Microeconomics

UNEMPLOYMENT Definition: Unemployment refers to a situation where individuals are willing and able to work but are unable to secure employment and therefore labor resources are underutilized. Measurement of Labor Market Performance The Labor Force Participation Rate refers to the percentage of the population aged 15 and over that is either employed or unemployed, and is currently 64.8%. Weaker demand for labor and below average wage growth has contributed to a cyclical ‘discouraged job seeker’…

he Samsung Group is a South Korean multinational electronics company. Samsung is the second biggest telecommunication industry in the world, after Apple, through its innovation smartphone. Innovation, or the process of coming up with a new method, has been referred to as one of the crucial success factors in any industry that plans to prosper in the future. Over time Samsung has developed its product line. The mobile phones manufactured by Samsung are made up of 40% recycled material. The…

of the individual replaces the (perennial useful) fiction of a utility-maximizing individual, hierarchies, and networks- interact and communicate to determine individual behavior” (Camerer, 28.) The focus of neuroeconomics research from an the microeconomic standpoint level is on the attempt to understand components such as consumer choice, valuing risky gambles, and strategic thinking. On the side of macroeconomics, it is clear to portray a connection of multiple brains interlinked through…

Question 1 Classical liberalism is a political philosophy that developed in the 19th century and integrated itself in government policies in the United States and Europe. It was a strong advocator for civil rights and political freedoms and encompassed the idea of a represented democracy. At the same time, it also separated church from state. It was during this period that the working class suffered from economically unjust poverty, found themselves without any political rights, had no options…

Where do you turn to when you are questioning which stance you should take on the latest world controversy? Often, we go with our gut, what we feel is right or wrong in that particular situation. Have you ever stopped to consider that your gut might not lead you to the same viewpoint as laid out in the Bible? Stapleford’s book “Bulls, Bears and Golden Calves” (2009) dives into many relevant topics and breaks down how an economist would handle them and more importantly, how Christians should…

Additive manufacturing technology, more commonly known as 3D printing, is everywhere in the news! Innovations made possible by 3D printers are changing the world and propelling society into the future. With this technology, it is possible for anyone to make anything. 3D printers are ushering a new industrial age, but the current US patent system is restricting its potential. The Federal government of the United States is questioning the legality of additive manufacturing and considers it…

In the book “Globalization and its Discontents” by Joseph E. Stiglitz, there are a lot of arguments about how the international community can do better when it comes to providing developing nations with aid. He discusses big organizations like the IMF and the World Bank, and how their efforts might even make the situation worse in some cases. The last chapters in the book, Stiglitz also discusses steps he sees are needed and that he argues should be applied by the international community.…

Tim Harben History of Economic Thought Feelin’ the Hayek When contemplating the philosophies of macroeconomics, two names may come to mind, John Maynard Keynes and Friedrich Hayek. The intellectual differences between their two ideas are still being debated today. Keynes may have received a Nobel Prize for economics but he died before the Nobel prize in economics was created in 1969. Because of this fact, I have chosen to focus my attention on the intellectual competitor and…

not simply contemplate what it means to be conscious or research the French revolution quickly. Capitalism in its speed and efficiency has dragged the humanities through the mud. I see this happen every single Monday, Wednesday, and Friday in my microeconomics course. Theories and analysis of economic properties is just assumed to be fact. The negative aspects of these economic policies is not explored or developed at all. Critiques of our current system of economics is not welcome in a 100…

CTP Final Paper To what extent does our subconscious will interfere with our ability to make solid choices? Throughout The Illusion of Conscious Will by Daniel M. Wegner and Blink, by Malcom Gladwell that is a prominent question that is presented to us the readers. That thought provoking question lead to me to look back on my past after reading both books. I became aware that many of the choices that I’ve made that I previously made, were often the result of another event or decision. That’s…