Knowledge economy

of traditional cottage industries. But with the advent of industrialization, cottage industries witnessed a sharp decline. However, the government has taken steps to revive cottage industries as they play an important part in contributing to the economy of the country. The top five Indian cottage industries are cotton weaving, silk weaving, carpet making, leather industry, metal handicrafts and small food processing industries. The commodities that are being produced by cottage industries are…

Tracking a countries macroeconomic performance is critical to any and all countries willing to start up an economy, or trying to improve their economy. Countries seeking a solid performance report should primarily use income as their start up to finding the best possible economic route towards climbing out of economic drought. Income is the single most important factor in measuring economic performance. Gross domestic product otherwise known as “GDP” is the most frequently used measure of a…

potentially dismantle the operating environment which these enterprises function within. These issues that we learn about, and the company profiles that were presented gave us an insight into some of the biggest macro challenges present in the world’s economy. These conglomerates are potentially disastrous macro-economic structures who have attained a status where it is necessary to be educated about them and understand how a seemingly unrelated event may have a profound impact on another.…

growth would be centered in the early expanded regions creating a vacuum by pulling skilled persons and money out of the local economy. But, they also realized that because the expanded regions will stimulate economic growth elsewhere making up for the drain. Binn pointed out that Hirschman recognized that one or two regional centers seem to be needed for the economy to lift itself to higher income levels. Hirschman felt that government should not intervene since the drive for greater…

most remarkable life changing moments in history were due to educated begins who were thirsty for knowledge, questioned anything and everything, who dived into curiosity, and who increased the country’s worth. What many do not realize is the richness that education delivers to an economy. Author Mustafa Hatipler, in his article "Development Economics and…

Why is capitalism a better economy and society than communism? Because capitalism gives individuals rights and has dynamism when properly used. Capitalism is far superior to communism as an economy and society. The first part of this paper discusses about communism. The second part of this paper talks about capitalism. Finally, the pros and cons of each system will be discussed. Communism Communism was an economic-political philosophy founded by Karl Marx and Frederich Engels. It was founded in…

all final goods and services produced within an economy in a given year. This is also commonly referred to as total output (O 'Sullivan, 100). Q: Do increases in gross domestic product necessarily translate into improvements in the welfare of citizens? Explain your answer. A: Increases in gross domestic product do not always translate into improvements in the welfare of citizens. Despite GDP being the best measure of output value within an economy it has so many moving parts that can cause…

People have wondered for many years, why certain nations have succeeded, while others fall. This question has intrigued many people. From economist, scientist, to historians. David S. Landes an economic historian who was a professor at Harvard University, tries to answer the question of why some nations are wealthier than others, while others suffer from poverty. In his book The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor David Landes uses his background in economics and…

In the article that I have read on unemployment, it gave knowledge about how the U.S. economy (2015) was expected to continue on its previous growth path and on into at least the first quarter of next year (2016). The GDP growth rate is expected to remain somewhat consistent in the 2.25 percentage range. There has been a decline in the unemployment rate (now at 5.5 percent). There is also minimal improvement in disposable income that have raised spending. Simultaneously, GDP growth has also…

from the perspective of an economist. Economists tend to focus on the economical viewpoint of things, which is actually more important than most people think. The economy is an enormous part of the world and has a great effect on how we live our day to day lives. One economist’s theory on how everything should be running in the economy I find interesting is Adam Smith’s. His theory can be summarized down to governments involvement in businesses doing more harm than good. I feel as though his…