According to Joseph Stieglitz, the United States government should offer free high school education from money collected from general tax covers that will cost $300 billion. To begin with, in the past education was free for public colleges and this is because of the Morrill Act of 1862. At the time the number students who could go to colleges and universities without paying tuition was relatively small. However, as years went by the number of students attending public colleges increased the government was forced to reintroduce the tuition fee. Therefore, the issue of offering free high school education has been debated for a long time and need to be dealt with.
On the other hand, it is not easy for the government of the US to offer free higher …show more content…
The first component of competitiveness is institutions which are the environment of the country to generate wealth. The second component is infrastructure, and every country should ensure it has the best to enable functioning of the economy. On the other hand, the third components are a macroeconomic environment which should be stable. The fourth component is goods market efficiency that will enable the country to produce the right product. Other components include efficiency of the labor market, development of the financial market and technological readiness.
Describe the price specie flow mechanism.
The price-specie flow mechanism was created to a country in explaining how to adjust the trade imbalances via the gold standard automatically. According to the mechanism, the central bank is insignificant since the gold coins are assumed to be circulated. Also, from the price-specie flow mechanism based on the gold standard, those nations that possess trade balances that are positive are in a good position of importing money to be exchanged with their
exports. On the other hand, those nations with negative trade balances exchange their imports by exporting …show more content…
The products that are produced should be distinguished from each other to increase its attractiveness to the market which is competitive. Therefore, product differentiation is when a country distinguishes its products from those of the competitors, and this is done to minimize the completion or in other terms to gain competitive advantage. Also, countries trade in respect to product differentiation to ensure they improve the quality of goods. Product differentiation is also used by countries in trade in order to contribute to the perception that no substitutes are available. In other words, product differentiation helps countries to provide and get variety, enhance creativity, hinder market entry, create value, and enhance brand
On the other hand, it is not easy for the government of the US to offer free higher …show more content…
The first component of competitiveness is institutions which are the environment of the country to generate wealth. The second component is infrastructure, and every country should ensure it has the best to enable functioning of the economy. On the other hand, the third components are a macroeconomic environment which should be stable. The fourth component is goods market efficiency that will enable the country to produce the right product. Other components include efficiency of the labor market, development of the financial market and technological readiness.
Describe the price specie flow mechanism.
The price-specie flow mechanism was created to a country in explaining how to adjust the trade imbalances via the gold standard automatically. According to the mechanism, the central bank is insignificant since the gold coins are assumed to be circulated. Also, from the price-specie flow mechanism based on the gold standard, those nations that possess trade balances that are positive are in a good position of importing money to be exchanged with their
exports. On the other hand, those nations with negative trade balances exchange their imports by exporting …show more content…
The products that are produced should be distinguished from each other to increase its attractiveness to the market which is competitive. Therefore, product differentiation is when a country distinguishes its products from those of the competitors, and this is done to minimize the completion or in other terms to gain competitive advantage. Also, countries trade in respect to product differentiation to ensure they improve the quality of goods. Product differentiation is also used by countries in trade in order to contribute to the perception that no substitutes are available. In other words, product differentiation helps countries to provide and get variety, enhance creativity, hinder market entry, create value, and enhance brand