Student Teacher Event 2022
We are delighted to launch the online resource version of the Scottish Teachers and Students of Economics Conference 2022.
In this set of videos and downloadable online resources we are covering some very important topics which will not only be of interest to students of Economics and their teachers but to students of other subjects eg Modern Studies and also the wider public.
- In the first video, Paul Johnston, Director of the Institute for Fiscal Studies gives us an overview of the current problems in the economy.
- In Section 2, Alberto Paloni of the University of Glasgow talks about different theories of inflation. Economists disagree on what causes inflation and therefore they disagree on how to address it - this video talks us through some of those differences.
- In Section 3, Felicia Odamtten of the Resolution Foundation talks about the current inflation figures and discusses some of the government policy responses – please note that this video was recorded before the resignation of Liz Truss as Prime Minister and some of the policies she discusses have now changed.
- In the fourth Section, Peter Kelly, Director of the Poverty Alliance, talks us through the worsening crisis of poverty and inequality in Scotland, discusses the groups who are most affected and looks ahead to the future and what needs to be done to alleviate this blight on our fellow citizens.
- In Section 5, Mairi Spowage, Professor of Economics, University of Strathclyde and Director of the Fraser of Allander Institute, gives us a wide-ranging overview, in plain language, about what is happening in the Scottish and UK economy in terms of the Cost-of-Living Crisis, inflation, poverty and widening inequality.
- Finally, in Section 6, Dr Kirsty Hughes of the Scottish Centre for European Relations puts all of this in the context of the UK’s withdrawal from the EU (Brexit).
For each video presentation there is a section which contains details of the presenter, links to the video, additional online resources eg resources which cover the impact of Covid and some study guide questions you can use once you have watched and read the material.
We very much hope you find these resources useful and that they will engender some very interesting discussions in class. Please get in touch if you have any questions or any difficulties downloading the material.
Section 1: Introduction
Presenter: Paul Johnson, Director of the Institute for Fiscal Studies
Video Presentation: https://youtu.be/wcllTP1Vzh0
Online Resources (general)
- Health, physical & mental - Economics Observatory (Covid)
Section 2: Theories of Inflation
Presenter: Alberto Paloni, Senior Lecturer in Economics, Adam Smith Business School, University of Glasgow
Video Presentation: https://youtu.be/PGUbIjBJQTg
- See references on slide 39
Study Guide Questions:
- What is the CPI and what is a ‘consumption basket’?
- Do you think poorer people consume the same goods and services on average as richer people?
- To what extent do you agree with the statement “Reducing inflation should be a priority for any government because everyone’s living standards are affected by it”?
- Do high wages cause inflation? Find evidence for and against this view.
- Some people think that inflation is caused by conflict over the distribution of income between workers and firms (wages and profits)? Look at the evidence for and against this view.
- Do some people/groups benefit from inflation?
Section 3: What is happening with inflation now?
Presenter: Felicia Odamtten, Resolution Foundation
Video Presentation: https://youtu.be/nDJWokyyXss
[PLEASE NOTE: this video was recorded before the resignation of Liz Truss as Prime Minister and some references within it are now out of date]
- Resolution Foundation • Analysis and action on living standards
- What is inflation? | Bank of England
- The Scottish Reserve Bank | Home
- Is inflation avoidable?
Study Guide Questions:
- What is inflation?
- What goods and services are included in inflation?
- Why would an increase in energy prices increase inflation?
- Why does an increase in inflation matter to consumers?
- How does an increase in energy not only increase inflation, but how does this initial increase in inflation eventually feed into the price increases of other goods and services?
- Does inflation affect all of society equally? Or does it affect different socio-economic members of society differently?
- What do you think inflation will do to inequality? Living standards?
Section 4 : Poverty and Widening inequality in Scotland
Presenter: Peter Kelly, Director of the Poverty Alliance, the national anti-poverty network in Scotland
Video Presentation: https://youtu.be/hIsmkEN8pFQ
- What happens to charitable giving in a recession? - Economics Observatory
- How is the cost of living crisis affecting disabled people in the UK?
- How might the cost of living crisis affect long-term poverty?
- Inequality & poverty - Economics Observatory
Study Guide Questions:
- How many families in Scotland are living in poverty in 2022?
- What proportion of families in the UK are living in poverty in 2022?
- Is poverty caused by people not working? Explain your answer.
- Why is child poverty regarded as being more serious?
- Is inequality the same as poverty?
- Is the rising cost of living affecting everyone the same or are some groups worst affected?
Section 5: Cost of Living, fiscal responses and the constitution
Presenter: Mairi Spowage, Director of the Fraser of Allander Institute, University of Strathclyde
Video Presentation: https://youtu.be/67CSCcBXUHo
- What is the energy price guarantee? Is this the maximum that a household will pay for energy?
- Why do decisions about tax rises and spending cuts affect financial markets?
- How has the war in Ukraine affected inflation?
- What is intergenerational inequality?
- What is a recession? Are we in one now?
Section 6: Brexit and the impact on the Scottish/UK economy
Presenter: Kirsty Hughes, Director of Scottish Centre on European Relations
Video Presentation: https://youtu.be/PlzfCJ_L3f4
- An accessible guide to the European Union. Find out about the EU's institutions, its history, how EU law is made, & much more https://t.co/kO7WOH2lHU
- Accessible FT video is very good and accessible (30 minutes) https://www.ft.com/video/91b8a350-5817-4b40-a5ea-c62ec832aa9c
- Clip (5 minutes) from Ros Atkins on a BBC Brexit summary https://twitter.com/BBCRosAtkins/status/1585894753023000577?s=20&t=HSDRy1nJAHNpDm8Z4srkJQ
- Scotland-European relations more generally https://euromovescotland.org.uk/scotlands-european-relations/
- How EU sees UK and Scotland post-Brexit: https://euromovescotland.org.uk/european-union-views-of-the-uk-post-brexit-and-of-the-future-eu-uk-relationship/
- Whether leaving EU and Scottish independence - leaving a union - are the same or not https://euromovescotland.org.uk/brexit-scottish-independence-and-leaving-a-union-lessons-to-learn/
- Trade & supply chains - Economics Observatory
Study Guide Questions:
- What is a single market?
- What is a customs union?
- What is a free trade agreement?
- List five ways in which the economy of Scotland/UK is affected by Brexit
- How has Brexit affected firms which import goods from the EU?
- How has Brexit affected firms which export to the EU?
- What is meant by a Brexit dividend?