This is an interesting clip: Evan Davis interviewing Jamie Oliver about the possible introduction of a Sugar Tax. Jamie - who looks less boyish these days - addressed the Commons Health Select Committee. And who'd have though that he would use the word 'hypothecated' - and what does it mean? That's for you to look up...
Alas, the term is a bit of a 'red herring' - hypothecated taxes rarely deliver the benefits that they are expected to. However, it's noble that Jamie should be tackling obesity: I hope that he's going to reduce the amount of fat in his cooking...
This is an excellent piece from the BBC news channel that looks at the efficiency gains being accumulated in Ford's new 'mega factory' in Valencia. It highlights the marginal gains that Ford have been able to eke out using the most modern technology.
It makes for interesting reading about the minute detail that Ford are having a look at, smartwatches to enhance workforce communication, for instance. And yet, as one analyst notes - "the build pace [of each car] is nothing outstanding."
Questions on tax and subsidies:
What would be more effective, taxing cigarettes or subsidising nicotine patches (a healthier substitute for cigarettes). Use diagrams in your answer.
Click here to access the latest version of the Observatory of Economic Complexity. The world of economics teaching immediately becomes a brighter place! There is simply no better tool for students and their teachers to better understand the patterns and networks of trade between countries, for finding superb examples of international and intra-industry trade. This should be used as a go to tool to examine countries economic development and complexity. Essential reading for Units 2 & 4.
Image captionThe TPP will cover about 40% of the world economy
The biggest trade deal in decades was struck on Monday.
The Trans-Pacific Partnership (TPP) cuts trade tariffs and sets common standards in trade for 12 Pacific rim countries, including the US and Japan.
It marks the end of five years of often bitter and tense negotiations.
Supporters say it could be worth billions of dollars to the countries involved but critics say it was negotiated in secret and is biased towards corporations.
The deal covers about 40% of the world economy and was signed after five days of talks in Atlanta in the US.
Despite the success of the negotiations, the deal still has to be ratified by lawmakers in each country.
What is the TPP?
How big is it? Pretty big. The 12 countries have a population of about 800 million and are responsible for 40% of world trade.
What are the criticisms? That negotiations have been conducted in secret, and that it favours big corporations.
Who benefits most? Japan stands to reap huge economic benefits from the deal, while for the US it is an important strategic move.
What happens next? The agreement will need to be ratified by each of the individual member countries.
For President Barack Obama, the trade deal is a major victory.
He said: "This partnership levels the playing field for our farmers, ranchers, and manufacturers by eliminating more than 18,000 taxes that various countries put on our products."
But US Senator Bernie Sanders, a US Democratic presidential candidate, said: "Wall Street and other big corporations have won again."
He said the deal would would cost US jobs and hurt consumers and that he would "do all that I can to defeat this agreement" in Congress.
China left out
China was not involved in the agreement, and the Obama administration is hoping it will be forced to accept most of the standards laid down by TPP.
He said: "When more than 95% of our potential customers live outside our borders, we can't let countries like China write the rules of the global economy.
"We should write those rules, opening new markets to American products while setting high standards for protecting workers and preserving our environment."
Japanese Prime Minister Shinzo Abe told reporters the deal was a "major outcome not just for Japan but also for the future of the Asia-Pacific" region.
Image copyrightReutersImage captionThe deal has been criticised by some who say it will withhold lifesaving drugs from people who need them
Biotech dispute
The final round of talks were delayed by negotiations over how long pharmaceutical corporations should be allowed to keep a monopoly period on their drugs.
The US wanted 12 years of protection, saying that by guaranteeing revenues over a long period it encouraged companies to invest in new research.
Australia, New Zealand and several public health groups argued for five years before allowing cheaper generic or "copy-cat" into the market.
They said a shorter patent would bring down drug costs for health services and bring lifesaving medicine to poorer patients.
Even though a compromise was reached, no definitive protection period was confirmed.
Speaking at a press conference following the deal, US Trade Representative Michael Froman hailed the deal as the first to set a period of protection for patents on new drugs, which he said would "incentivise" drug producers.
But the Washington-based Biotechnology Industry Association said it was "very disappointed" by the reports that the agreement fell short of the 12-year protections sought by the US.
Image copyrightGetty ImagesImage captionWanting access. New Zealand's dairy industry is keen to access other Pacific Rim markets
Tense issues
The car industry was another area of intense negotiation with countries agonising over how much of a vehicle had to be manufactured within the TPP countries in order to qualify for duty-free status.
Agriculture proved another sticking point with countries like New Zealand wanting more access to markets in Canada, Mexico, Japan and the United States.
Canada meanwhile fought to keep access to its domestic dairy and poultry markets strictly limited. The issue and its impact on rural voters is particularly sensitive ahead of the federal election in two weeks time.
Asked about potential job losses - a criticism of the deal - Canada's trade minister Ed Fast said: "We don't anticipate that there will be job losses. Obviously there will be industries that have to adapt."
The agreement was a "once-in-a-lifetime opportunity" for Canada to shape outcomes and rules in the Asia Pacific region, Mr Fast added.
The Human Development index is a measure of economic development and economic welfare. The Human Development Index examines three important criteria of economic development (life expectancy, education and income levels) and uses this to create an overall score between 0 and 1.
1 indicates a high level of economic development, 0 a very low level.
The HDI combines:
Life Expectancy Index. Average life expectancy compared to a global expected life expectancy..
Education Index
mean years of schooling
expected years of schooling
Income Index (GNI at PPP)
Components of the Human Development Index
What the HDI shows.
The HDI give an overall index of economic development. It has some limitations and excludes several factors that might have been included, but it does give a rough ability to make comparisons on issues of economic welfare – much more than just using GDP statistics show.
Limitations of Human Development Index
Wide divergence within countries. For example, countries like China and Kenya have widely different HDI scores depending on the region in question. (e.g. north China poorer than south east)
HDI reflect long-term changes (e.g. life expectancy) and may not respond to recent short-term changes.
Higher National wealth GDI may not necessarily increase economic welfare, it depends how it is spent.
Also higher GDI per capita may hide widespread inequality within a country. Some countries with higher real GDI per capita have high levels of inequality (e.g. Russia, Saudi Arabia)
However, HDI can highlight countries with similar GDI per capita but different levels of economic development.
Economic welfare depends on several other factors, such as – threat of war, levels of pollution, access to clean drinking water e.t.c.
Top 10 Human Development Index
Components of HDI score 2011
(HDI)
Life expectancy at birth
Mean years of schooling
Expected years of schooling
(GNI) per capita
HDI rank
Value
(years)
(years)
(years)
(Constant 2005 PPP$)
2011
2011
2011a
2011a
2011
1
Norway
0.943
81.1
12.6
17.3
47,557
2
Australia
0.929
81.9
12.0
18.0
34,431
3
Netherlands
0.910
80.7
11.6
b
16.8
36,402
4
United States
0.910
78.5
12.4
16.0
43,017
5
New Zealand
0.908
80.7
12.5
18.0
23,737
6
Canada
0.908
81.0
12.1
b
16.0
35,166
7
Ireland
0.908
80.6
11.6
18.0
29,322
8
Liechtenstein
0.905
79.6
10.3
c
14.7
83,717
9
Germany
0.905
80.4
12.2
b
15.9
34,854
10
Sweden
0.904
81.4
11.7
b
15.7
35,837
Lowest 10 Counties for HDI
(HDI)
Life expectancy at birth
Mean years of schooling
Expected years of schooling
(GNI) per capita
177
Eritrea
0.349
61.6
3.4
4.8
536
178
Guinea
0.344
54.1
1.6
w
8.6
863
179
Central African Republic
0.343
48.4
3.5
6.6
707
180
Sierra Leone
0.336
47.8
2.9
7.2
737
181
Burkina Faso
0.331
55.4
1.3
r
6.3
1,141
182
Liberia
0.329
56.8
3.9
11.0
265
183
Chad
0.328
49.6
1.5
i
7.2
1,105
184
Mozambique
0.322
50.2
1.2
9.2
898
185
Burundi
0.316
50.4
2.7
10.5
368
186
Niger
0.295
54.7
1.4
4.9
641
187
Congo (Democratic Republic of the)
0.286
48.4
3.5
8.2
280
Notes:
Before 2011, the human development index used adult literacy rates rather than mean years of schooling.
The human development index was created by Mahbub ul Haq, and Amartya Sen.
Click on the links below to access topical examples of mergers, acquisitions and de-mergers in the fast-moving world of business growth and integration. Excellent material and potential questions for the June 2016 examination.
This is an excellent piece from the BBC news channel that looks at the efficiency gains being accumulated in Ford's new 'mega factory' in Valencia. It highlights the marginal gains that Ford have been able to eke out using the most modern technology.
Click here to access the latest version of the Observatory of Economic Complexity. The world of economics teaching immediately becomes a brighter place! 
Reuters
Getty Images
