At a delicatessen counter in eastern Caracas, Humberto Gonzalez removes slices of salty white cheese from his scale and replaces them with a stack of bolivar notes handed over by his customer. The currency is so devalued and each purchase requires so many bills that instead of counting, he weighs them.
There's a joke about economists that goes something like this: A mathematician, an accountant and an economist apply for the same job. The interviewer calls in the mathematician and asks "What do t...
Ben Christopher's insight:
Great for evaluation on the inflation topic particularly the last part which refers to many contracts being tied to the RPI not CPI which renders the official inflation measurement less relevant - gold dust!
The year 13 student who wrote this was part of the 4 person team who won this year´s Target 2.0 Bank of England competition (Oundle School with Mo Tanweer in the wings!).
Showing critical awareness of economic statistics is an important skill for all economists.A hat-tip to Fiona Quiddington for this article on youth unemployment from the Telegraph which analyses youth unemployment figures with a more critical eye.TEDx talk on solving Youth Unemployment:Latest UK Labour Market update from ONS:.
Spain’s economic crisis has millions of faces, but it is the young ones that stick in your memory. There was the 26-year-old nurse I met in Seville, firing off one job application after the other, always hoping that this one would finally come good.
This comes from the BBC World Service Business Daily 'In The Balance' discussion programme, recorded at the 'Kilkenomics' event in Ireland- something worth reading about in it's own right (Economics and comedy in one!). The panel discuss, very clearly and with great insight, why countries are so desperate to avoid deflation but also to avoid high rates of inflation. This is exactly what AS Economics students need to understand, and it should lead to a clear appreciation of why we have a 2% inflation target here in the UK. Good references to the current global economic situation are made- particularly Argentina with inflation rates somewhere around 40% and the Eurozone flirting with deflation.
The headline employment data today looks good. 239,000 new jobs.
However, self-employment accounted for 146,000 of the increase. But as I have shown, firstly no one really knows how many self employed people there are and secondly, they earned an average of £10,400 each in 2011-12, on a steadily falling trend....
‘Research shows that employers ignore people who have been out of work for more than six months’ “Quantity has a quality of its own.” Whether or not Stalin ever said this about the Red Army, it is ...
Ben Christopher's insight:
Good for evaluation this. The duration of unemployment really matters, problems of hysterisis (cyclical to structural). So if you're asked about the effects of a recession and one of your points is unemployment, then to evaluate you could talk about the depth of the recession counts, if short term - less of a problem as demand picks up, if long term - problems more significant as skills lost, outdated references/cv, drain on gov finances etc.
Remember good eval phrases 'the extent to which X is a problem, depends on...' or talk about the 'significance of an effect/impact/problem/benefit'
We’re very used to the idea of monitoring inflation, measuring it, and worrying about the consequences of it. But like any good answer that requires an element of balance, it’s worth noting that too little inflation can be a problem too..
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