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Australia 'worst climate performer'

Australia 'worst climate performer' | F581 Markets in Action | Scoop.it

Reversal of climate change policies increasing external costs in the Australia.

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Reversal of climate change policies increasing external costs in the Australia.

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Scottish alcohol consumption falling

Scottish alcohol consumption falling | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Example of regulation of reducing consumption of a demerit good.

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Obesity 'costing same as smoking'

Obesity 'costing same as smoking' | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Fatty foods cost the UK £47bn a year (and the global economy £1.3tn). Report suggests regulation is likely to be more effective than indirect tax or information provision. Are fatty foods a demerit good? Should the government control our food intake?

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Adam Dean's curator insight, November 20, 2014 2:35 AM

Fatty foods cost the UK £47bn a year (and the global economy £1.3tn). Report suggests regulation is likely to be more effective than indirect tax or information provision. Are fatty foods a demerit good? Should the government control our food intake?

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A Decade of Fracking, Costing the Earth - BBC Radio 4

A Decade of Fracking, Costing the Earth - BBC Radio 4 | F581 Markets in Action | Scoop.it

#Tom Heap visits communities living with the shale gas industry, from Texas to Lancashire.

Adam Dean's insight:

Following on from the ESRC conference this Tuesday - R4 looks at the fracking debate. Lots here on market failure, government intervention, and multiplier effects.

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Adam Dean's curator insight, November 6, 2014 4:41 AM

1.5 Following on from the ESRC conference this Tuesday - R4 looks at the fracking debate. Lots here on market failure, government intervention, and multiplier effects.

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India's Kerala to ban alcohol sales

India's Kerala to ban alcohol sales | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Market failure and government intervention. Alcohol is considered a demerit good because it creates negative consumption externalities that generate external costs to third parties. Kerala state officials are taking the extreme measure of an outright ban in order to reduce consumption and achieve allocative efficiency. However, this is likely to lead to the creation of a hidden market for alcohol as we saw during the US prohibition of the 1920's. 

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Adam Dean's curator insight, August 22, 2014 4:28 AM

1.4 Market failure. Alcohol is considered a demerit good because it creates negative consumption externalities that generate external costs to third parties. Kerala state officials are taking the extreme measure of an outright ban in order to reduce consumption and achieve allocative efficiency. However, this is likely to lead to the creation of a hidden market for alcohol as we saw during the US prohibition of the 1920's. 

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This cash for grouse scandal shows how Britain has become a plutocrats' paradise

This cash for grouse scandal shows how Britain has become a plutocrats' paradise | F581 Markets in Action | Scoop.it

Government George Monbiot: We subsidise the landed gentry and their shotguns. While the poor are plunged into a brutal world of insecurity, the rich are untroubled

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Government failure in action - subsidising shotguns and grouse moors.

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Wind farm earnings hit by plans to freeze carbon tax - Telegraph

Wind farm earnings hit by plans to freeze carbon tax - Telegraph | F581 Markets in Action | Scoop.it
Proposed freeze could wipe millions from wind farm owners’ profits
Adam Dean's insight:
The energy market is incredibly complex. A web of regulation makes operations difficult in an industry that has received extensive public scrutiny recently. This article suggests that changing government intervention (in the form of a carbon tax) may hurt green energy production. The carbon tax has come under attack for being regressive and burdensome for firms (higher costs reduce competitiveness). Are the costs too high or does recent weather patterns (and associated costs) suggest it will all be worth it in the end?
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Adam Dean's curator insight, March 2, 2014 5:07 PM

The energy market is incredibly complex. A web of regulation makes operations difficult in an industry that has received extensive public scrutiny recently. This article suggests that changing government intervention (in the form of a carbon tax) may hurt green energy production. The carbon tax has come under attack for being regressive and burdensome for firms (higher costs reduce competitiveness).  Are the costs too high or does recent weather patterns (and associated costs) suggest it will all be worth it in the end?

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HS2 may ease housing pressure in London, says project boss

HS2 may ease housing pressure in London, says project boss | F581 Markets in Action | Scoop.it
David Higgins claims high-speed rail will mean resources and wealth will be redistributed between north and south
Adam Dean's insight:

Positive production extenalities. First time buyers may find it a litte easier to get on the housing ladder if HS2 reduces demand for housing in London and prices, subsequently, fall.

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Adam Dean's curator insight, January 27, 2014 7:14 AM

Positive production extenalities. First time buyers may find it a litte easier to get on the housing ladder if HS2 reduces demand for housing in London and prices, subsequently, fall.

Adam Dean's curator insight, January 27, 2014 7:15 AM

Positive production extenalities. First time buyers may find it a litte easier to get on the housing ladder if HS2 reduces demand for housing in London and prices, subsequently, fall.

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The great biofuels scandal - Telegraph

The great biofuels scandal - Telegraph | F581 Markets in Action | Scoop.it
Biofuels are inefficient, cause hunger and air pollution, and cost taxpayers billions
Adam Dean's insight:

Government failure. Biofuels not so "green" after all?

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Smoking curbs: The global picture

Smoking curbs: The global picture | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Government intervention - an excellent summary of the various methods used by governments across the world to reduce the consumption of tobacco products (a demerit good).

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Examples of Elasticity -

Examples of Elasticity - | F581 Markets in Action | Scoop.it
Some examples of elastic and inelastic demand. (Price elasticity of demand measures the responsiveness of demand to a change in more »
Adam Dean's insight:

Applications of elasticity. Helps to develop an intuitive understanding of elasticity theory.

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Adam Dean's curator insight, October 21, 2013 11:24 AM

Applications of elasticity (price and income).

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Oxford vice-chancellor: let better universities charge higher tuition fees

Oxford vice-chancellor: let better universities charge higher tuition fees | F581 Markets in Action | Scoop.it
Professor Andrew Hamilton says tuition fees system is out of kilter and higher fees need not be a barrier to access
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Adam Dean's curator insight, October 9, 2013 7:45 AM

A report published today indicates England performs relatively poorly in literacy and numeracy when compared to other OECD members. Some attribute this poor performance to the levels of income and wealth inequality that exist in the UK (see Guardian post in macro section). Meanwhile the VC of Oxford University wants the tuition fee cap to be removed to reflect the true market value of an Oxford degree. This will make an elitist institution even more so and increase the disparities of wealth/income opportunities that currently exist.

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Oil keeps sliding on oversupply fears

Oil keeps sliding on oversupply fears | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Increases in supply causing oil prices to fall. Consider the impact on the current account of those countries that rely heavily on oil exports.

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Air pollution 'public health crisis'

Air pollution 'public health crisis' | F581 Markets in Action | Scoop.it

Air p

Adam Dean's insight:

Air pollution an external cost - negative production externalities.

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Falling oil price costs Russia $100bn

Falling oil price costs Russia $100bn | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Russia is looking to prop up the price of oil by limiting supply and boost exports revenue. This suggests that Russia expects little movement in the way of demand (PED inelastic). Does Russia have sufficient market power to make a difference to the price of oil?

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Adam Dean's curator insight, November 24, 2014 6:12 PM

Russia is facing a perfect storm. Sanctions that restrict the flow of capital, a weakening currency, and a fall in the price of it's major export. A part of the BRICs that have seen strong growth in the last decade, it could be about to enter a recession. With Putin playing hardball it looks as if there is little chance of its woes abating any time soon.

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Payday loan charges cap announced

Payday loan charges cap announced | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Government intervention in the form of regulation and price controls, but will this lead to an increase in the use of 'loan sharks' in hidden markets? Unsurprisingly, pay day loan firms think it will, however, the FCA think not (specifically just 2% of the 70,000 of those forced out of the market by the intervention). Lots here on market failure, government intervention, unintended consequences and government failure.

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Adam Dean's curator insight, November 11, 2014 6:16 AM

1.3 & 1.4 Government intervention in the form of regulation and price controls, but will this lead to an increase in the use of 'loan sharks' in hidden markets? Unsurprisingly, pay day loan firms think it will, however, the FCA think not (specifically just 2% of the 70,000 of those forced out of the market by the intervention). Lots here on market failure, government intervention, unintended consequences and government failure.

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UK is out of step with the rest of the world on access to water

UK is out of step with the rest of the world on access to water | F581 Markets in Action | Scoop.it
A petition on the human right to water, signed by 1.8m people across Europe, was presented last month in Brussels. The petition called on the European Commission to recognise the UN resolution that water…
Adam Dean's insight:

England's water supply since privatisation - leaks, price hikes, and profits.

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Adam Dean's curator insight, August 30, 2014 4:39 PM

1.4 England's water supply since privatisation - leaks, price hikes, and profits.

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EU to pay struggling peach growers

EU to pay struggling peach growers | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Peach and nectarine farmers to be subsidised by the EU following the Russian food import ban. Fruit bought by the EU to be distributed to schools, hospitals, etc for free. Are peaches and nectarines a merit good?

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Adam Dean's curator insight, August 12, 2014 8:24 AM

Peach and nectarine farmers to be subsidised by the EU following the Russian food import ban. Fruit bought by the EU to be distributed to schools, hospitals, etc for free. Are peaches and nectarines a merit good?

Adam Dean's curator insight, August 12, 2014 8:24 AM

Peach and nectarine farmers to be subsidised by the EU following the Russian food import ban. Fruit bought by the EU to be distributed to schools, hospitals, etc for free. Are peaches and nectarines a merit good?

Adam Dean's curator insight, August 12, 2014 8:24 AM

Peach and nectarine farmers to be subsidised by the EU following the Russian food import ban. Fruit bought by the EU to be distributed to schools, hospitals, etc for free. Are peaches and nectarines a merit good?

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Iranians see petrol prices surge

Iranians see petrol prices surge | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Impact of subsidy removals. Subsidies help reduce costs of production which, in turn, lead to lower prices and increased consumer surplus. However, if used over the long-term subsidies can create large opportunity costs, encourage producer inefficiency and distort price signals. Consumers become accustomed to the artificially low prices, so when subsidies are removed they are likely to react negatively to the sudden price surge, as they have previously done in Iran.

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Adam Dean's curator insight, April 25, 2014 5:54 AM

1.3 Impact of subsidy removals. Subsidies help reduce costs of production which, in turn, lead to lower prices and increased consumer surplus. However, if used over the long-term subsidies can create large opportunity costs, encourage producer inefficiency and distort price signals. Consumers become accustomed to the artificially low prices, so when subsidies are removed they are likely to react negatively to the sudden price surge, as they have previously done in Iran.

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A level

A level | F581 Markets in Action | Scoop.it
There are many rumours about subjects being regarded as ‘hard’ or ‘soft’ and different people will have differing opinions on the matter. In general, subjects referred to as being ‘hard’...
Adam Dean's insight:

Great blog covering all OCR Economics modules - bookmark this site.

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Vitamins are a waste of money, say scientists - Telegraph

Vitamins are a waste of money, say scientists - Telegraph | F581 Markets in Action | Scoop.it
Researchers warned people to stay clear of supplements, which are taken by one in three people in Britain
Adam Dean's insight:

Information failure. Multivitamins - a waste of money.

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Big changes for renewable subsidies

Big changes for renewable subsidies | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Government intervention in the renewable energy market. Minimum (strike) prices for onshore wind and solar cut - price now closer to market equilibirum. Minimum price for offshore wind increased to encourage investment. 

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Drinks tax 'would reduce obesity'

Drinks tax 'would reduce obesity' | F581 Markets in Action | Scoop.it
Adam Dean's insight:

Market failure - sugary drinks tax, an effective meausure? Or will it go the same way as the Danish fat tax?

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SSE: Energy company behind price rise makes £1,500 profit a minute | Left Foot Forward

SSE: Energy company behind price rise makes £1,500 profit a minute | Left Foot Forward | F581 Markets in Action | Scoop.it
Energy company SSE has announced this morning that it is to raise electricity and gas prices by an average of 8.2 per cent from 15 November.
Adam Dean's insight:

The Fat Cats are back in the headlines. Exploiting the oligopolstic market structure and price inelastic nature of demand, prices of energy look to soar whilst senior executive heads in the same direction.

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Adam Dean's curator insight, October 10, 2013 6:51 AM

The Fat Cats are back in the headlines. Exploiting the oligopolstic market structure and price inelastic nature of demand, prices of energy look to soar whilst senior executive heads in the same direction.