econbiztutoring

Will pubs be open and schools shut for 1am England game against Mexico?
https://www.itv.com/news/2026-07-02/will-pubs-be-open-and-schools-shut-for-1am-england-game-against-mexico

Different Economists and their Contribution to Economics

Tourism has demonstrated a remarkable ability to recover and adapt.

International tourist arrivals in OECD countries grew by an estimated 3.4% in 2025 to reach a record 847 million, building on an 8.1% increase in 2024.

However, resilience remains a priority as the sector navigates the conflict in the Middle East and increasing extreme weather-related events.

The new edition of Tourism Trends and Policies recommends steps toward a more resilient and sustainable tourism sector, including:

➡️ Greater investment in data, digitalisation and AI to improved destination management and evidence-based policymaking,

➡️ Strengthening the capacity of governments and businesses to anticipate and adapt to future risks,

➡️ Development of policies that maximise local value creation by supporting businesses, foster economic diversification and ensure host communities benefit from tourism growth.

🔗 https://brnw.ch/21x3OTt |

The economy of Great Vostan is at risk from rising inflation – use your knowledge of the economy to get things back on track.

Test your money IQ for a chance to win. £100 vouchers are up for grabs every week and £1,000 grand prize.

Our challenge is running through May.

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https://bankofengland.education/MindYourMoney

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⚡ Keep inflation under control
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⚡ Don’t break the economy in the process

GDP grew 0.6% in Quarter 1 (Jan to Mar) 2026.

Services (+0.8%) construction (+0.4%) and production (+0.2%) all increased.

GDP (Gross domestic product) measures the total value of the good and services we produce within the UK.

Commenting on today’s GDP figures, Liz McKeown, Director of Economic Statistics said 💬

“Growth picked up in the first quarter of the year, led by broad-based increases across the services sector. Within that wholesale, computer programming and advertising performed particularly well.

“Production also grew slightly, while construction returned to growth, though only partly reversing weakness at the end of last year.”

Read the full article ➡️ https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/januarytomarch2026

🔔 Follow us and keep up to date with the latest stats.

🟥 Basic Macroeconomics Theories and Their Economists 🟥

Macroeconomics studies the overall behavior of an economy, such as national income, employment, inflation, and economic growth. Different economists developed various theories to explain how economies function and how economic problems can be solved.

🟥 Classical Theory

🔴 Economists: Adam Smith, David Ricardo
Developed in the 18th and 19th centuries.

Believes that the economy naturally moves toward full employment.
Prices and wages are flexible and markets are self-regulating.
Government intervention should be very limited.

🌀 Key Idea: Supply creates its own demand (Say’s Law).

🟥 Keynesian Theory

🔴 Economist: John Maynard Keynes
Developed during the Great Depression in the 1930s.

Emphasizes the role of aggregate demand in determining output and employment.
Markets may not automatically achieve full employment.
Government should intervene using fiscal policy (taxation and public spending).

🌀 Key Idea: Government spending can stimulate demand and reduce unemployment.

🟥 Monetarist Theory

🔴 Economist: Milton Friedman

Focuses on the money supply as the main factor affecting the economy.
Inflation occurs when the money supply grows faster than economic output.
Central banks should maintain a stable growth rate of money supply.

🌀 Key Idea: Inflation is mainly caused by excessive money supply.

🟥 New Classical Theory

🔴 Economists: Robert Lucas Jr., Thomas Sargent
Developed in the 1970s.

Based on the concept of rational expectations.
People make economic decisions using all available information.
Government policies may have limited long-term effects.

🌀 Key Idea: Markets adjust quickly and efficiently.

🟥 New Keynesian Theory

🔴 Economists: Gregory Mankiw, Joseph Stiglitz

Modern version of Keynesian economics.
Accepts that markets sometimes fail due to price and wage rigidity.
Supports government intervention to stabilize the economy.

🌀 Key Idea: Small market imperfections can cause large economic fluctuations.

🟥 Supply-Side Theory

🔴 Economists: Arthur Laffer, Robert Mundell

Developed mainly in the 1970s and 1980s.

Focuses on increasing production and economic growth.
Suggests lower taxes and fewer regulations to encourage investment and work.

🌀 Key Idea: Lower tax rates can increase incentives to produce and invest.

🟥 Post-Keynesian Theory

🔴 Economists: Joan Robinson, Nicholas Kaldor

Developed after Keynes to expand his ideas.
Emphasizes uncertainty, income distribution, and financial markets.
Believes government policies are important for economic stability and growth.

🌀 Key Idea: Real-world economies are complex and often unstable.

✅ Conclusion

Macroeconomic theories help economists understand economic fluctuations, unemployment, inflation, and growth. Each theory provides a different perspective on how economies work and the role governments should play in managing economic problems.

In January 2026, OECD headline inflation slowed down, but prices are still almost 36% higher than they were before COVID-19.

Headline inflation declined in 22 of the 35 OECD countries with data available, remained stable or broadly stable in 8, and rose in only 5. Compared with December 2025, the number of OECD countries with inflation at or below 2% rose from 9 to 15.

🔗 https://brnw.ch/21x0GEH |