-The economics of football
-Monetary policy within the UK
-The NHS and welfare system
On the 1st of February Economists from Year 12 and 13 went to Wellington College to listen to an economics conference by the IEA (Institute of Economic Affairs).
Firstly, we received a talk from Dr Kristian Niemietz about the NHS and welfare system. We covered problems that face the NHS such as the debt and increasing population of obese people and pensioners. We followed this talk with a discussion including the 6th form students giving their opinions on the problems and questions at hand whilst also having questions for Dr Niemietz.
Next, we received what many of our students found the most interesting talk, on the economics of football from Dr Stephen Davies. We covered topics such as the vast gap in funding for the different Premier League teams and how we could adapt financial fair play regulations to reduce this growing gap. We related it to the prisoners’ dilemma, (which helped the Year 13s as this is a part of their A2 content) in which it was concluded that if the penalties of breaking some kind of wage or spending cap were higher than the potential benefits of breaking the cap, the teams would have a higher incentive to keep to these regulations as they would not want to have a huge penalty for such a small gain.
We also received a talk from Ewen Stewart from Walbrook Economics, on what we felt was most relevant to our Year 12 and 13 topics. This talk consisted of fiscal and monetary policy within the UK as this is a huge part of our Macroeconomic side of the course. We covered various topics, from public finances to political risks. Following the presentation we were involved in a discussion including if austerity had been present in the UK recently and whether a northern powerhouse would be possible in the future.
Finally, we rounded off the afternoon with Dr Stephen Davies talking us through different possible careers that economics, post university, can lead to. He also gave us advice on personal statements for university application which was very helpful.
I feel as though this conference was hugely helpful to our economics course both for the new and old course and would like to thank Mrs Hartley for taking us.
James Garrett in 12F