On Thursday 10th December 2015, Year 12 Economics students attended lectures at the UCL Institute of Education Economics in Action day. Varied areas of economics were explored and many economists told us about their specialist areas and explained different theories.
Waltraud Schelkle, a professor from London School of Economics, spoke about how the EU countries face different problems connected with sharing a currency and compared these problems to those of the UK, who do not use the Euro. She showed us many trends over the past few years which gave a further insight to the points she made.
Trevor Williams, Chief Economist of Lloyds Bank, explained the Credit Cycle, also where and why the UK and other countries are on the cycle. What was most interesting was how the cycle is inevitable no matter what regulators do. Finally, he told us of the different things that economists do on a daily basis, like using models to forecast trends, and then analyse them when they occur.
Beth Stratford, University of Roehampton spoke about how you cannot put a price on natural resources and the consequences of these on economic progress. For some of us it was an area of economics we had never considered before and very perceptive.
Nicholas Chater, University of Warwick showed us how consumers make decisions based on comparisons and following what other people have done, and how firms can use this information of human behaviour to their advantage.
Finally, Madsen Pirie of The Adam Smith Institute, clarified many economic misconceptions. One misconception was how rich nations should share wealth – but Pirie explained how MEDCs should trade, not aid. This point was made with a lot of debate from students about how countries like the UK should give back the riches they took when they conquered many countries (i.e. the East India Company) before trading fairly with them.
Shalaka, Year 12
The lecturers from our point of view.
Two students with Trevor Williams.