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WOW! Economics 2015   |   Quantitative Methods (New Spec)


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Could a “Citizen’s Income” address tax and welfare problems?

Sunday, August 31, 2014

Here are a couple of current UK problems. Firstly, although the economy is recovering strongly, tax receipts aren’t. Secondly, flaws in the way the welfare system operates may be creating disincentives in the labour market. Could a radical proposal: streamlining the whole welfare system by paying everyone a ‘citizen’s income’ help?

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Doubts about Fair Trade

According to The Economist there is a long history of efforts to distinguish products that have been made more ethically than others. In the late 18th century, anti-slavery campaigners urged British consumers to boycott sugar from the West Indies in favour of supplies from India. Today’s fair-trade movement took off in the 1960s, mostly in religious organisations that wanted to help the poor, whom they saw as losers in the global trading system. Fair Trade is a really important issue for discussion.

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Quiz on the World Economy in Figures (2014)

Here is a new twelve question quiz drawing on economic indicators from the Economists's Pocket World in Figures (2015 edition) which has just been published. Good luck!

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Global Economy - In the Balance (BBC)

Saturday, August 30, 2014

In the Balance is a weekly programme on the changing dynamics of the global economy broadcast by the BBC World Service. Have a check through their episode listings, there is much here for students looking for extension and enrichment listening and for teachers passionate about their subject, not least in the fields of growth and development economics. Here is the link to the programme: http://www.bbc.co.uk/programmes/p00m6dzl/episodes/...

Lesson Activity - Categorise Factor Inputs in the Focus Circle

Here is another ready-to-use edition of our thinking-skills resource Focus Circle which provides an engaging way to teach factor inputs.

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Vertical farming in developing countries

Friday, August 29, 2014

Raising farm yields in a sustainable way not least because of the challenges of water scarcity is one of the biggest challenges for lower income countries (and advanced nations too!). This blog from the World Economic Forum explores innovative vertical farming. Will this type of farming get the finance to be scaled up? What are the possible consequences for employment in farming sectors traditionally have absorbed a high percentage of employment? This is a good article to read to build your contextual awareness.

Below is a video on vertical farming from the high income country of Singapore

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Water industry - Ofwat curbs price rises

Here is an important example of regulatory control of utility businesses with regional natural monopoly power. Ofwat is requiring regional water companies to cut their bills in real terms for the next five year pricing regime. Regulatory agencies are often accused of failing to be sufficient strong with suppliers leading to allegations of regulatory capture i.e. producer interests dominate consumer interests. Ofwat may be an example of a regulator that avoids this criticism. Click here for the article from BBC news

John Lanchester explains the language of money

QE, dead cat bounces, margin calls, hi-frequency trading, derivatives, hedging and yields. The irrepressible John Lanchester tries to de-mystify the language of money in his new book! Here is a report on the subject from BBC Newsnight.

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Lesson 1 Activity - The World of Economics

Looking for a 15 - 20 minute activity to start your first lesson with new AS level students over the next week or so?  We've got a nice introductory quiz for you!

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Movie Posters

After stumbling across a couple of good movie poster makers via the @ukedchat Twitter feed, I decided to knock a couple of quick ones up to brighten up the walls of my classroom. You can make your own resources here: www.fakemovieposter.com or http://bighugelabs.com/poster.php

You can also download the two that I made below here: Movie_Posters.pptx 

If anyone has any other great display resources, why not post them up here or contact me @mrwoodeco.

 

Can we manage with a cashless society?

Thursday, August 28, 2014

I really enjoyed reading this blog from Simon Taylor on the diminishing role of cash in contemporary economic life. Increasingly most cash is held in high denomination notes, even small scale transactions such as buying a coffee at the railway station or a book at the airport bookstore are paid using debit and credit cards. Is cash as a medium of exchange in almost permanent secular decline?

Simon Taylor looks in his blog at the concept of seignorage - the return on producing notes and coins for governments and their central banks. 

Just recently I lost both of my debit cards and was grateful that I usually hold fairly large cash balances to ease my way through a week or so without a card to use. It certainly made me more aware of what I was spending!

Here is the link to the blog: http://www.simontaylorsblog.com/2014/08/27/could-w...

Scottish Independence and Fairytale Land

Wednesday, August 27, 2014

Sir James Mirrlees is one of the mere handful of British recipients of the Nobel Prize in economics. As his fine old Scottish surname might suggest, he has been active in the debate on independence. His latest intervention, which has attracted considerable publicity, is to pronounce that an independent Scotland should be willing to repudiate its share of the UK’s public sector debt. This would be, Mirrlees asserts, a bargaining chip to be used to ensure that a currency union with the rest of the UK will be set up. The Bank of England would continue to act as a lender of last resort to the Scottish banking system.

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The Economics of the First World War

As commemorations continue, there is a feature on the BBC website, where Economics Editor Hugh Pym looks at the impact of the Great War on the UK economy. It’s a short, accessible piece with some interesting video clips.

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Rethinking Economics: Adair Turner

Lord Adair Turner delivers the opening keynote speech of the Rethinking Economics 2014 conference at UCL

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Tim Harford on Monopoly and Innovation

Tim Harford, the Undercover Economist has written an excellent article here on the impact of large scale monopolistic businesses on our economic welfare. Originally published in the Financial Times, you can read it in full by clicking this link to Tim's website. http://timharford.com/2014/08/monopoly-is-a-bureau...

Are highly profitable monopolies a crucial source of innovation (improvements in dynamic efficiency)? Or should we be looking for rigorous competition policy to address the X-inefficiencies often associated with established market dominance?

Tim writes 

"The ferocious cut and thrust of smaller competitors seems a more reliable way to produce many of the everyday innovations that matter."

Bedales Conference on Innovative Education

I am delighted to speak at this new event to be held at Bedales School in Hampshire on Thursday 9th October. More details of the event can be found by clicking this link: http://www.bedales.org.uk/home/events/leading-inde...

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Business Economics: Amazon buys Twitch

Here is some background on Amazon's all-cash purchase of live gaming site Twitch. Read through it and consider some of the likely business synergies from the acquisition. 

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Olive oil prices set to rise after drought hits supply

Here is an excellent example of how adverse weather conditions can impact on the market price of a staple item in millions of people's supermarket trolleys. 

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Is Angel di Maria the ‘real’ record holder?

With all the flurry of football transfer activity happening over the summer months and Manchester United spending a hefty £59.7m for Argentinian winger Angel di Maria, there has been lots of talk about transfer records. With this transfer surpassing the £50m paid by Chelsea for Fernando Torres, the record for a British transfer fee has changed a lot since the first holder of the title, Willie Groves in 1893 went for just £100. You can get a nice history here in this article at the BBC http://www.bbc.com/sport/0/football/28939359. These figures do not represent the 'real' value of the transfers however.

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Venezuela – fingerprinting as a rationing device.

Tuesday, August 26, 2014

Standard economic theory would tell us that for many goods and services, price acts as a reasonably successful rationing device. In most countries, food is subject to market prices, with welfare payments and sometimes lower indirect taxes aiming to make it more affordable to those on lower incomes.

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Will Hutton argues for railway nationalisation

Monday, August 25, 2014

Here is a timely polemic from Will Hutton arguing for a return to state ownership of the railways and pointing to the success of Network Rail and Directly Owned Railways (which runs the East Coast line) as evidence in support of the argument that "networks of key public services such as rail are natural monopolies; ownership in other countries respects that truth, and Britain's attempt to escape it has been a costly debacle.' Do you agree?

Read the article here: http://www.theguardian.com/commentisfree/2014/aug/...

Decoupling Growth and Environmental Impact

An autumnal hat tip to Robbie Harris from Sherborne for spotting and sharing this interesting discussion piece from Chris Huhne in the Guardian. There are many drivers of the reduction in energy consumption per unit of GDP for the UK economy - among them technological change, a global shift of production to the East, along with sustained high energy prices. But some of the longer term trends look more favourable. Has the UK moved decisively from the peak of the Kuznets environmental curve?

"The UK economy has doubled in real terms since 1985, but total energy consumption is exactly the same as it was in that year. Indeed, energy consumption has fallen since 1970 while the economy has nearly trebled in size."

Is Huhne overly optimistic about prospects for sustainably green growth?

Read the article here: http://www.theguardian.com/commentisfree/2014/aug/...

Data on energy trends from the ONS can be found here: https://www.gov.uk/government/collections/energy-t...

Guardian articles on the energy industry can be found here: http://www.theguardian.com/business/energy-industr...

New A Level Economics Specification Briefing

The tutor2u briefing document on the new A Level Economics specifications (first teaching Sept 2015) is now available

You can now download the Economics Specification Briefing here

 If you have requested a printed copy, the tutor2u office will be sending this out later this week.

The briefing document aims to highlight the key changes for teaching colleagues and also compares and contrasts the different approaches adopted by the three main exam boards. I have also shared my views on the relative merits of the specifications that I hope will become just a small part of a vigorous and healthy debate among colleagues in the coming weeks and months!

The tutor2u team is preparing a series of new teaching & learning resources to support the extended use of quantitative methods in all the new specifications. This course is running in December to give colleagues plenty of time to integrate these resources and approaches into their planning for Sept 2015.

Repugnant Markets | Alvin Roth

Sunday, August 24, 2014

Nobel Laureate Alvin Roth (2012) gives his view on Repugnant Markets

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Why inequality matters | Joseph Stiglitz

Nobel Laureate Joseph Stiglitz (2001) gives his view on why inequality matters

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Joseph Stiglitz on what makes a good economist

Nobel Laureate Joseph Stiglitz (2001) gives his view on What Makes A Good Economist

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How useful is economics? Nobel winner Al Roth

Nobel Laureate Alvin Roth (2012) gives his view on How useful economics is. For more on Roth's work in theories of market exchange in areas such as organ donation click the links below.

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IB Economics Induction- Central Themes

Continuing from my last blog on the Foundations of Economics, another purpose of induction lessons is to help students develop a sense of international mindedness that is a feature of good economists, using examples of key current issues from around the world. There are a number of central themes on the IB spec and a few resources here that might make a good start

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Developing Country Case Studies e-book

Friday, August 22, 2014

At the end of last term all our year 12's were set the task of writing a short article about a different developing country. They were tasked with covering:

  • Key information- e.g. GDP, HDI, Gini coefficient, indicators of level of poverty/development
  • What factors are limiting growth & development in this country
  • How is the government and other stakeholders trying to promote growth & development in this country
  • How successful have they been so far?

I have collated all these articles together into an e-book which teachers and students studying development economics should find very useful to make use of as part of the course.

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New Infographic on Human Capital

Wednesday, August 20, 2014

A hat tip to Hannah Thomas who has spotted a new info graphic on human capital produced by the Office for National Statistics.  You can find it here http://www.ons.gov.uk/ons/rel/wellbeing/human-capi... with more supporting detail and explanation here http://www.ons.gov.uk/ons/dcp171766_374868.pdf

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BHP Billiton announces plans for a demerger

Tuesday, August 19, 2014

De-mergers often figure in EdExcel Unit 3 questions e.g. on the structured multiple choice - so this one from mining giant BHP Billiton is a good example to be aware of and to understand the key drivers behind the decision. BHP Billiton plan to sell (divest) non-core assets such as their aluminium, manganese and nickel mines.

As always - focusing on core competencies, streamlining operations to avoid diseconomies of scale lie at the heart of the de-merger process

BHP Billiton is hugely profitable! BHP achieved full-year profits last year of $US13.8bn helped by a 15th straight year of record iron ore production.

More here on the planned demerger from Reuters Business News

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High Charges for Remittances Choke Developing Countries

Monday, August 18, 2014

Western Union and MoneyGram dominate the money transfer industry and the high level of fees that these companies has been heavily criticised in recent years. This is an important article given the huge scale of remittance transfers in the world economy to relatively poor countries such as India, the Philippines and many sub Saharan African nations. 

Click here for an info graphic on remittances produced by the World Bank: http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/E...

Development Economics: The Fortunes of Nations

Here is a really excellent blog on the issue of growth divergence - Simon Taylor contrasts the historical growth records of the United States versus Argentina and then South Korea against Ghana. The accompanying charts reveal starkly the widening gap in GDP per capita between each pair of countries over the very long term.

I will be following Simon Taylor's blog as the new school year comes into focus http://www.simontaylorsblog.com

Economics Teaching Meeting - 17 Nov 2014

I am arranging a one day discussion forum and seminar on economics teaching at Eton College, Windsor on Monday 17th November

The main aim of the day is to have an open discussion on teaching and learning strategies whilst sharing good ideas and resources and building networks between economics teachers from many different schools and colleges

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Asian Development Bank Website

The Asian Development Bank website is an excellent source of information and analysis for many of the developing / emerging countries that students will want to focus ones part of their A2 and IB economics studies. Click here to access their resources: http://www.adb.org

RES Young Economist of the Year 2014 - Results Announcement

The RES is delighted to announce that the 2014 Young Economist of the Year is:

Kartik Vira of Hills Road VI Form College, Cambridge, who will receive the glass trophy and a prize of £1,000.
Second place goes to Jessica Zeng, Withington Girls’ School, Manchester (£500).
Joint third place goes to: Viva Avasthi, King Edward VI Handsworth School for Girls, Birmingham;
David Bullen, Manchester Grammar School;
and Hannah Dudley, Toot Hill College, Nottingham, each of whom will receive £250.

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Update on Student Numbers Taking Economics

Sunday, August 17, 2014

Here are the Economics A Level stats updated for this summer (June 2014)

Economics passes 70k for the first time in many years!

Student numbers taking AS Econ have more than doubled over the last 8 years

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Cost Benefit Analysis: Swansea Tidal Lagoon

Plans for the Swansea Bay tidal lagoon power station are potentially a superb case study to use when teaching the multiplier effect, renewable energy, cost-benefit analysis, economies of scale and different forms of government intervention including subsidies for harnessing new energy sources.

According to an article in the Independent:

"The £850m, six-mile-long U-shaped seawall by the Swansea docks will not only generate enough electricity to power 120,000 homes for 120 years – it will also create nearly 2,000 construction jobs in the two years it takes to build; and it will leave the city with a tourist attraction drawing in up to 100,000 visitors a year."

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Monetary Policy: Key Factors Affecting Interest Rates

This is a really excellent piece from Larry Elliott at the Guardian on some of the factors that the Bank of England will take into account when deciding the moment to move policy interest rates up from their historic low of 0.5%. To think, there are students who might make it through their entire secondary school education without experiencing a change in UK monetary policy interest rates!

A2 Micro Business Economics Study Companion

My 2014 Edexcel Unit 3 Course Companion has been extensively revised and updated. New elements include updates on recent changes to UK competition policy, an extended business glossary and numerous exam tips for stronger analysis and evaluation built into the main text. There is a large number of topical case study applications throughout the 29 main chapters and 142 pages.

You can place an order for this companion - which is available for immediate dispatch - by clicking this link http://tutor2u.net/acatalog/Edexcel-A2-Economics-U...

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IB Economics: The Foundations of Economics

Saturday, August 16, 2014

When students first ask what economics is all about, I always find it tricky not to give a very long answer. It’s the same when starting to plan those induction lessons in economics: what will help them to understand the base principles of the subject but also develop an awareness of the economist’s mindset? At IB, the Foundations of Economics section of the syllabus sets out what to cover quite nicely.  I've shared a few useful resource links below.

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Business Economics - Succeeding in the US Market

This article from the BBC news site is excellent for teachers and students wanting some applied examples of businesses that have succeeded in building through organic growth a durable market presence in the USA and some examples of bigger names / corporations that have failed.What are the key ingredients? How do import tariffs affect a business such as Brompton Bikes?

Robots and the Changing Pattern of Jobs

Friday, August 15, 2014

This is an excellent background video clip to use when teaching / studying capital-labour substitution and the likely changes in the pattern of demand for labour / employment in the UK jobs market

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Externalities: Health Benefits of Low Emissions Zones

A new study finds that incentives to switch to green vehicles produce big health benefits

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Lindau Economics Summit - Applied Uses of Economics

At the August 2014 Lindau Meeting, several plenary lectures by Nobel laureates will illustrate some of the ways in which economics can be useful for dealing with real-world problems. Here are some summaries of the presentations.

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Would GDP fall if HMS Queen Elizabeth sinks?

Wednesday, August 13, 2014

I’m always on the lookout for GDP stories – what is GDP, how is it measured, and what are the problems of using GDP to measure social progress, standard of living and sustainability.

Big changes coming to the national accounts next month, which means that GDP will be calculated slightly differently.

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The Economics of the Blockbuster

Why do we get summer holiday blockbusters? They seem to matter more and more to Hollywood studios. According to one professor "the entertainment industry is moving more towards a winner-take-all-market". Yet it wasn't supposed to be like this. A best-selling 2008 book, The Long Tail, argued that the mainstream was going to be "shattered into a zillion different cultural shards," as fickle consumers "scattered to the winds" using the internet to find the books, films and songs that met their unique taste. So what might be going on?

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Price Discrimination in the the EU Vehicle Hire Market

Tuesday, August 12, 2014

An almost perfect example of price discrimination is evident in this market revealed on the BBC online news site - read this section carefully!

"Charges vary for some motorists, even if they are picking up the same vehicle from the same location and from the same hire company."

Then read through the article to find clues as to how some vehicle hire businesses have been able to segment the market and discriminate between drivers from different countries inside the EU.

The regulators are onto the issue - expect some action unless vehicle hire businesses adjust their pricing tactics!

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The predictability of the Premier League

The Premier League kicks off again this weekend. Given the abysmal showing of our boys in the World Cup, a falling off of interest might be expected. But increasingly, the competition attracts many of the best players from all over the world. A self-reinforcing process has been set up on a global scale. The more popular both the League and its individual clubs become across the world, the more money is brought in through TV rights, merchandise sales and so forth. Even better players can be employed, which increases its attractiveness even further.

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RES Essay Competition 2014 Winning Entries Announced

From the final shortlist of 18 essays drawn from a total entry of over 1600, the judging panel of Charles Bean (RES President), Professor Tim Besley (London School of Economics) and Stephanie Flanders (JP Morgan) have selected five winners and wish to congratulate them, together with all of the other students that made the short list.

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