This document introduces economics as a social science that studies human behavior in markets at both micro and macro levels. It then lists several current economic issues and prompts the reader to discuss the reasons for each issue and potential solutions in small groups. Some of the issues highlighted include the wealth divide, the effects of Brexit, policies to curb plastic pollution, and the future of work with artificial intelligence. The document encourages further discussion and learning about economics topics.
2. Economics as a social science
• Economics studies human
behaviour
• We study how markets work and
how they fail
• We seek to understand the
dynamics of change at a micro
level (e.g. within an industry)
and at a macro level (e.g. within
and between countries)
• For each issue on the slides that
follow, discuss on your table the
reasons & (where relevant) any
solutions. The more you discuss,
the better economists you will
become!
• If you want to learn more about
this presentation using the QR
code & access the video clips,
the Economics department will
share it on their blog
(www.dbseconomics.blogspot.com)
3. What explains
the stark and
persistent
divide between
rich and poor?
The global top 1 percent
earned twice as much as
the bottom 50 percent in
recent years.
8. How can we nudge social behaviours to tackle climate change?
The Inter-Governmental Panel
on Climate Change warned in
2018 that the world must
accomplish “rapid and far-
reaching” low-carbon
transitions in land, energy,
industry, buildings, transport,
and cities to keep global
warming to 1.5°C.
20. Is there a future for cash?
In Sweden, 19 per cent of payments are
made using cash, compared with a European
average of nearly 80 per cent
In the UK, there were 13.2billion debit card
payments in 2017, eclipsing the 13.1billion
payments in cash. 3.4million people said they
almost never used notes and coins.
24. Does sub
Saharan Africa
benefit in the
long run from
foreign direct
investment
from countries
such as China?
In 2018, Sub-Saharan Africa was home to 27 of the world’s 28 poorest countries and had more
extremely poor people than in the rest of the world combined
28. Any questions?
• What does the exam look like?
• What subjects go well with Economics?
• Do I have to be a good mathematician?
• What career can an economist do?
Editor's Notes
In 2016, the world generated 242 million metric tons of plastic waste—12 percent of all municipal solid waste, according to the What a Waste report.
Some 90 percent of floating marine debris is plastic, of which nearly 62 percent is food and beverage packaging
For the UK,
In the year ending June 2018: 625,000 people migrated into the UK and 351,000 people emigrated from it, leaving a net migration figure of +273,000. This represents the balance of long-term migrants moving in and out of the country.
6.2 million people were living in the UK who had the nationality of a different country (9% of the total population).
3.7 million EU nationals (excluding UK) were living in the UK.
785,000 UK nationals were living in other EU countries excluding Ireland.
The number of people migrating to the UK has been greater than the number emigrating since 1994
A basic income guarantee (known also as basic income, unconditional basic income, universal basic income etc.) is a new kind of welfare programme in which all citizens / permanent residents of a country receive from the government a regular, liveable and unconditional amount of money.
The gender pay gap measures the difference between average hourly earnings of men and women. Among full-time employees, women tend to be paid less per hour than men, while the opposite is true for part-time employees. Median hourly pay for full-time employees was 8.6% less for women than for men at April 2018, while median hourly pay for part-time employees was 4.4% higher for women than for men (figures exclude overtime pay). The median is the point at which half of people earn more and half earn less.
Commentators are increasingly making the point that, in addition to a crisis in housing supply, England is in the grip of a crisis of affordability.
The OECD defines globalisation as “the economic integration of different countries through growing freedom of movement across national boundaries of goods, services, capital and people”. Globalisation has coincided with a decrease in extreme global poverty and a decrease in inequality between countries. However, globalisation has also coincided with an increase in inequality within countries according to some measures, and can have both positive and negative effects on the labour market in developed economies.
Higher education tuition fees of £1,000 per year were first introduced by the Labour Government in 1998. These fees were paid upfront by students at the start of the academic year. In 2006 fees were raised to £3,000 and a new system of variable deferred fees and tuition fees loans was introduced.
From 2006 fees rose gradually by inflation until 2012 when, under the Coalition Government, tuition fees were raised to £9,000 per year
The student finance reforms at this time also included raising the repayment threshold to £21,000 and introducing a variable tiered rate of interest on student loans.
