Economics

Course summary

You will acquire the tools of analysis which will enable you to explain why the world economy is in such a state. To say “It’s Covid’s fault” is not enough. The current generation of economists is among the luckiest ever: so much is going on at the moment which needs explaining that studying economics is a real challenge. And it will equip you to sound Very Wise Indeed in the Sixth Form Centre/Headmaster’s study/University interview. You will investigate how firms work, and how the people in them work; you will find out what effects the Government has on the workings of the economy and why interest rates have increased 14 times between December 2021 and October 2023, why Mr Kwarteng’s infamous mini budget was such a disaster or why the UK is suffering from low productivity. You will investigate international issues and those of inequality and poverty, and why Cristiano Ronaldo has a new deal worth $200m p.a. whilst UK public sector workers are striking over pay. You will develop an understanding of the way that the world works and why oil prices behave as they do, and of the limitations of economic theory in explaining what actually happens; you will discover how economic and business decisions are made and how they affect; you will develop the skills of analysis and evaluation which will enable you to make sensible decisions of your own and to assess critically those made by others. You will learn why Winston Churchill is quoted as saying, “When I ask two economists a question I get two different answers, unless one of them is Lord Keynes, in which case I get three.”