Archive for the 'Macroeconomics' Category

CEP 21st Birthday Lecture: Restoring Growth

Thursday, November 25th, 2010 by Anh

Recently, the Centre for Economic Performance (CEP) celebrated its 21st Birthday by holding a series of lectures at the London School of Economics and Political Science (LSE). The chief economist at the International Monetary Fund, Olivier Blanchard, gave the first lecture on the state of the world economy. Last Tuesday, the second lecture of the series was given by Professor John Van Reenen on the topic of restoring economic growth.

The Economics Network received an invitation to attend both lectures, and as a new guy on the job, I was appointed to go. However, being a second year student with a very busy schedule means I could only attend one of the lectures. Since I was doing economic growth as part of my macro course, I decided to go to the latter lecture.

I arrived in London quite late, but managed to quickly find my way to the lecture theatre in the LSE’s Old Building where the talk was held. The CEP has reserved a front row seat for me, so not only did I have the best view; I also managed to take many photos. There was a brief introduction of John Van Reenen by Stuart Corbridge before the lecture started.

John divided the lecture into three sections: (more…)

Cuts, cuts, cuts…

Monday, April 26th, 2010 by econ-network

Britain’s next Chancellor will oversee the start of most sustained squeeze on public spending in at least 60 years.

Without huge tax rises, government departments will have to cut around £37bn from their budgets by 2013-14. Yet all three main parties refuse to explain how at least £30bn of these savings will be found.

To illustrate the scale of the challenge, the Financial Times has simulated the next three year spending review, highlighting the type of decisions the next chancellor will face if taxation stays on the same path.

You need to register to play (but it’s free).

It’s a good introduction to the tough decisions that the next chancellor will have to make.

You can play the game here.

In the Long Run we’re all dead- The Life of John Maynard Keynes

Friday, November 13th, 2009 by ryan

Graffito of Keynes, photographed by r2hox, via Wikimedia Commons

John Maynard Keynes was born in 1883 the same year that Karl Marx died, and whilst both wrote critiques of the capitalist system here the similarities end. Marx was an angry loner, his ventures and business failed and the majority of his life was spent in exile. Working anonymously and alone in  the British library, Marx spent many years sculpting his theories about the inevitable overthrow of the free market system. Perhaps the saddest thing is that Marx never lived to see his theories proved wrong.

Keynes was very different, a dashing figure and a brilliant economist, who could also mix with the elite of British society. Keynes attacked the inequalities and inefficiencies of the capitalist system it didn’t stop him from making a small fortune speculating on the foreign exchange markets.

Keynes was also a visionary, while the Allies were clamoring reparations to be imposed on Germany he saw that they would be would be impossible to repay claiming that it would reduce (more…)

Is economics useless?

Monday, July 20th, 2009 by ryan

Is economics useless?

So given all the recent ‘mess’ in world economy what value does ‘modern’ economics have to offer us?  Well it depends on who you ask. Here Stephanie Flanders offers some news and views on whether economics is a ‘busted flush’.

For those of you who don’t/cant be bothered to read the whole thing her argument in a paragraph

‘So, all in all, not an edifying list of complaints. But does that mean economics is a busted flush? I’m afraid not, because even if you think economics got a lot of this stuff wrong, you’d be hard-pressed to understand – or to fix – what’s happening in the global economy today without it. ‘

Maybe it’s not such a good time to be an economist. But it’s one helluva time to study economics.

http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2009/07/is_economics_a_busted_flush.html

Where Has All The Money Gone?

Wednesday, October 15th, 2008 by miriam

Money seems to be disappearing. The value of homes has gone down and the banks are in huge amounts of debt and have to be bailed out by the government. But where has all of the money gone?

Money consists of two main elements.

The first is cash (notes and coins). The total amount of cash in the UK is just over £50bn, with about £43bn circulating outside the banks and £7bn in banks’ safes, tills and cash machines.

But cash is a relatively small proportion of the total amount of money. So what is the rest?

Read More: Where has all the money gone? John Sloman

The effects and causes of rising food prices

Monday, April 28th, 2008 by econ-network

With food prices very much in the news, and price rises causing unrest in vulnerable countries, FT.com provides a couple of interactive guides: “The Global Food Crisis” gives an overview in the form of clickable maps, and “Why are food prices rising?” explains some of the contributing factors with video clips.