60-Second Adventures in Economics - for iPod/iPhone
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60-Second Adventures in Economics - for iPod/iPhone
Ever shaken an invisible hand? Been flattened by a falling market? Or wondered what took the bend out of Phillips' curve? David Mitchell helps reveal some of the great dilemmas faced by governments trying to run an economy - whether to save or spend, control inflation, regulate trade, fix exchange r...
Recent Episodes
12 episodes
The Invisible Hand
Economist, Adam Smith, used the term The Invisible Hand to describe the self-regulating nature of the market place - a core concept for so-called free...
Transcript -- The Invisible Hand
Transcript -- Economist, Adam Smith, used the term The Invisible Hand to describe the self-regulating nature of the market place - a core concept for...
The Paradox of Thrift
The Paradox of Thrift suggests that while it may be wise for an individual to save money when income is low and job prospects are precarious, it could...
Transcript -- The Paradox of Thrift
Transcript -- The Paradox of Thrift suggests that while it may be wise for an individual to save money when income is low and job prospects are precar...
The Phillips Curve
Bill Phillips' curve has historically been described as an inverse relationship between the rate of unemployment and the rate of wage (and therefore p...
Transcript -- The Phillips Curve
Transcript -- Bill Phillips' curve has historically been described as an inverse relationship between the rate of unemployment and the rate of wage (a...
The Principle of Comparative Advantage
David Ricardo's famous economic model, predicts that if there are just two countries and two products both can be better off if they specialise and tr...
Transcript -- The Principle of Comparative Advantage
Transcript -- David Ricardo's famous economic model, predicts that if there are just two countries and two products both can be better off if they spe...
The Impossible Trinity
The Impossible Trinity or 'trilemma' suggests that it is impossible for a country to maintain a fixed exchange rate, free capital movement and an inde...
Transcript -- The Impossible Trinity
Transcript -- The Impossible Trinity or 'trilemma' suggests that it is impossible for a country to maintain a fixed exchange rate, free capital moveme...
Rational Choice Theory
Without a belief in rational behaviour, it’s hard to design an economic policy with predictable results. In practice, people's errors or misinformed c...
Transcript -- Rational Choice Theory
Transcript -- Without a belief in rational behaviour, it’s hard to design an economic policy with predictable results. In practice, people's errors or...