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Economic growth essay

Economic growth essay



Current research predicts that although Canada's economic performance will gradually strengthen out of the recent mild slowdown into a better pattern of growth economic growth essayCanada's economy still faces the longer-term challenge of increasing… Bibliography Department of Finance Canada. What is Global Economy? Economic Growth and Happiness Economic Growth Can Lead to Healthier and Happier Societies More Availability of Goods Higher Income Increase in Tax evenues and Better Welfare Programs. National center for Public Policy Research. Accessed on 12 June, economic growth essay, Clark, Penney. Economic Growth Words 4 Pages.





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Economic Growth Essay. Economic growth From Wisped, economic growth essay, the free encyclopedia This article needs additional citations for verification, economic growth essay. Please help improve this article by adding citations to reliable sources. Unsounded material may be challenged and removed. April GAP real growth rates, economic growth essay, andin selected countries. Rate of change of Gross domestic product, world and COED, since Economic growth caused the production-possibility frontier to shift outward, economic growth essay. Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, economic growth essay, or real GAP.


As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economic growth essay. The latter is the study of the economic aspects of the development process in low-income countries. See also Economic development. Since economic growth is measured as the annual percent change of gross domestic product GAPit has all the advantages and drawbacks of that measure. Contents [hide] 1 Definitions and history 1. Classical growth theory 2. Articles and lectures Short-run variation in economic growth is termed the business cycle.


The business cycle is made up of booms and drops in production that occur over a period of months or years. Generally, economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand. In contrast, the topic of economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. The business cycle moves up and down, economic growth essay, creating fluctuations around the long-run trend economic growth essay economic growth.


Historical sources of economic growth[edit source I editable] Main article: Productivity improving technologies historical Economic growth has traditionally been attributed to the accumulation of human and physical capital, and increased productivity arising from technological innovation. Increases in productivity are a major factor responsible for per capita economic growth — this has been especially evident since the midth century. Most of the economic growth in the 20th century was due to reduced inputs of labor, materials, energy, and land per unit of economic output less input per widget. The balance of growth has come from using more inputs overall because of the growth in output more widgets or alternately more value addedincluding new kinds to goods and services innovations.


There is a clear reversal of fortune between poor and wealthy countries, which is evident when comparing the method of colonialism in a region. Geography and endowments of natural economic growth essay are not the sole determinants of GAP. In fact, economic growth essay blessed with good factor endowments experienced colonial extraction that provided only limited rapid economic growth essay — whereas colonized countries that were less fortunate in their original endowments experienced relative equality and demand for the rule of law. These initially poor colonies end up developing an open franchise, equality, and broad public education, which helps them experience greater economic growth than the colonies that had exploited their economies of scale.


During the Second Industrial Revolution, a major factor of productivity growth was the substitution of inanimate power for human and animal labor, to water and wind power with electrification and internal combustion. Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and the Green Revolution. Interchangeable parts made with machine tools powered by electric motors evolved into mass production, which is universally used today. Real food prices fell due to improvements in transportation and trade, mechanized agriculture, fertilizers, scientific farming and the Green Revolution, economic growth essay.


Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvesters, and steam-powered factories. By the late 19th century prices, as well as weekly work hours, economic growth essay, fell because less labor, materials, and energy were required to produce and transport goods. However, real wages rose, allowing workers to improve their diet, economic growth essay, buy consumer goods and afford better housing. The post World War II economy also benefited from the discovery of vast amounts of oil around the world, particularly in the Middle East. Economic growth in Western nations slowed down after In contrast growth in Asia has been strong since then, starting economic growth essay Japan and spreading economic growth essay Korea, economic growth essay, China, the Indian subcontinent and other parts of Asia.


It should be noted that if the population grows along with economic production, increases in GAP do not necessarily result in an improvement in the standard of living. When the focus is on standard of living, economic growth is expressed on a per capita basis. A high savings rate is also linked to the standard of living. Increased saving, economic growth essay, in the long run, dead to a permanently higher output income per capita, economic growth essay, as capital accumulation per individual also increases. SVGA This section does not cite any references or sources. Please help improve this section removed, economic growth essay. March Economic growth is measured economic growth essay a percentage change in the Gross Domestic Product GAP or Economic growth essay National Product GNP.


These two measures, which are calculated slightly differently, economic growth essay the amounts paid for the goods and services that a country produced. To compare per capita economic growth among countries, the total sales of the respected countries may be quoted in a single currency. This requires converting the value of currencies of various countries into a selected currency, for example U. One way to do this conversion is to rely on exchange rates among currencies, for example how many Mexican pesos buy a single U. Another approach economic growth essay to use the purchasing power parity method. Inflation or deflation can make it difficult to measure economic growth. To express real growth rather than changes in prices for the same goods, statistics on economic growth are often adjusted for inflation or deflation.


For example, economic growth essay, a table may show changes in GAP in the period from toas expressed in U. This means hat the single currency being used is the U, economic growth essay. Dollar with the purchasing power it had in the U. In If no adjustment were made for inflation, the table might make no mention to initiation-ad]students or might mention that the prices are nominal. For example, the United Kingdom experienced a 1. It grew to million pounds by Figures are adjusted for inflation and stated in values for the pound. A growth rate that averaged 1. The large impact of a relatively small growth rate over a long period of time is due to the power of compounding also see exponential growth.


A growth rate of 2. Thus, a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years. Theories of economic growth [edit source I editable] Classical growth theory[edit source I editable] Adam Smith wrote The Wealth of Nations The modern conception of economic growth began with the critique of Mercantilism, especially by the physiographic and with the Scottish Enlightenment thinkers such as David Home and Adam Smith, and the foundation of the discipline of modern lattice economy.


Adam Smith noted the huge gains in productivity achieved by the division of labor in the famous example of the pin factory. This theory of comparative advantage would be the central basis for arguments in favor of free trade as an essential component of growth. According to economic growth essay view, the role of technological change became crucial, even more important than the accumulation of capital. This model, developed by Robert Slow[21] and Tremor Swan[22] in the asses, was the first attempt to model long-run growth analytically. This model assumes that countries use their resources efficiently and that there are diminishing returns to capital and labor increases.


From these two premises, the neoclassical model makes three important predictions. First, increasing capital relative to labor creates economic growth, since people can be more productive given more capital. Second, poor countries with less capital per economic growth essay grow faster because each investment in capital produces a higher return than rich countries with ample capital. Third, because of diminishing returns to capital, economies eventually reach a point where any increase in capital no longer creates economic growth. This economic growth essay is called a steady state. The model also notes that countries can overcome this steady state and continue growing by inventing new technology. In the long run, output per pita depends on the rate of saving, but the rate of output growth should be equal for any saving rate.


Technology improves, the steady state level of capital increases, economic growth essay, and the country invests and grows. Also, the data suggests the world has slowly increased its rate of growth. Salter cycle[edit source I editable] According to the Salter cycle, economic growth is enabled by increases in productivity, which lowers the inputs labor, capital, material, energy, etc. for a given amount of product output. New capacity is more efficient because of new technology, improved methods and economies of scale. This leads to further price reductions, which further increases demand, economic growth essay, until arrest become saturated due to diminishing marginal Endogenous growth theory[edit source I editable] Main article: Endogenous growth theory World map of the Global Competitiveness Index.


Growth theory advanced again with theories of economist Paul Roomer and Robert Lucas, Jar. N the late asses and early asses. They developed the endogenous growth theory that includes a mathematical explanation of technological advancement. Unlike physical capital, human capital has increasing rates of return. Therefore, overall there are constant returns to capital, and economies never reach a steady state. Growth does not slow as capital accumulates, but the rate of growth depends on the types of capital a country invests in. Research done in this area has focused on what increases human capital e, economic growth essay. Education or technological change e, economic growth essay. See: Sevens paradox In the asses, the economists Daniel Shampoo and Leonard Economic growth essay independently put forward ideas about energy consumption and behavior that argue that increased energy efficiency paradoxically tends to lead to increased energy consumption.


Inthe US economist Harry Saunders dubbed this hypothesis the Shampoo-Brooked postulate, and showed that it was true under neo-classical growth theory over a wide angel of assumptions. Economy electricity consumed per dollar of GAP had been declining for a number of years. All approaches to the inclusion energy into the theory of production are known as the energy theory of value, which, economic growth essay, nevertheless, does not have an accurate and complete formulation. For example, Ares and War have presented a model that aims to address deficiencies in the neo-classical and endogenous growth models.


It claims that physical and chemical work performed by energy, or more correctly Gerry, has historically been a very important driver of economic growth. Energy growth theory economists have criticized orthodox economics for neglecting the role of energy and natural resources, economic growth essay.





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This means hat the single currency being used is the U. Dollar with the purchasing power it had in the U. In If no adjustment were made for inflation, the table might make no mention to initiation-ad]students or might mention that the prices are nominal. For example, the United Kingdom experienced a 1. It grew to million pounds by Figures are adjusted for inflation and stated in values for the pound. A growth rate that averaged 1. The large impact of a relatively small growth rate over a long period of time is due to the power of compounding also see exponential growth. A growth rate of 2. Thus, a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years.


Theories of economic growth [edit source I editable] Classical growth theory[edit source I editable] Adam Smith wrote The Wealth of Nations The modern conception of economic growth began with the critique of Mercantilism, especially by the physiographic and with the Scottish Enlightenment thinkers such as David Home and Adam Smith, and the foundation of the discipline of modern lattice economy. Adam Smith noted the huge gains in productivity achieved by the division of labor in the famous example of the pin factory. This theory of comparative advantage would be the central basis for arguments in favor of free trade as an essential component of growth.


According to this view, the role of technological change became crucial, even more important than the accumulation of capital. This model, developed by Robert Slow[21] and Tremor Swan[22] in the asses, was the first attempt to model long-run growth analytically. This model assumes that countries use their resources efficiently and that there are diminishing returns to capital and labor increases. From these two premises, the neoclassical model makes three important predictions. First, increasing capital relative to labor creates economic growth, since people can be more productive given more capital. Second, poor countries with less capital per person grow faster because each investment in capital produces a higher return than rich countries with ample capital.


Third, because of diminishing returns to capital, economies eventually reach a point where any increase in capital no longer creates economic growth. This point is called a steady state. The model also notes that countries can overcome this steady state and continue growing by inventing new technology. In the long run, output per pita depends on the rate of saving, but the rate of output growth should be equal for any saving rate. Technology improves, the steady state level of capital increases, and the country invests and grows. Also, the data suggests the world has slowly increased its rate of growth.


Salter cycle[edit source I editable] According to the Salter cycle, economic growth is enabled by increases in productivity, which lowers the inputs labor, capital, material, energy, etc. for a given amount of product output. New capacity is more efficient because of new technology, improved methods and economies of scale. This leads to further price reductions, which further increases demand, until arrest become saturated due to diminishing marginal Endogenous growth theory[edit source I editable] Main article: Endogenous growth theory World map of the Global Competitiveness Index. Growth theory advanced again with theories of economist Paul Roomer and Robert Lucas, Jar.


N the late asses and early asses. They developed the endogenous growth theory that includes a mathematical explanation of technological advancement. Unlike physical capital, human capital has increasing rates of return. Therefore, overall there are constant returns to capital, and economies never reach a steady state. Growth does not slow as capital accumulates, but the rate of growth depends on the types of capital a country invests in. Research done in this area has focused on what increases human capital e. Education or technological change e. See: Sevens paradox In the asses, the economists Daniel Shampoo and Leonard Brooked independently put forward ideas about energy consumption and behavior that argue that increased energy efficiency paradoxically tends to lead to increased energy consumption.


In , the US economist Harry Saunders dubbed this hypothesis the Shampoo-Brooked postulate, and showed that it was true under neo-classical growth theory over a wide angel of assumptions. Economy electricity consumed per dollar of GAP had been declining for a number of years. All approaches to the inclusion energy into the theory of production are known as the energy theory of value, which, nevertheless, does not have an accurate and complete formulation. For example, Ares and War have presented a model that aims to address deficiencies in the neo-classical and endogenous growth models. It claims that physical and chemical work performed by energy, or more correctly Gerry, has historically been a very important driver of economic growth.


Energy growth theory economists have criticized orthodox economics for neglecting the role of energy and natural resources. Endogenous growth theory was satisfied with accounting for empirical regularities in the growth process of developed economies over the last hundred years. As a consequence, it was not able to explain the qualitatively different empirical regularities that characterized the growth process over longer time horizons in both developed and less developed economies. Unified growth theories are endogenous growth theories that are consistent with the entire process of development, and in reticular the transition from the epoch of Malthusian stagnation that had characterized most of the process of development to the contemporary era of sustained economic growth.


One popular theory in the asses, for example, was that of the Big Push, which suggested that countries needed to Jump from one stage of development to another through a virtuous cycle, in which large investments in infrastructure and education coupled with private investments would move the Economy to a more productive stage, breaking free from economic paradigms appropriate to a lower productivity stage. Unlike other economic growth theories, his approach explains growth by innovation as a process of creative destruction that captures the dual nature of technological progress: in terms of creation, entrepreneurs introduce new products or processes in the hope that they will enjoy temporary monopoly-like profits as they capture markets.


In doing so, they make old technologies or products obsolete. Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where these colonizers faced high mortality rates e. Those with temperate climates , they established institutions with this objective in mind and modeled them after those in their European homelands. Thus, although other economists focus on the identity or type of legal system of the colonizers to explain institutions, these authors look at the environmental conditions in the colonies to explain institutions. For instance, former colonies have inherited corrupt governments and gee-political boundaries set by the colonizers that are not properly placed regarding the geographical locations of different ethnic groups, creating internal disputes and conflicts that hinder development.


In another example, societies that emerged in colonies without solid native populations established better property rights and incentives for long-term investment than those where native populations were large. The skills of the population enter into both neoclassical and endogenous growth models. It also presumes that human capital is only developed in formal schooling, contrary to the extensive evidence that families, neighborhoods, peers, and health also contribute to the development of human capital. To measure human capital more accurately, Eric Handshake and Dennis Kim introduced measures of mathematics and science skills from international assessments into growth analysis.


This approach has been extended by a variety of authors, and the evidence indicates that economic growth is very closely related to the cognitive skills of the population. Income distribution is measured by the Gin coefficient. Political institutions are measured by the Polity IV Project scale. Only then could agriculture have a true and successful societal basis for its farm program interventions Poe. ibliography 1. Converting to Organic. American Agricultural Economics Association, Conlon, Michael. London Conference Discusses the Future of iotechnology in Agriculture. AgExporter, Ecologist, the. Last Ditch for ritain's Small Farms. MIT Press Journals, Bibliography 1. London Conference Discusses the Future of Biotechnology in Agriculture.


Last Ditch for Britain's Small Farms. Organic Targets One Last Push. side and the Mexican side replicate the political, economic, social, and cultural systems of their respective nation-states. At the same time, borderlanders have blended the structures, institutions, and life expressions of the two societies to create something novel and entirely theirs -- the ambiente fronterizo, or borderlands milieu. Today the area stands as a prime example of binational interdependence, providing striking evidence of the trend toward closer ties among the world's nations and societies" Martinez, eferences Coleman, M.


Statecraft and the U. Government Info Martinez, O. References Coleman, M. Ast accessed on March 28, This aspect of the study were inclusive of works of "economic historians on the development of financial systems" most particularly the "banking systems" worldwide and exactly what the resulting impact will be. Works Cited Rousseau, Peter L. pdf Bruno, Giovanni S. et al. eastwestmi gration. org retrieved from the Internet 26 May Gartzke, Erik War, Peace, and the Invisible Hand: Positive Political Externalities of Economic Globalization International Studies Quarterly Volume 47 Issue 4-Page - December doi x Quan Li21Columbia University, 2 the Pennsylvania State University. Richard Matthews adds to the overall challenge of unbounded growth by providing a contentious work of his own.


In his book, Matthews asserts that Thomas Jefferson, one of the most influencing thinkers of our time, was an anti-market theorist. Matthews further asserts that Jefferson was against a market economy with unbounded growth but instead advocated for more controlled economic development. What is very interesting is that many of these principles seem radical, but given current economic circumstances, their insights may prove correct. One economic issue prevailing in the United States is that of rapid fiscal and monetary stimulus and its inflation implications. Currently, due in part to prevailing market conditions, governments have embarked on a path to massive fiscal ease.


Governments, including the United States, Japan, Europe, and China have all engaged in massive stimulus operations. This was bought about primarily due to the growth initiatives of many of the…. The economy of Australia has been experiencing a positive growth. In particular, the economy of the nation has indicated extraordinary and remarkable progress devoid of going through a single recession for over two decades. This is a record that is unmatched by any other nation across the globe. The Australian economy has seen incessant growth and this has encompassed low unemployment rates, inflation that has been kept in check, considerably low public debt, and a financial system that is comprehensively strong and stable.


For more than two decades, the economy of the nation has experience an average GDP growth rate of 3. This growth rate has largely surpassed all other economies of major developed nations. For instance, the United States has an average growth rate of 2. This can be illustrated in the diagram below. Source: Trading…. Macroeconomics For most of the time since the subject of economics was first studied, the idea of resource constraints has been irrelevant. The world was simply not viewed as a finite place. The concept of resource constraints was limited, more or less, to the consideration of constraints on an individual economy. Adam Smith recognized that all economies would face resource constraints of one type or another. As Snowdon points out, "to Smith, it was obvious that all economies were faced with resource constraints and that free trade was a policy that would allow any nation to achieve the most efficient allocation of its scarce resources.


It has not been until recent times, however, that the concept of worldwide scarcity has become relevant. The idea of peak oil and a world with seven billion people or more has…. Works Cited: Alexandratos, N. Countries with rapid population growth and resource constraints: Issues of food, agriculture and development. Population and Development Review. Asheim, G. Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints. CESInfo Working Paper No. Growth in a carbon constrained global economy.


Overseas Development Institute. The social responsibility of business is to increase its profits. New York Times Magazine. There are a number of methods by which economic growth can be encouraged. These include reducing barriers to business expansion such as interest rates, tax rates and bureaucracy , increasing transparency in government, increasing population, trade policy, technological innovation and increased exploitation of resources. Singapore and Hong Kong are first-world city states with large populations and limited natural resources.


Although both have experienced population increases, density is very high and there is limited room for domestic consumption growth. Likewise, there is limited room for growth in resource exploitation, as neither has excess natural resource capacity. Transparency International ranks Singapore as first in the world for least corruption, and Hong Kong is a strong 13th, so there is little room for improvement Transparency International, Works Cited: Chung, S. Technology innovation and economic growth: Korean experiences. World Bank Workshop. pdf Kuznets, S. Modern economic growth: Findings and reflections.


American Economic Review. Li, T. Talent, technological innovation and economic growth in China. University of Toronto. pdf Padovano, F. Tax rates and economic growth in the OECD countries. Economic Inquiry. rapid, post-orld ar II economic growth for the Japanese economy. A survey of the literature provides insights into management practices of Japanese firms, and offers direction for necessary changes that the American economy must make to successfully compete. Because of the exceptional growth of East Asia in the 70s and 80s, a number of studies were conducted to determine the causes of economic development, particularly in Japan.


Hayumi's article explored the question of whether there were lessons to be learned that would improve U. economic performance. Hayami argued that while the orld Bank study of the "East Asian Miracle" acknowledged successful cases of government planning and control in Japan, Korea, and Taiwan, the report did not provide a unique model of economic development. Given the complexity of political and government interventions, Hayami argued that the success of the northern tier could not be duplicated. Moreover, countries in the southern tier…. Works Cited Anderson, William S. Hayami, Yujiro.


Makino, Shige and Tom Roehl. This hurts the low-wage labor pool, which is the function of large employers that able to pool many jobs under one roof rather than many jobs under many roofs. Small businesses suppliers are often eliminated due to state government dealings with big business. States can assist with these problems by only enabling such entities to operate away from the small businesses and only operate in areas where there are a small number of small businesses with very strong customer loyalty to where the businesses in that area enjoy an inelastic demand curve and fear losing no business to the outside. eferences Bell. Smart Grid, Smarter City. ICMA September Growing Toward More Efficient Water Use: Linking Development Infrastructure, and Drinking Water Policies. Copyright EPA References Bell R.


This paper reviews the circumstances of the economic advancement that both countries have made, and establishes that these nations became economic powerhouses due to the sheer size of their economies -- along with the strategies they employed. The Indian economy has been among the "fastest growing economies" in the world since the late s, according to Kunal Sen, writing in the peer-reviewed journal Contemporary South Asia. He insists that most experts in "the international financial press" are incorrect when they assert that the Indian economy began to accelerate following the "radical economic reforms of " Sen, , p. In fact, Sen writes, the gross domestic product GDP per capita began to rise "…in the late s, and has kept on steadily increasing over….


Bibliography Mallick, Hrushikesh, and Mahalik, Mantu Kumar, , 'Constructing the Economy: The Role of Construction Sector in India's Growth', Journal of Real Estate Finance and Economics, vol. Sen, Kunal. Tyers, Rod, and Golley, Jane, , 'China's Growth to The Roles of Demographic Change and Financial Reform', Review of Development Economics, vol. Zhang, Wei, and Liu, Xiaohui, , 'Introduction: Success and challenges: an overview of China's economic growth and reform since ', Journal of Chinese Economic and Business Studies, vol. Cambodia is currently experiencing something of an economic renaissance, in particular vs. where the country has been. In the late s, Cambodia faced brutal government under the Pol Pot regime.


The cities were emptied as the Khmer ouge mobilized the nation's entire workforce to produce rice, most of which was exported to China. As part of this reorganization of society, the Khmer ouge killed all dissidents, intellectuals or people of skill. The result was that, when the Vietnamese liberated the country, Cambodia had absolutely no functioning economy, and no people who could drive the economy and the country forward. The Khmer ouge lingered on as a force in the country for a long time, further stunting opportunity for economic development. Now today, Cambodia's economy is beginning to show signs of life. References CIA World Factbook. Central Intelligence Agency.


traffic congestion kill economic growth community ward This article city Vaughan Ontario Canada. The city of Vaughn in Ontario, Canada, is one of the area's fastest growing communities and it apparently doubled in size since the early nineties. hile this has had a positive effect on the area's socioeconomic status, it also led to a serious problem as congestion started to be more and more common. The authorities attempted to tackle the issue through improving the infrastructure and through bettering the public transport system. Even with this, the rapid inflow of people seems to be too much for the community and it started to experience economic problems as a result of the traffic situation.


Road congestion is a divisive topic, as many are inclined to perceive it as a sign of success -- most successful communities from around the world report incidents involving congestions and thus influence the general public…. China as a Developing Country China's Economic Growth China as a developing country The world economy has grown to be very competitive of late; there have emerged new economic trends, new economic alliances as well as new economic powers in the world over. Among the newly emerging economic powers is China which has been observed to be one of the fastest and stable rising economies in the world that no other economies can ignore them. The big question is how the Chinese have been able to set this trend and how they are maintaining it throughout.


However, this came to change in…. References Aimin Chen, Assessing China's economic performance since Material attainments and beyond. The Journal of Socio-Economics pdf Bloomberg Bissweek, html Centennial Group Holdings, The Development of Private Enterprise. America's Self-Imposed Economic Limitations The United States stands proudly and vocally on its reputation as the greatest economic force in the world. Particularly following orld ar II and throughout the protracted conflict that was the Cold ar, the United States asserted its capitalist system as one that would ultimately drive global economic growth and progress. Yet, today, we find the United States at something of an impasse. In the throes of a seemingly endless recession and constantly bombarded with ominous predictions about the unsustainable nature of the American way of life, we must confront the reality that we may have reached the limits of our growth potential.


Both because of America's poor prioritization of social needs and its global orientation with respect to free trade, the nation is facing a crisis of stagnancy that may only get worse with time. America's domestic policies are very much to blame for certain…. Works Cited: Bennett, W. Academic growth limits U. Northeast Mississippi Daily Journal. International Herald Tribute IHT. The Price of Globalization: American Jobs. International Herald Tribune. Localities with Strong Economic Growth and Dealing with Problems of National and Local Levels of Planning The objective of this work in writing is to address the primary problems of contemporary localities with strong economic growth and answer the question of how should the state deal with these problems in regards to both national and local levels of planning.


Long- and Short-Term Planning Long and short-term planning for land use and urban, suburban and rural revitalization and growth is the focus of urban and regional planners. These planners assist officials in the alleviation of "social, economic, and environmental problems" through making recommendations of locations for such as schools, roads as well as other infrastructure. These individuals additionally suggest the zoning regulations for private property, which makes a requirement of "forecasting the future needs of the population. Department of Labor, Most of local governments hire these planners and these…. References Balis, Ryan Smart Growth Policies Hurt. National Policy Analysis. National center for Public Policy Research.


June html Defining Life Cycle Assessment Urban Environmental Management. html Defining Capacity Building Urban Environmental Management. html The Vision for Planning Royal Town Planning Institute RTPI. Question One: Neocolonial Practices and Economic Growth in Former colonies Neocolonialism refers to any attempt by a powerful nation to use economic, cultural, and political pressures to influence their former colonies to act a certain way. Nations could act directly or through influential global institutions such as the International Monetary Fund and World Bank. Proponents of neocolonial practices argue that they provide means to stimulate economic growth in less-developed nations. Critics, however, argue that such practices have little benefit on former colonies and they, in fact, stifle real economic growth.


In the s,…. References Schefner, J. Globalization and Beyond: New Examinations of Global Power and its Alternatives. University Park, PA: Pennsylvania state University Press. Stephanie Black Documentary. Life and Debt. 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…. Bibliography Boneuve, K. Driving Innovation Through Software. Clement, Douglas. September, Creation Myths. The Region. Farrell, Christopher.


Economists for an Expanding Universe. McGraw-Hill Companies Inc. Juma, C. The Gene Hunters: Biotechnology and the Scramble for Seeds. Princeton: Princeton University Press. After China was reopened to trading with the West in , the country has really took off in becoming one of the world's biggest producers and exporters of a plethora of different goods. China has grown tremendously as nations like the United States have become their biggest trading partners. In response, China has helped refuel this growth with the manipulation of their currency and their heavy investment in the U. dollar, which ensures them a more competitive position for their exports. For generations, China had closed itself off to trading and interacting…. References American Manufacturing. China and currency manipulation.


Business and economy in China. New York Times. html Congress Quarterly. The consumer culture. CQ Researcher, 9 44 , Manzay, Terrance. China export industry dominates worldwide. Article Snatch. The need for the preservation of these resources is because of the fact that it is finite or limited. Abused utilization of these resources will deplete it and will eventually endanger the future inhabitants of the earth, leaving them nothing for the production of their own needs. Without the resources, there will be nothing to work on in the first place. Achievement of economic stability is the first step in order to achieve the other social goals.


Since there are resources, there can be economic efficiency whereby goods can be produced at a lowest possible cost because of the availability of resources. Economic freedom or the right of a man to engage in voluntary economic activities, economic equity or justice particularly in terms of taxation and welfare economics, and economic security or security in employment can be settled between the government and the people in order to achieve them. Economic Crisis Policies US current economic crisis is considered to be started from real estate sector. The real sector started to decline in and it accelerated in and 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 anks 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.


ank losses cause reduction of bank capital which in turn requires capital reduction thus saving bank from lending. Bibliography ISR international socialist review. Retrieved from The U. shtml Journal of accountancy. economic crisis: root causes and road to recovery: www. World Economic Crisis and Fed Reserve Response to it. Studies in Political Economy. If there is a risk that one of the family members will lose his or her job, that will add risk to the purchase decision. The riskier the purchase decision, the lower the price will need to be in order to compensate for that. Another factor here is the expected change in housing prices or interest rates.


Buyers are inclined to enter the market if they believe that the cost of home ownership will be higher next year, but they may delay purchases if they believe that costs will be lower next year. ith new home sales last summer, the dip could be in part due to worries about a double-dip recession. The summer was characterized by an inane fight over the debt ceiling, something that shattered confidence of many in the political system, and some of the key actors within that system. A fractured political system is one that…. Works Cited: Hauser, C. Sales of new homes fell again in july. New York Times, pp.


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. hile there are four major types of economic systems recognized by economists, there…. Works Cited: "Economic Systems. Hilliard Bradley High School, n. com - Study Smarter. com, Inc. Shmoop University, Inc. The country has traditionally relied on growing its workforce as a means of increasing its economic capabilities. hile Hong Kong has done the same in the past, its policy has diverged at this point. Faced with an influx of labour from the PRC, Hong Kong now faces a situation where it needs to focus on bringing in high-end labour, rather than the unskilled labour that is currently flooding in.


Singapore shares a similar need, but has less space for new arrivals. A more open border with Johor Bahru on the mainland gives Singapore the ability to house labour out of the country that Hong Kong does not enjoy, but could encourage businesses to relocate there as well, to Malaysia's benefit. Singapore has also focused on trade more than Hong Kong has. Traditionally, Singapore has adopted a role as a trade hub, where Hong Kong was a finance and insurance hub. Works Cited: CEDB. Home page. Commerce and Economic Development of Hong Kong. htm Chen, S. Singapore GDP growth beats initial estimate as Asia recovers. html Hong Kong Economic and Trade Office. Hong Kong's growth strategy linked to six new industries. Hong Kong Economic and Trade Office, Canada. htm Lim, L.


Singapore's economic growth model -- too much or too little? University of Michigan. Growth ate Slow model is an economic tool used to analyze a country economic growth. The principal conclusion of Slow model is that the accumulation of capital could not only account for the growth rate per person. To address the central question of economic growth, it is critical to move beyond the Slow model. Mankiw et al. Objective of this paper is to use the core economic variables and non-core economic variables to investigate their potential impacts on the United States growth rates.


Overview of the United States Growth ates The United States is the largest and most powerful economy in the world. Presently, the U. has the highest level of output with the country GDP valued more than U. References Andrew, W. The link between institutional quality and economic growth: evidence from a panel of countries. Master's Thesis. Country Watch United States Economic Overview. CountryWatch, Inc. Freckleton, M. Wright, A. Economic growth, foreign direct investment and corruption in developed and developing countries. Journal of Economic Studies. Kornecki, L. Foreign Direct Investment Stock Contributes to Economic Growth in the U. Department of Economics, Finance, and Information System. Buchanan, 72 The economic policy tools that were employed just after the war subsequently underwent some changes.


From to direct controls on wages and distribution were eliminated followed by removal of trade controls in However, the government continued to maintain its hold over prices and credit distribution which made it different from many of its neighboring states in the postwar period. The French Ministry of Finance exerted greater control over the economy than the Bank of France. This led to a greater predilection to resort to devaluation when external equilibrium resulted due to the state failure to control incomes.


In France, the period between and was known as the "thirty glorious years" because of the phenomenal economic performance. During this period, the average growth rate of GDP was around 6. References Bathelt, Harald; Wiseman, Clare; Zakrzewski, Guido. Unit 1: Post-war development and structure of the German economy. Buchanan, Tom. Europe's troubled peace, Wiley-Blackwell, DeLong, J. Grasping reality with both hands: A Fair, Balanced, Reality-Based,. Economic Challenges Canada Faces In recent years, the challenging economic condition in Canada has emerged as a concern for citizens, policy makers and the government alike. Canada faces challenges in terms of creating a more innovative society, as the country continues to experience a significant productivity gap compared to other advanced industrial economies.


The Canadian industry appears to be slower in successfully developing, applying and marketing innovative products, processes and services than a majority of other nations. This lack of innovation is the cause of Canada's low productivity growth and competitiveness, and therefore must be addressed in order to increase employment growth, a higher standard of living and an improved quality of life for all Canadians. Current research predicts that although Canada's economic performance will gradually strengthen out of the recent mild slowdown into a better pattern of growth in , Canada's economy still faces the longer-term challenge of increasing…. Bibliography Department of Finance Canada.


The Economy in Brief. html Economic Survey Canada. Building Partnerships for Progress. Energy costs increased substantially and the yen's exchange rate was shifted to a floating rate. The eventual recession reduced expectations of future growth and reduced private investment. ut despite the oil crisis and its consequences, Japan's major export industries stayed competitive through its cost-cutting policy and increasing efficiency. It reduced industrial energy demands and allowed the automobile industry, along with other industries, to improve. y the late 70s, the computer, semiconductor and other technology and information-intensive industries entered a period of rapid growth. During this high-growth era, exports continued to support Japan's robust economic growth in the 70s and in the 80s.


However, the problems encountered on account of its growing balance of payments surplus urged for the opening of domestic markets and a stronger focus on domestic demands…. Bibliography Answers. Shigeru Yoshida. Encyclopedia Britannica: Answers Corporation Bernier, B. The Japanese peasantry and economic growth since the land reform of Vol 12 issue 1. Bulletin of Concerned Asian Scholars: Questia Media America, Inc. Luu, L. Summary report on Japan. Team 6. Chinman: University of Hawaii.. Economic Growth Economic Change in Saskatchewan "If there were a change in Saskatchewan's economic circumstances from one of "boom" to one of "normal" or "bust," which current areas of government activity would you expect to be affected by this change, and, what would you expect the government's policy response to be to adapt to these new economic conditions?


The province has been able to take advantage of the rich supply of natural resources and exports many commodities to global markets. Much of the growth that the area has experienced can be attributed to the growth of potash and oil. However, these resources may not sustain the levels of economic growth that the region has experienced indefinitely. If Saskatchewan does not work to diversify its economy then the economic boom that it has experienced could slowly dwindle away. Furthermore, if…. Works Cited Craig, M. Challenges ahead to sustain Saskatchewan's rate of economic growth.


The Saskatchewan Plan for Growth. The Role of Urban Communities in Sustaining. Governments will not provide public goods to those they mistrust, as they will not expect to be able to collect taxes at a later date. In Africa, this again can be related to ethnic tensions -- governments and regions from different ethnic groups may have mutual mistrust that predates the colonial era. Conclusions Every nation will develop in its own way. For the most part, however, specific antecedents to development can be identified. Strong government is essential as lack of security will reduce investment -- both domestic and international -- and thus stifle economic growth.


Strong government must nonetheless not confuse the rule of law with a mandate to expropriate wealth. The government will need to tax, but must do so only in accordance with the needs of the region for public goods. At some point, trust will need to be developed between the government and the people of the…. Works Cited: Acemoglu, D. Politics and economics in weak and strong states. Journal of Monetary Economics. Herbst, J. War and the state in Africa. Acemoglu, D. Economic Structure and Democracy. Aryeetey, E. Financing Africa's future growth and development: Some innovations. Institute of Statistical, Social and Economic Research. Economics hile the U. is only showing the first signs of recovery from the global economic crisis, other nations such as Australia and China have recovered much more quickly.


There are a number of factors that have contributed to the disparity in economic performance in the past three years in these different nations. In particular, three factors will be considered. The first is the situation in each country at the outset of the crisis. As the crisis was largely precipitated by a credit crunch, the differences between the structure and regulation of the banking sectors in each country will be given particular attention. The second factor will be the response on the part of each federal government to the crisis. The third factor will be the nature of the different economies -- the degree to which different structures have impacted the recovery process. Lastly, policy implications will be drawn for…. Works Cited: BEA.


National income and product accounts table. Bureau of Economic Analysis. GDP growth in China htm Jones, F. Krugman: Stimulus didn't fail because it never happened. Australia's banking sector is as strong as a brick outhouse. The Age. Czech epublic 1 When you compare the two numbers, the purchasing power is lower in the Czech epublic in comparison with the EU. This means, that labor costs are much lower in relation to the rest of Europe. When you put this together with the increases in the GDP over the last two quarters and the fact that the banking sector, was undamaged from the financial crisis; means the Czech epublic has outstanding opportunities for addressing the needs of the company. As the country's costs, the business friendly atmosphere and prudent practices of government policies are creating the ideal environment for a European call center to flourish.


isks Despite the obvious advantages, there are risks of relocating to the Czech epublic the most notable would include: the underlying cost structure. This program is focused onto the following directions: Generating stability with exchange rates ebuilding confidence in the monetary policy Better managing and restricting public debt eforming and restructuring the banking sector to insure more transparency and the implementation of internationally recognized policies The Icelandic Government Information Center, Short-term forecast for the economy The has severely impacted the Icelandic economy. In light of the dramatic effects as well as the efforts put into the reconstruction and reconsolidation of the Islanding economy, major growths are not expected.


In other words, it is generally assumed that the country will regain its stability through small and gradual victories, which will, for the time being, only manage to stabilize the economy. Growth rates are expected to remain low and for for instance, the growth rate of the gross domestic product is expected to be close to zero Central Intelligence Agency, Economics UK Economy An analysis of the latest figures for key economic indicators and the factors which have affected these indicators. This should include the figures for unemployment, inflation and economic growth.


Unemployment The unemployment rate is a very important indicator of the overall health of the economy. Currently the unemployment rate is at 7. However, this figure does not affect the population equally. Different segments of the population have different employment rates. Furthermore, the unemployment rate does not include people that are not actively seeking employment. In the chart these people are considered to be "inactive. Employment in the UK has suffered from recession. In there was a…. Works Cited Financial Times, Question 3: Fiscal Policy. html axzz2IAShLpER [Accessed 1 January ]. Kirka, D.


UK recession fears grow as manufacturing drops.

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