Panic buying – is it rational or irrational Panic buying is a situation where consumers buy an unusually large quantity of a good in anticipation of coming uncertainty. A related concept is ‘surge buying’ where people buy more than usual for rational reasons. Reasons for panic buying could include Health crisis which causes people to …
If you want to follow news and blogs of Economics help.org on Facebook, there is a new page here. Economicshelp.org I lost access to the previous Economicshelp.org page. When I set up page back in 2012, I didn’t want a personal account. (Facebook has many drawbacks). So I just created a business page, but now …
A-level WJEC revision guide
It includes:
61 pages, 14,000 words
63 pages, 17,000 words
At the start of the academic year, I always feel a little pressure to justify the study of economics. Students come up asking things like, should they do economics or history? It’s hard to know what to say, but to get people excited about economics it’s good to try and think how economics can be …
I have written a new book “Economics Without the Boring Bits – An Enlightening Guide to the Dismal Science ” published by Wellbeck. It includes topics such as common economic fallacies, middlemen, recycling, debt, finance, trade, money, taxation and why some people get rich and others don’t. From the Introduction I have been teaching economics …
Some potentially common mistakes in economics. 1. Confusion of rates of change and actual levels What happened to the UK price level between May 2011 and Feb 2015? The answer is that prices rose at a slower rate. There was a fall in the inflation rate. Prices were still rising just at a lower rate. …
Readers question: Why cannot politics and economics be seen in isolation? Economics is concerned with studying and influencing the economy. Politics is the theory and practice of influencing people through the exercise of power, e.g. governments, elections and political parties. In theory, economics could be non-political. An ideal economist should ignore any political bias or …