Economics CPD Courses in June 2014

Economics CPD Courses in June 2014 - Book Your Places Now!

ETNC 2014   | New to AS & A2 Economics | WOW! Economics 2014


Economics Resources Popular resources on the {my channel} blogPopular resources on the {my channel} blog Economics revision quizzes Resource tags for the blog RSS Feed for the blog Twitter feed for this blog Teacher Email Resource Newsletter Category listing for this blog Economics Blog home page Economics Blog Home Page


Tracker Pixel for Entry

Money can’t buy happiness - the backward sloping supply curve tells me so

Thursday, February 07, 2013
Print Tweet This!Save to Favorites

Like many teachers, I'm firmly of the belief that money is not the root of happiness.  I have to think like that - otherwise how do I argue with my old university friends who went to join the big banks that there’s more to life than big cars and foreign holiday homes ("Come and join us, Jon," they used to say to me, "you can set your own Libor rate and everything" ).  It's important that we remind the 'those-who-can't-do' brigade that teaching is a life-style.  It's a vocation.  A calling.

Well, according to research by US academics Daniel Sacks, Betsey Stevenson and Justin Wolfers, the evidence suggests that wealth is a determining factor in happiness after all.  Apparently, the data shows that there are no upper limits to happiness with regards to money – yes, the increase in happiness slows down but still rises. 

Quick, somebody tell Victoria Beckham before David gives away all of his cash to the Paris children.

In truth, this isn’t the most shocking news of the week (Chris Huhne proving Mario Balotelli’s summary of English driving had some validity takes that one).  A decrease in income tax is usually seen as an incentive to increase our desire to work and the principle has even been applied to the super-rich recently when justifying the reduction in the upper tax-band.

 I guess, however, that the view that happiness continues to grow with wealth may create some in-class discussion when it comes to explaining the backward-sloping supply curve for labour. This theory suggests that work and leisure are substitutes - we are inclined to reduce our work commitment as our hourly wage rate increases as we want to spend more time enjoying ourselves and can start to afford to do so. In the end, though, the theory backs up this research – higher incomes give us the ability to afford more leisure time and therefore to improve our level of happiness.

You can read about the research in this link from The Telegraph.

I’m off to buy a lottery ticket.



 

FOR MORE REVISION SUPPORT FROM THE TUTOR2U TEAM...

Follow the tutor2u team and all our subject blogs on Twitter

Register for free tutor2u revision classes at our sister site Zondle:

Use the following class codes to join our Zondle revision classes:

Economics: AS Micro 290-66327 AS Macro 290-66328 A2 Micro 290-66329 A2 Macro 290-66330

AQA AS/A2 Business: BUSS1 290-66325 BUSS2 290-66326 BUSS3 290-66323 BUSS4 290-66322

 



Economics CPD Courses in June 2014

Economics CPD Courses in June 2014 - Book Your Places Now!

ETNC 2014   | New to AS & A2 Economics | WOW! Economics 2014


tutor2u online store

PowerPoint Lesson Activities Teacher Conferences & CPD Courses
Exam Coaching & Revision Workshops Pre-release Case Study Toolkits
A Level Economics Teaching Support Resources for Business Studies
Digital Magazines  


Enter your Email


RES Economics Essay Competition 2014

Submit your entry to the RES Economics Essay Competition 2014

WOW! Economics 2014

50+ New Teaching & Learning Resources for A Level & IB Economics

AS, A2 & IB Economics Revision Notes

Latest resources

Resource categories Blog RSS feed Blog RSS Feed

© Copyright Tutor2u Limited 2013 All Rights Reserved