http://www.tutor2u.net/blog/index.php/economics/ en tutor2u.net Copyright 2012 2012-02-12T07:41:03+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/evaluating-the-effect-of-quantitative-easing-a-case-against http://www.tutor2u.net/blog/index.php/economics/comments/evaluating-the-effect-of-quantitative-easing-a-case-against#When:07:35:19Z The effect of QE on savers is examined here in this excellent video and studio discussion led by Faisal Islam, the Economics Correspondent at Channel 4 news.  Those households that don’t borrow are less interested in sustained low interest rates.  One significant effect of QE and the decision to keep the base rate at 0.5% is to effectively eliminate the returns to saving.  Is the policy worthwhile? A2 Macro, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-02-12T07:35:19+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/a-backward-step-on-the-maldives-road-to-democracy http://www.tutor2u.net/blog/index.php/economics/comments/a-backward-step-on-the-maldives-road-to-democracy#When:21:39:34Z In development economics one of the issues that can often be a barrier to a country’s development is political instability, and it looks like the Maldives will be my case study this year. Read on to find out why AS and A2 Specifications, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Development Economics, 2012-02-08T21:39:34+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/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-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-worlds-cheapest-computer http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-focus-on-india-worlds-cheapest-computer#When:20:29:20Z A few weeks ago came the announcement that an Indian business is finally set to launch the World’s cheapest tablet computer. This laptop device will sell for around 18 times less than the price of an iPad in London! How can a laptop be manufactured for less than $US 40? AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, Emerging Economies, Indian economy, Business Economics, Economies of Scale, Cycles and Shocks, Aggregate Supply, Economic Growth, Economics of Technology, Global Economy, International Trade, Market Equilibrium and Price, Nature of Supply, 2012-01-26T20:29:20+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/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-4-macro-money-debt-and-the-new-world-order http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-money-debt-and-the-new-world-order#When:18:40:23Z “All money these days is really a form of debt from somewhere else. We know now in 2012 that our debts cannot be repaid in full.” Philip Coggan from the Economist was on fine form at the LSE last week when he spoke to a packed audience in the new academic building on the subject of his latest book. When trust in the monetary system breaks down we are in a very difficult place and, in a wonderfully broad historical sweep Philip Coggan offered some revealing insights into what a reformed global monetary system might look like in the years ahead. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, Emerging Economies, Cycles and Shocks, European Economy, The Euro, Financial Markets, Global Economy, Macroeconomic Policies, Monetary Policy, OECD Economies, Teaching of Economics, 2012-01-22T18:40:23+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/france-and-flexible-employment http://www.tutor2u.net/blog/index.php/economics/comments/france-and-flexible-employment#When:10:03:05Z This article could be useful as an illustration of the EU context in relation to employment in general, and flexible employment in particular. Attracting inward FDI is arguably a significant benefit of UK membership of the EU, and one of the advantages which the UK can offer compared to, say, France is relatively flexible employment laws. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, Business Economics, Competitive Markets, European Economy, Labour Market, Macroeconomic Policies, Supply-side policies, OECD Economies, French Economy, Teaching of Economics, 2012-01-22T10:03:05+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/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/indicators-of-financial-stability http://www.tutor2u.net/blog/index.php/economics/comments/indicators-of-financial-stability#When:20:52:45Z This mornng the Bank of England published a letter from the Governor to Andrew Tyrie MP, Chairman of the Treasury Select Committee which is discussing financial stability policy. The letter provides some simple indicators that might be used to help monitor financial stability. A2 Macro, Macroeconomic Policies, UK Economy, 2012-01-17T20:52:45+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-4-macro-france-loses-her-aaa-credit-rating http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-france-loses-her-aaa-credit-rating#When:14:36:24Z It is perhaps a moment of more political than economic significance, but on Friday 13th January 2012 Standard and Poors, a leading credit rating agency announced that France was losing her triple A (AAA) credit rating for sovereign debt. It was part of a larger downgrading of government bonds among a sizeable chunk of Euro Zone countries, the argument being that plans to achieve deficit reduction lacked credibility. France was downgraded, S&P also lowered the long-term ratings on Austria, Malta, Slovakia, and Slovenia, by one notch. The rating levels for Cyprus, Italy, Portugal and Spain were dropped two notches. Here is a brief Channel 4 report on the news and some other links to the story. Only four Euro Zone countries now have an AAA rating. Do you know who they are? AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, European Economy, The Euro, Global Economy, Credit Crunch, Teaching of Economics, UK Economy, 2012-01-15T14:36:24+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/unit-4-macro-time-to-re-boot-the-british-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-time-to-re-boot-the-british-economy#When:21:52:49Z This special blog in the Guardian from Professor Danny Quah of the London School of Economics is superb for Unit 4 students taking their papers in June 2012. in “The UK and the eurozone in the shifting global economy” Professor Quah focuses on many of the underlying difficulties in the UK economy. Digging deeper inside the trade data he finds that, focusing on the UK’s 50 largest trading partners in 2009: 56% of our exports go to the 10 slowest-growing economies in that group. We are missing many opportunities to fully embrace trade and investment with faster-growth countries notably in Africa and Asia. A note for your diaries if you are within reach of London on Monday 23rd January. Martin Wolf from the FT is speaking on The State of the Global Economy in 2012 - an event not to be missed for fans of his writing and insight. He is speaking along with Jean Michel Severino, nspector general at the French Ministry of Finance. Here are the details. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Teaching of Economics, UK Economy, 2012-01-14T21:52:49+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-economics-of-fiscal-deficit-reduction http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-economics-of-fiscal-deficit-reduction#When:14:54:41Z How far, how fast and in what way should the UK government seek to cut the annual budget deficit and improve the state of public sector finances? These questions continue to be at the centre of a fierce debate among economists. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Cycles and Shocks, Aggregate Demand, Macroeconomic Policies, Fiscal Policy, Keynesian Economics, UK Economy, Recession Watch, 2012-01-12T14:54:41+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/unit-4-macro-uk-bond-yields-reach-record-lows http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-uk-bond-yields-reach-record-lows#When:13:55:18Z The yields on UK government issued bonds has been falling steadily in recent months and, as we turned into January 2012, the yield on ten year government debt edged below 2% - when the UK government continues to borrow eye-wateringly large sums, why are bond yields so low? The yield on a bond is the income received from a fixed-interest bond, calculated as a percentage of the price paid for it. So a ten year bond bought for £10,000 and paying a fixed annual interest of £600 would offer a yield of £600 / £10,000 = 6.0% per annum. If the market price of a bond rises - for example, it rises from £10,000 to £12,000, the fixed interest remains the same (£600) but the yield will fall. £600 / £12,000 expressed as a percentage = 5%. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Macroeconomic Policies, Fiscal Policy, UK Economy, Recession Watch, 2012-01-11T13:55:18+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-uk-trade-patterns http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-uk-trade-patterns#When:07:56:37Z The Guardian DataBlog has a superb resource here on the patterns of UK exports and imports in 2011. Ideal for printing out and using when introducing international trade. There is more official UK trade data here AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, International Trade, OECD Economies, UK Economy, 2012-01-11T07:56:37+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/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-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/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-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/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/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/economics-of-deforestation http://www.tutor2u.net/blog/index.php/economics/comments/economics-of-deforestation#When:16:53:58Z The Human Development Report 2011 reported that deforestation is a severe problem. In the last two decades, Latin American and Sub-Saharan Africa have experienced severe forest losses, especially when compared to the rest of the world. For economists the economic and social costs of rapid deforestation represent a telling example of the tragedy of the commons where the pursuit of individual self-interest can risk a permanent destruction of natural resources that undermines the sustainability of communities and societies for current and future generations. The United Nations calculates that deforestation and degradation is responsible for nearly 20 per cent of global greenhouse gas emissions. Will the REDD programme make a difference? REDD stands for Reducing Emissions from Deforestation and Forest Degradation in Developing Countries and is designed to provide financial incentives funded by advanced nations for developing countries to preserve their forests and instead invest in low-carbon paths to sustainable development. The UN estimates financial flows of up to $30bn could come from REDD and related initiatives - the scheme effectively allows rich countries to offset their carbon emissions from domestic industries and consumers by funding clean low-carbon development projects in developing countries. But it is highly controversial and opposed by many organisations such as Friends of the Earth and the World Rainforest Movement. In this blog we have put together some web resources on the issue of deforestation - focusing on causation, consequences and also on some of the policy approaches that might work to bring about behavioural change. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 3, EdExcel Economics Unit 1, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, A2 Micro, AS Micro, Agriculture, Emerging Economies, African Economy, Development Economics, Brazil Economy, Commodities Markets, Cost Benefit Analysis, Economic Growth, Environmental Economics, Global Economy, Government Intervention, Market Failure, Externalities, Public Goods, Teaching of Economics, 2011-12-20T16:53:58+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/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/unit-4-macro-the-rise-in-self-employment http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-the-rise-in-self-employment#When:17:38:16Z One feature of the jobs market data in the UK in the last couple of years has been the surge in measured levels of self-employment (the data is collected as part of the huge Labour Force Survey) The total number of self-employed people in the UK increased by 166,000 in the three months to the end of November to reach 4.14 million - this is the highest number of self-employed people since comparable records began in 1992. What helps to explain the growth of self employment? Optimists might claim that it is a sign of a pick up in entrepreneurial activity in Britain as many people who have been made redundant decide to strike out on their own by starting a new business. A more realistic explanation is that rising self employment is a sign of macroeconomic weakness. Hundreds of thousands of people have lost their jobs and a sizeable number will simply re-categorise themselves as self employed when they are quizzed as part of the Labour Force Survey. They are likely to be scouting around for jobs and are much likely to take one or more part time jobs when they can. Part time employment was up sharply, but do not forget that the number of full-time employees fell by 188,000 in the three-month period covering August, September and October - that is more than 2,000 people per day losing their jobs.   AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Labour Market, Macroeconomic Policies, UK Economy, Unemployment, 2011-12-17T17:38:16+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/the-true-cost-of-christmas http://www.tutor2u.net/blog/index.php/economics/comments/the-true-cost-of-christmas#When:21:04:07Z It’s here! PNC Wealth Management, have produced their 28th annual index of the true cost of Christmas, calculating the cost of giving of all the gifts in the Twelve Days of Christmas, and then the change in the price compared to last year, to give the annual rate of inflation for Christmas. This year they have an animated train ride that takes you through a snowy landscape, with various games on the way - the maids a-milking one is brilliant! The journey, and the links to information about how the index has fluctuated over the years and where on earth they find the prices of swans a-swimming or lords a-leaping needs a bit of investigation before you introduce it to a class, but is worth it and great fun for a Christmas lesson. A2 Macro, Inflation and Deflation, Teaching of Economics, Quirky Trivia, 2011-12-06T21:04:07+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-celebrating-ten-years-of-euro-notes-and-coins http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-celebrating-ten-years-of-euro-notes-and-coins#When:12:03:56Z The European Central Bank has just released a special six minute video celebrating the first ten years of the euro banknotes and coins! The new head of the ECB makes an appearance but does the video give enough time and emphasis to the structural problems and fault-lines of the system? And will the video become an interesting historical relic before we elect to use it in the classroom? Anyway…..here is the link AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, European Economy, The Euro, Global Economy, Macroeconomic Policies, Teaching of Economics, 2011-12-02T12:03:56+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/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/stephen-king-great-article-on-macroeconomics http://www.tutor2u.net/blog/index.php/economics/comments/stephen-king-great-article-on-macroeconomics#When:20:08:27Z Stephen’s piece in the Independent on Monday would make for a terrific Unit 4 discussion with your A2 students. Here is the link to follow Ten things people thought they knew about economics You can follow all of Stephen King’s recent economics articles in The Independent by clicking here AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Global Economy, OECD Economies, Teaching of Economics, 2011-11-22T20:08:27+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/uk-unemployment-in-november-2011-a-video-overview http://www.tutor2u.net/blog/index.php/economics/comments/uk-unemployment-in-november-2011-a-video-overview#When:11:08:33Z The presentational style might leave a little to be desired, but this analytical ONS video might provide colleagues with a different teaching resource to help explain the rapid rise in UK unemployment. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Labour Market, UK Economy, Unemployment, 2011-11-22T11:08:33+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/unit-4-pillars-of-prosperity-the-political-economics-of-development-cluster http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-pillars-of-prosperity-the-political-economics-of-development-cluster#When:23:21:19Z The limitations (or barriers) to economic development outlined in many A-level Economics text books will include factors such as primary product dependency, corruption, civil war, debt and human capital inadequacies. However, none will point towards the state’s ability to enforce contracts and protect property rights in conjunction with the state’s ability to raise tax revenue; but this is exactly what Timothy Besley and Torsten Persson have looked to prove in their new book, “Pillars of Prosperity: The political economics of development clusters.” AS and A2 Specifications, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Development Economics, 2011-11-14T23:21:19+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-4-macro-americas-hour-glass-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-americas-hour-glass-economy#When:20:31:58Z Here is a revealing three minute video on the challenges facing America’s declining middle class. Falling real incomes, rising living costs, deep structural unemployment problems - moving on up has got harder to do - what are the social effects of this across so many states? AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, OECD Economies, US Economy, Poverty and Inequality, Standard of Living, Teaching of Economics, 2011-11-09T20:31:58+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/latest-world-trade-data http://www.tutor2u.net/blog/index.php/economics/comments/latest-world-trade-data#When:19:41:25Z I’m soon to be discussing with my students the topic of ‘trading patterns’, and so I’ve been visiting the WTO to download their latest statistics on world trade to aid class discussion. Read on to discover these and some other useful resources for teaching trading patterns. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, International Trade, 2011-11-06T19:41:25+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/unit-4-macro-richard-florida-on-the-great-reset http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-richard-florida-on-the-great-reset#When:10:16:03Z What changes are produced by great economic upheavals? The financial and economic crisis prompts a rethinking of the assumptions about how businesses succeed and how economies operate. In a recent edition of the Global Business programme on BBC radio 4, Peter Day met Richard Florida, a renowned economic geographer who has written a new book The Great Reset. Here are some of the notes I jotted down from the programme: AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Business Economics, Economic History, Economic Growth, Economics of Technology, Environmental Economics, Manufacturing Industry, Teaching of Economics, UK Economy, Regional Economics, 2011-11-05T10:16:03+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/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/unit-4-macro-who-is-to-blame-for-the-crisis http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-who-is-to-blame-for-the-crisis#When:17:40:40Z The new series of Stephanomics is being filmed and made available on the BBC web site. In this episode, Stephanie Flanders asks who is to blame for the global financial crisis? She is joined by the billionaire investor George Soros, Sir Howard Davies, former chairman of the Financial Services Authority and former deputy governor of the Bank of England, and Dr DeAnne Julius, chairman of Chatham House and a former member of the Bank of England’s monetary policy committee. This is gold-dust for unit 4 macro students who want some tremendous evaluation on causation of the crisis from three incredibly well-placed figures. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Cycles and Shocks, Global Economy, Credit Crunch, Macroeconomic Policies, OECD Economies, Teaching of Economics, 2011-10-30T17:40:40+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-should-tncs-make-full-disclosure-on-factory-wages http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-should-tncs-make-full-disclosure-on-factory-wages#When:17:05:41Z Peter Day’s World Business programme on BBC this week is an evocative report on the travels of two people who have explored where we get most of the clothes and the shoes adorned with global brands. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Development Economics, Business Economics, Environmental Economics, Global Economy, Market Failure, Poverty and Inequality, Standard of Living, Teaching of Economics, 2011-10-30T17:05:41+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-unemployment-chart-resource-download http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-unemployment-chart-resource-download#When:10:48:07Z At this time of the year many teachers are covering aspects of unemployment - causation, measurement, consequences and policies directed to reduce the scale of the jobless problem. Here is a completely up to date chart set covering unemployment data for the UK and a number of other countries. It is available for free download using this link. I hope it proves useful for some colleagues. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Teaching of Economics, UK Economy, Unemployment, 2011-10-29T10:48:07+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/european-bailout-the-movie http://www.tutor2u.net/blog/index.php/economics/comments/european-bailout-the-movie#When:08:26:18Z Confused by what happened in Brussels?  Need an alternative explanation for the complexities of the European bank bailout?  then this short animated movie clip might help… A2 Macro, European Economy, 2011-10-29T08:26:18+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-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/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/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/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-4-macro-uk-inflation-charts http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-uk-inflation-charts#When:07:56:10Z I am teaching the background to consumer / retail price inflation in the UK this week and making use of a selection of up to the minute data charts. Here they are as a downloadable powerpoint file for colleagues who might find them useful on whiteboards or as handouts for annotation and discussion. http://dl.dropbox.com/u/4368634/Economics/Inflation_Charts_A2.pptx AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Inflation and Deflation, Teaching of Economics, 2011-10-12T07:56:10+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/the-bicycle-a-merit-good-and-an-integral-part-of-sustainable-transport-solu http://www.tutor2u.net/blog/index.php/economics/comments/the-bicycle-a-merit-good-and-an-integral-part-of-sustainable-transport-solu#When:18:19:53Z A recent economic study1 found that bicycle ownership can boost household income in sub-Saharan Africa by 35%.  I may be biased given my passion for cycling but I think there are indeed some very strong economic arguments for encouraging more bicycles both in the developing and the developed world. The bicycle: more than just a mode of transport Beyond the Bike - the Economic Cycle, A2 Macro, A2 Micro, AS Macro, Emerging Economies, African Economy, Economic History, Environmental Economics, Macroeconomic Policies, Monetary Policy, Supply-side policies, Market Failure, Externalities, Merit & De-Merit Goods, Transport Economics, Unemployment, 2011-10-05T18:19:53+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/currency-manipulator http://www.tutor2u.net/blog/index.php/economics/comments/currency-manipulator#When:15:31:13Z The U.S came closer to finally calling the Chinese a currency manipulator and retaliating in the new round of protectionism fears. A good summary of the key issues here. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, Emerging Economies, China Economy, Exchange Rates, Global Economy, Macroeconomic Policies, Monetary Policy, Trade Policies, OECD Economies, US Economy, 2011-10-04T15:31:13+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/uk-economic-history-via-youtube http://www.tutor2u.net/blog/index.php/economics/comments/uk-economic-history-via-youtube#When:15:26:02Z Here is an idea for a teaching resource - a listing of key landmark UK economic history events via YouTube. An initial grouping is posted below - but can we crowd-source some more to make this a terrific teaching resource for many other colleagues. If you are on Twitter please post a You Tube link using the hash-tag #ecbusteach and we can then add it to Mo’s blog posting below. Enjoy! A2 Macro, AS Macro, Macroeconomic Policies, Teaching of Economics, Economics at the Movies, 2011-10-04T15:26:02+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/a2-macro-protectionism http://www.tutor2u.net/blog/index.php/economics/comments/a2-macro-protectionism#When:16:51:06Z Here is an interesting, if slightly challenging, article for the A2 macro economists on protectionism and the state of the global economy in the Telegraph: Protectionism beckons as leaders push world into Depression AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Global Economy, International Trade, Teaching of Economics, 2011-10-03T16:51:06+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-when-china-met-africa http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-when-china-met-africa#When:05:14:07Z Film-makers Marc Francis and Nick Francis won many plaudits and awards for their wonderful documentary Black Gold - uncovering the struggles of coffee farmers in Ethiopia to sustain their businesses against the monopsony power of multinational coffee roasters. They have a new film being released in the UK this autumn - When China met Africa. On the front line of China’s foray into Africa, the lives of a farmer, a road builder, and a trade minister reveal the expanding footprint of a rising global power. Watch the trailer using the link below. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, Emerging Economies, African Economy, China Economy, Global Economy, International Trade, Standard of Living, 2011-10-02T05:14:07+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/why-have-teachers-in-acapulco-mexico-been-on-strike-for-over-three-weeks http://www.tutor2u.net/blog/index.php/economics/comments/why-have-teachers-in-acapulco-mexico-been-on-strike-for-over-three-weeks#When:17:03:32Z Not only is this a good starter question to challenge your students- especially since the story hasn’t really made it into the headlines in this country- but it also has the potential to be a useful case study for development economics. Read on to find out the answer. A2 Macro, Emerging Economies, Development Economics, 2011-10-01T17:03:32+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/eu-tobin-tax http://www.tutor2u.net/blog/index.php/economics/comments/eu-tobin-tax#When:18:27:00Z This morning the EC has proposed a financial tax (akin to a Tobin Tax) although going further to encompass various financial transactions, not just currency ones. Unsurprisingly, the UK will be hit hardest by this with over 80% of the revenues for this tax (estimated to raise £50 bn a year) to come from London, given its comparative advantage in financial services. Is this really a feasible concept, in a globalised world, with mobile financial flows and footloose capital? Cue the drain to U.S for many firms if it becomes a reality? Bill Nighy appeared in this video last year supporting the idea of a tax on financial transactions. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Financial Markets, Global Economy, Teaching of Economics, 2011-09-28T18:27:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/change-to-the-format-of-aqa-a2-economics-questions http://www.tutor2u.net/blog/index.php/economics/comments/change-to-the-format-of-aqa-a2-economics-questions#When:10:17:00Z Checking back on the AQA Economics spec, I stumbled upon their notice about a change to the format of questions 01 and 04 in their Econ3 and Econ4 A2 papers.  The document was created in mid-August and is prominently placed on their subject page.  However, if you have not visited the page recently you might, like me, have missed it. AS and A2 Specifications, AQA Economics Unit 3, AQA Economics Unit 4, A2 Macro, 2011-09-28T10:17:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/greek-debt-decision-tree http://www.tutor2u.net/blog/index.php/economics/comments/greek-debt-decision-tree#When:12:16:00Z I have been looking for resources to use with my A2 students to investigate the Greek debt crisis, and why it is causing such global concern. So first I am really grateful to find the powerpoint that Geoff has posted to the blog this morning, which sets out the scale of the problem there very clearly. I would like to suggest another resource I have just come across which I think complements the powerpoint quite well - especially to help answer the question “What will happen if the Greeks do default?”. Someone at the BBC has devised a decision tree looking at possible outcomes which depend on how the Greek authorities respond to their “Troika” of lenders - the European Union, International Monetary Fund and European Central Bank. The potential outcomes range from a pyrrhic victory in which Greece forces its lenders to write off most of its debts, but bankrupts it’s banks, to global meltdown. What the decision tree doesn’t include is probablilites for each outcome. That could be the class activity for the week, perhaps. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, European Economy, The Euro, Global Economy, IMF, OECD Economies, Greece Economy, 2011-09-25T12:16:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-greek-economy-at-defaults-door http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-greek-economy-at-defaults-door#When:10:50:00Z A2 level economists studying macroeconomics are almost certainly going to be discussing the economics of a Greek government default in the coming days and weeks. Many of the main macro indicators for Greece have been heading in the wrong direction for some time and the country provides a rich opportunity to study the causes and consequences of a fiscal, economic and wider social crisis. I haave put together a slide presentation of ten key macroeconomic charts for Greece. Students and teachers might want to use this (and edit / improve) when discussing events as they occur in the days ahead. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, European Economy, The Euro, Global Economy, IMF, OECD Economies, Greece Economy, 2011-09-25T10:50:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-imf-flags-up-risks-of-double-dip http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-imf-flags-up-risks-of-double-dip#When:19:16:00Z Here are some of the salient points from the gloomy World Economic Forecast from the IMF which argues that the global economy has entered a dangerous phase. The IMF report highlights many of the vulnerabilities facing both developed and emerging economies. In Britain the media is emphasising a sizeable reduction in the forecast rate of growth for the UK for 2011 and 2012. Real GDP in the UK is likely to expand by just 1.1% in 2011 and 1.6% next year and the IMF economists say that there is a one in five chance of a double dip recession. Weak growth is terrible news for the Chancellor who is hoping for a significant expansion of the private sector to offset fiscal cuts and to meet the targets for fiscal deficit reduction. It is also awful for prospects of a meaningful reduction in unemployment and prospects of tackling the structural issue of very high youth unemployment rates. Incidentally that risk of a double-dip is thought to be much higher in the United States where the probability of a second recession following a partial recovery is put at 40%. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Cycles and Shocks, Global Economy, IMF, Credit Crunch, Teaching of Economics, UK Economy, Recession Watch, 2011-09-20T19:16:00+00:00 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-bangladesh-and-comparative-advantage-in-textiles http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-bangladesh-and-comparative-advantage-in-textiles#When:19:51:00Z Many thanks to Pete Davies from Greenhead College, Huddersfield for pointing out a stunningly good article on the shift of manufacturing for garments towards the low-labour cost Bangladeshi economy. Read: Bangladeshi apparel gains from China’s rising costs - there is so much in this article about the relative cost differences and the importance of trade in garments for the Bangladesh economy, especially now that the European Union (EU) has allowed duty-free access to Bangladeshi clothes into the single market since the start of 2011. 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, Economic Growth, Global Economy, International Trade, Standard of Living, Teaching of Economics, 2011-09-19T19:51:00+00:00