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Introduction to Economics for the Public Sector

This event is suitable for those who know little or nothing about economics but want to understand its relevance to society, government and their own work, and for anyone who wants to refresh and build on their understanding of economics.

Learning Objectives

By participating in this training you will:

  • Understand the key insights that economics offers
  • Recognise the power of incentives
  • Gain insights into how markets work
  • Understand ‘market failure’ and ‘government failure’
  • Recognise the importance of cost/benefit analysis and impact assessment
  • Be able to see that regulation has (intended and unintended) consequences
  • Understand behavioural insight and its implications for government policy.

Programme

09.45
Chairman’s introduction
10:00
Understanding Economics
  • Explanation of economics and understanding how it affects life, busniess, and how government works.
The Role of Markets
  • The role of prices
  • Why free markets are more efficient than central planning
Productivity
  • How can we increase productivity?
  • What factors affect it?
11:15
Break
11:30
International Trade
  • The benefits of trade
  • The dangers of protectionism
  • The challenges of globalisation
  • The role of government in enforcing contracts
12:00
Macroeconomic Issues
  • The different schools of economic thought
  • Why do deficits matter?
  • Interest rates and inflation
  • Employment and unemployment
13:00
Lunch
Some Microeconomic Issues
  • The economics of business success
  • Different types of markets compared
Enterprise and Growth
  • A brief history of growth and the factors that determine it
  • How government policies influence growth
15:00
Break
15:10
Market Failure and Government Failure
  • Why markets “fail”
  • How governments can address market failure
  • Why government interventions can also “fail”
  • How governments can assess the costs and benefits of planned and actual interventions through economic impact assessment
  • Behavioural economics and its relation to policy
  • Taxation and budgeting within the public sector
16:10
Conclusion and Review
  • Further examples of economic policy challenges
  • Review of the key insights from economics
  • Sources of further information and help
16:30
Close

Please note that the programme is subject to change without notice

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