A simple way to check your PED coefficient

This video explains how to conduct a check on your Price Elasticity of Demand calculations. 

It is not intended as an alternative to using the appropriate formula, but serves as a simple way to check the answer you get.

Artificial Intelligence

The key to effective use of AI is your prompt. If you wish to use AI to simplify my notes, I recommend something like the following:

Simplify these notes for a fifteen year old boy/girl studying Economics in Ireland, (then attach the link to the appropriate page of my notes).

This will work with any of the AI's, but I suggest you try ChatGPT and see how it works for you. If the summary is too simple, or too difficult, simply change the age parameter in your prompt.

Economics Podcasts

Some people find listening easier than reading, so this page might be for you. 

Click the link below to listen to the podcast of your choice. 

These podcasts are based entirely on my notes, so to get maximum value (utility) from the podcasts, you should read the notes (which you can also listen to by clicking the link on top of the page).

Strand One Notes

Strand Two Notes 

Strand Three Notes 

Strand Four Notes 

Strand Five Notes 

Understanding the Political Spectrum in Ireland

In Ireland, as in many countries, the political spectrum encompasses a wide range of ideologies and parties. From the extreme left to the far right, here is an overview of the key points along the Irish political spectrum, along with examples of political parties at each position:

Extreme Left:

At the extreme left end of the spectrum in Ireland, you'll find parties and movements advocating for significant government intervention in the economy and a strong emphasis on wealth redistribution. These groups often align with socialist or even communist ideologies. A notable example is the Communist Party of Ireland, which champions left-wing economic policies and social equality.

Left:

Moving slightly towards the center, you encounter parties that prioritise social equality and workers' rights. They generally favour government involvement in the economy and social welfare programmes. In Ireland, a prominent example of such a party is Sinn Féin, which has its roots in Irish republicanism and advocates for progressive policies on issues like healthcare and housing.

Center-Left:

The center-left in Ireland supports a mixed economy with a balance between market forces and government intervention. They aim for social justice and progressive policies while maintaining a degree of economic pragmatism. The Labour Party is an example of a center-left political party in Ireland, as are the Social Democrats, advocating for workers' rights and progressive taxation.

Center:

Moving towards the center, you find parties that emphasise moderation and compromise. They strive for a balance between left and right-wing principles. Fianna Fáil, one of Ireland's historically significant parties, has often occupied this central position, focusing on pragmatic governance and social progress.

Center-Right:

Further to the right, you'll find parties that advocate for limited government intervention in the economy. They prioritise free-market capitalism and individual freedoms. In Ireland, Fine Gael is a prominent center-right party, known for its support of pro-business policies and fiscal responsibility.

Right:

At the right end of the Irish political spectrum, parties lean towards minimal government intervention in both the economy and social issues. They champion individual liberties and free-market capitalism. While Ireland doesn't have a strong far-right presence, the National Party is an example of a party that attempts to occupy this space.

It's important to note that the positions of political parties can evolve over time due to changing political landscapes and societal issues. As such, it's essential to stay informed about the current ideologies and policies of these parties, as they continue to shape Ireland's political landscape.

The Recent Sale of Oasis Tickets in Ireland: A Case Study in Dynamic Pricing

The recent sale of Oasis tickets in Ireland has sparked significant controversy and debate, particularly around the use of dynamic pricing strategies. Fans eagerly awaited the chance to see the band perform at Croke Park, but many were left frustrated and disappointed by the ticket purchasing process.

The Sale and the Backlash

Tickets for Oasis’s highly anticipated reunion concerts went on sale on the weekend of August 31, 2024. However, the excitement quickly turned to frustration as fans found themselves paying significantly more than the initially advertised prices. Reports indicate that tickets, which were expected to cost around €176, ended up being sold for more than double that amount, with some reaching as high as €400. This led to over 100 complaints being filed with the Competition and Consumer Protection Commission (CCPC), prompting an investigation into Ticketmaster’s handling of the sale.

Understanding Dynamic Pricing

Dynamic pricing, also known as surge pricing or demand pricing, is a strategy where prices are adjusted in real-time based on current market demand. This approach is commonly used in industries with fixed capacities and time-bound services, such as airlines, hotels, and now, concert tickets. The primary goal of dynamic pricing is to maximise revenue by adjusting prices to match the willingness to pay of different consumer segments.

How Dynamic Pricing Eliminates Consumer Surplus

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. In a traditional fixed pricing model, consumer surplus can be significant, as some consumers would have been willing to pay more than the set price. Dynamic pricing aims to capture this surplus by adjusting prices based on demand.

In the case of the Oasis ticket sale, dynamic pricing was used to increase ticket prices as demand surged. As more fans queued online and the tickets became scarcer, the prices were adjusted upwards to reflect the high demand. This strategy effectively reduced consumer surplus by ensuring that those who were willing to pay more did so, thereby maximising revenue for the event organizers.

The Impact on Consumers

While dynamic pricing can be beneficial for businesses, it often leads to dissatisfaction among consumers, as seen with the Oasis ticket sale. Many fans felt that the pricing strategy was unfair, as they were not prepared for the significant price increases that occurred while they were in the queue. This has led to calls for greater transparency and regulation in the ticketing industry to protect consumers from unexpected price hikes.

The recent sale of Oasis tickets in Ireland highlights the complexities and controversies surrounding dynamic pricing strategies. While these strategies can help businesses maximise revenue and manage demand, they can also lead to significant consumer dissatisfaction. As the CCPC investigates the handling of the Oasis ticket sale, it remains to be seen whether changes will be implemented to ensure a fairer process for consumers in the future.