Whilst doing some preparation for my Cambridge interview I came across this very good video explaining the global financial crisis. Its worth a watch!
Whilst at a Cambridge Summer School I had the opportunity to see the Phillips Machine in operation and was amazed at the engineering feat as well as its economic applications. The machine (also known as the Monetary National Income Analogue Computer or Moniac) was created by the New Zealand economist William Phillips. There is believed to Read more about The Phillips Machine[…]
Here is the final short-video by the Open University to explain Rational Choice Theory.
Here is a video by the Open University about the Impossible Trinity, which LearnEconomicsOnline will be covering in more depth soon.
The Principle of Comparative Advantage was devised by the economist David Ricardo and more can be found out about this here. Below is a brief video by the Open University explaining this.
This is the 3rd video by the Open University about the Phillips Curve, if you want to know more about the Phillips Curve click here.
Heres the Second Video produced by the Open University explaining the Paradox of Thrift.
Below is a quick video made by the Open University briefly explaining the Invisible Hand. The Invisible Hand is a term coined by the economist Adam Smith in his papers of the Wealth of Nations. He said that governments should adopt a laissez faire policy of leaving the economy to itself, he believed that the Read more about The Invisible Hand[…]