economics

In this lecture we will introduce a number of economic concepts • We will also explain the role of institutions in economics • We will then examine how they interact within an economic history context

We will consider different models of long run-growth • We will compare theories and look at some of the evidence

In this topic we will cover: 1 Brief probability review. 2 Random variables. 3 Continuous probability distributions. The uniform distribution. The normal and standard normal distributions. The exponential distribution. 4 Z-scores

• Air pollution as a policy challenge. • Health costs of air pollution. • Non-health costs of air pollution. • Re-framing of traditional view of environment-economy trade off

• We explain what the industrial revolution was and when it happened • Why was Britain first and why was it a revolution? • The role of technological change is discussed and modelled 3 / 38

- How to compare variances, for example, to test whether two samples come from populations that have equal variances. - How to test the equality of 3 or more population means. To do this we use an ANOVA (ANalysis Of VAriance) test. - Both of these tests require use of an F test. This F statistic has an F distribution

- We will examine the “agricultural revolution” • What advances were made and why is there so much disagreement • Was there a proto-industrial revolution? • What was the transition to capitalism?

• We will define the “industrious revolution” • Was the industrial revolution demand driven? • We will look at a number of demand driven theories • The theories will be considered against the empirical evidence - perhaps it was not so industrious after all

• We will examine how the British Empire emerged • Describe the colonial debate and the navigation acts • Understand the impact of trade • Consider the costs and benefits of Britain holding the British West Indies and the 13 States

The Demand for global governance: - What are international institutions? - What do we mean by global governance? - What determines the demand for global governance?

Part 1: Corruption as a local issue: - Definition and types of corruption - Causes and consequences of corruption Part 2: Corruption as a global issue

2.1 Why do we want to study financial crises 2.2 What is correlated to financial/economic crises? – Deposit insurance, bank capital to asset ratio, non- performing loans to total gross loans ratio

• Who is a migrant? • Characteristics of the immigrants worldwide • Focusing on immigrants in Europe • The role of immigrants for productivity • Diversity of immigrants and innovation • High-skilled immigration, innovation and productivity • Skills mismatch • What next? Take away message

3.1 What is experimental economics? 3.2 Types of experiments in economics – Natural experiment – Field experiment – Lab experiment 3.3 An example 2

A: Global migration trends B: The drivers of migration - Type of migrants - Why do people migrate? Pull and push factors C: Migration and conflict

A: The science: Understanding climate change - Global warming - Greenhouse gases B: Global trends in GHG emissions C: Climate Change: Impacts and Policy The Global Economy

Seen some data on the recent rise in non-natural capital and the associated rate of natural capital decline, and seen different perspectives on the economic as well as environmental impact of that loss. Been exposed to the notions of ecosystems services, natural capital, and the characteristics of natural capital that lead to particular challenges for economic modelers. Understood the classic economic theory of species collapse, ecosystem stability and how that relates to the economy. Explored v

• This topic examines “when” the great divergence happened • We link this analysis to previous growth models mentioned in the introductory lectures

- Understood the concept of p-value as a measure of statistical significance, and what we might learn from looking at patterns of p-values in an empirical literature. - Discussed the problem and implications of p-hacking, why it arises, and what could be done about it. - Discussed the problem and implications of publication bias, why it arises, and what could be done about it.