Unit 3 Micro: Revision on Fixed and Variable Costs
Updated: 2012-03-31 20:22:52
Why is the distinction between fixed costs and variable costs not always clear?- Why is the distinction between fixed costs and variable costs not always clear?
Unit 2 Macro: Revision on Index Numbers
Updated: 2012-03-31 20:22:52
What are index numbers and why do economists use them?Unit 2 Macro: Revision on Capital Investment
Updated: 2012-03-30 11:26:31
Here is a planned answer to an exam question
“Explain two factors that are likely to affect the level of aggregate investment.”The effect of the minimum wage and getting a foot-long Subway!
Updated: 2012-03-30 11:26:29
Because each of the 50 states in the USA has its own laws, it can provide rich sources of data on a number of different topics, something exploited by the Freakonomics crew. Here is another example that I’m sure that students will be able to relate to – the effect of different minimum wage laws on the availability of foot long sandwiches from Subway.Unit 1 Micro: Brazilian coffee buffer stock hit by falling prices
Updated: 2012-03-29 19:24:09
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Updated: 2012-03-29 11:23:21 For several years the European Union Competition Commission has been targeting the oligopolistic mobile phone industry accusing it of damaging consumer welfare with high roaming charges when people are travelling and working within Europe. Yesterday marked another landmark in the battle between the regulators and the industry.Global Economy- the 2012 BRICS Summit
Updated: 2012-03-29 11:23:20
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Updated: 2012-03-29 11:23:18 The recession and weak recovery is bringing about important employment and income distribution effects among different generations in Britain. The externalities of a slump are never uniform and I hope that good examiners at AS and A2 level will always reward students who bring comments and arguments about equity / fairness into their evaluative discussions. Recently there has been increased media coverage of the inter-generational effects of the financial crisis and the recession.Blanchflower calls for more action to address youth jobless crisis
Updated: 2012-03-29 11:23:17
Professor David Blanchflower didn’t pull his punches when he was a member of the Bank of England’s Monetary Policy Committee and he is making his mark once more with an attack on what he views as the Coalition government’s lacklustre approach to tackling youth unemployment. Blanchflower is reported in the Guardian as wanting zero national insurance contributions for employers who take on younger workers in depressed regions and localities. And he wants greater investment in vocational education in schools and colleges with the school-leaving age raised to 18.Life in the Slow Lane - UK Growth in 2011 Lags the Euro Area
Updated: 2012-03-29 11:23:15
Newly published and revised figures for growth in the UK economy show that output fell by 0.3% in the final three months of 2011, and that, over the year as a whole, real GDP in Britain climbed by a paltry 0.7% during the year as a whole. To put that into context, the crisis-ridden Euro Zone achieved growth of double that largely because of a strong performance from Germany.
Output in the UK remains well below the peak before recession engulfed the economy in the autumn of 2008. In the charts and links below we track some of the key economic indicators as the country stuggles to achieve a durable and resilient / robust upturn.George Buckley at the Millfield Economics Society
Updated: 2012-03-29 11:23:12 Millfield’s Economics Society was privileged recently to welcome George Buckley, Deutsche Bank’s Chief UK economist, to the school to deliver a lecture on the current state of the UK economy. Laura Dearman reports on his talk and the issues raised in discussion.CFP: Bricolage in Art and Entrepreneurship
Updated: 2012-03-28 22:15:44| Peter Klein | Bricolage — doing the best you can with the materials on hand, rather than choosing and end and getting the resources you need — is an important concept in the contemporary entrepreneurship literature. Garud and Karnøe’s influential 2003 paper on the Danish wind power industry helped bring bricolage into the mainstream, [...]Beyond the Bike - Monetary Policy in Africa
Updated: 2012-03-28 11:30:56
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Updated: 2012-03-28 01:37:36
An interesting article from the BBC stating that Royal Mail are hiking up the price of their postage stamps despite the current economic climate. An article worthy of discussion in any lesson but especially when teaching the law of demand, pricing strategy, production costs, efficiency, technological change, inflation or just as a Case Study for Royal Mail.Did the Bank of England cause the boom and bust?
Updated: 2012-03-27 17:27:36 What contributed to the boom and bust?
Many answers might focus on the reckless behaviour of lenders and borrowers; or irresponsible fiscal policies set by politicians who believed that the days of boom and bust were over. But to turn the question on its head, you could ask if “to what extent did Central Banks play a part in the debacle”?IEA Essay Competition
Updated: 2012-03-27 17:27:35Username 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 BlogUnit 4 Macro: Evaluating 3 Years of Quantitative Easing
Updated: 2012-03-27 17:27:34
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Updated: 2012-03-26 16:49:39 An update for colleagues helping students prepare for the OCR A2 Economics Unit F585 The Global Economy exam in June 2012. Geoff and the team have just completed their superb F585 June 2012 Revision Toolkit. We’re posting it to all colleagues who have made a pre-order. I think this is the first time we’ve been able to get the resource completed by the end of March - and Geoff and the team have done another fantastic job providing comprehensive analysis of the pre-released stimulus material. It really is a cracker.
The OCR A2 Economics Unit F585 The Global Economy June 2012 Toolkit can be ordered online here. or by downloading and sending us this printable order form.Free Trade Agreements
Updated: 2012-03-26 08:36:11 Given the return to protectionist strategies that we have seen post -financial crisis as governments seek to protect their domestic economies, it is interesting to see a number of free trade agreements being discussed this week. To aid with application and context, pupils might be interested to read about the following agreements that have been in the media this week between
UK and South Korea
USA and South Korea
Canada and Japan
Given this context, for revision purposes it might be worth considering the macroeconomic consequences of such deals and use this to contrast against the reasons for, and consequences of protectionist strategies.Economics at Easter - econoMAX
Updated: 2012-03-25 16:34:28 The latest edition of econoMAX - tutor2u’s digital magazine for A Level Economics Teachers and Students - is now available…Minimum beer prices, May not be the solution for binge drinking.
Updated: 2012-03-24 01:55:54 Teresa May has copied Nicola Sturgeon’s proposals for minimum prices of alcohol which appeared in Scotland last year. Last year’s budget had significant increases in excise duties on stronger beer, lager and cider.
This resource from the Centre For Policy Studies may help pupils and teachers to evaluate different forms of government intervention and their effectiveness.The minimum alcohol price debate
Updated: 2012-03-24 01:55:53
The news that the government plans to introduce a minimum price per unit of alcohol is clearly a great item for discussion with AS Microeconomic students looking at government intervention policies for reducing the consumtpion of demerit goods.The Socialist Car
Updated: 2012-03-23 14:32:22
| Peter Klein | I blogged previously about Lewis Siegelbaum’s 2008 book Cars for Comrades: The Life of the Soviet Automobile (or, more precisely, Perry Patterson’s EH.Net review). So I need to say something about the follow up, The Socialist Car: Automobility in the Eastern Bloc (Cornell University Press, 2011), an essay collection edited by [...]Teaching Vacancy - Head of Economics and Politics at Merchant Taylors’ School
Updated: 2012-03-23 13:09:55 A simply fabulous opportunity to be Head of Economics and Politics Vacancy at Merchant Taylors’ School. Details below.Economics Teaching Vacancy - Assistant Master for Economics - Winchester College
Updated: 2012-03-23 13:09:54 Many thanks to the Econ team at Winchester for letting us know about this excellent teaching opportunity:UK manufacturing - GlaxoSmithKline invests in 1,000 new jobs
Updated: 2012-03-22 13:02:53 Another item of interest to those involved in research for RES essays - yesterday Glaxo said it will invest £500mn in a biopharmaceutical facility in Cumbria, which will be its first new UK factory for 40 years. I will leave individual students to research this for themselves and work out how they can use it!Austerity - Portuguese experience
Updated: 2012-03-22 13:02:52Username 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 BlogBudget 2012 - analysis with evidence
Updated: 2012-03-22 13:02:51Username 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 BlogSolar Panels and Tariffs
Updated: 2012-03-21 13:01:45
The US and China rely heavily on each other for trade but retaliatory protectionist policies continue to be a recurring theme between these two nations that prevent the free movement of goods and services between the two countries. Allegations that the undervalued Yuan gives an unfair advantage to Chinese exporters, twinned with high US unemployment has led to protectionist American responses and a tariff (tax on imports) on Chinese solar panels to protect this strategic and growing industry. The move followed a review by the US Commerce Department which in a preliminary decision claimed that Chinese firms are benefiting from unfair export subsidies.Where does my money go?
Updated: 2012-03-20 18:11:24Username 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 BlogWhich is the world’s biggest employer?
Updated: 2012-03-20 09:45:44 One of my favourite little statistical gems has always been the claim that the NHS is the world’s third largest employer, after the Indian Railways and the Chinese army, so it is deeply disappointing to find that this is not true - it’s actually only the fifth on the list with 1.7 million staff.
Ahead of the NHS are McDonalds’ global workforce in 4th place (1.9 million), Walmart, including Asda in the UK in third (2.1 million), the Chinese army 2nd with 2.3 million and, at the top of the table, the US Department of Defense with a whopping 3.2million staff - although only 1.6 million of these are on active service,with the rest in civilian and other support roles.UK leads the world in commercial use of the internet
Updated: 2012-03-20 01:44:57 How important is the’ internet economy’ as a contributor to UK GDP? According to a study by the Boston Consulting Group, it contributes 8.3% of our GDP, which is a larger proportion than in any other of the G20 economies. The report’s author told the Today programme this morning that this was down to the UKs “great broadband infrastructure” and that British business has taken to the internet and is exporting around the world, “leading the world in e-commerce”. You can hear the interview with him here.Cambridge Economist Schools’ Article Competition 2012
Updated: 2012-03-19 17:43:59 Thank you to former student Arjun Bali who flags up this new competition for budding Economics journalists being run by the Marshall Society at the University of Cambridge. Click here for detailsInvitation to a lecture at RGS Guildford on Wednesday evening
Updated: 2012-03-19 17:43:58 Staff and A2 students who live in the Guildford area might be keen to attend a lecture at the The Royal Grammar School on Wednesday evening. The topic is rail privatisation; further details have been provided by Paul Bridges, Head of Economics there:Unit 1 Micro: The Tax on Beer
Updated: 2012-03-19 17:43:57 In the lead up to the 2012 Budget, this short BBC news video clip looks at the cost of a pint of beer and claims that some brewers have weakened their beer to avoid the higher excise duty on higher-strength drinks. There is a neat explanation of the breakdown of beer costs and students may be surprised to find out the amount of tax they pay if they drink a pint! About 95p from every pint goes to the government.
Higher taxes have been one factor bringing down consumption levels. There has been a 13 per cent decline in alcohol consumption per head in Britain since 2004. The percentage of men aged 16-24 who drank more than 21 units per week has fallen from 32 per cent to 21 per cent from 2005 to 2010
Here is the link And here is the related article from the BBC’s John MoylanIs China’s Bubble Sustainable?
Updated: 2012-03-19 17:43:55 Here is a slideshare of a presentation I gave to the Economics Society at St Catharine’s College, entitled “Is China’s Bubble Sustainable?”.
China's Bubble Cambridge Lecture MT View more presentations from MoTanweerCapabilities and Organizational Economics Once More
Updated: 2012-03-18 14:54:29| Nicolai Foss | As readers of this blog will know, the dialogue between the firm capabilities literature and organizational economics has a long history in management research and economics. Co-blogger Dick Langlois has been an important contributor in this space. The forty years long discussion (dating it from George B. Richardson’s 1972 hint that his newly coined [...]Economists, (Hard) Data, and (Soft) Data
Updated: 2012-03-17 15:51:14| Nicolai Foss | Economists have typically been suspicious of data generated by (mail, telephone) surveys and interviews, and have idolized register data. The former are soft and mushy data, the latter are hard and serious ones. I have always been a bit sceptical regarding whether the traditional economist’s suspicion of soft data is really that [...]Unit 1 Micro: Inequality - The Rise of Fuel Poverty
Updated: 2012-03-15 19:32:54 A new report headed up by Professor John Hills from the LSE highlights the growing risks of fuel poverty facing millions of people in the UK and especially those living in lower-income families. At present, the definition of fuel poverty based on whether a household needs to spend more than 10 per cent of its income each year on energy. But this measure has been criticised because it ignores the significant seasonal variation in energy bills and the financial distress that a really large bill can have on people with little or not savings to fall back on.Unit 2 Macro: Seasonal and Structural Unemployment
Updated: 2012-03-15 19:32:52 This news video from the BBC focuses on a man who has been out of work for over two years in the seaside town of Weston-super-mare a town dominated by tourist businesses where employment is highly seasonal. It provides a strong short case study in the problems of people who have been out of paid employment for a long time. Watch the piece here
Channel 4 news have a special section on the unemployment crisis in the UK economy. Follow this link for fresh teaching and studying resources on unemployment. Follow this link for the Channel 4 News Jobs ReportMichael Sandel at the LSE
Updated: 2012-03-13 01:53:13 On Thursday, I was fortunate enough to get a ticket to see Michael Sandel speak at LSE. I have attended several events at LSE in the past two years and this was, by some margin, the best I have seen. Michael was delivering the first of three lectures and the subject for discussion was whether bankers should be paid more than nurses. Although this type of discussion is commonplace in our classrooms, Michael’s background as a philosopher meant that the event had me thinking about the issue in new ways. The style used relies almost entirely on contributions from the audience and makes it difficult to summarise but what follows is my best effort.Unit 1 Micro: Government launches New Buy Loan Guarantee Scheme
Updated: 2012-03-12 17:52:46
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Updated: 2012-03-12 17:52:45 With the Easter holidays and key revision period not too far away, economists with exams approaching may find the excellent youtube channel of Phil Holden useful. My pupils find these clips concise with clear explanations and they act as a useful revision tool for a variety of AS/ A2 micro and macroeconomic topics. I’m sure colleagues have come across this before but if you haven’t then it’s well worth spending some revision time on this linkLazear and Spletzer on Creative Destruction
Updated: 2012-03-12 16:25:46| Peter Klein | What labor economists call “churn” is an important part of creative destruction, the combining and recombining of productive resources as business entities appear and disappear. New paper: Hiring, Churn and the Business Cycle Edward P. Lazear, James R. Spletzer NBER Working Paper No. 17910 Issued in March 2012 Churn, defined as [...]Creative Destruction and Product Innovation - Some Video Resources
Updated: 2012-03-11 19:52:10 Discussing innovation and Shumpeter's creative destruction recently, we had some fun in class digging up these adverts from the 80s for what was then cutting edge technology. Look at the mobile you have now, and check out the brick back then, not to mention the price nor the battery pack that you had to lug around with you - as the blurb says "Look at the size and look at the price! They were heavy, the battery life was short, and the per-minute rate was prohibitive. But hey, let's take it to the beach and chit-chat!" Enjoy!Unit 4 Macro: Video Resources on the Euro Crisis
Updated: 2012-03-10 09:22:59 Here is a selection of news video resources that I have been using when teaching the economics (and politics) of the Euro Zone crisisEvidence of the dangers of protectionism
Updated: 2012-03-10 09:22:58 One of the dangers for a country implementing protectionist measures is the risk of retaliatory action. We have only to look at US-China trade relations to find plenty of evidence for this. The US objects to what they see as a Chinese policy of deliberately holding down the value of the yuan in order to boost Chinese exports. However, in addition to this they also object to government subsidies which the Chinese government give to some of their producers in order to help lower their production costs and so make their goods even more competitive in world markets.Unit 4 Macro: Enlarging the EU
Updated: 2012-03-10 09:22:56 Here are some links to video resources on prospects for further enlargement of the European Union single market.Unit 2 Macro: The $1-a-day Statistic
Updated: 2012-03-10 09:22:55 Here is a superb piece from Ruth Sutherland on the BBC news website on the background to the creation of the $1 a day benchmark for people living in absolute poverty. Much progress has been achieved why has the $1-a-day figure had to change and what have been the unintended consequences of a heavy policy focus on this number?Unit 1 Micro: Unintended Consequences of the Smoking Ban
Updated: 2012-03-10 09:22:54 Here is an example of the law of unintended consequences where unlikely side-effect is a thoroughly welcome positive spillover effect. Researchers are finding that the number of premature births and exceptionally under-weight babies in Scotland is falling - watch this video - and then consider why this might be happening.
Scotland was the first country in the UK to ban smoking in public places, followed by Wales, Northern Ireland and England in 2007. Several years on, nearly one-in-five of mothers to be still smoke - how sad.Unit 2 Macro: Policies to Drive Economic Recovery
Updated: 2012-03-10 09:22:53 We were looking today in AS macro at the policy options being considered as part of a strategy to drive a stronger recovery in demand, output, jobs and investment in the UK economy.
I am trying to encourage my students to put things into context as soon as possible in their longer essay-style questions. Here are some thoughts on a question on policies designed to bolster growth:Unit 2 Macro: News Videos on the German Economy
Updated: 2012-03-10 09:22:52 Germany is always an economy worth looking at by students keen to deepen their awareness and understanding of the European economy. There has been a number of good background news stories on the changing centre of gravity in the German and the EU economy and in this blog I am providing links to some of them - all ideal for prompting discussion in the classroom.TED Talks- Income Inequality
Updated: 2012-03-08 23:05:55 I’m going to use Richard Wilkinson’s very interesting TED talk about the serious negative effects of income inequality in my lesson tomorrow about income distribution. Read on to find out about this video and how I will use it to aid classroom discussion of this topic.Confusing merit and demerit goods!
Updated: 2012-03-08 23:05:54
Two legs bad, four legs good as the animals would say. Demerit goods bad, merit goods good as the economists would say. And it is generally accepted that cigarette smoking is a demerit good and education is a merit good. But unfortunate placement of advertising on a school bus meant that the message was not quite what was intended!Making the most of Edexcel ResultsPlus
Updated: 2012-03-07 23:02:50 Read on to find out how to print out individual grade reports for all your students using the complete results spreadsheet you can download from ResultsPlusFirst Copies of the New Book
Updated: 2012-03-07 22:48:46
| Peter Klein | Nicolai was in town yesterday to deliver the 2012 Sherlock Hibbs Distinguished Lecture in Economics and Business, and he gave a terrific talk about “open entrepreneurship,” the application of concepts and principles from the open innovation literature to the discovery, evaluation, and exploitation of entrepreneurial opportunities. Upon returning to my office [...]Unit 1 Micro: 50 years of anti-smoking campaigns and awareness
Updated: 2012-03-07 01:47:32 No one is in any doubt that smoking kills and for half a century the Royal College of Physicians has been warning of the damaging health consequences of nicotine consumption and addiction. They continue to campaign for higher prices and tougher laws on advertising and packaging to curb consumption - even today one fifth of the adult population smokes. Smoking continues to kill around 100,000 Britons each year and unless smokers give up their habit, 100 million years of life will be lost in the UK, according to experts. Channel 4 news reports on changing social norms and the battle to change behaviour. A good historical perspective on information gaps.Unit 2 Macro: Focus on UK Manufacturing
Updated: 2012-03-07 01:47:31 There have been lots of stories in recent days about the future for UK industry / manufacturing - here is a selection of audio and video links:Hayek on Schumpeter on Methodological Individualism
Updated: 2012-03-06 05:32:47| Peter Klein | Our QOTD comes from the 2002 version of Hayek’s “Competition as a Discovery Procedure.” (Thanks to REW for the inspiration.) Hayek delivered two versions of the lecture, both in 1968, one in English and one in German. The former appeared in Hayek’s 1978 collection New Studies in Philosophy, Politics, Economics, and [...]Unit 1 Micro - Labour Migration and the Economy
Updated: 2012-03-05 13:52:49 In microeconomics this week we are looking at issues relating to net inward migration into the UK labour market. I have linked below to some recent news videos on this topic that have acted as a prompt for discussionRevision Toolkits for Economics & Business Pre-Released Case Studies - Summer 2012
Updated: 2012-03-05 13:52:47 Our popular revision toolkits for a range of pre-released case studies in Economics and Business Studies units are now available to order. Some are already available and the rest will be despatched once complete in the next 2-3 weeks. The follow resources can now be ordered:
AQA BUSS4 Section A Takeovers and Mergers 2012
AQA Applied Unit 3 - Summer 2012
OCR A2 Economics Unit F585 June 2012
Edexcel A2 Business Unit 4a Toyota
OCR GCSE Business Unit 3 (J293) Summer 2012
OCR GCSE Economics Unit 593 Summer 2012
OCR AS Business Studies Unit F292 Summer 2012
OCR A2 Business Studies Unit F297 Summer 2012
OCR Applied Business Unit F242 Summer 2012
OCR Applied Business Unit F248 Summer 2012Adapt or Die - Lord Bilimoria and the Cobra Story
Updated: 2012-03-04 16:17:53
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 BlogUnit 4 Macro: Sovereign Wealth Funds
Updated: 2012-03-04 16:17:51 Students of A2 macro will no doubt becoming increasingly familiar with coverage of sovereign wealth funds in their study of global economics, trade, investment and currency developments. A sovereign wealth fund is a government or state run investment fund usually created by supernormal profits from natural resources such as oil, gas or minerals. Here is some brief background on them:Unit 1 Micro: Breaking Down the Cost of Gas
Updated: 2012-03-04 16:17:50 High gas prices impact on millions of households whose energy bills have soared in recent years and have led to a steep increase in fuel poverty among lower-income families. Studying the market for gas is interesting from a micro-economic perspective and a recent article in the Times (covered by a paywall) provided an overview of the breakdown of the cost structure of a typical energy bill from suppliers such as British GasUnit 2 Macro: Might Oil Prices Bring another Recession?
Updated: 2012-03-04 16:17:48
The international price of crude oil has been rising strongly in recent weeks and threatens to be an external factor driving an already weak Euro Zone and UK economy back into recession.Economies hooked on central bank stimulants?
Updated: 2012-03-04 16:17:47 Three years ago Andrew Sentance was one of the 9 members of the MPC who voted for the extraordinary measures of bringing base rate down to 0.5% and creating the new stimulant of Quantitative Easing in an attempt to bring the economy around. In today’s Sunday Telegraph he recalls why he voted for them at that time, and explains why he thinks that they must be gradually withdrawn now from an economy which has become dependent on them for its survival.Mortgage interest rates, LIBOR and game theory
Updated: 2012-03-03 21:44:59 This morning’s headline on BBC Breakfast was the news that yesterday RBS raised the interest rate on three of its mortgage products by a quarter of a percent to 4%. Three days ago the Halifax wrote to its mortgage holders saying that it intends to raise the cap on its Standard Variable Rate (SVR) to 3.75% above base rate, rather than the current 3%. As the Telegraph reports, although this doesn’t guarantee that Halifax would raise the rate itself, brokers”… believe otherwise and suggested that this would soon happen for a million Halifax borrowers” – and the BBC are now reporting an expectation that the Halifax will announce a rise in the SVR with effect from 1st May. For A level economists this story has several implications.