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Category: LP

Production II

This second Learning Path on production will draw on the basics we saw in Production I and add several extra factors to our analysis. We will basically introduce three new parameters to our possibilities: we will add a time frame and see how this shapes our choices, we will introduce the ability to produce more than one good or service, and we will also take a first look at prices, production costs and competition as a whole market dynamic. Under perfect competition, prices are determined by mar...

This second Learning Path on production will draw on the basics we saw in Production I and add several extra factors to our analysis. We will basically introduce three new parameters to our possibilit...

Production I

In this first LP on production, we will examine the decisions that lead to optimal levels of production. This is crucial, as it mirrors the same decisions that we saw consumers making: assigning our limited (and expensive!) resources in the best way possible in order to maintain optimal levels of production. This will ultimately lead us to the same dual problem: whether to minimise costs assuming an optimal, fixed level of production, or whether to hedge our bets and maximise production whilst f...

In this first LP on production, we will examine the decisions that lead to optimal levels of production. This is crucial, as it mirrors the same decisions that we saw consumers making: assigning our l...

Consumption II

This Learning Path is a bit more of a mixed bag than the previous one, finishing off our consumer choice problem, looking at the some useful implications of this in demand theory before moving on to other types of demand theories. We first pick up where we left off in our previous LP and turn the tables on our consumer choice problem in: Consumption duality II: Cost minimisation, the mirror image of utility maximisation, Consumption duality, looking at both problems together before going on to.....

This Learning Path is a bit more of a mixed bag than the previous one, finishing off our consumer choice problem, looking at the some useful implications of this in demand theory before moving on to o...

Consumption I

In this Learning Path, the first one about microeconomics, we will look at consumer behaviour from a theoretical perspective, trying to solve the basic problem we all face every day: how to get as much of what we want or need without blowing our budget. Since the main tools needed in order to understand consumer theory are quite a few, we present them in two LPs. The contents of this first half are: The basics: Preferences, which govern what we choose, and then move onto Goods, which we blow our...

In this Learning Path, the first one about microeconomics, we will look at consumer behaviour from a theoretical perspective, trying to solve the basic problem we all face every day: how to get as muc...

Exchange rate regimes

Exchange rates can be understood as the price of one currency in terms of another currency. However, just like for goods and services, we must take into account what determines that price, since governments can influence it, and even fix it. Exchange rate regimes (or systems) are the frame under which that price is determined. From a purely floating exchange rate, to a central bank determined fixed exchange rate, this Learning Path explains the basics of each of these regimes. We'll start by lea...

Exchange rates can be understood as the price of one currency in terms of another currency. However, just like for goods and services, we must take into account what determines that price, since gover...

Inflation & Unemployment III

Inflation and unemployment can be very harmful to the economy, and so governments will always try to control them by implementing economic policies. However, knowing how a problem originates is always helpful when trying to fix it. This is the reason why economists have created an incredible amount of theories and economic models that try to explain how these inflation and unemployment behave. In this Learning Path we’ll take a look at a few economic models that explain, at least to some extent ...

Inflation and unemployment can be very harmful to the economy, and so governments will always try to control them by implementing economic policies. However, knowing how a problem originates is always...

Inflation & Unemployment II

There is a relationship between inflation and unemployment that can be easily analysed. Governments around the world take this relationship very seriously, since there will always be a trade-off when implementing economic policies aiming either at reducing unemployment or keeping inflation at bay. Even though this relationship was first analysed by Alban William Housego Phillips in 1958, it has since evolved, taking into consideration adaptive and rational expectations. In this Learning Path, we...

There is a relationship between inflation and unemployment that can be easily analysed. Governments around the world take this relationship very seriously, since there will always be a trade-off when ...

Inflation & Unemployment I

Inflation and unemployment are probably, along with GDP, two of the most used economic indicators of how well a country is doing. Inflation measures increases in the price levels, which can hurt the economy in multiple ways when not under control. Unemployment measures the percentage of people in a country that, being able to work, are unemployed. Both are to be carefully measured, in order for governments to be able to keep them under control. In this first Learning Path of our series on inflat...

Inflation and unemployment are probably, along with GDP, two of the most used economic indicators of how well a country is doing. Inflation measures increases in the price levels, which can hurt the e...

Open economy

Nowadays, pretty much every country in the world is considered to be an open economy. This means that the country will trade with the rest of the world, these exchanges being measured in terms of net exports. When analysing open economies, it is important to understand a few things about the countries being analysed, such as the volume of trade they have, their economic growth, their inflation and unemployment rate, etc. An economy’s openness must be measured considering multiple variables. For ...

Nowadays, pretty much every country in the world is considered to be an open economy. This means that the country will trade with the rest of the world, these exchanges being measured in terms of net ...

Closed economy

When we study macroeconomics, the easiest and first approach is to analyse closed economies. These are defined as countries that are self-sufficient and autartik, meaning they do not trade with other countries, and rely only on what they produce. There is a widely used analogy by Economics professors: Robinson Crusoe’s island. If we think about it, Robinson Crusoe was unable to trade, and its consumption and production were closely related. This one-man economy is the easiest way to understand c...

When we study macroeconomics, the easiest and first approach is to analyse closed economies. These are defined as countries that are self-sufficient and autartik, meaning they do not trade with other ...

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