Economics IGCSE Archives - Oxford Open Learning

Procrastination: How To Solve A Problem Like The Perfectionist

Perfectionism is not, in and of itself, a negative trait. Perfectionists are often conscientious high achievers; our greatest weakness is also our greatest strength. But those trying to be constantly perfect can find that every task feels like an unconquerable burden and every essay a path to failure, however unlikely our friends and family might find our doom-laden predictions. Here are three thoughts to use to beat the unrealistic idealism that may currently be beating you.

1. “I am aiming for my own version of perfect.”

What is perfect, anyway? Maybe you could decide. Perhaps perfection could simply mean sitting down at your messy desk, ignoring the clothes on the floor, and spending 10 minutes planning the first half of your essay. In this deeply imperfect and challenging world, if you were to be reasonable with yourself, your definition of perfect should, and could, be different. Redefine perfection: make it doable and make it your own.

2. “I don’t HAVE to do it; I GET to do it.”

A to-do list is a depressing sight, if, at every item, we are telling ourselves that we ‘have to’ or ‘must’ do this or that. But turn ‘have to’ into ‘get to’ and suddenly life seems more joyful. Perhaps it is an irritating piece of advice, an unwelcome call to simply have more gratitude, but studying is essentially an overwhelmingly positive thing. You are learning and growing, and you have access to great materials and educated teachers; you are lucky. And so, even if it feels at first like you are lying to yourself, tell yourself, next time you inspect your to-do list: “I get to plan my essay today”.

3. “A perfect dissertation is a finished dissertation.”

We will do it, but we are waiting for the perfect time when we are in the mood. Because we know we can do it well, and not just well but REALLY well. And so that is the aim. This isn’t laziness, for the fear is real: we cannot bear to submit anything less than our best; we cannot tolerate failure; and we want to be proud of what we have achieved. We have visualised (or we think we have) the perfect essay or assignment. But the truth is that you have a deadline. Perhaps you could achieve perfection if you had eternity to complete it. But you don’t. Most tasks have a timeline, whether it is 6 years to complete a part-time PhD, or one night to finish an essay. And the test is not what you can achieve, but what you can achieve in the time you have to complete it. The definition of perfect might simply be this: finished.

The risk of a global recession in 2023 has risen, according to a recent report by the World Bank. This development could have significant long-term implications for the global economy and society. In this article, we will explore how the possibility of a recession could contribute to the legacy of the current financial crisis around the world.

One of the most immediate effects of a potential recession, as we have seen, is a decline in living standards and a loss of jobs, particularly in countries that are most vulnerable to economic shocks. This exacerbates the high levels of inequality that still exist in many countries and further widens the gap between the rich and the poor. Moreover, a recession can also trigger a rise in populism and nationalism, leading to greater protectionism and inward-looking policies. Again, this is something that has been happening across the world, even before now.

The banking sector is also significantly affected by a potential recession, particularly if it is caused by a financial crisis. The regulatory measures put in place after the 2008 financial crisis may have helped to make the banking sector more resilient, but the current crisis still puts pressure on financial institutions and destabilises the global financial system. It has already led to renewed calls for stronger regulations and greater international coordination, whilst loss of trust in financial institutions is repeated.

Recession And Global Relations

Finally, recession has implications for international relations and cooperation. If countries become more inward-looking and protectionist in response to a recession, it can lead to a further erosion of the post-World War II order of cooperation and free trade. It makes it more difficult to address global economic challenges, such as climate change, and undermines efforts to build a more equitable and stable global financial system.

Of course, the COVID-19 pandemic has also had a significant impact on the global economy. The pandemic caused a global economic downturn, which has led to widespread job losses and a decline in economic activity. Governments around the world have implemented various measures to try to mitigate the economic impact of the pandemic, including stimulus packages and support for businesses and workers. However, the pandemic has also highlighted and exacerbated existing inequalities, with low-income and marginalized communities being disproportionately affected. The long-term effects of the pandemic on the global economy are still uncertain, but it is clear that it will have far-reaching implications for years to come.

Can We Prevent Another Crisis?

In conclusion, the possibility of a global recession in 2023 highlights the continued fragility of the global economy, even over a decade after the financial crisis of 2008. While the long-term implications of a potential recession are difficult to predict, it is clear that one will have significant and far-reaching effects on the global economy, society, and international relations. As we move forward, it is important to remain vigilant and to continue working towards building a more stable, equitable, and cooperative global financial system that can withstand future economic shocks.

Whatever subject you are studying or qualification you are studying for, contact with your teacher or tutor – even when remote – is an invaluable part of that process. They are usually the subject experts, have a full understanding of the assessment process and have, more often than not, supported many other students who felt exactly the same as you do now about their learning. Whether you are confident in your subject knowledge and looking for ways to stretch yourself in order to achieve the very best results or are still a little uncertain and unsure how you might secure the grade you need, your tutors can provide you with the support you require. Here are a few simple strategies every student should try in order to boost the benefits of the contact they have.

Get Organised

Put simply, meet their expectations! If they provide a task, complete it. If they set a deadline, meet it. If you have a meeting, be there. Programmes of study and assessment schedules are in place to meet the needs of everyone; ensuring that there is adequate time for covering all of the content, assessing progress and providing feedback. A tutor works with many students and if you don’t adhere to the plan then you are unlikely to get the time you deserve. If there is a problem with the schedule set out for you, talk to your tutor in advance so that they can make any amendment they possibly can in order to make sure that everyone’s needs are met. If a tutor sees you are committed to your learning and doing what is required they are likely to go above and beyond in the ways in which they support you.

Respect Their Knowledge (but don’t be afraid to ask!)

As already mentioned, the tutor is the subject expert. They have the knowledge of the subject but also the ways it is assessed and how to ensure you can demonstrate it when required to do so. Listen to their advice. Take notes where required. Follow their suggestions. However, if there is something you are unsure about, don’t be afraid to ask! Questioning is key to developing a deeper understanding and mastery of a subject but is also a great tool in ensuring there have been no miscommunications or misunderstandings. Your tutor will respect your ability to really engage with the content you are covering together and look for ways to address your questions in more detail.

Know The Value Of  Tutor Feedback

Receiving feedback is one of the most important parts of the learning journey. However, many of us find getting feedback something that is really, really hard! Instead of thinking about what is said by your tutor as being ‘good’ or ‘bad’, try to consider what you can learn from it instead. If you are given praise for a certain aspect of your work, think about what you did that made this so effective. If there are comments relating to something that hasn’t worked out so well then think about what you might do differently next time. Reflection is key to making progress. Also, apply the same thought process when it comes to your attitude to learning. If a tutor comments on this, avoid taking it personally and think of how you might use what they have said to become a more effective learner.

Plan Your Agenda

Don’t forget that any contact that you have with your tutor is designed to benefit YOU. If you are in need of something specific from that contact then, again, do not be afraid to ask! In reality, this involves planning and preparing for any contact you have before you have it. Make a note of any questions you have when studying independently. If you need to revisit any material with them, ask in advance. If you have found a subject area particularly easy or hard, let them know. Remember, your tutor will be looking to support you in a way that is personalised to meet your needs too, so the more effectively you’re able to communicate these, the better they will be able to do this.

What does democracy mean to you? Perhaps it is something that only happens when you vote. Or maybe it’s something to strive for; a culture where all voices count toward change, championing transparency and equality. It’s a much-used word, but where did it derive from and what does it mean for society at large?

Origins

Literally translated, the word democracy comes from the Greek words ‘demos’, meaning people, and ‘kratos’ meaning power, so democracy can be thought of as ‘power of the people’. It is also sometimes referred to as ‘rule of the majority’. The first known democracy in the world was in Athens, Greece, where Athenian democracy developed around the fifth century B.C.E. In the year 507 B.C., the Athenian leader Cleisthenes introduced a system of political reforms that he called demokratia, meaning “rule by the people”.

Democracy, then, is a system of government in which the citizens exercise power directly or elect representatives from among themselves to form a governing body, such as a parliament. However, the Greek idea of democracy differed from that which we have now, given that in Athens all adult citizens were required to take an active part in the government.

Modern Democracy

In present day, there are four main types of democracies. These are:

Direct – sometimes called “pure democracy”, this is a form of democracy where the people decide on policy initiatives. Voters are able to directly impact specific issues and policies, rather than voting to give a representative or party the mandate to decide upon them.

Representative – founded on the principle of elected persons representing a group of people, such as in the UK. This is the most commonly found democracy in the world today.

Constitutional – the authority of the majority is limited by legal and institutional means so that the rights of individuals and minorities are respected.

Monitory –  a phase of democracy characterised by instruments of public monitoring and scrutinising of government power.

 

The Pandemic Effect

A report in 2020 highlighted that across the previous year almost 70% of countries had recorded a decline in their overall democratic rating score, as covered by The Economist Intelligence Democracy Rating Index; this was largely due to country after country locking down to protect lives from Covid-19. Globally, the average score fell to its lowest level since the index was initiated in 2006.

At Home And Abroad

A 2020 YouGov survey showed that three-quarters of Britons (75%) describe the UK as a democratic country, yet six in ten (60%) complain that they cannot freely say what they think, and a third (34%) feel they have absolutely no say when it comes to how things are run.

In 2020, the top three most democratic nations were an all Nordic trio of Norway, Iceland and Sweden. According to the Sustainable Governance Indicators project which rates the quality of democracy, Norway also falls into the top group worldwide (rank 3) . Interestingly, the two other Nordic nations of Denmark and Finland also rank in the top 10. The UK is currently 16th.

The trade war between two of the world’s leading superpowers, America and China, began in July 2018 and has only been growing ever since. But how and why did it start? And what is to become of it?

The basis for the US-China trade war has its roots in the economical production of the countries. As one of the largest economies in the world, China’s foreign trade increased rapidly after its ascension into the World Trade Organisation in 2001. The US and China’s bilateral trades totalled a staggering US $559 billion in 2019. However, much of this trade was uneven. The US has a large trade deficit with China, and the US trade shortfall rose to US$375.6 billion in 2017 from US$103.1 billion in 2002.

Tariffs Against China

The US and China also imposed trade tariffs on each other, which means that buyers from the other country would pay a higher import tax to bring their purchases into the country. The trade war started when then-president Donald Trump declared that his goal was to reduce the trade deficit with China due to its unfair trade practices, lack of market access for American companies and uneven playing field caused by Beijing’s policies. On the other hand, China believes that the US is trying to suppress its rise as the world’s economic number one.

The four years of President Trump’s rule saw the US-China tensions rise to an unsustainable level, with multiple US sanctions imposed on Chinese companies. Since President Joe Biden’s election in January 2021, the tensions have only grown. President Biden’s administration recently increased its sanctions against China in response to the Hong Kong pro-democracy protests, notably issuing a warning on July 16 about the “Risks and Considerations for Businesses Operating in Hong Kong” and imposing sanctions on seven deputy directors of the central government’s Liaison Office in Hong Kong. The Biden administration also banned the import of technological materials such as polysilicon from Chinese technology companies due to the latter’s alleged use of force in the Uighur region in Xinjiang.

Final Situation

To this day, the US-China trade war continues in full swing amid growing conflicts. However, if there is anything positive to be highlighted, it should be said that neither country wants to cut their economical ties completely. Whilst that is the case, there may be a chance that things, eventually, will improve.

With housing prices becoming increasing high and millennials being priced out of the property market, a lot of commentators have noted that we are heading towards a new way of working in order to generate multiple income streams- the gig economy. But what exactly does this phrase mean? What are the implications of this new mode of work?

Advantages And Growth

According to the BBC, the “gig economy” is a phrase that is often used to describe a labour market “characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs”. In this sense, it is a new form of work whereby people take on multiple jobs in order to earn a stream of income that is sustainable but flexible at the same time. On one hand, this has it’s advantages. It allows workers to be more versatile and flexible in terms of their field of work, working hours and workload. Many contracts under the gig economy offers the workers more independence and scope to complete the work in ways they see fit. Workers are also able to charge hourly rates that they set themselves, meaning that they are able to control their working hours and get paid for any overtime work. It is estimated that in the UK, over 5 million workers engage in the gig economy in order to sustain a living.

But Does The Gig Economy Exploit?

On the other hand, critics of the gig economy note that it can be a form of exploitation with very low amounts of worker protection. Workers are essentially unprotected from demanding employers and do not receive benefits such as pensions, a stable wage and healthcare support. Some critics have compared the nature of jobs under the gig economy to zero-hour contracts where employers have no obligations to provide payment for minimum working hours, which undermines an employee’s job security. Additionally, this type of economy can cause workers to suffer from burnout as many individuals take on multiple (and often stressful) jobs at once.

With a new way of working comes along myriad opportunities and challenges. Regardless of the pros and cons of the gig economy, it seems that it is here to stay and will become an integral part of many millennials’ lives.

Cryptocurrencies are the latest trend in Millennial investing. We have all seen Elon Musk’s active twitter account and the comments from institutional investors that “bitcoin is the digital gold” of this generation. However, what exactly are cryptocurrencies? What do they do? For beginners out there, here is a quick summary of what this new asset class is all about.

Blockchain

Cryptocurrencies are essentially digital or virtual currencies that are secured by cryptography, which makes it impossible for transactions to be forged or counterfeited. Many cryptocurrencies are based on decentralised networks created from blockchain technology. Blockchain technology is created by codes that distribute copies of a digital “ledger” to every single computer that is connected on the network. All of the networks verify transactions that pass through the blockchain.

Why Are Cryptocurrencies Useful?

There are several reasons. First, they are decentralised and not controlled by any bank or government. This makes them immune to government manipulation. Secondly, anyone can send money to another person without worrying about their identity being revealed. These transfers are secured by private keys and are sent directly to wallets which are anonymous, making cryptocurrencies even more attractive to people who want to preserve their online identities during transactions.

Criticism

The decentralised nature of cryptocurrencies means that it faces several criticisms. Some people argue that the system can be used for money laundering or other illegal activities as criminals can transfer large amounts of money to anonymous wallets for storage. Others have argued that the high transaction fees and slow speeds of some cryptocurrencies such as Ethereum make them virtually unusable and scalable for everyday life.

Regardless, it is undeniable that cryptocurrencies are increasingly popular amongst investors and citizens around the world who see potential for this innovative technology to change the world, hedging against inflation and facilitating the exchange of money outside the influence of central banks and governments.

“The times they are a changin,” said Bob Dylan, and if that was true in the 60s, then his head must be spinning now. The skills needed for the new world are hard to pin down, and quite frankly, no one truly knows what they are. We’ve got the old favourites that never change such as people skills, negotiation, organisation, but what new skills will you need to thrive in tomorrow’s economy?

Marketing Yourself Online

So this might sound a little niche, but hear me out. There is a lot of noise in the world of economy, and it’s just getting louder. By noise, I mean the amount of people trying to shout about their goods, services, or ideas.

If you ever want to put goods, services or ideas of your own out there you will have to ask yourself how you can make your voice stand out in a busy market. My recommendation: learn how to do the basics of digital marketing. Want to be a small business person? Google My Business will be indispensable. Want to blog about your services? You’ll want to optimise those words for search engines. And then there’s your professional presence to “market” yourself on Linkedin, as well as other social networks. Don’t know what any of that means? Well, the good news is you can learn nearly all of it online – for free.

Information Management

We’ve mentioned noise: it’s LOUD out there. We can think about each decibel of this noise as a bit of information competing for your attention and time; Is that website giving you the complete picture of the situation? Which ones are to be trusted? How can we filter out the nuggets of gold? Well, it comes through digital education, critical reading and evaluating the things you pay attention to.

Part of this process is the enormous and technical task of taking all the data available and organising it so that it can be understood. We need people who can handle these vast torrents of information and help us understand them. This could be data visualisation or other forms of simplification.

So that’s evaluation of data, but if we want to take it a step further we’ll need to do something with the golden information we have filtered. Synthesis means putting those ideas together in new and interesting ways. Perhaps this is the hardest information skill of them all, as it takes a true big-picture thinker to not get lost in the noise.

The Economy Loves Original Design

Because times are a changin’ at unprecedented speed, no one really knows what all the new and marvellous goods and services should look like, or how we should navigate them. This is the job of designers, be they digital, educational, commercial, or any of the many sub-skills in this area.

People don’t want to linger when making exchanges. They simply don’t have time. A customer experience is a good example. These are designed by User Experience Designers. Think about how seamlessly a purchase can be when done right and how painful when it’s not – it’s not down to chance. The best companies are investing huge amounts of money in people who walk a mile (or two) in your shoes and tell them how to make things easier for you. Next time you use a really great mobile app, think about the kind of logic that makes it so great.

Summary

So there you have it. Yes, they are all digitally orientated skills, but that’s because whatever you want to do, you’ll need to manage it through the internet at some point. The economy demands digital flexibility of businesses now, and hence employers demand it of you. Most jobs now need websites of some sort, and everyone needs to get reliable information about the world online. These skills don’t have to be jobs in themselves though; they are the way you can survive and prosper in an increasingly chaotic world of information.

To read the news you may think all those who work in politics are Oxbridge Politics, Philosophy and Economics graduates but — while there certainly are a few of them in the halls of Westminster — it’s not the whole story.

A political career is open to a wide variety of academic backgrounds. After all, Margaret Thatcher was a chemist and it didn’t stop her winning three general elections handsomely. But it’s undeniable that certain skill sets do come in handy.

Skill Sets and Subjects

Being a politician’s advisor demands boning up on technical policy swiftly, distilling it down to key facts, and briefing your time-poor boss sufficiently so they don’t make a fool of themselves. Arts subjects such as English, History and Philosophy, where you are trained to digest, recount and analyse complicated concepts, are therefore a real boon. Alternatively, if you want to develop policy, expertise in a specific area (although it’s far from essential) can allow you to hit the ground running. This is where social sciences including Geography, Environmental Sciences and Development Studies can give you the edge.

A surprising fact about the political class is how few have studied Communications and Marketing. Indeed, there’s a little too many electioneering decisions that are down to gut rather than science. This should, and probably will, change as campaigning evolves. So it might be a good idea to get the jump on other candidates now.

A Tech Path to Politics?

That’s not to say politics hasn’t moved with the times, even if it doesn’t look that way when you watch Westminster on TV. Like all ‘industries’, politics has entered the digital revolution and is in desperate need of the graduates to match. With Obama’s data-driven campaigns inspiring parties to modernise, some of my most successful colleagues are those who can code or know their way around a database. Computer Science and Statistics degrees are in high demand, especially if you also happen to be a political geek.

Talking of geekery, you could of course do worse than studying Politics itself. There’s no doubt understanding the intricacies of legislative processes, electoral systems, or the movement you now work for is useful, even in the more mundane daily grind of real-world politics.

But I suppose my overall point is this: don’t think there’s ‘one’ route to make it as a Malcum Tucker or Mat Santos. Indeed, watching how our leaders perform for the cameras, you may decide Drama and Theatre Studies wouldn’t be a bad bet.

In the end, study what you love. But I will say this: nothing impresses a politician more than a bit of hard graft, so do get stuck in with politics and campaigns locally. You never know, you may meet your new boss out canvassing.

Travel is so much more than a long haul ticket to a highly anticipated, much revered, exotic destination. The long arms of the travel industry stretch far beyond airlines and beach resorts, all-inclusives and adventure holidays. The impact that the travel industry has on the world cannot be underplayed. So the massive loss in its revenue during the Covid-19 pandemic is having far reaching consequences.

According to The World Travel and Tourism Council, 10.3% of global GDP, amounting to 330 million jobs ( that’s 1-in-10 ) around the world were directly or indirectly related to tourism during 2019. Volunteering, eco-packing, gap years, family trips; getting away from the grind and reality of our daily lives is what the majority of the employed world looks forward to each year.

It is, sadly, unsurprising that falling into as complex a crisis situation as that of the current pandemic, and its incipient impact,  has seen the tourism industry  one of the first and worst hit.

The Environment Does Suffer Too

Beyond the headlines of positive air quality, quiet streets, and nature returning, lies the individual and collective loss of finance for tourist operators and associated businesses around the globe. Focus is often on large-scale business operators like Virgin or The Hilton Group and the impact of this pandemic on their annual revenue. However, the backbone of the industry is the multitude of small-scale providers and their employees, who are now facing crippling financial insecurity alongside the potential collapse of financially modest but vitally important conservation projects around the world.

Not only do these small conservation projects offer employment to local people and care to regional wildlife, they also maintain a holistic grasp on environmental education, for both paying tourist volunteers and community members. Feeding the global environmental conversation and spotlighting areas of potential benefit and change for local families ensures that at a grassroots level people can find ways to coexist with their animal neighbours. All of this is suddenly at risk, with the ecospheres potentially following soon after.

The high level of dependence on tourism, recent mass-loss of employment and difficulty in accessing the tiny amounts of support funding when and where it is available, is forcing people to revert to poaching for meat and live capture for sale. The survival for the self and family is the only focus for many. This, coupled with reduced numbers of project employees able to patrol those regions with already endangered inhabitants, is creating a cycle of destruction no-one wants yet is currently uncontrollable.

According to Working Abroad, a volunteering, not-for-profit organisation, “any progress made in past years by projects ensuring the survival of particular species and educating people into looking on their native ecosystems as valuable ongoing places to coexist with, rather than destroy for immediate gain, will be eradicated in the face of this new situation.”

Potential Long Term Environmental Damages

The global impact of the Covid-19 pandemic has far reaching repercussions which are only just coming to light. Well beyond the days of European and US lockdown the weight of the global hiatus on travel will continue to be felt. What bears remembering is that the full weight of a situation is often not felt for a long time.

The time it takes to provide support and recovery to environmental projects can have as much of an impact as the initial problem. Therefore, in order to ensure the planet we return to ‘post-lockdown’ retains its diversity and beauty, a global plan to take the positive environmental gains of the ‘great pause’ must be put in place. We should marry the current environmental benefits that do exist, with this plan. Its objective must be one of repair and growth for local, charitable and small-scale sectors as well as for major players. This bring the best outcome possible out of what is, predominantly, a global disaster.

 

You can can follow this link to the Working Abroad website: https://www.workingabroad.com/blog/help-and-hope-finding-a-future-amidst-the-impact-of-covid-19/

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