5/6 This week we have begun to examine inequity in income. Inequity can happen for a number of reasons, the most prominent are income and wealth, but there are other factors too. I'd like you to select one of the categories below and to research an article on that topic. Alternatively, there are opposing views on income inequity that argue that it can be a benefit, shouldn't be worried about, or is just plain unfair to try to correct. If you wish, you may research one of those views.
When you return after the CAS week our first class on 16/6 I would like you to briefly discuss what you found. Since there are 10 of you and a 40 minute period you don't have to design a presentation. Expect to discuss your article to some extent and in relation to others articles.
Types of
Urban vs. Rural or regional
Gender based
Opportunity for education/jobs/intergenerational movement
Wealth inequality
Inequality between countries/ exploitation and globalization
Income inequality
Solutions to
Progressive tax
Public services
The opposition
Inequality (even to a high degree) isn’t a big problem
The “Its your money” argument, otherwise known as the self made man
When you return after the CAS week our first class on 16/6 I would like you to briefly discuss what you found. Since there are 10 of you and a 40 minute period you don't have to design a presentation. Expect to discuss your article to some extent and in relation to others articles.
Types of
Urban vs. Rural or regional
Gender based
Opportunity for education/jobs/intergenerational movement
Wealth inequality
Inequality between countries/ exploitation and globalization
Income inequality
Solutions to
Progressive tax
Public services
The opposition
Inequality (even to a high degree) isn’t a big problem
The “Its your money” argument, otherwise known as the self made man
15/5 This week there will be no assignment as you are entering review for end of year exams. There will be further blog posts to write in a few weeks time, but for now please concentrate on your review. The exam questions sheet we went over in class today is now in the Extra Material Tab under the Power Points tab. I have also uploaded the Fiscal and Supply Side ppts to the Power Points page.
8/5 This week we have been looking at fiscal policy measures in boosting an economy in regards to regulating government spending and manipulating tax rates. Despite that, two events have recently occured which warrant attention. First, the death of Nobel prize winning economist Gary Becker and second, the critical acclaim of Thomas Piketty's new Book, "Capitalism in the 21st Century."
Rather than exploring fiscal policy, let's save that for next week one we have more thoroughly gone over taxes and supply side policy. This week please choose to either read reviews of Piketty's book or to read obituatries of Gary Becker. Once you have done this summarize in a blog post the most important points made by Piketty or Becker and evaluate their position. Whether you agree or disagree please use examples from your learning of economics as well as examples to illustrate your point.
Rather than exploring fiscal policy, let's save that for next week one we have more thoroughly gone over taxes and supply side policy. This week please choose to either read reviews of Piketty's book or to read obituatries of Gary Becker. Once you have done this summarize in a blog post the most important points made by Piketty or Becker and evaluate their position. Whether you agree or disagree please use examples from your learning of economics as well as examples to illustrate your point.
23/4 This week we have cracked monetary policy and the issue of what money is. First, have a look at this TED talk. Then on your blog I want you to answer, what kind of currency is bitcoin?(of the three types we looked at in class) Does it qualify as having the 4 characteristics of money? Then think about the other examples that were given in the speech as to things that were used as currency. Do you use things in your daily life in a way that matches at least one of the characteristics of money?
27/3 This week we have just started to look at inflation. Many see inflation as the macro boogie man, but to sustain the monetary systems that most countries of the world have today requires inflation. Many people think that moving back to a gold standard would solve the problem of inflation, which many see as, "robbery" by governments of working people's labor. This is not a new idea, but one that nobel laurete Paul Krugman would refer to as zombie economics. It just keeps coming back again!
I would like you to read through a three part series and then to write an evaluation in response to the question, "To what extent can inflation be considered a good thing for a growing economy?". Here is the link to part one.
I would like you to read through a three part series and then to write an evaluation in response to the question, "To what extent can inflation be considered a good thing for a growing economy?". Here is the link to part one.
20/3 This week we have begun discussion of Aggregate Demand and introduced the figure of John M. Keynes, one of the most prominant figures in all of economics. This led us into discussing the multiplier effect. The multiplier is not disputed, but what is disputed is if a stimulus can have an impact that is great enough to justify the initial spending. The question for you to examine this week then is whether or not the American Investment and Reinvestment Act of 2009 was in fact worth it. How much was spent, what was the predicted multiplier and what is the evidence for what really happened? Don't agaonize too much over getting the "right" answer, just make sure that you can justify your answer. There are many sets of data to choose from so it may be hard to pin down exact numbers.
13/3 This week I would like you to watch the video located here and to blog about why it is difficult to compare countries using GDP. Isn't GDP supposed to account for cross border issues by stating this in terms of "value"? Include an example using Malaysia to demonstrate at least one of those difficulties.
6/3 This week I would like you to examine the article which is posted below and to consider the validity of GDP. The man who came up with GDP, Simon Kuznitz, had this to say about it, "The welfare of a nation can scarcely be inferred from a measurement of national income"
Was he correct? Should we be measuring something else? Why do most countries use GDP anyways?
Was he correct? Should we be measuring something else? Why do most countries use GDP anyways?
article-can-economic-performance-be-measured-and-evaluated.pdf | |
File Size: | 160 kb |
File Type: |
26/2 http://gametheory.cs.ubc.ca/ Go to this website (or a similar one) or find a partner to play games with and then construct a matrix for a real life situation in which you see or participate in that would involve game theory. Finally, post on your blog about the games you played and the matrix you have constructed.
Make sure to try a couple different games or the same game with different partners. What was the setup like? How did you make deicsions against your opponent and how did they react? Was there a Nash Equilibrium and a dominant strategy?
If you would like to know more about game theory and to view some interesting examples have a look through this
Make sure to try a couple different games or the same game with different partners. What was the setup like? How did you make deicsions against your opponent and how did they react? Was there a Nash Equilibrium and a dominant strategy?
If you would like to know more about game theory and to view some interesting examples have a look through this
game_theory_intro_and_questions_2009.pdf | |
File Size: | 2576 kb |
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Current Week's work and readings
14/2
These past couple weeks the focus has been on competitive vs. non competitive markets. You can pick any number of things that have to do with Monopolies and the SR vs LR positions of perfectly competitive firms. Please also read and comment on the article posted below.
These past couple weeks the focus has been on competitive vs. non competitive markets. You can pick any number of things that have to do with Monopolies and the SR vs LR positions of perfectly competitive firms. Please also read and comment on the article posted below.
23/1
This week the focus has been a further examination of costs, but we have now delved into the shutdown point, losses, profits, the nature of competitive markets, and break even points. You may also find information on implicit vs explicit costs. Be sure to post the article by FRIDAY NIGHT and to post a response to someond else.
This week the focus has been a further examination of costs, but we have now delved into the shutdown point, losses, profits, the nature of competitive markets, and break even points. You may also find information on implicit vs explicit costs. Be sure to post the article by FRIDAY NIGHT and to post a response to someond else.
17/1
Wecome to term 2, the HL only term! For this term we will be focusing on the theory of the firm. This first week the focus is on costs and productivity. Appropriate articles this week should demonstrate economies/diseconomies of scale, diminishing returns on labor, increasing marginal costs or perhaps a few other topics. In addition, please read the article below, "Are Cost Curves Always...". If you have question on an article be sure to ask.
Wecome to term 2, the HL only term! For this term we will be focusing on the theory of the firm. This first week the focus is on costs and productivity. Appropriate articles this week should demonstrate economies/diseconomies of scale, diminishing returns on labor, increasing marginal costs or perhaps a few other topics. In addition, please read the article below, "Are Cost Curves Always...". If you have question on an article be sure to ask.
article-are-cost-curves-always-u-shaped.pdf | |
File Size: | 238 kb |
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Past Week's work and readings
21/11
This week the focus is again on market failures, but this time the focus is on public goods, common resources, information assymetry, and monopoly power. Remember IA and Monopoly power are HL topics only.
This week the focus is again on market failures, but this time the focus is on public goods, common resources, information assymetry, and monopoly power. Remember IA and Monopoly power are HL topics only.
14/11
This week the focus is on market failures, in particular on externalities. Traditional externalities like pollution or education should be easy to find, but I encourage you to try to find examples outside of the norm.
This week the focus is on market failures, in particular on externalities. Traditional externalities like pollution or education should be easy to find, but I encourage you to try to find examples outside of the norm.
Week of 1/11
This week the focuse is on Government Intervention. That means price floors and ceiling, taxes, and subsidies. With all going on in Malaysia at the moment you should be able to find some relevant articles relating to these topics.
This week the focuse is on Government Intervention. That means price floors and ceiling, taxes, and subsidies. With all going on in Malaysia at the moment you should be able to find some relevant articles relating to these topics.
Week of 24/10 This week you begin independant reseach in regards to finding and commenting on weekly articles. You have already done this as you wrote reaction blogs to the articles I have posted. There are two differences between what you have formerly done and what you are expected to do from this point forward. The first is that there will not be an article to react to, you must find an article relating to the week's topics (in this case elasticity of supply). Once you find the article, tag it with Diigo. Then post a blog discussing the article and providing a link to the article. Finally, make at least one comment on another student's article/blog. Thats it. Find it, tag it, blog it, comment, done.
Week of 3/10
This week we have a paradox where farmers enjoy high incomes despite a terrible harvest. What does this have to do with PED? Well, that’s what I want you to figure out. In your blogs this week, explain how an understanding of price elasticity of demand can help us understand why farmers whose crops were largely destroyed by drought ended up earning higher incomes than they expected. You can listen to/download the podcast here. If neither of these options work then search the terms, "All things considered, despite record drought" and you should find the podcast from NPR. Remember to make a connection to another article/form of media.
This week we have a paradox where farmers enjoy high incomes despite a terrible harvest. What does this have to do with PED? Well, that’s what I want you to figure out. In your blogs this week, explain how an understanding of price elasticity of demand can help us understand why farmers whose crops were largely destroyed by drought ended up earning higher incomes than they expected. You can listen to/download the podcast here. If neither of these options work then search the terms, "All things considered, despite record drought" and you should find the podcast from NPR. Remember to make a connection to another article/form of media.
despite-record-drought-farmers-expect-banner-year.mp3 | |
File Size: | 2355 kb |
File Type: | mp3 |
Week of 26/09
This week we had our Great Economists Conference. In relation to that I would like you to do two things.
1. Reflect on the conference. What do you consider to be the most important theory presented? In essence, who is the greatest economist?
2. Find a great economist who was not at the conference. I tried to pick the most influential, but there are certainly many more economists who could be considered great. Include brief bio information, theories held, postions held, and famous books or papers. Aim for about 300 words on this. Once you have written on this find another person's post and comment on it.
This week we had our Great Economists Conference. In relation to that I would like you to do two things.
1. Reflect on the conference. What do you consider to be the most important theory presented? In essence, who is the greatest economist?
2. Find a great economist who was not at the conference. I tried to pick the most influential, but there are certainly many more economists who could be considered great. Include brief bio information, theories held, postions held, and famous books or papers. Aim for about 300 words on this. Once you have written on this find another person's post and comment on it.
Week of 11/09
This week we have been looking further than demand and getting into supply and equilibrium as well as consumer and prodcuer surplus. According to free market theory, prices should allocate resources efficiently in a market as individuals make rational decisions and can best steer the market. Some would argue this is true and others not, which defines the largest gap between modern economists. These two groups/ideas are sometimes referred to as Neoliberalism and (new)Keynesianism.
FIRST listen to; ‘Rise in Metal Prices Leads to Odd Crime Wave’ (4min) and then after ‘Drop in Chinese Demand Melts Scrap Metal Market’ from NPR. (5min) in the case of Chinese demand for metal, is the market allocatively and productively efficient? If you agree or disagree explain why and give further examples to prove your point.
You can find those podcasts here, http://www.npr.org/templates/story/story.php?storyId=5544616
and here http://www.npr.org/search/index.php?searchinput=Drop+in+Chinese+Demand+Melts+Scrap+Metal+Market%E2%80%99
This week we have been looking further than demand and getting into supply and equilibrium as well as consumer and prodcuer surplus. According to free market theory, prices should allocate resources efficiently in a market as individuals make rational decisions and can best steer the market. Some would argue this is true and others not, which defines the largest gap between modern economists. These two groups/ideas are sometimes referred to as Neoliberalism and (new)Keynesianism.
FIRST listen to; ‘Rise in Metal Prices Leads to Odd Crime Wave’ (4min) and then after ‘Drop in Chinese Demand Melts Scrap Metal Market’ from NPR. (5min) in the case of Chinese demand for metal, is the market allocatively and productively efficient? If you agree or disagree explain why and give further examples to prove your point.
You can find those podcasts here, http://www.npr.org/templates/story/story.php?storyId=5544616
and here http://www.npr.org/search/index.php?searchinput=Drop+in+Chinese+Demand+Melts+Scrap+Metal+Market%E2%80%99
Week of 29/08
This week we have begun to look at demand and what factors can influence individual and market demand. Earlier in the week we watched a bit of Mind over Money, the PBS program, in which many well known economists were interviewed. Some of you may have recognized the faces and names, but I am guessing many are new to you. As noted in the program, U of Chicago has produced many Nobel prize winning economists, one of whom was featured in the show. His name is Gary Becker. Mr. Becker is a behavioural economist and studies how humans' reactions can have influence on markets. One of his most famous examples was the market for marriage to which he applied the theories of economics. He saw that marriage was a cost/benefit analysis where demand and supply can play a role. Though unromantic, I would have to agree with his ideas.
This week I am asking you to read an article entitled, "The Declining Demand for husbands" about marriages in America and to contrast and compare this to another article entitled, "The Price of Marriage in China". Both deal with the marriage market, but you may find differences worth noting. As always you are free to take a different path if you think it is worthy of discussion. You may focus on one article and make an outside connection to another topic as long as it continues to relate to the topics of markets, demand, determinants of demand, price, and cost/benefit but be sure to include a link to another form of media in your blog post.
http://economix.blogs.nytimes.com/2013/06/17/the-declining-demand-for-husbands/?src=busln&_r=1
http://www.nytimes.com/2013/03/10/business/in-a-changing-china-new-matchmaking-markets.html?ref=business&_r=1&
This week I am asking you to read an article entitled, "The Declining Demand for husbands" about marriages in America and to contrast and compare this to another article entitled, "The Price of Marriage in China". Both deal with the marriage market, but you may find differences worth noting. As always you are free to take a different path if you think it is worthy of discussion. You may focus on one article and make an outside connection to another topic as long as it continues to relate to the topics of markets, demand, determinants of demand, price, and cost/benefit but be sure to include a link to another form of media in your blog post.
http://economix.blogs.nytimes.com/2013/06/17/the-declining-demand-for-husbands/?src=busln&_r=1
http://www.nytimes.com/2013/03/10/business/in-a-changing-china-new-matchmaking-markets.html?ref=business&_r=1&
Week of 22/08
Hello All. This week I have posted one file and a link to an article. I would encourage you all to read both of these carefully and to consider how the questions posed in the worksheet as well as the idea of economics as a science and sunk costs, which can both be found in the article in the link, when you write your blogs this week. Sunk cost(s) is a term neither IGCSE nor IB Economics demands, but a good one to know as an economist. I have personally struggled to accept sunk costs and have only recently started to see things more "economically" and I have to admit that it is liberating! http://csbj.com/2012/08/24/irrational-economic-behavior/
article-what-is-opportunity-cost.pdf | |
File Size: | 74 kb |
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