60-Second Adventures in Economics - for iPod/iPhone

6 Episodes

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The Invisible Hand

2012-08-2901:22

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-marketeers.

The Paradox of Thrift

2012-08-2901:22

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 be collectively disastrous if everyone is thrifty together.

The Phillips Curve

2012-08-2901:22

Bill Phillips' curve has historically been described as an inverse relationship between the rate of unemployment and the rate of wage (and therefore price) inflation - but since his analysis became popular the relationship has changed.

The Principle of Comparative Advantage

2012-08-2901:22

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 trade in the thing they’re relatively best at.

The Impossible Trinity

2012-08-2901:21

The Impossible Trinity or 'trilemma' suggests that it is impossible for a country to maintain a fixed exchange rate, free capital movement and an independent monetary policy at one and the same time.

Rational Choice Theory

2012-08-2901:21

Without a belief in rational behaviour, it’s hard to design an economic policy with predictable results. In practice, people's errors or misinformed choices can frustrate policy design.

#box-pro-ellipsis-173825305345853{-webkit-line-clamp:2;}60-Second Adventures in Economics - for iPod/iPhone

60-Second Adventures in Economics - for iPod/iPhone