...WEEK 5 ECONOMIC GROWTH To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-5-economic-growth/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 5 ECONOMIC GROWTH The government uses policies like student loans and free trade to influence the economy’s growth rate. In 600- 1200 words, identify at least four policies from the textbook that the government has created to impact economic growth and productivity. In your paper, please also evaluate whether each item has enhanced or diminished your quality of life, and make any appropriate recommendations that might improve the policies. ECN 400 WEEK 5 ECONOMIC GROWTH To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-5-economic-growth/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 5 ECONOMIC GROWTH The government uses policies like student loans and free trade to influence the economy’s growth rate. In 600- 1200 words, identify at least four policies from the textbook that the government has created to impact economic growth and productivity. In your paper, please also evaluate whether each item has enhanced or diminished your quality of life, and make any appropriate recommendations that might improve the policies. ECN 400 WEEK 5 ECONOMIC GROWTH To purchase this visit following link: http://www.activitymode.com/product/ecn-400-week-5-economic-growth/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECN 400 WEEK 5 ECONOMIC GROWTH The...
Words: 910 - Pages: 4
...EFN405 EFN405 Australia’s Declining Productivity Nicholas Woods n9496220Tutor: Ambroise Descamps Australia’s Declining Productivity Nicholas Woods n9496220Tutor: Ambroise Descamps 08 Fall 08 Fall Table of Contents 1.0 Introduction 3 2.0 Australia’s Economic Performance 3 2.1 2001-2007 Economic Performance 4 2.2 2008-2012 Performance 4 2.3 Relationship Between Economic Growth and Productivity Growth 5 3.0 Policies Used to Address Lagging Productivity Growth 7 3.1 Infrastructure 7 3.2 Regulation Reform 8 3.3 Policy Effectiveness 9 4.0 Conclusion 10 5.0 Reference List 11 1.0 Introduction Driven by its dependence on natural resources, Australia’s economy has performed well in the aftermath of the 2007-08 Global Financial Crisis. The relative ease at how Australia has fared post crisis has disguised a worrying trend, a lagging productivity growth. Commissioned by the House of Representatives Economics Committee this report will cover Australia’s productivity performance between 2008 and 2014, gaining a greater understanding of the factors behind Australia’s declining productivity performance. This report will cover productivity growth before and after the GFC, critical analysis of policies aimed at addressing lagging productivity and the effect of these policies on the recovery from the GFC. ‘Productivity is a measure of how efficiently an economy is operating…Australia’s future productivity performance will affect its rate of recovery from...
Words: 2376 - Pages: 10
...THE FUTURE OF ECONOMIC CONVERGENCE* Dani Rodrik Harvard University August 2011 * This is a paper prepared for the 2011 Jackson Hole Symposium of the Federal Reserve Bank of Kansas City, August 25-27, 2011. I am grateful to Arvind Subramanian for helpful conversations and to UNIDO for making their INDSTAT4 data base available. I also thank Cynthia Balloch for research assistance and the Weatherhead Center for International Affairs at Harvard for financial assistance. I. Introduction Novelists have a better track record than economists at foretelling the future. Consider then Gary Shteyngart‘s timely comic novel ―Super Sad True Love Story‖ (Random House, 2010), which provides a rather graphic vision of what lies in store for the world economy. The novel takes place in the near future and is set against the backdrop of a United States that lies in economic and political ruin. The country‘s bankrupt economy is ruled with a firm hand by the IMF from its new Parthenon-shaped headquarters in Singapore. China and sovereign wealth funds have parceled America‘s most desirable real estate among themselves. Poor people are designated as LNWI (―low net worth individuals‖) and are being pushed into ghettoes. Even skilled Americans are desperate to acquire residency status in foreign lands. (A degree in econometrics helps a lot, as it turns out). Ivy League colleges have adopted the names of their Asian partners and yuan-backed dollars are the only safe currency. This is sheer fantasy...
Words: 13025 - Pages: 53
...Chapter 6 - The Source of Economic Growth - * An economy’s output of goods and services depends on the quantities of available inputs such as capital and labour and on the productivity of those inputs * Y = AF(K, N) * Either the quantity of input must grow or productivity must improve (or both) in order to have growth * Pg 182 – equation 6.2 * Growth accounting equation is the production function written in growth rate form Growth Accounting * Output growth can be divided into three parts: the resulting from productivity growth, increased capital inputs or increased labor inputs * Growth accounting measures empirically the relative importance of these three sources of output growth Growth Accounting and the Productivity Slowdown * One explanation for productivity slowdown is that there has not been a slowdown at all but rather is the result of a measurement error * Another explanation is that there was a slowdown due to the large increase in oil prices that occurred in 1970’s as a result of the actions of the OPEC oil cartel * Another explanation is that the productivity slowdown may have resulted from the onset of the revolution in information technology - Growth Dynamics: The Neoclassical Growth Model - * Growth accounting does not explain why capital and labor grow at the rates they do * The growth of capital stock is the result of the myriad saving and investment decisions of households and firms * This model is useful...
Words: 1867 - Pages: 8
... Economic development is a term closely related to industrialization, western inputs and modernization trends in this wake of globalization. It is a transition term that best describes growth movement a state can experience. In the contemporary society, economic growth is a measurable terminal phrase tied to sustainability of input policies. For instance, a policy that foster economic growth bases on quantification factors of its efforts towards increasing economy (Chang, 2002). National economic development must consider political, social and economical achievements and the extents to which it impacts on human life. Therefore, this is a classical submission that highlights development strategies in accordance to empirical formulas developers considers while securing development to a state. Economic development is a development strategy since it bows to pragmatic procedures a developing nation must ever put into consideration. The most unwelcoming aspect of economic development are obstacles that keep on regenerating; despite well defined policies (Chang, 2002). This essay relevantly addresses some of the challenges responsible for the decline in productivity in the society. The key gainsays while addressing economic development relies on the realities concurrent in some case studies. Main Obstacles to Economic Development for States Sustainability of the natural resources is one of the main obstructions to economic development. A country’s economic growth is a subset...
Words: 1403 - Pages: 6
...To what extent, is the success of Australia's Fiscal policy, based on the changes of the current federal budget, viable for a stronger economy? This essay aims to illustrate, the success of Australia’s fiscal policy implemented by the current federal budget and its effects for the long-run. In relation, do these strategies provide sufficient evidence that ensures Australia’s “position of strength in the world economy” and if they are considerably better, in comparison to other international economic environments? I will focus primarily on the government’s expenditure on investment to boost the economy and the resulting effect it has towards the productivity, innovation and competition for Australia. The 2013-14 Budget, which illustrates a reduction in taxes of about $ 17 billion and an increase in expenditures of $ 24 billion, is strongly coherent, increasing aggregate demand by about 3 per cent. This process of fiscal expansion has been possible given the low Australian government debt that allows restoring an even budget by 2015 – 2016. There are several fiscal challenges directed to the 2013 Federal Budget. One particular Domestic challenge involves the importance on maintaining fiscal and monetary policy alignment. The previous federal budget 2012-13 fails to preserve alignment between fiscal and monetary policy. As a contractive fiscal policy lead to a decreasing aggregate demand by about 2%, the Reserve bank was cutting interest rates to stimulate demand. Thus, it is...
Words: 2119 - Pages: 9
...Question Innovation is an important component of economic policy. Discuss Answer 1.0 Introduction “Today, more than ever, INNOVATION is central of survival” (Peter Drucker). Innovation has been an important component for economic growth, national economic competitiveness and economic policy for many country. It can occur in any sector of the economy, including government services such as health or education. Supporting nowadays with the rapid growth of technology industries, many policymakers in many nations have increasingly come to see technological innovations as a key driver of economic growth. This is why so many nations have made the promotion of innovation and new technologies a central part of their economic policy. Before discussing further about innovation and see why innovation play an important role for economic policies, it is important first to define innovations and its policies. Some people don’t really know what’s exactly an innovation. They are confused between invention, progress, innovation and updates. So it’s relevant to point out wrong ideas that peoples usually have over it and its creation to be able to erase it. Many people think of innovations as only technological in nature, resulting in shiny new products like Samsung’s Smartphones, Apple’s iPad, Sony’s PlayStation or in enhance machines or devices, such as lasers, autonomous robotics machines etc. Others might be thinking that innovation pertains only to research and development (R&D) activity...
Words: 1606 - Pages: 7
...This course was an introduction to the principles of macroeconomics. In learning how to analyze the purpose and functions of national income accounting, the components of Gross Domestic Product, the determinants of long run economic growth and the causes and costs of inflation and unemployment on our economy. By implementing graphs to interpret these principles and the economic outcomes I have learned to determine how markets allocate resources, analyze the components of the Gross Domestic Product and what the conditions required to promote long term economic growth would be. In the following summary I will be investigating a current event and composing an essay to identify a minimum of three economic concepts that I have gained knowledge about during my journey through the macroeconomics realm. The data basses I used in conducting this essay were the web sites of the Wall Street Journal and the News Week home age along with the Kaplan Library. I used goggle to locate the first two at which point I came across several other sites that when I typed the key word” economics” or “microeconomics “brought me to several sites. At which time adding another key word” current events” seemed to narrow down the sites that were originally displayed. After a search of the theses different site I had decided to use the Kaplan source as my main focus it was much easier to maneuver around and offered a better selection of articles. This is where I found most of the research I needed for...
Words: 1244 - Pages: 5
...General Certificate of Education Advanced Subsidiary Examination June 2014 Economics Unit 2 ECON2 The National Economy Wednesday 21 May 2014 1.30 pm to 2.45 pm For this paper you must have: an objective test answer sheet a black ball-point pen an AQA 12-page answer book. You may use a calculator. Time allowed 1 hour 15 minutes Section A (ECON2/1) Answer all questions on your objective test answer sheet. Use a black ball-point pen. Do not use pencil. Do all rough work in this question paper, not on your objective test answer sheet. Section B (ECON2/2) Answer EITHER Context 1 OR Context 2. Use black ink or black ball-point pen. Pencil should only be used for drawing. Write the information required on the front of your answer book. The Paper Reference is ECON2/2. Information The maximum mark for this paper is 75. There are 25 marks for Section A. Each question carries one mark. No deductions will be made for wrong answers. There are 50 marks for Section B. The marks for questions are shown in brackets. You will be marked on your ability to: – use good English – organise information clearly – use specialist vocabulary where appropriate. Advice You are advised to spend no more than 25 minutes on Section A and at least 50 minutes on Section B. G/TI/100665/Jun14/E3 ECON2 2 Section A: Objective Test Answer all questions in Section A. Each question carries 1 mark. No deductions will be made...
Words: 3509 - Pages: 15
...and Growth* Lennart Erixon ♣ (December, 2005) Department of Economics, Stockholm University, 106 91 Stockholm, Sweden _____________________________________________________________________ Abstract The Swedish economic policy to combine full employment and equity with price stability and economic growth was developed by two trade union economists shortly after World War II. Through the use of extensive employment policy measures, a tight fiscal policy and a wage policy of solidarity, the Rehn-Meidner model represents a unique third way between Keynesianism and monetarism. This essay analyses the application and performance of the Rehn-Meidner model in Sweden. Although never consistently applied, it is possible to distinguish a golden age for the model from the late 1950s to the early 1970s. In the 1970s and the 1980s, governments abandoned the restrictive macroeconomic means of the model and were thus unable to combine low rates of unemployment with low inflation and high economic growth. Since the early 1990s, Sweden has not met the requirement of full employment in the Rehn-Meidner model. Recent declarations by the EU to prioritise full employment once again but without giving up the objectives of price stability and growth legitimise a renewed interest in the model. __________________ JEL classification: E24; E31; E62; J23; J31; J62; O23 Keywords: Swedish model; Rehn-Meidner model; third way; labour market policy; solidarity wage policy; productivity...
Words: 31952 - Pages: 128
...E C O N O M I C I S S U E S 1 Growth in East Asia What We Can and What We Cannot Infer Michael Sarel I N T E R N A T I O N A L M O N E T A R Y F U N D E C O N O M I C I S S U E S 1 Growth in East Asia What We Can and What We Cannot Infer Michael Sarel I N T E R N AT I O N A L M O N E TA RY F U N D WASHINGTON, D.C. ©1996 International Monetary Fund ISBN: 1-55775-607-4 Published September 1996 Reprinted November 1996 To order IMF publications, please contact: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201 Internet: publications@imf.org Preface The Economic Issues series was inaugurated in September 1996. Its aim is to make accessible to a broad readership of nonspecialists some of the economic research being produced in the International Monetary Fund on topical issues. The raw material of the series is drawn mainly from IMF Working Papers, technical papers produced by Fund staff members and visiting scholars, as well as from policy-related research papers. This material is refined for the general readership by editing and partial redrafting. The following paper draws on material originally contained in IMF Working Paper 95/98, “Growth in East Asia: What We Can and What We Cannot Infer From It,” by Michael Sarel, an Economist in the Fund’s Southeast Asia and Pacific Department. It has been prepared by David D. Driscoll of...
Words: 7223 - Pages: 29
...Running Head: OVERALL PRODUCTIVITY OF THE ECONOMY Overall Productivity of the Australian Economy By Student’s Name Code+ course name Professor’s name University name City, State Date Introduction The best definition of productivity under the Australian and other contexts is, “the efficiency with which an economy employs resources to produce economic output” (D’arcy and Gustafsson, 2012, p. 23). It will remain that the most complete measure of productivity is the TFP (Total Factor Productivity), which accounts for all inputs involved in production. Normally, “the inputs are classified into capital (K), labour (L), energy (E), materials (M) and services (S)” (O'Mahony and Timmer, 2009, p. 538); the lead letters of each input are why this is called the KLEMS approach. Principally, the measures of inputs and outputs can be incorporated adjustments for quality change. Nonetheless, KLEMS approach is arduous in terms of data and that is the reason why very few countries in the world utilize this approach (Hannula, 2012). The MFP (multifactor productivity) approaches are easily implementable. The MFP approach accounts for merely two inputs, namely labour and capital. Presently, the most comprehensive measure of productivity available in Australia is MFP. Principally, labour input in the MFP ought to be adjusted for enhancements in the human capital (the quality of labour), yet as earlier hinted, this is not done in Australia at present, similar...
Words: 2350 - Pages: 10
...Chapter 3: Conclusion The Economic Problem / Challenges faced by Indonesia and the ways to overcome them. Indonesia’s economy has performed well in recent years. Economic growth, at around 5.8 percent in the past 10 years, has made Indonesia one of the world’s fastest growing large economies. But Indonesia faced the problem government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, increase in inflation and lack of technology. First, the most problem that Indonesia facing is poor infrastructure. Despite the country's rapid economic growth over the past few years, Indonesia still needs to improve its infrastructure to assure a long-term and sustainable growth Data released by Indonesia's Central Statistics Agency (BPS) Monday shows Indonesia's gross domestic product (GDP) grew 6.2 percent in the third quarter thanks to the strong domestic consumption and huge inflow of foreign investments despite the global economic slowdown. The Indonesian government has pledged to improve the country's infrastructure through massive public funding. Lawmakers also approved a land acquisition bill last year expecting to help pave the way for land clearance for infrastructure projects. Indonesia should decrease inflation rate by monetary policy, fiscal policy, exchange rate policy and wage control as well. The first step is for the monetary policy is to try and predict future inflation. They...
Words: 782 - Pages: 4
...critical issue for the state of its economy. The country faces many issues such as jobless growth which is as a result of critical labour demand in S.A. It is important to continuously monitor changes in the labour demand because the affect several factors which have chain reactant effect. The recent financial crises for example was one of the biggest factors that recently contributed to the fragile demand for labour, many industries were hampered, jobs lost, companies left in debt amongst other things. This paper will focus on factors that determined labour demand trends in South Africa. This paper will focus on the relationship between education and labour demand, followed by a brief discussion about the productivity of labour, then, the economic growth and lastly unemployment, labour unions and price of labour is influenced by labour demand. 1. The relationship between education and labour demand Barker (2010, p.62) highlights that employers of primary segments spend large amounts of money training their workers because they want to improve labour productivity which in turn is attributed to high and rising wages. Labourers in the primary segment have prospects of promotion, as opposed to labourers in the secondary segment whom are identified as a group that have little chance of entering internal labour markets and are therefore trapped and education and the help of government will not improve circumstances since their positions offer little demand. Therefore there...
Words: 1758 - Pages: 8
...Teresa VanLoke Eco -111 October 17, 2013 Aggregate supply is a type of economics that tries to improve the productive capacity of the economy. A.S (aggregate supply) usually associated with monetarist or free market economics. These type of economics try to pinpoint the benefits of making markets, such as labor markets more flexible then they already are. Some supply side policies involve more government intervention to overcome failures. Benefits of the supply side include: lower inflation, lower unemployment, improved economic growth, and improved trade and balance of payments.in supply side to receive lower inflation you must first find a way to make prices lower, to achieve this you must shift everything to the right. The next benefit to the supply side is lower unemployment. For lower unemployment the supply side policies need to reduce frictional, structural, and real wage unemployment.it would then help reduce the rate of unemployment. Another benefit to supply side is improved economic growth. The supply side policies will increase the rate of economic growth by increase with the increase of aggregated supply. The last benefit of the supply side is improved trade and balance. To improve trade and balance and trade you must make companies more productive and competitive. When they become more competitive they will in turn export more. The weaknesses of the supply side include violating people’s morals, it’s only for the short run, and it doesn’t always work the way...
Words: 540 - Pages: 3
