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Unit 2 Macro: Aggregate Demand

Monday, February 24, 2014

Here is a revision presentation for an AS Macro topic - aggregate demand

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Unit 2 Macro: National Income and the Standard of Living

Sunday, February 23, 2014

Here is a revision presentation for an AS Macro topic - measuring national income and the standard of living

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Unit 2 Macro: Circular Flow and Macro Objectives

Saturday, February 22, 2014

Here is a revision presentation for an AS Macro topic - the circular flow and macroeconomic objectives

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All the basics of UK government debt and deficit

To follow up on Hugh Pym's video which explains the difference between government debt and government deficit, here is another fantastic resource. Definitions, data and descriptions of debt and deficit, chapter and verse on the structural deficit and on government borrowing. It looks like the perfect lesson resource - as its title says, all you need to know.

Unit 2 Macro: Debt and Deficit explained using coloured sweets

Friday, February 21, 2014

The BBC's Hugh Pym helps us to avoid a common exam mistake - namely confusing debt with deficit.

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Unit 2 Macro: Hints on Exam Technique

Here is an updated revision presentation on aspects of exam technique for the Unit 2 AS Macro paper

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John Maynard Keynes - Video Resources

Thursday, February 20, 2014

A selection of video resources for students and teachers interested in Keynesian economics

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John Maynard Keynes - Video Resources

A selection of video resources for students and teachers interested in Keynesian economics

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The Problem With Hitting Targets - Deflation

Monday, February 17, 2014

As Japan continues to push forward with Abenomics, monetary stimulus tapers off in the USA and and a halt elsewhere in the world alongside still timid business and consumer confidence, deflation becomes a serious risk for the advanced economies in the short term future.

The area with the biggest concerns without doubt is the Eurozone with deflation pushing up the real value of still cripplingly large debt levels, worryingly that analysts, forecasters and Eurozone representatives are finding difficult to objectively quantify. What the world really needs to see is business confidence and spending to pick up in advanced economies, fuelling positive inflationary pressure dampening the impact of exported deflation from Japan as a result of Abenomics. The Euro Area have yet another worry to add to their ever growing sickness list, worth watching very closely as to what happens in the coming months. This video explains further:

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Robert Peston - How China Ruled the World

Sunday, February 16, 2014

Robert Peston looks at the astonishing investment in urban infrastructure in China in recent years - 30 new airports, 26,000 miles of motorways and a new skyscraper every five days have been built in China in the last five years - required viewing for those interested in a key aspect of Chinese economic growth and development. Link to How China Ruled the World (BBC World)

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Mark Carney redfines the MPC’s role again.

Thursday, February 13, 2014

He might have only had his feet under the Governor's desk for 8 months but BOE Governor Carney has announced changes to the role of the MPC for a second time as forward guidance has been overhauled.

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Forward Guidance Mark II - From Forward to Fuzzy!

Forward Guidance Mark II began yesterday as the Forward Guidance Mark I didn't really go as planned, approaching the 7% threshold for unemployment way too quickly for the BoE's comfort. The following video clips discuss some of the issues from yesterday's announcement. Big debate about whether the new Forward Guidance is more fuzzy than it is forward.

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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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UK economy: Tidal Lagoons

Friday, February 07, 2014

Cost benefit analysis, economies of scale, energy economics, regional development, economic growth, competitiveness ... there is a veritable a tidal wave of applied economics in this article from the Guardian on plans for Tidal Lagoon Power.

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 Multiplier and Accelerator

Here are ten questions for students wanting to check their understanding on the multiplier and the accelerator

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Unit 2 Macro: 10 Questions on Exchange Rates

Wednesday, February 05, 2014

Here are ten questions for students wanting to check their understanding on exchange rates

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Unit 2 Macro: 10 Questions on Balance of Payments

Tuesday, February 04, 2014

Here are ten questions for students wanting to check their understanding on the balance of payments

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Unit 2 Macro: 10 Questions on Inflation

Monday, February 03, 2014

Here are ten questions for students wanting to check their understanding on inflation and deflation

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Unit 2 Macro: 10 Questions on GDP and the Circular Flow

Friday, January 31, 2014

Here are ten questions for students wanting to check their understanding on GDP and the circular flow - before you take the quiz, check out our revision presentation first! 

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UK Boom and Bust?

Wednesday, January 29, 2014

In this short interview from the Financial Times, John Authers discusses with Roger Bootle, managing director of Capital Economics about the sources of the resurgence in growth in the UK economy. Bootle argues that there is little sign of economic re-balancing, consumption is the main driver of recovery and net exports are subtracting from growth at the moment. 

The current account deficit is widening - Bootle find this a deeply depressing shift and hints that the UK economy remains heavily dependent on exporting to weak-growing European markets.

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Unit 2 Macro: 10 Questions on Economic Growth

Tuesday, January 28, 2014

Here are ten questions for students wanting to check their understanding on economic growth

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UK Economic Recovery Gathers Momentum

New data on the UK economy shows another quarter of above trend growth. Here is an updated six chart presentation on the economic cycle that might be useful for teaching macro in the classroom. Download as a powerpoint file

UK_Economic_Cycle.pptx

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Unit 2 Macro: 10 Questions on Managing the Economy

Monday, January 27, 2014

Here are ten questions for students wanting to check their understanding on managing the economy

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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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Poverty: New Thinking About an Old Problem

Saturday, January 25, 2014

Here are some notes taken from a talk given by Peter Coy, Economics Editor for Bloomberg Businessweek, at the Marshall Society Economics Conference in Cambridge in January 2015

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30 Most Innovative Countries in the World

Friday, January 24, 2014

Successful innovation is a driving dynamic of competitive businesses and countries. Bloomberg Rankings recently examined 215 countries and sovereign regions to determine their innovation quotient. They have narrowed this down to thirty countries and the results are available through this Bloomberg slideshow. Which nation comes first?

Click here to find out

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Unit 2 Macro: 10 Questions on Supply-Side Policies

Thursday, January 23, 2014

Here are ten questions for students wanting to check their understanding on supply-side economic policies .... and improve their bobble shoot tekkers at the same time! Courtesy of our sister site Zondle

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RES Lecture on UK Economy - Vince Cable

The Secretary of State Vince Cable delivers a lecture on the UK economy at the Bank of England on Monday 27th January starting at 6.30pm. I will be there on behalf of Tutor2u and I will post a report on his talk on this blog entry as soon as possible after the talk. 

The Rt Hon Dr Vince Cable MP, Secretary of State for Business, Innovation and Skills will be talking on ‘The shape of the economic recovery’ on Monday 27th January at the Bank of England Conference Centre. The RES is widening the outreach of its policy lectures by broadcasting the lecture live in HD video and encouraging participation and interactivity through this site.

Access is entirely free. Simply create an account here or sign in.

The hashtag for the event is #reslecture

UK Economy Biggest fall in unemployment in decades

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  

The ‘output gap’: another piece of economic mumbo-jumbo

The concept of the 'output gap’ is central to mainstream macroeconomics. It is not merely of academic interest. 

The Office for Budget Responsibility (OBR) has a specific requirement to estimate the output gap, which it defines formally as “the difference between the current level of activity in the economy and the potential level it could sustain while keeping inflation stable”. 

The output gap is a key consideration for central banks around the world including the Bank of England. If output is well below its potential, nominal interest rates should be kept low, to try to stimulate the economy. And a large output gap should keep cost and price inflation low. Prices are hard to put up in a depressed economy. 

See: http://www.bbc.co.uk/news/business-23145755 for a discussion of the changes made to the policy of forward guidance.

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Exchange rates and the ‘Big Mac’ Index

This is a great learning aid, especially if you've not come across it before.  If you're trying to understand exchange rates, you often end up wondering which countries have overvalued exchange rates (that should, ideally, depreciate in value) or those that are undervalued (where appreciation would probably help).

The idea is so simple - find a product that's available in most countries, produced to a standardised design, and that serves as a reasonable 'basket of goods' capturing a range of price data for the economy you're looking at.  By this measure, the countries with expensive Big Macs have overvalued exchange rates and cheap Big Macs means an undervalued exchange rate.

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David Rowan on disruptive entrepreneurs and innovators

Monday, January 20, 2014

We have been discussing the economics of innovation in class in the last few days. I came across this short talk given by David Rowan, editor of Wired magazine. What sets disruptive entrepreneurs and innovators apart from the rest? In his INK talk, David Rowan, editor of Wired UK, asserts it’s a “healthy disregard for the impossible” and offers nine tips for cultivating that mindset.

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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 2 Macro: Europe’s Biggest Infrastructure Project

Monday, January 06, 2014

An important landmark has been reached in the construction of Crossrail, London's £14.8bn rail programme. The tunnelling of 21km of twin-bore tunnels dug beneath the capital is well underway and the project is now at the half way stage assuming things run to plan. The first tunnel was completed in November 2013

The scale of the project is epic - one of a number of infrastructure projects that are underway or in the planning stage in the UK. the importance of infrastructure investment is often debated by economists. They can affect both aggregate demand and aggregate supply and have wider effects on a nation's competitiveness. 

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A new exhibition on the changing UK industrial landscape

Wednesday, January 01, 2014

Peter Marsh, formerly the manufacturing editor of the Financial Times, has let me know of the imminent launch of an unusual and interesting photographic project linked to the world of manufacturing. It's an exhibition of pictures of UK manufacturing operations taken by some of the world's top photographers and which will tour Britain from the end of January to September next year.

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MINT - The Next Economic Giants (BBC Radio 4)

Monday, December 30, 2013

Here is a new series on BBC radio 4 that will excite students and teachers who enjoy tracking the changing centre of gravity in the world economy. Jim O’Neill, former chief economist and head of asset management at Goldman Sachs, presents the flagship four-part series in Radio 4’s focus on the MINT countries – Mexico, Indonesia, Nigeria and Turkey – tipped as the next to assume their places at the high table of economic success. Details of the programme can be found here.

Eton College Economics Society: No More Business as Usual

In November 2013, Anthony Beaumont from Eton College organised a panel event on lessons to be learnt from the Global Financial Crisis. The highly successful event was attended by over 500 students from nearly forty schools and colleges. The panel included Anne Pettifor, Ha-Joon Change, Paul Ormerod and Crispin Odey. Tutor2u was pleased to sponsor the event by producing a colour booklet containing some relevant articles to the discussion. If you would like to have  a look at it, please check it out using the streamed presentation below. 

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Britain’s position in the economic ‘league table’

Sunday, December 29, 2013

'Tis the season of making predictions about the future.  What will 2014 bring?  There has also been a lot a coverage of a study making predictions as far ahead as 2030.  

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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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2014 and the economy recovers - what happens then?

Friday, December 20, 2013

I hope I'm right about this, but there should be plenty of blogs in 2014 on the impact of any economic recovery on inflation, unemployment, trade and so on. At this stage, even the idea of an economic recovery might seem a bit optimistic (Paul Ormerod looks back over 2008-2013 here). After all, we're only talking about the economy getting back to where it was in 2008, in GDP terms.

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How Bad Has It Been? 2008-2013 in Historical Perspective

The end of a year is a good time to take stock. For the first time since 2007, prospects for the UK for the forthcoming year look unequivocally good. But looking back, just how bad have the last few years been across the developed world as a whole? And how do they compare with previous recessions in a historical context? To keep you out of suspense, the answer to both these questions is ‘pretty bad’. In one key respect, it has been awful.

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London and Reinventing the Future

Friday, December 13, 2013

If you didn't quite grasp the importance of agglomeration economies in driving and sustaining growth and wealth creation in cities, then this wonderful piece from Bridget Rosewall will do it I am sure! It highlights the importance of vision and a willingness to take risks in bond-funded infrastructure projects in London (and elsewhere). Bridget Rosewall's new short book is available direct from the publishers - click here for details

London’s Super Sewer

With London’s Victorian sewage system struggling to cope, the 25km Thames Tideway tunnel is intended to boost capacity. But the £4.2bn Super Sewer project has run into considerable and vocal opposition. London's main sewers are over 150 years old and built for a city for 2.5 million people. The population of London is now over 8 million and when heavy rainfall arrives, there are frequent and sizeable discharges of raw sewage into the river Thames. 39 million tonnes of untreated sewage flushes into the Thames in a typical year - that’s enough to fill the Royal Albert Hall 450 times. The sewage discharges puts the UK in breach of the EU Urban Wastewater Treatment Directive.

Critics of Thames Water argue that they have under spent on sewage system maintenance over the years despite recording persistently high profits. Thames Water announced £150 million profits in 2012.

Residents around the 21 proposed construction sites have protested about the externalities connected to the project. Other opponents argue that the money would be better spent on cheaper sustainable urban drainage techniques.

Future generations will benefit but today's water users will pay most of the construction cost with higher water bills imminent for a number of years to come. The Thames Water proposes adding £70 to £80 a year indefinitely to the average bill of Londoners to fund the 16-mile sewer from Acton in west London to Abbey Mills in east London. But a report by Bloomberg New Energy Finance calculates that the tunnel could be built for between £30 and £35 per household per year

Guardian: London super sewer 'should be scrapped in favour of cheaper projects'

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Export destinations and UK export performance

Wednesday, December 11, 2013

Two cartoons to illustrate two key issues: Britain doesn't export enough (especially goods) and so has a large current account deficit.

That's not to say that the UK doesn't have significant exports markets - but where?

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Wages and Sharing the Fruits of Economics Growth

Thursday, December 05, 2013

Employees in the UK are not being denied their fair share of economic growth, according to research by João Paulo Pessoa and Professor John Van Reenen, director of the Centre for Economic Performance at LSE. Their investigation of claims that wage growth has become ‘decoupled’ from productivity growth finds that decoupling has been overstated and cannot be used to justify redressing the balance between wages and profits.

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Too little inflation can be a problem too…

Wednesday, December 04, 2013

We’re very used to the idea of monitoring inflation, measuring it, and worrying about the consequences of it. But like any good answer that requires an element of balance, it’s worth noting that too little inflation can be a problem too.

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Key Data on the UK Economy (December 2013)

Sunday, December 01, 2013

This is a one page revision sheet covering some of the key data on the state of the UK economy - I hope it might be useful for students taking their mock exams in macroeconomics. There was also an excellent feature on prospects for the UK here - Is Britain's economy really on the path to prosperity? (Observer, 1st December 2013)

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Resources from Tutor2u on Slideshare

Tuesday, November 26, 2013

The Tutor2u slideshare channel has just notched up over a million hits and we continue to add new resources each week. Here is the link to the site.

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