The Latest Articles from Economic Review
Economic Review, April 2023
Why do people commit crimes? In this article, Arnaud Philippe looks at the economics of crime – from the reasons an individual might commit an offence to the effectiveness of deterrents. This article links to market failure and government intervention in your specification.
Review of the UK economy in 2022: In this article, Steve Proud explores the main events and trends affecting the UK ecomomy in 2022: the return of inflation; cost of living; inflation and pay; Bank of England policy response; and the fiscal position.
Question and answer: merit goods: In this column, Steve Stoddard offers guidance on answering examination questions about merit goods. Merit goods are covered in your unit on The market mechanism, market failure and government intervention in markets.
Exam-style questions: questions on inflaion and the bank rate: Steve Stoddard presents a series of exam-style questions on topics covered in articles featured in this issue of Economic Review.
Climate change: Climate change has been a political issue for many years, and has caused much heated debate. It has affected people across the globe and has raised questions about the sustainability of life on the planet. Peter Smith examines some of these issues.
The tercentenary of Adam Smith: This year marks the 300th anniversary of the birth of Adam Smith, the Scottish economist and philosopher. In this article, Helen Paul explores the history and important works of the ‘father of economics’.
Behavioural public policy and nudge theory: Should smoking be banned? Should people be forced to save money for their retirement? Should consumption of unhealthy food and drinks be regulated to avoid obesity and addiction? Lory Barile explaines how nudge theory can help people to make better decisions. This article supports your study of behavioural economics and economic policy in Individual economic decision making.
Understanding economic data: interest rates: During 2022 interest rates suddenly became a hot topic. Why was this the case? Peter Smith investigates.
How sustainable is government debt? As of March 2022, UK government debt sat at 99.6 of GDP. In this article Steven Proud explains government borrowing, some of the factors that affect interest rates on this debt, and at what point it might become unsustainable.
Fiscal policy: pensions and automatic enrolment: Retirement might seem a long way off when you are studying for your A-levels, but time catches up with everyone eventually. Laurence O’Brien explores changes to pensions in the UK and their effects on retirees.
How can economic growth be stimulated in less-developed countries? There are large gaps in the standard of living between less-developed countries and the more developed countries. In this article, Peter Smith examines the options for initating economic growth in less-developed countries.
Notable economists: Janet Yellen: In this volume of Ecomomic Review, Chris Jones has introduced some notable economists. Here, her considers Janet Yellen’s distinguished career.
Economic Review, February 2023
Taxation and international migration: the case of European footballers: Ahead of each season, football clubs look to sign new players – many of whom come from countries across Europe. Atisha Ghosh explores this market and the migration of international players. This article links to your study of markets; competition; tax; and migration.
Question and answer: exchange rates: Exchange rates frequently feature in A-level examinations. David Horner offers guidance on tackling questions on this important topic.
Investigating the online gaming market: what is the loyalty penalty? In September 2018, Citizens Advice made a formal complaint to the Competition and Markets Authority (CMA) about the way in which the markets for mobile phones, broadband, cash savings, home insurance and mortgages were functioning. The complaint focused on pricing. Jon Guest and Matt Olczak explore the issue, and how it related to the online gaming market. This article links to the following areas of the specification: markets; competition; price discrimination; behaviour; intertemporal choices; present bias; consumer welfare.
Optimal investment in cyber-security and cyber-insurance: Countries, firms and individuals all have an interest in keeping their data secure. In this article, Edward Cartwright and Anna Cartwright explore how we can protect against cyber-crime. This article links to the following areas of the specification: marginal benefit; marginal cost; insurance; risk; diminishin returns; demand; supply; market equilibrium; adverse selection.
Exam-style questions: questions on negative externalities: Steve Stoddard presents a series of exam-style questions on topics covered in articles featured in this issue of Economic Review.
Policies for the environment: The topic of the environment has been highly contentious in recent years. Demonstrators in many countries have been vocal in highlighting a wide range of issues that threaten the planet, supported by scientific evidence and high-profile documentaties. But how can these issues be tackled? Peter Smith looks at some economic measures that may help.
Robots and income inqequality: utopia or dystopia? Literature, film and television are filled with stories exploring the impact, both good and bad, of futuristic robots on society. Annika Johnson investigates how economics can help us understand the potential effects on income inequality. This article links to the following areas of the specification: labour market; inequality; Gini coefficient; Lorenz curve; productivity; income.
Understanding economic data: monitoring UK trade: The UK is an open economy, engaging in international trade in world markets. In recent years, trade has been disrupted by a sequence of events, some of which are beyond the UK’s control. Peter Smith explores how we monitor the impact on UK trade.
Facebook, Giphy and competition: When Facebook completed its acquisition of Giphy, the UK’s Competition and Markets Authority quickly stepped in to investiate, Matt Olczak and Jon Guest explain what happened next. This article links to the following areas of the specification: competition; markets; supply chain; mergers and acquisitions; network effects.
Economics in the real world: inflation and the cost of living: The cost of living is a hotly debated topic. The current ‘crisis’ stems from a rapid increase in prices and a steady reduction in living standards. How can economics help us explain the origin and likely evolution of this crisis?
Fiscal policy: capping the price of energy: but at what cost? Energy price rises are a major driver of increasing household bills and the cost of living crisis. In this article, Isaac Delestre examines these growing costs and the effects of the cap on prices.
Notable economists: Anna Schwartz: This article considers Anna Schwartz’s research into the US government’s role in money circulation.
Economic Review, November 2022
Climate change and the use of renewable resources: One of the most important contemporary issues is climate change. It affects nearly every aspect of our lives, from living conditions to food sources, transport and future generations. Atisha Ghosh considers the economic implications of the drive towards renewables. This article links to the following areas of the specification: markets; externalities; public goods; deadweight loss; marginal benefits.
Fiscal policy: working from home and Covid-19: The huge shift to working remotely, rather than in a physical office, was one of the major changes brought about by the Covid-19 pandemic. Bee Boileau of the Institute for Fiscal Studies investigates.
Inflation: what do you need to know? Inflation is a prominent topic in A-level economics courses. In this article, David Horner sets out some of the key things that you need to know about it. This article links to the following topics on the specification: inflation; consumer price index (CPI); demand-pull; cost-push; index numbers.
Exam-style questions: questions on inflation: Steve Stoddard presents a series of exam-style questions on topics covered in articles featured in this issue of Economic Review.
Externalities: Externalities are a common form of market failure, many of which occur in the context of the environment. Peter Smith brings together the key definitions needed to analyse this important topic and provides the relevant diagrams.
The economics of pubs: Pubs are a British institution. Yet the Office for National Statistics (ONS) has noted that the number of pubs has been declining steadily for several decades. Should their fate be left to the market, or should the government intervene? Helen Paul examines some of the key economic issues involving the pub industry. This article links to the following topics on the specification: economies of scale; competition; supply chain; horizontal integration; vertical integration; externalities; oligopoly; tax; complementary goods.
Quantitative skills: real and nominal measurements: An important concern of the economist is to be able to monitor the performance of an economy through time. Peter Smith explores some of the issues involved.
Economics in the real world: the pandemic, inequality and the ‘Great Gatsby curve’: The economic impact of the Covid-19 pandemic is being felt at various levels ranging from sharp increases in national debt to distortions in the labour markets. One area of particular concern is the impact of the pandemic on inequality and, specifically, on income inequality.
Question and answer: exploring oligopoly: In this column, Steve Stoddard offers guidance on answering examination questions about oligopoly.
Notable economists: Joan Robinson: In this volume of Economic Review, Chris Jones introduces some notable economists. Here, he considers Joan Robinson’s contribution to the concept of imperfect markets.
Economic Review, September 2022
Trends in migration: Steven Proud discusses trends in migration and their effects on employment and wages. This article links to the following areas of the specification: globalisation, migration, employment and determination of wages.
Interview: working in economics: Ashley Lait interviews Morgan Ansell, a third-year economics study currently on a placement year.
Locked up: prisons and the economics of crime: Prisons account for a massive investment of public resources. Economists evaluate their use of public funds and whether they provide value for money. Helen Paul considers some of the economic issues surrounding these institutions. This article links to the following areas of the specification: opportunity cost, privatisation, public services, employment and incentives.
Zombie companies: what are they and what dangers do they pose to the economy? How do zombie companies affect the economy? Is the pandemic likely to lead to an increase in the number of zombie companies? And what will the consequences be for productivity and long-run economic growth? Guglielmo Volpe explores these questions and attempts to investigate the future of zombie companies. This article liks to the following areas of the specification: firms, productivity, supply, demand, debt, investment and growth.
Factors of production: What are the main factors of production?
Question and answer: evaluating trade unions: Trade unions are organisations that protect workers’ position in terms of pay and working conditions, and represent the body of workers through their use of collective strength. But what impact do they have on the economy? David Horner offers guidance on exam questions on this topic. This article supports your unit on The labour market.
Fiscal policy: the economic consequences of the UK’s ageing population: The UK is in the process of a major demographic shift as its population ages. What will the economic, cultural and social consequences be? Max Warmer of the Institute for Fiscal Studies investigates.
Enterprise as a factor of production: Factors of production are the driving force of economic activity. In this article, David Horner examines the role of enterprise in determining long-run aggregate supply, and how UK government policies are used to promote it. This article links to the following areas of the specification: aggregate supply, factors of production, ecomomic performance, production possibility curves and policy objectives.
Exam-style questions: questions on trade unions and the UK minimum wage: David Horner presents a series of exam-style questions on topics covered in articles featured in this issue of Economic Review.
Quantitative skills: arithmetic in economics: Ofqual (the body that regulates A-levels and other qualifications in the UK) sets out the quantitative skills that are expected to be used in studying economics at A-level. Peter Smith discusses how some simple calculations may be important in your studies.
Notable economists: Elinor Ostrom: In this volume of Economic Review, Chris Jones will introduce some notable economists. First, he looks at the work of Nobel prizewinner, Elinor Ostrom.
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