources of Growth

Friday, July 12, 2013

This short video from the OECD looks at the importance of knowledge capital as a key driver of innovation and growth for businesses and economies across the world. Innovation -- building on human knowledge - is booming, changing the way business invests and grows. As coal drove the last industrial revolution, software, databases, research and development, designs, new business models and the skills people bring to an organisation are driving revolutionary changes today.

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Unit 4 Macro: Frontier Asian Economies on the Rise

Thursday, July 11, 2013

This new short video from the IMF takes a look at a group of fast-growing countries known as Frontier Asia. Asia's developing economies represent the region's economic frontier, emerging as a new source of economic dynamism. These countries aspire to climb the development ladder by addressing the challenges of infrastructure, technology and financing.

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Unit 4 Macro: Changing FDI Flows in Recent Years

Wednesday, July 10, 2013

A short but useful infographic from the Economist - perhaps a resource when teaching aspects of globalisation. Foreign direct investment decisions show how the global economy is different since the financial crisis.

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Unit 1 Micro: CAP Reforms Are Watered Down

Sunday, June 30, 2013

The struggle to achieve meaningful and significant reform of Europe's controversial and hugely expensive farm support system will probably go on for many years. The latest attempt at changing the basis for payments made by the Common Agricultural Policy (CAP) appears to have fallen foul of intensive lobbying by farm groups in some of Europe's largest and wealthiest countries.

In this BBC news video Roger Harribin reports on the watering down of reform proposals. The CAP began in 1962 as a way to increase food production. It costs around $75bn (£48.7bn) per year in subsidies to farmers, funded by taxpayers. The Commission wants farmers to earn some of their subsidies, for example by protecting the environment, but farm ministers are fighting back. The subsidies available to some of the largest farm businesses can top Euro 1 million each year and they seem set to stay.

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Unit 2 Macro: An Introduction to Trade

Thursday, June 27, 2013

KAL, The Economist's resident cartoonist and animator, explains global trade

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Unit 4 Macro: China’s Transformation - The Long View

Tuesday, June 25, 2013

Dr Linda Yueh gave a fantastic talk at the ETNC on the growth and development challenges facing China in the years ahead. Here is a shortened version of a recent talk given by her at the RSA in London in April 2013. We have also streamed the contents of the presentation for those who want to follow the talk in more detail.

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Unit 4 Macro: Kal Draws Dumping

Another great short animated video from the Economist - highly relevant to students looking at the economics of protectionism / import controls. KAL, The Economist's resident cartoonist and animator, explains what dumping means and why companines do it.

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Unit 4 Macro: Tackling Inequality Among Women

Sunday, June 23, 2013

Currently, barriers of law and custom stop many women from getting financing for business. Removing those barriers can help overcame the gender gap, and unleash economic growth. This World Bank video looks at some of the evidence. Our Development Economics blog covers many articles relevant to students tackling this for Unit 4 - click here for the Development Economics Blog

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Unit 2 Macro: The Rising Middle Class

Saturday, June 22, 2013

Hundreds of millions of people around the world are escaping poverty and becoming middle class. The explosion of new consumers in China, India and other economic powerhouses is changing the global balance of power. The BBC website has a new series on exploring the effects of this shift in global economic power and influence - click here for further research and watch the video below

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