From AS to A2 part 2From AS to A2 part 2From AS to A2 part 2From AS to A2 part 2

Rachel ColeRachel Cole

Summer ReadingSummer ReadingSummer ReadingSummer Reading

WIDER READING (1)Newspapers and journals:• The Economist• Sunday Times (David Smith)• Times• Sunday Telegraph (Liam Halligan)• Independent on Sunday • Independent esp. Monday & Thursday

(Hamish McRae)• Observer (William Keegan)• Guardian esp. Monday (Larry Elliot)• The Financial Times

WIDER READING (2) Books:

Why not try:• Thinking Strategically: Dixit and

Nalebuff (especially useful for Oxbridge games theory)

• Key ideas in Economics R & D Dransfield (Nelson Thornes)

And to stretch your mind

• Adam Smith – Wealth of Nations• Karl Marx – the Communist Manifesto• David Ricardo – Principles of Political

Economy• The Great Crash: JK Galbraith

(Penguin)• Globalisation books (both sides): Joe

Stiglitz, Martin Wolf

If these were too hard-going try:

• New ideas from dead economists

Todd Buchholz

WIDER READING (3) Newer books

• Freakonomics: Steven Levitt & Stephen Dubner

• The Truth about Markets: John Kay • Foundations of Corporate Success: John

Kay (E & M applicants should read this)• The Dragon and the Elephant: David

Smith (Profile Books)

Tim Harford• The Logic of Life• The Undercover Economist• FT column

Robert H Frank• Quirky questions with Economics in the answers

Diana Coyle• Sex, Drugs and Economics

• Unconventional, butsound economics

Darrell Huff• How to Lie with

Statistics

• Sweep the truth under the carpet

• Recommended by chief examiner

Cento Veljanovski• Economic

Principles of Law Particularly interesting for economists applying for a law course…

WIDER READING (4)• Read articles/books critically ….• Is there an opportunity cost?• Which economic concepts can be

applied?• What analysis is relevant?• What information is missing?• How do you rate the evaluation?

Opportunity costs• There are two concerts on tonight

in Bristol:• Amy Winehouse £40• Black Eyed Peas £40

• You win a free ticket to see Amy…

Your preferences:• You would pay £40 to see Amy –

just!• You would pay £50 to see BEP

• You choose Amy (as it’s a free ticket). What is the opportunity cost:

• Remember the concept of consumer surplus….

• A £50• B £40• C £10• D £0

And the answer is:• C £10. You forgo the consumer

surplus of £10 that you would get at BEP

How did we do?

• 270 university students 7% correct

• 199 professional economists 22% correct

• Monkeys get 25%• You who have studied

economics for just one year but have had a good think about it put ……….

Does this mean:• A You are all economic naturalists• B You have jumped in too quickly

into Economics and it’s time to start thinking like an Economist…