Absolute and Relative Poverty

Absolute and Relative Poverty In development economics you will spend a lot of time thinking about poverty and how to alleviate it. Yet the term poverty is often very ambiguous and conditioned by our own personal experiences. (My idea of poverty changed considerably after living in Thailand for a year.). Therefore it important to some… Continue reading Absolute and Relative Poverty

What is wrong with GDP?

The following quote is excellent at summing up most of what is wrong with our fetishising of GDP as a measure of economics prosperity. “Too much and too long, we seem to have surrendered community excellence and community values in the mere accumulation of material things. Our gross national product … if we should judge… Continue reading What is wrong with GDP?

Key Words in Economics

It is vital to know the key words in economics whether you are learning A-level or IB. You can’t answer a question unless you know what the question is asking. Attahced are a series of Key Words that vital to know from the very start of either an A-level or IB course. Do make use… Continue reading Key Words in Economics

Marginal and Average Costs

Two other costs that we need to consider are marginal and average costs. Average costs are quite easy to understand. To work out the average cost for the firm we have to take the total costs and divide that by the units we have produced. For the example of the dress firm then: Total costs… Continue reading Marginal and Average Costs

Fixed and Variable Costs

All costs firms fall into one of two categories. They will be fixed costs which are costs that don’t vary with output. Or they will be variable costs which do vary with output. If we took the example of a firm making dresses a fixed cost could be a dress factory. The cost of this… Continue reading Fixed and Variable Costs

Myths of developing world.

A really excellent video by the superb Hans Rosling. It provides a good introduction to development statistics as well as debunking some of our more commons misconpetions of what the ‘third world’ is like. Enjoy http://www.gapminder.org/videos/hans-rosling-ted-2006-debunking-myths-about-the-third-world/