60-Second Adventures in Economics - for iPod/iPhone

By The Open University

Education Higher Education

What's 60-Second Adventures in Economics - for iPod/iPhone about?

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...

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LAST EPISODE

The Invisible Hand

08.29.2012

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.

60-Second Adventures in Economics - for iPod/iPhone episodes:

08.29.2012 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.
08.29.2012 Transcript -- 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.
08.29.2012 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.
08.29.2012 Transcript -- 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.
08.29.2012 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.
08.29.2012 Transcript -- 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.
08.29.2012 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.
08.29.2012 Transcript -- 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.
08.29.2012 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.
08.29.2012 Transcript -- 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.
08.29.2012 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.
08.29.2012 Transcript -- 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.