Post: 16/11/23. Economics Oxbridge Interview Prep

🧐 Oxbridge Economics Interview Prep 🧐

1️⃣ "Inflation is taxation without legislation." - Milton Friedman. Discuss the implications of this statement for modern fiscal policies. #Economics #MiltonFriedman

 

2️⃣ How do Adam Smith's ideas of the 'invisible hand' apply in the context of today's digital economy? #AdamSmith #DigitalEconomy

 

3️⃣ "The science of economics is a method rather than a doctrine." - Alfred Marshall. What research methods are most effective in today's economic landscape? #EconomicMethods #AlfredMarshall

 

4️⃣ Assess the impact of trade tariffs on emerging economies in the context of Thomas Sowell's quote, “There are no solutions, only trade-offs.” #TradeTariffs #ThomasSowell

 

5️⃣ "The stock market is filled with individuals who know the price of everything, but the value of nothing." - Phillip Fisher. How does this perspective apply to the 2008 financial crisis? #StockMarket #PhillipFisher

 

6️⃣ Considering John Maynard Keynes's assertion that “The difficulty lies not so much in developing new ideas as in escaping from old ones,” what old ideas do current economic policies still cling to? #JohnMaynardKeynes #EconomicPolicies

 

7️⃣ "Economic progress, in capitalist society, means turmoil." - Joseph Schumpeter. How does this concept of 'creative destruction' manifest in today's economy? #JosephSchumpeter #CreativeDestruction

 

8️⃣ Discuss the relevance of Friedrich Hayek's idea that “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” ichHayek #EconomicDesign

 

9️⃣ "Too much and for too long, we seemed to have surrendered personal excellence and community values in the mere accumulation of material things." - Robert F. Kennedy. How does this view challenge current economic measures of success? #RFK #EconomicSuccess

 

🔟 How does the notion of "rational expectations" affect monetary and fiscal policy effectiveness? #RationalExpectations #MonetaryPolicy

 

1️⃣1️⃣ "Landlords grow rich in their sleep without working, risking or economising." - John Stuart Mill. What economic systems could address this issue? #JohnStuartMill #EconomicSystems

 

1️⃣2️⃣ “A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual doom.” - Martin Luther King Jr. Analyze this in the context of a country's budget allocation. #MLK #BudgetAllocation

 

1️⃣3️⃣ "The avoidance of taxes is the only intellectual pursuit that still carries any reward." - John Maynard Keynes. Discuss the ethical and economic implications of tax avoidance. #TaxAvoidance #EthicsInEconomics

 

1️⃣4️⃣ How might Nassim Nicholas Taleb's concept of 'Black Swan events' change the way economists approach risk management? #NassimNicholasTaleb #BlackSwan

 

1️⃣5️⃣ "Debt is the slavery of the free." - Publilius Syrus. In light of this, evaluate the current global trend of increasing national debt. #DebtCrisis #PubliliusSyrus

 

1️⃣6️⃣ "Wealth consists not in having great possessions, but in having few wants." - Epictetus. How does this philosophy challenge contemporary consumer culture? #Epictetus #ConsumerCulture

 

1️⃣7️⃣ "The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system." - Milton Friedman. Critically assess this statement. #Capitalism #MiltonFriedman

 

1️⃣8️⃣ “What some people are experiencing as 'the gig economy' was the standard model of employment for many women all along.” - Sarah Kessler. Explore the gender dynamics in economic labor models. #GigEconomy #GenderDynamics

 

1️⃣9️⃣ "Protectionism is the doctrine that your country's prosperity is enhanced by forcing your citizens to buy from each other rather than from foreigners." - Alan Blinder. Evaluate the validity of this statement in a modern context. #Protectionism #AlanBlinder

 

2️⃣0️⃣ “Every billionaire is a policy failure.” -

Post: 23/05/23. Macroeconomics: Beyond Borders: The role of the IMF and World Bank

Role of International Monetary Fund (IMF): 💰🌍

The IMF, an international organization, is dedicated to fostering global monetary cooperation and ensuring financial stability. It plays a vital role in facilitating international trade, promoting high employment, and supporting sustainable economic growth. One of the IMF's key functions is to provide temporary financial assistance to countries experiencing balance of payment difficulties.

The IMF's role in maintaining international financial stability is essential for promoting global trade and economic growth. However, it has faced criticism for the stringent conditions it often imposes on countries seeking assistance, which can lead to austerity measures and impact social spending within those countries.

Role of World Bank: 🌏💼

The World Bank aims to reduce poverty and support economic development by providing financial and technical assistance to developing countries. It focuses on funding development projects, such as infrastructure, health, and education, to improve economic prospects and enhance improvement in those countries.

The World Bank plays a critical role in helping countries access funding for development projects when capital is scarce. Additionally, it offers valuable advice and expertise that can aid countries in implementing development projects effectively. However, the World Bank has also faced criticism for promoting policies that favor market liberalization and multinational corporations, which can sometimes exacerbate economic inequality.

Difference between IMF and World Bank: 🔄

While both institutions strive to promote global economic stability and development, they have distinct roles and methods. The IMF primarily deals with macroeconomic issues and provides short-term loans to address balance of payment difficulties. On the other hand, the World Bank focuses more on long-term economic development and poverty reduction through financing and technical assistance.

Understanding the difference in their roles helps countries determine which institution to approach for assistance based on their specific economic challenges. Both institutions are crucial for maintaining global economic stability and promoting development. However, they have been subject to criticism and calls for reform to make them more equitable and effective.

Cooperation between IMF and World Bank: 🤝

The IMF and World Bank often work together to assist countries in their economic endeavors. While their policies may overlap at times, they complement each other by addressing different aspects of the economic challenges faced by nations.

This cooperation is necessary to provide a comprehensive approach to tackling global economic issues. The effectiveness of this cooperation, however, depends on how well the two institutions can coordinate their efforts and align their policies to maximize their impact.

Remember...

While the IMF and World Bank have made significant contributions, they have also faced criticisms and calls for reform. As students of economics, it is essential to continue questioning and exploring ways to make these institutions more equitable, effective, and responsive to the diverse needs of nations.

Post: 23/05/23. Macroeconomics: Unraveling the QE Chains

We are going to navigate through the steps involved in QE and how they shape the macroeconomic landscape.

Creation of Money by BoE: 💰
Our journey begins at the heart of the monetary system, with the central bank – in this case, the Bank of England (BoE). The BoE initiates QE by creating new money electronically. This infusion of money into the economy serves as the catalyst for the subsequent steps in the catalyzes. In the next phase, the BoE purchases government bonds from the market, injecting money into the financial system. By buying bonds, the central bank aims to increase the overall money supply and stimulate economic activity.

Price of bonds rise, yields fall: 📈📉
As the BoE buys a significant volume of bonds, demand for them increases. Consequently, the price of bonds rises while their yields fall. This inverse relationship between bond prices and yields plays a crucial role in stimulating economic activity.

Coupons (LR interest rates) in the economy fall: 💱
The declining bond yields have a ripple effect on the broader interest rate environment. As bond yields decrease, long-term interest rates, also known as coupons, fall in the economy. This reduction in long-term interest rates has profound implications for various economic agents.

Cost reduces and ease of raising finance for banks increase: 🏦💼
With falling long-term interest rates, increases in borrowing for banks decrease significantly. This reduction in borrowing costs translates into increased profitability for banks. Additionally, the ease of raising finance for banks improves, creating a favorable environment for financial institutions.

Cheaper loans for firms & individuals: 🏭👥
As banks benefit from the QE-driven reduction in borrowing costs, they pass on these benefits to firms and individuals in the form of cheaper loans. Lower interest rates on loans encourage firms to invest in expansion and individuals to make large purchases, such as buying homes or cars.

More C & I thus more AD: 💼🏢📈
The culmination of the QE chain brings us to the overall impact on the economy. With cheaper loans available, firms are more inclined to invest in capital projects (C) while individuals are more likely to increase their spending (I). This rise in consumption and investment leads to an increase in Aggregate Demand (AD), fueling economic growth.

Remember.....

The QE chains we've delved into are just one tool in the central bank's arsenal. Economic policies and measures are multifaceted, but grasping the fundamentals empowers us to make informed judgments and predictions about the economy's trajectory.

 

Post: 18/05/23 - A2 1 Evaluation Points for Market Structure Essays

 

🎯 Evaluation Points for Market Structure Essays

Here, we'll discuss the classic evaluation points for essays on market structure.

1. 🏭 Economies of Scale (EoS)/Diseconomies of Scale (DoS)

   In analyzing market structures, it's crucial to consider both economies and diseconomies of scale. Firms can reduce per unit costs by increasing production (EoS), but this advantage can turn into a disadvantage (DoS) when the firm becomes too large and inefficient.

2. 🛂 Regulation

   Regulation is a double-edged sword. It can ensure fair competition, protect consumers, and prevent market failures. However, excessive or ill-conceived regulation can stifle innovation and hinder market efficiency.

3. 💰 Supernormal Profit Re-invested?

   Firms in different market structures can make supernormal profits. The critical question is: Are these profits being reinvested to improve products or services, or are they just increasing shareholder wealth?

4. 🌳 Natural Monopoly

   A natural monopoly occurs when a single firm can supply a good or service to an entire market at a lower cost than could two or more firms. While it can lead to efficiency and cost-savings, it may also lead to consumer exploitation if not regulated.

5. 🥖👜 Necessity/Luxury Good

   The type of good a firm sells - necessity or luxury - affects the price elasticity of demand, which in turn impacts firm behavior and market outcomes.

6. 🎯 Objective of the Firm

   Not all firms have profit maximization as their primary goal. Some aim to maximize market share, others prioritize sustainability or stakeholder satisfaction. These objectives can significantly influence a firm's behavior and the overall market structure.

7. 🥊 Contestability

   The extent to which a market is contestable - that is, vulnerable to new entrants - can impact competition, pricing, and innovation. High levels of contestability generally lead to more competitive outcomes.

8. ✂️ Where are costs being cut?

   Cost-cutting can increase efficiency and competitiveness, but if it's achieved through wage cuts or decreased product quality, the consequences can be harmful. Thus, it's important to evaluate where and how costs are being cut.

9. 💥 Creative Destruction

   This concept refers to the incessant product and process innovation by which new production units replace outdated ones. It's crucial to consider how this force of change is impacting the market structure.

10. 🚫 Anti-Competitive Strategies

    Firms may employ various strategies to reduce competition, such as predatory pricing or exclusive contracts. Understanding these strategies is crucial for evaluating market dynamics and the need for regulatory intervention.

Understanding these points will help you unravel the complexities of different market structures and provide valuable insights for your essays or policy discussions. With these tools in your economic toolkit, you're ready to tackle any market structure essay! 📝💡🌐

Post: 17/05/23 - A2 1 Evaluation Points for Monopoly Regulation/Competition Policy Essays

🎯 Classic Evaluation Points for Monopoly Regulation/Competition Policy Essays

💼 Let's delve into the crucial evaluation points for essays on Monopoly Regulation and Competition Policy!

💡Asymmetric Information

Asymmetric information can be a significant barrier when implementing monopoly regulation. Regulators may not have all the necessary information about the market or the firm they are trying to regulate, leading to inefficient policy outcomes. In fact, the firm may take advantage of this knowledge gap and engage in anti-competitive behaviors.

💰Cost

One cannot overlook the cost implications of regulation. Regulatory bodies are expensive to maintain, and the cost of implementing and monitoring regulations can also be high. Moreover, the firm may pass these additional costs onto consumers in the form of higher prices, which may defeat the purpose of regulation in the first place.

🕵️‍♂️Regulatory Capture

Regulatory capture is when a regulatory agency, created to act in the public's interest, instead advances the commercial or special concerns of interest groups that dominate the industry being regulated. This phenomenon can lead to decisions that serve to benefit the monopoly rather than the consumer.

📊RPI not CPI for Price Caps

The Retail Price Index (RPI) might be a more suitable measure for price caps rather than the Consumer Price Index (CPI). RPI, unlike CPI, includes housing costs such as mortgage interest payments and council tax. Therefore, RPI might provide a more comprehensive measure of the costs consumers face, ensuring price caps reflect true living expenses.

🌪️Unintended Consequences

Policy intervention can sometimes lead to unforeseen and adverse effects. For example, imposing price caps may lead to reduced investment in the industry due to lower profitability, which could, in turn, affect the quality of goods or services produced.

⚖️Loss of Monopoly Benefits

Despite the bad reputation, monopolies can bring about certain benefits, such as economies of scale, which can result in lower prices for consumers. Also, monopolies might have more resources to invest in research and development. Regulatory policies should, therefore, consider the potential loss of these benefits.

🛒Nature of Market – Necessity Goods Provided

The nature of the market and the type of goods provided by the monopoly also play a critical role. If the monopoly is a provider of a necessity good, the effects of its actions and regulations imposed on it could have far-reaching implications for the consumer's welfare and the economy as a whole.

Final thoughts 💬

In conclusion, regulation and competition policies require a careful balancing act. Policymakers need to understand the nuances of these points to create effective and efficient policies that serve both consumer interests and economic growth. Now you're armed with these key evaluation points, you're set to tackle any essay on Monopoly Regulation and Competition Policy! 📝💼🌐

 

Post: 10/05/23 - A2 1 Contestable Markets

The Rise of Contestability: What's the Big Deal? 💼

Contestable markets are a big deal, and here's why. Imagine a market where there are no significant barriers to entry or exit, allowing new firms to enter and challenge the existing ones. These markets, known as contestable markets, foster fierce competition and deliver numerous benefits to consumers. 💪

 

Impact of Rising Contestability 📈
Rising contestability positively impacts markets in multiple ways. Firstly, it encourages firms to be more efficient and innovative. In a contestable market, companies strive to offer better products or services at competitive prices to attract customers. This intense competition drives firms to constantly improve their offerings and seek cost-effective methods, benefiting consumers through better quality and lower prices. 💡

Secondly, rising contestability often leads to increased consumer choice. As new firms enter the market, consumers gain access to a wider range of options. Take the example of streaming services, where we've witnessed a boom in recent years. This influx of competition has given consumers an abundance of choices, allowing them to pick and choose according to their preferences. 🎧📺

 

Level of Contestability: Exploring the Playing Field 🌐
Now that we understand the impact of rising contestability, let's explore the level of contestability in various industries that have captured our attention. Here are some great examples of contestable markets:

a) Airlines ✈️
b) Taxis 🚖
c) Fast Food 🍔
d) Hotels 🏨
e) Streaming (Music and TV) 🎵📺
f) Parcel Delivery 📦
g) Supermarkets 🛒
h) Banking 💰

 

Technology's Impact on Contestability: The Good and the Bad 📲
Technology has played a significant role in increasing contestability in markets. Firstly, it has reduced barriers to entry and exit. In the past, starting a business often required substantial capital and resources. However, technology has made it easier for entrepreneurs to enter the market with minimal investment, thanks to online platforms, cloud computing, and digital marketing. 💻

Secondly, technology has improved information availability, enabling consumers to make informed choices. Through online reviews, comparisons, and ratings, consumers can now gather information about products and services more easily. This increased transparency allows consumers to assess the quality and value offered by different firms, promoting competition based on merit. 🌐

However, it's important to note that technology has its drawbacks too. While it has expanded contestability in many industries, certain aspects of technology, such as innovation, patents, and the use of personal information, may create barriers to entry for potential firms. Patents, for example, can grant exclusive rights to firms for a specific period, limiting competition and contestability. Additionally, companies that have access to vast amounts of personal data can gain a competitive advantage over new entrants, potentially hindering contestability. ⚠️

 

The Role of Regulation in Contestable Markets: Striking a Balance ⚖️
In contestable markets, the role of regulation becomes crucial. While competition is generally beneficial, certain regulations are necessary to ensure a level playing field and protect consumer interests.

Regulation can prevent anti-competitive practices, such as monopolistic behavior or collusion, which could undermine contestability. It can also safeguard consumer rights, ensuring fair pricing, product safety, and quality standards. Furthermore, regulations can address externalities, such as environmental impacts, to promote sustainable competition in the long run. 🛡️

However, it is essential to strike a balance when implementing regulations. Excessive or poorly designed regulations can stifle innovation, deter new entrants, and limit the benefits of contestability. Therefore, policymakers must carefully consider the specific needs of each industry and find the right balance between regulation and market competition. ⚖️

Conclusion 🎉

Contestable markets are an exciting and dynamic aspect of the economic landscape. Rising contestability brings benefits such as innovation, lower prices (as businesses make normal profits to deter competition) , and increased consumer choice. Technology has played a significant role in expanding contestability by reducing barriers to entry, improving information availability, and enabling more firms to enter the market. However, it's important to acknowledge that technology can also create barriers to entry through patents and the use of personal data.

Regulation in contestable markets is necessary to ensure fair competition and protect consumer interests. Striking the right balance between regulation and market dynamics is essential to reap the benefits of contestability while fostering innovation and maintaining a level playing field.

As we navigate the world of contestable markets, it's important for us, as consumers, to stay informed and make conscious choices that support healthy competition. So, the next time you order a taxi, stream your favorite show, or buy a burger, remember the contestability that lies behind these choices and the impact it has on our economy. 🌍

 

Post: 01/05/23 - Micro Exam Tips

Market Failure...always revise it in context! Make sure you know your different markets and the policies to correct market failure!

🚭Cigarettes/Vaping, Alcohol, Sugar/Fatty Foods (Obesity), Gambling:
⏩Market failure: Health risks to users and non-users
⏩Policies: Higher taxes, advertising restrictions, health warnings, minimum pricing, and mandatory calorie labeling, self-exclusion schemes, and mandatory gambling addiction training for staff

🏭Plastic Waste, Air Pollution, Congestion:
⏩Market failure: Negative externalities of car use
⏩Policies: Road pricing, congestion charges, low emission zones, and public transport investment

🥩Red Meat, Infrastructure Projects (3rd Runway/Crossrail/HS2), Health, education, Vaccines:

⏩Market failure: Health risks, environmental damage, inequality of access, and limited availability
⏩Policies: Education campaigns, public health guidelines, environmental impact assessments, mitigation measures, funding increases, access to free healthcare and education, and vaccine distribution programs

♻️Recycling, Healthy Eating, Exercise, Housing, Public Transport, Electric Cars, Home Insulation/Solar Panels/Green Boilers, Renewable Energy:
⏩Market failure: Insufficient infrastructure and support for sustainable living
⏩Policies: Waste reduction targets, recycling infrastructure investment, extended producer responsibility, subsidizing healthy food options, investing in safe public spaces, incentives for energy-efficient homes and public transport, subsidies for electric cars, grants for home improvements, and subsidies for renewable energy technologies

Post: 01/05/23 - Macro Exam Tips

💡A Level Macro Paper - Evaluation Points

As an economist, you are always looking for unique ways to evaluate macroeconomic policies. The following points can help you do just that....

🌟Ricardian Equivalence: This concept suggests that individuals may increase their savings when they expect a future tax increase to pay for current government spending. This means that a tax cut today may not lead to an increase in consumption and may have little impact on the economy.

🌟Laffer Curve: The Laffer Curve shows the relationship between tax rates and government revenue. The theory suggests that there is an optimal tax rate that maximizes government revenue, beyond which increasing tax rates leads to a decrease in revenue. This concept is often used to argue for tax cuts.

🌟Liquidity Trap: When interest rates are very low, and there is still low demand for borrowing, the economy may fall into a liquidity trap. In this situation, monetary policy may not be effective in stimulating the economy, and fiscal policy may be needed.

🌟Crowding Out: This concept suggests that increased government spending may lead to higher interest rates and less investment by the private sector. This may reduce the effectiveness of government spending as a tool for stimulating the economy.

🌟Crowding In: On the other hand, crowding in refers to the situation where government spending increases lead to higher private sector investment. This occurs when government spending is directed towards areas that improve the overall productivity of the economy.

🌟Excessive Borrowing, Bubbles and Systemic Risk: If the government borrows too much, it may lead to higher interest rates, inflation, and ultimately, a financial crisis. Bubbles in asset markets can also contribute to systemic risk, as seen in the 2008 financial crisis. Remember that all bubbles will eventually POP!

 

 

Post: 20/03/23 - News Update

 

Post: 13/03/23

 

UK NEWS

• In the past week, the UK FTSE 100 equity index decreased by 2.5% to reach 7,748, with financial stocks bearing the brunt of investor concerns over the repercussions of the collapse of Silicon Valley Bank (SVB) in the US. SVB was taken over by regulators after losing $1.8bn on the sale of around $21bn in securities. Its failure, the second-largest in US history, caused fears that other banks might face similar issues, leading to a sell-off of bank stocks on both sides of the Atlantic.

• The UK economy grew by 0.3% in January, following a contraction of 0.5% in December.

• The UK government announced that the construction of the Birmingham to Crewe and central London sections of the HS2 railway would be delayed to cut expenses.

• The Financial Conduct Authority estimated that 356,000 mortgage borrowers might encounter payment issues in the coming year, down from 570,000 estimated in September 2022.

• The UK will design Australia's first-generation nuclear-powered submarine under the "AUKUS" agreement.

• UK baker Greggs reported a 23% increase in sales last year, despite living costs pressures.

USA NEWS

• US regulators and policymakers worked over the weekend to prevent a broader economic and financial impact from SVB's failure, announcing that the bank would be auctioned. Meanwhile, the UK Treasury revealed that it planned to assist tech firms exposed to SVB with their short-term operational and cash flow requirements.

• The US Federal Reserve chair, Jay Powell, stated that the Fed would be willing to increase interest rates to control inflation, warning that "the ultimate level of interest rates is likely to be higher than previously anticipated" due to recent robust economic data.

• In February, the US economy added over 311,000 jobs, exceeding expectations, though the unemployment rate increased slightly to 3.6%. Investors' expectations for additional interest rate hikes by the Fed were moderated as wage growth slowed.

• The US imposed sanctions on five Chinese companies for supplying parts to Iran to make drones used by Russia in Ukraine.

• The EU and US held talks about a potential free-trade-style agreement to ease European worries about the impact of green technology subsidies in the US Inflation Reduction Act.

• Volkswagen intends to build a new battery plant in North America, thanks to subsidies under the US Inflation Reduction Act.

SOUTH KOREA & CHINA

• South Korea faced a backlash over its plan to increase the maximum working week from 52 to 69 hours, while Chinese imports and exports fell sharply in the first two months of the year, indicating lingering COVID-19 disruptions and a slowing global economy.

Snow day - Best D&S diagram in the snow wins! 10/03/23

 

On International Women's Day, is it worth having kids? 10/03/23

 

Pasta price in UK doubles as costs of basics rises Post: 10/03/23

 

What China's Shrinking Population Means For The Global Economy. Post: 10/03/23

 

UK economy: are we still facing a recession? - expert explains Post: 10/03/23

 

British supermarkets ration fruit and vegetables amid shortages. Post: 23/02/23

 

Several supermarket chains in the UK have begun to ration some fruit and vegetables as a result of disruption to the supply chain. Severe weather has hit harvests in Spain and North Africa.

How the earthquakes will impact Turkey's struggling economy. Post: 23/02/23

 

Rising costs, limited housing, an ongoing brain drain: Times were already tough for most Turkish households. Konstanz University professor Erdal Yalcin explains how the country’s recovery from the Feb. 6 earthquake is likely to present new difficulties.

Why Amazon, Google and Microsoft Laid Off Thousands Of Tech Workers. Post: 23/02/23

Why Amazon, Google and Microsoft Laid Off Thousands Of Tech Workers. Post: 23/02/23

Tech giants like Amazon, Google and Microsoft have laid off tens of thousands of workers in the past few months. After going on a hiring spree during the Covid-19 pandemic, tech giants now face several headwinds. Higher interest rates and persistent inflation are making the cost of doing business more expensive for high-growth industries like technology. What's more, the rise of buzzy new generative A.I. tools like OpenAI's ChatGPT3 have caused companies like Google and Microsoft to to shake up their old search strategies. So, what do the widespread tech layoffs mean for the wider U.S. economy?

 

Why Pakistan's Economic Crisis Is Getting Worse. Post: 23/02/23.

 

“Everybody is taking a hit.” From inflation to continued political turmoil, Pakistan is in crisis and its people are suffering. Bloomberg spoke to Pakistanis who told us why they’re struggling to make ends meet.

 

UK inflation to return to 2% by autumn, Citigroup forecasts. Post: 23/02/23

 

https://www.ft.com/content/8b10ceeb-3a62-4231-8ea9-199a96cac48f

 

 

 

Artificial islands to quadruple offshore wind. Post: 23/02/23

 

Denmark, Germany, Belgium and the Netherlands plan to build four artificial islands to quadruple offshore wind in the North Sea – the equivalent of 30 nuclear reactors. We have so many solutions. Implement them!

Healthcare system - is it fixable? Post: 23/02/23

Our healthcare system is under huge pressure and it is important that we engage GCSE/A-level economists in this debate.

Aging population. Post: 23/02/23

Discuss the variety of impacts that these ageing populations are going to have on different stakeholders.

'DO NOW ACTIVITY' for #economicsstudents

Spending on energy and food. Post: 23/02/23

High inflation disproportionately affects low-income households, because they spend more as a share of their budgets on food and energy. The lowest-income households are almost three times as exposed to energy costs as the highest-income households.

https://ifs.org.uk/publications/cost-living-crisis-pre-budget-briefing

 

 

Climate-change migrants: what can be done? Post: 18/02/23

Climate change could force hundreds of millions to flee their homes in the coming years. What can countries do to prepare for this mass migration?

 

UK energy giant Centrica triples profits after energy prices soar - BBC News Post: 18/02/23

Should there be an windfall tax on energy companies such as Centrica?

British Gas owner Centrica has posted huge profits after oil and gas prices soared last year, sparking renewed calls for energy firms to pay more tax.

Its profits hit £3.3bn for 2022, more than triple the £948m it made in 2021.

Energy firms have seen record profits since oil and gas prices jumped following Russia's invasion of Ukraine.

As many households struggle with the cost of living crisis, energy companies are facing huge pressure to pay more tax in the UK on their profits.

 

How to make poor areas richer - The Economist Post: 17/02/23

Many people in the rich world are feeling the pinch, particularly in its poorest regions. As the cost of living rises, how can such “left behind” areas be made richer?

 

 

Junk food: Wales may ban unhealthy meal deals to tackle obesity Post: 17/02/23

Unhealthy meal deals and multi-buy offers could be banned in a new Welsh government move to tackle obesity.

While the legislation is aimed at promoting healthier food options, the Welsh Retail Consortium warned it could reduce choice and increase prices.

The Welsh government said it has consulted widely with industry representatives.

However, as people grapple with a cost of living crisis, people in Cardiff voiced their opposition.

"We are considering the next steps on price promotions and locations and no final position has been made following the public consultation," a government spokeswoman said.

"We are not proposing to ban meal deals themselves but to consider whether there should be restrictions on high fat, salt and sugar products, that may be part of a meal deal."

https://www.bbc.co.uk/news/uk-wales-64673027 

 

 

 

 

 

 

The Economics of valentine's day ❤️ Post: 14/02/23

Women in economics Post: 14/02/23

Discover Economics is proud to host Women in Economics as part of our campaign to reach more under-represented young people and bring diversity to the sector.

⚠️This event is delivered in conjunction with International Women's Day.

✔️1 in 6 boys takes A-Level economics but only 1 in 17 girls do
✔️Female undergraduates outnumbered 2:1
✔️The economy affects everyone, and every decision we make feeds in to affect that economy. Unless economists are diverse, we cannot hope to build a complete understanding of the economy, and, with it, formulate the right kinds of policies.

Join us on this workshop chaired by Arthi Nachiappan, The Times, where the current gender gap is examined by inspirational female economists from Bank of England, Amazon, Foreign, Commonwealth and Development Office and The Fraser of Allander Institute; sharing their career journeys.

Date – 1st March 10.00-11.00
Platform – Zoom
Audience – 15-18 year old students
Registration - Click here to register - https://www.eventbrite.co.uk/e/women-in-economics-tickets-545928756607

If you have any questions please don't hesitate to contact discovereconadmin@res.org.uk

 

 

 

Big gamble on energy Prices Post: 13/02/23

Ministers are taking a “big gamble” on energy prices easing further after failure to reach an agreement on increasing the UK’s gas storage capacity in time for next winter, the government’s top adviser on infrastructure has warned.

 

 

 

Why are BP, Shell, and other oil giants making so much money right now? Post:12/02/23

#oil #land #markets #price #pes #ped

https://www.bbc.co.uk/news/business-64583982