Mayo Community Platform in association with Economics Inc, held two economics based events in Mayo, which gave a great overview into the fundamental principles of economics.
The Mayo Community Platform, established in 2007, is a dynamic community network, which is committed to working collectively to address issues of poverty and inequality in Mayo. The platform is made up of groups such as Family Resource Centres, Community Development Projects, Mayo Women’s Support Services, Mayo Intercultural Action and Mayo Travellers Support Group. The aim of the group is to give a voice on local and regional decision-making structures with responsibility for equality, social inclusion and community development.
To mark the day for the eradication of poverty, Mayo Community Platform invited the exploration of economics through two lectures and a film screening.
Over 50 people attended the first event, which was held last Thursday in GMIT. Michelle Rooney from MIA said that the platform wanted to do an event like this in order to understand how economics impacts on our lives, as now more than ever, there is an increasing number considered “the working poor”.
GMIT lecturer Hugh McBride started the evening with a great overview on the history and ideologies behind the ‘market’. Mr McBride simplified terms which we hear so often and explained how corporations and financial markets work. Basic explanations of sub prime mortgages and bonds were also explored. According to Mr McBride “market failure was inevitable” as the market was driven by bad behaviour, lack of accountability and inadequate regulation.
The second lecture, given by Shane Byrne, discussed the local multiplier effect and sought to see how this can assist local businesses in Mayo. The ethos of the multiplier effect is that there is the potential for greater local economic return generated by money spent with local businesses. Mr Byrne proposes to conduct research into this area in Mayo.
Following the two insightful lectures, a questions and answers session took place which raised several issues. A debate was sparked over bank bailouts and the need for those in the community to buy locally.
The second event took place last night (Thursday ), which was the screening of the critically-acclaimed documentary Four Horsemen at Mayo Movie World.