http://www3.open.ac.uk/study/undergraduate/course/social-sciences/economics/index.htm 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 rates, or just leave everyone to get on with it and not intervene. You'll learn why Adam Smith put such a high price on free markets, how Keynes found a bold new way to reduce unemployment, and what economists went on to discover about the impact of policy on people's and businesses' behaviour - which may not always be entirely rational... The Open University en Mon, 18 Mar 2013 04:30:14 +0000 OU Podcast System by KMi http://blogs.law.harvard.edu/tech/rss http://media-podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/2190_60secondadventuresineconomics_std.jpg http://www3.open.ac.uk/study/undergraduate/course/social-sciences/economics/index.htm 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 rates, or just leave everyone to get on with it and not intervene. You'll learn why Adam Smith put such a high price on free markets, how Keynes found a bold new way to reduce unemployment, and what economists went on to discover about the impact of policy on people's and businesses' behaviour - which may not always be entirely rational... Economics, Keynes, David Mitchell, Hayek, Friedman, Adam Smith, inflation, trade, markets, exchange rates 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 rates, or just leave everyone to get on with it and not intervene. You'll learn why Adam Smith put such a high price on free markets, how Keynes found a bold new way to reduce unemployment, and what economists went on to discover about the impact of policy on people's and businesses' behaviour - which may not always be entirely rational... Economics, Keynes, David Mitchell, Hayek, Friedman, Adam Smith, inflation, trade, markets, exchange rates The Open University s.m.amoah@open.ac.uk true podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21794_1__the_invisible_hand_itunesu.m4v Wed, 29 Aug 2012 09:03:35 +0100 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. Economics, Keynes, David Mitchell, Hayek, Adam Smith, Invisble Hand, Free Market, Classical economics, supply and demand The Open University No 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. 1 00:01:22 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-marketeers. Economics, Keynes, David Mitchell, Hayek, Adam Smith, Invisble Hand, Free Market, Classical economics, supply and demand <iframe src="http://player.open.ac.uk/embed/d536b8d8e5" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes Transcript -- 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. 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 so-called free-marketeers. Economics, Keynes, David Mitchell, Hayek, Adam Smith, Invisble Hand, Free Market, Classical economics, supply and demand 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. Economics, Keynes, David Mitchell, Hayek, Adam Smith, Invisble Hand, Free Market, Classical economics, supply and demand The Open University No Transcript -- 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. 2 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/the_invisible_hand_02190_21794.pdf Wed, 29 Aug 2012 09:03:34 +0100 podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21793_2__the_paradox_of_thrift_itunesu.m4v Wed, 29 Aug 2012 09:00:52 +0100 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. Economics, Keynes, David Mitchell, John Maynard Keynes, Keynsianism, Friedman, Hayek, The Open University No 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. 3 00:01:22 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 be collectively disastrous if everyone is thrifty together. Economics, Keynes, David Mitchell, John Maynard Keynes, Keynsianism, Friedman, Hayek, <iframe src="http://player.open.ac.uk/embed/96ee478436" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes 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 precarious, it could be collectively disastrous if everyone is thrifty together. 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 precarious, it could be collectively disastrous if everyone is thrifty together. Economics, Keynes, David Mitchell, John Maynard Keynes, Keynsianism, Friedman, Hayek, 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. Economics, Keynes, David Mitchell, John Maynard Keynes, Keynsianism, Friedman, Hayek, The Open University No 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 precarious, it could be collectively disastrous if everyone is thrifty together. 4 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/the_paradox_of_thrift_02190_21793.pdf Wed, 29 Aug 2012 09:00:51 +0100 podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21792_3__the_phillips_curve_itunesu.m4v Wed, 29 Aug 2012 08:57:56 +0100 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. Phillip's Curve, Inflation unemployment, inflationary The Open University No 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. 5 00:01:22 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 price) inflation - but since his analysis became popular the relationship has changed. Phillip's Curve, Inflation unemployment, inflationary <iframe src="http://player.open.ac.uk/embed/1c44618dbc" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes Transcript -- 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. 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 (and therefore price) inflation - but since his analysis became popular the relationship has changed. Phillip's Curve, Inflation unemployment, inflationary 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. Phillip's Curve, Inflation unemployment, inflationary The Open University No Transcript -- 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. 6 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/the_phillips_curve_02190_21792.pdf Wed, 29 Aug 2012 08:57:55 +0100 podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21791_4__the_principle_of_comparative_advantage_itunesu.m4v Wed, 29 Aug 2012 08:55:20 +0100 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. Economics, David Mitchell, David Ricardo, free trade, import duty, tarriffs, trade barriers, protectionism The Open University No 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. 7 00:01:22 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 trade in the thing they’re relatively best at. Economics, David Mitchell, David Ricardo, free trade, import duty, tarriffs, trade barriers, protectionism <iframe src="http://player.open.ac.uk/embed/19662ab3a0" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes 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 specialise and trade in the thing they’re relatively best at. 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 specialise and trade in the thing they’re relatively best at. Economics, David Mitchell, David Ricardo, free trade, import duty, tarriffs, trade barriers, protectionism 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. Economics, David Mitchell, David Ricardo, free trade, import duty, tarriffs, trade barriers, protectionism The Open University No 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 specialise and trade in the thing they’re relatively best at. 8 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/the_principle_of_comparative_advantage_02190_21791.pdf Wed, 29 Aug 2012 08:55:19 +0100 podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21790_5__the_impossible_trinity_itunesu.m4v Wed, 29 Aug 2012 08:52:09 +0100 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. Phillip's Curve, Inflation unemployment, inflationary The Open University No 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. 9 00:01:21 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 independent monetary policy at one and the same time. Phillip's Curve, Inflation unemployment, inflationary <iframe src="http://player.open.ac.uk/embed/2a30d0c288" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes Transcript -- 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. 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 movement and an independent monetary policy at one and the same time. Phillip's Curve, Inflation unemployment, inflationary 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. Phillip's Curve, Inflation unemployment, inflationary The Open University No Transcript -- 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. 10 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/the_impossible_trinity_02190_21790.pdf Wed, 29 Aug 2012 08:52:08 +0100 podcast itunes 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. http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/ipod-all/21789_6__rational_choice_theory_itunesu.m4v Wed, 29 Aug 2012 08:49:41 +0100 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. Economics, David Mitchell, rational consumer behavious 2008 financial crash sub prime mortages, efficient market, irrational behaviour The Open University No 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. 11 00:01:21 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 choices can frustrate policy design. Economics, David Mitchell, rational consumer behavious 2008 financial crash sub prime mortages, efficient market, irrational behaviour <iframe src="http://player.open.ac.uk/embed/fb6401fce4" height="270" width="480" frameborder="0" allowfullscreen ></iframe> Transcript podcast itunes Transcript -- 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. 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 misinformed choices can frustrate policy design. Economics, David Mitchell, rational consumer behavious 2008 financial crash sub prime mortages, efficient market, irrational behaviour 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. Economics, David Mitchell, rational consumer behavious 2008 financial crash sub prime mortages, efficient market, irrational behaviour The Open University No Transcript -- 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. 12 http://podcast.open.ac.uk/feeds/2190_60secondadventuresineconomics/transcript/rational_choice_theory_02190_21789.pdf Wed, 29 Aug 2012 08:49:40 +0100 podcast itunes