Bryn's AS Economics Blog

Monday, July 06, 2015

When should governments intervene in a market?

This BBC clip shows many Americans don't believe government intervention is needed in the market for trans fats

http://www.bbc.co.uk/news/world-us-canada-33155176

Sunday, July 05, 2015

Tuesday, June 16, 2015

Why might a subsidy not be effective in reducing market failure?

A sobering clip from the BBC explaining the role of subsidies in reducing the market failure associated with inequality of incomes
http://www.bbc.co.uk/news/business-33109040

Monday, June 15, 2015

Minimum milk prices in the USA and the effect of selling the oversupply on the Jamaican milk industry

Interesting case study

http://pulitzercenter.org/reporting/jamaica-milk-production-industry-imported-powder

Sunday, June 14, 2015

Is the government's proposal to ban legal highs the right way forward?

Sky news explains the proposals
http://news.sky.com/story/1492430/legal-highs-crackdown-dealers-face-prison
Here's a good discussion from Ch4

https://www.youtube.com/watch?v=nWMS67MRNjY

What will be banned? This Guardian article outlines the categories, the last one of which may turn out to be an example of government failure

http://www.theguardian.com/society/2015/may/29/legal-highs-what-drugs-will-be-banned

Market failure: Binge drinking in Magaluf

Legislation seems to be the order of the day, but how easy will it be to enforce?

http://www.bbc.co.uk/newsbeat/article/33061788/new-magaluf-drinking-laws-kick-in-but-what-are-they

Drought hit California: The tragedy of the commons

Every farmer needs the water but as each takes what they need, the problem worsens, reports the BBC
http://www.bbc.co.uk/news/world-us-canada-33120855

The effect of a budget surplus

Thanks to economicshelp for this
http://www.economicshelp.org/blog/14011/debt/effects-of-a-budget-surplus/

Market failure: Income inequality

A thought provoking video

https://www.youtube.com/watch?v=Oj2LA8rEqQ4

This full length documentary on the issue is fascinating
https://www.youtube.com/watch?v=0NdDupITDv8

Market failure: The tragedy of the commons

Nice explanatory videos
I like this one best https://www.youtube.com/watch?v=lwaNZgY9PCQ but you may prefer https://www.youtube.com/watch?v=MLirNeu-A8I
This is longer (and fairly right wing) but has some good points
https://www.youtube.com/watch?v=B0vmP7HoFI4

Saturday, June 13, 2015

Legislation is one thing; enforcement another

So it appears from this BBC report and clip
http://www.bbc.co.uk/news/world-asia-32954884

http://www.bbc.co.uk/news/world-asia-china-32933819

The demand for motorbikes in India

.....and motorbike clothing. The BBC reports

http://www.bbc.co.uk/news/business-33017249

Why India is cutting interest rates

Nice clip on monetary policy objectives from the BBC

http://www.bbc.co.uk/news/business-32969042

How to reduce smoking?

Information provision may be the key, reports the BBC and Sky, possibly funded by a new tax on tobacco profits

http://www.bbc.co.uk/news/health-33075217 BBC
http://news.sky.com/story/1499287/tobacco-firms-should-pay-to-help-smokers-stop Sky

A2 Economics glossary

.....from tutor2u
http://www.slideshare.net/tutor2u/tutor2u-a2-macroeconomics-glossary

Nudging to Achieve Behavioural Change

Thanks to tutor2u for this
http://beta.tutor2u.net/economics/blog/nudging-to-achieve-behavioural-change

Limitations to GDP as an Economic Indicator

Thanks to tutor2u for this
http://beta.tutor2u.net/economics/blog/storify-limitations-to-gdp-as-an-economic-indicator

Sunday, May 31, 2015

Income inequality: Are we all in this together?

Unlikely if the BBC has got it's options right on how to save £12bn from the welfare budget

http://www.bbc.co.uk/news/business-32910848

Crossrail and a positive externality

A nature reserve, reports the BBC

http://www.bbc.co.uk/news/science-environment-32879846

Why is consumption (and therefore growth) stagnent/falling in Japan?

Great clip rom the BBC

http://www.bbc.co.uk/news/business-32799139

Information failure? Paracetamol and pregnancy

Possibly, reports the BBC

http://www.bbc.co.uk/news/uk-scotland-32832784

De-Merit Goods - Banning Legal Highs

Rather than banning specific compounds, the government now intends to use regulation to ban all legal highs
BBC video http://www.bbc.co.uk/news/uk-32938598

Ch4 video http://beta.tutor2u.net/economics/blog/de-merit-goods-banning-legal-highs

What would be the costs and benefits of such a move and to what extent would it reduce the market failure associated with legal highs?

Emigration and its effect on the PPF/Economic growth

Dire, for Greece if this tutor2u post is correct

http://beta.tutor2u.net/economics/blog/generation-g-the-greek-brain-drain

China cuts tariffs on imported consumer goods

...reports tutor2u

http://beta.tutor2u.net/economics/blog/china-cuts-tariffs-on-imported-consumer-goods

Costs and benefits; mining in a national park

This proposal has both private and external benefits and costs? Should it be given the go ahead?

http://beta.tutor2u.net/economics/blog/mining-for-polyhalite-in-a-national-park

Inequality: Joseph Stiglitz on The Great Divide

Interesting video

http://beta.tutor2u.net/economics/blog/joseph-stiglitz-on-the-great-divide

and article via tutor2u
http://beta.tutor2u.net/economics/blog/stiglitz-on-falling-living-standards-in-the-uk

Deflation: CPI inflation in the UK turns negative

Reports tutor2u with a BBC video clip

http://beta.tutor2u.net/economics/blog/cpi-inflation-in-the-uk-turns-negative

The key questions this raises from Ch4
http://www.channel4.com/news/inflation-negative-cpi-consumer-prices-index-carney-boe

A supply-side policy: Stricter laws on strike action

As reported by tutor2u

http://beta.tutor2u.net/economics/blog/supply-side-policy-stricter-laws-on-strike-action

Monopoly

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/basics-of-the-economics-of-monopoly

Perfect competition

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/perfect-competition-48746354

Contestable markets

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/contestable-markets-48746179

International trade

A presentation from tutor2u

http://www.slideshare.net/tutor2u/aspects-of-international-trade

International competitiveness

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/economics-of-international-competitiveness

Production possibility frontier

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/production-possibility-frontier-revision-presentation

Government failure

A revision presentation from tutor2u

http://www.slideshare.net/tutor2u/government-failure-as-micro

First year glossary

...from tutor2u
Micro http://www.slideshare.net/tutor2u/key-term-glossary-for-as-micro-2015-edition
and macro http://www.slideshare.net/tutor2u/key-term-glossary-for-as-macro-2015

Wednesday, May 13, 2015

What are the effects of deflation?

A summary of the effects on individuals from the Nationwide

http://www.nationwide.co.uk/guides/news/articles/2015/05/deflation-revealed?j=11772966&e=bryn.jones1@ntlworld.com&l=240575_HTML&u=181980034&mid=1304473&jb=1719&et_cid=11772966&et_rid=2723804606

Sunday, May 03, 2015

What is a budget deficit?

BBC Wales answers the question

http://www.bbc.co.uk/news/uk-wales-32397615

Regulation needs enforcement

....and this newsagent lost his licence

http://www.bbc.co.uk/news/uk-wales-32310502

How tax cuts could effect an economy

Thanks to economicshelp

http://www.economicshelp.org/blog/13566/economics/the-effect-of-tax-cuts/

Economies ans diseconomies of scale

Thanks to tutor2u for this slideshare

http://www.slideshare.net/tutor2u/economies-and-diseconomies-of-scale-a2-micro

Saturday, April 04, 2015

Capitalism: A nice summary....

....from the comedian Colm O'Regan at the BBC in these 4 short clips

1. The worst economic system.....apart from the rest http://www.bbc.co.uk/news/magazine-31658746
2. Capitalism and Marx http://www.bbc.co.uk/news/magazine-31817997
3. Capitalism and the role of the state; Keynes v Friedman http://www.bbc.co.uk/news/magazine-31818000
4. The crisis of capitalism http://www.bbc.co.uk/news/magazine-31818387

Friday, April 03, 2015

Financing the current account deficit

Thanks to tutor2u for this post
http://beta.tutor2u.net/economics/blog/financing-the-uk-current-account-deficit

Saturday, March 28, 2015

Learning English in Japanese schools: A supply side policy?

Could well be according to this BBC clip
http://www.bbc.co.uk/news/business-32020491

Buying prescription medicines over the internet: A case of information failure?

Nice report from the BBC
http://www.bbc.co.uk/news/uk-england-31454072

CPI inflation at zero: Good or bad?

The evaluation from economicshelp
http://www.economicshelp.org/blog/13272/inflation/is-zero-inflation-a-good-thing/
and evaluation from Ch4
http://www.channel4.com/news/inflation-deflation-bank-of-england-spending-good-news
and Robert Peston at the BBC
http://www.bbc.co.uk/news/business-32042590
and a report from Sky on the cause
http://news.sky.com/story/1451456/inflation-hits-0-percent-as-food-costs-fall-further

Saturday, March 21, 2015

The falling price of oil

Explained in 60 seconds in the BBC video

http://www.bbc.co.uk/news/business-31594762#

Skunk: A case of information failure?

It could be the case, reports the BBC

http://www.bbc.co.uk/news/health-31484449#

Supply and demand; the price of a marathon

Nice article from the Guardian

http://www.theguardian.com/lifeandstyle/datablog/2015/mar/17/running-costs-what-are-the-worlds-most-expensive-marathons

an you explain the difference in entry fee using S&D analysis?

The gini coefficient

Thanks to tutor2u for this post including a link to the bBC and latest data

http://beta.tutor2u.net/economics/blog/what-is-the-gini-coefficient

Wednesday, March 18, 2015

The basket of goods; 2015 changes

Thanks to the BBC for the update

http://www.bbc.co.uk/news/business-31924148 video
http://www.bbc.co.uk/news/business-31920550 article

and the Guardian
http://www.theguardian.com/business/2015/mar/17/from-craft-beer-to-e-cigarettes-inflation-basket-reflects-britains-changing-shopping-habits
and Sky
http://news.sky.com/story/1446648/e-cigarettes-added-to-inflation-shopping-basket

Sunday, March 08, 2015

Fines to back up legislation used to reduce market failure: The Finland method

It's often argued the fine has to be relevant to the income of the offender. That's the method in Finland and can result in some mighty big fines, reports the BBC

http://www.theguardian.com/news/datablog/2015/mar/04/finland-speeding-progressive-punishment-motorist-fine

CPI inflation at record low of 0.3%

....and here's why

http://news.sky.com/story/1428952/inflation-at-record-low-of-0-3-percent-in-january

Saturday, February 14, 2015

Inequality of income in the USA

Great 90 second video from the BBC

http://www.bbc.co.uk/news/business-31377192#

Wednesday, February 11, 2015

Macro objectives and conflicts

Nice post from economicshelp

http://www.economicshelp.org/blog/419/economics/conflicts-between-policy-objectives/

Regulation to reduce market failure Smoking ban for people in cars with children in them

Coming in October reports the BBC

http://www.bbc.co.uk/news/health-31310685

Saturday, February 07, 2015

Differing standards; a form of protectionism?

This BBC clip shows the limitations on the free trade in cars worldwide

http://www.bbc.co.uk/news/business-31101842#

Currency pegs around the world

Thanks to tutor2u for this link to the Economist

http://beta.tutor2u.net/economics/blog/currency-pegs-around-the-world

Differing wages in the labour market

A nice tool from the BBC which compares your wage, in a variety of ways, to that of top footballers

http://www.bbc.co.uk/news/world-31110113

Sunday, February 01, 2015

slideshares to sort

How technology can increase productivity: The half mile long train

Great report from the BBC on the effect of automating tasks. The last sentence says the job is reduced from 12 years to 2

http://www.bbc.co.uk/news/uk-31010111#

The costs of increasing car ownership

Summarised in under a minute by this BBC report on car ownership in China

http://www.bbc.co.uk/news/world-asia-31065433#

The measles outbreak in California; a case of information failure?

Why do more affluent parents in California not immunise their children? Could it be a case of information failure asks this BBC clip
http://www.bbc.co.uk/news/world-us-canada-31034379#

Market failure; smoking in pregnancy

Are financial incentives the way to reduce the market failure (ie negative externalities in the form of harm to the unborn child)? Maybe, this small scale trial reported by the BBC suggests

http://www.bbc.co.uk/news/health-31015747#

Speed cameras; actions to reduce market failure

Reduced accidents (ie negative externalities) resulting from this scheme in Scotland, report the BBC

http://www.bbc.co.uk/news/uk-scotland-30982498#

Policies to solve the problem of deflation/low inflation

Thanks to economicshelp for this summary

http://www.economicshelp.org/blog/6399/economics/impact-of-immigration-on-uk-economy/

The impact of immigration on the UK economy

A wide ranging summary from Economicshelp

http://www.economicshelp.org/blog/6399/economics/impact-of-immigration-on-uk-economy/

Sunday, January 25, 2015

Gender pay inequality in the UK

Appalling, reports Aljazeera
http://video.aljazeera.com/channels/eng/videos/uk-wage-inequality-women-paid-less-than-men/3953227768001

Minimum wage in Santa Fe, USA

Thanks to Aljazeera
http://video.aljazeera.com/channels/eng/videos/sante-fe-leads-the-way-in-us-wage-laws/3971856556001

Qatar moves towards a more sustainable economic growth model

......by recycling water, reports Aljazeera

http://video.aljazeera.com/channels/eng/videos/water-recycling-keeps-gulf-afloat/3998354290001

What is quantitative easing?

Explained in 70 seconds by the BBC

http://www.bbc.co.uk/news/business-30937023#
and Aljazeera
http://video.aljazeera.com/channels/eng/videos/kamahl-santamaria-explains-the-expected-effects-of-the-programme/4004896389001

Plain cigarette packaging heads for the UK

A decisive action to reduce market failure? I hope so, but time will tell

http://www.bbc.co.uk/news/uk-30920285#

Sunday, January 18, 2015

Protectionism and free trade: Cuba and the USA

More "normalisation" reports the BBC

http://www.bbc.co.uk/news/world-latin-america-30844329#

Saturday, January 17, 2015

Inequality in Scotland; the rise of food banks

A depressing video form the BBC (unless that is you believe that the free market with little government intervention is best)

http://www.bbc.co.uk/news/uk-scotland-30857423#

The effect of the rising Swiss Franc

Bad for exporters, but what about the Swiss inflation rate.? The BBC reports

http://www.bbc.co.uk/news/business-30845248#

The falling oil price; winners and losers

On both a micro and macro level, this BBC clip makes interesting viewing

http://www.bbc.co.uk/news/uk-scotland-30711701

The liquidity trap explained

Thanks to economicshelp for this explanation

http://econ.economicshelp.org/2009/10/liquidity-trap-explained.html

Friday, January 16, 2015

Why has the price of milk been falling?

Ch4 explains

http://www.channel4.com/news/how-did-milk-become-cheaper-than-bottled-water-video

UK debt

Lots of data in this economicshelp post

http://www.economicshelp.org/blog/1870/economics/uk-debt-burden/

How useful is pareto efficiency?

Useful post from economicshelp

http://www.economicshelp.org/blog/12643/economics/useful-pareto-efficiency/

How the inflation rate varies between different income groups?

Thanks to tutor2u for pointing me to this ONS post

http://www.ons.gov.uk/ons/rel/elmr/variation-in-the-inflation-experience-of-uk-households/2003-2014/sty-variation-in-the-inflation-experience-of-uk-households.html

Why some inflation is seen as a good thing

Great article from the BBC

http://www.bbc.co.uk/news/business-30778491?utm_source=dlvr.it&utm_medium=twitter

The price mechanism and allocative efficiency

Nice post from tutor2u

http://www.tutor2u.net/blog/index.php/economics/comments/using-the-price-mechanism-to-boost-allocative-efficiency-car-parking-charge?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:16:56:00Z

The history of the CPI basket

2 articles from the BBC (click the tab to get the second story) explaining some of the ins and outs of the CPI basket

http://www.bbc.co.uk/news/magazine-30828142

The problems of enforcing the minimum wage

Some well known firms appear to be breaking the law according to this Sky story

http://news.sky.com/story/1408190/minimum-wage-firms-named-and-shamed

CPI Inflation falls to a record low

This Ch4 video explains why

http://www.channel4.com/news/inflation-drops-to-record-low-as-oil-prices-tumble

as does this Sky post

http://news.sky.com/story/1406965/inflation-at-joint-lowest-level-on-record

and the BBC
http://www.bbc.co.uk/news/business-30795666#

and this one questions whether it's all good news

http://news.sky.com/story/1407096/why-record-inflation-fall-is-not-all-good-news

as do these posts from Robert Peston

http://www.bbc.co.uk/news/business-30795424
http://www.bbc.co.uk/news/business-30778484

Saturday, January 10, 2015

Deflation in the Euro zone

Yes and no, it appears from this BBC clip; it depends how you measure it

http://www.bbc.co.uk/news/world-europe-30708069#

Conainer ships; even more economies of scale

Over the years I've posted links to stories about ever larger container ships. Here's the new King of the container ships able to carry 19,100 containers with 20 crew

http://www.bbc.co.uk/news/uk-30720824#

Mindboggling!

Why has the $ appreciated?

Well, obviously, it's to do with supply and demand but this economicshelp post adds some reasons

http://www.economicshelp.org/blog/12596/us/reasons-for-rise-in-value-of-the-dollar/

How has the UK recovered from the recession?

An interesting graph in this post from economicshelp comparing the recovery in GDP per capita in the UK to France and the USA

http://www.economicshelp.org/blog/12576/economics/the-uk-recovery-compared/