Christmas 2010

you have plenty of revision to do over the course of the christmas break

EPC - Contestability / Competition Policy essay
JCE - Labour Market DR

use the blog to review key concepts as well as revision guides and vocab lists

introduction to critical thinking

sustainable growth

TED Talk

population growth

happy planet index

environment and development

bottom billion

supermarket sweep

dispatches

big 4 growth (bbc)

external growth

m&a special report (ft)

uk energy

uk energy (bbc)

eurozone crisis

bbc eurozone problems

uk economy overview

currency wars

ft in depth

macro rethink

stephanie flanders - credit crunch and economic thought mp3 30 mins

blog entry

busted flush july 2009

what went wrong (the economist) july 2009

the state of economics the economist july 2009

efficiency and beyond the economist july 2009

guardian keynes discussion (mp3)

flanders over the credit crunch - newsnight video 10 mins

"they mistook beautiful for truth in their models" krugman

internet monopolists

is google too powerful? (ft Video)

internet monopolists wsj

google economy

in depth - google (ft)
in depth - apple (ft)
in depth - facebook (ft)

interactive - comparing the 3 tech giants (ft)

browers battle - in depth (ft)

Price Discrimination

T2u notes

hyperinflation in brasil

hyperinflation in brasil

spending review review

bbc + more

treasury document

ifs

stef flanders

output gap graphic

wasington post graphic

regulation

evan davies on regulation

stern lecture RES 2007

part 1

part 2

part 3

part 4

press release + slides

Howard Davies Credit Crunch

Who is to blame? slides + podcast

smart solutions to climate change

mp3 lomborg

hbos lloyds merger

growth as an objective

worlds biggest companies (the economist)

evan davies on growth

cadbury kraft

Orange TMobile (BBC)

Orange TMobile (Channel 4)

government clears orange t mobile deal (ft 05/03/10)

alcohol marketing ban

tesco growth and profits

tesco interactive

tesco investor relations

tesco annual report 2009

Firm and Objectives review Quiz

t2u review mcq

Technology and Business

technology and business BBC

Inequality Krugman

spending review

Treasury page

bbc spending review page (mobile)

uk debt position october 2010 (ONS)

imf view pdf


imf closing statement on UK position october 2010

brain drain britain (guardian 30/09)

Barriers to entry

Microsoft and patents

gene patents (6 mins)

Book reviews

The return of depression economics -
Krugman
The guardian

Georgia

LA Times

principle agent problem - lehmans

Costs Review

Short Run Diminishing Returns:

notes of costs in the short run (t2u doc)

more notes (t2u)

revision notes sr and long run costs (t2u)

video and flash resources:
pj holden video on diminishing returns: part 1 + part 2

cost curves with pj holden

flash econ

returns to scale

amazon video

printing press video

t2u blog posts

short run - diminishing returns

pj holden video on diminishing returns: part 1 + part 2

cost curves with pj holden

flash econ

notes of costs in the short run (t2u doc)

more notes (t2u)

revision notes sr and long run costs (t2u)

why study economics

nyt articles

UK Economy september 2010

t2u presentations:

streamed

pdf

macro debate - krugman v ferguson

hayek on youtube

road to serfdom in 5 minutes

press review 23-08-2010

Discussion of the role of animal spirits in creating recovery. The implication is that it is not fiscal policy per se that works but the reaction of private individuals investing in future capacity that butresses in any descretionary spending - state and market synergy:

observer article 22/08/2010

fiscal fundamentalism looks at the cocept of generational accounting and how by factoring in future burdens of an aging population government debt in the UK can be seen to be 5 times GDP rather than peaking at 70% if GDP in 2014 as the government suggests:

iea publications

does uk need financial regulator

fifty economic fallacies

regulation and competition policy


http://www.iea.org.uk/files/

rta debate

regional trade discussion (lse)

eurozone latest IMF

report on eurozone (pdf)

main indicators

germany v euro (economist 07/10)

poverty: health and wealth

notes on health and wealth (bbc Scotland)

inequalities

Diminishing Returns

summer prep data response part 02:

notes of costs in the short run (t2u doc)

more notes (t2u)

revision notes sr and long run costs (t2u)

UK National Debt

UK Debt Bombshell

emergency budget

details:
treasury budget 2010

analysis:
volterra consulting budget review
bbc budget page
deloitte budget 2010
ernst and young budget 2010
budget 2010 - the telegraph
background:
uk economy in graphs

other links:
25% Vat - bootle at the telegraph
VAT explained (bbc)

cgt up - the telegraph
budget carttons by matt

double dip recession?

roubini and black swans reflect on the chance of recession in 2010



http://www.roubini.com/roubini-monitor

http://www.pbs.org/newshour/economy/makingsense/

other video stories

inflation overview ECB

ECB Inflation overview

animated thinking _RSA

RSA Videos

airline industry issues

Take a look at one of the following issues consider a presentation around the assessment objectives at A2 level: Basic knowledge and understaning / application / analysis / evaluation



1) The Structure of the Industry:
market shares / merger and takeover / entry and exit
iberia ba merger (bbc)
iberia ba merger (bbc)
1200 job cuts at ba

2) Open Skies
removal of barriers to entry / increased contestability
basics http://news.bbc.co.uk/1/hi/business/6478651.stm
open skies agreement (reuters)
http://news.bbc.co.uk/1/hi/business/7256918.stm
http://www.open2.net/money/trailers_spring_08.html#plane
oct 2007 http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article2701536.ece

3) Impact of Low Cost Airlines
Entry of new firms / innovation
ryanair and expansion (BBC)

4) Collusion Activity
concentrated industries and joint profit maximisation / government regulation and action
EU Competition Page

British Airways and Virgin Fuel Surcharge 2007:
£270m fine announced (bbc)
Q&A BA Price Fixing Investigation (BBC)
Willie Walsh Reaction (BBC video)
airlines (ba and virgin) feb 2008
ba virgin august 2007

5) Trade Union Activity
unite and BA dispute implications

6) Breaking Up BAA
problems of monopoly / government action
baa airports break up (reuters)

http://news.bbc.co.uk/1/hi/england/7622013.stm
http://news.bbc.co.uk/1/hi/business/7571733.stm
http://news.bbc.co.uk/1/hi/business/7564877.stm
http://news.bbc.co.uk/today/hi/today/newsid_7571000/7571786.stm
http://news.bbc.co.uk/1/hi/uk/7572442.stm
http://news.bbc.co.uk/today/hi/today/newsid_7571000/7571962.stm

7) heathrows third runway
capacity issues / cost benefit analysis / alternatives
guardian special investigation
thames estuary airport
website
report

8) Exogenous shocks
Revenue Cost Profit Implications / Changing Nature of Market / Complimets and Substitutes

• 9/11
• Volanic ash
• Macro Economic impacts

us unemployment

us unemployment 1950-2010 (wsj)

monetary policy - interest rate latest

world interest rates 2005-2010 (wsj)

econ revision t2u

in preparing for econ 4 find a list of key macro revison presentations here

more details in each of the areas below:

fiscal policy

unemployment + cyclical unemplyment

supply side policies

balance of payments

x-rates

trade and protectionism

krugman @ lse

Geoff Riley is correct in suggesting listening to Paul Krugman, one of the disenting voices in the run up to the credit crunch - find the approriate links and Geoffs summary of his main points here

it is particularly useful in reviewing terms such as Paradox of Thift and Liquidity Trap which slipping from the economists lexicon until the recent recession

10 key macro charts

t2u has a short presentation

10 key macro charts

use it to
1) identify observation points for data question
2) latest data on uk economy
3) think cause affect and policy

eurozone in crisis

http://news.bbc.co.uk/1/hi/business/10150007.stm

climate change

http://www.imf.org/external/pubs/ft/survey/so/slideshow/climate/index.htm


http://www.imf.org/external/pubs/ft/fandd/2009/12/index.htm

http://www.imf.org/external/np/exr/facts/enviro.htm

http://positivetv.tv/channels/topic-of-the-week/honda-hydrogen-fuel-cell-test-drive/

world interest rates

graphic (ft)

article

world currency rates

map of world currency rates (ft)

imf video

imf video

attracting fdi

credit crunch

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

greenspan discusses the crisis

development comparisons

http://www.gapminder.org/

http://www.youtube.com/user/Gapcast

measuring macro

uk map of unemployment

inflation basket

inflation in the uk

inflation since 1948

growth since 1948

recessions compared

fall and rise of th uk economy

global growth rates

crisis and economic thought (guardian 30 mins)

budget 2010

budget homepage (uk directgov) watch the budget speech (not recommended) summary (pdf)

HM treasury budget homepage

media review:

telegraph

bbc

ft

the times interactive times in depth

channel 4 challenge the chancellor

macro policy - art or science

mev king speech 22/03/10 BoE powerpoint

uk fiscal policy

budget headlines since 1998 (telegraph)

eu calls for uk fiscal tightening (bbc 03/30)

labour and conservatives discuss closing the deficit (bbc 03/10)

uk fiscal issues latest (pdf 03/10) t2u

from last month:

“The bulk of this fiscal consolidation should be borne by reductions in government spending, but that process should be mindful of its impact on society’s more vulnerable groups. Tax increases should be broad-based and minimise damaging increases in marginal tax rates on employment and investment”

1/ What is a structural budget deficit?
2/ Why do the economists favour cuts in government spending over higher taxes?
3/ Can you think of broadly-based tax increases that might be introduced?
4/ Why are the economists concerned about the impact of higher marginal tax rates on employment and investment?


economists call for deficit cut (the times 02/10) bbc article

europe in focus

eu in focus 2010 (t2u)

uk economy latest

ft interactive (march 2010)

global risk report 2010


revision presentation on Supply-side Indicators for the UK Economy

Download slide handout (pdf)

UK Current Account Widens

Stephonics 09/03 BBC

roger bootle independent 15/03/10 time lags exchange rate and deficit

inflation review

Launch interactive presentation on Inflation: Causes & Effects

Download printable pdf handout of presentation slides

macro overview reading

part 1 - what do governments try to do?

part 2 - why is it so difficult to get it right?

extra material

an introduction to economics in 5000 words

UK economic review jan 2010 (deloitte)

exchange rates

ex latest (t2u pdf)

revision note of floating x-rates
presentation on fixed and floating exchange rates

Download printable handout (pdf) of presentation slides

Rejoice – the pound is down again - Times Online






assignment on xrates (t2u)

x-rates intro as (t2u)
effects of x-rate movements (t2u)

dollar as the world currency - discussion (bbc newsnight)

ft interactive on currencies

depreciation of pound short term fix (independent 2010)

streamed presenation on world x-rates (t2u)

ocr x rate essays

Quiz
Currency_Crossword_Quiz.pdf
Answers
Currency_Crossword_Answers.pdf

balance of payments

balance of payments UK presentation + pdf (t2u feb 2010)

world trade imbalances (t2u feb 2009)

balance of payments intro (the times feb 2010)

UK Trade deficit widens (the guardian aug 2009)

UK trade deficit narrows (the guardian oct 2009)

evan davis of widening trade gap (bbc 2006)

financing a deficit (t2u pdf)

capital flows (imf)

world recession (guardian jan 2010)

trade as a % gdp (oecd)

crisis and europe

learning lessons from the crisis (imf blog)

soveriegn debt risk (wsj 3/2010)

greece crisis (wsj video)

wto background

wto profile (the guardian)

wto profile (bbc)

trade talks deal (bbc 2006 video 2.5 mins)

http://www.wto.org/

doha round q&a (bbc)

background videos:
the routes of trade 10 mins

case studies in trade

gatt to wto (17 mins) real media player

to the heart of the WTO 23 mins

a virtual tour 27 mins

why is it important to liberalise?

poor countries and trade (bbc)

trade quiz bbc:
ldc perspective
mdc perspective

uk export profile

the guardian datablog

RES Essay Competition 2010

The 2010 Royal Economic Society essay competition for young economists is now launched. Last year more than two hundred schools and colleges from across the UK and beyond submitted entries from their students and we are hoping that this year’s competition will prove equally popular. For the competition this year students can choose from one of five essay questions (shown below). The deadline for submitting entries is midnight (2400 hrs) on Monday 17th May.
Please go to
http://tutor2u.net/

for further details about the competition, details of how to upload entries and some advice on the word limit and other guidelines for entrants.

Here are the five essay titles for 2010 which provide plenty for students to research and write about both at a micro and macroeconomic level.
1. What are the best economic policies to curb alcohol consumption?
2. The pursuit of lower income inequality is irrational and counterproductive. Discuss.
3. Foreign aid hinders development. Discuss.
4. Would the world economy function better with a single global currency?
5. How do we prevent house price bubbles in the future?
Here is the link to the online application process

https://tutor2u.wufoo.com/forms/res-young-economist-of-the-year-2010/


The judging panel meets in late June and we currently expect to announce the results of the 2010 competition in late July/early August. Details of the final shortlist will be published by tutor2u once they are available.

us well being

http://www.well-beingindex.com/default.asp

hawaii top

environmental issues

climate change presentation (t2u) handout (pdf)

tu2 blog posts related to externalities

environmental performance graphic (the times )

carbon trading revision note

carbon trading presentation (t2u) + pdf




house of commons investigation into carbon trading

tragedy of the commons and sustainable development

t2u links

IMF blog climate change

green growth + development

economics of climate change

slideshow climate and macro

labour market report - feb 2010

ons labour market report feb 2010

inventionists respond to sunday times letter

keynes biographer and others respond to the call for fiscal tightening:


Letter: First priority must be to restore robust growth (ft 18/02)

economists reject call for budget cuts (ft 18/02)

economists v economists (tim harford ft)

bbc view

stephanomics:
men of letters
men of letters II
men of letters III

economic history of britain: thatcher

andrew marr (bbc)

BBC Archive: Margaret Thatcher
BBC History: Margaret Thatcher (1925 - )
The Mirror: How the Iron Lady's policies altered Britain (www.mirror.co.uk)
The Guardian: Margaret Thatcher (http://www.guardian.co.uk/)
BBC News - In Depth: Miners' strike (BBC News)

economicshelp

euro links

single european currency (t2u presentation) handout (pdf)



Basic Euro History

1991: Maastricht Treaty – pathway for Euro
1999: Euro starts life as a currency
1999-2001: Original members of system lock their currencies for two years
2002: Notes and coins come into circulation
2007: Slovenia becomes first of the new member states to enter the currency union
2008-09: Three new nations – Slovakia, Cyprus and Malta – the Euro Area extends to 16 nations

Euro essentials

Monetary union is a deepening of economic integration between participating countries
A single currency requires a common interest rate for the Euro Zone – i.e. a common monetary policy
Countries have locked their currencies together forever and adopted one currency as a medium of exchange
Euro as a currency floats against US dollar and sterling
Member nations are also required (in principle) to keep control of government borrowing i.e. They are not allowed to run large budget deficits > 3% of their GDP (in normal times)

Challenges facing the Euro Zone

1/Little common fiscal policy
Big differences in size of fiscal deficits and debt levels
Fiscal stability pact has effectively collapsed

2/ Growing risk of one or more Euro Area countries defaulting on some of their debts
Will Euro Area nations bail out fellow members?
Years of fiscal austerity for some nations will create deep economic and social pressures

3/ Doubts about the likely strength of recovery
Unemployment high and rising

4/ Longer term challenges
Growth and employment creation in the Euro Area has not been noticeably higher than in countries outside the currency union
2008-10 crisis has highlighted the problems of setting a common interest rate for 16 nations
Larger economic imbalances within the 16 nation currency union over wage levels, trade balances and productivity will also need to be addressed if the Euro Zone is to avoid future crises
Several weaker countries have become uncompetitive inside the Euro and this requires painful corrective policies which will be unpopular

Rising cost-push inflation could lead to higher interest rates and choke off confidence as recovery starts


business daily podcast on the euro feb 2010 (mp3)


euro slumps to 5 year low

1/ The Guardian: Greece’s euro dilemma - what might happen if Greece left the Euro?

2/ Telegraph - UK jobless rate would be 15pc if Britain had joined euro, says CEBR - an interesting counterfactual!

3/ The Times - Greece use of derivatives puts more pressure on euro

4/ Independent - Greece faces tough measures in bid to save ‘Titanic’ economy

5/ Independent - Hamish McRae: Eurozone countries really must start running a surplus – sharpish


http://www.guardian.co.uk/business/interactive/2008/dec/15/pound-euro

trade data

oecd trade to gdp ratios

oecd factbook 2009

higher inflation acceptable?

inflation spikes at 3.5% (bbc feb 2010)

boe inflation report feb 2010

letter to the chancellor

letter to the governor

The reasons behind the latest surge in inflation look fairly clear cut

1/ The lagged effects of the fall in sterling on import prices
2/ Much higher oil and gas prices and rising import prices for metals and other raw materials
3/ The effects of the reversal of the temporary cut in VAT
4/ Less discounting in the January 2010 sales compared to the same time last year when the UK retail sector looked close to meltodown!

And we can always blame the snow ........!!!!!

5/ Snow last month raised the price of certain seasonal vegetable prices, with cauliflowers rising by the highest amount since at least 1996 and the cost of carrots doubling



Guardian: More inflation may be better after all, says IMF

Paul Krugman: The Case For Higher Inflation

Economist Blog: Reorienting macroeconomic policy

fiscal tightening

times letter

bbc article

t2u questions:

“The bulk of this fiscal consolidation should be borne by reductions in government spending, but that process should be mindful of its impact on society’s more vulnerable groups. Tax increases should be broad-based and minimise damaging increases in marginal tax rates on employment and investment”

1/ What is a structural budget deficit?
2/ Why do the economists favour cuts in government spending over higher taxes?
3/ Can you think of broadly-based tax increases that might be introduced?
4/ Why are the economists concerned about the impact of higher marginal tax rates on employment and investment?

echoes of 1980 with economists writing an open letter to Mrs Thatcher :

364 economists - the budget 1981 (bbc video)

reflection on 1981 letter and context (pdf)

multilateral institutions - imf

introduction to the imf

what the imf does best?

gold and imf

guardian imf page

comparative advantage

example of comarative advantage

international trade

wto news - trade disputes (google news)

regional trade agreements news

us korea fta discussion

trade imbalance news

exchange rate news

how free trade hurts (washington post)

krugman on interwar trade

pj holden videos relating to trade

globalisation cartoon?

comparative and absolute advantage

pj holden free trade v protectionism video

pj holden tariffs video

pj holden quotas video

inflation report

bank of england's inflation report feb 2010

boe page

video

bbc article

global issues

http://www.globalissues.org/

recession: winners and losers

winners and losers (the telegraph 05/02/10)

ft in depth for econ 4

bric economies

markets and currencies

state of britain

greece debt issues (eu + euro)

national debt

explaining the national debt in 3 minutes (bbc feb 2010)

MPC Decision - QE

introduction:
qe explained (ft 05/02/09) excellent starting point
Q&A QE (bbc 07/12/09)
guardian glossary

qe explained - simple


bank of england monetary policy home page
boe asset purchase facility home page
boe pamphlet on qe


ex ante:

Bank of England may halt QE (bbc 04/02/10)

Questions for QE (Stephanomics 07/01/10) read comments
Intriguing economic questions for 2010 (Stephanomics 23/12/09)
what happens if interest rates rise (bbc 04/02/10)

ex post:

bank of england statement
bank stops qe (bbc 04/02/10)
easy does it (stephanomics 04/02/10)

how effective is qe? (ft 04/02/10)

bank puts qe on hold (ft 04/02/10)

the day after:

guardian comment - guardian qe homepage

chancellors letter
govenors letter
chancellor and asset purchase facility


background reading:

bernake us qe (bloomberg 02/12/09)
QE by bank of japan (Fed 2001)

ft central banks homepage

us economy ineractive

usa today economy interactive

productivity

boosting british productivity (bbc 2002)

british productivity (newsnight bbc 2001)

keynes v hayek

liberalisation of gas and electricity

gas and electricity

pay gaps wider than 1970

bbc article (jan 2010)

bbc video (27/01/10)

child poverty (bbc jan 2010)

pensioner poverty (bbc july 2009)

inequality (guardian)

poverty policies (newsnight jan 2010)

eu video on gender equality

hollywood pay

brics

bric guide (ft)

china: geopolitics (the economist 05/02/09)

poverty

poverty website

WEF

WEF 2010

monetary policy - interest rate latest

1/ BBC news video - UK interest rates could stay low for five years - One of the UK’s best known economists, Roger Bootle, predicts that interest rates will stay below 1% for the next five years

2/ Telegraph - Economists question success of Bank of England’s £200bn money-printing plan - Economists have cast doubt on whether the Bank of England’s £200bn quantitative easing (QE) programme is working

3/ Telegraph - Why the Bank of England will raise interest rates as deflationary threat melts away - despite massive amounts of Quantitative Easing (QE) in both the US and UK. It is surely only a matter of time before short-term rates follow suit. Or so you would assume

4/ Guardian - Too dangerous to raise interest rates yet - Setting interest rates is a dangerous game - and one that could choke off recovery

5/ The Times - Profile of Willem Buiter - Maverick laughs all the way to the bank - More booms and busts lie in wait, economist Willem Buiter predicts.

carbon trading

carbon trading problems

carbon tax v carbon trade

eu emissions targets (ft 2009)

globalisation

thomas friedman in discussion

fixing a flat planet pt 1 (cap and trade)

fixing a flat planet pt 2

ben bernake q & a

ben bernake (Chairman of the Fed)

china's green revolution

china's green revolution (nyt 09/01/10)

the power of green (thomas friedman)

wdr 2010 charts on climate change

more on china:

interactive graphic china's gdp 1978-2008

telegraph china home

eu competition overhaul

eu competition overhaul (ft 01/01/10)

treasury effectiveness

6 steps to a more effective treasury (ft)

gdp as a measure of well being

gdp loses grip (guardian 10/01/10)

budget deficits

G20 credit crunch fiscal effects

china becomes worlds largest exporter

china tops germany (guardian)

china overtakes germany (bbc)

big mac index yuan undervalued (economist)

labour market revision

labour demand

labour supply

unemployment and uk labour market

labour market failure

National Statistics Online - Labour Markets

labour market statistics December 2009

recession and business capacity

Recession moves migration patterns

uk economy in 2010



tutor2u blog posts relating to labour economics

green taxes

green taxes debate c4 news

decade in business

guardian graphic

as + a2 Revision Presentations

tutor2u revision presentations:

Econ 1 (as micro):
Q&A markets
Q&A market failure
Price Volatility in Markets - Teacher Presentation
Economics of Government Subsidies - Teacher Presentation
Revision presentation - UK Housing Market 2009
Revision - Labour Market Failure (presentation)

Econ 2 (as macro):
Q&A macro
Aggregate Demand - Teacher Revision Presentation
Short Run Aggregate Supply - Teacher Presentation
Long Run Aggregate Supply - Teacher Presentation
Inflation - Measurement (Teacher Presentation)
Inflation - Causes and Effects (Teacher Presentation)
Deflation - Teacher Presentation
Economics of Saving - Teacher Presentation
Investment - Teacher Presentation
Revision Presentation - Monetary Policy for AS

Trade Imbalances - Presentation

UK Recession and Business Capacity - Teacher Presentation
Revision - External Shocks (presentation)
UK Economy in 2010 - Essential Revision Presentation

recession winners and losers: latest on UK economy (pdf)

Questions AS + A2 macro

Unit 3 (a2 micro):
Perfect Competition - Teacher Presentation
Monopoly and Entry Barriers - Teacher Presentation
Price Discrimination - Teacher Presentation / Price Discrimination (presentation)
Nationalisation - Teacher Presentation


Unemployment & the UK Labour Market - Teacher Presentation

New Revision Presentation on European Carbon Emissions Trading

Unit 4 (a2 macro):

New Revision Presentation on Balance of Payment Adjustment Policies
Revised Presentations on the Euro
Revision Presentation - Eastern European Economies
Greece’s Economic Problems in 2009 - Teacher Presentation

Revision presentation - threats to globalisation
The US Economy Rebounds - Teacher Presentation