Royal Economic Society Essay Compertition 2010 - Provisional Essay Titles
We are in discussion with the RES about the essay title(s) for the 2010 Essay Competition - more details will be posted here soon
Important Notice - AS/A2 Economics Workshops London
An important note for colleagues bringing students to our intensive one-day revision workshops for AS & A2 Economics in London on Tuesday 27 April. Due to overwhelming demand for both the Economics and AQA Business Studies workshops on that date, we have decided to switch both the date and the venue for Economics. The Economics workshops will now take place on WEDNESDAY 28 APRIL 2010 at the WESTFIELD SHOPPING CENTRE (a couple of miles away from Fulham Broadway)
This change provides several advantages:
- We are able to run two screens for both Economics workshops on the same day, enabling us to accommodate the bookings that have already been made
- The Vue Cinema at Westfield is Europe’s most advanced cinematic experience - the quality of the venue simply can’t be beaten
- There is fantastic parking & other transport access to the Westfield location: much better than our old venue at Fulham Broadway
- The student catering options at Westfield are superb too: we’ll be providing a buffet lunch for all teachers attending
We will notify the centres who have already made provisional bookings for London.
Even allowing for the increased capacity, we are now 80% full at Westfield for A2 Economics and almost full for AS Economics. Whilst provisional bookings do change, I would urge anyone intending to bring students to make a provisional booking this week. The best way is to use this online form:
http://tutor2u.wufoo.com/forms/economics-revision-workshops-april-2010/
North Korea’s currency reforms
A couple of excellent articles here and here on the BBC website on North Korea’s complex battle between free markets and centrally planned allocation of resources.
read more...»
•AS Micro - •Business Economics - •Competitive Markets - •Economic Growth - •Government Intervention -
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No frills nuclear bunker
We all heard about last year’s grandiose opening of the “7-star” hotel in Dubai - the Burj Al Arab. Well, this clip shows a hotel in Switzerland taking product differentiation to a new level…
Has QE worked?
Chris Giles, FT’s Economics editior has prepared an excellent slide show considering the effectiveness of the quantitative easing policy to date.
read more...»Explaining the national debt in 3 minutes
Superb for teaching fiscal deficits! A 3 minute BBC Politics Show piece.
•AS Macro - •Macroeconomic Policies - •Fiscal Policy - •Teaching of Economics - •UK Economy -
Tags: national debt, fiscal deficit
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Teaching Vacancy: Economics - St Joseph’s RC High School
Another sign of the encouraging growth in A Level Economics - the Econ department at St Joseph’s RC High School in Tredegar Bay are looking to expand. They’ve asked tutor2u to let Econ teachers know about this new opportunity.
Details can be obtained from this download Word document:
econvacancy-stjosephs-050210.doc
£65 million… Going once… going twice…
The usual examples of Veblen goods include luxury cars, yachts and islands. To that we can now add another good that demonstrates the idea of conspicuous consumption and the “snob effect”...A life-size bronze sculpture of a man by Alberto Giacometti has been sold at auction in London for the world record price of £65,001,250.
read more...»Climate Crunch - Making the Economics Fit
The erstwhile environmental campaigner, journalist and broadcaster Jonathan Porritt gave an impassioned talk on the politics and economics climate change at the LSE tonight. We are in a period of extraordinary turmoil in the global politics of climate change. Here in the UK, support for the idea of man-made climate change is actually lower at the end of 2009 despite one of the most expensive government information TV and cinema campaigns ever launched. But by and large, people seem to be turned off by the warnings of scary apocalyptic misery.
read more...» •AS Micro - •Emerging Economies - •Cost Benefit Analysis - •Environmental Economics - •Global Economy - •Government Intervention - •Market Failure - •Poverty and Inequality - •Standard of Living - •Teaching of Economics - •UK Economy -
Tags: risk, investment, china, profit, food, incentives, obama, climate change, renewable energy, decarbonisation
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Exactly why do we specialise as economies?
Who would ever link Adam Smith and the Wealth of Nations to cartoons?
While doing some research into Specialisation & Division of Labour for A2 Economics International Trade - I came across this…
The Wealth of Nations - an illustrated version of Adam Smiths work.
read more...»More on poverty strategies
Benefit take up is low in the UK and about £16bn in income-related benefits and tax credits goes unclaimed in the UK in a year. Improving take up can have a big effect on the disposable incomes of lower income families. This BBC article is relevant here.
Paul Mason provides this excellent four minute report on poverty policies and focuses on the idea of bottom-up approaches including encouraging social entrepreneurship as a way of stumulating employment opportunities within local communities. The Persistence of Poverty
The UK has a worse infant mortality rate than Greece, despite having almost double the income per person - Guardian Blog
•AS Micro - •Government Intervention - •Labour Economics - •Poverty and Inequality - •Standard of Living - •Teaching of Economics - •UK Economy -
Tags: employment, entrepreneur, poverty, relative poverty, social entrepreneur, income inequality, child poverty
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Clean coal?
Justin Rowlatt had this video piece on newsnight on the investment in clean coal technology in the UK. Might be a useful teaching resource when covering aspects of environmental economics and cost benefit analysis.
•AS Micro - •Cost Benefit Analysis - •Economic Growth - •Economics of Technology - •Environmental Economics - •Teaching of Economics -
Tags: investment, clean coal
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Finding and nurturing competitive advantage in the UK economy
A superb comment piece from John Rose chief executive of Rolls-Royce plc that is well suited to students of competitiveness and globalisation and the challenges and opportunities for British business
“We start with some real assets: a history of scientific excellence, the world’s sixth-largest manufacturing output, well-developed high-value service activities and four of the world’s top ten universities. If we exploit these advantages effectively, we can become a preferred location for high-value companies, with a clear understanding of where our competitive advantage lies, and with a better balanced, more resilient economy than we have chosen for ourselves today.”
John Rose also delivered a lecture on these themes to the RSA a few weeks ago - a video can be found here
•Business Economics - •Economic Growth - •Economics of Technology - •Global Economy - •Manufacturing Industry - •Teaching of Economics - •UK Economy -
Tags: manufacturing, globalisation, innovation, competitiveness, rolls royce
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What kind of economics should we teach?
A hat tip to Paul Bridges for spotting this podcast from a recent LSE event. The podcast itself can be found here.
Labour Peer attacks free care for the elderly
This is a really interesting comment piece by the Labour Peer and Economist David Lipsey who attacks the government’s plans for free care for the elderly. It builds the case that offering free care will generate a number of unintended consequences and risks leading to government failure. It could be a useful article to include when teaching health care and government intervention.
“Every now and again governments pass laws that make you think they must have lost their marbles. Think of the Poll Tax and Dangerous Dogs Bill. But these errors by past administrations pale into insignificance beside the grotesque folly of the Personal Care at Home Bill, which is being debated in the House of Lords........You don’t need to be much of an economist to know that if you reduce the price of something to zero, the quantity demanded will rise. As Adass also points out, the effect of free care will be that large numbers of people who are at present managing with the support of friends and relatives will start claiming for paid-for support.....”
•Cost Benefit Analysis - •Government Intervention - •Government Failure - •Subsidies - •Health Economics - •Market Equilibrium and Price - •Nature of Demand - •Teaching of Economics -
Tags: demand, price, government failure, unintended consequences
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OFT on Orange T-Mobile
In September last year, this entry discussed the Orange-T Mobile merger; and as expected, the UK’s Office of Fair Trading have today requested an official investigation into it.
“The OFT’s initial view, following consultation, is that the joint venture threatens significantly to affect competition in mobile telecommunications in the U.K.,”
•Business Economics - •Competitive Markets - •Economies of Scale - •Management Issues - •Monopoly - •Oligopoly - •Competition Policy -
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Economics Seminar with Andrew Sentance
On Thursday 11th February the Keynes Society hosts an early evening seminar with Andrew Sentance from the Bank of England’s Monetary Policy Committee. The meeting starts at 610pm and finishes at 7.20pm and is in the Egerton Room. Colleagues who are interested in coming along and perhaps bringing a group of students are extended a warm welcome. This is not a ticketed event. if you are coming over.
Child Poverty and Pensioner Poverty
These short video pieces proved effective today when raising issues to do with the causes of persistent relative poverty for vulnerable groups in the economy.
First Mark Easton’s piece on Severe child poverty ‘going up’ (26 Jan 2010). Then this short piece on pensioner poverty: And an audio interview with Professor John Hills on the Today programme.
•AS Micro - •Poverty and Inequality - •Standard of Living - •Teaching of Economics -
Tags: inequality, relative poverty, child poverty, pensioner poverty, dependence
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Some new video pieces on externalities
We are moving onto externalities from production and consumption in our AS micro at the moment. Here are five recent BBC news video reports with a connection to externalities - I used a couple of them when introducing the topic today.
read more...» •Environmental Economics - •Market Failure - •Externalities - •Teaching of Economics -
Tags: externalities, waste, fly-tipping, noise pollution
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A New Market for Bonds
A few weeks ago we waved on the issue of bonds and we think the corporate and sovereign bond markets could be the source of the big macroeconomic news stories during 2010. An interesting new development is the launch of Britain’s first retail bond market by the London Stock Exchange - an attempt to develop a wider base of investors prepared to put their money into bonds and perhaps (by offering an alternative to floating shares on the stock market) open up the supply of credit for smaller businesses.
According to Reuters, “Bonds are deemed safer than other forms of securities such as equities because interest payments are fixed and investors get their money back unless the company goes bust. But prior to maturity bonds’ value can vary and move inversely to their yield.” Just under fifty government and corporate bonds have been made available for trading as this new trading platform takes its first tentative steps. Here is a beginner’s guide to bonds from the Radio 4 Today programme.
In a related story figures show that Individuals in the UK own just 10% of the shares traded on the London Stock Exchange, down from 13% in 2006 and far lower than the 54% they owned in 1963. More here
•AS Macro - •Business Economics - •Financial Markets - •Market Equilibrium and Price - •Price Mechanism in Action - •Teaching of Economics - •UK Economy -
Tags: risk, bond, yield, gilts
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Teaching Vacancy - Economics Teacher at Epsom College
Lots of Economics teaching vacancies being passed to us in recent days and here is another cracker. A great chance for a talented economics teacher to join Nicola Morrow and her team in leafy Epsom. Details below - please contact Nicola directly and mention that you saw this on T2U!
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TEACHER OF ECONOMICS (Required for September 2010)
An Economist is required from September 2010 to join a thriving department of seven staff. The successful candidate would be required to teach Economics to AS and A2 Level. The Department also teaches AS/A2 Business Studies.
The position would equally suit an NQT/GTP or someone looking for a second appointment, and welcomes those offering a commitment to the extra curricular programme and tutoring at Epsom.
Epsom College salary scale: accommodation normally available.
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China Economy Chartroom 2010 - Classroom Posters
We’ve just updated our China Economy Chartroom classroom poster set. It provides charts using the latest public data on the key economic variables in China together with some profiles of China’s phenomenal consumer and industrial growth in recent years.
read more...» •Emerging Economies - •China Economy - •Global Economy - •International Trade -
Tags: china, chinese economy
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The Keynes and Hayek Rap
If you havent watched this yet, do give it a go! A tremendous reaction amongst the Economics teacher community about this very funny rap on Keynes versus Hayek! Your students will love this!
read more...» •Keynesian Economics - •Recession Watch! - •Teaching of Economics -
Tags: keynes, hayek
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Teaching Vacancy - Cheltenham College
Another opportunity to join an excellent Economics department - this time with our good friends at Cheltenham College. This vacancy will appear on TES at some stage next week, but please do mention that you saw it on tutor2u if you apply.
From Cheltenham College:
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Job Vacancy: for September 2010
This is an opportunity to teach A Level Economics in an expanding department and to play a full part in Cheltenham College’s pastoral and extra-curricular life. The willingness to teach Business Studies as well would be an advantage. The role will suit either an NQT or more experienced teacher.
Please download full details and an application form from our website:
Closing Date: Wednesday 10 February 2010
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Revision presentation - fixed and floating exchange rates
This updated revision presentation explains the difference between fixed and floating exchange rates.
Launch revision presentation on fixed and floating exchange rates
Download printable handout (pdf) of presentation slides
•Exchange Rates -
Tags: dollar, exchange rates, yuan, floating exchange rate, fixed exchange rate
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A selection of economics revision presentations
We are adding new streamed presentations to the Economics blog each week. Here is a selection of some of our most popular revision presentations from recent months. Please select from the list of related posts shown below.
read more...» •A2 Micro - •AS Macro - •AS Micro - •Teaching of Economics -
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Get interactive with the US Economy
You’ve just got to love interactive graphics like this one. Updated every month, this looks amazing on an IWB too. A nice touch - top right hand corner provides a brief explanation of the economic data variable being charted.
•OECD Economies - •US Economy -
Tags: us economy
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Macroeconomics seminar with Andrew Sentance
On Thursday 11th February the Keynes Society hosts Dr Andrew Sentance from the Monetary Policy Committee of the Bank of England for a one hour seminar on the current state of the UK economy and prospects as we head into 2010. Colleagues who wish to come along and perhaps bring some of their students are very welcome. We are not ticketing this event. Later on the same night (8-40pm) the Entrepreneurship Society hosts Tony Fernandes, Founder and CEO of Air Asia. So there is the chance for a double-header (this meeting is being ticketed as we expect to be full). Please if you are considering coming along.
The end of an era for a public good - and economics textbooks?
For years, lighthouses have been given as a classic example of a public good – their beaming lights are non-rival, as one ship benefitting from them doesn’t diminish their usefulness to all other shipping, and non-excludable, as their benefits cannot be reserved only for those who have contributed to paying their costs. It would be almost impossible to avoid the free-rider problem (although enterprising students often try to come with suggestions for this). And it would be very difficult to charge each beneficiary for their use of the light, so there is little possibility of running them at a profit.
Many economics textbooks have illustrations to demonstrate this, some with delightful photographs of lighthouses and others with diagrams illustrating the non-rival and non-excludable nature of the beam of light. They have therefore been very useful to economists as well as to shipping, as good examples of pure public goods are very hard to find – but they are about to disappear.
read more...» •Market Failure - •Public Goods -
Tags: dynamic efficiency, public goods, non-rival, marginal social benefit, non-excludable, free rider problem
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Revision Presentation - A Question of Confidence
This new revision presentation examines the implications of changes in consumer and business confidence for the UK economy
Launch revision presentation on a Question of Confidence
Download printable slide handouts
•Aggregate Demand - •Capital Investment - •Consumer Spending - •Macroeconomic Policies - •Supply-side policies - •Recession Watch! - •UK Economy -
Tags: consumer spending, savings ratio, business confidence, consumer confidence, capital investment
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