http://www.tutor2u.net/blog/index.php/economics/ en tutor2u.net Copyright 2012 2012-02-11T19:04:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/the-story-of-adam-sugar-aka-aggregate-supply http://www.tutor2u.net/blog/index.php/economics/comments/the-story-of-adam-sugar-aka-aggregate-supply#When:16:05:29Z This is a great activity my HoD Luke McIlvenna did today with our mutual Lower Sixth Economics Class, which helped them to develop and demonstrate their understanding of aggregate supply. AS Macro, Cycles and Shocks, Aggregate Supply, 2012-02-10T16:05:29+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-chinas-trade-engine-is-spluttering http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-chinas-trade-engine-is-spluttering#When:15:57:56Z New data suggests that the rapid growth of exports from China is once again slowing down. This Reuters business news video (2 minutes) provides some useful background information on the recent downturn in export and import volumes and mentions that rising imports and a shrinking trade surplus may help the Chinese to rebalance their economy and perhaps provide a demand stimulus for exporters from struggling European countries. That said the continued weakness of many EU countries will make it difficult for Chinese exporters to maintain sales and employment. During the global recession of 2008-09 millions of workers in Chinese manufacturing industry lost their jobs prompting many to return to their rural homelands in search of work and income. * Which industries in China are likely to be most affected by a reduction in the growth of exports? AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Balance of Payments, Emerging Economies, China Economy, Cycles and Shocks, Aggregate Demand, Global Economy, International Trade, 2012-02-10T15:57:56+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/stephanie-flanders-explains-quantitative-easing-in-60-seconds http://www.tutor2u.net/blog/index.php/economics/comments/stephanie-flanders-explains-quantitative-easing-in-60-seconds#When:22:22:21Z This has to be amongst the best 60 seconds of Economics you’ll ever see on television.  The superb Stephanie Flanders takes a leaf out of the RSA playbook to explain the basic theory behind quantitative easing.  Wonderful!! A2 Macro, AS Macro, Financial Markets, Global Economy, Credit Crunch, Government Intervention, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-02-09T22:22:21+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-richard-wilkinson-on-inequality-and-economic-harm http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-richard-wilkinson-on-inequality-and-economic-harm#When:08:05:36Z I have been using this talk given at TED 2011 by Richard Wilkinson when teaching the topic of poverty and inequality and the risks that a growing chasm between low and high income groups can have for society and economic performance. Students and teachers familiar with the work of Pickett and Wilkinson and their recent book “The Spirit Level” will know well the approach that these authors take. They use published data on inequality and link to wide differences in a range of economic and social outcomes. Their work has been criticised by many on the right, not least because their argument is strong and clear - namely that we need to reduce inequality to tackle some of society’s deepest and most corrosive problems. AS and A2 Specifications, AQA Economics Unit 3, EdExcel Economics Unit 2, A2 Micro, AS Macro, Poverty and Inequality, Standard of Living, Teaching of Economics, 2012-02-05T08:05:36+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macrovideo-resources-on-human-development-data http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macrovideo-resources-on-human-development-data#When:22:10:37Z Here is a short collection of short video resources on measuring human development with specific reference to the annual human development report and to progress in improving welfare in countries such as Kenya and Brazil AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, Development Economics, Brazil Economy, Economic Growth, Poverty and Inequality, Standard of Living, Teaching of Economics, 2012-01-31T22:10:37+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-growth-and-development-some-indicators http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-growth-and-development-some-indicators#When:01:18:08Z The dictionary definition of ‘development’ is to improve, to progress, or to grow – but development is not just about growth! It is concerned with the improvement of human welfare within an economy, and so it encompasses concepts such as the standard of living, cultural identity and political freedom. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 2, A2 Macro, AS Macro, Emerging Economies, Development Economics, 2012-01-31T01:18:08+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-signs-of-progress-for-zimbabwe http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-signs-of-progress-for-zimbabwe#When:21:04:02Z Just a few years ago the Zimbabwean economy was in collapse and meltdown and the political system on the point of disintegration under the disastrous handling of the dictator Robert Mugabe. When hyperinflation ruled, a sign once appeared in the toilets of a hotel in Harare, “please do not flush Zimbabwean dollars down the toilets” Three years since the creation of a coalition government, there are some tentative but notable signs of improvement. Inflation has fallen and the use of the US dollar and other regional currencies as legal tender has helped to finance essential imports of basic products. Unemployment remains above 75% of the labour force and there is huge absolute poverty, but the glimmers of hope are there as shown by this recent news report from AlJazeerah English. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, African Economy, Standard of Living, 2012-01-29T21:04:02+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/the-impact-of-interest-rates http://www.tutor2u.net/blog/index.php/economics/comments/the-impact-of-interest-rates#When:06:31:19Z The US economy may have grown at nearly 3% in the last quarter of 2011, but the Federal Reserve announced last week that they do not expect to raise interest rates until the end of 2014. It has cut its growth forecast for 2012 from 2.5-2.9%, to 2-2.7%, and says that the economy faced “significant downside risks” and that it “expects to maintain a highly accommodative stance for monetary policy” - which I take to mean expansionary. This article about that interest rate decision is useful for economics teachers and students as it highlights a couple of results of that announcement; firstly that the dollar’s exchange rate immediately lost value as the interest rate made the US a less attractive place to keep cash, and secondly that government benefited as the cost of its borrowing in markets for 10 years fell from 2.06% to 1.94%, as traders priced in the lower medium-term interest rate expectations. A2 Macro, AS Macro, Macroeconomic Policies, Monetary Policy, OECD Economies, US Economy, Teaching of Economics, 2012-01-29T06:31:19+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-economic-disaster-of-youth-unemployment http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-economic-disaster-of-youth-unemployment#When:16:45:27Z The official figures show that there are now more than one million young people counted as unemployed in the UK although the precise scale of the jobless crisis is difficult to measure accurately. Nonetheless, it represents a fundamental economic, social and political problem and one that policy makers must address. In this video report from Al Jazeerah, Lawrence Lee visits Leeds to find a well qualified nineteen year old with good qualifications but who cannot afford to go to university and is finding it tough to win a place in the police force - his main ambition. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Market Failure, Factor Immobility, Poverty and Inequality, UK Economy, Unemployment, 2012-01-28T16:45:27+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-trade-and-growth http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-trade-and-growth#When:15:11:46Z Export demand can be an important driver of growth and development. For many years China has practiced export-led growth with exports accounting for over 40% of GDP. China ran a trade surplus with the rest of the world of around of $200 billion in 2009 – this looks huge, but is fairly modest as a share of GDP. The surplus on the balance of payment current account has diminished from over 10% of GDP in 2007 to less than 6% in each of 2010 and 2011. But China still has a structural trade / BoP surplus. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, A2 Macro, AS Macro, Emerging Economies, China Economy, Cycles and Shocks, Aggregate Demand, Economic Growth, Global Economy, 2012-01-27T15:11:46+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-inflation http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-inflation#When:21:28:28Z The super-charged growth in China has brought about a rise in inflationary pressures and is a good example of the possible conflicts between rapid economic expansion and rising costs and prices. The Chinese government’s inflation target is 4% but inflation is a growing worry for the Chinese government – after some mild deflation in 2009 there has been acceleration in the consumer price index. Agricultural prices have been a key driver of inflation with food costs up 12% in the year to March 2011. For many commentators high inflation in China is a symptom of an over-heating economy with an unsustainable credit and property boom. Another factor behind high inflation is that Wages are rising fast in China – many economists believe that China has hit a point in its development at which demand for labour starts to grow faster than supply, creating labour shortages and pushing up salaries. This is known as a Lewis Turning Point. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, A2 Macro, AS Macro, Emerging Economies, China Economy, Inflation and Deflation, 2012-01-26T21:28:28+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-carbon-emissions-and-growth http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-carbon-emissions-and-growth#When:21:18:23Z Rapid economic growth in China has led to a sharp rise in C02 emissions per head of population and also electric power consumption per capita. Per capita emissions remain well below those of rich advanced nations but China is now committed to improving the sustainability of her economic growth and also in making big advances in researching, testing, developing and investing in clean energy technologies as a source of future exports. According to the 12th Five-year Plan (covering the years 2011-2015) China aims to reduce energy consumption per unit of GDP by 16 percent in the five years to 2015. Carbon dioxide emission will drop by 17 percent if the plans are met. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, A2 Macro, AS Macro, Emerging Economies, China Economy, Environmental Economics, Global Economy, 2012-01-26T21:18:23+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-per-capita-incomes http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-per-capita-incomes#When:21:07:18Z Per capita incomes in China are rising though still low by advanced-nation levels. China ranks at 119 in terms of average incomes, according to World Bank data (per capita incomes, PPP adjusted). But China is now the biggest car market in the world and there has been a huge rise in the sales of luxury goods to China (these products have a strong income elasticity of demand).  China wants to achieve a re-balancing of her growth – towards domestic consumption and away from exports. Another key aim of the plans for the next 5 years is a surge in market-driven entrepreneurial activity. Plus a continued shift towards higher-value, high-knowledge manufactured products. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, China Economy, Cycles and Shocks, Aggregate Demand, Global Economy, International Trade, Poverty and Inequality, Standard of Living, 2012-01-26T21:07:18+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-changing-economic-structure http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-focus-on-china-changing-economic-structure#When:20:56:59Z China has experienced fast growth in the last twenty years, in the last decade; the increase in Chinese GDP has been seven times the rise in the GDP of Japan. China has a new growth target of 8% pa for the next five years – a downgrading of growth but still way in excess of normal trend growth for any of the advanced economies such as the UK, Germany and the United States. In 2000, China’s accounted for 7.1% of the world’s total GDP (in PPP terms). By 2015 China will have a 19% share of global GDP. This is higher than any of the other BRIC nations AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 2, A2 Macro, AS Macro, Emerging Economies, China Economy, Economic Growth, Global Economy, 2012-01-26T20:56:59+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-focus-on-india-supply-side-issues http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-focus-on-india-supply-side-issues#When:19:15:32Z The rapid growth of the India economy has been helped by her economy enjoying a number of supply-side advantages. That said there remain structural supply-side weaknesses that will limit her continued competitiveness and development. This blog looks at the plusses and the minuses. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Development Economics, Indian economy, Cycles and Shocks, Aggregate Supply, Economic Growth, Global Economy, Health Economics, Macroeconomic Policies, Supply-side policies, Teaching of Economics, 2012-01-25T19:15:32+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-can-china-stay-competitive http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-can-china-stay-competitive#When:18:07:29Z This new five minute video report from the Financial Times is excellent on the competitive pressures facing many manufacturing businesses located in southern China. Wages are rising quickly and some manufacturing businesses have already moved either to lower-cost locations within the Chinese economy or to other countries such as Bangladesh and Indonesia. But there are alternative approaches and this video emphasises the decision that some manufacturers have made to stay put but instead to move up the value chain and produce higher-end, higher-priced products for advanced western markets. Businesses are reluctant to move factories and sacrifice the human capital that has been accumulated over in some cases over thirty years. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, China Economy, Business Economics, Management Issues, Economic Growth, Global Economy, Manufacturing Industry, Market Equilibrium and Price, Nature of Supply, 2012-01-25T18:07:29+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/res-annual-essay-competition-for-students-2012 http://www.tutor2u.net/blog/index.php/economics/comments/res-annual-essay-competition-for-students-2012#When:08:54:00Z The 2012 Royal Economic Society Essay Competition for students has been launched. Details below… RES Essay Competition 2012, A2 Macro, A2 Micro, AS Macro, AS Micro, Teaching of Economics, 2012-01-25T08:54:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-focus-on-india-economic-growth http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-focus-on-india-economic-growth#When:17:07:24Z This is the first of a short series of blogs focusing on economic growth and development in the Indian economy, Our first blog provides some background data and study videos on India. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Development Economics, Indian economy, Economic Growth, Global Economy, Standard of Living, 2012-01-24T17:07:24+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-population-shift-in-china http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-population-shift-in-china#When:16:27:44Z What happened in the UK in 1851, the United States in 1920 and in the World in 2008? These three years mark the estimated year when the size of a given urban population overtook the size of the rural population. And now China has reached this significant landmark. The Chinese Bureau for National Statistics reported recently that in 2011, the proportion of urban population reached 51.27 percent (1.3% higher than in 2010) with the urban population standing at 690.79 million persons, an increase of 21 million persons in a year. China’s rural population stood at 656.56 million persons and for the first time her urban population was 34.23 million persons more than the rural population. Click below for some study / teaching resources: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, Development Economics, China Economy, Cycles and Shocks, Aggregate Supply, Demography, Economic Growth, Global Economy, Poverty and Inequality, Standard of Living, 2012-01-23T16:27:44+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-exporting-to-the-booming-chinese-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-exporting-to-the-booming-chinese-economy#When:14:47:32Z Before you read this blog please have a look at another blog written by our good friend Mark Johnston from New Zealand. Students of China and the US economy will find it fascinating! There are good grounds for no longer calling China an emerging economy - it has arrived! The multiple significance of the rapidly-growing Chinese economy is plain for all to see but for Britain, only a small percentage of our exports of goods and services go there and this must change if Britain is to fully engage with and benefit from the rising might of the Chinese consumer. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Balance of Payments, Emerging Economies, China Economy, Business Economics, Cycles and Shocks, Aggregate Demand, Economic Growth, Global Economy, International Trade, Macroeconomic Policies, Trade Policies, Manufacturing Industry, UK Economy, 2012-01-23T14:47:32+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-russia-joins-the-wto http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-russia-joins-the-wto#When:09:50:52Z I am using Russia’s entry to the World Trade Organisation in my teaching on international trade and development this term. It appear to be a significant moment for the global economy. Russia is the last member of the Group of 20 major economies to join, after China gained membership in 2001. Progress towards membership has been delayed by numerous geo-political issues not least the disputes with neighbouring Georgia. Joining the WTO involves making a commitment to the rules of the international trade system - for Russia as with other new members, this will mean reduced import tariffs, the staged elimination of industrial domestic and export subsidies, and better greater access to foreign companies. Russia will also have to improve adherence to international accounting standards. * Russia’s average bound tariff will be 7.3 percent for manufactured products (compared with 9.5 percent currently) * Farm tariffs will be 10.8 percent (compared with 13.2 percent currently) * Russia commits to zero export subsidies on agricultural products - to end by 2017 * Russia will privatise 100 pct of United Grain Company by 2012 * Russia will introduce duty-free and quota-free provisions for the least developed countries * Russia will eliminate preferential tariffs for carmakers making large investments in Russian-based production by July 1, 2018 * Russia plans to introduce International Accounting Standards How would you use a supply and demand diagram to show the impact of a fall in an import tariff? Russian exports as a share of her GDP has actually been on a declining trend in recent years. Will movements towards trade and foreign investment liberalisation reverse this through trade creation and FDI effects? How can a stronger commitment to becoming an open economy supprot higher living standards over time? What are the risks for Russia of WTO accession? AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Development Economics, Russia Economy, Cycles and Shocks, Economic Growth, European Economy, Global Economy, International Trade, Macroeconomic Policies, Trade Policies, Oil and Gas, OECD Economies, Standard of Living, Teaching of Economics, 2012-01-22T09:50:52+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-living-below-the-breadline http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-living-below-the-breadline#When:00:12:49Z This article on the appalling depth of workless households in Liverpool is a reminder of the multiple aspects of relative poverty and economic/social exclusion. The causes of unemployment are complex - many are structural - but it is hard to draw much if any optimism from reading this article. By some estimates over one third of households in Liverpool have no one in work and second and third generation unemployment is not uncommon. This is a must article for students to read if they want a better awareness of the human cost of non-employment. Read: Below the breadline on Liverpool’s workless estates AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Labour Market, Macroeconomic Policies, Supply-side policies, Market Failure, Factor Immobility, Poverty and Inequality, Teaching of Economics, UK Economy, Regional Economics, Unemployment, 2012-01-20T00:12:49+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/inflation-whats-up-whats-down-and-whats-going-to-happen-next http://www.tutor2u.net/blog/index.php/economics/comments/inflation-whats-up-whats-down-and-whats-going-to-happen-next#When:21:04:00Z Just as the Monetary Policy Committee have been saying for a while, inflation is starting to fall back towards their target. The fall to 4.2% in December is rather sharper than expected, and is the biggest monthly fall since April 2009. With further falls almost certain in the next few months as the VAT rise and energy price hikes roll out of the 12-month figures, analysts have commented today that this will leave the opportunity for the MPC to inject further rounds of QE into the economy with less fear of triggering too much demand-pull inflation. A2 Macro, AS Macro, Inflation and Deflation, Macroeconomic Policies, UK Economy, 2012-01-17T21:04:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-videos-on-productivity http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-videos-on-productivity#When:08:46:56Z Here is a selection of short video clips that might be useful when teaching the economics of productivity as part of the AS macro course. I often start with the “Fast Hands” video clip (one minute only) because it raises all kinds of issues about division of labour and the quality of life of people who do these tasks. And the short 25 second clip on the world’s fastest hand is guaranteed to make a mark! If you have some other videos on productivity to share please leave a link in our comment slot at the bottom of the blog. The Guardian business web site has this excellent photo stream on life inside the Nissan car factory. Follow them on Twitter AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Business Economics, Economic Growth, Macroeconomic Policies, Supply-side policies, UK Economy, 2012-01-17T08:46:56+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/economics-revision-workshops-in-2011-12 http://www.tutor2u.net/blog/index.php/economics/comments/economics-revision-workshops-in-2011-12#When:07:35:24Z The dates for our popular Unit 2 & Unit 4 Economics revision workshops in Spring 2012 are now confirmed: Provisional bookings for these revision workshops can now be made using the following form: The dates and locations are shown below: A2 Macro, A2 Micro, AS Macro, AS Micro, Teaching of Economics, 2012-01-16T07:35:24+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-look-upwards-to-find-the-next-downturn http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-look-upwards-to-find-the-next-downturn#When:03:34:05Z Correlation does not necessarily imply causation but analysts at Barclays Capital are worried that a surge in skyscraper construction in China and India might be a forward indicator of another burst of financial and economic distress. This report in the Independent covers their findings: “Clusters of building activity usually coincide with periods of easy credit, excessive optimism and rising land prices, which often occur before market corrections.” * India is scheduled to complete 14 new skyscrapers taller than 240 meters (787 feet) over the next five years from the current two * China will increase the number of skyscrapers to 141, from the current 75, by 2017 * London’s Shard is expected to be completed in 2012 – at 1,017ft, it will be the tallest building in Western Europe News video from the BBC: Skyscrapers ‘linked with impending financial crashes’ Guardian news video: Huaxi: the village that towers above China   AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, Business Economics, Economies of Scale, Cycles and Shocks, Aggregate Demand, Capital Investment, Economic Growth, Global Economy, Teaching of Economics, 2012-01-16T03:34:05+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-piracy-and-econ-development-in-somalia http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-piracy-and-econ-development-in-somalia#When:10:23:28Z A new year hat tip to Richard Coulthard from Handsworth Grammar School in Birmingham for spotting this BBC news article on the economic impact of piracy in Somalia. Richard comments that this is just what economic theory would predict after large increases in the money supply but from a quirky angle. Read: Somali piracy ‘boosts Puntland economy’ To access the Chatham House report from this which this news report is drawn, please click here AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, African Economy, Development Economics, Teaching of Economics, 2012-01-15T10:23:28+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/beyond-the-bike-the-importance-of-remittances http://www.tutor2u.net/blog/index.php/economics/comments/beyond-the-bike-the-importance-of-remittances#When:09:58:22Z Joseph is 29 years old and makes a living selling vehicle parts in the dusty trucker town of Igawu in Southern Tanzania. When he approached me during my breakfast and flashed 2 fresh $100 bills, I was naturally interested to know where they came from. I offered him a ride north to find out… Beyond the Bike - the Economic Cycle, AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Balance of Payments, Emerging Economies, African Economy, Development Economics, Global Economy, Standard of Living, Teaching of Economics, 2012-01-15T09:58:22+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/newsnight-on-rebalancing-the-uk-economy http://www.tutor2u.net/blog/index.php/economics/comments/newsnight-on-rebalancing-the-uk-economy#When:05:11:19Z Last night’s edition of Newsnight should be required viewing for all AS and A level economists - and it is a huge shame that it is only available on i-player for another 7 days. Introduced on the shock news that even Tesco is vulnerable to the downturn, it included reports from Andrew Verity looking at whether the British economy will ever wean itself off shopping and the City, and an excellent (and all-female!) discussion including Deborah Meaden and the FT’s Gillian Tett. Try challenging your students to watch and listen to this while noting down every aspect of the syllabus which is mentioned or referred to - that will keep them busy! There was also a debate between Employment Minister Chris Grayling and disability campaigner Sue Marsh about the government’s welfare reforms, defeated in the House of Lords the night before, and finally Tokyo correspondent Roland Buerk looking at Japanese economic stagnation of the late 1980s and 90s, to consider whether it was a “lost decade” and what could be learnt from it. A2 Macro, AS Macro, Business Economics, Cycles and Shocks, Aggregate Demand, Economic History, Economic Growth, Global Economy, Government Intervention, Macroeconomic Policies, Manufacturing Industry, OECD Economies, Japan Economy, Poverty and Inequality, Standard of Living, Teaching of Economics, UK Economy, Unemployment, 2012-01-13T05:11:19+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-competitive-advantage-in-trade-some-videos http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-competitive-advantage-in-trade-some-videos#When:11:43:21Z Here is a selection of short video clips that I use when teaching competitive advantage in markets and when introducing the factors that determine the competitiveness of UK producers in global markets. The focus here is on the UK economy but I will add some more videos to the blog as I work my way through this teaching topic. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Balance of Payments, Emerging Economies, Business Economics, Cycles and Shocks, Aggregate Demand, Economic Growth, Economics of Technology, Global Economy, International Trade, Macroeconomic Policies, Supply-side policies, Teaching of Economics, UK Economy, Regional Economics, 2012-01-12T11:43:21+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/revision-evaluation-skills http://www.tutor2u.net/blog/index.php/economics/comments/revision-evaluation-skills#When:15:06:12Z Here is a short revision presentation on evaluation skills for AS and A2 economics questions which we produced a couple of years ago which might still be useful for the forthcoming exams. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, AQA Economics Unit 3, AQA Economics Unit 4, Economics Presentations, EdExcel Economics Unit 1, EdExcel Economics Unit 2, EdExcel Economics Unit 3, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F581, OCR AS Economics Unit F582, A2 Macro, A2 Micro, AS Macro, AS Micro, Teaching of Economics, 2012-01-10T15:06:12+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/exam-advice-10-ideas-for-a-better-economics-paper http://www.tutor2u.net/blog/index.php/economics/comments/exam-advice-10-ideas-for-a-better-economics-paper#When:14:38:22Z Here are some thoughts on ways to improve your scores on your summer economics exam papers. They are in no particular order but I hope some of them might be useful Ten Thoughts on Improving Your Economics Papers Streamed presentation PDF handout version AS and A2 Specifications, Economics Q&A, Economics Exam Advice, A2 Macro, A2 Micro, AS Macro, AS Micro, Teaching of Economics, 2012-01-10T14:38:22+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-does-manufacturing-matter http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-does-manufacturing-matter#When:14:16:52Z Vicky Pryce FRSA has a new article on the economic significance of manufacturing industry for UK economic renewal. It is available here from the January 2012 edition of the RSA Journal. In a related article Sir Christopher Frayling FRSA discusses the rise of the Maker Movement. Back in November 2011 Channel 4 news ran a special on the future for UK manufacturing here is a link to a related video AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Business Economics, Management Issues, Manufacturing Industry, Teaching of Economics, UK Economy, Regional Economics, Unemployment, 2012-01-10T14:16:52+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-factors-driving-business-investment http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-factors-driving-business-investment#When:13:42:35Z Profit-seeking businesses will go ahead with an investment if they believe that it will - over its projected lifetime - yield a real rate of return greater than if the money had been invested in the next best alternative way. Opportunity cost is a useful idea to use here. Private sector businesses usually focus on these objectives when investing in new capital inputs: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Business Economics, Cycles and Shocks, Aggregate Demand, Capital Investment, Macroeconomic Policies, Keynesian Economics, UK Economy, 2012-01-10T13:42:35+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/hopes-and-fears-2012 http://www.tutor2u.net/blog/index.php/economics/comments/hopes-and-fears-2012#When:07:32:19Z With consumption being such a large component (approximately 2/3rds) of aggregate demand, it is important to understand the role that consumer confidence plays when decisions are made upon major spending commitments. A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Consumer Spending, 2012-01-10T07:32:19+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-quantitative-easing-in-the-uk http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-quantitative-easing-in-the-uk#When:20:06:05Z On 11th March 2009 the Bank of England started a policy of quantitative easing. QE is also called an ‘asset purchase scheme’. It was extended to a total of £275 billion in October 2011 and is likely to be expanded further during 2012. Other central banks have introduced quantitative easing in recent year through huge purchases of government bonds. Indeed the economist Gavyn Davies, writing recently in the Financial Times has calculated that “around one half of the bonds issued to fund the budget deficits of the US, UK and eurozone since 2008 have been acquired by the Fed, BoE and ECB.” This is a remarkable change in the conduct of monetary policy in advanced nations. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Macroeconomic Policies, Monetary Policy, UK Economy, Recession Watch, 2012-01-08T20:06:05+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-jobs-boost-for-the-us-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-jobs-boost-for-the-us-economy#When:09:34:27Z Could 2012 provide stronger news for the US economy and offer President Obama a decisive electoral dividend in the run up to the November Presidential Election? The recent jobs data in the USA looks more promising for hopes of a significant pick-up in growth and employment all of which will help attempts to control the fiscal deficit. This news report from AlJazeera looks at the latest US unemployment figures. Falling unemployment provides a platform for rising aggregate demand and stronger short term economic growth. And stronger economic activity in the world’s biggest economy is good news for the UK too! AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, OECD Economies, US Economy, Unemployment, 2012-01-08T09:34:27+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-natural-disasters-and-their-economic-impact http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-natural-disasters-and-their-economic-impact#When:23:57:42Z From tsunamis to tornadoes, from droughts to floods, 2011 was a particularly nasty year for natural disasters in many parts of the world. These natural disasters inevitably have demand and supply side effects affecting not just those countries affected but ripple impact across regions and in the broader global economy. The Al Jazeera news video report below provides a clear overview of some of the major natural climatic shocks of 2011 and could easily be used as an introductory resource to discuss what are some of the micro and macroeconomic effects in both the short and medium term. These include: * Effects on the stock of physical capital / infrastructure * Impact on a country’s human capital * Effects on commodity prices, export revenues * Effects on agricultural output, profits, investment, productivity * Ripple effects on manufacturing industries and energy supply/cost * Impact on state tax revenues and the costs of re-building and providing emergency financial support * Effect on the movement of population following extreme climatic events * Natural disasters and changes in the distribution of income / risk of poverty This Economist graphic (published in Jan 2012) looks at the human cost of natural disasters and claims that “the world has succeeded in making natural disasters less deadly.” AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Agriculture, Emerging Economies, Cycles and Shocks, Aggregate Supply, Economic Growth, Environmental Economics, Global Economy, Government Intervention, Market Equilibrium and Price, Price Volatility, Teaching of Economics, 2012-01-07T23:57:42+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-quiz-on-monetary-policy http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-quiz-on-monetary-policy#When:01:22:40Z Here is a ten question revision multiple choice revision quiz on monetary policy designed for students taking AS macroeconomics (unit 2). The quiz has been created using the free software Zondle. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Macroeconomic Policies, Monetary Policy, Teaching of Economics, Digital Learning, 2012-01-07T01:22:40+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-quiz-on-economics-of-unemployment http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-quiz-on-economics-of-unemployment#When:00:37:16Z Here are some revision multiple choice and type the correct answer questions on aspects of unemployment - designed for students taking AS Macroeconomics. Provide correct answers and see who gets the top score on the crystal cannon! The quiz has been created using Zondle. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Teaching of Economics, Digital Learning, UK Economy, Unemployment, 2012-01-06T00:37:16+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-key-term-revision-quiz-on-the-economic-cycle http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-key-term-revision-quiz-on-the-economic-cycle#When:21:16:36Z Here is a fourteen question revision quiz on key terms linked to the economic cycle - in this quiz type in the correct answer and earn the right to play a Zondle game! Good luck! AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, Teaching of Economics, Digital Learning, 2012-01-04T21:16:36+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/as-amd-a2-economics-10-ways-to-improve-evaluation http://www.tutor2u.net/blog/index.php/economics/comments/as-amd-a2-economics-10-ways-to-improve-evaluation#When:06:01:12Z AQA, EdExcel, OCR Economics Evaluation, revision, As students build their revision efforts ahead of the impending A Level Economics units, here is an updated version of my revision document on evaluation skills for AS and A2 economists… AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, AQA Economics Unit 3, AQA Economics Unit 4, EdExcel Economics Unit 1, EdExcel Economics Unit 2, EdExcel Economics Unit 3, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F581, OCR AS Economics Unit F582, A2 Macro, A2 Micro, AS Macro, AS Micro, Teaching of Economics, 2012-01-04T06:01:12+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-video-resources-on-unemployment http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-video-resources-on-unemployment#When:18:17:02Z This blog entry brings together a selection of recent news reports and videos covering the economics of unemployment in the UK and inother countries. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Micro, AS Macro, Labour Market, UK Economy, Unemployment, 2012-01-03T18:17:02+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-exchange-rate-economics-where-next-for-the-us-dollar http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-exchange-rate-economics-where-next-for-the-us-dollar#When:14:09:21Z Is the US dollar going to be knocked off its perch as the only true global currency? Professor Barry Eichengreen, the author of Exhorbitant Privelege argues that there are strong reasons to believe that the US dollars’ position in the world financial system will decline in the years ahead. The US dollar has been for many years the world’s most powerful currencies but this power seems to be waning as other currencies rise in significance and the US economy struggles to recover from their financial and economic crisis and the fiscal challenge. Eichengreen argues that there will be three truly global currencies going forward - the dollar, the Euro and the remnimbi. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Exchange Rates, Financial Markets, Global Economy, Macroeconomic Policies, OECD Economies, US Economy, Teaching of Economics, 2011-12-31T14:09:21+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/surveys-statements-and-predictions-for-2012 http://www.tutor2u.net/blog/index.php/economics/comments/surveys-statements-and-predictions-for-2012#When:16:22:45Z As one of many turn-of-the-year round-ups, the BBC has polled 34 ‘leading economists’ in the UK and EU to find out what they expect for the EU in 2012. Unfortunately this report of the results doesn’t give details, but says that25 of the 27 respondents expect recession to return to Europe next year, with many finding it fairly likely that the eurozone will break up, and 20% expecting that at least one member will leave during next year. A2 Macro, AS Macro, Economic Growth, European Economy, International Trade, Macroeconomic Policies, UK Economy, Recession Watch, 2011-12-30T16:22:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-development-issues-the-baby-boom-in-zambia http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-development-issues-the-baby-boom-in-zambia#When:16:33:41Z In this special report from BBC reporter Fergus Walsh, the rapid population growth in the African country of Zambia is examined. Population growth in the country is so quick that it could perpetuate deep poverty in the country despite relatively fast growth in recent years. In Zambia, the UN predicts that the population could triple by 2050, reaching 100 million by the end of the century. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, African Economy, Demography, Economic Growth, Poverty and Inequality, Standard of Living, Teaching of Economics, 2011-12-29T16:33:41+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/2012-carnage-on-the-high-street http://www.tutor2u.net/blog/index.php/economics/comments/2012-carnage-on-the-high-street#When:16:26:24Z There are many retail industry experts forecasting that the early months of 2012 might be tough for some struggling retailers. We will keep this blog post updated on a regular basis as news of some high profile retail failures comes through. And we will link to media coverage of some of the attempts to restructure retailers under the threat of closure. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Business Economics, Management Issues, UK Economy, Regional Economics, Recession Watch, 2011-12-28T16:26:24+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/resources-on-keynes-and-hayek http://www.tutor2u.net/blog/index.php/economics/comments/resources-on-keynes-and-hayek#When:03:42:45Z In this blog we are putting together a suite of web-based resources on the clash between supporters of Keynes and Hayek, a debate that have gathered momentum in recent times largely in the wake of the global financial crisis. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, Economic Growth, Macroeconomic Policies, Keynesian Economics, Teaching of Economics, 2011-12-28T03:42:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/2011-in-review-the-us-economy http://www.tutor2u.net/blog/index.php/economics/comments/2011-in-review-the-us-economy#When:15:29:45Z 2011 for the US economy was a year of slow growth and fears of a double-dip recession, but there were some more positive signs as 2011 came to a close. Can the world’s biggest economy sustain a more durable upturn in activity during 2012? Keep in mind that this coming year will be dominated by the lead-in to the November Presidential election. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, OECD Economies, US Economy, 2011-12-27T15:29:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/review-of-the-year-in-economics-guardian http://www.tutor2u.net/blog/index.php/economics/comments/review-of-the-year-in-economics-guardian#When:15:43:41Z Larry Elliott from the Guardian provides this excellent overview of key developments in the UK and world economy in 2011. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Global Economy, UK Economy, 2011-12-26T15:43:41+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-uk-housing-market-in-2011 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-uk-housing-market-in-2011#When:14:44:39Z This blog provides a chart-based overview of developments in the UK housing market in 2011. The housing industry has a big effect on macroeconomic variables such as output, employment and investment. Has there been a marked recovery in property prices, new housing starts and mortgage lending? AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Housing Economics, Market Equilibrium and Price, Price Mechanism in Action, Teaching of Economics, UK Economy, Regional Economics, London Economy, Recession Watch, 2011-12-26T14:44:39+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-brazil-overtakes-uk-in-economic-size http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-brazil-overtakes-uk-in-economic-size#When:09:36:59Z The Guardian has reported new research from the CEBR that Brazil is set to overtake the UK to become the sixth biggest economy in the world. The U.S., China, Japan, Germany and France occupy the top five places. Typically the Sun newspaper gets their economics muddled with this piece of sloppy writing “BRITAIN will fall to seventh in the league table of the world’s richest countries next year when it is leap-frogged by buoyant Brazil.” Brazil richer than the UK? The Sun is confusing the size of GDP with the level of real GDP per capita (adjusted to a purchasing power standard). And as our Timetric chart shows below there remains an enormous gap in average living standards between the UK and Brazil. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, Brazil Economy, Global Economy, Standard of Living, Teaching of Economics, UK Economy, 2011-12-26T09:36:59+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-human-capital-and-economic-growth http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-human-capital-and-economic-growth#When:16:06:44Z In A2 macroeconomics the underlying causes of economic growth and development and constraints on both of these are covered in more depth. One of the concepts students might be familiar with is that of human capital. I have always summarised the idea of human capital as being a measure of the overall quality of the human input available to produce goods and services in an economy. The ONS have published a new study on the value of human capital in the UK and they draw on a definition given by the OECD AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Micro, AS Macro, Emerging Economies, Development Economics, Economic Growth, Labour Market, International Trade, Macroeconomic Policies, Supply-side policies, Teaching of Economics, Tuesday Talks, UK Economy, Unemployment, 2011-12-23T16:06:44+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/the-eurozone-crisis-explained-again http://www.tutor2u.net/blog/index.php/economics/comments/the-eurozone-crisis-explained-again#When:14:28:45Z A superb, relatively simple, explanation of the Eurozone debt crisis with good data on historical compliance to the ‘Stability and Growth Pact’. Plenty data for students to get their teeth into. How significant is the level of government debt? AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR AS Economics Unit F582, A2 Macro, AS Macro, Economic History, European Economy, The Euro, Macroeconomic Policies, 2011-12-22T14:28:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/economics-christmas-panto-cinderella-2011 http://www.tutor2u.net/blog/index.php/economics/comments/economics-christmas-panto-cinderella-2011#When:11:47:18Z I have set my AS and A2 Economics classes a Christmas task, to write a panto script! The Story so far is in the attached word document - it tells the story of Cinderella (aka the UK economy) and the hard times she is facing, with a Wicked Stepmother and two Ugly Sisters to struggle against. But Cinders has some friends, and just as she is in despair, her Fairy Godmother, Buttons and Prince Charming (Supply-side and Demand-side fiscal policy and Quantitative Easing), turn up to rescue her. The task for the students is to write the script for the rest of the story, as each of her friends describe how they can help, and as she decides which of them can help her to live happily ever after. My A2 classes spent the last two lessons of term writing and acting out their scripts, with some truly memorable results! My AS classes have been set this as a Christmas task, and I look forward to some great performances to come in January - and I don’t see why this couldn’t be used as an early January lesson. If I was setting the task now, I would probably insist that they should include at least 3 direct references to the data in Geoff’s great Prospects for the UK Economy in 2012 powerpoint Cinderella_-_chrismas_lessons_panto_2011-1.doc A2 Macro, AS Macro, Teaching of Economics, Lesson Worksheets, UK Economy, Recession Watch, Quirky Trivia, 2011-12-22T11:47:18+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-prospects-for-the-african-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-prospects-for-the-african-economy#When:20:47:49Z In recent times there have been several new reports focusing on growth and development prospects for the African continent. Contained within them is plenty of useful background analysis and comment for students and teachers who spend time looking at developments and issues affecting Africa as part of their economics studies. Follow the links below for more details: AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, African Economy, Development Economics, Commodities Markets, Economic Growth, Global Economy, Teaching of Economics, 2011-12-21T20:47:49+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/economic-corruption-global-rankings-for-2011 http://www.tutor2u.net/blog/index.php/economics/comments/economic-corruption-global-rankings-for-2011#When:16:28:33Z The scale and depth of corruption - defined by Transparency International as the abuse of entrusted power for private gain varies greatly across the world. No country can ever score a perfect score for eliminating corruption from their economy but the annual rankings of perceived corruption provide a useful way of identifying the best and the worst performers (most of whom are plagued by extreme poverty, war and failed government). Systemic corruption damages human lives and can undermine almost everything that international organisations seek to do to promote development and poverty reduction. Several countries have made sizeable progress in tackling and reducing endemic corruption and are thus better placed to attract sustainable inward investment as part of their development strategies. Here is a link to a video on the Economic Corruption rankings for 2011 produced by Transparency International AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Development Economics, Teaching of Economics, 2011-12-19T16:28:33+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/changing-consumer-behaviour-falling-incomes http://www.tutor2u.net/blog/index.php/economics/comments/changing-consumer-behaviour-falling-incomes#When:13:15:29Z What links rising VAT and energy prices, higher unemployment, loss of bonuses, a reduction in overtime and more part-time working? AS and A2 Specifications, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Consumer Spending, Standard of Living, UK Economy, Recession Watch, 2011-12-19T13:15:29+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/prospects-for-the-uk-economy-in-2012-powerpoint-download http://www.tutor2u.net/blog/index.php/economics/comments/prospects-for-the-uk-economy-in-2012-powerpoint-download#When:08:52:40Z Geoff has kindly made available for download his presentation made to students at Dulwich College recently in which he analyses the prospects for the UK Economy in 2012. A Slideshare-streamed version is also provided below. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Cycles and Shocks, Global Economy, Inflation and Deflation, Macroeconomic Policies, Teaching of Economics, UK Economy, 2011-12-19T08:52:40+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-mobile-phones-and-african-economic-growth http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-mobile-phones-and-african-economic-growth#When:18:29:12Z The increasing access to and usage of mobile phones is said by many development economists to be having a significant impact on growth and development in many African countries. A 2005 London Business School study reported recently in the Guardian found that for every additional 10 mobile phones per 100 people in a developing country, GDP rises by 0.5%. The chart below tracks mobile phone ownership per 100 of the population for Sub Saharan Africa and also South Africa and Kenya AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Emerging Economies, African Economy, Economic Growth, Economics of Technology, 2011-12-18T18:29:12+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/millennium-development-goals-uneven-progress http://www.tutor2u.net/blog/index.php/economics/comments/millennium-development-goals-uneven-progress#When:10:03:24Z This blog brings together some recent videos on progress made towards meeting some of the Millennium Development Goals (MDGs). The Millennium Development Goals include ambitious targets to o Eradicate extreme poverty and hunger o Achieve universal primary education o Promote gender equality and empower women o Reduce child mortality and improve maternal health o Combat HIV/AIDS, malaria and other diseases o Ensure environmental sustainability and develop a global partnership for development AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Agriculture, Emerging Economies, Development Economics, Demography, Economic Growth, Environmental Economics, Global Economy, Standard of Living, Teaching of Economics, 2011-12-18T10:03:24+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/great-economics-blog-to-follow-danny-quah http://www.tutor2u.net/blog/index.php/economics/comments/great-economics-blog-to-follow-danny-quah#When:09:03:57Z Professor Danny Quah from the London School of Economics has a superb blog and I recommend it heartily to economics teachers and students. It is particularly excellent for understanding developments in the global economy, not least Danny’s work in plotting the changing centre of gravity in the world economy over the long term. Here is the link to use. The LSE Public Events team has just released their programme for the New Year, there are plenty of really interesting talks coming up and you can access the Spring 2012 Events Programme by clicking on this link   AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Economic Growth, Global Economy, OECD Economies, Teaching of Economics, UK Economy, 2011-12-15T09:03:57+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/rising-prices-and-falling-real-incomes2 http://www.tutor2u.net/blog/index.php/economics/comments/rising-prices-and-falling-real-incomes2#When:17:54:03Z The CPI headline inflation rate has fallen to 4.8%. This BBC chart shows recent changes in the rate of increase of the general price levels using CPI and RPI indicators. AS and A2 Specifications, AQA Economics Unit 2, OCR AS Economics Unit F582, A2 Macro, AS Macro, Inflation and Deflation, Standard of Living, UK Economy, Regional Economics, 2011-12-13T17:54:03+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/graphs-of-2011 http://www.tutor2u.net/blog/index.php/economics/comments/graphs-of-2011#When:06:46:27Z Forget the race for Christmas No. 1 – what’s going to be the ‘Graph of the Year 2011’...? Newsnight has asked some of the world’s top economists for their most significant graphs of the year which the BBC website has published here. They make for an interesting summary of the problems faced by the global economy in recent times. Before distributing to some of my macroeconomists I shall be ‘photshopping’ and editing these charts to see how many of the titles / data / analysis my students can complete based on their own knowledge to date. Economics in News Quiz, A2 Macro, AS Macro, 2011-12-13T06:46:27+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-india-the-road-ahead http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-india-the-road-ahead#When:13:13:11Z Here is a short 12 minute video on prospects for the India economy produced by economists at the International Monetary Fund. It covers some of the key current issues including high inflation in a supply-constrained economy, partial progress in reducing poverty and the impact that poor infrastructure has as a constraint on further growth and development. Click on the video link below AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Emerging Economies, Indian economy, Cycles and Shocks, Aggregate Supply, Demography, Economic Growth, Global Economy, IMF, Teaching of Economics, 2011-12-07T13:13:11+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-does-uk-manufacturing-have-a-future http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-does-uk-manufacturing-have-a-future#When:11:11:47Z Here are links to two superb short reports on prospects for UK manufacturing as the British economy struggles to escape from recession and sluggish growth forecasts in 2011 and 2012. Both are from Channel 4 News that produced a special on the health of the manufacturing sector - excellent for evaluation and for some applied examples to build into essays. The links appear below AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Business Economics, Management Issues, Macroeconomic Policies, Supply-side policies, Manufacturing Industry, Teaching of Economics, UK Economy, Regional Economics, Unemployment, 2011-11-30T11:11:47+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-will-a-youth-jobs-subsidy-work http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-will-a-youth-jobs-subsidy-work#When:11:03:38Z The Coalition Government recently heralded a new scheme designed to address the structural problem of high youth unemployment in the UK economy. Under their “youth contract” plan, employers will be given “wage incentives” worth £2,275 to take on some 160,000 18-to-24-year-olds. But will it have much impact on the problem? The independent Office for Budgetary Responsibility says that the net effect on overall unemployment will be close to zero, because the subsidy incentive will lead to a switch in employment away from older workers. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, A2 Macro, AS Macro, Business Economics, Cycles and Shocks, Aggregate Supply, Government Intervention, Subsidies, Labour Market, Macroeconomic Policies, Supply-side policies, Teaching of Economics, UK Economy, Unemployment, 2011-11-30T11:03:38+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/analysis-of-the-autumn-statement http://www.tutor2u.net/blog/index.php/economics/comments/analysis-of-the-autumn-statement#When:21:14:45Z AS level students who have studied AD, AS and macroeconomic equilibrium should be in a position to carry out an economic analysis of today’s Autumn Statement. Here is a suggested assignment, which borrows from the focus on ‘connectives’ in the Business Workshops this week to help to build a strong chain of argument. AS Macro, Macroeconomic Policies, Fiscal Policy, Teaching of Economics, UK Economy, 2011-11-29T21:14:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/ten-things-about-tax http://www.tutor2u.net/blog/index.php/economics/comments/ten-things-about-tax#When:07:39:18Z Over a month ago I highlighted a resource from the guardian visualising where government spending had been allocated in the last financial year and these figures can be updated for the planned 2011-2012 spending through the HM Treasury website A2 Macro, AS Macro, Macroeconomic Policies, Fiscal Policy, 2011-11-23T07:39:18+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/where-is-the-uk-economy-national-output http://www.tutor2u.net/blog/index.php/economics/comments/where-is-the-uk-economy-national-output#When:05:18:41Z The first of an occasional series - putting economic data into context. First we focus on the level of real national output in the UK in the aftermath of the recession and with recovery appearently grinding to a halt. UK GDP remains well below the peak of national output at the end of the last cycle in the early months of 2008. During the recession, national output fell by a cumulative 7 per cent. Since then there has been a slow and uncertain recovery and the Bank of England has recently slashed their growth forecasts for the remainder of 2011 and for 2012. Growth of less than 1 per cent will cause unemployment to rise and will damage business and consumer confidence (animal spirits) and further undermine planned capital investment spending. There is a real danger than UK trend economic growth (the estimated annual growth of potential GDP) will continue to edge lower affecting living standards and any chance of the government meeting its medium term deficit reduction targets. Bank of England: Bank of England finds risk of crisis biggest since 2008 AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Macroeconomic Policies, UK Economy, Recession Watch, 2011-11-23T05:18:41+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/jim-oneill-the-growth-map-economic-opportunity-in-the-brics-and-beyond http://www.tutor2u.net/blog/index.php/economics/comments/jim-oneill-the-growth-map-economic-opportunity-in-the-brics-and-beyond#When:20:15:33Z Jim O’Neill the Chairman of Goldman Sachs Asset Management has a new book published early next week and it looks like being a tremendous resource for teachers and students wanting to deepen their understanding of crucial changes in the global economy. The Telegraph has been publishing extracts from the book - to have a view please click on the links below: AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, Brazil Economy, China Economy, Indian economy, Russia Economy, Cycles and Shocks, Economic Growth, Global Economy, International Trade, OECD Economies, Teaching of Economics, UK Economy, 2011-11-22T20:15:33+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-prezi-on-unemployment-policies http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-prezi-on-unemployment-policies#When:18:13:24Z After a hesitant start and some time spent getting to know the user interface, I am starting to use Prezi more widely as an alternative to other presentation software. I would be really keen to share ideas and collaborate on presentations with other colleagues so if you are interested in joining up please let me know. Here is an initial presentation I used this afternoon on unemployment policies - focusing on ten strategies to reduce unemployment. The aim is to stimulate discussion among students who can take apart the proposals and substitute their own. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Macroeconomic Policies, Keynesian Economics, Market Failure, Factor Immobility, Teaching of Economics, Digital Learning, UK Economy, Unemployment, 2011-11-16T18:13:24+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-should-the-eu-introduce-a-tobin-tax http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-should-the-eu-introduce-a-tobin-tax#When:00:42:14Z AS Economics student Freddie Bickford-Smith looks at some of the argument surrounding proposals to introduce a financial transactions tax in the EU. I will post another essay on this topic from a fellow student, offering an alternative perspective from that developed here! Following the financial crisis of the past few years, and the amassing of blame on the financial sector for it, it has come to the attention of many - including the European Commission - that there must be a way of rectifying the situation, and promoting greater economic stability. One popular suggestion is the ‘Tobin Tax’, an idea proposed by Professor James Tobin (the Nobel prize-winning American economist) for a tax on worldwide financial transactions AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, European Economy, Financial Markets, Global Economy, Government Intervention, Indirect Taxes, Macroeconomic Policies, OECD Economies, Teaching of Economics, 2011-11-15T00:42:14+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/as-macro-the-state-of-british-business http://www.tutor2u.net/blog/index.php/economics/comments/as-macro-the-state-of-british-business#When:12:20:49Z How well is British business coping in the aftermath of recession and during a sluggish recovery? Are there signs of improvement or are there warning signs that the UK business sector is fragile and vulnerable as we head into 2012? Four AS macro students - James Richardson, Ludo Higgin, Joe Landman and Nick Russell collaborated on this excellent piece and searched for some revealing clues about the resilience of British businesses at this crucial stage of the economic cycle. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Business Economics, Macroeconomic Policies, Manufacturing Industry, Teaching of Economics, UK Economy, Recession Watch, Unemployment, 2011-11-13T12:20:49+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/eurozone-crisis-a-selection-of-resources http://www.tutor2u.net/blog/index.php/economics/comments/eurozone-crisis-a-selection-of-resources#When:09:25:05Z How to deal with this in school? I cannot be the only teacher who is struggling to keep up with the eurozone developments myself, let alone help my students to make any sense of it. Some searching this morning has come up with a variety of articles, graphics and interviews which range from the very basic such as the one-minute video reports from Robert Peston, which might be helpful to an AS student who is just starting to get to grips with the principles of macroeconomics, to some analysis of actual and potential threats to the UK economy and graphics showing the interrelated borrowing between the eurozone countries, which might help the ambitious A2 students to stretch themselves. These are listed below, with a brief description of each one. I am sure that you will have many more to add to the list. A2 Macro, AS Macro, European Economy, Financial Markets, Macroeconomic Policies, OECD Economies, UK Economy, 2011-11-12T09:25:05+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-has-the-time-come-for-a-tobin-tax http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-has-the-time-come-for-a-tobin-tax#When:15:22:26Z This week I am setting my AS micro students a question on proposals for a Tobin Tax - partly because it is hugely topical and also as a way of developing their evaluation skills on paper and coming to a reasoned final conclusion. Here are some of the links to suggested reading and some video shorts on this topic: AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, EdExcel Economics Unit 1, EdExcel Economics Unit 2, AS Macro, AS Micro, European Economy, The Euro, Financial Markets, Global Economy, Government Intervention, Indirect Taxes, OECD Economies, Market Equilibrium and Price, Price Mechanism in Action, Teaching of Economics, 2011-11-06T15:22:26+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-video-clips-on-unemployment http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-video-clips-on-unemployment#When:12:53:51Z I blogged last week about unemployment and made available some updated charts on unemployment for the UK and a range of other countries. Here are some short video news clips on aspects of unemployment that I have been using when teaching unemployment to AS and A2 groups. These clips provide a window on the human and social cost of high rates of unemployment and are especially useful in reinforcing the causes of unemployment and evaluation of policies likely to be most effective in bringing jobless rates down over time. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Macroeconomic Policies, Supply-side policies, Keynesian Economics, Market Failure, Factor Immobility, Teaching of Economics, UK Economy, Regional Economics, Unemployment, 2011-11-06T12:53:51+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-china-and-india-notes-from-martin-wolf http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-china-and-india-notes-from-martin-wolf#When:10:05:08Z Pete Davies from Greenhead College attended a superb talk by Martin Wolf CBE (Financial Times) at Leeds Business School last week. The focus was on the Great Convergence between developed and emerging economies, and Peter kindly took some excellent notes from the talk which will be of great use to teachers and students covering this key globalisation / development topics. They can be downloaded below as a word file - many thanks to Peter for making them available through the blog! Martin_Wolf_Lecture_Oct_2011.docx AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Balance of Payments, Emerging Economies, Development Economics, China Economy, Indian economy, Cycles and Shocks, Economic Growth, Global Economy, IMF, International Trade, OECD Economies, Standard of Living, Teaching of Economics, UK Economy, 2011-11-06T10:05:08+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/here-there-be-neets http://www.tutor2u.net/blog/index.php/economics/comments/here-there-be-neets#When:10:00:16Z Regional unemployment is seen as a significant economic problem, but employers may be reluctant to relocate if the educational quality of the workforce is below par. The term NEET refers to young people Not in Education, Training and Employment, and it appears that there are significant pockets of NEETs across the mainland of Great Britain. AS and A2 Specifications, A2 Macro, AS Macro, Demography, Labour Market, Macroeconomic Policies, Supply-side policies, UK Economy, Regional Economics, Unemployment, 2011-11-04T10:00:16+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-new-50-comes-into-circulation http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-new-50-comes-into-circulation#When:16:20:13Z This short BBC news video looks at the revamped £50 note - a terrific short piece on the new note and some of the innovation built into the design to reduce the risk of forgery. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Macroeconomic Policies, Monetary Policy, Teaching of Economics, 2011-11-02T16:20:13+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/the-world-economy-how-did-we-get-here-and-where-are-we-going http://www.tutor2u.net/blog/index.php/economics/comments/the-world-economy-how-did-we-get-here-and-where-are-we-going#When:09:02:12Z On Wednesday 26 October 2011, I attended a fascinating lecture at the LSE by Nemat Shafik, Deputy Managing Director of the IMF. She started with outlining the role of the IMF as a cooperative of 188 countries (the newest member being South Sudan), who poor their resources and finances in order to support each in times of difficulty.  She then went on to talk about the current slowdown, its causes, the risks involved if the slowdown was to continue and the potential policies needed to aid a recovery. AS and A2 Specifications, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Economic Growth, Global Economy, IMF, Macroeconomic Policies, OECD Economies, 2011-11-02T09:02:12+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/global-economy-making-it-clear http://www.tutor2u.net/blog/index.php/economics/comments/global-economy-making-it-clear#When:05:15:06Z I have just come across this page on the BBC website which act as a portal, collecting together a variety of stories around a topic, and is therefore really useful to refer students to. It is listed as a Special Report; I am not sure if it is new or not so apologies if you have been aware of it for a long time already; however, if you have not, it seems worth highlighting here. AS and A2 Specifications, AQA Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, European Economy, International Trade, Teaching of Economics, UK Economy, 2011-11-02T05:15:06+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/australia-lowers-rate-to-4.5 http://www.tutor2u.net/blog/index.php/economics/comments/australia-lowers-rate-to-4.5#When:10:08:30Z The Reserve Bank of Australia (RBA) has cut interest rates from 4.75% to 4.5% in a bid to boost growth amid fears of a slowdown in the global economy (the BBC article can be found here). This could be a useful case study to use with AS macro-economists when studying monetary policy so I have clipped the article and added a couple of questions onto this document to test analysis and evaluation of interest rate changes. Aus_Int_Rate_Cut.docx AS Macro, Macroeconomic Policies, Monetary Policy, 2011-11-01T10:08:30+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/top-10-resources-on-inflation-on-youtube http://www.tutor2u.net/blog/index.php/economics/comments/top-10-resources-on-inflation-on-youtube#When:12:37:22Z What follows is a list of the ten video clips I use when teaching inflation as a topic. They are a mixed bunch. Some are useful for class use, others work as pointers to a series of video clips from one producer. What I’ve tried to avoid, however, are links to the teach yourself Economics resources (though obviously they have their place) that are out there. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F582, A2 Macro, AS Macro, Emerging Economies, Development Economics, Inflation and Deflation, Macroeconomic Policies, Monetary Policy, Monetarism, Poverty and Inequality, Teaching of Economics, Fun Friday, 2011-10-26T12:37:22+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-analysing-government-spending-cuts http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-analysing-government-spending-cuts#When:07:36:53Z It is rare that a day would go by without you being able to find a news article on issues that affect the macro-economy; a good tip is to constantly think like an economist and analyse these issues as you may do in the exam. AS Macro, Cycles and Shocks, Aggregate Demand, Aggregate Supply, Macroeconomic Policies, Fiscal Policy, 2011-10-25T07:36:53+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-widening-regional-divide-in-life-expectancy http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-a-widening-regional-divide-in-life-expectancy#When:17:23:20Z Life expectancy in the United Kingdom continues to improve. But one important aspect of the deep and structural divide in incomes, economic activity and status and health across different groups in Britain is the marked variation in average life expectancy for men and women. The UK Statistics Commission has just published new data on this covering the period 2004-2010 and finds that: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Supply, Demography, GCSE Economics, Health Economics, Poverty and Inequality, Standard of Living, Teaching of Economics, UK Economy, Regional Economics, Unemployment, 2011-10-19T17:23:20+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-economic-importance-of-investment http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-economic-importance-of-investment#When:14:41:47Z Capital investment spending can have a significant effect on both the demand and the supply-side of the economy. We were looking at this issue in class this afternoon and I used a small selection of video clips linking to investment projects across different countries. I have linked to them below: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Business Economics, Macroeconomic Policies, Supply-side policies, UK Economy, 2011-10-19T14:41:47+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/world-collapse-explained-in-3-minutes http://www.tutor2u.net/blog/index.php/economics/comments/world-collapse-explained-in-3-minutes#When:21:16:43Z A nice summary of the world economy situation…... compressed into three minutes .... click on the You Tube link below AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, European Economy, The Euro, Global Economy, Credit Crunch, Teaching of Economics, 2011-10-17T21:16:43+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-world-food-day http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-world-food-day#When:19:33:04Z Here is one of the short information videos launched by the World Bank on the occasion of World Food Day - excellent as an introduction to the economics of high and volatile world food prices. Every night, 1 billion people go to bed hungry because food is too expensive. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 4, EdExcel Economics Unit 1, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, A2 Micro, AS Macro, AS Micro, Agriculture, Emerging Economies, Development Economics, Commodities Markets, Global Economy, Government Intervention, Buffer Stocks, Market Failure, Poverty and Inequality, Standard of Living, Teaching of Economics, 2011-10-16T19:33:04+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/keynes-prize-the-economics-of-cities-3 http://www.tutor2u.net/blog/index.php/economics/comments/keynes-prize-the-economics-of-cities-3#When:04:19:57Z In the third extract of the winning essay for the 2011 Keynes Prize in Economics, Ross van der Watt asks “What should be done to revitalise cities in decline?” AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, Development Economics, Economic Growth, Environmental Economics, 2011-10-15T04:19:57+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-positive-and-negative-multiplier-effects http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-positive-and-negative-multiplier-effects#When:07:44:03Z An initial change in aggregate demand can have a much greater final impact on equilibrium national income. This is known as the multiplier effect. It comes about because injections of new demand for goods and services into the circular flow of income can stimulate further rounds of spending – in other words “one person’s spending is another’s income”. Put another way, spending becomes someone else’s income. This can lead to a bigger eventual effect on output and employment. Here are three recent news videos covering aspects of the multiplier effect at work: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, Aggregate Demand, GCSE Economics, Teaching of Economics, UK Economy, Unemployment, 2011-10-14T07:44:03+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/can-the-invisible-hand-solve-africas-poverty http://www.tutor2u.net/blog/index.php/economics/comments/can-the-invisible-hand-solve-africas-poverty#When:21:51:10Z At last night’s Senior Economics Society at Oundle we had a riveting talk by Hywel Rees-Jones, Managing Director of CDC, which covered so many areas of the issues of development economics. The talk was entitled “Can the invisible hand solve poverty in Africa?” Whilst conceding that some of the statements were broad generalisations across a variegated continent, Hywel discussed some of the key issues facing Africa. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, African Economy, Development Economics, China Economy, Commodities Markets, Economic Growth, Environmental Economics, European Economy, Global Economy, Government Intervention, International Trade, Manufacturing Industry, OECD Economies, Teaching of Economics, 2011-10-13T21:51:10+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/keynes-prize-the-economics-of-cities-2 http://www.tutor2u.net/blog/index.php/economics/comments/keynes-prize-the-economics-of-cities-2#When:21:16:45Z In this second extract from his prize-winning essay, Ross van der Watt focuses on the question “Should Rapid Urbanisation in Developing Countries be encouraged or resisted?” AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, Development Economics, Economic Growth, Environmental Economics, Global Economy, Teaching of Economics, 2011-10-13T21:16:45+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-can-exports-drive-a-recovery http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-can-exports-drive-a-recovery#When:14:12:47Z UK overseas trade is in the news today with the release of a batch of figures showing a record level of UK exports - see BBC news - UK trade deficit cut by higher exports AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Balance of Payments, Business Economics, Cycles and Shocks, Aggregate Demand, Global Economy, Macroeconomic Policies, Trade Policies, UK Economy, Recession Watch, 2011-10-13T14:12:47+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-unit-labour-costs-and-inflation http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-unit-labour-costs-and-inflation#When:11:53:25Z Over many years the rate of change of unit labour costs (ULCs) has been a decent reliable indicator of inflationary pressures in the UK economy. Times when wage costs adjusted for productivity have grown quickly have often coincided with a rise in the annual rate of inflation - little wonder when payroll costs are a sizeable chunk of operating expenses for many businesses. But in the last couple of years we have seen a growing disconnect between unit labour cost inflation and the published figures for CPI. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, Aggregate Demand, Consumer Spending, Labour Market, Macroeconomic Policies, Standard of Living, UK Economy, Recession Watch, Unemployment, 2011-10-12T11:53:25+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/skidelsky-in-madrid http://www.tutor2u.net/blog/index.php/economics/comments/skidelsky-in-madrid#When:10:17:27Z Last week the Economics Society at King’s here in Madrid organised a trip to the Ramon Areces Foundation where Lord Skidelsky gave his talk “A Keynesian Perspective on the Slump of 2007-8 and How to Recover from It”. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, Macroeconomic Policies, Keynesian Economics, Teaching of Economics, 2011-10-12T10:17:27+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-uk-suffers-a-weak-recovery http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-uk-suffers-a-weak-recovery#When:08:34:36Z AS macro students will be studying the economic cycle and following the struggles of many countries to sustain a recovery in demand, output and jobs after the 2008-09 recession. The well respected independent forecasting body, the National Institute (NIESR) has produced new data suggesting that the UK recovery is on course to be “the weakest of any since the end of the First World War”, with gross domestic product still 4pc below its pre-recession peak. The risks of a second recession (a double dip) look to be rising week by week especially when one looks at the consumer and business confidence data. Here is a link to the NIESR report and also to BBC news coverage of their findings. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, Aggregate Demand, Economic Growth, Macroeconomic Policies, Teaching of Economics, UK Economy, Recession Watch, 2011-10-12T08:34:36+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/the-return-of-protectionism http://www.tutor2u.net/blog/index.php/economics/comments/the-return-of-protectionism#When:07:21:00Z The US senate has pushed through the bill which aims to punish China for allegedly undervaluing its currency. Is passed into law it would allow Washington to impose tariffs on imports in order to protect its domestic industries. The role and impacts of tariffs and other forms of protectionism form a big part of the ‘international trade’ section of most Economics courses and this article could be a good starting point for those discussions. A2 Macro, AS Macro, Emerging Economies, China Economy, Exchange Rates, Macroeconomic Policies, Trade Policies, 2011-10-12T07:21:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/hard-choice-in-kenya http://www.tutor2u.net/blog/index.php/economics/comments/hard-choice-in-kenya#When:09:24:46Z This short video report from Will Ross for the BBC from the island of Lamu, considers a number of economic concepts. AS and A2 Specifications, AQA Economics Unit 1, AS Macro, AS Micro, Balance of Payments, Emerging Economies, African Economy, Cost Benefit Analysis, Cycles and Shocks, Government Intervention, International Trade, Market Equilibrium and Price, Nature of Demand, 2011-10-10T09:24:46+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-rice-market-intervention http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-rice-market-intervention#When:15:56:09Z A good example to discuss of government intervention into agricultural markets - in this case Thailand’s government have intervened in the market to buy unmilled rice at 15,000 Thai baht per metric tonne, which is a 50% premium on the current market rate. A good discussion of the possible impacts can be found, with a discussion of the economic rationale/consequences of it, here. AS Macro, Cycles and Shocks, Aggregate Demand, Global Economy, Credit Crunch, Inflation and Deflation, Macroeconomic Policies, Monetary Policy, 2011-10-09T15:56:09+00:00