| Peter Klein | An illuminating passage from James Ridgeway’s 1968 book The Closed Corporation: American Universities in Crisis, a scathing critique of the university-military-industrial complex. Note the cameo by Jim March: [University of California officials Ralph W.] Gerard and [R. Dan] Tschirgi are computer fetishists who insist information is knowledge, and that the function of a [...]
| Peter Klein | Jeremy Freese to his fellow sociologists: Jeremy Lin’s favorite course at Harvard was Sociology 128: Methods of Social Science Research. Nevertheless, he majored in economics, so your department cannot staple his face to its “What Can You Do With A Sociology Major?” poster. (If you don’t get the headline, ask the [...]
A summary of the highest and lowest paid jobs in the UK labour market can be found here. I often use this data and resource links as starting points for discussion introductory labour market economics for EdExcel Unit 1 and it might also be handy for AQA Unit 3 economics.
Preparations are well underway for our series of A2 macro revision workshops at different locations in the UK and overseas during March and April. Bookings can still be made using this link
There are five main sessions during the day
1 Prospects for the UK Economy
2 Monetary and Fiscal Policy Economics
3 Trade Imbalances and Exchange Rate Economics
4 The Euro Zone Crisis
5 Session Focusing on Exam Technique
The AS Macro (Unit 2) Revision Workshops are just a few weeks away and preparations are in full swing for the series of events in our UK venues and also in Spain (Madrid) on April 13th. The day is split into five sections.
1 Recession and Recovery – Understanding the Economic Cycle
2 Inflation and Unemployment – Conflicting Objectives?
3 Monetary Policy and Economic Performance
4 Fiscal Policy and Supply-side Policies
5 Special session on Exam Technique in AS macro
Bookings can still be made using this link An updated presentation for A2 microeconomics on some economic aspects of trade unions in the UK is now available through slideshare
Username Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Online tutoring Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog We have followed Stephen Stubbs on the economics blog before. This committed man from the north-east of England has been out of work for more than a year and had filed nearly two thousands job applications in a concerted and lengthy pursuit of a fresh job. What marvellous news it is that he has found work with the student loans company. Here are two videos that tell the story of his long and difficult pathway to finding new work. Here is a selection of short news video resources on trade unions in the UK I am teaching trade unions as part of our study of labour markets in the UK and the rest of Europe. This data from Timetric tracks the number of days lost from industrial disputes / stoppages and is always useful in providing historical context. Data on UK trade union membership can be found here
* Trade union density for employees in the UK was just 26.6 per cent in 2010
* Trade union membership levels for UK employees was 6.5 million compared with 2009. Across all sectors of the economy, just under half of UK employees (46.1 per cent in 2010) were in a workplace where a trade union was present
* The hourly earnings of union members, according to the LFS, averaged £14.00 in 2010, 16.7 per cent more than the earnings of non-members (£12.00 per hour) Here is a one minute news clip packed with nuggets of good business economics. Profits have more than doubled at German car-maker Volkswagen after the company delivered a record number of vehicles last year. It delivered more than 8.2 million vehicles, up almost 15% on 2010. Listen and watch for information on their acquisitions and competitive strategy especially when targeting fast growing markets in emerging economies especially China, India and Brazil. Here is a lovely three minute Newsnight video featuring Hans Rosling on the convergence in income per capita and health outcomes between China and the UK. Great presentation. The award-winning journalist Paul Mason provides this video report on low pay for hundreds of thousands of people who work for the big four supermarkets. I use this video when teaching monopsony power in the labour market. For many people, supermarket workers’ wages are being supplemented by state benefits such as child tax credits Rugby League legend Kevin Sinfield and Leeds Rugby CEO Gary Hetherington are speaking at the Eton College Sports Society on Monday 27th February starting at 8.40pm. If anyone is in the vicinity and would like to come to the meeting please feel free to do so. Entry is free, please contact me if parking is needed. It should be a great chance to discuss the business of professional rugby in one of the toughest sports in the world. A fortnight ago I spoke at an event organised by the Government Economic Service and the Bank of England on the teaching of Economics in schools and universities.It was a really interesting day and in this article Diane Coyle, Managing Director of Enlightenment Economics draws together many of the threads of discussion and debate. I’ll be writing up my own commentary after the weekend. Karan Bilimoria, Founder of Cobra Beer is speaking at the Eton Entrepreneurship Society on Thursday 1st March starting at 8.40pm. If anyone is in the vicinity and would like to come to the meeting please feel free to do so. Entry is free, please contact me if parking is needed. Economics is a social science involving the study of human behaviour. we know that binge drinking is an economic and social issue that probably requires a range of policy interventions to address effectively over time. This BBC news magazine article offer ten policy prescriptions - students can easily add to the catalogue - but provides a really good example of how to build good evaluation into an AS micro market failure / government failure question. Another great piece of work by the team at the Guardian here using Xtranormal. This one tries to explain the current situation regarding the Greek debt deal. Is it over? Sorted? maybe not… The Confederation of British Industry is a lobbying organisation and seeks to promote and protect the interest of many of the UK’s leading businesses across manufacturing and services. Ahead of the March Budget, their head John Cridland argues in this video for a series of targeted tax cuts as a stimulus for the economy. This is worth watching to get a feel for what are the priorities of business at this stage of the cycle. How much different would it be if the interviewee was representing the trade unions?Username Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog Give It A Go Blog Students are often asked to weigh up policies to limit the over consumption of demerit goods like alcoholic drinks. This BBC article cited by Ben White considers some of them.
Most governments have used a combination of policies with varying levels of success. One policy option is the use of variable rates of Excise Duty. The March 2011 budget resulted in a rise in the duty on strong beers (above 7.5% alcohol) of 25%, and the duty on weak beers (below 2.8%) cut by 50%. Last week David Cameron called binge drinking a “scandal” and referred to the negative externalities that are incurred by 3rd parties - in this case the NHS, to the tune of £2.7bn a year. He pledged to introduce drunk tanks whilst there are plans for a minimum price for alcohol. Exclusive news of a temporary teaching opportunity to work alongside the superb Econ team at Oundle… Here is a new macroeconomic board drawing together news flow on key developments in the European Union economy as the continent struggles to overcome the financial, political, economic and social crisis: Pinterest European Economy Board Here’s 10 examples of people in the US who once found their skills in great demand but for various reasons once the bubble burst they have found it impossible to find work again and so join the increasing ranks of the long term unemployed. This is a remarkable video featuring Geoff McCormick, director of UK design firm The Alloy that looks inside an iPhone at the component parts. Each and every iPhone contains thousands of patented components, ideas, designs and processes. Fantastic when teaching about the economics of intellectual property and the patent wars dominating the courts. I am putting together a new Pinterest board on developments in the UK economy - it can be found here If any teaching colleague would like to collaborate and help maintain and grow the board please let me know. Paul Ormerod blogs here about the growing academic interest in cooperation between businesses and within our economic system. Our discipline will move towards embracing cooperative strategies between agents in markets because often it provides a way to reduce the fragility of businesses and economic systems in an age of systemic shocks and threats. Paul links to another really interesting blog by Ed Mayo. For those of you who missed this week’s panorama “Poor America” it is well worth 30 minutes of your time. Students often assume that a high GDP per capita always leads to the good life for all- this programme highlights inequality well.
Video clip: Poor America: ‘Some kids are making ketchup soup’
The Panorama programme on America’s poor is available to view for the next 12 months - click here: Username Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog Give It A Go Question six in this year’s competition is likely to prove highly popular. “‘Is austerity the best way out of the debt crisis?”. Just to clarify for students already engaged in research for this question, the answer does not have to be specifically related to the UK but it would be fine to focus on the UK. The debt crisis extends to many parts of the world economy and students are free to adopt any approach they choose. The judges will always credit an interesting and relevant approach to the question drawing on debt issues facing one or more countries. At the World Traders’ Tacitus lecture last night, Terry Smith proposed a return to the provisions of the Glass-Steagall Act in order to reform the banking sector. The title of his lecture was ‘Is Occupy right?’, and while he clearly didn’t go along with some of the propositions of the Occupy movement, such as the imposition of a financial transaction tax, he did say that they have a serious point to make about the financial system.Username Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog Give It A Go BlogUsername Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog Give It A Go Blog Joe Lynam reports for BBC Newsnight on prospects for the UK economy - an excellent short feature on attempts to grow the economy and achieve a re-balancing towards exports and investment. See also BBC news: Bank of England says UK economy ‘to zigzag’ this year
Here are some notes from watching and listening to the Bank of England Inflation Report press conference. As always there was much for students of macroeconomics especially those keen to pick up some of the key thoughts of policy makers as we strive to achieve a sustained recovery.
How better to say “I love you” than with an economic model? There is something for every economist here with PPC’s, diminishing (or lack thereof) returns, game theory, natural monopoly, elasticity and more.
| Peter Klein | Google’s ebookstore now contains deeply discounted versions of several Edward Elgar books (which are usually priced for library use), including my Elgar Companion to Transaction Cost Economics ($48) and the Foss-Klein product Entrepreneurship and the Firm: Austrian Perspectives on Economic Organization ($31.20). Nicolai’s greatest hits collection Knowledge, Economic Organization, and Property [...]
The 2012 essay competition for sixth form economists run by the Royal Economic Society is well underway. This year we have six essay titles that all encourage independent research and which provide an opportunity for students to showcase their understanding of economics, take evidence and come to reasoned conclusions. Posters have been sent out to over two thousand schools and colleges and some entries have already arrived! A nice little clip to use when highlighting the concept of factors affecting demand. Get the mini white boards out to start drawing shifts and movements. Can use similar clips with Michael Jackson and Amy Winehouse. For the majority of university admissions tutors, their main concern is your intellectual / academic potential, commitment, curiosity and passion for your chosen subject disciplines compared with other students applying for a course. One admissions tutor said: “we look for intellectual curiosity and a wide-ranging view of the subject, i.e. not just focused on the UK.” Good advice, show awareness of the big changes happening in the world! Here is my latest updated version of conditional offers in Economics for a wide range of UK universities. I am grateful to colleagues from many schools who have helped with recent news of conditional grade offers. I am happy to revise as and when new information becomes available Here is a great little article on the Today programme’s website by Evan Davis, looking at the relative merits of Plan A - Austerity - vs Plan B - government spending. He takes the arguments of Jonathan Portes, director of the National Institute of Economic and Social Research, who believes that what’s required at the moment is a short term, temporary fiscal stimulus to boost output and jobs and of Roger Bootle, managing director of Capital Economics, who thinks it would be dangerous for the government to divert from its Plan A of spending cuts. 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? A selection of recent news clips linked to the concept of public goods
Flood defence
Lighthouse protection
Speed cameras
Private prisons
Fireworks in Oban
| Peter Klein | Brainstorming appears in many strategy, entrepreneurship, and leadership texts, often mentioned in passing with the implication that it’s a great tool for group decision-making. But the research literature suggests a more circumspect attitude. Indeed, this week’s New Yorker features an interesting and informative essay on some of the latest results: The underlying [...] This is a great activity my HoD Luke McIlvenna did today with our mutual Lower Sixth Economics Class, which helped them to develop and demonstrate their understanding of aggregate supply.
: Username Passw Forgot your password Not a member Please register tutor2u Economics Business Stds Politics Intl Bacc Sociology Law Religious Stds Management History Geography Give It a Go Other Blogs Search tutor2u Contact tutor2u Latest News Buy Resources Teacher Newsletters Facebook AS A2 Blog GCSE Blog Revision Materials Economics Shop Teacher CPD Revision Workshops econoMAX Business Blog Biz Quiz Bus Studies Shop Teacher CPD Revision Workshops Business Cafe Politics Blog Revision Materials Politics Shop Teacher CPD FPTP TOK Blog IB Economics Blog IB Bus Management Blog Sociology Blog GCSE Revision Materials Shop Blog Study Notes Quizzes Blog Study Notes Strategy Blog Strategy Theory Marketing Blog Marketing Theory Finance Blog Finance Theory History Blog Geography Blog Give It A Go Superb Newsnight last night that covers:
- the working poor
- the market failure of income inequality
- the abuse of monopsony power by supermarkets
- the government failure of the National Minimum Wage vs the Living Wage
- the burden on the tax payer of the working poor
Watch it here… Some notes from the recent BBC analysis programme on the global crisis presented by Martin Wolf in which spoke to a number of 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!! The latest edition of econoMAX, our digital magazine for A Level Economics students and teachers, is now available to subscribers on the econoMAX website. Details of the latest articles below.
School / college subscriptions to econoMAX remain at just £50 per year (for the 7th year running!) - your subscription allows whole-school access and distribution of econoMAX articles, including the entire archive dating back to 2004.
You can order your subscription to econoMAX here. 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 A useful entry on the Bond Vigilantes blog on competiveness. I headed to the Bank of England today to a conference organised by Diane Coyle (Enlightenment Economics) and supported by the Bank and the Government Economic Service.
All of the sessions were full of interest and I will blog on some of the themes a little later on. For colleagues who would like to see the slides from my short talk please click on the link below Here is my regularly revised and updated selection of thirty books designed to enhance and enrich your understanding and enjoyment of Economics perhaps as part of an application process for university. I try to ensure that no author appears more than once; some books are due for publication later this spring and summer. Inevitably I have had to leave out many very good books but I stick to my thirty limit! I hope that you enjoy some of them! On 1st January this year, the EU introduced an Emissions Trading Scheme (ETS) which levies a charge on flights in EU airspace based on carbon emissions. They estimate that this will add between 2 and 12 euros to flight tickets. Airlines are required to purchase emissions permits, like utilities and heavy industry in the EU, and airlines that do not comply face fines of 100 euros for each tonne of carbon dioxide emitted for which they have not surrendered allowances. In the case of persistent offenders, the EU has the right to ban airlines from its airports. Many thanks to Stuart Foster for pointing out this nice part-time opportunity for a tutor2u economics teacher to join the thriving Economics department at John Lyon School. Need to move quickly on this one folks! Many thanks to Penny Brooks for letting us have news of this terrific HOD role for Economics/Business Studies in the beautiful Surrey countryside… Here is our weekly ten question quiz on economics and business in the news powered by Zondle. See who can get the highest score on the Space Destroyer game. Just register for free to try the quiz Here is a quick link to a guest blog on the Economist website provided by Daniel Kahneman - a handy overview of some of his key insights concerning psychological explanations for departures from rationality. Follow this link The crucial issue of how best to tackle climate change and make significant progress towards a low-carbon economy is one that gives students tremendous opportunities to hone their analysis and evaluation skills. A few weeks ago the Australian government was successful in getting through the Senate proposals for a new carbon tax and in this blog we link to some excellent video reports on the background to this decision. It has been a bit chilly in the UK for the last few days, but nothing compared to the temperatures as low as -35 which have hit parts of central and eastern Europe. Of course, they are used to far colder winters than us, and have different ways of dealing with the weather, but reliance on gas supplies from Russia for the majority of their heating fuel leaves countries including Bulgaria, Serbia and Bosnia vulnerable to disruption in that supply. Justin Rowlatt from the BBC has been investigating some of the remarkable progress being made in controlling deforestation in Brazil. The battle focuses on an area known as the “arc of destruction” and the video reports here show the impact of a government making a clear commitment to tackling the issue and backing it up with force and with incentives. I have been using this talk given at TED 2011 by Richard Wilkinson when teaching the topic of poverty and inequality and the risks that a growing chasm between low and high income groups can have for society and economic performance. Students and teachers familiar with the work of Pickett and Wilkinson and their recent book “The Spirit Level” will know well the approach that these authors take.
They use published data on inequality and link to wide differences in a range of economic and social outcomes. Their work has been criticised by many on the right, not least because their argument is strong and clear - namely that we need to reduce inequality to tackle some of society’s deepest and most corrosive problems. Is the business truly worth the astounding estimated market value when Facebook finally completes an Initial Public Offering? Will profit be paramount or will Facebook have other key objectives beyond the bottom line? Can the explosive growth of the business be maintained or will concerns about online privacy act as a major drag on revenues and profits?
The selection of news videos on proposals for Facebook provide some interesting background and asks whether Facebook can maintain their success once they become a public business. Ed Conway from Sky reflected on Twitter today that, in the last week, the Bank of England has spent more than $5 billion - more than enough to have bought the initial public offering for Facebook and kept some change into the bargain. Many thanks to tutor2u’s Amy Chapman for letting us have first news of this teaching opportunity in the lovely spa town of Cheltenham. A wonderful opportunity to teach economics and business at George Heriot’s School in Edinburgh here…
Another great infographic below, this time from mint.com, comparing all the important indicators (and the cost of a Big Mac) in an easy to digest graphic. How many strangers have you met today? Did you meet your 5-a-day stranger target? In an orchestra or dance-troup made up of a team of egos, how do they eventually perform to a high standard night after night? Here are some notes from a talk given at the RSA tonight by the renowned sociologist Richard Sennett on complex cooperation. I took many ideas from this in terms of considering teaching techniques and the use of language in the classroom. Richard Sennett was talking about some of the themes in his new book “Together: The Rituals, Pleasures, and Politics of Cooperation.”