Microeconomics: IB Economics
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UK house prices fall as mortgage costs bite, says Nationwide

UK house prices fall as mortgage costs bite, says Nationwide | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - May 1, 3:35 AM
The Nationwide says the average cost of a home was down 4% on the peak seen in the summer of 2022.
Graham Watson's insight:

Basic D&S in action: mortgage rates up, economic climate uncertain, house prices down.

 

House prices down, wealth and consumer confidence down and implications for macroeconomic objectives too.

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Microeconomics: IB Economics
Economy
A brief overview of relevant articles for IB, A-Level and Pre-U economists relating to microeconomic issues
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Adverts for UK bookmakers and online casinos ‘need smoking-style warnings’ | Advertising | The Guardian

Adverts for UK bookmakers and online casinos ‘need smoking-style warnings’ | Advertising | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 10, 10:52 AM
GambleAware signals collision course with industry as charity brands current warnings ‘inadequate’
Graham Watson's insight:

Campaign group, GambleAware, are looking for the government to intervene and regulate advertising of the sector in the run-up to the Euros. They argue that the demerit nature of gambling should be emphasised in the same way that the health risks of smoking at made explicit on advertising.

 

However, is it good economics?

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Rents rise at 6.6% a year but pace is slowing

From www.bbc.co.uk - June 7, 3:08 AM
The rate of increase is the slowest for 30 months, but competition among potential tenants is still fierce.
Graham Watson's insight:

D&S and the housing market, in this case the rental sector. Basics. 

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Why Canadians are angry with their biggest supermarket

Why Canadians are angry with their biggest supermarket | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - June 6, 5:45 AM
Food prices, including a $40 chicken, has stoked fury and calls for big foreign supermarket chains to come to Canada.
Graham Watson's insight:

Economic gold here, with an article that highlights the impact of a high degree of concentration in the Canadian grocery market and higher prices as a result.

 

The Canadian market is dominated by three major players - Loblaw, Empire and Metro who control over 60% sales, with Walmart and Costco accounting for a significant proportion of the remaining sales. In contrast, the US has a larger number of regional players and in the UK there are 14 companies which have more than £1bn worth of sales. 

 

However, breaking into the Canadian market is more complicated than most people think and this might have precluded any one of a number of international chains from trying to establish a foothold there, despite attempts by the Canadian government to woo discounters like Aldi and Lidl

 

As a result, Canadians have less choice and higher prices, both a consequence of a lack of competition.  

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Climate change: Ban fossil fuel advertising says UN chief

Climate change: Ban fossil fuel advertising says UN chief | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - June 6, 3:26 AM
The UN leader's call comes as new data highlights the worrying pace of global warming.
Graham Watson's insight:

The UN Secretary General, Antonio Gutteres has called for a ban on fossil fuel advertising, in the hope that it will reduce their use, and the associated negative externalities. 

 

But will it really? And what are the consequences of this? 

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Ex-BA boss: drop green aviation policies if costs outweigh benefits | Airline industry | The Guardian

Ex-BA boss: drop green aviation policies if costs outweigh benefits | Airline industry | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 10:05 AM
Willie Walsh, now boss of Iata, also calls for more investment in sustainable aviation fuels
Graham Watson's insight:

In what is, I think, a first, a businessman, Willie Walsh explicitly applies marginalist principles, arguing that if the marginal cost of environmental policy outweighs the marginal benefit, then such policies should be abandoned. Good economics. And not something I associate with the boss of IATA

 

He's also right in calling for more investment in sustainable aviation fuel, although given the extreme profitability of the sector, I hope he's not angling for government support. 

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Oil alliance Opec+ extends crude production curbs into 2025 | Oil | The Guardian

Oil alliance Opec+ extends crude production curbs into 2025 | Oil | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 1:58 AM
Ministers at Riyadh meeting agree daily limit of 2m barrels should be in place until end of next year
Graham Watson's insight:

OPEC is going to extend production cuts into 2025, keeping the price of oil higher than would otherwise been the case. That said, the power of the cartel is waning, given that it only accounts for around 40% of global output these days. 

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Did you pay for that? What is driving the massive rise in shoplifting? | Crime | The Guardian

Did you pay for that? What is driving the massive rise in shoplifting? | Crime | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 2, 4:26 AM
High streets across the UK are struggling with an epidemic of stealing. What’s behind this sudden crime wave and can anything be done to stop it?
Graham Watson's insight:

Apart from the cost implications for the firms concerned, this is a lovely answer which highlights the power of incentives in economics.

 

The answer to the question is straightforward: the rising cost of living incentivises shoplifting, that and, I suspect, what many see as the reduced marginal cost of the act - given that many people think that security guards are unlikely to intervene. 

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‘Yes, Lego car!’: why small electric cars could be about to break the grip of SUVs | Automotive industry | The Guardian

‘Yes, Lego car!’: why small electric cars could be about to break the grip of SUVs | Automotive industry | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 1, 4:37 AM
The 500kg Microlino is part of a new set challenging the ever-increasing domination of huge cars
Graham Watson's insight:

Is the Microlino going to challenge the dominance of SUVs? This Guardian article highlights the rise of the miniature car, made by the same company that make micro-scooters - so there's a chance to apply a prominent Business Management concept too.

 

However, are smaller electric vehicles the way forward? 

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New US rules aim to crack down on toxic air pollution by steelmakers | US news | The Guardian

New US rules aim to crack down on toxic air pollution by steelmakers | US news | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 31, 10:14 AM
Rules target contaminants such as mercury, benzene and lead released by coke ovens used by facilities to burn coal
Graham Watson's insight:

News from the US, where new rules are being introduced to tackle a number of forms of toxic air pollution - mercury, benzene and lead - released by the coke ovens used to manufacture steel.  

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Nationwide-Virgin merger faces competition probe

Nationwide-Virgin merger faces competition probe | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - May 31, 10:05 AM
The regulator will examine the tie-up which is the biggest banking deal since the financial crisis.
Graham Watson's insight:

The merger between Nationwide and Virgin Money is being investigated by the Competition and Markets Authority (CMA). They are concerned about the implications of the merger for competition in the sector, and this has implications for innovation, consumer choice, the quality of service amongst other things. 

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Oil giant ConocoPhillips to buy Marathon Oil in $17.1bn deal | Oil and gas companies | The Guardian

Oil giant ConocoPhillips to buy Marathon Oil in $17.1bn deal | Oil and gas companies | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 29, 10:48 AM
Takeover is latest by a US conglomerate gambling on fossil fuel production as profits surge on rising energy prices
Graham Watson's insight:

Horizontal integration in the oil industry, in what looks like a defensive move to consolidate the market as it shrinks, with ConocoPhillips buying Marathon Oil for $17.1bn. It looks like an attempt to squeeze the last bits of value out of fossil fuel production to me. 

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Orange juice makers consider using other fruits after prices go ‘bananas’ | Food & drink industry | The Guardian

Orange juice makers consider using other fruits after prices go ‘bananas’ | Food & drink industry | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 29, 10:41 AM
Global industry ‘in crisis’ as fears about Brazilian harvest help push wholesale prices to record highs
Graham Watson's insight:

D&S, derived demand, what's not to like. 

 

However, concerns about the size of Brazil's orange harvest, means that the forward price of orange juice has risen, incentivising juice makers to think about substituting in favour of other fruit. 

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Ofwat poised to refuse most suppliers’ requests for big price rises | Water industry | The Guardian

Ofwat poised to refuse most suppliers’ requests for big price rises | Water industry | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 28, 9:05 AM
Water watchdog decision on bills in England and Wales delayed until after election, as Thames crisis looms
Graham Watson's insight:

It looks like the regulator, OFWAT, is going to refuse most suppliers requests for big price rises, with the request from Southern Water, for a 91% increase over 5 years and Thames Water for 59% over 5 years particularly eye-catching.

 

I can only hope that they're refused with appropriate gusto, perhaps reminding the boards of these companies in particular that their need for such price rises reflects an absence of management over the preceding years, and that they'd be better justifying their salaries by getting on with some management in its stead. 

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From parched earth to landslides: crisis in the prosecco hills of Italy | Climate crisis | The Guardian

From parched earth to landslides: crisis in the prosecco hills of Italy | Climate crisis | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 9, 10:03 AM
Farmers and researchers tell of the impact of a rapidly changing climate, and the measures being taken to adapt
Graham Watson's insight:

Climate change and prosecco. Either way, the supply of grapes for prosecco has fallen and there are obvious microeconomic consequences of this. 

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Japan's biggest brewer Asahi trying to attract sober Generation Z

Japan's biggest brewer Asahi trying to attract sober Generation Z | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - June 6, 9:31 AM
Atsushi Katsuki tells the BBC the firm sees the sober generation as both a risk and an opportunity.
Graham Watson's insight:

Again, the multi-faceted nature of this fantastic subject is showcased here, with changing consumer tastes posing an interesting challenge for established brewers looking to enhance their low and zero alcoholic drinks. 

 

This reflects changing social and business norms, and could even prompt candidates to do a Business Management IA on the topic. 

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Can Labour’s GB Energy plan future-proof UK’s power generation sector? | Labour | The Guardian

Can Labour’s GB Energy plan future-proof UK’s power generation sector? | Labour | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 6, 3:45 AM
Party has put state-owned power company at centre of its plans for decarbonisation, security and energy bills
Graham Watson's insight:

This Guardian piece looks at the Labour proposal to establish a state-owned renewable energy vehicle, Great British Energy. Whilst the £8bn allocated to this isn't going to solve all the issues surrounding Britain's energy security, the argument is that it will support the sector in some of those areas where the private sector doesn't appear keen to invest, such as floating offshore windfarms, and hopefully replicate some of the successes of European equivalents. 

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Is the British Gas boss really worth £8.2m? | Nils Pratley | The Guardian

Is the British Gas boss really worth £8.2m? | Nils Pratley | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 5, 3:44 AM
The share price recovery has been partly driven by the surge in wholesale energy prices, which is beyond his control
Graham Watson's insight:

Nils Pratley echoes my thoughts: how can the salary of the boss of British Gas be justified, given that it's almost entirely the result of a rise in wholesale energy prices. 

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Minimum wage workers in Australia to get a 3.75% pay rise over the next 12 months | Wages growth | The Guardian

Minimum wage workers in Australia to get a 3.75% pay rise over the next 12 months | Wages growth | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 3, 2:12 AM
Fair Work Commission lifts minimum wage to $24.10 an hour from July, with the rise outpacing the government’s forecast inflation rate
Graham Watson's insight:

The Australian Minimum Wage, as set by the Fair Work Commission is rising by 3.75% over the next year, meaning that the lowest paid will see real pay growth.

 

It's remarkable how for all the fears that minimum wages will cost jobs, there's been little empirical evidence of this. 

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Why English Willow Cricket Bats Are So Expensive | So Expensive | Business Insider

From www.youtube.com - June 3, 1:50 AM

India is home to a number of the top cricket-bat manufacturers, including Sareen Sports, SS. But the wood used to make the highest-quality bats needs to be shipped halfway across the globe from England. JS Wright & Sons, an English willow tree supplier that has been in the industry since the 1800s, supplies 75% of the willow for the world's cricket bats. English willow bats are durable, yet lightweight and sell for up to 10 times as much as cheaper, lower-end Kashmir willow bats. Growing these trees and using them to create a perfect bat is a more than 15-year-long process that requires a careful eye and years of experience. The trees need to be regularly inspected and maintained so they grow slowly and produce a clean, tight-grained cleft. But the best trees could be in short supply as the sport spreads into more countries, like the United States.

Graham Watson's insight:

I'm not saying that this clip particularly appeals to me, but this Business Insider clip looks at why English willow bats are so expensive. 

 

It's easy - the characteristics of the wood are unique. It takes 15 years for a willow tree to grow, and slow growing trees produce the best bats, with a tighter grain. But English willow is used around the world - with one firm supplying 75% of the wood in the market. 

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Extend success of UK sugar tax to cakes, biscuits and chocolate, experts urge | Sugar | The Guardian

Extend success of UK sugar tax to cakes, biscuits and chocolate, experts urge | Sugar | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - June 1, 4:46 AM
Exclusive: Co-author of analysis for WHO calls on government to control the food industry rather than being subservient to it
Graham Watson's insight:

The World Health Organisation is calling for the UK government to extend the sugar tax to cakes, biscuits and chocolate given the success of the tax in reducing the amount of soft drinks sold.

 

As the article notes: "The levy on the soft-drinks industry led to a 34.3% fall in total sugar sales from such products between 2015 and 2020". Equally, the levy led to the reformulation of many soft drinks too. 

 

But would extending it to other sectors of the food industry make economic sense? 

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Market value of carbon offsets drops 61%, report finds | Carbon offsetting | The Guardian

Market value of carbon offsets drops 61%, report finds | Carbon offsetting | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 31, 10:16 AM
Negative scientific and press reports on the efficacy of carbon credit projects has led to a ‘direct pullback in buyer investment’
Graham Watson's insight:

It seems as though the market for carbon offsets has collapsed to some degree with the market value of offsets down by over 60% as a result of a fall in demand for such schemes, in large part because of doubts about their effectiveness. 

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UAE recycling app turns food waste into compost | REUTERS

From www.youtube.com - May 31, 10:10 AM

A UAE-based recycling app helps businesses divert their food waste away from landfills and make growing food in the desert nation less challenging.

Graham Watson's insight:

This Reuters clip looks art the recycling app ReLoop which is trying to help businesses use food waste more efficiently, turning it into compost and helping grow food in the desert.

 

That said, such farming is itself likely to be inefficient, and generate a number of negative externalities. 

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Clean power 'built within months', pledges Labour

Clean power 'built within months', pledges Labour | Microeconomics: IB Economics | Scoop.it
From www.bbc.co.uk - May 31, 4:11 AM

Labour leader Sir Keir Starmer has pledged that green energy projects would be kickstarted across the country within months. He plans to create a publicly-owned company, Great British Energy, should Labour win the general election in July.

Graham Watson's insight:

Today's electioneering appears to be focused on energy - with Labour pledging to boost green energy and the SNP claiming that this would be bad for Scotland, because it will reduce demand for its fossil fuels.

 

That said, it would be good for the environment, and the job argument is an argument about the 'net effect' on jobs - with new jobs being created too. 

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Ofwat considers cutting sewage fines for financially struggling water firms | Water industry | The Guardian

Ofwat considers cutting sewage fines for financially struggling water firms | Water industry | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 29, 10:44 AM
Regulator understood to be looking at ‘recovery regime’ for Thames Water and others in sector
Graham Watson's insight:

With water companies still struggling, it seems as though the regulator is exploring a number of different options to allow them chance to 'recover'. In this instance, it is thought that fines for sewage leaks and so on could be reduced. However, it isn't a universally popular solution with a number of opposition politicians arguing that it lets the companies off the hook. 

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Wealthy white men are UK’s biggest transport polluters, study finds | Transport | The Guardian

Wealthy white men are UK’s biggest transport polluters, study finds | Transport | The Guardian | Microeconomics: IB Economics | Scoop.it
From www.theguardian.com - May 29, 5:24 AM
IPPR research examines transport emissions by income, gender, location, ethnicity and age
Graham Watson's insight:

A breakdown of the sources of transport pollution, and well, I never, wealthy white men are the biggest polluters. In their SUVs and all. 

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