Technological Revolution

Explain the debate between Allen and Mokyr on the role of institutions and resources in explaining the Industrial Revolution in Britain Mokyr believed that the Industrial Revolution was greatly aided by the technological changes which came about through an increase in scientific knowledge from what he termed the Industrial Enlightenment. This enlightenment came about through Read more about Technological Revolution[…]

The Lewis Model

Describe carefully the Lewis dualistic labour surplus model. Does the Lewis model describe accurately the process of economic development in poor countries? The Model The Lewis model proposes a dualistic economy consisting of a formal, industrial and urban sector, and an informal, agricultural and rural sector. The formal sector is characterised as capital intensive and Read more about The Lewis Model[…]

Expansionary Fiscal Contraction Hypothesis

Expansionary fiscal contraction can occur under certain assumptions whereby a major reduction in G changes future expectations about taxes and G which leads to an increase in C causing higher GDP if the rise in consumption exceeds the fall in G. This can only happen if government expenditure as a percentage of GDP is reduced Read more about Expansionary Fiscal Contraction Hypothesis[…]

Why have unions declined over the last 30 years?

Account for the collapse of private sector trade unions in industrialised economies since the 1980s. Why has the experience of public sectors been different? In the 1980s 54.5% of employees were trade union members but by 2000 this number was below 30%. This decline in unions can be seen through a variety of measures; in Read more about Why have unions declined over the last 30 years?[…]

Bourgeoisie Capitalism

Deidre McCloskey, the eminent economic historian whom some of you may know as Donald, before her illustrious transition in the 1990s, recently gave a talk to the Legatum Institute on her ideas of Bourgeoisie Capitalism. When asked to summarise her thesis into a few words, she said “let people have a go”. She believes that Read more about Bourgeoisie Capitalism[…]

Life at Cambridge Part II

This is a long overdue follow on from my previous post Life at Cambridge, and details my experience of the Cambridge Economics Tripos for 1st year Lent and Easter terms. The Course Lent Microeconomics This term we began by looking at Game Theory, where we cover the basics such as Nash Equilibrium, before moving on Read more about Life at Cambridge Part II[…]

New Labour v.s. Old Labour

New Labour was forced by political circumstances to adopt neo-liberalism and the Conservative European, Foreign and Defence policies, and so abandoned traditional Labour party ideology. Discuss. New Labour began government with a promise not to increase spending above Conservative plans for the first two years of their government along with no increases in basic or Read more about New Labour v.s. Old Labour[…]

Was there an agricultural revolution?

‘Agriculture played a fundamental role in British industrialisation.’ Explain the main ways in which agriculture can theoretically influence industrialisation. Word Count = 498 Agriculture can influence industrialisation through the generation or release of capital, the release of labour, acting as a market for industrial goods or through increased output. Perhaps the most fundamental way that Read more about Was there an agricultural revolution?[…]

The Twin Deficit Hypothesis

Simply put the twin deficit hypothesis is the view that an economy running a fiscal budget deficit will also run a current account deficit. It stems from a national accounting equation which says that NX = S-I. We arrive at this point because Classical economists take S = Y-C-G, so we can arrange our national Read more about The Twin Deficit Hypothesis[…]