Economic problems

identification. Just the same, GDP is being used for a purpose other than what it was designed for. It was not to be an indicator of economic welfare but that is how it is used today, not only in the US but in countries around the globe. At first glance it may seem like a good way to sum up the economic welfare of a country, but upon digging a little deeper some problems are uncovered.…

My interest in economics unexpectedly began via football. After England's disappointing World Cup exit in 2010, I picked up a book written by a sports economist: "Soccernomics: Why England Loses." The author examined the data of England's performances relative to that of other countries given the differences in population, GDP per capita, and other factors. He came to the conclusion that England was in fact matching expectations. The applicability of economics and the intricate process…

One of the greatest contributors of economics, Adam Smith wrote “The Wealth of Nations “in which he argued the economic trading system of mercantilism during the 16th and 18th century. In “The Wealth of Nations” he presented his idea of the free market, which is commonly known as Laissez Faire that focuses on free trade and free competition of products without any interventions of the government. Learning about Adam Smith’s “The Wealth of Nations” there are some pros and cons if we put it in a…

By definition, economics is “the study and process of producing, distributing (or exchanging), and consuming goods and services” (Maulana, 2010), and in part economics influences every aspect of social life. 2. The political economic status of the ghetto is that of a domestic colony. In many ways, the ghetto is being oppressed, isolated, deprived, and exploited in a similar manner as the former colonies. The majority of the residences are unemployed (resulting in a strong dependency on…

The circular economy is defined as an economic system that revolves around the processes of recycling, reusing and recovery of materials (Kirchherr J, Reike D, Hekkert M 229.) CE (circular economy) was first introduced as a concept in 1989 by environmental economists David W. Pearce and R. Kerry Turner and has recently been adopted by a number of countries. In 2015, Denmark, Netherlands, Japan, Sweden and Scotland agreed on CE legislation (Braw. E). The circular economy is a relatively new…

The above diagram identifies most of the possible causes to the problem, by applying the “why” as suggested by Oakes (2009) at each stage until a common problem is identifying as the absence of a specific “Economic Development or Planning Act” similar to other countries and state such as the Mauritius Planning and Development Act, Singapore Planning Act and Economic Development Board Act, Texas Economic Development Act, Hawaii State Planning Act, and others that should mandated the existing role…

cocoa driving their economic growth up, so was their discovery of oil. Through Rawlings’ policies and the demand of the countries resources the country was able to hold an economy that was exploding. Even though the country was making great strides in their economic growth it still had its problems with political and police corruption. They struggle with inflation and budget deficits like many other countries. Using their revenues from oil will help to counteract these problems and the revenues…

political, social, environmental and economic policies mainly dictated by the United State and Great Britain from the beginning and ending of the cold war led to the reason why Africa is undeveloped today. Furthermore, Africa is underdeveloped today as the result of Western Control, Neocolonialism, Corruption and the process that leads to western aid approval and its mismanagement The underdevelopment of Africa is the result of Western interference in African economic, social, and body…

Introduction Globalization is a very broad term that, when applied to different situations, can cause some confusion. Since there are many different types of globalization, ranging from economic to environmental to scientific, a laconic definition is often hard to come by. For example, Merriam-Webster’s definition of globalization, simplified, is an intent to have one global economy whose key focus points are free global trade, constant input of financial wealth into a company without…

competitive. Each trade center was free. Although they provided favorable conditions to promote commerce, there were contractual problems. The need to solve those issues drove traders to form an economic institution which could facilitate trade by lowering transaction cost and information transmission. How agency relations were established conduced to understand the fast economic growth in Mediterranean trade. The interdependent relation between merchants and agents motivated the parties…