Economic growth

Economic problem to be studied The crude oil price has been very volatile during the past several years due to the overproduction and an increasing inventory for major economies. It is very hard for the main crude oil producers to reach an agreement to cut global production all together, so the price reached a historical low level during 2015-2016 (Breul 2016), and to this day the oil price is still at a low level compared with decades ago. Since crude oil is a very important part for many…

Barro found that a nation’s GDP growth rate is correlated with improved rule of law and granting of political rights. These were only correlated when prevalence was initially low, but it demonstrated that certain political structures may be better for growth. This is because economic rights and political rights facilitate and encourage one another to develop. The key causal mechanism here is limitation in government power due to the increase of individual political rights (Barro 1998). While…

recover quickly. The Gold rush during 1858 and Canadian railway 1885 brought many people and immigrant in BC. The physiographic in BC is Cordillera; the combination of mountain, plateaus, and valleys, make this province able to emerging giant Canada’s economic system through different natural resources. The Cordillera climatic zone consists of a number of microclimates (Bone, p.280), which can turn affect vegetation and soil conditions within these microclimates. Mainly there is three natural…

reducing capital for investment. While Argentina is a rich country, since 1974 their economy has recorded steady economic growth meaning that there’s very little to no progress being made in their economy. In Soto and Zurita’s research they blame fiscal irresponsibility on Argentina’s slow economic progress. The evolution of Argentina’s real GDP per-capita has been at around 1.1% growth per year between 1950 and 1974. After 1974 there…

Growing concern for the future environmental and social climate has brought many to argue for a fundamental overhaul of the modern economic axioms. Indeed, the notion that a finite biophysical system is incapable of sustaining infinite economic growth is responsible for the increasing popularity of the degrowth movement. What follows is a critical assessment of the desirability and feasibility of a degrowth economy. More specifically, Sen’s capabilities approach is used to assess whether or not…

have a positive or negative effect on the economy, can alter many decisions, and can be used to inconsistently to unite a country. Religion is needed to move a country through instability, yet it can also be used to put a country into a declining economic position. Currency The United States can be recognized by one image. The dollar has been used to represent the States since September 8, 1786 when it was first authorized to be issued. Americans use it every day, look at it…

Economic globalization has been occurring since mass transportation was engineered. However, it has grown significantly in the modern era due to an increase in technological capabilities. People who once were only able to trade after a long oceanic voyage can now access the internet and purchase goods from across in an instant. This increase in economic interconnectedness has had far-reaching implications for the world. Economic globalization has had a positive impact on the world, as nations…

been the world’s sole economic and militaristic superpower—however, some economists recently suggests that China’s economy in the recent years might be able to rival and or surpass that of the United States. These claims of China’s rising power is exacerbated by Americans’ fear of losing our established position as the economic powerhouse. The exaggerations are far from the actual truth of the positions of China’s economic power compared to the United States. China’s rapid growth comes at a…

Behavioural economics employs insights from psychology experiments to help explain examples of economically irrational behaviour, when dealing with consumer theory. The two most prominent ‘irrational’ preferences are reference dependence, and loss aversion. Although it is a fairly recent development, there have still been many papers written about behavioural economics; such as ‘On the Value of Incumbency: Managerial Reference Points and Loss Aversion,’ ‘The Forward-Looking Competitive Firm…

Report on Solow Growth Model and Prosperity without Growth WestCliff University Date: 08/05/2017 Summary The Solow growth model (Robert Solow a noble prize winner) suggesting that economic growth comes from Capital, Labor and Ideas of new technology. People and technologies are the main sources of the growth , labor are more productive when they work in factories. The Solow growth model also addresses the Solow residual, means when economic growth is relying on new ideas and technologies.…