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Economic Growth and Happiness Economic Growth Can

Words: 1551 Length: 6 Pages Document Type: Essay Paper #: 15659208

Economic Growth and Happiness

Economic Growth Can Lead to Healthier and Happier Societies

More Availability of Goods

Higher Income

Increase in Tax Revenues and Better Welfare Programs.

Increase in Purchasing Power

Technological Advancement

Health Industry Benefits

Business Sector Benefits

General Benefits

Reflective statement

Economic Growth Can Lead To Healthier and Happier Societies

Economic growth has long been termed as the precursor to any society's success, and in this paper, we shall be looking at various aspects of economic growth that are directly correlated to happiness in the society, as well as those that negate this causality leading us to wonder whether all the technological progress in the world can eventually lead to happiness.

There are various factors that impact happiness where geography is a consideration in the sense of the location of a country has an important part to play in terms of its cultural values, and the manner in which happiness is defined in the culture. The progress that the country has made in terms of the economic bloc it belongs to as the U.K. has being part of the EU; its history also plays an important part in how happiness is defined. (Megan, 2009) Consider that U.K. is one of the most advanced nations of the world and its economy is among the most progressed, therefore their criteria of h happiness includes towards a better, healthier environment; whereas, countries that are emerging keep economic empowerment as their premise for happiness.

Similarly there are variables that are indicative of economic growth are: higher availability of goods, higher income, and technological advancements, each of which are discussed in further detail below:

More Availability of Goods

When we consider economic theory, all experts have taken the basic assumption that a wider variety of choice available to consumers in terms of more goods and services available to them leads to a better standard of living and in turn makes people happier.

However it has to be seen whether the availability of goods on…… [Read More]

Fribbance, I. (2009). Economic wealth and happiness. Introduction to the social sciences . Open University.

Fribbance, I. (2009). The changing UK economy: making a greener and happier society? . London: Open University.

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Economic Final Report

Words: 1491 Length: 4 Pages Document Type: Essay Paper #: 81471613

Economic Systems:

An economic system is basically described as specific set of principles that addresses the production, distribution, and consumption of products and services. The involved parties in the production, distribution, and consumptions processes are usually determined by or dependent on the economic system. Throughout the history of humanity, different types of economic systems have evolved because different societies have placed varying emphasis on distinctive goals and priorities as part of their efforts to obtain answers to certain economic questions. In addition, the difference in economic systems is fueled by the tendency by different societies to develop very broad economic approaches to manage their resources. One of the main reasons for the development of different economic systems is to address the challenge of scarcity. The challenge of scarcity is an essential problem that confronts individuals and nations. While there are four major types of economic systems recognized by economists, there are still huge disagreements on the system that effectively addresses the challenge of scarcity.

Types of Economic Systems:

As previously mentioned, there are different types of economic systems that have been developed by different societies to deal with the challenge of scarcity. The four basic types of economic systems that are generally recognized by economists are & #8230;

Traditional Economic System:

A traditional economic system is basically fueled by customs and inheritance through which skills and techniques are passed down from generation to generation ("Economic Systems," p.2). As a result of inheritance of skills and methods, the entire community works toward the realization of a common good. Moreover, individuals' activities, the production of goods and services, and the exchange and use of resources tend to follow long-established patterns in the traditional economic system. Unlike other economic systems, the traditional economic system is not very dynamic to an extent that it's characterized by static standards of living. This characteristic emanates from the fact that individuals do not enjoy occupational or financial mobility since their economic relationships and behaviors are predictable.

With regards to resolving resource allocation issues, community interests take precedence over the individual in the traditional economic system…… [Read More]

"Economic Systems." Hilliard Bradley High School. Hilliard Bradley High School, n.d. Web. 18 Mar. 2013. .

"Factors of Production." Enotes.com - Study Smarter. Enotes.com, Inc., n.d. Web. 18 Mar. 2013. .

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Economic Final Report

Words: 1317 Length: 4 Pages Document Type: Essay Paper #: 87075797

Economic Final Report

Types of economic systems

Economic systems vary from one nation to another. Traditional economic systems refer to an economic system founded by tradition. The services and goods that people provide through the work they do, how people exchange and use the resources are trends that follow permanent patterns. These are not dynamic economic systems because there are minimal changes. In this economic system, people live on static standards. They do not enjoy much occupational mobility and financial mobility (Gregory and Robert 19). However, it is possible to predict economic relationships and behaviors. People are aware of what they are expected to do, why they trade, they know what others should give to them. In traditional economic systems, the interests of the community are of great priority than individual interests. People collaborate at work and labor proceeds are shared equally. However, in some traditional economic systems, individuals respect some personal privacy. However, it comes with restrictions as such individuals are given a strong obligation set, which they owe to the entire community. In the current world, traditional economic systems are being applied in the workplace among Aborigines of Australia and other minority groups (Conklin, 15).

The next economic system is the planned or command economic system: in this system, the economy is under government control. The government makes decisions about how to distribute and use resources. The state regulates wages and prices. The government determines the form of work an individual will do to some extent. In the past centuries, the state assumed different levels of controlling the economy. In some systems, the government exercise control exclusively on major industries. This means that the state exercises great control on the country's economy. A good example of this economy is the Soviet Communist Union. In 1980s, the collapse of the bloc of communist led to the halt of a variety of command economies across the globe. However, Cuba is the only country holding onto its command economic system (Gregory and Robert 43).

From the market economies,…… [Read More]

Conklin, David W.; Comparative Economic Systems: Objectives, Decision Modes, and the Process of Choice. Cambridge [England: Cambridge University Press, 2009. Print.

Gregory, Paul R, and Robert C. Stuartl; Comparative Economic Systems. Boston: Houghton

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Economic Globalization Has the 2008 Financial Meltdown

Words: 2832 Length: 11 Pages Document Type: Essay Paper #: 9572312

Economic Globalization

Has the 2008 financial meltdown in the U.S. And the ongoing economic crisis in Europe have practically ended the era of economic globalization?

Following the financial crisis that marred the U.S. economy along with other global economies as well as the ongoing Eurozone debt crisis, there have been projected concerns that this predicament would end economic globalization. The purpose of this paper is to assess this claim. Going by Immanuel Wallenstein's World Systems Theory, the political economy of Third World economies and developed economies of the West are mutually dependent. Wallenstein's conjecture is that the growth and expansion of Third World economies relies on constant interaction with Western developed economies seeing as the world is characterized by a structural division of labor where the developing nations of the Third World provide cheap labor and raw materials while the developed economies are the holders of capital and controllers of the market. Economic experts have argued that even in the midst of the global financial meltdown in the U.S. along with the ongoing Eurozone economic crisis, economic globalization remains intact. This has become possible through the decision by the governments to rescue companies from the debt crises.

Economic Globalization

While globalization revolves around breakthrough in the fields of science and technology, cross-border division of labor (market liberalization), economic globalization centers on growing economic interdependence between national economies globally through economic integration, cross-border movement of commodities, services, capital, and technology. Economic experts espouse that economic globalization commenced several hundred years ago since the inception of trans-national commercial engagements in Europe, the Americas and parts of Asia. Some of the historic trade arrangements include the Trans-Saharan trade and the Trans-Atlantic Slave Trade. While trans-regional trade engagement began centuries ago, it escalated towards the end of the 20th century under the auspices of trans-national trade regimes such as the World Trade Agreement (WTO) and General Agreement on Trade and Tariffs (GATT) (Shangquan, 2000). These trans-national trade regimes have since negotiated commercial engagements between nations on the international scene urging them to ease trade barriers and open up economic ties amongst themselves. This has become a pervasive trend as the developed nations of Europe and the Americas reach out to the less developed countries of the Third World through Foreign Direct Investment. The current landscape of economic globalization therefore comprises…… [Read More]

Ebrahimi, H, 2012, "John Lewis warns Amazon's tax avoidance 'will drive UK companies out of business" The Telegraph

Held, David; The Open University, eds. (2004). A Globalizing World?: Culture, Economics, Politics (2nd ed.). London; New York: Routledge, in association with the Open University. p. 84.

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Economic Crisis the Revelation of the Financial

Words: 2582 Length: 8 Pages Document Type: Essay Paper #: 52726174

Economic Crisis

The revelation of the financial crisis that unfolded in United States in 2008 is considered to be the worst economic crisis since the Great Depression, 1929. The distinctive causative factors that have contributed to the U.S. economic crisis 2008- 2009 are differentiated by aggravated financial control, higher risks in capital investment, the housing bubble phenomena in relation to the brisk credit expansion. The aggregation of these factors in the U.S. economy directed the economy towards the de- leverage and credit crunches as the bubble burst. The following paper shall be discussing about the degree of correlation between the tax implications policies with respect to the financial crisis in U.S.. The precise review of strong linkages between the taxation and economic crises is the explicit explanation of the crisis that shook America. The paper also highlights the key factors that demonstrated their abilities and rescued U.S. In the economic crisis.


The recent financial crisis reported in U.S. has followed the roots of the antecedent financial crisis that took roots in 2007 as the crisis of U.S. housing market. The crisis had a multiplier effect and the adverse consequences were reportedly spreading throughout the world, and proved to catalyze the economic crisis of many countries from developed to undeveloped and underdeveloped countries. The crisis unfolded in U.S. And reached an astonishing level by September 2008 when a number of eminent U.S. financial institutions, including AIG and Lehman Brothers collapsed (Hendrickson & Nichols, 2010).

In order to understand the root causes of the economic crisis in U.S. 2008-2009 this is important to illustrate the factors that triggered the materialization of crisis that stated from the disintegration of the housing bubble and the contribution of the complexity created by the financial policies and instruments that distorted the scheme of asset price correction that proved an agent of the noteworthy recession and global and domestic economic turnaround.

More importantly the paper discourses the response of the concerned authorities towards the rehabilitation…… [Read More]

Robinson, S.N., & Nantz, D.P. (2009). Lessons to Be Learned from the Financial Crisis. Journal of Private Enterprise, 25(1), 5+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5037768696

Soederberg, S. (2005). Recasting Neoliberal Dominance in the Global South? A Critique of the Monterrey Consensus. Alternatives: Global, Local, Political, 30(3), 325+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5012124245

US Economic Crisis Will Be My Priority, Vows Obama. (2008, November 7). Daily Post (Liverpool, England), p. 14. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5030141675

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Economic Crisis Policies US Current Economic Crisis

Words: 2366 Length: 8 Pages Document Type: Essay Paper #: 30617442

Economic Crisis Policies

US current economic crisis is considered to be started from real estate sector. The real sector started to decline in 2006 and it accelerated in 2007 and 2008. Housing prices have fallen from the peak from about 25% so far. The decline in prices left homeowners with no option and they were unable to refinance their mortgages and causes default of mortgages. This default of mortgages and loans swallowed the banks and financial markets such as falling of Lehman's brothers and other Banks and blow to rest of economy happened as the whole economy was relying on banks and ultimately it slows down investment in the country and capital flows to other parts of the world like China and India. Bank losses cause reduction of bank capital which in turn requires capital reduction thus saving bank from lending. It is estimated that every $100 loss and reduction of bank capital would cause $1trillion reduction in bank lending. (ISR international socialist review, 2009)

Critical Analysis of the Causes of Current Economic Crisis

The current depression is said to be biggest since the great depression of 1930's.There are many causes of current economic crisis. Some of them are discussed below.

At the macroeconomic level we have seen that consumption has increased over last two decades, aggregate household consumption represents more than 70% of gross domestic product. Consumption increases due to relaxed credit policy for real estate sector which ultimately results in low saving, which puts strain on governments' revenues because of increased investments and results in budget deficits. (Journal of accountancy, 2009)

Another major cause of downturn of U.S. economy is decline of rate of profit in U.S. economy as a whole. From 1950 to 1970 the rate of profit decreases about 50% and around 22 to 12% in onward period. This decline in profits is due to decline in general trend during this period.

Marxist theory while explaining this decline says that this decline further prove to be a double edged sword and cause higher unemployment and soared inflation and also cause lower real wages which paralyze the growth process and cement higher unemployment rate. Moreover, the lower rates of profit in U.S. push the capitalist to bring the rate of profits back to track, while doing so they followed the policy of higher inflation by…… [Read More]

ISR international socialist review. (2009, april). Retrieved from The U.S. economic crisis:causes and solutions: http://www.isreview.org/issues/64/feat-moseley.shtml

Journal of accountancy. (2009, october). Retrieved from The U.S. economic crisis: root causes and road to recovery: www.journalofaccountancy.com/Issues/2009/Oct/20091781

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Economic Indicators Savings Rate Economic

Words: 1288 Length: 3 Pages Document Type: Essay Paper #: 95519489

This economic indicator can be used to determine inequality within a given region or area. It can also be view the capacity for individuals within a particular nation to consume

b. Rate of Value- $41,560

c. Source of Information- "Per Capita Personal Income U.S. And All States." Per Capita Personal Income U.S. And All States. Bureau of Business & Economic Research, 12 Oct. 12. Web. 02 Feb. 2013.

d. Date of information- September 2012

6) Housing Starts-

a. Economic Indicator- Housing starts are usually indicated by the number of privately owned, new houses, under construction within a given period. This data is usually comprised of three, very distinct components of single family houses, condos, and apartment buildings. Housing starts are very important economic indicators as housing is a substantial component of the middle class family's net worth. Home ownership is also a means by which are other industries are successful. Aspects such as carpet, brick, appliances, lawn care, and others, all benefit from a robust housing market. As such, housing, and housing related industries comprise a substantial amount of the overall nations GDP. Housing starts, therefore, indicates future demand for housing related goods and services.

b. Rate of Value- 780,000 units started in 2012 which is a 28% increase above 2011 levels

c. Source of Information- U.S. Department of Commerce- Cooper, Stephen. Census.gov. U.S. Department of Housing and Urban Development, 17 Jan. 2013. Web. 2 Feb. 2013.

d. Date of information- January 17, 2003

7) Unemployment Rate

a. Economic Indicator- the unemployment is the number of individuals out of work who are actively seeking work. This number does not account for individuals who have given up searching for work altogether. The number is calculated by dividing the number of unemployed by those who are actively in the labor market. The unemployment is a key economic indicator…… [Read More]

1) Cooper, Stephen. Census.gov. U.S. Department of Housing and Urban Development, 17 Jan. 2013. Web. 2 Feb. 2013.

2) "Insights on U.S. Mortgage Rates from Tom Reddin." Mortgage Rates RSS. N.p., 30 Jan. 2013. Web. 02 Feb. 2013

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Economic Impacts of Regulation Is a Written

Words: 1536 Length: 5 Pages Document Type: Essay Paper #: 85221461

Economic Impacts of Regulation

Regulation is a written instrument that contains rules with the force of law (Ogus, 2004). Regulation as a process involves monitoring and enforcing rules, established through primary or delegated legislation. Regulation usually creates, constrains or limits a right. In addition, regulation creates and limits a duty besides allocating responsibilities (Ogus, 2004). Regulation may take several forms depending on its application. These includes legal restrictions made by the government, contractual obligations, which binds several parties together, self-regulations by industries, third party regulation, co-regulation, market regulation, certification and accreditation

Regulation made by a state tries to produce outcomes that might not occur (Ogus, 2004). In addition, it attempts to prevent or produce outcomes in various places to what might occur. Through this, regulation becomes an implementation object of policy statements. Examples of regulation include controls on prices, market entries, wages, pollution effects, employment of particular people within certain industries, development approval, the military forces and services and production standards for particular goods (High, 2001).

Public services usually encounter conflicts between procedures of maximizing profits and people's interests on these services. Therefore, most of the governments have various forms of control or regulation for the purpose of managing these possible conflicts (High, 2001). This regulation ensures deliverance of appropriate and proper service. The regulation does this without discouraging the proper functioning as well as development of the business. For instance, regulation in most countries controls the sale of prescription drugs and alcohol (Amato & Laudati, 2001). It also controls key sectors in the economy such as a food business, public transport, and provision of personal and residential care, film and TV. In addition to these, the regulation controls monopolies and the financial sector of the country (High, 2001). With regards to this, the objective of this paper is to identify the impacts of regulation on various sectors of the economy.

Literature Review

A wide variety of literature review indicates that regulation frequently has significant impacts on the economy. However, it is not possible to generalize prepositions about the impacts of economic regulation (High, 2001). The literature…… [Read More]

Amato, G., & Laudati, L.L. (2001). The anticompetitive impact of regulation. Cheltenham [u.a.: Elgar.

Grabowski, H.G. (2009). The impact of regulation on industrial innovation: [a workshop on the Impact of Federal Regulations on Industrial Innovations, New York, May 2-3, 2008]. Washington: National Academy of Sciences.

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Economic Impact Study

Words: 2259 Length: 7 Pages Document Type: Essay Paper #: 36418522

Economic Impact Study: Students at Schreiner University

An economic impact analysis is designed to estimate both the direct and indirect effects on the economy that are associated with any given type of expenditure. In other words, an increase in the demand society has for a product sets in motion a series of various expenditures from the companies and organizations that provide what is needed to make that product. The parts and labor have to come from somewhere, so the economic impact is not just on the company from which the product was ordered, but on that company's suppliers and their suppliers, all the way down the chain. When it comes to services, though, such as would be seen with higher education, the economic impact analysis is somewhat different. Since the student is not ordering a good or a product of any kind from the school, there is more to the actual story than meets the eye.

Suppliers that provide textbooks and other materials can be part of the analysis, but that would focus more on the impact on the learning institution itself. When focusing on the students and the economic impact they face when attending an institution of higher learning, an economic impact analysis has to focus on how paying for higher education is carried out and how the need to pay for higher education impacts the overall economy (Kadlec, 2013). If students are spending money on education, they are not spending money on other things. That affects the school, but also affects the rest of the community and even the global economy through a lack of purchases. In the past, studies have been done that have looked at the impact of colleges and universities on local economies.

These include the expenses of supplies and other goods needed by students, and money the college spends in order…… [Read More]

Joint Economic Committee. (2013). The causes and consequences of increasing student debt. United States Congress. Retrieved from http://www.jec.senate.gov/public/?a=Files.Serve&File_id=d7937b2f-e01c-4721-8b8b-09f5776725a1

Kadlec, D. (2013). Student loans are becoming a drag on the U.S. economy. Time Business & Money. Retrieved from http://business.time.com/2013/10/18/student-loan-are-becoming-a-drag-on-the-us-economy/

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Economic Policy

Words: 908 Length: 2 Pages Document Type: Essay Paper #: 22669470

Economic Policy and the National Debt

Ironically, when governments overspend they typically find ways to refund or restructure debt -- when individuals or corporations within those countries do the same, the consequences are quite different. Money means more than one thing -- usually an object that is traded for payment of goods or services, of exchange. However, when we talk about the government, there is a huge different in the way the money supply works within the economy. In modern capitalism, commodity money (gold and silver) was replaced by representative wealth in that currency is no longer tied to the stores of precious metals. Instead, monetary policy under the Federal Reserve states that the goal of fiscal policy is to "promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates" (U.S. Mint, 2011).

As individuals, we typically live within a budget based on our expenses and income. It consists of food, clothing, transportation, housing, etc. Excess goes into savings or investments, in theory. Large governments do not operate this way, or with this level of responsibility for the detail of budgets within a small amount of time. Instead, they often use a concept called deficit spending. This is the amount that the government exceeds in their spending over a period of time and assume that the debt will not be called due, as it would for an individual. One theory about deficit spending says it is desirable over time because it compensates for the cycles of demand (Hamilton, 2010). The other view, though, is focused on fiscal conservatism, and says governments should be required to balance a budget, and surpluses used to pay down debt. Realistically, though, the national debt has been increasing since the end of World War II, with a huge spike in the 1980s and early 1990s, until now, as of October 2012, is in excess of $16 trillion, or about $142,000 per taxpayer (U.S. Debt Clock, 2012). Just because this debt is "on the books," though, does not mean it is not real, and it is thus passed down from…… [Read More]

U.S. Mint. (2011). Information on Money. USMINT.GOV. Retrieved from: http://www.usmint.gov/mint_programs/american_eagles/index.cfm?flash=no&action=American_Eagle_Gold

U.S. National Debt Clock. (October 2012). Outstanding Public Debt. Retrieved from: