Energy Price Cap: Good politics but bad economics?

This is a big story in the run up to the 2017 General Election. The Conservatives (traditionally a less interventionist, free market party) are proposing to impose a price cap to address ‘rip-off’ energy prices.

Consider these issues:

  • Why is this being proposed?
  • How would it work?
  • Will the policy achieve its aims or is it just another example of short-sighted politics getting in the way of markets?
  • Are there any other ways of achieving a more efficient outcome in the market?
  • Can behavioural theory help us understand the issues and what can be done?

ripoffenergy

Tory’s plan energy price cap

How will price caps work?

Isn’t this Labour’s idea?

Audio clip: Could a price cap stifle competition?

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REVISION REVISION REVISION!

If you haven’t already started, well…you know what you should be doing.

The nice people at Tutor2U have created a brilliant playlist of short videos which covers EVERY TOPIC you’ll need to know to for your exams this summer. Even better, they videos highlight key analysis and evaluation points for you.

You simply MUST use this resource. Don’t sit there just reading through your notes.

Instead, this is how I suggest you revise:

  1. Watch a video (and maybe then a second time, skipping sections as appropriate)
  2. Write down the key points from the video – max one side of A4 including diagrams
  3. Reduce your notes down to fit on a revision card
  4. Reduce your notes down to fit on a post-it note
  5. Find a past paper question on the topic and answer it (or create a plan)
  6. Get some feedback from your teacher.

 

What examiners want: Evaluation

This document clarifies what examiners are looking for when assessing the quality of evaluation in candidates answers.

Well worth a read!

http://filestore.aqa.org.uk/subjects/AQA-2140-W-TRB-OGEGT.PDF

And here’s a guide to what you should know:

AQA: http://www.aqa.org.uk/subjects/economics/as-and-a-level/economics-2140/subject-content

OCR: http://www.ocr.org.uk/qualifications/as-a-level-gce-economics-h061-h461/