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Unit 1 Economics AS Level
Curated by Phil Hensman
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Marijuana brands aim for high-end retail in Canada - BBC News

Marijuana brands aim for high-end retail in Canada - BBC News | #ASMIC | Scoop.it
As brands fight for a share of the Canadian cannabis market before the drug is fully legalised, one store wants to make "seedy" so-called head shops a thing of a the past.
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Canada sets its first national carbon price at C$10 a tonne

Canada sets its first national carbon price at C$10 a tonne | #ASMIC | Scoop.it
Eight of 10 provinces have signed deal to implement carbon tax or cap-and-trade markets, says Justin Trudeau
Phil Hensman's insight:
Is one Govt's intervention enough? Will they just make their firms internationally uncompetitive?
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Children's characters may disappear from unhealthy food in Netherlands

Children's characters may disappear from unhealthy food in Netherlands | #ASMIC | Scoop.it
‘Licensed media characters’ like Dora the Explorer and Miffy would no longer be used to target young children under initiative by Dutch food industry
Phil Hensman's insight:
Reducing consumption of Demerit goods by children.
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Soaring spice use by inmates shows prohibition is ineffective

Soaring spice use by inmates shows prohibition is ineffective | #ASMIC | Scoop.it
The ambulances turn up at Bristol Prison with monotonous regularity. Once every few hours, five times a day, up to 35 times a week, to treat inmates suffering drug overdoses, according to a new report by the Independent Monitoring Board. This is almost six times more often than just one year ago. Each time the …
Phil Hensman's insight:
An Example of Government Failure
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Why are fewer people swimming? - BBC News

Why are fewer people swimming? - BBC News | #ASMIC | Scoop.it
The number of people regularly swimming is declining, but why?
Phil Hensman's insight:
Merit Good, Best way to increase participation...?
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Matt Smith's curator insight, December 1, 2016 2:13 PM
Merit Good, Best way to increase participation...?
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Cigarette tax hikes having opposite effect, Ilias Bellos | Kathimerini

Cigarette tax hikes having opposite effect, Ilias Bellos | Kathimerini | #ASMIC | Scoop.it
Every year the Greek state misses out on tax revenues of at least 800 million euros due to the tax hikes it has imposed on cigarettes.
Phil Hensman's insight:
Increasing tax doesn't always increase tax revenue, it can provide more of an incentive for criminals
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Half of fizzy drinks have more sugar in one can than adult daily limit

Half of fizzy drinks have more sugar in one can than adult daily limit | #ASMIC | Scoop.it
Nearly three out of four drinks also have more sugar than children under 11 should consume, says report
Phil Hensman's insight:
Information failure leading to overconsumption
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Rise in fly tipping blamed on Leicestershire County Council decision to cut tip opening hours

Rise in fly tipping blamed on Leicestershire County Council decision to cut tip opening hours | #ASMIC | Scoop.it
County Hall has been blamed for an increase of fly tipping in rural areas.

Figures show illicit dumping has soared across the 230 square miles of Harborough district.

Sinc
Phil Hensman's insight:
Government Failure
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Mr Jones's curator insight, May 9, 2016 8:28 AM
An interesting illustration of the unintended consequence of a government decision to reduce the opening hours at their refuse tipping sites. If one council can effectively pass 'their' rubbish on to other councils (because their citizens fly-tipped elsewhere) then this outcome might not have bothered them too much!
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7m Americans At Risk From Man-Made Earthquakes

7m Americans At Risk From Man-Made Earthquakes | #ASMIC | Scoop.it
A USGS report says Oklahoma, Kansas, Texas, Colorado, New Mexico and Arkansas have the highest chance of quake damage in 2016.
Phil Hensman's insight:
Negative Externalities in Production
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Bruce Fellowes's curator insight, March 30, 2016 7:05 AM
Negative Externalities in Production - Fracking being the main cause
Mr Jones's curator insight, May 15, 2016 4:11 AM
Negative externalities in production
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More than 600m illicit cigarettes seized by HMRC in six months

More than 600m illicit cigarettes seized by HMRC in six months | #ASMIC | Scoop.it
Between April and September 2015, hundreds of millions of cigarettes and 137 tonnes of hand-rolling tobacco worth £232m in unpaid duty found
Phil Hensman's insight:
The problems of over-taxation, black markets..
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Bruce Fellowes's curator insight, March 7, 2016 6:22 AM
The problems of over-taxation, black markets..
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India introduces car sales tax to combat pollution

India introduces car sales tax to combat pollution | #ASMIC | Scoop.it
Finance minister Arun Jaitley imposes levy of up to 4% on new passenger vehicles as part of his annual union budget
Phil Hensman's insight:
Using tax to reduce negative externalities
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Bruce Fellowes's curator insight, March 2, 2016 3:31 AM
Using tax to reduce negative externalities
jon inge's curator insight, March 10, 2016 5:13 PM
Using tax to reduce negative externalities
Bruce Fellowes's curator insight, March 11, 2016 3:28 AM
Using tax to reduce negative externalities
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COP21: Climate change deal's winners and losers - BBC News

COP21: Climate change deal's winners and losers - BBC News | #ASMIC | Scoop.it
Matt McGrath takes a look at some of the winners and losers in the climate deal.
Phil Hensman's insight:

Evaluation of impacts on different groups

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UK manufacturing will continue to suffer in 2016, warns BCC

UK manufacturing will continue to suffer in 2016, warns BCC | #ASMIC | Scoop.it
British Chambers of Commerce says sector ‘close to stagnation’ after domestic and export sales fall to below pre-recession levels
Phil Hensman's insight:

The effects of globalisation on the UK

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Phil Hensman's curator insight, January 7, 2016 3:41 AM

Effects of Globalisation on the UK economy

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In the future, will farming be fully automated? - BBC News

In the future, will farming be fully automated? - BBC News | #ASMIC | Scoop.it
The world needs to produce more food to feed a growing population, but is automation and sensor technology the answer?
Phil Hensman's insight:
Replacing labour with capital
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Fly-tipping Christmas crackdown by councils - BBC News

Fly-tipping Christmas crackdown by councils - BBC News | #ASMIC | Scoop.it
Councils in England and Wales launch a "pre-Christmas zero-tolerance" crackdown on fly-tipping.
Phil Hensman's insight:
Correcting Mkt Failure, Govt Intervention
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London attracts one-quarter of graduates from UK universities

London attracts one-quarter of graduates from UK universities | #ASMIC | Scoop.it
Centre for Cities report finds 24% of new graduates in 2014 and 2015 were working in capital within six months of finishing
Phil Hensman's insight:
The Brain Drain
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Welsh crime chief: It's time to consider legalising all drugs

Welsh crime chief:  It's time to consider legalising all drugs | #ASMIC | Scoop.it
It’s time to consider making all drugs legal, according to North Wales Police and Crime Commissioner Arfon Jones. The high-ranking official joined a chorus of voices advocating for an end to the war on drugs, a policing approach which has “totally failed”, he says. “We need to look at a new approach,” he told the Daily …
Phil Hensman's insight:
Stop Black Markets, receive taxation revenue, hypothecate that tax, stop spending money on prisons, the police, customs etc.
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Legalisation of cannabis 'only solution to crime and addiction problems'

Legalisation of cannabis 'only solution to crime and addiction problems' | #ASMIC | Scoop.it
Report by Adam Smith Institute says UK’s drug strategy ‘has failed in its core aims’ and urges government to legalise cannabis
Phil Hensman's insight:
The end of prohibition brings large benefits to the government, but at what cost?
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Sin taxes on alcohol and tobacco have cost the Treasury £31bn, analysis finds

Sin taxes on alcohol and tobacco have cost the Treasury £31bn, analysis finds | #ASMIC | Scoop.it
Sin taxes on alcohol and tobacco have cost the Treasury more than £
Phil Hensman's insight:
Government Failure, taxing demerit goods
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Thailand warns against price-gouging of black clothing as nation mourns king

Thailand warns against price-gouging of black clothing as nation mourns king | #ASMIC | Scoop.it
Commerce ministry to work with manufacturers to ensure stable supply of mourning wear
Phil Hensman's insight:
Increases in demand = Increases in price
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Countries' Safe Alcohol Guidelines Confusing

Countries' Safe Alcohol Guidelines Confusing | #ASMIC | Scoop.it
The World Health Organisation says a standard drink contains 10g of alcohol - but many countries have their own version.
Phil Hensman's insight:
Demerit goods over consumed due to information failure, but is the correct information available?
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Mr Jones's curator insight, May 15, 2016 4:10 AM
The importance of good information in the context of a demerit good
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Legalising Cannabis 'Could Raise £1bn In Tax'

Legalising Cannabis 'Could Raise £1bn In Tax' | #ASMIC | Scoop.it
The Lib Dems claim prohibition puts the health of cannabis users at risk, as dealers may encourage them to try riskier drugs.
Phil Hensman's insight:
Hypothecation of tax? Regulating a market, but what are the downsides?
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jon inge's curator insight, March 10, 2016 5:13 PM
Hypothecation of tax? Regulating a market, but what are the downsides?
Bruce Fellowes's curator insight, March 11, 2016 3:28 AM
Hypothecation of tax? Regulating a market, but what are the downsides?
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Solar power lobby warns of subsidy cuts threat to jobs - BBC News

Solar power lobby warns of subsidy cuts threat to jobs - BBC News | #ASMIC | Scoop.it
Hundreds of solar power jobs have been lost owing to planned cuts to subsidies, according to a survey that suggests thousands more jobs could be at risk industry-wide.
Phil Hensman's insight:
When subsidies are cut, or taxes are increased, and production is cut, there are consequences...
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Bruce Fellowes's curator insight, March 4, 2016 3:20 AM
When subsidies are cut, or taxes are increased, and production is cut, there are consequences...
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Plastic bag maker goes bust 'due to 5p charge' - BBC News

Plastic bag maker goes bust 'due to 5p charge' - BBC News | #ASMIC | Scoop.it
The introduction of a 5p charge for plastic bags in England is blamed for a Lancashire packaging firm going into administration.
Phil Hensman's insight:
Unintended consequences of government policies.... If you reduce the production of goods with negative externalities, people are put out of work
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Bruce Fellowes's curator insight, March 2, 2016 3:31 AM
Unintended consequences of government policies.... If you reduce the production of goods with negative externalities, people are put out of work
Mr Jones's curator insight, May 15, 2016 4:14 AM
Encouraging recycling through a plastic bag charge leads to manufacturer going out of business
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New York City brings in salt warnings on menus to tackle heart disease

New York City brings in salt warnings on menus to tackle heart disease | #ASMIC | Scoop.it
Chain restaurants in NYC will be forced to show customers which dishes contain more than one teaspoon of salt in the city’s latest public health drive
Phil Hensman's insight:

Tackling information failure with demerit goods

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Graham Watson's curator insight, January 7, 2016 4:19 AM

Courtesy of Phil Hensman - thank you, sir - more on the provision of better quality information potentially reducing the negative externalities associated with poor eating habits. If you improve information, in theory, efficiency increases.

 

But what's the opportunity cost? And is there any evidence that consumers lack information in this regard? In which case, is government failure likely?

Mr Jones's curator insight, January 13, 2016 7:16 AM

Tax or inprove public information?  Always an issue when considering any food story that may have external costs associated.