Economic

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    The development of communication and new technologies, and the use of Internet have made huge economic and political transformations. People, banks and industries use the cyberspace to trade their capitals among national and regional economies. Moreover, economic integration and economic globalization have shrunk economic connections across the globe. Goods and Services can be easily trade among nations because there are several facilities of transportation, control, and payment. The increase flows of capital mediated by digital technology have stimulated several transactions. However, the uncontrollable use of capital flows has also triggered economic issues like economic crises, deficits in the balance of payments, capital outflows, and inconveniences with the exchange rate. Although capital flows could be considered risky, it is important to consider the evolution of international economy and the interaction of its economic actors to determine if capital flows trigger benefits. According with Steger, the contemporary economic globalization started with the emergence of Bretton Woods. The United States and Grain Britain resolved to create a more stable money exchange system in which the value of each country’s currency was attached to a fixed gold value of the US dollar (p.38). This institution also set the institutional foundation for the three new…

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    The comparison between the neoclassical economics advocated by Kenneth Arrow and information economics by George Stigler show the different point of view towards the function of market and the economical mechanism to fix the market failure and improve the economic performance and social welfare. The two points of views differs mainly on whether the government should way in when the economy is facing trouble and need to resolve some market failures that are currently affecting the well-being of…

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    allows the rich to pay a lower amount of taxes than the poor. Furthermore, the financial sector was involved in several forms of “rent seeking”, getting income at the expense of the rest of society rather than through one’s efforts, by obtaining hidden and open grants from the government, establishing laws that shape the marketplace in a way that is more profitable (to the firms), and ignoring existing competition laws. Through these fraudulent practices, firms managed to increase their…

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    Global Economics

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    YanYan Jiang SEMI 240 – Economics for global travelers Final Exam 1. Globally, incomes vary dramatically; some countries have high incomes and others are extremely poor. Activists blame capitalism for this inequity and call for radical changes in the world economic system to eliminate poverty. Others respond that low-income countries have poorly functioning markets and the surest path out of poverty is to strength markets and extend market access for the poor. Evaluate these two positions,…

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    The economic and cultural divide between developed and developing countries has been apparent throughout history, so the existence of this ever growing “gap” is no secret to any global citizen. Although this gap has been evident for decades, we must ask ourselves how has this gap continued to grow as the world advances. How can one measure the size of this gap if it is not actually visible? By comparing the economic statues of multiple developed and developing countries along with their levels…

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    Comments on the Model 1. Authors use the AIDS to derive the expenditure share in good j for individual h, which is given by equation (10); s_j (p,x_h )= α_j+∑_(k=1)^J▒〖γ_jk lnp_k+β_j ln⁡(x_h/(a(p))) 〗 Here a(p) is the cost of the subsistence basket of goods which is independent from nonhomotheticities, that is, it is assumed that a(p) does not vary with the level of income. Though this is a plausible assumption within a country, across countries it is more like to vary given the differences in…

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    Mr. Wolf & Mrs. Muse 2/15/17 AP Seminar Economic System of California: The Effects of the Drought and Economic Shift The California water crisis is a severe issue which has affected many people. The Californian economy has been hit very hard by the drought, causing water prices to rise. The government in California has limited the usage of water, and has caused people to cut back on it. There are current methods of water conservation in California, however, they are not the most efficient way to…

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    Keynesian Economics

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    1. In part I, Keynes believes people are suffering from the development of a new economics period. He predicts the error of pessimism will be proven wrong in time. The pessimism that people believe violent change is the only way to protect them and the pessimism that people do not care much about economics and social life. He believes that the standard life of a average person has no change due to the combination of the shortage of “important technical inventions” and “failure of capital”.…

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    Xanadu is a third world country that has recently gained independence from its former mother country. As the financial advisor for Xanadu, I suggest communism as the economic system to bring this very under developed country into prosperity. Since they have only recently gained independence it will be easier for them to transition to a strong government. The people of Xanadu have no experience with democracy and therefore will be able to fully appreciate having a very elite few handling all of…

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    Naked Economics Summary

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    Going into my senior year of High School I knew that we were required to take the class “Economics”. I didn’t have much knowledge of economics and didn’t have very much interest in learning about it. As my senior year kept flying by I began to start learning about Economics and enjoyed it. Mrs. Shelton’s teaching and the book “Naked Economics” really changed my assumption on economics and made me want to learn more. Reading Naked Economics wasn’t as bad as I thought it would be. When reading…

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