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Tackling negative externalities: NYC steps up fight against smoking

Tackling negative externalities: NYC steps up fight against smoking | #ECON1 | Scoop.it
New York City Mayor Michael Bloomberg has signed landmark legislation banning the sale of tobacco products to anyone under the age of 21.
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Unit 1 Economics AS Level
Curated by Phil Hensman
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Portuguese bricklayers paid £1,000 a week due to shortage of UK workers

Portuguese bricklayers paid £1,000 a week due to shortage of UK workers | #ECON1 | Scoop.it
Construction firms are turning down bidding opportunities because of a shortage of skilled workers, research suggests
Phil Hensman's insight:

Inelsatic supply, increasing demand = Higher wages

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Support grows for tax on sugary drinks

Support grows for tax on sugary drinks | #ECON1 | Scoop.it
Health advisers for Mayor of London Boris Johnson have swung their weight behind calls for a tax on sugary drinks, after new figures claimed the introduction could save London boroughs alone nearly £40m in costs to the NHS.
Phil Hensman's insight:

Analysis and evaluation of a 'Sugar' Tax

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Sticking Point: Gum Firms 'Must Fund' Clean-Up

Sticking Point: Gum Firms 'Must Fund' Clean-Up | #ECON1 | Scoop.it
LBC
Phil Hensman's insight:

Internalising the externality? - Negative externality in production - Getting the firm to pay, even though it is the consumer causing the problem.

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Dr Koestle-Cate's curator insight, November 24, 10:49 AM

This will be very useful later, when we look at market failure in Micro.

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COTE D'IVOIRE: Cocoa farmers welcome state-imposed prices

COTE D'IVOIRE: Cocoa farmers welcome state-imposed prices | #ECON1 | Scoop.it
Cocoa farmers in Côte d'Ivoire, the world's largest producer, began the 2012-2013 season in October with a minimum price guaranteed by the state. This measure, part of the government’s sector-wide reforms, should stem corruption and make farmers less prone to the vagaries of international cocoa prices, giving them more financial stability so they can invest in their cocoa plantations.
Phil Hensman's insight:

Minimum price - with evaluation of the success.

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£1 an hour parking in Leicester city centre starts on Sunday

£1 an hour parking in Leicester city centre starts on Sunday | #ECON1 | Scoop.it
Changes to car parking charges in Leicester city centre some into force on this Sunday. The new pricing structure will see parking in on-street bays and city council car parks cost £1 for an...
Phil Hensman's insight:

Can you draw a diagram that explains why? Only on a Sunday....

And consider whether or not the number of parking spaces changes....

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'Soulless' Fosse Park expansion will threaten Leicester city centre trade, warn council officials

'Soulless' Fosse Park expansion will threaten Leicester city centre trade, warn council officials | #ECON1 | Scoop.it
The expansion of the out-of-town Fosse Park shopping complex will threaten businesses in Leicester city centre, senior council officials have warned. Planning officers have said the future growth of...
Phil Hensman's insight:

Substitute goods: If demand for out-of-town shopping centres increases, demand for city centre shops will decrease...

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Charging drunk patients in A&E wouldn’t sit right with my conscience

Charging drunk patients in A&E wouldn’t sit right with my conscience | #ECON1 | Scoop.it
Making certain patients pay for emergency services might make night shifts better for doctors, but it is discriminatory, says Jason Sarfo-Annin
Phil Hensman's insight:

Negative Externalities in Consumption: Should the problem causer be made to pay?

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Supermarkets launch petrol price cut

Supermarkets launch petrol price cut | #ECON1 | Scoop.it
Three major UK supermarkets are to cut the prices of petrol and diesel by up to 5p, starting on Tuesday.
Phil Hensman's insight:

Price Inelastic Demand: What are the affects on total revenue?

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Price inelastic demand: Deterring use our raising revenue? Hospital parking charges set to rise

Price inelastic demand: Deterring use our raising revenue? Hospital parking charges set to rise | #ECON1 | Scoop.it
Patients and visitors to Leicester's hospitals could be facing a price increase in car park charges of about 12 per cent. Staff parking charges have already been increased and bosses at...
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Positive externalities in production: 'Promotion can lift our economy into a different league'

Positive externalities in production: 'Promotion can lift our economy into a different league' | #ECON1 | Scoop.it
Isobel Frodsham speaks to business leaders on how the county can benefit from Leicester City's promotion to the Premier League. Ian Harrison, director of UK Trade and Investment for the East...
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Information failure: Banana ban for health-kick monkeys at Paignton Zoo

Information failure: Banana ban for health-kick monkeys at Paignton Zoo | #ECON1 | Scoop.it
Nutritionists at Devon zoo say giving bananas to primates is equivalent to giving humans cake and chocolate
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Donnison Cycle Helmets

Radio piece looking at compulsory helmet laws in Australia
Phil Hensman's insight:

Using legislation to force the use of merit goods.

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Scotland lowers drink-drive limit

Scotland lowers drink-drive limit | #ECON1 | Scoop.it
Phil Hensman's insight:

Great in-depth analysis and evaluation of legislating a negative externality in consumption

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The cocoa crisis: why the world’s stash of chocolate is melting away

The cocoa crisis: why the world’s stash of chocolate is melting away | #ECON1 | Scoop.it
It’s the world’s favourite sweet treat – and this week one of the industry’s biggest players warned that supplies could soon be running low. Guardian writers around the world report on the causes of the problem, from disease and crop failure to the rise of the chocolate crisp
Phil Hensman's insight:

Price fluctuations, reducing supply, increasing demand, changing tastes, population growth, demerit goods, information failure

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Payday Loan Firms Slapped With Price Cap

Payday Loan Firms Slapped With Price Cap | #ECON1 | Scoop.it
The FCA moves to limit costs in the short-term credit market, saying its rules will make it fair for both lenders and borrowers.
Phil Hensman's insight:

A maximum price on Payday Loans being imposed. What are the consequences for the industry? And what might be the Government Failure here?

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Oil Drops To Two-Year Low Amid Rising Output

Oil Drops To Two-Year Low Amid Rising Output | #ECON1 | Scoop.it
Fracking in the US, a big boost in job numbers and rising global output help the continued push downward on crude prices.
Phil Hensman's insight:

Why has the price of oil dropped? Can you draw a diagram to show it?

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Factors that shift the demand curve: Advertising: Nike sees sales and profit jump after World Cup

Factors that shift the demand curve: Advertising: Nike sees sales and profit jump after World Cup | #ECON1 | Scoop.it
The US sportswear firm Nike sees a 23% jump in quarterly profit thanks in part to football fever from this year's World Cup.
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The men blasted for urinating in public

The men blasted for urinating in public | #ECON1 | Scoop.it
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Mr Jones's curator insight, May 8, 8:13 AM

Interesting application of the external cost principle.  What do you think of the government intervention used?

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Information failure: Do consumers know the true effects? Even casual use of cannabis alters brain, warn scientists - Telegraph

Information failure: Do consumers know the true effects? Even casual use of cannabis alters brain, warn scientists - Telegraph | #ECON1 | Scoop.it
People who had used cannabis once or twice a week for a matter of months found to have changes in the brain that govern emotion, motivation and addiction
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Mr Jones's curator insight, May 8, 8:17 AM

Are the costs associated with young people smoking cannabis fully known? Information problems that could lead to overconsumption?

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Some great evaluation of what works and who it works for: Teenage smoking 'at record low'

Some great evaluation of what works and who it works for: Teenage smoking 'at record low' | #ECON1 | Scoop.it
Smoking among young teenagers in Scotland is at its lowest level since modern surveys began, a study by Ash Scotland suggests.
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