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Market failures

I’ve got a bit lax at posting at this website because the student response has not been very strong. I’ll try again in a different format in the future.

The last week we completed an introduction to the topic of ‘market failures’.

Free markets generally work well – they deliver efficiency – if competitive conditions […]

Week 6: International trade

This week we only introduce one new topic, international trade. Of course this is only a brief introduction – the field of international economics is a large part of modern economics.

We make the simplifying assumption that the country in question is ‘small’ – it’s activities in buying or selling goods or services do […]

Week 5: Welfare economics

This week we are doing some real economics.

We said that the free market maximises the delivery of social surplus. This week we consider three factors that move a market away from its free market equilibrium:

Price floors – minimum prices that prices cannot fall below e.g. minimum wages.Price ceilings – maximum prices that prices […]

Week 4: Elasticities & economic efficiency

This week we finish off our discussion of the elasticity idea by looking at cross price and income elasticities as well as elasticities of supply. This is straightforward work though there is a fair bit of economics language to learn.

By the way if you can start to use the supply and demand model to […]

Week 3: Demand & supply & elasticities

This week covers the most important material in microeconomics – it explains how competitive markets work and how markets respond to changes in the factors determining the intentions of buyers and sellers.

It is simple material but it takes practise to good good at using the theory.

Demand describes the intentions of buyers in a […]

Week 2: Economic ways of thinking & ‘gains from trade’.

The first class this week introduced background ideas that are useful for feeling your way around in the broad area of economics.

An important idea was the use of scientific method in economics: making claims about the world as theories or hypotheses. These are then tested by confronting the claims with evidence. If evidence is […]

Week 1 Introductory class & basic quantitative methods

The first class tries to give you an overview of what economics is and some general ideas about the subject. Make sure you get a clear understanding of the idea of opportunity cost.

The second class deals with the very basic quantitative techniques we use in this unit. Basically you need to develop skills at […]