Economics

In order to analyze social and economic sides of Trans-Pacific Partnership Agreement, it is important to review details on this new free trade agreement (FTA). First of all, according Encyclopædia Britannica, free trade is “a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports)” (“Free Trade” 1). The idea of free trade first appeared in 1776, when Adam Smith, an economist, claimed the benefit of…

In this research, we study the bi-objective economic lot scheduling problem (ELSP) considering deteriorating items in which the shortage is allowed. The considered problem is NP-hard since the ELSP is already shown as NP-hard problem. The goal of this study is to minimize two objectives simultaneously; 1) setup and inventory holding costs including deteriorating factor, 2) total number of stock out units of each item during each period. The studied ELSP problem, adopts extended basic period…

In the Western history economic sanctions are common instruments of pressure on countries that are trying to pursue an independent economic and political course. Sanction is an attractive tool for politicians to solve international disputes, because they result in much lower costs and loss of lives, as opposed to the war. Most of the historic sanctions against Russia were declared unilaterally by the United States, but in recent years Europe began to take a more active role, although United…

global GDP and creating an overall economic downfall. It all began with the great crash, occurring on October 29th, 1929, as the stock market disintegrated into fragments resulting in millions discovering that their paper gains had become nothing. There were many reactions and towards the looming event as economists attempted to find a resolution in order to soothe the dilemma. The various reactions and outcomes of the Great Depression helped to shape economic theory, social life, and people’s…

concepts of economics is important for everyone. These concepts provide recognition of the market trends that emerge in business and affect the choices in every purchase made. The article Understanding the Mechanisms of Economic Development by Angus Deaton provide key points that are relevant in economics. The four important economic points touch on the consumers and income, commodity prices, economic growth, and scarcity (Deaton, 2010). Key points The article explains that economic development…

such as the United States outright rejecting it. Still, Capitalists too were now in a great divide. Should markets be free? Should governments intervene in times of economic instability in order to create jobs? Eventually, these Capitalists seemed to settle the issue, thus beginning the great Keynesian Revolution that would shape economics for decades, but not all Capitalists were quite so sold on the ideas that became prevalent in the latter part of…

the 2008 Economic Crisis, their perspectives, cinematographic techniques, and graphic designs result in a similarly critical yet different film. Hence, it is difficult to decide which one is more effective. Inasmuch as I read The Big Short: Inside the Doomsday Machine by Michael Lewis before I saw the movie, I have to say Inside Job was better at exploring the financial services industry and unfolding how the crisis became a global issue. If The Big Short has explained how this economic crisis…

Economies: Similarities and Differences Economics is the study of the economic problem; how to satisfy unlimited wants with finite resources? Individuals, businesses, and governments must all make conscious, rational decisions as to how these wants are fulfilled, and what the implications of these choices are – primarily those of opportunity cost and allocative efficiency . Economies aim to achieve a sustainable balance between immediate utility of wants, and the continuation of growth and…

1. According to John Maynard Keynes, what is the cause of economic downturns and what is his prescription for them? Economic downturns according to John Maynard Keynes are caused by insufficient aggregate demand. The total demand of goods and services goes down, meaning the reduction in goods and service consumption, impacts negatively on production and employment matters. Falling income and aggregate demand are the consequences of insufficient demand. Saving is not good for the economy because…

various forms of equality and inequality worth discussing. In the United States, with a free-market trade, economic inequality has often been favored by America citizens rather than political inequality. Progressively, the inequality engrained in society over the last three decades helps explain why Americans prefer economic rather than political inequality. There is a conflict between economic inequality and political equality to the extent that the wealthy population influences the American…