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Unit 2 Macro: Revision on Unemployment

Thursday, April 10, 2014

Unemployment is one of the major macro-economic performance indicators. The more unemployed people in our economy the more we are producing below our potential, less income is earned (reducing saving, consumption and tax revenue) and there is a negative impact on the welfare of society.

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F585 Pre-Release Resources (and F583, F582 & F581 too)

Sunday, March 23, 2014

I thought it worthwhile sharing my resources which I have been collecting for students (and teachers alike). I have been promoting them on Twitter (@Economics_KSF) through scoop.it but for those of you not on there, the link for the scoop.it boards are here:

http://www.scoop.it/u/economics-kcsf

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Geographical mobility of labour in the UK

Saturday, March 22, 2014

One type of market failure that contributes to inequality and unemployment is the geographical immobility of labour

If the labour market really ‘cleared’ effectively, wages would equalise across the economy. Workers would drift away from regions with low wages and/or high unemployment towards areas where wages were higher and labour was scarce. 

Instead, we see wide disparities in earnings and pockets of regional unemployment - at the same time as skills shortages and wage inflation elsewhere.

Why are people finding it hard to move across the UK in search of work?

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A minimum wage in Germany - but the low-skilled jobs are in the UK

Wednesday, February 26, 2014

In Germany the government has reluctantly agreed to introduce a minimum wage of €8.50 (£6.98) per hour. Angela Merkel's conservative Christian Democratic Union party is opposed to the idea, but need to make concessions in coalition negotiations with centre-left parties such as the Social Democrats, who have campaigned for a national minimum wage.

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Pay and Productivity

Monday, February 10, 2014

David Smith's weekly column in the Sunday Times yesterday is worth getting hold of, to study the conundrum around stagnant productivity and rising employment. He uses data from the ONS to look at average weekly real wages, which started falling in 2008 and are still falling now, to consider whether this year will show a turnaround in real incomes.

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Unit 2 Macro: Quiz Questions on the Labour Market

Thursday, February 06, 2014

Here is a resource (in editable word format) that I use when introducing the topic of unemployment - I find it works for students to get a sense of the numbers for employment and unemployment when we get onto the policy issues. The resource has the answers at the back!

Hope this might prove a useful classroom resource!

Here_are_some_questions_on_the_UK_labour_market.docx

Unit 2 Macro: 10 Questions on Unemployment

Sunday, January 26, 2014

Here is a quick revision quiz on the economics of unemployment! Good luck!

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UK Economy Biggest fall in unemployment in decades

Thursday, January 23, 2014

Here are some news clips on the sharp fall in measured unemployment and a record rise in employment in the UK economy at the end of 2013. Students can find revision notes on unemployment using this link

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6 Charts on UK Unemployment and the Labour Market

It was no surprise when the latest release of unemployment and employment data for the UK labour market up to the end of 2013 made headline news across the media. There was a dramatic decline in the labour force survey measure of unemployment and news of a record level of employment. 

Many teachers will be covering unemployment as part of their AS macro course - I have put together six updated charts into a PowerPoint file for those who want to integrate the data charts into their teaching. Download using the link below:

PowerPoint file on Unemployment

Unemployment_in_the_UK_Economy.pptx  

Unit 2 Macro: Are Robots Stealing our Jobs?

Monday, December 23, 2013

This is an age-old debate - the extent to which emerging technologies built on robots will replace labour and scale down the number of jobs in previously labour-intensive industries. Are we still several years away from robotics eliminating millions of jobs or will the process arrive far faster than many expect? The Washington Post reports on eight ways that robots are changing labour markets: Click here

Click below for a short interview with the excellent Tom Standage from The Economist  who discusses what types of robots we should be looking out for in 2014

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Unit 2 Macro: Nestle Creates Hundreds of Jobs for Younger Workers

Sunday, November 17, 2013

Long term youth unemployment is a persistent structural problem for the British economy - this BBC news article provides a ray of hope as Nestle announces extra investment in their training / apprenticeships schemes for younger workers. A more pro-active approach from larger businesses would be welcome - offering paid experience to help break the catch-22 of no job without experience, no experience without a job. Nearly one million young people (16-24) are unemployed in the UK, while youth unemployment in Ireland is 28 per cent with more than 65,000 young people out of work.

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Learn Maths, Young Person!  The Secret of Success in the 21st Century

Thursday, November 14, 2013

A currently fashionable pessimistic topic is the lifetime prospects of children born into the middle class. Graduate debt, lack of finance to buy homes and job insecurity after they graduate, the list goes on. Alan Milburn, the government’s ‘social mobility tsar’, put the seal of approval on this prevailing angst last month. His Social Mobility and Child Poverty Commission pronounced that children from families with above-average incomes are now set to enjoy a worse standard of living as adults than their mothers and fathers.

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Calls for a shorter working week – ‘new’ Economics or same old fallacy?

Tuesday, October 29, 2013

Economists like to talk about fallacies – arguments that fall apart when you look at them closely. One such fallacy is the ‘lump of labour’ delusion. If you assume there’s a fixed amount of work to be done, then if people retire later (or whatever) there must inevitably be less work for the younger workforce to do. It doesn’t add up, because the amount of work to be done isn’t fixed. More jobs in the economy and higher levels of productivity could easily create more employment and income.

In one light hearted example to illustrate this point, a French engineer and has American colleague are watching an interstate highway being built in the US. The Frenchman is alarmed by all the capital equipment and machinery used in the process. “Doesn’t that make workers unemployed?” asks the Frenchman. “In France we only use hand tools to preserve jobs”. The American is baffled. “If that were true, surely it would be better to equip the workforce with teaspoons”.

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Unit 2 Macro: Ten Charts on Unemployment

Tuesday, October 22, 2013

Key changes in the labour market are important in understanding developments in the British economy. Here is a selection of ten updated charts on unemployment designed as a teaching resource for colleagues covering the Unit 2 macro course. Also available for download as a pdf file.

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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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Gresham’s Law in Education: How the Bad Drove Out the Good

Thursday, October 17, 2013

Young adults in England have scored almost the lowest result in the developed world in international literacy and numeracy tests. A study by the Organisation for Economic Co-operation and Development (OECD) shows how England's 16 to 24 year olds are falling behind their Asian and European counterparts. England is 22nd for literacy and 21st for numeracy out of 24 countries.

New Labour and the educational establishment harangued us for years about the stupendous success of the system, as record numbers of both passes and A-grades in GCSE and A-levels were registered year after year. The OECD study, by no means the first of its kind, confirms what many suspected. Grade inflation was rampant, and the statistics had as much meaning as the pronouncements about production levels made in the Soviet Union. Actually, that is unfair. When the Soviet Union said 10 million boots had been produced, they really had been. They might have been poor quality and all left-footed, but the boots did exist. It now turns out that many people with GCSE passes can barely read and are virtually unable to add up.

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AS Macro - inflation, unemployment and the Misery Index

Just as I am in the midst of teaching my AS students about macroeconomic indicators, and focusing on inflation and unemployment, up pops this piece by Linda Yueh about the latest data on those two indicators this week, and the Misery Index.

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Developments in the UK Economy

Thursday, September 26, 2013

The presentation below provides our latest perspectives on developments in the UK economy.

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Unit 2 Macro: Greek Unemployment Reaches 28%

Sunday, September 15, 2013

The rate of unemployment in Greece has reached a record of just under 28% of the labour force. To put this into context, in 2008 just before the Global Financial Crisis engulfed much of the EU economy in recession, Greek unemployment was 7.8% (equivalent to where the UK jobless rate is today). Youth unemployment is staggeringly high - the latest figures show that 58.8% of people under the age of 25 are out of work.

There are some tentative signs that the Greek economy may be at a turning point from the trough of a deep and persistent depression. After six years of full-blown recession some macro indicators suggest that confidence is seeping back for businesses and consumers and that the government debt crisis might ease a little. Tourism, which accounts for about a fifth of Greece's economic output and one in five jobs is having a strong year - tourism exports represent an injection in the Greek economy's circular flow of income and spending. Chinese tourists seem to be coming to Greece in much greater numbers!

But Greece has suffered gravely over the last few years - the level of real GDP is 25% lower than it was before the crisis and some economists have started to refer to Greece as a sub-merging economy whose trend growth rate is now negative.

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Unit 2 Macro: Portugal’s Brain Drain

Monday, September 09, 2013

With a deep recession and persistently high rates of unemployment among younger people. fears are growing about a brain drain in Portugal as highly qualified university graduates leave the country in search of a better life. Peter Wise, Financial Times Lisbon correspondent, reports on what the trend means for the troubled Portuguese economy. Losing "the best of a generation" poses important long-term threats to the competitiveness of the Portuguese economy. Some are moving to Angola and Brazil, the UK has also attracted skilled workers in health care, banking and IT.

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UK Economy: Poverty Britain’s hungry children

Thursday, September 05, 2013

Channel 4 news investigates the impact of persistent and deep poverty on the lives and hopes of children in thousands of households. A potent and stark report that reminds us of the gulf in living standards and the challenges of meeting basic needs such as a decent diet that meets minimum nutritional standards.

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Investing for Prosperity - A Manifesto for Growth

Tuesday, September 03, 2013

Why is economic growth such a rare and elusive butterfly in the UK garden? What institutions and policies are needed to sustain UK economic growth in the dynamic global economy of the twenty-first century?

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Labour Market Economics: The Two Tier Jobs Market

Sunday, September 01, 2013

A new report from the Resolution Foundation provides evidence for students and teachers on the deep structural divides between well paid and low paid jobs in the British labour market. According to a report in the Guardian "Today more than one in three people aged 16-30 (2.4 million) are low-paid, compared with one in five in the 1970s (1.7 million at that time)."

There are many causes of low pay and students who look at labour market economics will be expected to explore some of them as part of their course. Most of the jobs at risk of poverty pay are relatively low skilled, temporary, mainly non-unionised, often part-time and concentrated in service sector industries such as catering, caring, catering, cleaning and retail. What are the long term economic and social dangers from a deeply embedded two-tier labour market?

The campaign for an (optional) living wage continues to gather momentum. Businesses are being urged to pay employees at least £1 per hour more than the minimum wage in a bid to lift those on the lowest pay out of poverty.

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Paul Ormerod: How sticky is unemployment?

Friday, August 23, 2013

How sticky is unemployment? Will it take three years to fall?

The views expressed by the new Bank of England Governor, Mark Carney, on interest rates and unemployment remain a hot topic. Interest rates will not be raised until unemployment falls below 7 per cent, a process he thinks will take three years.

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UK Economy: Carney Provides Forward Guidance on Interest Rates

Wednesday, August 07, 2013

The Governor of the Bank of England has announced a change in the handling of monetary policy for the UK economy. Although the inflation target remains the same (CPI inflation of 2%) and the Bank remains committed to maintaining price stability as their main macroeconomic objective, they have decided to introduce forward guidance in the setting of policy interest rates. This takes the Bank of England closer to the approach to setting interest rates taken by the United States Federal Reserve.

Download this chart

BoE_Forward_Guidance.pptx

What is forward guidance?

Forward guidance means that interest rates will stay at their historic low level of 0.5 per cent and monetary policy in general will remain expansionary until the unemployment falls below seven per cent. More here from the BBC news website.

However, that link could be put aside if the inflation rate threatens to rise above 2.5% in the medium term. Another wind-check to this system is that if the Financial Policy Committee judges that the UK economy is in danger of experiencing another credit boom then the Monetary Policy Committee will also re-visit their decisions on interest rates.

According to Ed Conway from Sky News "The UK inflation target remains in place - in theory - but in practice it has become significantly less important." Developments in the labour market and real output growth are likely to become more significant in helping to shape the future path of policy interest rates and whether monetary policy is expansionary, contractionary or neutral in its effects on the wider economy.

Sky news - Forward Guidance, a Monetary Policy Gamble

Anatole Kaletsky (Reuters): Carney at the Bank of England confirms the end of monetarism and return of neo-Keynesian demand management

With the unemployment rate currently at 7.8% of the labour force and predictions from the Bank that the jobless rate may take between two to three years to drop to the 7% way-marker, we can expect the period of exceptionally low monetary policy interest rates to remain with us well into 2015 and possibly 2016. This is not good news for savers struggling to find any kind of interest rate that at least matches the current rate of CPI inflation.

Governor Carney's response to this is to argue that what the economy needs most is a return to growth - in his words an economy growing sufficiently quickly to achieve "escape velocity". The current recovery has been the weakest for decades and real GDP remains below the peak achieved before the Global Financial Crisis took hold.

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Unit 2 & 4: Zero hours contracts reflect UK response to employment opportunities

Monday, August 05, 2013

Several news sources are quoting a new report from the Chartered Institute of Personnel and Development (CIPD) which estimates that as many 1 million people are on zero-hours contracts in the UK. For a summary of the report go to this link to see the CIPD version.

Zero-hours contracts are those where an employer gives no guarantees about the amount of hours an employee may work in any given period. In effect, the employee waits to find out how many hours they may be required and generally does not earn anything if they do not work. Whilst the zero-hours contract are controversial (trade unions are generally opposed and even Vince Cable is investigating their use), the CIPD report suggests that only about 14% of employees on these types of contracts do not earn a living wage.

The UK's approach to part-time, flexible and non-contract employment is often quoted as one of the reasons why unemployment figures have not matched those of previous recessions in the UK - someone on zero-hours contracts may not be classified as unemployed even if they do not work. A relatively large proportion of workers in the UK are working part-time would rather work full-time but have less choice in the current job market.

Fascinatingly, the Education sector is now one of the biggest users of zero hours contracts (approximately 35% of education establishments have at least one person employed using the method).

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Unit 2 Macro: Costly child care hurts economic growth

Friday, July 19, 2013

Access to affordable comprehensive child care and schooling is widely regarded as being crucial to improving the incentives for mothers to actively search for and take paid work. Effective early years education also has a long run positive effect on employment prospects and is important as part of the overall supply-side capacity of the economy.

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Unit 2 Macro: IMF Report on UK Economy calls for Increased Investment

Thursday, July 18, 2013

In its annual assessment of the U.K. economy, the IMF called on the UK to invest in skills and infrastructure and increase banking sector competition in order to foster growth and achieve a sustainable recovery.

The report can be found here and contains plenty of relevant background information on the current situation facing the UK - here is a selection of quotes from their summary

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Unit 4 Macro: Public Social Spending and the Welfare Cap

Wednesday, July 17, 2013

The UK Coalition government has introduced a controversial welfare cap - imposing a maximum on the total social security spending per year for each family. The welfare cap limits households to £26,000 a year. Couples and single parents receive no more than £500 a week in benefits, while the limit for single people is £350, although there are some exemptions.

The cap is designed to ensure that benefits payments do not exceed the income of the average working household and is designed both to cut total welfare spending and as part of a strategy of improving incentives for people to actively look for and take paid work.

Critics argue that a welfare gap does little or nothing to address deeper underlying problems such as the soaring cost of renting property and the lack of affordable child care.

Social spending varies greatly across different countries. The Economist live chart below looks at some of these differences.

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Unit 1 Micro: Occupational Mobility from Mines to ..... Mines

Wednesday, June 12, 2013


Miners made redundant from Maltby Colliery in Yorkshire many of whom with decades of experience faced years on the unemployment register when the mine closed earlier in 2013. But some have been thrown a lifeline with the rising demand for miners in the UK potash industry.

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Paul Ormerod: The Rapid Rise of the Food Bank

FOOD banks are a rapidly growing phenomenon in the UK. A few years ago, they barely existed, but an estimated half a million people now make use of them every week. On the face of it, it seems that poverty has sadly become endemic since the financial crisis, with many families unable even to feed themselves. Real incomes have declined since 2007, putting pressure on household budgets. But the pace of increasing demand is surprising.

In fact, the food bank is a market. It is, however, complex – with particular features which mean that it is likely to grow rapidly, exactly as we have seen. The key point is that food is not the only commodity traded.

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Structural unemployment - a real problem that needs addressing NOW!

Sunday, June 02, 2013

Interesting article from the New York Times digging into perhaps the most worrying legacy of this Great Recession, the problem of hysteresis and structural unemployment. It looks at the causes and potential solutions as well as including some great images included below illustrating the concept.

"Unemployment is staying high despite the end of the recession because we are now in a historic transition. Because of automation, globalization, efficiency and other factors, we no longer need the share of people working that we have had in the past. With these trends moving in only one direction, it is clear that the job crisis is permanent and will not go away with better economic times."

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Zero hours contracts and youth employment

Saturday, May 18, 2013


From the employer's point of view, a zero hours contract is a great example of the benefits of the flexible labour market. They allow the employer to change the number of hours an employee works each week, with more shifts offered when they are busy, and fewer when they are not; costs can therefore be controlled and matched more exactly to revenue. Neil Carberry at the CBI says that they have helped to save jobs during the recession and stagnant growth: "It's zero hours contracts and other forms of flexible working that mean there are half a million fewer unemployed people than there might otherwise have been." Now figures from the Office of National Statistics (ONS) show the number of 16 to 24-year-olds on zero hours contracts has more than doubled since the start of the economic downturn, rising from 35,000 in 2008 to 76,000 in 2012. This means that one in every three people on a zero-hours contract is under 25 (- although that proportion doesn't look as if it has changed very dramatically throughout the period shown). If this is good for the employer, how is it for the employee?


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Unit 2 Macro: Does High Home Ownership Cause Unemployment?

Monday, May 13, 2013


For many years Professor Andrew Oswald has researched the links between home ownership levels and labour market performance. This new paper with Professor David Blanchflower takes the debate forward - they argue that rising home ownership can bring about negative externalities for the rest of the economy, damaging labour mobility and curtailing new business start-ups. It is an argument worth looking at when we discover some of the structural causes of joblessness. Read the article here

See also: It's not the deficit that will haunt our children: it's unemployment (Heather Stewart, The Observer, May 2013)

See also: Forget inflation – what hurts the most is unemployment (David Blanchflower, Independent, April 2013)

Analysis of Youth Unemployment

Sunday, May 05, 2013

This two-minute video from The Economist analyses the growing problem of youth unemployment in selected developed economies since the start of the financial crisis in 2007, including Greece, Spain, the UK, France, US and Germany. The chilling statistic from The Economist is that almost a quarter of the world's young people eligible for employment are without a job.

Youth unemployment in the UK

In the period from June to August 2013, 958,000 young people in the UK aged 16-24 were unemployed. The unemployment rate for those aged 16-24 was 21.0%

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UK Economy Revision - Policies to Reduce Unemployment

Friday, May 03, 2013

Here is a streamed (and downloadable) presentation on policies to cut unemployment in the UK economy.

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The Angry Economist 2 - The George Osborne Edition (evaluating macroeconomic policies)

Friday, April 19, 2013

He's back but he's still angry!  In this latest version of The Angry Economist, our favourite curmudgeonly analyst wants to know students' opinion on George Osborne's economic policies - no wonder his blood pressure has risen!

This simple Powerpoint resource is aimed at getting your students to analyse and evaluate economic policies - 8 of the Chancellor's policies are presented and the Angry Economist randomly picks a macro-economic objective to consider.  All you have to do is get 8 volunteers from your class to do the analysing - a great 10 minute activity whilst revising for the up-coming macro exams at either GCSE, AS or A2 level.

Here is a list of the policies the Angry Economist wants students to look at (you may wish to recap on them before you start the activity):

  • Reduce Government debt
  • Increased number of private sector jobs
  • Increased allowance before Income Tax needs to be paid
  • Cut Corporation Tax
  • Set up Regional Growth Fund
  • Funding Lending Scheme
  • Deregulating some planning rules
  • Frozen Council Tax

Of course, the beauty of this resource is that you can change any of these policies to whatever you want them to be.

Click on this link to download the Angry Economist 2.

PS.  Click on this link to have a look at the original Angry Economist.

Paul Ormerod: Whatever happened to all those miners?  Shocks and economic resilience

Thursday, April 18, 2013

Where have all the miners gone?  To judge by the rhetoric of the BBC and other Leftist media outlets, whole swathes of Britain lie devastated, plagued by rickets, unemployment and endemic poverty – nearly thirty years after the pit closures under Lady Thatcher!

The reality is different.  There is indeed a small number of local authority areas where employment has never really recovered from the closures in the 1980s.  But, equally, there are former mining areas which have prospered.  


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Unit 4 Macro: Migration flows across the world

Sunday, April 14, 2013

Fantastic interactive website here lets you check out migration flows both inward and outward from any country you care to look at.

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Unit 2 and Unit 4 Macro: Economic Simulation - the Government Game

Introducing The Government Game - tutor2u's new Economic Simulation game that is just perfect for revising for AS & A2 Macroeconomic Policy topics!

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Unit 4 Macro: Language Proficiency and Labour Mobility in Europe

Friday, April 12, 2013

Increasing foreign language proficiency could be a key policy tool for encouraging greater mobility of labour between countries of the European Union and reducing the huge differences in rates of youth unemployment. According to research by Professors Ainhoa Aparicio-Fenoll and Zoe
Kuehn, including foreign language studies in the compulsory school curriculum fosters migration across European countries.

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Unit 2 Macro: Wealth of Nations and Human Capital

Monday, April 08, 2013

A recent World Bank report asked ‘Where is the Wealth of Nations?’ Calculations presented at the Economic History Society’s 2013 annual conference show that for Britain, the answer is undoubtedly in its people.

Dr Jan Kunnas and his colleagues calculate that Britain’s ‘human capital’ has grown by a multiple of 123 over the past 250 years. The main drivers of this phenomenal growth have been the growth in the workforce and the growth in wages.

The researchers define human capital as the knowledge and skills embodied in individuals – and they measure it by the discounted earnings the population is expected to earn during their time in the labour force.

We have an extended revision note on human capital and economic growth - read it here

The Changing Wealth of Nations - World Bank reports can be accessed here


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Unit 4 Macro: Getting Back to Growth - Lessons from the 1930s


How Britain escaped from the travails of the Great Depression and achieved 4% a year growth in the years from 1933 to 1937 has important lessons for today’s policy-makers, according to research by Professor Nicholas Crafts, presented at the Economic History Society’s 2013 annual conference. 

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Unit 2 Macro: The Great Productivity Puzzle

Friday, April 05, 2013

GDP per hour – labour productivity – in the UK remains lower than at the beginning of the recession in 2008. A special session at the Royal Economic Society on Friday 5 April held jointly by the Centre for Economic Performance (CEP) and Institute for Fiscal Studies (IFS) investigated the causes of this mystery. It was also the subject of BBC Rradio 4 In Business - click here

See also: the Job Rich Depression (The Economist)

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Unit 3 Micro: Minimum Wage and Inequality

Thursday, April 04, 2013

The UK national minimum wage (NMW) has been in the news in recent days with several reports suggesting that Coalition government ministers are considering introducing a freeze on the pay floor or going further and reducing the minimum hourly pay rate. The NMW was introduced into the UK in the spring of 1999 and has been up-rated regularly but never cut. It is presently at £6.19 an hour and recommendations on changes to the pay floor come from the annual review conducted by the Low Pay Commission

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Unit 4 Macro: Unemployment in Germany - The Hartz Reforms

Germany’s low unemployment is in large part due to the ‘Hartz Reforms’, which started as early as 2003 and have reduced the long-run rate of unemployment by 1.1%. That is the central finding of research by Matthias Hertweck and Oliver Sigrist, to be presented at the Royal Economic Society’s 2013 annual conference.

Unemployment rates across much of Europe have surged to unprecedented levels in recent years, particularly among the southern countries. In contrast, German unemployment has continued to fall even during the Great Recession. The authors conclude:

‘Our results build a solid basis for the macroeconomic effectiveness of such labour market reforms. This is particularly important for policy-makers across Europe who are currently planning to undertake similar structural reforms.’

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Unit 4 Macro: Unemployment in Europe (March 2013 Update)

Tuesday, April 02, 2013


The scale and depth of the unemployment crisis in Europe is confirmed by fresh figures released by Euro Stat. Unemployment in the Euro Zone was 12.0% in February 2013 and the jobless rate for the European Union as a whole was 10.9%. Last month there were 26.3 million people counted as out of work in the twenty-seven countries within the single market, 19 million of whom live in Euro Zone countries. In the last year alone, unemployment in the Euro Zone has jumped by over 1.7 million but this aggregate figure hides large country differences and persistent regional and local variations. Here is the contextual data to take into the exam:

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Unit 2 Macro: Fresh Serving of Acronym Soup - ZIRPs and PLOGs

Economic commentators love their acronyms and abbreviations - they come in handy when reaching character capacity limits on a tweet and also for students fighting the exam clock to complete a timed essay. Two new ones have come to my attention in recent days. What does ZIRP and PLOG mean to you?

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Revision Quiz: AS Economics: Unemployment (1)

Monday, April 01, 2013

This 10-question revision quiz focuses on unemployment.

Launch Revision Quiz: AS Economics: Unemployment (1)

Is this the start of Plan B?

Wednesday, March 06, 2013

It’s not often you read such a clearly set out, even-handed article on macroeconomic policy, so this relatively lengthy piece was interesting in itself as its writer appears to deal relatively equally with both sides of the big austerity debate. But you really have to take notice when the writer is the Secretary of State for Business, Innovation and Skills, Vince Cable.

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