Comparative Advantage

In this episode we define subsidies and describe how to construct a model of subsidies that includes world trade. We also discuss some of the advantages and disadvantages of subsidies.

In this episode, we define quota and describe how to construct a model showing a quota. We also highlight some of the problems attached to quotas.

In this episode, we define what a tariff is and construct a simple model to demonstrate the effects of the tariff on domestic and world markets. We also discuss some of the disadvantages of tariffs.

In this episode we discuss the theory of comparative advantage and work through a numerical example. We also look at some of the limitations of the theory.

This is a special podcast specifically for my Year 13 students returning from Sun Island. This episode will be rerecorded in regular format soon.

In this podcast, we discuss the thinking behind the Laffer Curve and the importance of transfer payments in redistributing income. We also look at the Lorenz Curve and Gini co-efficient as measures of income inequality.

In this podcast, we look at the features of a good tax system. We define progresive, regressive and proportional taxation and give examples of each. We also differentiate between direct and indirect taxation.

In this episode, we describe the Phillips Curve relationship between inflation and unemployment. In doing so, we differentiate between the short run and the long run and note the implication for policy makers. We also define and differentiate between full employment and the non-accelerating inflation rate of unemployment.

In this podcast we differentiate between three main causes of inflation and discuss some of the costs of inflation and deflation.

In this podcast, we differentiate between inflation, disinflation and deflation and consider how inflation is measured using a price index.