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Higher or Lower Game - World Cup addition

Tuesday, June 10, 2014

You may have already seen my blog/tweet sharing the 'Higher or Lower' game.  Below you will find a brand new version of the game featuring the 32 countries taking part in the FiFA World Cup starting tomorrow.

The aim of the resource is to get a feel and understanding of some of the important statistics relating to the economic performance of the countries.  In this addition, students can attempt to work out whether the 'higher' or 'lower' statistic relates to predicted GDP growth, unemployment, inflation and Government debt alongside the country's FiFA world ranking.

Teams are presented with the name of a country and its statistic in their chosen category.  They are also presented with the name of a second country.  They must say whether the second country has a higher or lower statistic.  This is repeat a further three times allowing the team to score a maximum of 4 points per round.

Have some fun and get a feel for countries statistics at the same time!  Is there any correlation between economic and football performance?

Click here to download the file.

Note:  The economic statistics accredited to England are those of the entire UK.  Sorry, I was unable to find the statistics relating to just England!

Higher of Lower? A fun way to learn predicted growth in GDP for the world’s major economies

Saturday, April 12, 2014

Here's a quick a fun resource to help students learn the predicted economic growth of the world's major economies.  Although a student wouldn't be expected to quote percentage growth statistics, it is always handy to have some figures ready to use as evidence or, at least, an understanding of the world's fastest growing states.

The game is called 'Higher or Lower' and is very simple.  You are presented with the name of a country (e.g. China) and the predicted growth in GDP (compared to 2013) for 2014, as calculated by the IMF.  You are also presented with the name of another country (e.g. United Kingdom).  Your task is to say whether you think that the UK's predicted GDP growth is either higher or lower than that of China.  Get the answer correct you earn a point and are presented with a third country and must predict whether their growth is higher or lower than that of the UK.  However, get an answer wrong, you are out of the game!  The maximum score of 37 (the number of countries in the database).  Play the game a few times and really start to get a feel for the statistics for the different countries.  The game is randomly set up so you can run it a few times a get a different sequence of countries each time.

Challenge your friends!  Alternatively, you can go to the table on slide 3 of the resource and learn all of the figures off-by-heart!

Click on this link to upload the game.  It is a Powerpoint-based game so you will need to have Powerpoint on your PC or Mac (versions beyond 2003).  When prompted you should 'enable' macros.  Sorry, this game does not work on mobile devices or OS like Android.

Unit 4 Macro: Economic Benefits of EU Membership

Thursday, April 03, 2014

Membership of the European Union (EU) has had a big positive effect on average incomes in all but one of its member countries. That is the central finding of research by Nauro Campos, Fabrizio Coricelli and Luigi Moretti, to be presented at the Royal Economic Society’s 2014 annual conference. They also find that the more financially developed countries have grown significantly faster after joining the EU.

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Eurozone problems - excellent video resource

Friday, February 14, 2014

Gains from international trade, the history of European economic integration, fiscal and monetary policy, the launch of the €uro and the 2008 financial crisis are all clearly animated and explained in this superb video. In just over 12 minutes it explains the problems of the €urozone and the threats and challenges it still faces. Definitely one to watch for the closing stages of an A2 macro course.

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Unit 4 Macro: Development Progress for the Ivory Coast

Sunday, February 02, 2014

The BBC Africa Report looks at the importance of largely French funded infrastructure projects as a driver of growth and development in the Ivory Coast. But the economy is becoming more open to investors from other countries. Some of this investment may come from Japan - read this article

Related article - focusing on the mining boom in the Ivory Coast - Ivory Coast hopes for golden future as mining sector opened up

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The recovery is well grounded – except in France

Thursday, January 09, 2014

The coming year looks like it will be a good one. At the start of each of the past five years, the economic scales have been tilted down, and the challenge has been to look for factors which might have tipped them back up. This year, the balance is reversed. The onus lies with the pessimists to prove their case. Not that there are any shortages on this score. For example, King Canute of Twickenham, aka Vince Cable, has solemnly commanded that house prices must stop rising, for fear of a new bubble.

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Unit 4 Macro: CBI calls for Britain to stay inside the EU

Monday, November 04, 2013

The Confederation of British Industry has today launched a report called Our Global Future: The Business Vision for a Reformed EU - The report calls for further EU reform not least the completion of the single market in particular in services and the new internet economy. They argue for more free trade deals with other countries and regions.

The report produces estimates – based on past academic studies – that EU membership adds £62bn-£78bn a year to UK gross domestic product, equal to the combined economies of northeast England and Northern Ireland. That works out at £3,000 per household and £1,225 per individual. The fact sheets from the report can be found here

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Paul Ormerod: Sovereign debt and Euro zone reality

Thursday, April 11, 2013

The recent debacle in Cyprus has essentially been shrugged off by the markets.  The European Central Bank vigorously asserts the crisis in the Euro zone is over.  So why is there continued unease about the financial viability of countries such as Spain and Portugal, a morass into which even the French are now being dragged?

Economic theory helps us understand a bit more about why this is the case.  One thing which the last few years in Europe have shown very starkly is the massive difference between debt which is denominated in nominal terms and that which is in real terms.  Nobel Laureate Chris Sims makes the point clearly in his recently published Presidential Address to the American Economic Association. 

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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 4 Macro: The UK Economy Outside of the Euro Area

Monday, February 04, 2013

Evaluating the UK’s macro performance outside of the Euro Zone


  • Decision made in 2003 that the UK would remain outside of the single currency
  • UK remains a full member of the single market
  • Supportive of further EU enlargement but distanced from deeper fiscal / banking intregration

Crucial question both in the short and medium term is whether non-participation in the Euro makes a significant difference to key macro outcomes

  • Real GDP growth, estimated Trend growth (LRAS)
  • Core CPI inflation and inflation expectations
  • Employment and unemployment rates
  • Trade balances (with EU and beyond)
  • Trends in relative productivity and per capita incomes


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Unit 4 Macro: OECD World Economic Outlook

Thursday, December 27, 2012

The OECD's world economic outlook is published twice and year and is a heavyweight publication with plenty of great relevant macro for ambitious A2 students. I have linked below to their latest report - including a streamed presentation on their key data forecasts and emphasis on some of the underlying challenges facing OECD countries.

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The Nutella Tax - a tax on negative externalities

Tuesday, November 13, 2012

Those of you who felt angry or let down by the recent proposals for a  Pasty Tax, or those that have been imposed on static caravans or toasties (turning the mighty Subway in to a new lobbying organisation) in the UK should spare a thought for the poor French citizens who are potentially about to have a new surcharge placed upon Nutella - that famous hazelnut and chocolate spread.

Unlike the previously mentioned British taxes, which were imposed or proposed to generate revenue or close apparent loopholes, this tax has been put forward for market failure reasons.  The tax, of course, is not directly on the brand but upon one of its main ingredients - palm oil.  The proposed increase by the French government is nearly 300%.  The French are arguing that palm oil is a product with negative externalities - poor for the health of its consumers and a large burden on the health system.  There is also a claim that the high production of palm oil in South East Asia has resulted in large-scale deforestation.

Read a short article on the issue at the Huffington Post.  The cost of your morning crepe in Brittany may be about to increase!

Unit 4 Macro: Looking to 2060: A Global Vision of Long-term Growth

Sunday, November 11, 2012

The balance of economic power is expected to shift dramatically over the coming half century, with fast-growing emerging market economies accounting for an ever-increasing share of global output, according to new OECD research. Here are some links to their report and to media coverage. 

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Unit 4 Macro: Teaching Trade in a Different Way

Sunday, November 04, 2012

I am launching into a short course in international trade, balance of payments and links to economic development issues. The standard fare is inescapable and there will be plenty of opportunity to cover theories of comparative and competitive advantage, evaluate the costs and benefits of protectionism and look at key trends in the balance of payments, terms of trade and capital accounts for developed and developing countries.

This time, in an attempt to freshen things up I am starting by looking at the work of Cesar Hidalgo  and Richard Hausman at the MIT Media Lab and the Observatory of Economic Complexity.  I first came across their work whilst reading Tim Harford's last book Adapt. They are mapping vast amounts of trade data from across the world to explore the extent to which export complexity, dynamic advantage and per capita incomes are connected. The data visualisations are tremendously interesting and I will be asking my Year 13 students to explore their site and choose some data of their own that sheds light on revealed comparative advantage in the world economy.

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Unit 4 Macro: The Euro Zone Crisis (Revision)

Sunday, April 22, 2012

Here is a revision blog on some of the key economic challenges facing the seventeen member nations of the Euro Zone or Euro Area

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Unit 4 Macro: Unemployment Scarring Effects

Monday, April 02, 2012

In the past we have discussed some of the long term economic and social costs of a persistently high rate of unemployment and we have used the term hysteresis effects. It seems that a new term is being used to cover some of the consequences of millions of people being out of work - unemployment scarring - and this revision blog looks at some of the causes of this.

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France and Flexible Employment

Sunday, January 22, 2012

France economic growth and jobs

This article could be useful as an illustration of the EU context in relation to employment in general, and flexible employment in particular. Attracting inward FDI is arguably a significant benefit of UK membership of the EU, and one of the advantages which the UK can offer compared to, say, France is relatively flexible employment laws.

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European Economics: Resources on the CAP

Wednesday, December 28, 2011

CAP Reform

This blog entry will provide a regularly updated set of links to resources to the European Union’s Common Agricultural Policy and attempts to reform this contentious and complex system of farm support.

Check below for suggested links

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Eurozone macroeconomics for 9 year olds - brick by brick

Wednesday, September 07, 2011

image

It’s time to start treating our A2 economics students like 9 year-olds…in a kind-hearted way.  How?  With this highly creative and engaging piece of analysis by the market analysts at JP Morgan.

The Eurozone crisis is both political AND economic, with the underlying issue one of who pays the bill for nation and bank bailouts.  The political impasse in Europe over the crisis is difficult to understand.  But this Lego-inspired graphic does a pretty good job of explaining who wants what. Follow the commentary underneath the graphic to hear the story.

Hand it out to your A2 students and see if they can make sense of it.

EU Economics: Comparing the UK with Europe

Saturday, May 14, 2011

Stephanie Flanders has posted a very useful blog examining Eurozone growth, and whether the UK can best be compared to France and Germany or to Greece, Portugal and Spain. She starts with Ed Balls rejection of the Chancellor’s habit of likening the position of the UK economy to those of the southern states which are struggling so badly at present; the Shadow Chancellor believes a better comparison would be with our traditional competitors in northern Europe.

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EU Enlargement - Evaluating the Impact

Saturday, April 30, 2011

Many of Europe’s newer member states have outperformed established EU countries since they joined the single market in 2004 and 2007. And as a result there has been a process of convergence in average living standards and improved employment opportunities. Europe’s new nations have injected extra dynamism into the region despite inevitable teething problems along the way.

For students revising aspects of EU enlargement here is a streamed version of a presentation I gave to a Tutor2u event in London a few weeks ago

A streamed version of the presentation is available here

PDF Handout of the presentation

Related news issues
Germany expects influx of Polish workers (BBC news, April 2011)

 

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Tracking the effects of the recession on GDP

Tuesday, April 05, 2011

An excellent resource for Unit 2 and Unit 4 macroeconomics. Vishnu Padmanabhan from Timetric has this excellent look at the impact of the recession on real GDP growth in OECD countries. Which countries did best and worst in the recession? It turns out that Australia, Poland, Israel and South Korea were the countries least affected by the crisis and all avoided a full-blown recession - experiencing instead a soft landing. Here is Vishnu’s article. Our own growing selection of Timetric charts can be found by scrolling down to the bottom of this blog entry.

The OECD has just produced their annual review of Going for Growth - a largely supply-side look at policies designed to promote long-term growth in productive potential in the world economy. Details can be found here.

EU Economics: EU Economy in Charts Jan 2011

Wednesday, December 29, 2010

Here is an updated twenty five slide streamed presentation on macroeconomic developments in the 27 countries of the EU with a particular focus on the Euro Area and UK/EU comparisons.

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Paris punishes the purse strings

Friday, March 12, 2010

Paris comes out on top of the world’s most expensive cities according to the new survey from the Economist - available here - The survey assesses the cost of living by comparing housing, food, clothing, transport and utility bills and the like in 132 cities around the world. This is a super chart to use when teaching about purchasing power parity adjustments when comparing and contrasting living standards between countries!

Revision Presentation - EU & the Euro Debate

Monday, February 22, 2010

This revised and extended revision presentation examines the debate about Europe’s Single Currency.

Launch revision presentation on EU & The Euro Debate

Download slide handouts (pdf)

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