How the Economy Works: A Beginner’s Guide with Michael Jacobs |  Guardian Masterclasses

How the Economy Works: A Beginner’s Guide with Michael Jacobs | Guardian Masterclasses

Economics can be complicated – just by listening to the news you know that – but that doesn’t mean you need a degree in the subject to understand it. In fact, anyone can understand the basic ideas of how the economy works and how economic policies try to influence it. Once you know these, watching the news, reading about economic policies and having conversations with your friends and family suddenly seems a lot easier.

In this masterclass, the leading political economist Professor Michael Jacobs takes you through the core ideas of economics and economic policy. You will learn about the key issues and policy questions in the news, such as what causes inflation and why we are now heading for a recession, what is happening to wages and employment and why, what ‘economic growth’ actually means and how we can deal with it. with the climate crisis.

This class will use simple, non-technical language to help you understand not just what’s happening, but how economists think about it — and why they often disagree.

Course content

  • Understanding the economy as a whole: consumers, businesses, government and trade
  • What is economic growth? Productivity, innovation, banking and colonialism
  • Why do we have booms and recessions? The business cycle
  • Government Loans and Debt: Keynesianism vs. austerity
  • What causes inflation and how can it be reduced? The Bank of England and Interest Rates
  • Wages, work and unemployment: why is income stagnant?
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