Markets and market failure
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High street crisis: Charting how we spend our money

High street crisis: Charting how we spend our money | Markets and market failure | Scoop.it
As more retailers are running into trouble, BBC News asks if the way we spend our money has shifted.

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Graham Watson's curator insight, September 30, 8:30 AM

A little snippet looking at how we spend our money - this BBC article highlights how much we spend, what we spend it on, how we spend it and the effect of changing shopping habits on the high street. 

 

 

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Earnings power of a university degree falls as student numbers grow

Earnings power of a university degree falls as student numbers grow | Markets and market failure | Scoop.it
The additional earnings that someone with a degree can expect to make has fallen from 41pc in 2004 to 24pc last year, according to new figures from the Office for National Statistics (ONS).

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Graham Watson's curator insight, October 2, 2:23 AM

Interesting application of D&S in factor markets - the earnings power of a degree has started to fall as the number of students has risen. Unless, of course, you are in an executive role, when this no longer appears to apply.

 

Or, to be more realistic, it is offset by other factors; I'm nothing if not balanced.

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Where have all the 'for sale' signs gone?

Where have all the 'for sale' signs gone? | Markets and market failure | Scoop.it
The UK's biggest mortgage lender says the lack of homes on the market means prices are still rising.

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Graham Watson's curator insight, October 5, 7:07 AM

Simple application of D&s on the one hand - and absence of properties for sale has obvious implications for house prices - but also some broader issues, not least about consumer confidence and a relative lack of buyer activity in the past month. Just a lovely applied starter activity, perhaps.

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Oil pushes past $80 as Iran fears mount

Oil pushes past $80 as Iran fears mount | Markets and market failure | Scoop.it
The rising price of Brent oil reflects concerns about the impact of US sanctions against Iran.

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Graham Watson's curator insight, September 12, 3:15 PM

Oh goodie!

 

Whereas this week's previous D&S stories have involved shifting only one curve, this one involved shifting both. You might, even at this stage in your post-16 Economics education be able to draw a diagram illustrating how the effect on both demand and supply is likely to have been responsible for driving oil prices higher.  

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Do free museums serve all social classes? - BBC Newsnight

As the new V&A Dundee prepares to open, we ask: do our museums and galleries serve everyone, or just the middle classes? V&A Director Tristram Hunt and Leigh Toney from the Working Class Artists Collective discuss with Kirsty Wark.


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Graham Watson's curator insight, September 14, 2:27 AM

Free museum access is often depicted as something that might be classified as a quasi-public good, but this Newsnight clip debates whether or not that's the case.

 

Are museums the preserve of the middle-class, and does free access simply admit those who are already able to pay? Or do they give the working-class access to culture and generate positive external effects.

 

This debate is particularly apt for the new Design Museum in Dundee - 1 in 4 children live in poverty in the city. Oh, and there are multiplier effects.

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Boeing says Asia needs 240,000 pilots over next two decades

Boeing says Asia needs 240,000 pilots over next two decades | Markets and market failure | Scoop.it
Growing Asia-Pacific travel demand means a huge increase in pilots, cabin crew and technicians.

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Graham Watson's curator insight, August 28, 10:48 AM

Hat-tip to Geoff Riley - another example of derived demand. The demand for pilots is derived from the demand for air travel.

 

There are, of course, also price elasticity of supply issues to consider, given the cost and duration of training to fly commercial planes.

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Supply shortage could push rents up 15% says RICS

Supply shortage could push rents up 15% says RICS | Markets and market failure | Scoop.it
Rents could rise by 15% over the next five years as the supply of new rental properties dries up.

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Graham Watson's curator insight, August 9, 8:15 AM

D&S in the market for rental housing. Elementary stuff.

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Supermarkets targeted in the battle against obesity | Society | The Guardian

Supermarkets targeted in the battle against obesity | Society | The Guardian | Markets and market failure | Scoop.it

Checkout offer bans and TV advertising watershed are key steps to tackle health crisis


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Graham Watson's curator insight, June 24, 11:43 AM

It strikes me that there's been a big push to tackle 'obesity' this year - however, I worry that it's been a bit underhand and that the haste and the range of measures being considered smacks of 'bad economics', and might be likely to result in government failure.  

 

Either way, it's clear that poor dietary habits generate negative externalities, but in itself that doesn't justify intervention, as any good economist should know.

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Oil breaches $80 a barrel mark for first time in nearly four years

Oil breaches $80 a barrel mark for first time in nearly four years | Markets and market failure | Scoop.it
Global oil prices have risen to breach the $80 a barrel mark for the first time in almost four years as the market reacts to a reigniting of geopolitical tensions and economic collapse among the world’s largest oil producers.

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Graham Watson's curator insight, May 18, 2:27 AM

Elementary D&S. Simples.

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UK proposes plastic straw ban

The UK government has proposed a ban on plastic straws, drink stirrers and cotton buds. The FT highlights the crackdown on plastic waste in this animated explainer


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Graham Watson's curator insight, April 21, 2:51 AM

A brief FT clip looking at the proposal to ban plastic straws, drink stirrers and cotton buds, as part of a wider commitment to outlawing avoidable plastic waste by 2042. 

 

Quite how that is going to be measured, I don't know, but the FT puts the measure in the context of other such moves, such as the plastic bag tax.

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UK 'could adopt' Norway bottle recycling system

UK 'could adopt' Norway bottle recycling system | Markets and market failure | Scoop.it
A Scandinavian deposit-based system for recycling bottles is thought likely to be adopted in the UK.
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The Indian coin that set off millions of messages

The Indian coin that set off millions of messages | Markets and market failure | Scoop.it
What happens when people no longer believe that cash is worth anything?
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Bottled water is a nonsense. Just ban it and fill our towns with drinking fountains | Sonia Sodha

Bottled water is a nonsense. Just ban it and fill our towns with drinking fountains | Sonia Sodha | Markets and market failure | Scoop.it
“ Plastic-free aisles just don’t go far enough – the government must be decisive if it is to fulfil its green pledges”
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Oil prices reach four-year high ahead of US sanctions on Iran

Oil prices reach four-year high ahead of US sanctions on Iran | Markets and market failure | Scoop.it
Oil prices have jumped to a four-year high as traders scramble to find alternative sources of crude ahead of US sanctions against Iran, which come into effect next month.

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Graham Watson's curator insight, October 1, 2:58 PM

Elementary D&S. And oil.

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Copper demand to surge thanks to China’s global ambitions, BHP says

Copper demand to surge thanks to China’s global ambitions, BHP says | Markets and market failure | Scoop.it
Demand for copper will surge over the next five years thanks to China’s huge global lending programme, according to the world’s biggest miner.

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Graham Watson's curator insight, October 4, 3:52 AM

And now, a little bit of D&S. Expect the global copper price to rise, if you believe BHP's view of the market. Of course, they might have a vested interest in painting this picture...

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Bread prices to keep rising after reduced wheat harvest | Business | The Guardian

Bread prices to keep rising after reduced wheat harvest | Business | The Guardian | Markets and market failure | Scoop.it
Cost of wheat has increased by up to 30% after dry summer

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Graham Watson's curator insight, September 11, 2:08 AM

Basics: D&S. A reduced wheatr harvest has obvious implications for bread prices. I hope you're able to draw the market for bread...

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Oil prices could spiral higher in the coming months, says IEA | Business | The Guardian

Oil prices could spiral higher in the coming months, says IEA | Business | The Guardian | Markets and market failure | Scoop.it
Further rises would not only hit motorists by chancellor’s hopes of raising fuel duty

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Graham Watson's curator insight, September 13, 11:01 AM

D&S on a global scale courtesy of the International Energy Agency (IEA).

 

The prevailing view is that oil prices are likely to rise, largely as a result of supply-side factors

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A road full of bottlenecks: Dutch cycle path is made of plastic waste | Environment | The Guardian

A road full of bottlenecks: Dutch cycle path is made of plastic waste | Environment | The Guardian | Markets and market failure | Scoop.it
First path entirely made of recycled bottles, cups and packaging opens in Zwolle

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Graham Watson's curator insight, September 14, 2:41 AM

This week's peak Guardian: a cycle path made entirely from waste plastics. What's not to like, as you tuck into your organic quinoa porridge, made with soya milk, and a kale smoothie?

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Heatwave causing farmers 'serious concern'

Heatwave causing farmers 'serious concern' | Markets and market failure | Scoop.it
Potatoes latest victim of exceptional weather as heatwave continues to push food prices higher.

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Graham Watson's curator insight, August 6, 11:36 AM

More D&S, more agriculture: simple stuff. 

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Dizzying array of recycling symbols 'is confusing consumers' | Environment | The Guardian

Dizzying array of recycling symbols 'is confusing consumers' | Environment | The Guardian | Markets and market failure | Scoop.it
Which? says people often don’t understand various symbols found on packaging

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Graham Watson's curator insight, July 30, 9:01 AM

How might a lack of perfect information might stymie environmentally-friendly consumers? This Guardian article looks at how.

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Which? calls on government to fix food labelling 'chaos'

Which? calls on government to fix food labelling 'chaos' | Markets and market failure | Scoop.it
The UK should make 'traffic light' food labelling compulsory after Brexit, consumer group says.

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Graham Watson's curator insight, June 20, 2:15 AM

This BC article on food labelling highlights the ways that the existing system is played by some food manufacturers to avoid giving perfect information to consumers. As a result, it is likely that this will result in an inefficient market outcome.

 

Libertarians, however, would say that this is patronising: the information is there, it's just that consumers choose to exercise their right to freedom of choice and ignore it.

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Palm oil producers are wiping out orangutans – despite multinationals’ promises | Chris Packham | Opinion | The Guardian

Palm oil producers are wiping out orangutans – despite multinationals’ promises | Chris Packham | Opinion | The Guardian | Markets and market failure | Scoop.it
Some of the world’s biggest companies are failing in their pledge to stop deforestation by 2020. Don’t let them forget it, says naturalist Chris Packham
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The UK towns and cities with the highest and lowest wages

The UK towns and cities with the highest and lowest wages | Markets and market failure | Scoop.it
The towns and cities offering the best incomes aren't always the ones you'd expect.
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The avocado market – prices up by 143%

The avocado market – prices up by 143% | Markets and market failure | Scoop.it
The current avocado market has seen the wholesale price of a box of 48 avocados increase by 143%. US$34.45 in September 2016 US$83.75 in September 2017 The reasons can be explained by simple Supply and Demand. Supply There have been droughts, storms, wildfires and strikes in various growing areas including California, Chile and Mexico California…
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Why are football players paid so much? | Bank of England KnowledgeBank - The economy made simple

Why are football players paid so much? | Bank of England KnowledgeBank - The economy made simple | Markets and market failure | Scoop.it
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