Economic Theory Essays (Examples)

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Economics Theory Popular Concept That

Words: 2089 Length: 5 Pages Document Type: Essay Paper #: 92797800

He would be faced with deciding whether he must spend all his available resources on goods or services, or whether he must save some of his income so that he would be able to finance some of his needs of his future. When he is taken as a labor resource, he must make the decision whether he must use his time in working for his pay, or whether he must spend it on sleeping and other leisure time activities. ("Decision making using marginal analysis," n. d.)

Similarly, when he is a labor resource, he must decide how much of his time he must spend on education, so that he may be able to maximize his life earnings. On the other hand, if he were an entrepreneur, then he must make the decision on how many people he must hire, or how much he must spend on acquiring a new product or service, which would help him increase production. In short, it is obvious that all economic decisions yield certain benefits to, and also at the same time impose certain costs on the decision maker involved in the decision making process. If the decision maker were to follow a simple rule,…… [Read More]

References

Evans, Edward. (2005) "Marginal analysis, an economic procedure for selecting alternative technologies/practices." University of Florida, Institute of Food and Agricultural Sciences. Retrieved 15 December, 2007 at http://edis.ifas.ufl.edu/FE565

Johnson, Paul. M. (2005) "Marginal Analysis: A glossary of political economic terms" Retrieved 15 December, 2007 at  http://www.auburn.edu/~johnspm/gloss/marginal_analysis 

McConnell, Campbell R; Brue, Stanley L. (2005) "Economics, principles, problems and policies" McGraw-Hill Professional.

McEachern, William a. (2006) "Macroeconomics, a contemporary introduction" Thomson
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Economic Theories Marx Viewed Capital

Words: 1511 Length: 5 Pages Document Type: Essay Paper #: 59081437

Both Keynes and Kalecki use Marx's theories as a starting point but quickly moved into new ways of thinking, particularly with regard to effective demand being oriented toward the demand-side. Marx had remained rooted in supply-side demand function, rejecting Say's Law only to note that demand did not necessarily meet supply.… [Read More]

Works Cited:

Marx, K. (1867). Das kapital: A critique of political economy.

Mandel, E. (1995). Marx's theory of crises. International Viewpoint. Retrieved April 24, 2010 from  http://www.internationalviewpoint.org/spip.php?article289 

Argitis, G. (2003). Finance, instability and economic crisis: The Marx, Keynes and Minsky problems in contemporary capitalism. University of Crete working paper no. 0307.

Green, F. (1991). Marx, Malthus and wages: A comment on Cotrell and Darity. History of Political Economy. Vol. 23 (1) 95-100.
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Karl Marx Economic Theories Overview

Words: 995 Length: 3 Pages Document Type: Essay Paper #: 64646159

Marxian Economics

Karl Marx was one of the most popular and prominent economists the society has ever produced. Born in 1818 in Prussia, Marx would come to activate in fields such as sociology, economy, history or journalism. In his economic activity, he uncovered a series of economic principles regarding the functioning of the society and the economy in the context of capitalism, commonly integrated under the generic umbrella of Marxism. The Marxian theories draw from the Marxist ideology, yet they are considered ideologically independent (Roemer, 2002).

The Marxian economic theories oppose the previous theories of Adam Smith, who relied of productivity and wages; Marx, on the other hand, promoted the role of labor to attaining economic gains. Marx contends that the specialization of the labor force leads to a decrease in the wages and that ultimate value of the goods and services is not able to reflect the value of the work employed. This principle was issued in the social and demographic context of an increasing population (Roemer, 1989).

"Marxian economics focuses on the role of labor in the development of an economy, and is critical of the classical approach to wages and productivity developed by Adam Smith. Marxian economics…… [Read More]

References:

Munro, J.H.. Some basic principles of Marxian economics. University of Toronto. http://www.economics.utoronto.ca/munro5/MARXECON.htm accessed on October 1, 2012

Prychitko, D.L. Marxism. Library of Economics and Liberty.  http://www.econlib.org/library/Enc/Marxism.html  accessed on October 1, 2012

Richards, A. (2002). Development and modes of production in Marxian economics: Harwood fundamentals of applied economics. Routledge Roemer, J.E. (1989). Analytical foundations of Marxian economic theory. Cambridge University Press

(2012). Marxian economics. http://www.investopedia.com/terms/m/marxian-economics.asp#axzz282TzXTAm accessed on October 1, 2012
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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…… [Read More]

References

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.

Megan, J. (2009). Economics and Geography. Introducing the social sciences .
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Economics Define Economics Economics Is Defined as

Words: 1813 Length: 6 Pages Document Type: Essay Paper #: 19200212

Economics

Define economics

Economics is defined as the study of how society allocates limited resources and goods (Encyclopedia Britannica, 2009). Resources include inputs such as labor, capital, and land and are used to produce goods. Goods include products such as food and clothing, as well as services such as those of barbers, doctors, and firefighters. Often goods and resources are deemed scarce because of society's demand for them vs. their availability (Stapleford, 2012). Economics, then, becomes the study of how goods and resources are allocated when scarce. It also allows us to anticipate the outcomes of changes in governmental policies, company practices, or population shifts, and so forth.

The market system is one avenue economists use to allocate scarce resources. A market is defined as any system or arrangement where trade takes place (Encyclopedia Britannica, 2009). In the U.S. there are several markets trading at all times. The study of the market system falls into two branches - macroeconomics and microeconomics.

Define microeconomics

Microeconomics is the study of the economic behavior of individual firms, consumers and industries and the distribution of total production and income between them (Encyclopedia Britannica, 2009). Microeconomics allows economists to analyze the market to establish the…… [Read More]

References

"Economics." Britannica Concise Encyclopedia. Chicago: Encyclopedia Britannica, 2009. Credo Reference. 3 Sept. 2010. Web. 10 Aug. 2012.  http://ezproxy.adler.edu/login?qurl=http://www.credoreference.com/entry/ebconcise/economics 

Funderburk, D.R. (2012). Is the "New Economics" Either New or Economics?. National Social Science Journal, 38(2), 20-28.

Stapleford, T.A. (2012). Measuring America: How Economic Growth Came to Define American Greatness in the Late Twentieth Century. American Historical Review, 117(3), 899-900.
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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…… [Read More]

References

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.

High, J.C. (2001). Regulation: Economic theory and history. Ann Arbor: Univ. Of Michigan Press.

Loayza, N., Serven, L., Oviedo, A.M., & World Bank. (2005). The impact of regulation on growth and informality: Cross-country evidence. Washington, D.C: World Bank, Development Research Group, Growth and Investment Team.
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Economics There Are a Number of Different

Words: 702 Length: 2 Pages Document Type: Essay Paper #: 50788131

Economics

There are a number of different metrics that can help to measure the health of an economy. The GDP is one of those numbers, and can be obtained from the Bureau of Economic Analysis. Following a decline of 2.6% in 2009, the GDP grew in 2010 by 2.9%. GDP rates fluctuated by quarter, with a low of 1.7% in Q2 following by escalating growth in the last two quarters. This represents a slow recovery from the steep declines of 2008-2009. Another measure of economic health is unemployment. The current unemployment rate from the Bureau of Labor Statistics is 9.0%, a decline of 0.4 percentage points from December. This rate is historically high, it is lower than at any point in the past year, again showing a sign of slow recovery. A third measure of economic health can be found in the inflation rate. The best measure of inflation is core inflation, which removes the highly volatile food and energy components from the index. Core inflation sits at 0.1% and has been around zero or just above for the past six months. Low inflation is not congruent with a robust economy, but can indicate an economy that is growing very…… [Read More]

Works Cited:

Bureau of Labor Statistics: CPI Detailed Report December 2010. Retrieved February 8, 2011 from  http://www.bls.gov/cpi/cpid1012.pdf 

Bureau of Labor Statistics: Employment Situation Summary. Retrieved February 8, 2011 from http://www.bls.gov/news.release/empsit.nr0.htm

Bureau of Economic Analysis: Gross Domestic Product: Fourth Quarter and Annual 2010. Retrieved February 8, 2011 from http://www.bea.gov/newsreleases/national/gdp/2011/pdf/gdp4q10_adv.pdf
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Economics Part A-Economics and Society

Words: 937 Length: 3 Pages Document Type: Essay Paper #: 69634406

Unfortunately most growth oriented economic policies such as "supply-side" economic policies tend to exacerbate inequality. A greater role of the government in the economy such as increased taxation on the rich can reduce inequality. Inflation and unemployment are usually inversely proportional in most economies, i.e., increase of money supply through deficit financing reduces unemployment but increases inflation while tight monetary policies reduce inflation but increase unemployment. According to a number of analysts, a major cause of terrorism in the world is an acute sense of deprivation among a large section of the population. Economic measures can, arguably prove more effective in rooting out terrorism than military action.

Part C-Theory

What, How and for Whom to Produce:

In 'free market economies' decentralized decision making by individuals and firms based on consumers' desires (which determine the price of goods) and the profit motive determine what goods are produced and in what quantities. For example, consumers in the present age value automobiles and the skills of auto mechanics more than horse-drawn carriages or blacksmiths, so they are likely to spend their money to buy cars and pay auto mechanics for their services rather than spend their money on horse-drawn carriages and the services…… [Read More]

References

Free Market Economy" (2003). Article in Microsoft Encarta Encyclopedia. CD Rom Version, 2003.

O'Connor, D.E. & Faille, C. (2000). Basic Economic Principles: A Guide for Students. Westport, CT: Greenwood Press.

The Rural Poverty Trap." (2004). Oxfam Briefing Paper # 59. [Available online] Accessed on January 26, 2005 at http://www.maketradefair.com/en/assets/bp59_The_Rural_Poverty_Trap.pdf

According to FAO statistics more than 900 million people live on less than $1 a day in the rural areas of the developing world (The Rural Poverty Trap, 2004)
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Economics in Construction Industry Data

Words: 1716 Length: 6 Pages Document Type: Essay Paper #: 3139551

9%

6.2%

6.3%

6.4%

6.4%

6.4%

Source: Kelly, Herring (2012).

Fig 3: France Construction Growth Rate (%)

Source: Kelly and Herring (2012)

Economic theory points out the factors leading to the decline in the construction output in France. Economic theory argues that the changes in demand for construction activities may be due to several economic factors such as changes in Gross National Product, and changes in interest rates. (Finkel, 1997). Akintola and Martin (1994) argue that the level of a national economy is a primary factor that could affect the construction demand in a given economy. Typically, "there is a relationship between construction demand and the growth in GNP, as a measure of the economic well being of a nation." (Akintola, and Martin 1994 P. 9). During the period of economic prosperity, there is a general increase in demand for consumer goods which triggers up the demand for construction activities.

In France, there are construction activities in both private and public sectors. Generally, France enjoyed economic prosperity between 2001 and 2007 making the country to enjoy a significant increase in demand for construction activities during the period. However, with global economic crisis that affects France from 2008, the demand for…… [Read More]

References

Akintola, A. And Martin, S.R. (1994). Models of UK private sector quarterly construction demand. Construction Management and Economics 12(1):3-13.

Department Business Innovative & Skills (2011). The UK Industry Performance Report with reference to the UK Construction Industry Key Performance Indicators.UK.

Finkel, G. (1997).The economics of the construction industry. Sharpe. UK.

Kelly, R. Herring, S. (2012). Opportunities and barriers to inbound construction. BDO.
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Economics and Housing the Wall

Words: 805 Length: 2 Pages Document Type: Essay Paper #: 30307488

Even though the housing market is slowing, the article speculates that it may take six to eight months before sellers accept that the market has softened and reduce their prices. This demonstrates the economic theory that the supply relationship is a factor of time. Suppliers do not always react quickly to a change in demand or price, but eventually they must. The article suggests that demand will decline 3.5% next year, but that median home prices will still increase by 5%.

Suppliers are beginning to react to falling demand through a decline in price increases and incentives which are really indirect price decreases. That's why this is referred to as a "cooling off" period in the article which mentions that some condo buyers are being offered a car to make a purchase of a condo. The use of incentives may be viewed by the suppliers as a way to mask the fact that prices are falling. They are trying to hide the fact that market power has switched away from sellers to buyers. This change in power will only motivate potential buyers to negotiate a price that is far lower than the published price. And, suppliers may be hoping that…… [Read More]

Bibliography

Arnold, Roger A. (2005) / Economics, 7th Edition; South-Western Publishing.

Hagerty, J.R. And Simon, R. (2005, November 15). Housing market shows further signs of cooling. Wall Street Journal. Retrieved from Web site: http://www.realestatejournal.com/buysell/markettrends/20051115-hagerty.html

Housing demand is elastic. (2006, March, 8)

http://www.affordablehousinginstitute.org/blogs/us/2006/03/housing_demand.html
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Economic Crisis and Capitalism

Words: 3179 Length: 10 Pages Document Type: Essay Paper #: 95991899

Economic Crisis

The recession of 2008-2009 and the subsequent government responses provides a good test for economic theories. There are no controlled experiments in economics, so we can only work with case studies in order to understand how economies work. A good starting point is to consider the issue through multiple different lenses, so that we can understand how the crisis occurred and what prescriptions might be best suited for response either to address the root problems or to engage in prevention. This paper will consider the works of Marx, Schumpeter and Keynes in analyzing the financial crisis. All three of these men would have been able to understand its causes, but likely would have taken very different approaches to solving the problem.

The second issue at hand is the question of the future of capitalism. We have a pretty good sense at this point of what the response of government is to the threat of such crises going forward, but each crises also presents us with new information that we can use to best understand how are governments can and should set up the economic system of the future. There will be some discussion about the future of capitalism…… [Read More]

References

Cox, W. & Alm, R. (2013). Creative destruction. Library of Economics and Liberty. Retrieved December 7, 2013 from  http://www.econlib.org/library/Enc/CreativeDestruction.html 

Eichengreen, B. (2010). The crisis of financial innovation. University of California at Berkeley. Retrieved December 7, 2013 from http://emlab.berkeley.edu/~eichengr/crisis_finan_innov.pdf

Isfeld, G. (2012). Canada's banks shake off global sector crisis. Financial Post. Retrieved December 7, 2013 from http://business.financialpost.com/2012/10/10/canadas-banks-shake-off-global-sector-crisis/

Liu, H. (2008). Too big to fail moral hazard. Asia Times. Retrieved December 7, 2013 from http://www.atimes.com/atimes/Global_Economy/JI23Dj12.html
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Economics Discussions Production Costs Postal Service USPS

Words: 870 Length: 3 Pages Document Type: Essay Paper #: 65287506

Economics Discussions

Production Costs

Postal Service (USPS) operates at a loss but its closest competitors -- UPS and FedEx -- both operate at a profit. Suggest how fixed costs have contributed to the situation of the USPS. Provide support for your response.

I would suspect that the fixed costs of contributing to employee's retirement funds (Risk Analysis Research Center, 2009, p. 4) and also their restriction from closing local offices (Slentz and McCann, 2009, p. 12) contributes to higher fixed cost at USPS than FedEx because FedEx is not unionized and while UPS is unionized, and thus experiences a fixed cost that is incurred to the level of union contracts, those contracts are more negotiable for UPS than USPS, and nonexistent or fluid for FedEx. Furthermore while union contracts probably affect the rate of closure for physical facilities for UPS, this would probably be more negotiable than for USPS and FedEx especially if FedEx operates totally under 'right to work' management structures. The fixed cost USPS inherits from its special status as an 'off-budget' but still in some ways regulated recipient of federal transfers mandates it upholds these precedents from an era without UPS or FedEx.

2. You are the…… [Read More]

Lemon Law

5. From the e-Activity, compare and contrast the lemon law in two different states and analyze which offers the best protection for the consumer. Suggest what both states could do to improve their laws. Provide support for your response.

The California and Alaska Lemon Laws are largely the same except the California law (State of California Department of Justice 2012) restricts replacement / compensation to vehicles driven under 18,000 miles within the warranty period but the Alaska law (Carlemon.com, n.d.) does not restrict the warranty period by number of miles driven. All states could benefit from a uniform definition of "reasonable attempt" to replace or refund, which depends upon, and thus also entails, a standardization
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Economic View of the Death Penalty in

Words: 1248 Length: 4 Pages Document Type: Essay Paper #: 64823884

Economic View of the Death Penalty

In 1972, The U.S. Supreme Court ruled in the case of Furman v. Georgia that the death penalty, as applied in three capital cases in the state of Georgia was "cruel and unusual punishment and in violation of the Eighth and Fourteenth Amendments. (Hastings and Johnson, 2001, paraphrased) A mere four years later the state of Georgia was once against before the Supreme Court in the case of Gregg v. Georgia, a case in which the decision handed down by the court found that the death penalty was in fact constitutional. (Hastings and Johnson, 2001, paraphrased) The objective of this study is to examine the practice of the death penalty from an economic perspective. Towards this end, this study will examine the literature in this area of study. According to a recent report there are several states considering abolition of the death penalty including the states of Colorado, Kansas, New Mexico, and New Hampshire, all of which have "shifted the debate about capital punishment, at least in part, from morality to cost." (The Economist, 2009, p.1)

I. Costs of the Practice of the Death Penalty

The Economist reports that in a recent study conducted…… [Read More]

Bibliography

Dieter, Richard C. (nd) What Politicians Don't Say About the High Costs of the Death Penalty. Retrieved from:  http://www.fnsa.org/v1n1/dieter1.html 

Donohue, John J. And Wolfers, Justin (2004) The Death Penalty: No Evidence for Deterrence. Economist's Voice. April 2004. Retrieved from: http://bpp.wharton.upenn.edu/jwolfers/Press/DeathPenalty (BEPress).pdf

Hastings, L.J. And Johnson, Allan D. (2001) The Illusory Death Penalty: Why America's Death Penalty Process Fails to Support the Economic Theories of Criminal Sanctions and Deterrence. 2001 University of California, Hastings College of Law Hastings Law Journal. Retrieved from: https://litigation-essentials.lexisnexis.com/webcd/app?action=DocumentDisplay&crawlid=1&doctype=cite&docid=52+Hastings+L.J.+1101&srctype=smi&srcid=3B15&key=10b4f49062a2ae4631639988123ab2c5

Saving Lives and Money (2009) The Death Penalty. The Economist. 12 May 2009. Retrieved from: http://www.economist.com/node/13279051
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Economics Perfectly Legal the Purpose

Words: 1455 Length: 4 Pages Document Type: Essay Paper #: 83961562

For one reason, the super rich are some of the biggest political contributors, and so, it pays Congress to ensure their continued support and fiscal maintenance. He also uses economic theories and trends to illustrate his point and make the text more credible and believable.

Throughout the book, the author shows not only that he deeply understands his material, but he has the ability to explain it so most readers understand it as well. With all the economic information this book contains, it could be dry and uninteresting, but instead, the author presents facts and figures in a way that shows he understands the material, but also has the ability to explain it to others, which is extremely important in this type of book. It is also essential if the author hopes to have Americans read his book, and act on it, which is clearly one of the author's purposes in writing this book. Has it changed the American tax system? Sadly, no it has not. However, as more people become aware of the flaws in the system and who it benefits, perhaps in the future there will be a more equitable and fair tax system for all Americans, not…… [Read More]

References

Johnston, David Cay. Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else. New York: Portfolio, 2003.
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Economic Instability and Ethnic &

Words: 2638 Length: 10 Pages Document Type: Essay Paper #: 7932585



Shift from Central Planning to Market Economy

The Turkish economy is in what might be termed semi-precarious health. It could certainly be worse, but also certainly be better. Since its birth as a nation-state into its current shape in 1923 in the wake of World War I, Turkey has operated a mixed economy, in which both state and private enterprise have contributed to economic development. (Indeed, it is arguable that all country's in the world today have a mixed economy; the United States may be a bastion for private enterprise but many workers also benefit from government money, such as the money awarded by the federal government to private companies in the form of defense industry contracts.) Since the end of World War II, the economy has been transformed from a predominantly agricultural one to one in which industry and services are the most productive and rapidly expanding sectors even as agriculture and other rural economic activities continue to play an important role (Howe, 2000, p. 28).

Until the middle of this century, the federal government itself played by far the most important role in the industrialization process that was occurring in the nation. Federal monies provided most of the…… [Read More]

References

Abramowitz, M. (ed.) (2001). Turkey's transformation and American policy. New York: Century Foundation.

Hershlag, Z.Y. (1998). The contemporary Turkish economy. New York: Routledge Kegan & Paul.

Howe, M. (2001). The Kurdish conflict in Turkey: Obstacles and chances for peace and democracy. London: Palgrave. http://apps.nccd.cdc.gov http://www.imf.org http://www.immigration-usa.com/wfb/turkey_economy.html http://www.rt66.com/~korteng/tudemog.htm

Ibrahim, F. (ed.) (2000). Turkey today: A nation divided over Islam's revival.
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Economic Analysis on Everyday Activities

Words: 1251 Length: 4 Pages Document Type: Essay Paper #: 56028539

Economic Ideas

Economics can be considered as the study of the allocation of scarce resources that have potential alternative uses among the competing and virtually limitless want of consumers in society. The allocation of resources is necessary both at an individual and societal level. Economics considers the manner in which people are organized for economic tasks. Economics is applicable everywhere. Economics should be thought of in all the aspects rather than considering the things in the way they already are. This particular proposal explains the reason cars have their fuel doors on different sides. People line up and fuel their cars at the petrol station. However, it is noteworthy that some cars have their fuel filler door on the side of the driver while others have their fuel filler opening on the side of the passenger. This might be perceived as a normal aspect but is largely linked to economics. This is to avoid overcrowding at the petrol stations. If all cars had the fuel filler door on one side only, there would be long queues at the petrol station consuming everybody's time and limiting the cash accruals and cars refueled. It also ensures that the demand for the fuel…… [Read More]

References

Frank, R. (2009). Why Do Cars Have Fuel Doors on Different Sides? PBS Newshour. Retrieved 28 October, 2015 from: http://www.pbs.org/newshour/making-sense/why-do-cars-have-fuel-doors-on/

Lanteri, A., Vromen, J. (2014). The Economics of Economists: Institutional Setting, Individual Incentives and Future Prospects. Cambridge: Cambridge University Press.

Mankiw, N. (2012). Principles of Economics. Stamford: Cengage Learning.

Marshall, A. (2013). Principles of Economics. New York: Palgrave MacMilan.
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Economic Value Added EVA an

Words: 2228 Length: 7 Pages Document Type: Essay Paper #: 3829808

However, EVA is neither as perfect as claimed by its advocates, nor is it the only performance measure that suggests a path to a superior stock return" (emphasis added) (p. 319).

More importantly, though, while the economic value added measurement approach to financial performance may not be without its detractors, the scholarly literature is consistent in emphasizing the need for such initiatives for companies to remain competitive in an increasingly globalized marketplace today. For instance, in his recent essay, "Profit-Increasing Strategies," Tracy (2006) reports that there are a number of ways for most companies to add value to their product or service. "There are many strategies for generating sales, profitability and wealth in every industry," he advises. "Your ability as an entrepreneur to create a profitable business where no business existed before is the key to your success. In every market, it's usually true that 20% of the businesses earn 80% of the profits in their industry" (Tracy, 2006, p. 2).

The studies of companies to date concerning their ability to capture market share suggest that these companies have the following in features common:

Operational excellence. The company has developed the ability to produce its products and services at a…… [Read More]

References

Brewer, P.C., Chandra, G., & Hock, C.A. (1999). Economic value added (EVA): Its uses and limitations. SAM Advanced Management Journal, 64(2), 4.

Chen, S., & Dodd, J.L. (1997). Economic value added (EVA Super TM): An empirical examination of a new corporate performance measure. Journal of Managerial Issues, 9(3), 318.

Fletcher, H.D., & Smith, D.B. (2004). Managing for value: Developing a performance measurement system integrating economic value added and the balanced scorecard in trategic planning. Journal of Business Strategies, 21(1), 1.

Mcmenamin, J. (1999). Management: An introduction. London: Routledge.
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Economic Justice and the Mommy

Words: 1214 Length: 4 Pages Document Type: Essay Paper #: 98376423

The question is, how does one decide which path is more beneficial?

John Stuart Mill in Utilitarianism in the Philosophy of J.S. Mill, raised similar concerns when he stated:

"…any, even unintentional, deviation from truth does that much toward weakening the truth-worthiness of human assertion, which is not only the principal of all present social well-being but the insufficiency of which does more than any one thing that can be named to keep back civilization, virtue, everything on which human happiness on the largest scale depends" (p. 349).

Considering that human happiness is a subjective commodity that varies for every individual in its "truth," then whether or not one perceives the mommy track trend to be in line with utilitarian principles ultimately depends on one's personal definition of the greater good. From the utilitarian perspective (i.e. Mill), the wishes of the individual must be forsaken for the long-term "big picture." Thus in this view, although a mother may experience an initial loss in income by choosing to spend more quality time raising her children, in the long run (at least theoretically) society will benefit from having more well-adjusted children. These children will grow up an make up for the financial…… [Read More]

Works Cited

Mill, John Stuart ed. By M. Cohen, Utilitarianism in the Philosophy of J.S. Mill, New York: The Modern Library, 1961. Print.

Morgan-Steiner, Leslie. "Going Places on the Mommy Track" the Washington Post. Web. 29 April 2010.

Palmer, Kimberly. "The New Mommy Track." U.S. News and World Reports (26 August, 2007). Web. 26 April, 2010.

Shaw, William H. Business Ethics. Wadsworth Publishing, 2007. Print.
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Economic Way of Thinking Always

Words: 557 Length: 2 Pages Document Type: Essay Paper #: 61965530

This is circular logic that appears to dehumanize our freedom and minimalize our existence. The atomization of the responsible self is unimaginative and restrictive, I'll choose something else to listen to if I have a choice.

Question 7

Work itself is exploitative in nature. Only when a person can work for himself or herself can exploitation be limited to being self-imposed. Labor and work do not belong to anyone, they are mere expressions of idea, to claim them as a tangible thing is confusing and appears to have a disingenuous motive.

Question 8

Perfection is in the eye of the beholder and even though there are characeristics of a perfect market such as large amounts of buyers and sellers and a shared responsibility, there is undoubtedly some flaw within the system. Perfect markets would require no exchange of money, only ideas as money itself is a market within itself causing a chain reaction of market fluctuations on every transaction.

Question 9

Advertising is the worst thing in the world according to my standards of judgment. Marketing is deceptive in nature and wasteful in result. While the American economy is completely mired in overconsumption as a way of life, advertising provides…… [Read More]

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Economic Development

Words: 1467 Length: 5 Pages Document Type: Essay Paper #: 89863431

traditional, neoclassical school of economic modeling prescribes a "recipe for economic growth." Economic growth is a process of moving resources from low growth, agricultural areas to higher growth, industrial areas. The neoclassical school also does not see anything slowing the progress of moving from low growth to high growth areas. The neoclassical model in the form of Harrod-Domar model assumes that an increase in savings and investment will lead to economic development. Even though productivity is improved employment does not increase and income does not improve so correspondingly demand for products does not occur. Government intervention has hampered economic development by funneling resources into the wrong types of industries. Instead of taking advantage of industries where a country has a relative advantage, resources have gone to industries that the government wants to develop. One area where the removal of restrictions is essential is in the area of international trade. Increasing exports takes the place of the typically low demand for products in developing countries. In the developing country itself the government needs to stop funding particular industries to the detriment of other industries. Further the government needs to create a favorable environment for use of technology and reinvestment of capital…… [Read More]

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Economic Policy for an Imperfect World by

Words: 870 Length: 3 Pages Document Type: Essay Paper #: 4849632

Economic Policy for an Imperfect World" by Karen I. Vaughn published in "Southern Economic Journal," Vol. 62, Issue 4, 1996

After the collapse of the Soviet Union it has become evident that market economies are necessary for producing wealth. However, the case for "free markets" is far from settled as those looking for an alternative to central planning usually consider "regulated market economy" as the solution. Hence the debate about how much "free market" or government regulation is appropriate, still rages. The ways in which contemporary economic theory contributes to the debate about the right mix of free market and government regulation is the theme of this article.

In the 1980s, a notable economist opined that government guidance was necessary for the 'invisible hand' to succeed. Some time later, another pointed out the lack of scientific evidence about the success of free markets. Other economists have even challenged some of the key assumptions of apparently settled economic theories.

It is clear that while enhancing efficiency is the goal of all economic policies, the "perfect' market models used by economists to predict the behavior of markets cannot explain the behavior of the markets in the real world.

Theories for Economic Policy…… [Read More]

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Economic Woes Have Shook the

Words: 663 Length: 2 Pages Document Type: Essay Paper #: 81589152

(Major Schools of Economic Thought) This theory was born from the crucible of a Great Depression and a World War. Chicago theorists vehemently disagreed. They made the argument that the wealth of nation's increase when the market is allowed to naturally price goods and services. Spending would unnaturally change the prices of these goods, thus changing the reaction of the market to the goods, causing a misallocation of wealth or goods.

According to the Chicago theorists, the role of a government was to make sure individual rights were not trodden upon during market interactions and to mitigate the damage of neighborhood effects. Neighborhood effects are defined by Milton Friedman, the godfather of Chicago Economists, as when, "the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them or yields significant gains to them for which it is not feasible to make them compensate him" (Friedman, 1955, para. 3). This is a significantly cut down view of the purpose of government, especially when compared to the Keynesian view.

As to whether or not there are economic crises that require governmental intervention, many experts, and this author answer that with a…… [Read More]

Works Cited

Friedman, M. (1955). School Choices. Retrieved June 25, 2010 from the ROLE of GOVERNMENT in EDUCATION: http://www.schoolchoices.org/?roo/?fried1.htm.

The Federal Reserve Bank of San Fransisco. (2010). Retrieved June 25, 2010 from Major Schools of Economic Theory:  http://www.frbsf.org/?publications/?education/?greateconomists/ ? grtschls.html#a8.
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Economics Finance MBA Level

Words: 13568 Length: 50 Pages Document Type: Essay Paper #: 39727750

disrupting America's economic system is a fundamental objective of terrorists

Even as the world continues to struggle with the terrible shock from the September 11 attacks in New York and Washington, one principle lesson has already become clear: disrupting our economic system is a fundamental objective of terrorists.

Prior to September 11, our economic environment was certainly not immune to terror, in comparison to many other nations; we lived relatively terror-free. Now, however, the aftermath of the terrorist attacks serves as a grim reminder that international relations and security developments can dramatically affect economic performance.

US History is replete with countless examples when macro fundamentals are overtaken by what economists refer to as, exogenous shocks -- surprise events that can profoundly and often unpredictably shift political and economic resources, and send even the most accurate forecasts astray. Commodity shocks, such as the two OPEC jolts in the 1970s, are classic examples of this kind of economic shock. In fact, throughout much of the past century, wars, labor strikes, currency market turmoil, and major natural disasters have all proven to be quite destabilizing to real U.S. economic activity.

Nevertheless, what are the real potential economic perils associated with an event like…… [Read More]

References

Bagehot, Walter. 1927. Lombard Street: A Description of the Money Market, John Murray, London.

Balbach, Anatol B. 1981. "How Controllable is Money Growth?" Federal Reserve Bank of St. Louis Review, vol 63, no 4, April, p. 5.

Becker, Gary S, Steven N. Kaplan, Kevin M. Murphy and Edward A Snyder. (2002 / winter). "The Economic Effects of September 11," GSB Magazine, University of Chicago's Graduate School of Business.

Bell, Stephanie. 2000. "Do Taxes and Bonds Finance Government Spending?." Journal of Economic Issues, Vol. 34, no. 3, pp. 603-620.
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Economic Basics - Terms and Concepts

Words: 1971 Length: 5 Pages Document Type: Essay Paper #: 14856368

Firm, Labor Markets, and Imperfect Information

Economics

Perfect Competition and Monopolistic Competition

A perfectly competitive market does not have barriers to entry or exit and is characterized by many producers and many consumers, all of whom are price takers -- a term that means the suppliers and the buyers cannot effect the price as they do not have market power ("Competitive Markets," 2014). Monopolistic competitive markets are do have some barriers to entry and exit. Consumers can find substitutes for all of the goods in a competitive market, whereas high product differentiation is seen in a monopolistic competitive market ("Competitive Markets," 2014). Indeed, one of the reasons that a firm can achieve a monopoly for a product is that the business has been successful in its efforts to differentiate a product, as perceived by its customers. The ability of a business to make profits in the long-run is referred to as the elasticity of demand. Perfectly competitive and monopolistic competitive markets both demonstrate elasticity of demand in the long-run ("Competitive Markets," 2014). That is to say that consumers in both markets are sensitive to price, so that the demand for products decrease if the prices rise ("Competitive Markets," 2014).

A…… [Read More]

References

Blanding, M. (2014, August 11). The business of behavioral economics. HBS Working Knowledge. Cambridge, MA: Harvard Business Review. Retreived from http://www.forbes.com/sites/hbsworkingknowledge/2014/08/11/the-business-of-behavioral-economics/

Cardon, J.H., and Hendel, I. (2001). Asymmetric information in health insurance: evidence from the National Medical Expenditure Survey. Rand Journal of Economics, 32 (3), 408 -- 427. JSTOR 2696362. Retreived from http://www.jstor.org/discover/10.1086/262111?uid=3739920&uid=2&uid=4&uid=3739256&sid=21105862412373

Chiappori, P.A., and Salanie, B. (2000). Testing for asymmetric information in insurance markets. Journal of Political Economy, 108(1), 56 -- 78. doi:10.1086/262111. Retrieved from http://www.jstor.org/discover/10.1086/262111?uid=3739920&uid=2&uid=4&uid=3739256&sid=21105862412373

Polborn, M.K., Hoy, M., and Sadanand, A. (2006). Advantageous effects of regulatory adverse selection in the life insurance market. Economic Journal, 116(508): 327 -- 354. doi:10.1111/j.1468-0297.2006.01059.x. Retreived from http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0297.2006.01059.x/abstract;jsessionid=6D024FB0D715D4C0F4BAAB184E6AF8E2.f02t03
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Economic Costs of Health Care

Words: 720 Length: 2 Pages Document Type: Essay Paper #: 60825567

To cope with these rising costs, many employers will pass them on to their employees, as they are struggling to deal with this challenge (microeconomic factors). In this case, microeconomics is being applied to a macroeconomic issue, with the business forced to utilize them in their unique situation. ("Economic Theories," 2010)

Increased taxes are occurring, because many businesses are forced to pay multiple taxes supporting employee health care costs in different ways. Where, they have to pay employee health benefits and then they are required to indirectly pay Medicare / Medicaid taxes. This is troubling, because businesses are forced to pay more for health care costs, through covering their employees and various taxes. (Johnson, 2010) In this aspect, a macroeconomic theory is being applied, as the overall costs that employers are paying and the taxes for government programs are resulting in double expenses / taxation. ("Economic Theories," 2010)

Once employers begin cutting back on health care coverage, these expenses are then passed on to the employee. If they are unable to afford the increased costs, they more than likely will lose their health care coverage. As a result, one could argue that this is a main reason, why 40 million…… [Read More]

Bibliography

Economic Theories. (2010). Reference for Business. Retrieved from:  http://www.referenceforbusiness.com/encyclopedia/Eco-Ent/Economic-Theories.html 

Eakin, D. (2004). The Uninsured and Rising Health Insurance Premiums. CBO. Retrieved from: http://www.cbo.gov/doc.cfm?index=5152&type=0

Johnson, T. (2010). Health Care Costs and U.S. Competitiveness. Council on Foreign Relations. Retrieved from: http://www.cfr.org/publication/13325/healthcare_costs_and_us_competitiveness.html
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Economic Recession Coupled With a Federally Mandated

Words: 580 Length: 2 Pages Document Type: Essay Paper #: 23503836

economic recession, coupled with a federally mandated raise in the minimum wage, affect the demand for McDonald's fast food? How do fluctuations in the cost of feed for cattle, in crop output, the cost of oil, and all the factors that go into producing our food effect our supply? Most importantly, how can we adjust to meet demand, comply with government regulations, and still earn a profit? The following analysis studies the ways we can adjust supply to increase quantity demand for McDonald's food products, the way we can adjust the price of our product without sacrificing customer service our quality, and the way we can maintain a comfortable profit margin in current economic conditions.

What factors affect demand for our products? Regardless of the economy, people still need to eat. Because many consumers of our food may be working two jobs or more to make ends meet, the demand for a convenient, tasty meal at an affordable price increases demand for our food. In addition, consumers seeking to indulge themselves on a limited budget often turn to our food for a "treat." (Bittman, 2009). The great demand for our products seems to indicate that we could increase our prices…… [Read More]

What factors affect demand for our products? Regardless of the economy, people still need to eat. Because many consumers of our food may be working two jobs or more to make ends meet, the demand for a convenient, tasty meal at an affordable price increases demand for our food. In addition, consumers seeking to indulge themselves on a limited budget often turn to our food for a "treat." (Bittman, 2009). The great demand for our products seems to indicate that we could increase our prices slightly. Would this lead to a greater profit, though? Or would it decrease demand too significantly, causing a decrease in profits?

The price of many of the requisite supplies for our McDonald's franchises are on the rise. From the price of milk to the price of oil, increasing prices make it more expensive for us to make our food. (Doherty, 2007) Should these costs be passed on to the consumer? If they are, will demand for our products decrease? If we examine the rising price of milk, the data seems to suggest that demand would not be decreased significantly. According to Regan Doherty, "With milk, as with gasoline, consumers have a hard time turning away even when prices soar." (Doherty, 2007). The information in this article suggests that the shortage of milk (and, by extension, gasoline), has lead to a price increase, yet demand remains high. It can be surmised that demand for these products is relatively inelastic. Does McDonald's fit into a similar inelastic demand paradigm? One factor in determining elasticity is relative competitiveness. (University of Michigan). The data suggest that increasing prices slightly to meet the raising cost of purchasing supplies for our food will not hurt McDonald's bottom line, because McDonald's biggest competitors -- namely, Burger King, Wendy's, and other fast food burger chains -- will have their prices influenced by the price of supplies in a similar fashion.

Should the government choose to raise the minimum wage, will this increase or decrease the demand for McDonald's food? The answer to this question depends upon two factors: Whether or not McDonald's food has negative elasticity; meaning, as the consumer's income increases, demand for the product decreases. (Rittenberg, Tregarthen). The other factor is whether or not an increase in the minimum wage would be sufficient to allow negative elasticity to occur. The answer to the latter question seems simple; minimum wage, unless increased exorbitantly, would hardly be enough to elevate a consumer's income level to that of the wealthier consumers who tend to eschew fast food altogether. (Krugman, Wells, 158). Since there is little danger of an increase in minimum wage creating a state of negative elasticity, economic theory dictates that the inelastic nature of food purchases would lead to either an increase in the demand
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Economic and Practical Consequences of Balanced Budgets

Words: 923 Length: 2 Pages Document Type: Essay Paper #: 76760886

Balanced Federal Budgets

The federal government has a wide variety of responsibilities, most of which stem from programs that the government has created. Some of these outlays are discretionary, but many are not. The trade-offs for the federal government are usually not a question economics, but politics. The current federal budget for FY2016 shows a deficit of $474 billion. The largest outlays are for social security ($891 billion), other mandatory programs ($627), defense ($589), Medicare ($529) and non-defense discretionary, which covers a wide variety of different programs. Finding $474 billion to cut there -- or some of that money in conjunction with tax increases -- is inevitably going to be a challenge. Much of government spending in the budget is in the form of mandatory programs. Further, many of these are impossible, politically, to reduce. One does not simply cut Medicare payouts without losing a strong voting bloc, for example. The military is separated out from other discretionary items because it is only somewhat discretionary. The military is tied to the power and influence that the United States has in this world, and that power and influence is itself tied to economic opportunity, quality of life and other such issues.…… [Read More]

References

Government Finance Officers Association. (2014). Distinguished Budget Presentation Award Program (Budget Awards Program). Retrieved from http://www.gfoa.co/sites/default/files/BudgetDetailedCriteriaLocationGuideFY2015.pdf

Mikesell, J. L. (2014). Fiscal administration: Analysis and applications for the public sector (9th

ed.). Boston, MA: Wadsworth.
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Job Creation and Other Economic Myths

Words: 2931 Length: 10 Pages Document Type: Essay Paper #: 87329206

Economics

There is a belief, common to economists, that government intervention is necessary to assist economic growth. The current belief that the reason that the economy is faltering is that job growth has faltered, has not altered this perception, even though it probably should have. Recently both the Bush and Obama administrations have tried many different means of stimulating the economy (much as Franklin Delano Roosevelt did during the "Great Depression"), and these means have had varying levels if success. However, despite some small amount of relief and a stronger stock market, job growth remains stagnant and the economy slugs along with it. The efforts of the current administration toward job growth and creation, whether that be in State of the Union speeches or actually policies, have not produced the desired effects. Why is this? Could it be that the Keynesian methods of economic growth and job production are faulty? This paper looks at the problem from the point-of-view of some of the greatest economic thinkers of the past, examines the fallacies that have been foisted on the public in the past century, and attempts to inject reason in the place of myths.

Keynesian Economics: A Conservative Perspective

One of…… [Read More]

Works Cited

Buzzeo, Fred. "Job Creation and Other Economic Myths." Ludwig von Mises Institute, 2010. Web.

Hazlitt, Henry. Economics in One Lesson. New York: Harper & Brothers, 1946. Print.

Mises, Ludwig von. "Capitalism, Happiness and Beauty." Capitalistic Mentality, 1954. Web.
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Growth Theory

Words: 7085 Length: 25 Pages Document Type: Essay Paper #: 18556923

Economics of New Ideas and Innovations

This research paper discusses the economics of a new idea. Without new ideas and inventions, the economy might very well become stagnant or decline, as predicted by many early economists, who did not understand that impact that ideas and innovative technology had on global markets.

Technology is endogenous in the new growth theory, which holds that technology is a function of the capital and labor used to develop technology, the technology used in that process, and the economic environment. For the purpose of this paper, technology refers to the methods and tools that are used to generate with new ideas and more efficient ways of producing goods and services.

Ideas and technical innovations are crucial to the economy. If a country wants to grow, it must create an environment that encourages entrepreneurs and innovators to generate new ideas. Creating an economic environment that promotes ideas and innovations requires the establishment of institutions that enhance growth, open trade, and the protection of new ideas through patents.

The fundamentals of the new growth theory are similar to those discussed by Adam Smith and Joseph Schumpeter. According to Smith, businesses that want to maximize profit drive the…… [Read More]

Bibliography

Boneuve, K. (2001). Driving Innovation Through Software. The Software & Information Industry Association.

Clement, Douglas. (September, 2002). Creation Myths. The Region.

Farrell, Christopher. (1994). Economists for an Expanding Universe. McGraw-Hill Companies Inc.

Juma, C. 1989. The Gene Hunters: Biotechnology and the Scramble for Seeds. Princeton: Princeton University Press.
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Criticism of the Neoclassical Theory Comparative Economics

Words: 1159 Length: 3 Pages Document Type: Essay Paper #: 81677753

Economics: Neoclassical, Keynesian, And Marxian Theories

Social theories attempt to explain how people interact with each other, and with their surroundings. For this reason, it is believed that social theories shape society, so much so that people will theorize elements in their surroundings based on their life situations and what they experience in their interactions. Towards this end, what one person thinks or believes about a certain aspect may not necessarily be what another person thinks; people hold different theories about how the economy works, and how it influences human interactions - and this is particularly why we have multiple economic theories today. Social theories are broadly categorized into three -- humanism, structuralism, and dialectics. These three have been applied to economic theory to explain how the various elements of the economy interact to realize maximum outcomes. This text demonstrates how the aforementioned social theories have been used to shape the neoclassical, Keynesian, and Marxian theories of economics.

Humanism and Neoclassical Theory

Humanism is a system of thought that summarizes the individual as the ultimate cause or source of thought (Wolff and Resnick 12). Under a humanistic approach, the human being, and not a supernatural Being, is perceived to be…… [Read More]

References

Hackett, Steven. Environmental and Natural Resources Economics: Theory, Policy, and the Sustainable Society (2nd ed.). Armonk, NY: ME Sharpe, 2012. Print

Wolff, Richard and Resnick Stephen. Contending Economic Theories: Neoclassical, Keynesian, and Marxian. Cambridge, MA: MIT Press, 2012. Print

Wolff, Richard. "The New Reading of Karl Marx's Capital in the United States." Professor Wolff's Social Movement Project, 2007. Web. 3 March 2015 http://www.rdwolff.com/content/new-reading-karl-marx%E2%80%99s-capital-united-states
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Economics Mexico How Interest Rates Can Be

Words: 1554 Length: 4 Pages Document Type: Essay Paper #: 4978123

Economics

Mexico; How Interest Rates Can Be Used to Manage an Economy

The management of the economy, undertaken with strategies from the government and decision fro the central bank, is usually undertaken with the aim of promoting and supporting a stable economy, balancing the desire for sustainable growth with the need to constrain inflation. This is an issue faced by almost all countries; inflation can be harmful to an economy, impacting not only in the internal stakeholders, but influencing the exchange rate. The control of inflation, often through the use of interest rates, may also help to stifle growth. This can be a conundrum, as stimulating growth and constraining inflation requires a very careful balance of economic policies. Mexico has been faced with this issue and in March 2013 the Banco de Mexico

made a surprise decision to reduce their interest rates from 4.5% to 4% (Trading Economics, 2013), and then hold the rate at 4% in April (Hughes and O'Boyle, 2013). Management of the economy is a tricky balancing act, and when the country had a growth rate substantially above that of many western countries in the post global recession period, one may wonder why there was a reduction…… [Read More]

References

CIA, (2013), Mexico, [online] accessed 29th April 2013 from  https://www.cia.gov/library/publications/the-world-factbook/geos/mx.html 

Howells P.G.A, Bain, K, (2007), Financial Institutions and Markets, London, Longman

Hughes, E; O'Boyle M, (2013, April 27), Mexico Holds Interest Rates, Watches Capital Inflows, The Globe and Mail, [online] accessed 30 April 2013 from http://www.theglobeandmail.com/report-on-business/international-business/latin-american-business/mexico-holds-interest-rates-watches-capital-inflows/article11575099/

Index Mundi, (2013), United Kingdom GDP, [online] accessed 30th April 2013 from http://www.indexmundi.com/united_kingdom/gdp_real_growth_rate.html
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Economics Optimal Currency Area an

Words: 2259 Length: 7 Pages Document Type: Essay Paper #: 50405286

Thus, a region or nation experiencing economic depression will be unable to use the interest rate lever to boost the economy. Similarly a country with high inflation will be unable to independently raise interest rates to contain inflation. Moreover, Islamic countries, which form a large part of the geography, do not believe in interest rates.

Political barriers -- Political differences between nations make it extremely difficult for them to adopt a common currency. It can lead to a loss in political sovereignty as monetary interests would need to surpass political interests. This is unlikely to be acceptable to most of the nations and the idea of a single currency may be difficult to implement (Gimp, 2008).

Will Pros and Cons change Over Time? Depending On the Country?

The economic conditions to determine a monetary union depend on: the openness and size of the economy involved to trade; the free movements of capital and labor factors; the high level of intra-regional trade and the diversity of production; and the susceptibility of the economy to asymmetric shocks and the flexibility of the economy to adjust itself to such shocks. In other words, the introduction of a single currency in a specific region…… [Read More]

Bibliography

BBC. (1997, November 21). European monetary union - pros and cons. Retrieved May 11, 2009, from BBC News: http://news.bbc.co.uk/1/hi/special_report/single_currency/25081.stm

Filho, F.F. (2003). Is it possible to achieve a monetary union in MERCOSUR? (South America). Retrieved May 11, 2009, from Vanderbilt University: http://sitemason.vanderbilt.edu/files/egnZLy/Ferrari%20Filho%202.pdf

Frankel, J. (1999, August). No single currency regime is right for all countries or at all times. Retrieved May 11, 2009, from Princeton University:  http://www.princeton.edu/~ies/IES_Essays/E215.pdf 

Gimp, F. (2008, June 27). A world currency - pros and cons and can it become a reality. Retrieved May 11, 2009, from Piponomics: http://www.babypips.com/blogs/piponomics/a_world_currency_pros_and_cons.html
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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…… [Read More]

References

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.

Katz, I & Christie, R (2011) "Geithner Called Housing Giants Biggest 'Moral Hazard'" Bloomberg

Lynch, Katherine (2003). The Forces of Economic Globalization. Kluwer Law International
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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.

Introduction

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…… [Read More]

Reference

Carr, D.A. (2011). Responses to Local Fiscal Shocks: Path Dependency Effects of the Clean Air Act. Public Finance and Management, 11(2), 160+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5050180027

Hendrickson, J.M., & Nichols, M.W. (2010). Did Commercial Banks Close Branches in Low-income Neighborhoods in Response to the Cra? Implications for Understanding the 2007-2008 Financial Crisis. Journal of Legal, Ethical and Regulatory Issues, 13(1), 17+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5044499375

Johnson, E.M. (2010, April). Mr. Trust Buster. In These Times, 34, 7+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5041402599

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
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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…… [Read More]

Bibliography

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

Eyes on wall street. (2011, april). Retrieved from Levin coburn investigates casues of financial crisis: http://www.eyesonwallstreet.com/2011/04/articles/financial-crisis/levincoburn-report-investigates-causes-of-the-financial-crisis/

Rude, C. (2009). World Economic Crisis and Fed Reserve Response to it. Studies in Political Economy.
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Economics -- Profits Costs and

Words: 311 Length: 1 Pages Document Type: Essay Paper #: 99748181



Unlike the situation with retail consumer goods whose production costs can be readily amortized by reduction in cost-per-unit production, the theater does not produce tangible goods. Therefore, the marginal cost of entertaining each additional audience member is so small that it becomes negligible. By increasing ticket prices only a dollar or two, the theater could likely maintain most of its clientele and avoid reducing its appeal to new customers, thereby increasing profits. Diseconomies would not develop unless or until the theater decided to expand its facilities or to purchase additional movies based on the expectation that a full house could be maintained and then experienced insufficient additional patronage to offset those additional costs (McConnell, Brue, & Flynn, 2008).… [Read More]

References

Mankiw, N.G. (2008). Principles of Economics. Chula Vista, CA: South-Western

McConnell, C., Brue, S., and Flynn, S. (2008). Macroeconomics. New York: McGraw-

Hill.
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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.…… [Read More]

REFERENCES

News. (2012). Fiscal Commission.gov. Retrieved from: http://www.fiscalcommission.gov/news

Achenbaum, A. (2007). Older Americans, Vital Communities. Baltimore, MD: Johns Hopkins University Press.

Eberstadt, N. (August 31, 2012). Are Entitlements Corrupting U.S. The Wall Street Journal. Retrieved from: http://online.wsj.com/article / SB10000872396390444914904577619671931313542.html

Pierson, C. (2006). Beyond the Welfare State. Malden, MA: Polity Press.
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Economics - Macroeconomics Economics Various

Words: 1129 Length: 3 Pages Document Type: Essay Paper #: 75949107

S. The societal system practiced in France serves as a model towards which the U.S. aspire.

President Barack Obama's healthcare reform plan is considered by many as being a socialist experiment that will significantly hurt the economy (CBS, 2009). In opposition, the President has stated that he does not intend to implement a healthcare system that depends on the government. Instead, he would prefer a system in which the government competes with private insurance companies for selling coverage.

The Invisible Hand Principle

The invisible hand principle was developed as an opposition to the protectionist system. This principle is actually a metaphor describing the self-regulating characteristic of the market. In other words, such a system can be implemented due to a combination of factors, like self-interest, competition, supply and demand. Adam Smith, who developed this theory, considered that the action of these forces and their effects are able to allocate resources within the society.

However, this concept was strongly criticized in relation with the economic and financial crisis that is currently affecting the U.S. And the rest of the world. Nobel Prize winner Joseph Stiglitz considers the invisible hand theory as being a myth. As mentioned above, the invisible hand theory…… [Read More]

Reference list:

1. Eddlem, T.R. (2009). Obama needs to learn "opportunity cost." The New American. Retrieved February 26, 2010 from http://findarticles.com/p/articles/mi_m0JZS/is_15_25/ai_n32369481/?tag=content;col1.

2. Dorrien, G. (2009). Is the Economic Crisis a Sin? Newsweek. Retrieved February 26, 2010 from http://www.newsweek.com/id/206095.

3. Steele Calls Obama Health Plan "Socialism" (2009). CBS News. Retrieved February 26, 2010 from http://www.cbsnews.com/stories/2009/07/20/politics/main5174417.shtml.

4. Remarks by the President on Financial Rescue and Reform. The White House. Retrieved February 26, 2010 from http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-on-Financial-Rescue-and-Reform-at-Federal-Hall.
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Economic Influences

Words: 433 Length: 2 Pages Document Type: Essay Paper #: 97761093

Economic Influences

John Keynes is one of the most influential economists largely due to his theory of Keynesian economics, which dealt with his modern macro-economic policies (Skorburg, 2009). His work is linked to the Great Depression, partly because he advocated public and governmental spending to base national economies on. His most celebrated piece of literature is General Theory.

Adam Smith is the quintessential Age of Enlightenment economist who published Wealth of Nations in 1776, which posited the viewpoint that free enterprise and laissez faire policies would benefit the free market system.

People wouldn't ordinarily link Karl Marx to a free market system since he advocated the exact opposite of that, a form of communism that results in socialism, but his Communist Manifesto -- which presaged the Russian Revolution -- inspired many free market communists to oppose his ideas.

Friedrich Von Hayek's theories, which are included in Road to Serfdom, his most noted work, are some of the reactionary thoughts opposing Marx and championing both democracy and a free market enterprise in the wake of World War II.

Ludwig Von Mises was a member of the Austrian School of Economics with Von Hayek and was influential in counteracting socialist thought by…… [Read More]

References

Kates, S. (1999). Top-ten economists: -- one view. www.mises.org. Retrieved from http://mises.org/daily/355

Skorburg, J. (2009). The top 10 most influential economists of all time. www.opposingviews.com. Retrieved from  http://www.opposingviews.com/i/the-top-10-most-influential-economists-of-all-time#
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Economics Country's Economy Is Driven

Words: 1028 Length: 3 Pages Document Type: Essay Paper #: 83619600

These decisions necessarily entail that some potentially productive opportunities are sacrificed in order to make what is estimated as the most productive choice.

Supply and demand refer to specific products and services, the ability to provide these, and the level at which they are desired by the target market. Buyers desire a product or services, and therefore demand a certain quantity of these at a certain price. The relationship between the price and quantity of desirability is the demand relationship. Supply is the actual quantity of the product or service that the market can provide. The concept of supply relationship is the correlation between supply and the price received by the supplier, who is willing to supply a certain amount of products at the price received.

The dynamic in the relationship between demand and supply has a direct influence on the efficient allocation of resources within an economy, as well as the values according to which such allocations take place. The laws of supply and demand are projections of what will occur when all other factors remain equal. This also demonstrates the particular dynamic between the two concepts.

In terms of the law of demand, there is an indirect relationship…… [Read More]

Bibliography

NetMBA.com. (2002-2007). Production Possibility Frontier.  http://www.netmba.com/econ/micro/production/possibility/ 

The Times 100. (1995-2008). Demand and Supply. http://www.thetimes100.co.uk/theory/theory--demand-supply -- 239.php

Schenk, Robert. Scarcity and Choice. http://www.netmba.com/econ/micro/production/possibility
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Economics Course Economics Impacts on Many Areas

Words: 1131 Length: 3 Pages Document Type: Essay Paper #: 86387567

Economics Course

Economics impacts on many areas of life subsequently it will impact on many areas of professional life. Reflecting on the lessons learned, including the knowledge and skills gained, the real value is in the way that economics concepts can be applied to the real world; not only to explain event that are seen in the macro-environment, but to guide the way personal decisions will be made with that knowledge.

The first indicator of the lessons and concepts taught in the class being absorbed and developing into transferable knowledge has emerged with an increased understanding of the way that the economy operates and the influences which are present in the economy that are driving up prices.

There are many examples of the economic concepts; one example is the way that supply and demand has impacted on oil prices which has had a knock on effect in the economy as a whole and given rise to inflationary pressure. Oil is a major input into many different sectors, either directly as a component, such as gasoline or plastics; otherwise it is needed as an input such as a cost component that impacts on the price of transporting goods. The demand, especially…… [Read More]

References

Baye Michael, (2007), Managerial Economics and Business Strategy, McGraw-Hill/Irwin

Greimel, Hans, (2012. April 30), Toyota wants high-volume U.S. Prius output by '15; Hunt is on for N.A. hybrid parts suppliers, Automotive News, p4

Nellis JG, Parker D, (2006), Principles of the Business Economics, London, Prentice Hall.

Scholes, Louise; Siegel Donald S; Wilson, Nick; Wright, Mike, (2012, Feb), Private equity portfolio company performance during the global recession, Journal of Corporate Finance, 18(1), 193.