When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
The Wealth of Nations was written
1776
Rational
(in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
Rational agents will select the choice which presents the highest benefits
Producers act rationally by
Selling goods/services in a way that maximises their profits
Workers act rationally by
Balancing welfare at work with consideration of both pay and benefits
Governments act rationally by
Placing the interests of the people they serve first in order to maximise their welfare
Groups assumed to act rationally
Consumers
Producers
Workers
Governments
Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
Marginal utility
The additional utility (satisfaction) gained from the consumption of an additional product
If you add up marginal utility for each unit you get total utility
hi everybody and welcome to allen history nerd this video is looking at the uk constitution in particular debates on extending reform
I've looked at one of the major debates on this in a separate video where i've looked at the arguments about whether britain should have a codified and entrenched constitution
This video is picking up on some of those other key debates which might well form the basis of the type of questions you might get asked in an a-level politics exam
This is part of my a-level politics playlist and in this playlist i am aiming to cover the whole of the a-level spec as i teach it
This comes from the ed excel specification for a component to 1.4 debates on further reform
Reforms since 97 listed in section 1.2
House of Lords reforms
Electoral reforms
Devolution
Human Rights Act
Supreme Court
Fixed term parliament act
Further devolution in Wales
Scottish independence referendum
Brexit
There are two sides to the argument on House of Lords reforms
One side argues
There's no need for further reform because the House of Lords is now based on merit rather than hereditary membership, and it has played a key role in holding the government to account
The other side argues
The House of Lords is fundamentally undemocratic because it is unelected, and there is a strong need for an upper chamber with more power to counter the "elected dictatorship" of the House of Commons
The Wakeham report recommended reforms including elected members, but these have not been enacted
The weakness of the House of Lords is seen as a problem in the UK system
Electoral reform is an area of great controversy and strong views
Recent elections have seen results skewed by first-past-the-post, particularly benefiting the Conservative Party and SNP
The Liberal Democrats have been the strongest advocates for electoral reform, but their views are held mainly by opposition parties
The 2011 referendum suggested little public support for changing the electoral system, but this may have changed
The Fixed-Term Parliaments Act has been a failure, as governments have still been able to call early elections
There is growing popularity of Welsh independence, around 30-31% in recent polls
There are arguments for giving the Welsh Parliament the same powers as the Scottish Parliament, for consistency and symmetry
The Welsh government has demonstrated its ability to take a different path from England during the COVID-19 crisis, which may increase appetite for further devolution
However, there are fundamental differences between Wales and Scotland, such as the lack of a separate education system and legal system in Wales
The Welsh government has demonstrated its ability to take a slightly different path to England on a range of issues during the COVID-19 crisis, such as in education and local lockdowns
The Welsh government's actions during COVID-19
May give the Welsh people a taste for more devolution
There are fundamental differences between Wales and Scotland, such as Wales not having a completely separate education system or legal system
Wales is smaller than Scotland, particularly in terms of population, which may make it harder for Wales to argue for the same level of devolution as Scotland
The principle of devolution having been set up with Scotland means there is an argument that Welsh devolution should follow a similar path
There are strong demands in Scotland for independence, and a growing feeling that there could be another independence referendum which Scotland would vote to pass
The SNP is expected to do very well in the 2021 Scottish Parliament elections
Scotland, particularly under Nicola Sturgeon, has demonstrated its ability to act differently to the rest of the UK, especially during the COVID-19 crisis
There is not much 'wiggle room' left in terms of devolution for Scotland, with the potential for a move towards 'devo max'