Get Summer 2014 Right First Time with tutor2u Exam Coaching & Revision Workshops
Watch this short six minute video to learn how London cabbies are a lot like the ideal boyfriend. Rory Sutherland on excellent form again! In six minutes he discusses sunk costs, commitment devices, human capital, information failures and price discrimination in restaurants on Valentine's Day.read more...»
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.read more...»
As we add new articles to the Unit 3 Business Economics Scoop.It page this blog entry will update automatically.read more...»
Videos from the annual Warwick Economics Summit can be found from their You Tube channel - there will be something interesting on there for you to enrich and extend your enjoyment of Economics! Here is the link to the channel - click here
Boris Johnson, The Mayor of London, has been happy to extend the use of bicycles in London; and the pattern of use has thrown up some interesting points. There were 7.4 million cycle hire trips last year but an estimated 71% of cycling use was by men. Most of these journeys would have been made on foot (31%) or by public transport (47%). Coverage of the study published in the BMJ looked at the health effects is found here.. The notes in the article, provide good examples of the strengths and weaknesses of cost benefit analysis.read more...»
Here are details of a launch event for the newly created Wilberforce Society in Cambridge - The Wilberforce Society’s 2014 Conference is a one day forum. Journalists, politicians, professionals, business leaders, academics, students and many more will come to Cambridge on February 22nd 2014 ready to inform and inspire.
According to a report published by the Parliamentary Public Accounts Committee, the Government are currently underestimating how many students will actually pay back their university loans over the coming decades. Currently, the Government estimates that between 35 and 40% of loans to Higher Education students are never paid back - the Committee believes that the rate on non-repayment is much higher and reflects a weakness in the loan collection method. The primary reason for non-repayment is that student details get lost over a period of time particularly if the graduate moves and works abroad or was an EU citizen who has returned to their own country. The method of using the income tax registration process as a way of locating former students has been criticized for not being an effective method of collecting information. It is estimated that the shortfall could be as much as £80 million by 2042.read more...»
Many thanks to the team at Watford Grammar School for Girls for letting us have an exclusive job vacancy for the tutor2u blogs. What a superb teaching opportunity this is.read more...»
Loads of AS and A2 economics short quizzes and our weekly Economics in the News Quiz can be found on the free Zondle app which is available to download from the App Store! Click here for the app
Here are ten questions from the economics and business news from this week. Have a go and accompany your quiz attempt by playing a Zondle game!read more...»
Two of my students are launching a project to develop an online economic magazine for sixth form students. If you are interested in getting involved please read their project details below!read more...»
A new World Bank report looks at the growing scale and scope of welfare safety nets in a number of countries in sub Saharan Africa. We tend to take entitlement and access to welfare provision for granted in high income countries. What contribution can a welfare system make to promoting inclusive growth and development. Here is the World Bank's slideshow and follow this link for their latest research papers on the topic.read more...»
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.
You all know about exploding rates of urbanisation and the growth of mega cities. There’s much to celebrate in this trend, and economists are keen to advise countries how to urbanise successfully.
After all, for most subsistence farmers, life can be so grim that even life in a slum or shanty town can be a marked improvement. I’ve reluctantly admitted this fact to myself, and come to see slums as a stepping stone on the process of development.
A new study, reported in the Economist, suggests I might be wrong, and that we shouldn’t be ready to tolerate slums, and should be more determined to see their eradication – they might even be a barrier to development.read more...»
A great case study on the BBC about what has been driving up the price of almonds. Plenty of topics to explore in here: agricultural supply, determinants of demand, derived demand (almond milk), monopoly power, capital intensive production and maybe more.
For the Pre-U Paper 3 Independent Investigations study, pupils are focussed on a variety of topics for independent research.
Here are some good resources to help guide current issues on their chosen topics:
- China's Economic Rise: China’s Economic Rise: History, Trends, Challenges, and Implications for the United States (hat-tip to Graham Watson!)
Millennium Development Goals: LSE Public Lecture
2015 was the date set for achieving most of the Millennium Development Goals' targets. United Nations member states have agreed that there should be a post-2015 development agenda aimed at poverty eradication in the context of sustainable development. With negotiations on a new agenda set to begin in late 2014, Helen Clark will reflect on the inputs to the debate thus far and on how consensus can be reached on sustainable development goals.
- Watch the lecture here.
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.read more...»
There is something about onions which brings out the worst in bureaucrats. Orlando Figes’ A People’s Tragedy chronicles the early years of the Russian revolution. Under war communism, the Bolsheviks attempted to exert state control over the entire economy. A long list of vegetables was drawn up, specifying the prices at which they could be traded. Through incompetence, onions were omitted. The result was a huge glut of onions, as everyone rushed to take part in one of the very few areas of private enterprise left to them.read more...»
A hat-tip to John Shelley for finding this interesting video clip on the behavioural insights of income inequality.
It's been said that money is the root of all evil. Does money make people more likely to lie, cheat and steal? Economics correspondent Paul Solman reports on new research from the University of California, Berkeley about how wealth and inequality affects us psychologically.
Watch the video clip here.
Sometimes it’s worth challenging a concept that is fundamental to Economics, such as specialisation or the theory of comparative advantage (video here). This crucial theory views international trade as profitable even for a country that can produce every commodity more cheaply than any other country (an absolute advantage). According to Robert Skidelsky, the textbook example is that of a town’s best lawyer who is also its best typist. Provided that she is better at law than at typing, she should specialize in law and leave her secretary to do the typing. That way, both of their earnings will be higher. The same logic applies to countries. Each country should specialize in producing those things that it produces most efficiently, rather than producing a bit of everything, because that way its income will be higher.
Why does Skidelsky go on to challenge that view?read more...»
Many thanks to the Economics team at Tonbridge for alerting us to this terrific opportunity to join a thriving Economics department. Details below.read more...»
I have to admit I did a double take when I saw this in The Times today. In other countries (well, the Netherlands in particular) where prostitution and some drugs are legal, these activities are included in the calculation of GDP.
Here are some revision questions on economic growth designed as a short revision quiz for A2 macro students - have a go!read more...»
Here is a ten question matching-pair quiz covering aspects of development economics - a short revision quiz for A2 macro students created using the free software available from Zondle. Have a go!read more...»
Deloitte's Chief Economist Ian Stewart produces a weekly Monday Briefing, with analysis of a main topic (this week it's about the outlook for credit growth) plus a selection of news stories which have caught the eye of the Deloitte team. Anyone can subscribe to receive the weekly email briefing, and it is well worth doing so.
Here are some of the nuggets from this week's round up:
* Shares in a number of American tobacco companies fell on news that the
CVS Caremark chain of pharmacies is to stop selling tobacco products
* Analysis by Thomson Reuters shows the biggest publicly traded companies in the UK set aside a record amount to settle legal costs in 2013, with banks in particular experiencing increased litigation and regulation
* American beer sales fell 4.9% in January according to data from GuestMetrics, and fell the most in Colorado, where the legalization of marijuana has seemingly harmed alcohol sales
* British sportscar manufacturer Aston Martin is to recall 18,000 cars, after discovering that a part made by a Chinese supplier contains counterfeit materials
* The FT reports 'that the UK governments 'Behavioural Insights Unit', which uses psychology to try to change public behaviour, is expected to be the first of many policy teams to be privatised
* The US Postal Service narrowed its losses in the quarter to December, with revenues boosted by a surge in online shopping and package delivery
* Shares in Twitter fell almost one-fifth following the release of the firms' first earnings announcement
* Sales of artisan breads have increased 8% across the UK in the last year, according to research firm Mintel, apparently driven by the craze for gourmet toast at boutique cafes – slice of success
We are pleased to announce details of the annual Royal Economic Society Essay Competition for 2014.read more...»
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.read more...»
Norway has for many years recorded an enviable macroeconomic performance. It regularly tops the international rankings for the Human Development Index (HDI) and it has one of the highest figures for GNI per capita (PPP) among developed nations. It records huge current account surpluses in excess of 10% of GDP each year and strong growth and surging revenues from oil and gas production have given the Norwegian government a fiscal position that many other countries would die for! Unemployment is the lowest of any European country.
That said there are some signs that the economy is suffering from an over-dependence on oil and gas - it is at risk of the Dutch Disease?
The Dutch Disease is the idea that economic growth from exploiting and exporting natural resources can crowd out investment in other sectors, in part due to a strengthening exchange rate which causes a sharp rise in relative unit labour costs. High wages are also seen as a factor behind a trend decline in the average hours worked and a rise in the drop-out rate from high school education.
Manufacturing wages in Norway have climbed by more than 150 per cent since 1997 against just 50 per cent in the US and Germany They are now 60-70 per cent higher than the weighted average of Norway’s trading partners, meaning “that for every hour worked here we need to be 60 per cent more productive”. (FT, 7 Feb 2014)read more...»
Many thanks to the team at Gordonstoun for letting us know about this superb HOD opportunity. Please mention that you saw this on tutor2u if you apply!read more...»
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.
Valentine’s Day is almost upon us. Many readers may recall a time when its main purpose was for love-struck teenagers to communicate, anonymously or otherwise, with the objects of their desire. Now, it is big business. It is hardly possible to enter a pub or restaurant without being exhorted to publicly display fidelity and love over extravagant drinks and luxury menus.read more...»
Are you teaching transport / airline economics? The newly released 2013 IATA data resource might be useful - http://www.iata.org/publications/economics/Documents/passenger-analysis-dec2013.pdf
Globally there was a 5.2% increase in passenger demand compared to 2012. The 2013 performance aligns with the average annual growth rate of the past 30 years. Capacity rose 4.8% and load factor averaged 79.5% up 0.4 percentage points over 2012.
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 ten questions for students wanting to check their understanding on the multiplier and the acceleratorread more...»
Here are ten questions relating to the economics and business news from the last seven days. Sign up for free for the Zondle site and access loads of revision quizzes on AS and A2 topics.read more...»
This is a superb article from the Economist for A2 macro students wanting to understand more about the fragility of a large cluster of emerging economies.read more...»
Here are ten questions for students wanting to check their understanding on exchange ratesread more...»
Celebrations in Ireland as the credit ratings agencies no longer regard Irish government debt as ‘junk’, according to the BBC. What does this mean and why does it matter? Here are some bond market reminders and links, helping to explain how governments borrow, and at what cost.read more...»
We are experimenting with some new software called Mediacore at Oundle School - to try to promote more flip-teaching and independent learning as well as easier revision.
My initial idea was to create short video tutorials explaining key concepts on the topics of fiscal and monetary policy.
The pupils are to watch this outside the classroom, and then in the classroom we would follow up with class exercises to check their understanding. The plan is that they will also prove useful for revision.
I have put them on a public page so you can view them - note, they are 'unpolished' in terms of presentation but they may be useful to some pupils on the key issues.
I have uploaded 11 short audio-video tutorials of me teaching the key points on these topics.read more...»
The market for in-flight wifi is dominated by one service provider and tends to be slow and expensive. This article provides some background. It is an interesting example to think about when considering the different types of economic efficiency i.e. allocative, productive and dynamic. Less than 10% of airline users take up the wifi offer! Consider reasons for this that go beyond the high price! When was the last time you either used or wanted to use wifi on a flight?
Here is the first weekly revision quiz for AS economists who would like to keep their revision of AS Micro up-to-date whilst they are covering AS Macro!
10 questions from across the AS Micro specs to keep you focused:
Natural resource economics are applied in this new World Bank blog to the Eurasian region - plenty of overlap with your studies on the issue in the context of sub Saharan Africa and other parts of the world. Click here for the blog article.
Click here for a blog article on the natural resource curse from Graham Watson (2012)
Our streamed revision presentation on the topic is belowread more...»
A wintry hat tip to Mark Johnston over at King's College Auckland whose EconFix economics blog is well worth a follow especially for colleagues teaching global economics. I had a wonderful week at the school back in May 2013 and it is a hive of passion and enthusiasm for Economics! Click here for a taste of the EconFix blog
This will be an excellent case study to use when you're discussing the issues around minimum prices to solve the problem of externalities.read more...»
Here are ten questions for students wanting to check their understanding on the balance of paymentsread more...»
If you attended the recent tutor2u revision conferences for up-coming micro-economic exams (look out for the macro workshops and combined micro and macro to come in March) you will have seen how fuel-pricing was used as an example of market failure, government intervention strategies and government failure.
Fortunately, the energy market is a gift that keeps giving to us in the economics world (every cloud has a silver lining) as a report out today (see this link for the BBC version of the story) indicates that Parliament is about to intervene to try and stop the energy companies charging more to customers who pay by cash rather than by direct debit (£114 per year, according to the report).read more...»
Here is a really well produced and clear visual explanation of the Hotelling model of spatial location. As two competitive cousins vie for ice-cream-selling domination on one small beach, discover how game theory and the Nash Equilibrium inform these retail hot-spots. A good short video to use when teaching or learning about game theory.
For more ....Tutor2u's Introduction to Game Theoryread more...»
To have a full understanding of the intricate working of a negative externality in a market, one must understand their origin; either in consumption or production. That exam boards allow one understanding is diluting the essence of the theory. This video on negative externalities (both in production and consumption) aims to clarify understanding and also provide some useful tips to students of how to draw the diagrams accurately.read more...»
Here are ten questions for students wanting to check their understanding on inflation and deflationread more...»