Microeconomics Research Paper

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

America China Trade War

Introduction

The trade war between the United States and China is an episode of trade dispute, consisting of tariff increases and threats between China and the United States, launched under the chairmanship of Donald Trump. On January 22, 2018, Donald Trump sets up "over 4 years" customs taxes on washing machines and solar panels. China is the world's leading producer of solar panels. The taxes on these panels are degressive, of the order of 30% the first year to fall to 15% the fourth year. In addition, each year, a 2.5 GW quota of photo-voltaic panels is exempt from customs duties. Similarly, tariffs on washing machines are degressive, but in two categories: 1.2 million imported washing machines are subject to a customs tax of 20% the first year, which drops to 18% the second year, then 16% the third, while the rest of the washing machines and spare parts are subject to taxes of 50% the first year, then 45% the second year and finally 40% the third year. China is the leading exporter of washing machines to the United States, followed by Mexico and South Korea.

Anti-

Dumping Investigation by China

In February 2018, China triggers an anti-dumping investigation into US sorghum, with the Chinese Ministry of Commerce claiming that the United States is subsidizing the cultivation of this grain. China imports about US $ 1 billion worth of US sorghum, and tariffs may penalize a US state such as Kansas, the largest sorghum-producing state in the United States, which has largely voted Donald Trump. On March 8, 2018, Donald Trump signed a decree introducing tariffs of 25% on aluminum imports and 10% on steel imports. Subsequently, several countries are exempted from this tariff increase temporarily. This temporary exemption affects Canada, Mexico , the European Union , South Korea , Brazil and Argentina , which excludes Japan and China. In March 2018, Donald Trump signs a decree prohibiting the acquisition of Qualcomm by Broadcom, denouncing the influence of China in this acquisition. One of the key policy issues is that of taxes on automobiles imported into China from the United States. "China has agreed to reduce and lift taxes on cars imported from the United States, which is currently 40%," Donald Trump announced on Twitter just after the talks. Lawrence Kudlow, president of the US National Economic Council, however, confessed a few days later at a press conference that Donald Trump's remarks on auto tariffs were a bit hasty. "We do not yet have a concrete agreement on this," he told the US media.

Prohibition and Penalties

On April 16, 2018, ZTE, a major Chinese producer of mobile phone and telephone equipment, is banned by the US government from using goods or services of US origin for a period of 7 years, following false declarations concerning its exports to Iran , subject to both international and especially American economic sanctions . ZTE was previously fined $ 1.2 billion in 2017, following re-exports of products to Iran including US-origin items, which is prohibited by the United States. Moreover, no one currently plans to lift the tariffs introduced by both parties during their trade war. These are taxes on imported Chinese products, 25% on $ 50 billion of goods and 10% on $ 200 billion (which has just frozen at this level provisionally). Finally, we must mention tariffs of 25% on $ 50 billion of American products imported into China and another 5% to 10% on $ 60 billion of American goods. Not to mention the first US tariffs on solar panels, steel and aluminum, as well as the Chinese response.

Import of Cars

This question of imports of American cars in China is very telling. If Beijing really lifted the customs duties, who would win? The answer is not obvious - and this is probably valid for the whole trade war.  if US car taxes were canceled, China would show that concessions are its only response to US pressure: "The fear of Chinese companies losing the US market is so important that there is only one strategy: to give in and to consent. Thus, the authorities could announce that loans at reasonable rates will be granted only to Chinese companies that buy Chinese cars. If your company or its employees used American cars, the interest rates would be exorbitant. Beijing could also launch an information campaign against American automobiles. Donald Trump has shown the world that China is not yet ready for a full trade war with the US.

Likely Outcome of Negotiations

The most likely outcome of the negotiations that have just begun is that China agrees to make some concessions to defuse the crisis and allow Donald Trump to publish a triumphant tweet. But without giving in on the essential. "It is possible that Beijing agrees to sign some promises to purchase that would result, for example, in increases in imports of soybean and US gas," anticipates the economist. It remains to be seen whether, for a few tons of soy and liters of gas, Donald Trump will be ready to bury the hatchet. If he tries to obtain even more concessions, the risk is high that in March, at the end of the truce of 90 days, the negotiations fail. In this case, Washington has already warned that the United States will add fuel to the fire by further increasing tariffs on Chinese products.

Rebalancing the Trade

Observers generally believe that the rebalancing of the trade balance - products consumed in the United States are massively manufactured in China - is the least arduous issue in these difficult negotiations, as Beijing has already hinted that it could buy more American agricultural or other products. The Trump administration is counting on the slowdown in the Chinese economy to convince Beijing that it must yield to US pressure to obtain the lifting of Uncle Sam's tariffs. The figures released Friday by the Chinese government bring water to the mill of this strategy: producer prices fell in January to the lowest in two years, at almost zero level of + 0.1% over one year, indicating a marked slowdown in activity in the world's second-largest economy.

Conclusion

Chinese and Americans have reported progress in trade negotiations, but deadline of 1 March, before new punitive measures by Washington, remains in place and both sides agree that "very difficult" issues are still pending. Negotiations will continue next week in Washington, Chinese President Xi Jinping said on receiving US negotiators, Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, after five days of talks between the two delegation’s country. China has agreed to waive the tariffs it imposed after the United States decided to levy $ 250 billion worth of Chinese goods. It is committed to opening up its market to cars, beef and chemicals, and promises that Chinese companies will buy Americans hundreds of billions of dollars’ worth of natural gas. Boeing or Tesla, both of which rely heavily on the Chinese market, would not want to suffer the same fate. The aircraft manufacturer has just assembled for the first time a plane in China, and the car manufacturer has laid this Monday, the cornerstone of a factory in the suburbs of Shanghai.

Minimum Wage

Minimum Wage

Nikole Guyton

ECON&202

Renton Technical College

Winter Quarter 2019

[Date]

Abstract

The working class is regarded as the key element in determining the economic condition of the economy. This is the reason, it is very crucial to know what the minimum wage is given to the workers to assess the standard of living in any country. The United States is recently facing some economic concerns related to the wage laws in different states. The purpose of this paper was to examine the impact of minimum wages on the national standard of living in the United States and to study in particular the Washington State in this regard. After critically reviewing all the reliable shreds of evidence, it was concluded that a living wage does not leave any adverse impact on the economy as a whole. There were more benefits driven by wage gain than from job loss in the states where they have increased the minimum wage above the federal level. A rise in minimum wage will provide the economic security to the working class. The states where minimum wages that increased the minimum payments on their own did not suffer significant job loss instead the health conditions were improved there leaving a positive on the living standards of its citizens.

Introduction

Matter of wages cannot be explicitly ignored when it is deciding the economic growth and employment rate for a country. For any country, it is essential to know what the minimum wage is given to its labors so that the standard of living can be assessed. The United States is recently facing some economic concerns related to the wage laws in different states. A bill was forwarded by the senator Bernard Sanders, of the 114th United States Congress in the 2015-2016 session. The bill was related to the rise in the minimum wage and emphasized the idea of the living wage for the Americans under the act of “Pay Workers a Living Wage Act." Congress didn't show much interest in this act, but many democratic politicians want to bring positive economic change in the labor market through this bill. The minimum wages on the federal level were last time increased to $7.25 in 2009, and since then there was not seen any rise in the federal minimum wages till now. However, some states have decided to raise the wage rate for the workers on their own taking many economic risks. Therefore, this paper will examine the impact of minimum wages on the national standard of living in the United States and will study in particular the context of Washington State in this regard.

Thesis Statement

A rise in the minimum wages will leave a positive impact on the national standard of living in the United States primarily for the Washington state. The two valid justifications for this statement are, it will take many Americans out from the poverty trap by providing economic security, and it will help them to afford the necessities more easily. A rise in the minimum wage will not hurt the employment level.

Research Objectives

Based on the analysis of the research paper, some research objectives are being made for a specific purpose. They are as follows:

To examine the impact of minimum wages on the national standard of living in the United States and particularly the Washington State in this regard.

To assess the economic risks that are associated with the increase in the minimum wage rate for the country and Washington State.

To recommend some effective measures based on the critical analysis of the wage impact.

Overview of Paper

The respective research paper consists of four sections majorly. The first section is introductory which introduces the research topic to the readers along with the research objectives the paper has. The second section is the literature review which studies the background knowledge behind this issue under consideration and the scholars' opinions on this matter. The third section incorporates the results of the research which will also answer the objectives. The fourth section is related to the suggestions which will be provided for future studies in this area. Currently, the minimum wage at a federal level is $7. 25 which is very less and has also named as the starvation wage.

Literature Review

There are many theories in economics that deals with the wages given to labor and their impact on the productivity level, population growth, economic growth, employment, profitability, poverty level and other key economic indicators. All of these theories have merits as well as the criticism due to their limitations which makes it harder for economists to support and defend one particular theory of wage. Labor market depends on many other factors as well apart from market forces. As far as the situation of United States is concerned currently, it is vital to first take a look at the economic history of the wages in the country.

Brief Economic History of Minimum wages in the U.S

The history of minimum wages goes back to the early 1900s when they were first enacted in 1904 by New Zealand which was followed in 1907 by Australia and then in 1909 by the United Kingdom. United States enforced the minimum wages in 1938 (Fair Labor Standards Act of 1938 (FLSA) while the rest of the world introduced those laws in their countries after World War II. Presently, almost all the countries have minimum wage policies which are fixed, they, however, vary from one another country wise. There was an economic justification behind the implication of those minimum wage policies which serves many of financial goals.

Initially, according to the standard model of perfect completion, the firms will give wages to the labors that are set by labor supply and any government intervention might reduce employment. But the employers in the modern labor market models started manipulating the labor market by placing wages less than the value of marginal products. So, the need for minimum wages aroused to prevent the abuse of the employer’s powers.

In the 1930s when the Great Depression, it became an alarming situation for the country and stabilizing the wages became the primary concern for all the American economists. They supported the idea of federal wage floor as it was something significant to be done at that time. They then passed the law of high wages for the workers arguing that the high wages will increase the purchasing power of the worker which will ultimately raise the economic growth level. However, the situation got reversed in the 1980s to lower the economic growth overall; real federal minimum wages were reduced 30 per cent during that period due to the shift in economic terrain. It fell to 32 per cent in 2006 and remained at 37 per cent in 2015, much lower than in the records. To compensate for the declining trend, some of the states voluntarily increased the minimum wages on their own, and almost 29 states raised their minimum wages above the federal level in 2015. The increases were moderate making a difference of a dollar or two from the national level of the minimum wage set by the government and affecting only the 5 per cent of the total workforce.

In this regard, many studies are undertaken in recent years to analyze the effect of minimum wage and their increase on different economic indicators. They will be critically reviewed.

Recent Literature related to the Impact of Minimum Wage

There is abundant research done on minimum wages, but the literature still lacks evidence on the extent to which the wage floor may affect employment. Meer and West (2016) performed research in this regard to assess the relation of wage floor with the work. They analyzed that the minimum wages will not affect the employment directly but through the fluctuations in economic growth (Meer and West, 2016). They took the data of the state-specific time trends by using three separate state panels of official employment data. In their analysis, they found out that the minimum wage left an adverse effect on employment and caused a reduction in job growth. These results were more prominent for the young workers and with industries with low wage workers (Meer and West, 2016).

Mishel, Bernstein and Schmitt (2016) in their book discussed in great detail the current state of the working class of America. They said that the declining trend in wages which was witnessed in the 1980s is still prevailing today and is leaving a negative impact on the standards of living of the Americans. Wage inequality has now affected the middle-wage earners too as low-wage earners in the past few years. Workers today now face more financial burden than ever before, and they along with their families suffer health insurance coverage due to low wages. The income inequality is increasing at high speed leaving a more significant gap between the economic classes pulling more people in poverty.

Another study was undertaken by Lenhart (2017) which investigated the relationship of minimum wages with the population health with the help of data analysis of 24 OECD countries for 31 years. The results showed that the high levels of minimum wages led to a more significant reduction in the mortality rates and the number of deaths. There was also an increase in life expectancy of 0.44 years (Lenhart, 2017). Increase in minimum wages helped in the decline of poverty and the provision of unmet medical needs.

Another study was done by Cengiz et al., (2018) for the state-level variation in minimum wages by taking the administrative data from Washington State and the employment effects were inferred. The results were concluded with no changes found in the number of low wage jobs. There was no evidence of unemployment with the higher levels of minimum wage which reflects that a rise in minimum wages does not cause any harm to the economy (Cengiz et al., 2018).

Research Results

Reviewing all the literature related to the issue of minimum wages in the light of the current economic position of the United States, some matters are intensely observed and critically analyzed. The world is growing at high speed with the elements of inflation affecting the lives of an ordinary man. Prices are, and the financial markets are changing the businesses. Based on this scenario, it is imperative to consider the living conditions of the lower and middle class as they are very vulnerable to economic changes. Currently, the minimum wage at the federal level is $7. 25 which is very less and has also named as starvation wage by many U.S senators (Kruger, 2015). This wage is not sufficient for the working class as they are unable to cover the healthcare insurance and improve their lives. Therefore, there is a desperate need to raise the minimum wage to a much higher level. All the pieces of evidence from the past few years in the literature showed that a moderate rise in the minimum wage would not negatively affect any aspect of the economy. Therefore, consideration should be made to provide the workforce with the living wage, not the minimum wage to give them more economic security. If raising the minimum wage to $15 per hour is not suitable for the government, then it should at least be uplifted to $12 per hour to facilitate the workers. Although FLSA benefitted the economy back in 1938, the economic conditions are very different presently (Reich, 2015). The states where minimum wages that increased the minimum payments on their own did not suffer significant job loss instead the health conditions were improved there leaving a positive on the living standards of its citizens (Leigh, 2016). Working class not only needs survival but a healthy lifestyle too.

Research Suggestions

There were few limitations to this research paper which requires further investigation in the future. Those limitations included the breakdown of per capita income as this measure cannot truly define the standards of living of all the Americans. This is because this measure is determined by the high productivity and total output per worker of the total population. And in that case, if the wages are low, families will keep on sending more members of their family to the workforce to attain certain stability which can also include the more extended working hours. Similarly, if the wages are high, fewer members will take part in the workforce which will reduce the employment level. There should be a separate study that investigates in detail the subjectivity of the standard of living in all the states.

Another limitation was lack of state-wise analysis in the present literature. There should be a thorough study which helps in analyzing all the states separately in the matters of minimum wage impact. This will also give directions to a much more effective economic policy in those states.

References

Cengiz, D., Dube, A., Lindner, A., & Zipperer, B. (2018). The effect of minimum wages on low-wage jobs: Evidence from the United States using a bunching estimator.

Krueger, A. B. (2015). The minimum wage: how much is too much?. New York Times, 20-2.

Leigh, J. P. (2016). Could raising the minimum wage improve the public’s health?. American journal of public health, 106(8), 1355.

Lenhart, O. (2017). The impact of minimum wages on population health: evidence from 24 OECD countries. The European Journal of Health Economics, 18(8), 1031-1039.

Meer, J., & West, J. (2016). Effects of the minimum wage on employment dynamics. Journal of Human Resources, 51(2), 500-522.

Mishel, L., Bernstein, J., & Schmitt, J. (2016). The state of working America: 1996-97. Routledge.

Reich, M. (2015). The ups and downs of minimum wage policy: The Fair Labor Standards Act in historical perspective. Industrial Relations: A Journal of Economy and Society, 54(4), 538-546.

News Analysis

Economics Article Analysis

Students Name

Institution

Date

Economic Article Analysis

The article “The Top 1% of…. What?” was authored by Reynolds Allan and published by the Wall Street Journal in 2006. It gives a perceptive of a lawmaker regarding the wealth accumulation and possession of the national income. In the article, the author highlighted some of the issues being raised by Virginia Democrat Senator-elect Jim Webb regarding the widening of income possession between the rich and the poor.

However, the article provides a deep understanding and study of the relationship between personal income and the national income contribution. Allan (2006) stated that top 1% of Americans take 16% of national income and therefore, means that the rich take the larger portion of taxes, which are being paid by the majority of American. In the article, it is also stated that 1% of American has never received any national income, which includes corporation income. The article, therefore, states there is a big gap between the revenue contribution and the beneficiary of the national income. The article also stated that a survey indicates that 1% of Americans mostly households contributes 16% of the national income but they do not receive much in return compared to other people. It is also noted that personal income is being determined by the tax, which is being paid based on the taxation act. The reform on taxation act is, therefore, an ideal method to reduce the gap and ensure that the majority of America experience income growth.

The article also pointed that personal income of Americans keeps fluctuating and between 1997 and 2004, the national, and personal income of many people increased significantly and this, therefore, contributed to an increased in the national contribution by almost 5% between 1993 and 2003 from 27% to 31%. It also addresses the loopholes in the tax law, which has made it difficult to address income inequality among the American people.

The article is relevant to the course because it addresses some of the topics covered within the course. First, the article discusses the economic status and capacity of personal and national income. The article also discusses the issues related to the economic growth of individuals and how it affects the nations' GDP. In the article, the author illustrated that tax act and law and how it affects the personal income of America. It is highlighted that 1% contributes to the national income and how it influences the national growth of the country. In the article, the author also discusses the taxable income and how it affects the national income of the country CITATION All03 \l 1033 (Allan, 2003). Based on the article, it is evident that income per tax is less than income per family and therefore, it means that most people pay less tax compared to what they earn. In this case, the article highlights loopholes in the tax law or act and this means that it addresses economic inequality, which is created by the taxation method. This is covered in the course in economic inequality and the taxation act of the country and how it affects the nation.

The article also discusses corporate tax and individual tax and the shift in the taxation law, which has made many people shift their locations. In this case, the article talk of the economic shift based on taxation, which is also address in the course and therefore, it is also highlighted some of the issues which we have addressed in the course regarding corporate tax, individual tax, and limited liability and the mode of taxation, which should be adopted to entice investors in the country and therefore, it address several issues in the course.

References

BIBLIOGRAPHY Allan, R. (2003). The Top 1% of What? Wall Street Journal, 2-5.

No Title Needed

Student’s name

Instructor

Course Code

Date

Why is there a market failure in the 401(k) market?

The flop of the 401 (K) market could be a result of bad investment decisions. The 401(K) utilizes the individualized system, which creates a lot of inefficiencies. Most traditional pension funds are investing workers' contributions in pools; to keep the administration cost low, every 401 (K) pays a certain fee to companies, which manages their accounts, and therefore, this increases the cost to individual investors. This makes the 401(K) higher in savings and this could have cost the decline in investment and failure of the market. Secondly, the 401(K) market system does not cover all the workers. According to Callahan (21), 40% of workers are not accessible to the 401 (K) plan. However, given such a gap, it is not seen as a saving plan and, therefore, cannot be used as a supplement to social security. This has made its fortune to dwindling. Thirdly, the 401(K) market exposes individuals to many risks and this scares many customers. The 401(K) allowed the public to decides how their money is being invested in exposing the market to too much risk. The performance of 401 (K) depends on the performance of the market. The decline in performance from the market affects the company directly. Therefore, these have been some of the issues which caused the flop of failure of the 401 (K) market.

2.) Describe and detail all of the fees/costs associated with a 401(k).

There are several costs which are associated with the operations of the 401(K) market. As stated by CITATION Yoc18 \p 23 \l 1033 (Yochim and Todd 23) these fees are associated with 401(K) are expressed in percentage. There are administrative, investment and individual service fees. The administrative fee is used to cover the cost of maintaining the plan. It normally covers the education and other training plans which are used by the 401(K) market. Everyone pays this fee and sometimes employees even pay it. It is an important fee since it ensures that the market is kept in operation. An investor pays an investment fee for a specific plan an investor has acquired. It is the single most expensive fee paid by investors, and it is usually disclosed in the mutual funds' prospectus and the financial report as well. It covers the cost of maintaining or managing the investment of customers. The third cost is the marketing fee, which is used for marketing and other activities which are conducted by the market. This is the fee used to cover events and other activities that are being conducted by the market.

Question 3:

Person A

Pension A will be able to get$ $150,939.85.58of investment

Person B will be able to get$ $131,324.33

Person B will be able to earn

Question 4: Describe and come up with your solution to alleviate the problems with 401(K).

The problem facing 401(K) can be solved through changing management strategies of all the plans of investment. First, the 401(K) should decide on the investment for all the investors. The current practice whereby the public or investors decide on where to invest exposes the company to a lot of risks and this is the reason 401(k) has failed. The 401(K) should take charge of an investment plan and help individuals on where to invest to limit a lot of risk to the market. Second, the 401 (K) market should have a strategy to bring in more workers. It will make the market look more inclusively hence attract workers and other types of investors to the market. Currently, 401(K) has only 40% of workers, which means that 60% have not subscribed to the market. An intensive marketing strategy, which includes partnership, will see the 401(K) market grows and therefore, this could lead to its profitable to save the market from collapsing. The 401(K) market should have a pool of accounts to manage the investment of investors. Currently, the 401(K) market hires companies to manage the plan for investors, and this has proved to be very expensive. 401(K) needs to change its strategies to develop a pool where all investors could contribute. This will keep the cost of investment low, and therefore, it is likely to attract investors to the market. It is also recommended for a company to have an interactive IT system for trade and investment, as well. The 401(K) market advanced technology will allow it to be more accessible and therefore, it can attract many investors that it is now.

Works Cited

BIBLIOGRAPHY Callahan, David. "A Perfect Failure: Why the 401(k) Has Been a Flop." https://www.huffpost.com/entry/401k-a-perfect-failure_b_1574834 (2019): 2-185.

Yochim, Dayana and Jonathan Todd. "The 1% Fee Could Cost Millennials $590,000 in Retirement Savings." International Journal of Management (2018): 2-12.

Appendix: Person A;

art principal

start balance

interest

end balance

end principal

1

$15,000.00

$15,000.00

$2,700.00

$17,700.00

$15,000.00

2

$15,000.00

$17,700.00

$3,186.00

$20,886.00

$15,000.00

3

$15,000.00

$20,886.00

$3,759.47

$24,645.48

$15,000.00

4

$15,000.00

$24,645.48

$4,436.20

$29,081.67

$15,000.00

5

$15,000.00

$29,081.67

$5,234.71

$34,316.37

$15,000.00

6

$15,000.00

$34,316.37

$6,176.94

$40,493.31

$15,000.00

7

$15,000.00

$40,493.31

$7,288.80

$47,782.11

$15,000.00

8

$15,000.00

$47,782.11

$8,600.78

$56,382.89

$15,000.00

9

$15,000.00

$56,382.89

$10,148.92

$66,531.81

$15,000.00

10

$15,000.00

$66,531.81

$11,975.74

$78,507.53

$15,000.00

11

$15,000.00

$78,507.53

$14,131.35

$92,638.89

$15,000.00

12

$15,000.00

$92,638.89

$16,675.00

$109,313.89

$15,000.00

13

$15,000.00

$109,313.89

$19,676.49

$128,990.39

$15,000.00

14

$15,000.00

$128,990.39

$23,218.26

$152,208.66

$15,000.00

15

$15,000.00

$152,208.66

$27,397.58

$179,606.22

$15,000.00

16

$15,000.00

$179,606.22

$32,329.12

$211,935.34

$15,000.00

17

$15,000.00

$211,935.34

$38,148.36

$250,083.70

$15,000.00

18

$15,000.00

$250,083.70

$45,015.07

$295,098.76

$15,000.00

19

$15,000.00

$295,098.76

$53,117.77

$348,216.54

$15,000.00

20

$15,000.00

$348,216.54

$62,678.97

$410,895.52

$15,000.00

21

$15,000.00

$410,895.52

$73,961.20

$484,856.71

$15,000.00

22

$15,000.00

$484,856.71

$87,274.21

$572,130.92

$15,000.00

23

$15,000.00

$572,130.92

$102,983.56

$675,114.49

$15,000.00

24

$15,000.00

$675,114.49

$121,520.60

$796,635.09

$15,000.00

25

$15,000.00

$796,635.09

$143,394.32

$940,029.41

$15,000.00

26

$15,000.00

$940,029.41

$169,205.28

$1,109,234.70

$15,000.00

27

$15,000.00

$1,109,234.70

$199,662.25

$1,308,896.95

$15,000.00

28

$15,000.00

$1,308,896.95

$235,601.44

$1,544,498.40

$15,000.00

29

$15,000.00

$1,544,498.40

$278,009.71

$1,822,508.12

$15,000.00

30

$15,000.00

$1,822,508.12

$328,051.47

$2,150,559.58

$15,000

Nursing Shortages In The US

[Title]

[Name of Student]

[Name of College/University]

Introduction

Currently, there is an increasing shortage Licensed Practical Nurses (LPNs) and Registered Nurses (RNs) in the US, and that is likely to deepen as the need for health care and Baby Boomers grow. While the nursing schools have been expanding their capacities to meet the continuously increasing demand and supply through national healthcare reform. In this regard, the American Association of Colleges of Nursing (AACN) is in coordination with nursing organizations and schools, policymakers, and media to pay attention to this healthcare concern. The AACN is leveraging its means to identify strategies, shaping legislation and forming collaborations to address the widening shortage. However, the 3.7 percent increase in the nursing programs in the last year is not sufficient to meet the estimated demands for nursing along with primary care providers, researchers, nursing faculty ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"GfcnC8Vu","properties":{"formattedCitation":"(Nursing Shortage 2019)","plainCitation":"(Nursing Shortage 2019)","noteIndex":0},"citationItems":[{"id":163,"uris":["http://zotero.org/users/local/4cj2SgiL/items/XS4KHUFY"],"uri":["http://zotero.org/users/local/4cj2SgiL/items/XS4KHUFY"],"itemData":{"id":163,"type":"webpage","title":"Nursing Shortage","URL":"https://www.aacnnursing.org/News-Information/Fact-Sheets/Nursing-Shortage","issued":{"date-parts":[["2019"]]},"accessed":{"date-parts":[["2019",5,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Nursing Shortage 2019).

Factors cause the Demand and Causes of Decline in the Supply

There may be various factors that are likely to cause the increase in the demand for nurses and decline in the Supply, but some of the factors include enrollments, retirement, demographic change, the stress level of nurses, and high turnover rates. According to recent reports, graduations programs for nursing were turned away due to clinical preceptors, classroom space, change in the nature of nursing, availability of foreign nurses, clinical sites and an insufficient number of faculty members. In 2018, more than 75,000 applications for graduate nursing program and baccalaureate were turned away ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"4b6bwhZi","properties":{"formattedCitation":"(Nursing Shortage 2019)","plainCitation":"(Nursing Shortage 2019)","noteIndex":0},"citationItems":[{"id":163,"uris":["http://zotero.org/users/local/4cj2SgiL/items/XS4KHUFY"],"uri":["http://zotero.org/users/local/4cj2SgiL/items/XS4KHUFY"],"itemData":{"id":163,"type":"webpage","title":"Nursing Shortage","URL":"https://www.aacnnursing.org/News-Information/Fact-Sheets/Nursing-Shortage","issued":{"date-parts":[["2019"]]},"accessed":{"date-parts":[["2019",5,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Nursing Shortage 2019). On the other hand, more than half of the nursing workforce is age fifty or older. Within the next 10-15 years, one million nurses will reach their age of retirement. While a change in demographics and an aging population have been signaling the need for more nurses. The decrease in nursing staff is continuously increasing the stress level of nurses that in return impacts job satisfaction and eventually the nurses leave the profession. Moreover, higher turnover rates will significantly impact access to healthcare.

Implication on the Quality of Care

The shortage of nurses can have potential implications on the quality of care in the US including an increased length of patient stays, failure to rescue, and hospital-related mortality. Majority of the nursing officer and Registered Nurses (RNs) have the strong believe that nursing shortage significantly affects the overall quality of care in hospitals along with student health centers, ambulatory care settings, and long-term care facilities ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"6bS3kyIu","properties":{"formattedCitation":"(Feldkamp 2009)","plainCitation":"(Feldkamp 2009)","noteIndex":0},"citationItems":[{"id":165,"uris":["http://zotero.org/users/local/4cj2SgiL/items/3VDFAHQD"],"uri":["http://zotero.org/users/local/4cj2SgiL/items/3VDFAHQD"],"itemData":{"id":165,"type":"article-journal","title":"Implications of an Endless Nursing Shortage","container-title":"Caring for the Ages","page":"16","volume":"10","issue":"1","source":"www.caringfortheages.com","abstract":"Caring for the Ages is the official newspaper of AMDA and provides long-term care professionals with timely and relevant news and commentary about clinical developments and about the impact of health care policy on long-term care medicine.","URL":"https://www.caringfortheages.com/article/S1526-4114(09)60024-X/abstract","DOI":"10.1016/S1526-4114(09)60024-X","ISSN":"1526-4114, 2377-066X","journalAbbreviation":"Caring for the Ages","language":"English","author":[{"family":"Feldkamp","given":"Janet K."}],"issued":{"date-parts":[["2009",1,1]]},"accessed":{"date-parts":[["2019",5,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Feldkamp 2009). The major problem in this regard to find enough time to collaborate with other team members, detect complications and maintain patient safety. There can be long-term implications on quality care such as decreased family and resident satisfaction, training, and recruitment because the shortage of nursing is associated with survey citations.

Solutions to Address the Issue

There is no silver bullet to overcome the increasing supply and demand gap in nursing. Though, a clear first step is prerequisite for fixing the nursing shortage through involving a wide range of stakeholders. In this regard, the care community ought to come together for developing the strategy by increasing the opportunities for students, and cooperative working with nursing schools. Moreover, establishments of foundations, scholarships, and grants for assisting students to attend nursing schools. While building a continuous media campaigns in the country to embolden nursing as a profession and bringing back the contemporary nurses into practice. In rural areas the government needs to offer school-debt forgiveness.

Government Policy Intervention and Conclusion

On health personnel, the 1990 seventh report to Congress estimated that there would be half as many higher-degree nurses and baccalaureate as would be required by the year 2000. The NACNEP and subsequent federal workforce reiterated this conclusion. However, the actual results fall about 45 percent of the goal. The studies propose that enough faculty member may enable nursing schools in the country along with many other factors including.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Feldkamp, Janet K. 2009. “Implications of an Endless Nursing Shortage.” Caring for the Ages 10(1): 16. https://www.caringfortheages.com/article/S1526-4114(09)60024-X/abstract (May 25, 2019).

“Nursing Shortage.” 2019. https://www.aacnnursing.org/News-Information/Fact-Sheets/Nursing-Shortage (May 25, 2019).

Online Assignments

Opioid Crisis

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Assignment

Date

Opioid as an Economic Crisis

Opioid use and overdose deaths in the United States have increased dramatically over the last couple of decades. Major drug companies introduced over 75 billion doses of opioids into the US market between 2006 and 2012. At the same time, nearly 100,000 people died of opioid overdose in the United States, among others, according to The Washington Post. This is an epidemic because it has a business model behind it. (Deaton128)

There are various factors that contribute to the current prevalence of opioid analgesics. One important factor for pharmaceutical companies is that, in 1995, Purdue Pharma began aggressively promoting and marketing Oxycontin as a less addictive and safer analgesic. This has led many physicians to prescribe the drug, and an increasing number of people have become addicted.

The companies continued to charge pharmaceuticals and aggressive marketing despite the opioid crisis. They were competing for market shares, but at the same time they were working together (switching) to influence drug practices and authorities and politicians in the industry to promote opioid use. According to the prosecution, some of the marketing was done through intermediaries.

The companies provided funding to independent pain organizations to lobby doctors and politicians for opioids. For example, the American Pain Society has been cited as a defendant in several opioid litigation cases. The association had to go bankrupt in the summer (you switch to another service)due to legal costs. Another pain association, the American Academy of Pain Management, was forced to close down already in the winter and is reported to have received tremendous support (moving to another service) from opioid manufacturers (Deaton129)

Furthermore, Cleveland District Judge Thad Balkman, in his ruling, described Johnson & Johnson as "indulging in false and misleading marketing" of its own products and opioids in general, CNN reports. According to Balkaman, opioids have destroyed Oklaholm. The state blamed the pharmaceutical company for the deaths of more than 6,000 people and claimed over $ 17 billion in damages, but no evidence of such a large amount of damage was found (Ciccarone 184)

This was the first civil lawsuit against a pharmaceutical company in the opioid crisis. According to the ruling, Johnson & Johnson and its subsidiary Janssen will have to fund the treatment of opioid addicts and their families. There are still more than 2,000 lawsuits pending in the United States against pharmaceutical companies and distributors. Most of this is due to be processed in Ohio this fall.

Through the history of the opioid epidemic, several names are drawn, one of them is Sackler. In the 1950s, the Sacklers brothers acquired Purdue Frederic (today Purdue Pharma), a highly successful pharmaceutical company, but the jackpot for it was the release of innovative painkillers. The most popular was OxyContin, which the company aggressively advertised among doctors and patients as a powerful and mild remedy that relieves pain for 12 hours, but most importantly, is almost unable to cause withdrawal syndrome and lead to dependence.

The effects of opioid damage on the US economy are significant. EconomicOpen in new window to external site costs, such as reduced productivity and healthcare costs, totaled $ 504 billion in 2015, equivalent to 2.8% of GDP in 2015, according to a report from the U.S. President's Economic Advisory Committee (CEA) . . This is more than 6 times higher than the previous survey calculated for 2013. It is likely that the opioid dependence is also high on Medicaid, a public health insurance program for low-income earners (Ciccarone183).

The impact on production activities is also significant. According to an NSC survey , as of 2017, more than 70 percent of US employees felt that opioids were disrupting their work. By industry, there are many prescriptions on site that involve physical work such as coal mining, construction, and agriculture, and damage is also concentrated. The construction industry at the time, 2017, about 15 percent of the workers in agriculture both are in the dependent state, it has been found that even there are dependent person in the family to the 21% with respect to agriculture). There are many episodes in a mine, such as all employees being fired without passing drug tests. (Dasgupta, Nabarun, Leo Beletsky, and Ciccarone186)

Later, in 2019, a study by a group of scientists from Boston University confirmed the obvious fact - the more pharmaceutical companies spend money on advertising opioids among doctors, the more doctors prescribe them. Moreover, mortality from overdose also correlates with marketing spending. (Brown , Raeford., and Paul 1432)

The USA consumes more than 80% of worldwide opioid manufacture, though less than 5% of the world's inhabitants lives in this country. Over the past 20 years, one federal agency after another has surrendered in front of allegations by drug manufacturers about an insurmountable pain epidemic in the United States. Officials did not seem to be asking why no other country seems to be suffering from such an epidemic or opioid rescue their patients at every opportunity. Thanks to the unprecedented lobby of pharmaceutical companies, Congress changed the rules for prescribing painkillers, and doctors were given the opportunity to prescribe as many tablets as they wanted. Moreover, doctors sometimes faced ethical advice because they did not prescribe enough painkillers.

Opioids can be addictive even when taken as prescribed, and the risk increases with prolonged use. According to the CDC, about a quarter of patients prescribed for more than two months have become addicted. The social, economic, and political context also exists behind the spread of the opioid problem in recent years. And at the same time, this problem affects the future of American society, economy, politics, and so on.

Works cited

Brown Jr, Raeford E., and Paul A. Sloan. "The opioid crisis in the United States: chronic pain

physicians are the answer, not the cause." (2019): 1432-1434.

Ciccarone, Daniel. "The triple wave epidemic: supply and demand drivers of the US opioid

overdose crisis." Int J Drug Policy 71 (2019): 183-188.

Dasgupta, Nabarun, Leo Beletsky, and Daniel Ciccarone. "Opioid crisis: no easy fix to its social

and economic determinants." American journal of public health 108.2 (2018): 182-186.

Deaton, Angus. "Economic Aspects of the Opioid Crisis: Testimony before the Joint Economic

Committee of the United States Congress.”." Economic Aspects of the Opioid Crisis: Testimony before the Joint Economic Committee of the United States Congress. 2017. 129

Opportunity Cost

Opportunity Cost

Tahirah Lee

[Institutional Affiliation(s)]

Author Note

Opportunity Cost related to a firm

Opportunity Cost

Consumers typically think that the cost is only the amount paid when she buys something. However, economists view the concept in an entirely different light. They define cost as the value of the resources used in the making of a product or rendering of a service. They also talk about the concept of opportunity cost, a concept that is used to explain an economic cost that is rendered when a person has to choose only one product among two or more products of a similar kind.

Implicit costs refer to the opportunity cost of the company resources CITATION ÖNE18 \l 1033 (ÖNEL, 2018). It can be stated as the cost that has been done and will not be considered for the present fiscal period while calculating the present monetary situation of a company. This is also as imputed cost as it represents the probable income that the company means is capable of earning. To understand the concept, let us take the example of a factory-owner. He owns the factory premises; therefore, he does not need to pay rent for it. But, if he rents out the premises of his factory, he can get probable rental income. Therefore, we can assume that the rent that is not released by the factory-owner is the implicit cost that he is incurring. This may be not important for an ordinary consumer, but it is central for an economist as he is always concerned about the best utilization of the limited resources that are at his disposal. In this case, if the rental income would be more than the actual cost of production of the commodity produced, the economist would advise the factory-owner to rent the premises of his factory rather than the continuing production of goods. Hence, we can conclude that the implicit cost estimations provide the true potential of any industrial unit and therefore it is of vital importance to an economist in his calculations.

References

BIBLIOGRAPHY ÖNEL, G. (2018). An implicit model of adjustment costs in differential input demand systems. Theoretical and Applied Economics, 25(2), 119-132. Retrieved from http://store.ectap.ro/articole/1333.pdf

Organizational Analysis

Organizational Analysis

Alecia

[Institutional Affiliation(s)]

Author Note

Organizational Analysis

The main purpose of this paper is to analyze World Vision International (WVI or World Vision), an organization in the category of 501 (c) (3). The approach employed is designed to make certain workings clear concerning the setup, structure, and culture of WVI. WVI is a not-for-profit organization and provides its services to about a hundred countries worldwide. The main focus of the paper is the discussion of WVI as an epitome of leadership in the not-for-profit sector. The reason why WVI has been chosen for this particular analysis is since it has been working in this sector for over forty years, a period in which it has experienced a tremendous level of growth. There are numerous changes, which have been seen in the non-profit industrial sector in the recent past as a result of competition. In turn, this competition has led to an overall shift in funding patterns. The shift in patterns has pushed many not-for-profit organizations in a suffering zone due to issues related to their management and funding.

World Vision aims for the betterment of children as the means for eradicating poverty. The institution funds numerous initiatives that specifically target children to help society. They do this with the argument that when children are empowered, the entire society goes towards empowerment. The institution runs various initiatives in areas ranging from education, health to improvement in emergency responses. Through such initiatives, children in their areas of operation are empowered to help their society after receiving their education. The mission of this institution, as shown on their website, is: “World Vision is an international partnership of Christians whose mission is to follow (the teachings of) our Lord and Savior Jesus Christ in working with the poor and oppressed to promote positive human transformation, seek justice and bear witness to the good news of the Kingdom of God" (World Vision, 2019). From the mission statement, it is clear that the institution aims at helping societies while at the same time spreading the light of the gospel.

World Vision is an institution that was established in the year 1950 by Dr. Bob Pierce. Dr. Pierce formed the institution after serving in China and South Korea, where he saw poor and helpless children who were suffering greatly due to a lack of resources and political turmoil in their countries at the time. After founding the institution, he would remain at the helm of the institution for over two decades. According to its website, the World Vision Institute currently has a presence in nearly a hundred countries and has over thirty-nine thousand members of staff (World Vision, 2019). Their key agenda has been to help eradicate poverty by focusing on the well0-being of children who are suffering anywhere in the world. By supporting initiatives such as access to quality education, access to clean drinking water and electricity, the WVI has managed to impact many lives positively, hence there is a need to study it. The organization is currently led by the President and CEO, Kevin Jenkins, who works with a border aims to champion the vision and mission of the organization (World Vision, 2019). For the implementation of its various programs, the organization has a governing council at its global center and a similar structure is present as far as its country offices are concerned.

As mentioned, World Vision currently has a presence in nearly a hundred countries and a staff of over thirty-nine thousand. The institution is still targeting to end the various means of suffering in society and is aiming to eradicate poverty by targeting the well-being of children. The institution also has a highly efficient emergency response unit that helps societies when they are hit by a catastrophe. WVI believes that children are the most affected section of society when a disaster happens and therefore it works towards helping them as a priority. To date, the firm has been able to sponsor over three million children. Also, over three million people now have access to clean drinking water and the organization has also managed to respond to over a hundred and seventy emergencies (World Vision, 2019). In a brief period, it is noticeable how the working of this organization has started a spiral effect on society as children are helped to climb out of the state of poverty.

Financials, Market, and Demand

WVI coordinates with over thirty-nine thousand staff members in about a hundred countries. The staff is responsible for shepherding funds from their means of income to more than a hundred million children and their families in financial difficulties. Its offices all over the world raise the amounts required to support the numerous initiatives of WVI, which are used for helping the communities in the different parts of the world to overcome their difficulties (World Vision, 2017). At the local level, WVI implements and coordinates their local agencies in an orderly fashion while simultaneously inspiring joy by transforming the lives of the children.

The organization is highly dependent on private funding from its numerous donors. The funds collected through this type of fundraising are used in restocking the people whose livestock has been stolen or lost due to drought or other natural calamities. One of the principal donors of WVI includes the United States Government itself. It helps WVI by the provision of funds and services as is the need for the situation. For example, in Zimbabwe, World Vision grants are being implemented through the personnel of USAID. One of the projects being funded by World Vision in Zimbabwe is gender-based violence and it is a project that will span 5 years. The various activities that are being offered under this project include the strengthening of the institution of police, judiciary, as well as the provision of medical services to the aggrieved.

WVI maintains financial autonomy and sustainability by holding secure investments with a guaranteed fixed rate of return that exceeds inflation rates. The investments include securities in brokerage firms, securities held in trust, and unliquidated donations in the form of various securities and assets. WVI’s financial revenue is also comprised of donor-advised funds and designated funds. The funds are only recognized as assets after they have been contributed, and are only used for the designated services, which convinces the donor to keep donating for the progress of their cause of helping children.

Although WVI holds the final authority on the utilization of such funds as per its needs, it ensures that any usage restrictions set by donors are duly fulfilled. Tangible assets are reported at estimated fair value less estimated depreciation. WVI publishes the annual audited Consolidated Financial Statements with a detailed Statement of Cash Flows that elaborates on all cash-related activities conducted throughout the year for public scrutiny. Financial management is also clearly reflected in the consolidated comparative statements of financial position (SOFP), which help the reader identify annual changes that have been incurred in the course of their business performance. Potential Challenges of the Financial Operations.

World Vision is currently faced with numerous challenges that range from ethical to financial problems. These problems hinder the smooth progress of the many projects that are being administered under the organization. The most challenging point that is being faced by the organization is due to its religious orientation. Most of the staff of World Vision are Christians by faith and they find it difficult to provide humanitarian aid to people with a different faith (World Vision, 2018). Failure to provide services to such a community is not tolerated under the mission statement of this organization as there are children in the community whose survival is more important than their religious beliefs. They may not know religious difficulties and differences, as all that they need is just help from the organization. Other challenges that are faced by the employees of World Vision International when they are required to offer humanitarian services to children in the countries that are stricken by internal conflicts such as Syria or Afghanistan.

The operations of World Vision International are also hampered by the sheer increase in the number of individuals who require assistance. The number may be much higher than the number that the organization can handle concerning their resources and capabilities. WVI faces numerous challenges mainly due to the prevalence of various religious faiths in the different parts of the world. Despite these numerous problems, WVI is putting more effort to overcome these challenges for the sake of the betterment of the world as a whole.

Economic Legislative Changes

Unlike organizations that are driven by their motives for-profit, nonprofit entities are required to prepare a Statement of Functional Expenses under the Generally Accepted |Accounting Principles (GAAPs) of the Financial Accounting Standards Board (FASB) (Worth, 2018 p.510). These statements break down the operating expenses of the firm and explain how where expenses have been incurred for scrutiny by stakeholders and the general public. The report can be used to develop the financial ratios that are required to assess the management’s efficiency and the effectiveness of fundraising efforts. World Vision Inc’s Statement of Functional Expenses are broadly classified into two border categories. First is the list of its several program services; international programs, domestic programs, and public awareness and education campaigns. Second are the details of its supporting services; management and general, and fundraising. Each of these entries is further classified into constituent headings such as salaries and benefits, printing, travel and depreciation among others to provide a more concise picture of its expenditure to the people who may have a concern.

In short, we can observe that the mission of this organization is a true and just one. Also, the idea of helping children can directly help to raise a general of empowered and religiously tolerant people that would help to contribute to global peace. Also, it is generally observed that all the problems in the world are due to a lack of access to resources in the developing part of the world. Furthermore, there is transparency in all its financial operations. Overall, World Vision International is a comprehensive case study if the economical workings of an International Not-for-profit organization need to be studied.

References

Charity Watch: World Vision. (2019). Retrieved from https://www.charitywatch.org/charities/ world-vision

Hassanzadeh, M., Silong, A. D., Asmuni, A., & Wahat, N. W. A. (2015). Global leadership competencies. Journal of Educational and Social Research, 5(2), 137.

Renz, D. O., & Herman, R. D. (Eds.). (2016). The Jossey-Bass handbook of non-profit leadership and management. John Wiley & Sons.

World Vision. (2019). 2018 annual report of the World Vision International. Retrieved from https://www.wvi.org/senegal/publication/annual-report-2018

World Vision. (2018).2017 annual report of World Vision International. Retrieved from https:// www.wvi.org/livelihoods/publication/visionfund-annual-report-2017

Worth, M. J. (2017). Nonprofit Management: Principles and practice (4th ed.). Sage Publications.

World Vision. (2011). Accountability Report of the World Vision https://www.wvi.org/publication/accountability-report-2011

Paper Assignment

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

The Warning

The documentary is an introspective look into the 2008 financial crisis and how it unfolded apart from the stock market crash. The documentary revolves around four people whose ideologies of the financial markets differ. Alan Greenspan, Robert Rubin and Larry Summers believe in a wholly unregulated market – a true Laissez-Faire economy - without any government intervention as Greenspan, a venerated economist, believes that markets correct themselves. Brooksley Born, a Stanford Law graduate and distinguished derivatives lawyer, believes in regulation to a certain extent in order to bring balance and stability in the market. Greenspan’s model dominates Washington and together with Summers and Rubin, the three are dubbed “The Committee To Save The World” by Time magazine. Meanwhile, Born, appointed CFTC (Commodities Future Trading Commission) Chairwoman, realizes the existence of a completely unregulated and huge market of derivatives, complex financial instruments, that has remained hidden from the US government. There is very little information about these transactions and even less about the people and organizations making these transactions. It was only because Proctor & Gamble filed a case, that the government came to know about the existence of this huge market that had the potential to destroy the whole economy. Born was worried that this would produce a domino effect if the 27 trillion dollar derivatives market and the big banks involved in it faced a crisis. She prepared a document called Concept Release, a set of regulations on over-the-counter (OTD) derivatives and this upsets Rubin. He calls an emergency meeting of the President’s Working Group, a secretive committee of President Clinton’s top financial advisors and office-bearers including Greenspan, Born and Summers. Greenspan and Rubin vehemently oppose Born and warn her to step back from her regulatory quest as it will endanger the entire economy. Witnessing the resolve of Born, Rubin writes to Congress and asks them to use whatever means necessary to stop the publication of Concept Release. A series of Congress hearings take place in which all financial advisors to government and top economists disagree with Born. This leads Congressmen to block Concept Release.

However, clouds of a crisis began to appear. Long Term Capital Management, a hedge fund management firm with Nobel Prize winning economists in the lead, has hundreds of billions of dollars in investment from various investors and they guarantee huge returns. However, their bubble bursts and they cannot pay off their liabilities, leading to a banking crisis. Rubin and Greenspan began making calls and urge banks to help in steering away the crisis. 14 big banks pledge billions of dollars to help stave off the crisis; it works and the crisis is averted. CFTC is stripped of its regulatory powers and Born resigns as a result.

A decade later, a serious crisis becomes imminent when stock market crashes in 2008. The warning of Born turned out to be prophecy that would result in losses of hundreds of billions of dollars and a global financial meltdown – all because of the absence of regulation. Later on, the crisis appeared to have taught a lesson and President Obama announced he would be regulating the derivatives market but the financial lobby spoke against it and got it delayed. Towards the end of the documentary, Born cautions that other crises will follow if regulations are not put in place.

The documentary shows that market is not capable of correcting itself if the investments in market become too volatile and their value gets high. The 2008 financial crisis teaches that true Laissez-Faire economy is not as rosy as some economists contend. The effects of zero regulation can be far reaching and disastrous for the economy. Capital starts to accumulate in derivatives which are extremely hard to understand for people so they become concerned with returns only. This leads to a race for numbers like LTCM did for many years for its investors. They secretly invested and made questionably high profits for their clients which urged further investment. However, the places to invest began to shrink and LTCM found it difficult to return profits so they went bankrupt. This would have been avoided if the government had let Born continue with Concept Release and regulated the huge derivatives market.

The documentary also shows the impact of blindly following economic theory. An economist of Greenspan’s caliber should have seen the writing on the wall but his insistence on following the Laissez-Faire system led to the devastating crisis of 2008. Another important takeaway is that speculation in open market leads to a bubble that is going to burst inevitably. Unfortunately, the period before the crisis is always one of consistent and remarkable financial growth. The 2008 crisis was preceded by phenomenal growth and profits in the stock market. The speculation led to further investments but returns began to diminish and this led to mass selling which drastically reduced prices of stocks.

Perfectly Competitive Equilibrium model takes into account the whole market as homogeneous with each seller and buyer insignificant in determining price as their contribution is too small to make a difference in prices. This model predicts the equilibrium price but it significantly differs from ground realities. The same calculation would have been done by Greenspan, Rubin and their teams but they would not have contemplated the differences in real life. In reality, the 2008 financial crisis had huge market players capable of influencing prices as well as market dynamics. Moreover, a lack of regulation served to embolden investors into making riskier investments that threatened the overall market stability. Once these investments failed to bring the expected returns, investors started to cash out which created a liquidity crisis, forcing LTCM to file for bankruptcy.

Works Cited

"The Warning | Season 28 Episode 2 | FRONTLINE." WOSU Video. N. p., 2019. Web. Retrieved from https://video.wosu.org/video/frontline-the-warning/

Paper On Macroeconomist Of Interest To The Student

[Name of the Writer]

[Name of Instructor]

[ECONOMICS]

[Date]

Paper on Macroeconomist of interest to the student

Jeremy Bentham

Jeremy Bentham was born in 1748 and died in1832. He was a famous British thinker and social activist. He is considered the father of the theory of utilitarianism. Utilitarianism is a viewpoint that advocates the ultimate happiness of the sheer amount for the common society. Bentham was a communal futuristic who argued in favor of the eradication of slavery. Bentham was also an early supporter of animal rights. For his backing of prolonging education to populaces of all sects and religions, he was considered the ‘spiritual father’ of UCL (University College London). Jeremy Bentham wrote plentiful papers and works discussing and promoting the parity between the gender, ending physical penalties, legal restructuring, and ending the death punishment. He also played a significant character in English extremism and laissez-faire or modernism of the 19th Century.

In his early life, Bentham’s father wanted him to practice law which he did not do that disappointed his father. However, his father still gave him economic provision that empowered Jeremy Bentham to dedicate his time to his philosophy and writing. By the early 1820s, Bentham had grown into an extensively cherished character, both in Britain and in other fragments of the world. His philosophies were significantly influential with respect to the developments of public administration made in the 19th century, and his literature is to present day at the center of educational consideration, especially with respect to welfare economics, legal positivism and social policy, and legal positivism.

Bentham used his elementary philosophies of utilitarianism for a varied kind of societal concerns. He became one of the earliest advocates for the prosperity of economics. Jeremy Bentham argued that economic procedure should be articulated with the objective of accumulating the net wellbeing or happiness of the community. This was in disparity to the economics of laissez-faire that was prevailing in that epoch which frequently steered the community towards extreme discrimination and misery. Bentham also promoted economic expansion to realize full employment. Bentham was in touch with Adam Smith, the ‘father of economics’ who altered his opinions on free interest rates (Goodwin, 2015).

Bentham is mostly known for the development of the theory of utilitarianism and his interest in it. It was a distinctive philosophy at that time in the region. This shows that he was from the school of utility. Bentham wrote about his theory of Utilitarianism that it is the utmost happiness of the majority of the inhabitants in the society that measures or differentiates the right from the wrong. In other words, if an action gives happiness to the majority, it is the right action to be performed if the action or deed results in suffering and pain for the most of the people then the action is said to be wrong. This viewpoint of Bentham confronted most of the conventions of the society present at times, for instance, slavery, discrimination of females and severe punishments; this philosophy was profoundly unlike way of seeing the society. Many opponents of the theory reasoned that the beliefs of his theory of utilitarianism was unethical and could validate torment if it improved net happiness. On the other hand, Jeremy Bentham encouraged a compulsory form of impartiality to avoid the breach of human rights. He spent significant time in assessing the happiness which upshots from a specific resolution and categorizing stages of happiness dependent on its worth, time and nature.

Bentham was revolutionary in his utilitarian philosophies for an assessment of the criminal law. He thought that the laws concerning the punishments of the criminals should be assessed for whether they increase human happiness or not. According to Bentham, physical punishment is not the answer for reforming prisoners and criminals, and it will make them probably more resentful towards society. Therefore, Jeremy Bentham became a campaigner of eradicating physical punishments including for children.

In Bentham’s unpublished book of 1795 concerning economics, the "Manual of Political Economy," he persisted on the laissez-faire subject of "No more trade than capital” (Crimmins, 2015). Bentham laid emphasis on the idea that the government can only sidetrack investment assets or treasuries from the private segment and that it cannot promote the entire level of investment. Bentham also argued about inflation and its mysterious ways of work. He tried to discuss why the owners of paper money withheld them from use. According to the Bentham, it must be because the reserve vendor called for a disproportionately great price or wage: inflation is for that reason a means of misleading resource-owners into dropping their real demands.

Bentham, in his initial years, discusses a free-market approach. He debated in his "Defense of Usury," that the governments should not control the interest rates and that the interest rates should be free (Bentham, 2017). But in his later life, he moved to a more domineering standpoint. He predated Keynes in his activism of interventionist fiscal policies to accomplish full employment and promoted a variety of intermediations, together with the minimum wage and assured occupations. He believed that not only the code of utility rules what people should do but also what they shall do. Furthermore, the social order is just a combination of peoples, and that the regime must hence be channeled by the same code. Bentham declares that indeed the community is a made-up body, and the shared concern can be assumed only by considering what the concern of the individual is. In fact, the interest or concern of the society is simply “the sum of the interests of the several members who compose it,” (Quinn, 2016) and the only way to establish that interest means adding an individual’s happiness-minus-pain to the individual’s happiness-minus-pain, etc. This is, according to Jeremy Bentham, the way to the paramount good of the paramount number.

For the following two reasons Bentham debated that there is no need for government acts in fiscal matters. Firstly because the wealth or capital of a community is nothing but that which an individual composes; secondly, every person knows his or her interest better than everyone else. In other words, according to Bentham, there is no interest but an individual’s interest.

Bentham’s common rule for cumulating the wealth or happiness of the society is that nothing should be attempted or done by the government. These thoughts of Bentham provides the basis for individualism and his backing of laissez-faire and free competition.

Bentham has a special place in the account of economic thought. He advanced rational utilitarianism as the foundation for grander freedom in economic life. Despite all the criticisms, his formula for the utmost happiness for the greatest number of people to this day remains respected in politics and economics.

Bentham is thought as the one who dealt a serious blow to the natural philosophy, who advanced rational utilitarianism as the foundation for more constructive freedom in economic life, consequently persuading many more great economists, such as John Stuart Mill who was a champion of freedom and individualism. Bentham as mentioned above was the advocate and founding father of the theory of utilitarianism, which to this day is given significant respect in the field of macroeconomics and has provided substantial resources for the betterment of the economy.

Works Cited

Bentham, Jeremy. Correspondence of Jeremy Bentham, Volume 4: October 1788 to December 1793. UCL Press, 2017.

Crimmins, James E. "Jeremy Bentham." (2015).

Goodwin, Neva, et al. Macroeconomics in context. Routledge, 2015.

Quinn, Michael. "Jeremy Bentham,‘The psychology of economic man’, and behavioral economics." Œconomia. History, Methodology, Philosophy 6-1 (2016): 3-32.

Part A Market And Elascticity Part B Market Externlities

Market and Elasticities and Market and Externalities

Part 1 the answer to question 1.1

The Competitive Market is the market structure for Aldi. In this situation, a number of producers are in competition with one another. Also, they have a large consumer market, and they want to pick a reasonable amount of market share by satisfying the needs of customers through their products. Therefore, Aldi is not only in competition with superstores rather it is competing with different takeaways and even entertainment market as these have become necessities for consumers. The Competitive Market has certain characteristics which are as under

The entry to the market is free, and all the producers have equal opportunities to enter the market.

The major incentive for firms to enter the market is profits. According to the basic theory of Economics, profits are earned when firms achieve revenue in excess of their costs of production (Guo, Deride and Fan, 2016).

Diminishability- the stock of good diminishes as the product is purchased. For example, the purchase of pizza means that customer would not buy fresh vegetables for that day, this results in one less customer.

Rivalry- in competitive markets, consumers compete with each other to get the benefit of the offered product or service. For instance, to obtain a quality product or fresh stock, customers tend to order quickly so that stores or business do not run out of the items.

Rejectability- the customers can reject products in case they do not prefer them. For example, a worker in the supermarket cannot place a product which is not desired by consumers because, in this way, the customers wont pay for that product and markets cannot persuade them to purchase either. This is the concept of rejectability.

Excludability- it is necessary for the consumers that they are excluded from getting the benefit which is derived from the consumption. In this respect, a store can stop a customer from gaining the benefit of a certain product if they are not willing to pay for it. For instance, the market of the music can be established if a musician performs at the place where access is denied to the people who are not willing to pay. This is the concept of excludability. The purpose of excludability is to prevent free-riders because they are the ones who affect the market.

Ability to charge

When the characteristics of diminishability, rivalry, excludability, and rejectability exist then the competitive market structure forms, subsequently, the seller charges purchaser a price, and purchaser agrees or disagrees to that. Also, there is a possibility for the purchaser to make a bid for a product or service for the acceptability or rejectability by the seller.

Market Boundary for Aldi

The overall Aldis strategy is strictly limited to a range of selected items, out of so many private brands. The organisations small range approximately 1,500 store-keeping products are in contrast with 20,000-30,000 in a big Woolworths or Coles. This does not go to the benefit of Aldi as the customers tend to prefer outlets having more variety such as Woolsworth. The businesses that offer more variety and deal in a large number of products are in a position to offer big discounts to customers, which is an added advantage.

The Current Situation

Aldi is one of the most economical superstore chains for consumers in Australia. However, recently, the store has been operating in an environment where households are bound to cut back on groceries to meet their other expenses such as utility bills, mortgages, and other necessities. Grocery is the essential element of a household, but the Deloitte Access Economist report says that thirty-seven per cent of Australian households are more concerned about their capacity to pay for the bills and other items. In this regard, the trend of spending less on grocery is on the rise, and there will be a surge in the percentage of households who would slash grocery purchasing in the next couple of years. The priorities of consumers are changing, and they are not giving due preference to the grocery items (Deloitte Access Economists 2017). Therefore, the situation for Aldi is alarming as it may reach its saturation point as a result of the shift in expenditure patterns of Aussies.

By the first quarter of 2018, Aldi had expanded its operation through five-hundred outlets across Australia and had enjoyed approximately 13 of the Australian supermarket share (Deloitte Access Economists, 2017). Although Aldi offered a lot to a specific segment of the market especially those who wanted quality stuff for low prices, the trend in spending is likely to hit Aldi, and it may witness a decline in growth. The daily living expenses in the country are increasing, and the pay raise for working class has been slow. Due to the combination of low-income and high costs, people are stressed about paying higher mortgages as they opted for that to pay for residential properties (Deloitte Access Economists 2017). Also, households are under rental pressure. The financial burden prompted families to forgo grocery shopping. Surprisingly, luxuries have become necessities as people are spending more on take away foods. By Feb 2018, the takeaways had the largest share in consumption of food other than groceries which was 30 more. Furthermore, the Entertainment subscription services is an area that is booming, and many households have started considering it as an essential instead of a luxury. Apart from cutting back on groceries, many households have switched to private-label brands that are cheaper as compared to the well-known products.

The answer to Question no. 1.2

The statement regarding conventional wisdom on grocery spending illustrates that overall demand for grocery items are not affected by the economic conditions. The grocery products are essentials of daily lives, and there is a general perception that these are on the top of the consumers shopping list. Whether the economy is in growth (expansion) or recession phase, the consumers do not give up on essentials such as groceries. Even during the recession period of 2008, fast foods and takeaways witnessed a decline in their sales, while the economic downturn did not have a significant effect in terms of less consumption of grocery items. However, the recent trend in the market is hinting paradigm shift in consumer spending as many of them are cutting back on groceries and prioritising other segments of the market. Therefore, the balance between necessary and discretionary spending is changing as the things that were once considered luxury items are being preferred over necessities.

The statement regarding subscription of entertainment refers to different subscription services available for the people at affordable rates, and the package provided by them offer a wide range of movies, dramas, and sports channels. As a result, people have more choices, and they can watch everything they want. In this way, technology has given customers easy access to their choices, and the people especially the young generation spend most of their time watching such stuff via television or the internet. Therefore, the entertainment industry is in the growth phase, and in a way, it has become a necessity of peoples daily lives to the extent that they are willing to cut back on groceries, cars, and holidays, but they want internet services and other channels. This trend is on the rise.

According to Deloitte Access Economists (2017), the resilient services were childcare/education and housing as a very few people, i.e. 2 per cent can cut back on that. This indicates that most of the population realise the importance of better education, healthcare and housing as these are the most significant economic indicators for any country. If the majority of the population has these facilities, it means that country is in good economic condition. However, in Australia, people are under financial burden as they have taken houses on high mortgages, and due to slow growth in wage rates, they are struggling to pay mortgages and high rents. As a result, they are cutting back on products such as groceries, but the majority of them do not want to compromise on care, housing, and better education facilities, which is a good sign.

The Answer to Question no. 2.1

The overall drought in the country has made the situation tough for the farmers. The way farmers are losing their livestock due to a shortage of water, high costs of transportation and stock feed, the production will sharply decline in the near future, and less stock will be delivered in the markets which would mean that consumer will have to pay high prices for agriculture products (McCormack, 2018). The overall situation is alarming for farmers. Droughts could affect the prices obtained for agricultural supplies (Carey, 2018). The sharp decline in production, it would impact global commodities, and this is mostly the case with wheat. The prices usually rise when there is drought, and it can give some balance to the growers who are crop producers. However, casting off flocks and herds in drought normally causes a downward trend in livestock prices, which is mostly altered during the flock rebuilding stage that comes afterwards. After the livestock rebuilding phase when customers are charged with high prices, the consumer surplus gets affected, and it will be less as they have to pay for the products more than what they were willing to pay in the first place. However, producers surplus will be more as they will be earning higher than their expectations as a result of the high prices. Although in pre livestock rebuilding phase, the producers surplus is low.

The Answer to Question no. 2.2

If the government gives subsidies to farmers, it will enable them to get raw materials at cheaper rates, and as a result production of the agricultural products will increase. When farmers pay less as input price, they profit margin will increase. This indicates that producers surplus would be more while consumers surplus will be less as both producers and consumer surplus is inversely proportional to each other (Zhang et al., 2016). If subsidies are given to farmers, they will get feed, fertilisers and transportation at less prices, which would lead to more production, and they will be able to satisfy consumers demand. The quantity of agricultural products such as wheat, corn, meat, and dairy products would be sufficiently available in the market. The agricultural products are the necessities of daily life, and that is why if its production increased, people would buy those easily, but more production may not impact the price to a great deal. Furthermore, more production may lead to higher consumption of these products as these are always in high demand.

On the other hand, if subsidies are given to consumers by the government, it would imply that the government would share the burden of prices in the market. In this case, the consumer of agricultural products will have to pay less as compared to the normal circumstances. Also, there will be a less financial burden on the consumer as they would be able to easily afford agricultural products which are the necessities of daily life. The products will be available at the market price but will be less for consumers as a result of the subsidy. However, farmers would pay the same market prices for input or raw materials that are required for production. In addition, supplies would remain uniform, and producers surplus will be less as in this case subsidy is given to consumers instead of farmers.

Moreover, the subsidy is an advantage provided by the government to groups, businesses or individuals mostly in monetary or a tax reduction form. The objective of giving subsidy is to lessen the financial burden on communities, and particular businesses. The subsidy results in less prices that consumers pay while it increases the prices received by producers. However, the expense is incurred by the government. Also, subsidies are given by the government to boost businesses of some sectors and improve the overall economic conditions of the country.

The Answer to Question no. 3.1

During the past five years, the government expenses have been more than the total revenue. As a result, net debt rose, and there has been the case of budget deficit. In this regard, the governments debt position reflected the policies of past governments as the deficits increased the total debt, and subsequently reducing the surplus (Trading Economics 2018). The net debt has significantly risen in Coalition and Labor regimes. The Liberal-National Coalition came out victorious in 2013 election. Until September 2013, A 174.5 billion was the figure of the national debt, which implied that debt increased by almost 5 billion Australian dollars during the last quarter prior 2013 election (The Conversation, 2018). However, as of July 2018, the estimate of net debt was almost 341 billion Australian dollars, which is an increase of 95 since the Coalition government has held the office in the year 2013. In this respect, many economists are concerned about the debt in relation to GDP, or the size of the population. On these grounds, the surge in net debt as a result of governments policies has not been of high significance. Historically, economic growth and other significant economic measures did not contribute much in regards to power dynamics of the ruling party.

Moreover, if things are considered in broader perspective, the last tenure of Labor from 2007 to 2013, had through the Global Financial crises, the net debt went up by almost A 197 billion (The Conversation, 2018). This increase is nearly thirty billion more as compared to the case in the current Coalition set up. This indicates that the recession significantly impacted Australias overall economy. The current position of budget deficit reflects the economic management of previous governments and the current government. Also, different factors are involved in the overall budget deficit. Most of the governments across the world have recovered from the recession of 2008, but the government had to face the effects of the Global financial crisis. The primary source of governments revenue is taxes. If taxes are adequately collected and government hits its target, then budget deficit decreases. Over the years, the tax base in Australia has narrowed with the needs of more spending on healthcare and pension. As far as the overall governments economic policy is concerned, it is mixed with politics.

Furthermore, there are three areas which provide govt. with most of the taxes, and these are labour, consumption, and capital. Ever since the GST had been in place, the PBO has established that all three segments have faced declined, and among these, consumption had been hardest hit. Besides, the biggest fall occurred due to the drop in fuel excise, which went down by 0.6 of the GDP. According to the Parliamentary Budget Office, the tax strategies that are designed at the international level to curtail tax liabilities will continue to affect the tax base of the company tax base.

The Answer to Question no. 3.2

At times government alters spending or taxes as a result, the aggregate demand can be larger or smaller than the fiscal change. The government either increases the spending or decrease it.

The following diagram shows a change in government spending and its effects.

The increase in spending is Expansionary fiscal policy it is used to support the economy during recessions or tough times. In this case, the aggregate demand increases subsequently, the employment and overall output increase in the economy (Auclert and Rognlie, 2018). Through expansionary policy, the spending of the government increases and taxes are minimised. In addition, government spending is one of the elements of aggregate demand, increased govt. spending would shift the demand curve to the right. Also, minimising taxes will yield disposable income and lead to consumption and increase in savings, thus, shifting the curve of aggregate demand to the right. In addition, the combination of the increase in governments spending with reduced taxes will change the curve of Aggregate demand to the right.

Furthermore, the degree of shift in the Aggregate demand curve as a result of the governments spending mainly relies on the magnitude of the spending multiplier whereas the shift in AD curve in relation to tax reduction is dependent on the magnitude of the tax multiplier (Auclert and Rognlie, 2018). Therefore, if the govt. spending is in excess of the tax revenues, and the expansionary would lead towards the budget deficit. On the other hand, contractionary fiscal policy is applied in case of the demand-pull inflation. In this context, it can also be utilised to clear undesired debts. In pursuance of contractionary fiscal policy, the government normally decreases its spending, levies high taxes, or follow a mix of the both. In this respect, contractionary fiscal policy causes the shift of Aggregate Demand to the left. However, if the tax revenue is higher than the government spending, this kind of policy would result in a budget surplus.

Shifting Aggregate Demand to the Right- any possible reason of a shift to the left in the curve would lead to a likelihood of rightwards shift. The high consumer spending on domestic items and the services can move aggregate demand towards the right. Similarly, it is plausible that a downward Marginal Propensity to Save (MPS) may also move aggregate demand to the right. Moreover, Expansionary fiscal and monetary policy may result in increased aggregate demand. These effects are in contrast to the elements that cause a decrease in the aggregate demand.

The macroeconomic theory suggests that a demand shock is a significant change in the economy which impacts certain spending trends and leads to an unpredictable shift in the Aggregate demand curve. Besides, a few shocks are the outcome of change or advancement in technology. The latest technology can increase the productivity of labour, as a result, business return on capitals are high. This happens due to the low costs in one or more sectors, providing customers with more luxury to purchase additional goods, invest or save. In this way, the demand for products and services are more with the decrease in prices.

Bibliography

Auclert, A. and Rognlie, M., 2018. Inequality and aggregate demand (No. w24280). National Bureau of Economic Research.

Carey, A. 2018, Experts warn shoppers could soon feel the pinch at the checkout as our drought crisis deepens. news.com.au, 3 August, viewed 15 Nov 2018,

https//www.news.com.au/finance/business/retail/experts-warn-shoppers-could-soon-feel-the-pinch-atthe-checkout-as-our-drought-crisis-deepens/news-story/7530de279988dac79c049027aa100d7e

Deloitte Access Economists 2017, ALDI household expenditure report How economic pressures and societal

trends are impacting grocery spending, viewed 14 Nov 2018,

HYPERLINK https//www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics-aldihousehold-expenditure-071117.pdf https//www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics-aldihousehold-expenditure-071117.pdf

Guo, Z., Deride, J. and Fan, Y., 2016. Infrastructure planning for fast charging stations in a competitive market. Transportation Research Part C Emerging Technologies, 68, pp.215-227.

Knight, E. 2017, Australia A nation of cash-poor millionaires. The Age, 14 November, viewed 15 Nov 2018,

http//www.theage.com.au/business/retail/australia-a-nation-of-cashpoor-millionaires-20171113-

gzk6iq.html

McCormack, M. (Minister for Infrastructure, Transport and Regional Development) 2018, Immediate Relief for Farming Families takes Drought Relief to 576 million, viewed 15 Nov 2018,

HYPERLINK https//minister.infrastructure.gov.au/mccormack/releases/2018/august/mm123_2018.aspx https//minister.infrastructure.gov.au/mccormack/releases/2018/august/mm123_2018.aspx

The Conversation. 2019. FactCheck has Australias net debt doubled under the current government. online Available at https//theconversation.com/factcheck-has-australias-net-debt-doubled-under-the-current-government-100819 Accessed 22 Jan. 2019.

Trading Economics 2018, Australia government budget, viewed 13 Nov 2018,

HYPERLINK https//tradingeconomics.com/australia/government-budget https//tradingeconomics.com/australia/government-budget

Zhang, Y., Zhao, Q., Zhang, Y., Friedman, D., Zhang, M., Liu, Y. and Ma, S., 2016, April. Economic recommendation with surplus maximization. In Proceedings of the 25th International Conference on World Wide Web (pp. 73-83). International World Wide Web Conferences Steering Committee.

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Paul Krugman

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Paul Krugman

Summary

Paul Krugman is a Nobel laureate who got this recognition in 2008 for his valuable work in identifying patterns of international trade and contributing to economic geography (Panagiriya). He is working as a Professor of International Affairs and Economics at Princeton University. Besides this, Krugman has also taught Economics at the London School of Economics. Among his most notable occupations, he is engaged in writing extensively. He has written or edited twenty-three books, more than two hundred journal articles, and also has been writing consistently columns for various newspapers. He has been employed with the New York Times for a long time and his articles are published in the newspaper every three to four days.

Paul Krugman completed his B.A. in the field of economics in 1974 from Yale University. Later, he headed to the MIT (Massachusetts Institute of Technology) from where he finished his Ph.D. in 1977 (Krugman). He has been working as a research associate since 1979 at the National Bureau of Economic Research. His other affiliation is with the Institute of International Economics as a member of the board of advisors. He has associations also with the American Academy of Arts and Science, the Econometric Society, and the Group of Thirty. All these affiliations make him a worthy professional in his field (Paul Krugman | Princeton Magazine).

A year after getting his Ph.D. degree, Krugman published his major research on economies of scale and international trade. Krugman studied the determinants of trade as well as the production locations in depth in the context of a globalized economy (Gaspar). He did this by integrating the economies of scale into models of general equilibrium. Through his research, he explained the way the consumers’ desires for choice and variety make the countries capable to reach economies of scale. These economies of scale are important to conduct profitable trade in products of similar types. This research later developed into his potential works, which laid foundations of the field of new economic geography.

The research areas that make him stand apart from his contemporaries include economic geography and international economics, having a specialty in international finance and trade. Being ranked as the world’s one of the most influential economists, he has proved himself to be an exceptional writer with a keen insight into political affairs. In recognition of his work on the new trade theory, he was awarded the John Bates Clark by the AEA (American Economic Association) in 1991.

Trade patterns have been explained by theories of comparative advantage and factor endowments. In earlier times, these theories were useful in explaining the patterns of international trade. However, in the new era, with the change of business trends and economic conditions, the above-said theories have become less relevant. Krugman studied the issue and wrote two articles in 1979 and 1980 to explain the facts and figures involved. He described that the competitive advantage was not the determining factor in international trade patterns (Fujita and Thisse). Many countries imported and exported the same goods, while the countries engaged in dissimilar funding were more actively engaged in the trade that those engaged in similar financing of capital and labor. Krugman made use of the framework of monopolistic competition. Each company in this kind of framework sells differentiated goods. Since the present day’s consumers prefer variety over uniformity, people living in a country sometimes like to buy things made in some other country. Such a framework provides better criteria to understand the latest international trade patterns. Krugman's models of trade patterns became widely accepted by the professionals because they provide a more realistic way to deal with related issues and are based firmly on efficient mathematical modeling. The combination of tractability, elegance, and realism in Krugman’s models supports several papers written on economic geography, political economy, economic growth, and trade (Krugman). One of the most acclaimed papers written by Krugman was “Increasing Returns and Economic Geography” published in 1991. It was cited more than nine hundred times in other scholarly articles and standard papers. A fine mathematical treatment supported the framework presented in this paper for discussing trade and business location at the same time (Krugman).

Because Krugman regularly writes columns in the New York Times, he writes on many issues, political as well as economical. He guides the organizations as well as government institutions concerning their policies and strategies. He carried out unbiased criticism on the government policies regarding taxation during the governance of President Bush. He was strictly against the tax cuts enacted by the government. His main argument in this regard was that the tax cuts give rise to budget deficits in the country. No improvement in the economy comes as a result of such policies. Besides, these decisions can worsen income inequality in the country. Instead, Krugman proposed that government spending should be increased. Further, taxes ought to be lowered, unemployment benefits should be provided to people, and the military should be made stronger. The government’s spending on such issues will improve the economy in the long run, whereas the tax deficits occurred would only be temporary.

Krugman adheres to Keynesian economics. He also employed the new Keynesian theory in his research, however, he criticizes it also, saying that it does not allow to predict efficiently. He identifies himself to be a liberal, and he explains it the way to relate it to the term, social dramatic. Krugman advocates free markets even where they have controversial views. He is always in favor of a market’s natural supply and demand process. He is strictly against unemployment, to the extent that he approves sweatshops over unemployment. He argues against tax breaks, subsidies, and mandates. He was the one who questioned the need for NASA and reasonability of its perilous, costly space ventures in comparison with the benefits they yield.

Krugman’s influence spreads across the field of finance (international). He wrote a paper discussing the currency crisis that showed that exchange rate regimes tend to end in speculative attacks. His paper is one of the most important contributions to the currency crisis models of the first generation. Krugman emphasized using aggressive fiscal policy and an unconventional monetary policy. He argued that the Keynesian liquidity trap had struck Japan. His discussions on the issue gained importance in the circle of professionals and are still being debated over. He proposed a policy to address the liquidity trap of Japan, which entailed inflation targeting. He argues that the policy is close to the objective of modern stabilization, by providing adequate demand without distorting the allocation of the resources. His views on the economic growth that occurred in East Asia were also not encouraging. He held the opinion that these countries have shown growth and development that is the result of mobilizing resources and the rate of growth will decrease slowly. Krugman has extensively criticized President Trump and the way his administration works. He has made criticisms on President’s proposals for climate change. He disagrees with certain points in the President’s economic policy. He further disagrees with most of the tax plan and foreign policy.

An important article Krugman wrote was “Ricardo’s Difficult Idea”. David Ricardo explained the details of free trade a long time ago, which Krugman thinks are essential to know by intellectuals of the present day, whether they are economists or non-economists. Krugman explains Ricardo's idea that developed countries produce goods by creating a comparative advantage. The low-wage countries cannot pose any threat in this regard to the developed countries. The products made in low-wage countries cannot substitute goods manufactured in high-wage countries. Krugman, in his paper, emphasizes the need for having an understanding of such concepts by the intellectuals of today, either economists or non-economists.

Another important identification made by Krugman is that the people are concerned with their relative incomes concerning one another. They are not concerned with the living standards that much. He gave evidence by quoting facts and numbers in his article, “The CPI and the Rat Race”, exclaiming that the material standard of living of most of the families in 11950s was not better as compared to that of the poor people of 1990s. He elaborated that even the poor people were doing good in the 1990s relative to their older generations.

Krugman indicated that labor markets heavily regulated by government interventions are not in a condition to create new jobs, even the low-wage positions for work, which can provide support to the unemployed. Labor markets in Europe mostly are facing this challenge. Krugman encouraged the low-wage job offers available in the US labor market as compared to that in Europe. This clarifies Krugman’s opinion about unemployment. He further adds that the youth needs a passage or entrance to the practical world. If they manage to somehow enter the world of work, they can also be successful in finding better jobs for themselves in the future. Remaining idle is worse than engaging with low-salary jobs.

Personal Analysis

Paul Krugman has proved himself to be creative, innovative, and brilliant in academia as well as professional level. He wrote valuable pieces of work at the very early stage of his career. His works have been cited frequently in standard articles and papers. The major influence of his efforts is in the development of new trade theory and new economic geography. It is these two areas of research for which he succeeded in winning the Nobel Prize. Some of his contemporaries were surprised by his selection to be awarded the Nobel Prize. Others were surprised by his single nomination for the prize. Nevertheless, many found it quite fair as they considered Krugman deserving to get the prize. Since Krugman is actively working as a journalist as well, he has developed a dual image of his professionalism. At the same time, he has acquired many fans as well as enemies due to his outspoken writings. People and evaluation boards simultaneously regard him as one of the most influential economists of all time.

It seems from the efforts Krugman makes by writing extensively that economics is not well understood by most of the intellectuals of today as its concepts should have to be understood by them. Krugman has mentioned the need for creating awareness as well in this regard in some of his writings. He keeps on elaborating on economic and political facts through his articles and columns. His sincerity with his field of study and profession is evident in all his efforts. He has sound opinions regarding the policies and strategies being pursued by the government related to economy and trade. His contemporaries can be divided into two types: those who admire him, and those who disagree with him. Some argue that his image as an economist has been shadowed by his journalist’s image due to writing assiduously political columns. His indulgence in writing political columns suggests that he has a broad view of the field of economics that urge him to discuss out-of-the-scope things in his writings.

Krugman explains the new trade theory as a fresh treatment of the subject, which has not been made with such detail and support of mathematical models previously. The traditional trade theory provided only the comparative advantage as the basis for international trade. Krugman added new dimensions to the theory by arguing that countries with similar production resources and comparative advantages carry out import and export of goods with each other. This fact indicates that certain other factors also exist that determine the cause of international trade involvement in different countries. He states that people’s desire for variety is one of the main reasons countries pursue international trade. Krugman’s trade theory incorporates the concepts of economies of scale into the trade theory. In his theory of economic geography, Krugman explains that labor and capital can move to other countries for production purposes, however, many businesses do not pursue this type of transfer of production resources (Fujita and Krugman). Krugman refers to the concentrated production areas in the US where millions of people gather in geographically small areas to find jobs and become part of the production processes. He says companies targeting particular niches with their products prefer to confine their production units to a few numbers in a few locations. He mentions centripetal and centrifugal forces in markets that shape the trends of businesses. Centrifugal forces push the businesses beyond the borders and result in an expansion of businesses internationally, whereas the centripetal forces pull the main processes of a business to be confined within the national boundaries, limiting the number of factories as well as the locations (Fujita et al.). Krugman released two versions of each of the two theories mentioned above: one version supported by mathematical models and the other version kept written plainly to make it easier for readers (non-economist intellectuals) to understand the concepts.

Krugman does not approve of unemployment at all. He agrees to the option that the unemployed people should engage in low-wage jobs rather than wasting their time as being unemployed. He even approves the existence of sweatshops in markets when unemployment is prevailing and reduces opportunities for newcomers to get high-wage positions. Another major concern he is fighting for is income inequality in the country. He gives explanations of factors causing this inequality and brings forth the possible solutions.

Krugman does not admire much the economic growth that has occurred in East Asian countries in recent decades. He argues that the economic growth in these countries is not based on the economic models that could ensure consistent success in the future. He states that the economic success of these countries is due to the investments made by investors and changes in trends of business environments. He argued that the sustained future success of these economies depends on the total factor productivity that is the ratio of aggregated outputs and aggregated inputs.

Krugman's criticism of the government's policies and strategies is ruthless. He does not approve any initiative that causes social side effects like unemployment, income inequality, etc. He has written several articles commenting on the current government and holds different opinions as the government has in affairs related to the state. He criticized Bush’s plan for tax cuts arguing that it would cause income inequality with no improvement in the overall economy. He criticized Obama’s stimulus plan and banking rescue plan. He said that the policy would support only the large financial institutions and bankers to help them solve their problems and ignoring the cumulative benefit of the country’s economy on the whole. He also opposed China's exchange rate policy narrating that it would slow the recovery of the economy since the recession of 2008 and emphasized to levy surcharge on imports from China to the US.

A consistent growth in Paul Krugman’s career can be noticed throughout. Beginning as an academic genius, he started writing valuable pieces of research on different areas of his expertise. He kept on writing quality research as well as eye-opener articles continuously. He won numerous awards of the highest recognition of a professional's achievements. He is carrying out a multi-dimensional career comprising teaching, writing, consulting, and mentoring. His political views are liberal, enabling him to give his opinions freely and confidently. He supported Hillary Clinton, the Democratic candidate, for the presidential election of 2016. He critically evaluated the usefulness of NASA in bringing benefits to the country without having a significant impact on the economy due to extraordinarily huge costs.

Paul Krugman is the most liked as well as the most disliked journalist in the country. His elaborative work on explaining various concepts of economics to non-economist intellectuals and commoners has been admired by numerous experts. The New York Times offered him to join their office for writing “opposite to the editorial” column and be the face of the newspaper. Krugman has made many enemies as well due to his clear descriptions of political and economic problems. Krugman’s wife, Robin Wells, is also a scientist who holds a Ph.D. degree from the University of California, Berkeley (Princeton Weekly Bulletin). Krugman has co-authored many books with her wife.

Krugman has observed the conditions of economies intensively and presented his findings in a well-developed prose. For instance, he compared the living standards of people belonging to two distantly apart decades, the fifties and the nineties. He derived a surprising conclusion from the comparison that the living conditions and standards of wealthy people of the 1950s are not better than those of the poor people of the 1990s. He concluded that people refer to the quality and standard of living through the comparison of their mutual incomes. His conclusion of the study almost redefined the attitude of intellectuals towards the standard of life.

Works Cited

Fujita, Masahisa, et al. The Spatial Economy: Cities, Regions, and International Trade. MIT Press, 1999. Print.

Fujita, Masahisa, and Paul Krugman. “The New Economic Geography: Past, Present and the Future.” Fifty Years of Regional Science, Springer, 2004, pp. 139–64. Print.

Fujita, Masahisa, and Jacques-François Thisse. “New Economic Geography: An Appraisal on the Occasion of Paul Krugman’s 2008 Nobel Prize in Economic Sciences.” Regional Science and Urban Economics, vol. 39, no. 2, 2009, pp. 109–19. Print.

Krugman. “Incidents from My Career”, Princeton University Press, December 10, 2008. Print.

Panagiriya, A., “Paul Krugman, Nobel”, Forbes, October 13, 2008.Print.

Princeton Weekly Bulletin, "Biography of Paul Krugman", 98 (7). 2008. Print.

Krugman, P., "The new economic geography, now middle-aged". Mimeo, Paper presented at the Association of American Geographers. 2010. Print.

Gaspar, José. A Biography of Paul Krugman: Contributions to Geography and Trade. 2018. Print.

Krugman, Paul R. “Increasing Returns, Monopolistic Competition, and International Trade.” Journal of International Economics, vol. 9, no. 4, 1979, pp. 469–79. Print.

Paul Krugman | Princeton Magazine. 2020. Print.

Planned Chaos

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

The theme of Planned Chaos

Planned chaos is an excerpt from socialism, presented by Ludwig von Mises. In the book “An Economic and Sociological Analysis,” this piece of work was added to discuss the impact of socialism on free enterprises and personal liberty through government policies and implementations. Author discussed his thesis statement by dividing his work in ten different sections like liberation of demonic forces, the need to expose and challenge interventionism, similarities and differences between socialism and communism, the identification of interventionism as German pattern of socialism, Nazism, fascism, the assumed inevitability of socialism as the future destiny of humanity and the three invisible qualities of interventionism.

In the first chapter, various reason of failure of interventionism is discussed. For instance, free market relies on the profit, while aim like equal distribution of income or wealth cannot be achieved in free trade. Therefore, interventionism shows failure and blame free trade. In the second chapter, role of anti-dictatorial and the dictatorial practice is discussed. Author believes that political condition of the nation in dictatorship fails the social character of interventionism. In next chapter, further discussion was made to differentiate the pros and cons of communism and socialism. Russia’s aggressiveness is also discussed by the author in separate chapter in which he analyzed the impact of Russia on nation’s social and economic condition. In the chapter Trotsky’s Hersey, the author highlights the fact that dictatorial power cannot enhance equality, instead, it relies on power and oppressing the population who are rivals.

In a chapter, author claimed that October 1917 was the turning point in the history which changed the ideology in the society. It was the time of revolution towards socialism. In the remaining chapter, he discussed the changes in society and power like in fascism and Nazism. In the end, he concluded his work by discussing the alleged inevitability of socialism ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Dt0UjgVo","properties":{"formattedCitation":"(kanopiadmin)","plainCitation":"(kanopiadmin)","noteIndex":0},"citationItems":[{"id":887,"uris":["http://zotero.org/users/local/rVaVAHaF/items/UYHFXCH2"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/UYHFXCH2"],"itemData":{"id":887,"type":"webpage","title":"Planned Chaos","container-title":"Mises Institute","genre":"Text","abstract":"The history of mankind, wrote Ludwig von Mises, is the history of ideas. The characteristic mark of this age of dictators, wars, and revolutions is its anti-capitalistic bias. Most governments and political parties are eager to restrict the sphere of private initiative and free enterprise. It is an almost unchallenged dogma that capitalism is done for and that the coming of all-around regimentation of economic activities is both inescapable and highly desirable.","URL":"https://mises.org/library/planned-chaos","language":"en","author":[{"family":"kanopiadmin","given":""}],"issued":{"date-parts":[["2007",1,12]]},"accessed":{"date-parts":[["2019",11,2]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (kanopiadmin).

Work Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY kanopiadmin. “Planned Chaos.” Mises Institute, 12 Jan. 2007, https://mises.org/library/planned-chaos.

Work Cited

Policy Discussion:Student Loan Forgiveness

Policy Discussion: Student Loan Forgiveness

[Name of the Writer]

[Name of the Institution]

Policy Discussion: Student Loan Forgiveness

Introduction

Increase in cost and return in education system especially in colleges result in an increase in student loans demand. Education and high literary is the factor that improve the human capital for the economic growth of the nation. However, in America there is a constant increase in college cost that is a crucial issue. The main purpose of the paper is to analyze the reason of increasing cost and return for decreasing the student loan debt. It is important to ensure the better and low cost education to all students.

Discussion:

In America loan default rates of students have increased due to various reasons. The main factors that resulted in this increase are labor market uncertainty and increase in debt level. Investors are confused in this situation whether college is worth investment now or not. However, researches indicate that investment in colleges degree is still beneficiary because there is a decline in average wages for the no college degree worker. The gap of wages between degree holder worker and non-degree holder will remain high therefore investor can get higher return if they invest in colleges.

Trend shows that college cost is increasing each year rapidly. Over past decade, cost has been increasing three times and nation has never notice such increase at least in financial terms. Trends also indicate that about 1.5 trillion dollars held by 44 million Americans which mean every single American out of four is paying student loans. More increase is expected in coming years. Due to this excessive student loan, people are facing various personal and societal consequences. Individuals are unable to earn higher amount because large portion of their income spend over paying student loan. These individual consequences also result in other societal consequences like delay in house purchasing, marriage, and child bearing. Young individuals who have aim to create their own business face difficulties in getting business loan ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"XHPhqW7C","properties":{"formattedCitation":"(\\uc0\\u8220{}Student Debt Crisis: Numbers, Stories & Proposals | Morningside Center for Teaching Social Responsibility,\\uc0\\u8221{} n.d.)","plainCitation":"(“Student Debt Crisis: Numbers, Stories & Proposals | Morningside Center for Teaching Social Responsibility,” n.d.)","noteIndex":0},"citationItems":[{"id":787,"uris":["http://zotero.org/users/local/rVaVAHaF/items/HWUV83U3"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/HWUV83U3"],"itemData":{"id":787,"type":"webpage","title":"Student Debt Crisis: Numbers, Stories & Proposals | Morningside Center for Teaching Social Responsibility","URL":"https://www.morningsidecenter.org/teachable-moment/lessons/student-debt-crisis-numbers-stories-proposals","accessed":{"date-parts":[["2019",10,13]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Student Debt Crisis: Numbers, Stories & Proposals | Morningside Center for Teaching Social Responsibility,” n.d.).

Increase in college cost is a serious issue and politicians have already proposed various policies to control student loan debt. Aim Higher Act was proposed by house democrats who will be effective to reduce the tuition fees along with elimination of financial incentives. New York presented the proposal of free tuition fee at state colleges. In addition, policy makers also considering the proposal of student loan forgiveness and cancellation. However, many people are against loan forgiveness because the main issue is the high cost of education which should be solved. People argue that instead of complete forgiveness investment should be increase in colleges to reduce the fees of institution. In addition, families who can pay loan should return some of the proportion to share the burden of government. In other words, only those families should be get benefit who earn less ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"AsjctR77","properties":{"formattedCitation":"(\\uc0\\u8220{}Forgiveness, Cancellation, and Discharge,\\uc0\\u8221{} 2019)","plainCitation":"(“Forgiveness, Cancellation, and Discharge,” 2019)","noteIndex":0},"citationItems":[{"id":788,"uris":["http://zotero.org/users/local/rVaVAHaF/items/WN47LKS7"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/WN47LKS7"],"itemData":{"id":788,"type":"webpage","title":"Forgiveness, Cancellation, and Discharge","container-title":"Federal Student Aid","abstract":"Forgiveness, cancellation, or discharge of your loan means that you are no longer required to repay some or all of your loan. [highlight] Are you looking for a loan discharge or forgiveness form? View a list of available loan discharge and forgiveness applications. [/highlight]","URL":"/repay-loans/forgiveness-cancellation","language":"en","issued":{"date-parts":[["2019",5,17]]},"accessed":{"date-parts":[["2019",10,13]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Forgiveness, Cancellation, and Discharge,” 2019).

Government is trying to control the loan debt but it is also important for the borrowers to know their responsibility. It is the responsibility of the student to use their loan which can increase their productivity in future. In addition, return of loan should be the priority of the students. Besides, college should be reformed. Tuition fees should be rescued so that student should not go for high loans. Colleges can also increase scholarship percentage so that more students can study without the worry of fees ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"8r9XzEAG","properties":{"formattedCitation":"(Lochner & Monge-Naranjo, 2015)","plainCitation":"(Lochner & Monge-Naranjo, 2015)","noteIndex":0},"citationItems":[{"id":786,"uris":["http://zotero.org/users/local/rVaVAHaF/items/6HFG2YFX"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/6HFG2YFX"],"itemData":{"id":786,"type":"report","title":"Student Loans and Repayment: Theory, Evidence and Policy","publisher":"National Bureau of Economic Research","genre":"Working Paper","source":"National Bureau of Economic Research","abstract":"Rising costs of and returns to college have led to sizeable increases in the demand for student loans in many countries. In the U.S., student loan default rates have also risen for recent cohorts as labor market uncertainty and debt levels have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain enough credit for college and the extent to which they are able to repay their student debts after. We then discuss optimal student credit arrangements that balance three important objectives: (i) providing credit for students to access college and finance consumption while in school, (ii) providing insurance against uncertain adverse schooling or post-school labor market outcomes in the form of income-contingent repayments, and (iii) providing incentives for student borrowers to honor their loan obligations (in expectation) when information and commitment frictions are present. Specifically, we develop a two-period educational investment model with uncertainty and show how student loan contracts can be designed to optimally address incentive problems related to moral hazard, costly income verification, and limited commitment by the borrower. We also survey other research related to the optimal design of student loan contracts in imperfect markets. Finally, we characterize key features of efficient student loan programs that provide insurance while addressing information and commitment frictions in the market.","URL":"http://www.nber.org/papers/w20849","note":"DOI: 10.3386/w20849","number":"20849","shortTitle":"Student Loans and Repayment","author":[{"family":"Lochner","given":"Lance"},{"family":"Monge-Naranjo","given":"Alexander"}],"issued":{"date-parts":[["2015",1]]},"accessed":{"date-parts":[["2019",10,13]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Lochner & Monge-Naranjo, 2015).

Conclusion:

College loan debt is the serious issue in contemporary time because there is a rapid increase from last few decades. Students are facing individual and societal consequences due to the issue. Government is showing seriousness to the issue and providing various proposals. However, it should be remember that college fee is the main issue which should be resolved to decrease the student loan debt in future.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Forgiveness, Cancellation, and Discharge. (2019, May 17). Retrieved October 13, 2019, from Federal Student Aid website: /repay-loans/forgiveness-cancellation

Lochner, L., & Monge-Naranjo, A. (2015). Student Loans and Repayment: Theory, Evidence and Policy (Working Paper No. 20849). https://doi.org/10.3386/w20849

Student Debt Crisis: Numbers, Stories & Proposals | Morningside Center for Teaching Social Responsibility. (n.d.). Retrieved October 13, 2019, from https://www.morningsidecenter.org/teachable-moment/lessons/student-debt-crisis-numbers-stories-proposals

References

Preliminary Research Paper

Preliminary Research Paper

[Name of the Writer]

[Name of the Institution]

Preliminary Research Paper

Introduction

The Greek crisis was prompted by the issue of the great recession all around the world. Greek was already facing economical issue since 2007 where great recession resulted in a debt crisis. The economy had already weaknesses and was lack of flexible monetary policy which reveals the reality about the actual deficit level of the nation. Initially, the deficit was underreported and the forecast was not calculated accurately by the government which made the situation worse. The main factors involved in the Greek debt crisis include; great recession, current account deficit, excessive government spending, high government debt, and low GDP growth and data credibility. Greek received billions in bailout, however poor performance of government in addition to issues like corruption made difficult for the nation to come out from the debt crisis. The debt crisis results in the high taxes and high unemployment level where the loss of trust by foreign investors made the business performance poor.

Discussion

The Greek debt crisis is the most dangerous debt crisis in the world which is a great threat to the economy of the other nations. European Union made possible for Greek to avoid the default by providing high payments however, it turned into the largest financial rescue in the history. The crisis prompted the Eurozone which might expand in financial crisis worldwide. The budget deficit of the Greek increased to 15% from its total GDP which shut down the ability of Greek for further finance. The disability to finance results in difficulty for the debt repayments. Greek wants the European Union to forgive some of the debt ratios however, it is not possible because it can create hurdles for the economies of the nation who gave the loan.

People of Greek facing several financial and social issues due to the debt crisis. For instance, the government announced to lower the percentage of pension share from GDP. The reason behind lowering the pension is that pension percentage is highest in Greece than any other European nation. In addition, one out of every five people is above 65 and receiving a pension. By lowering the ratio of pension, the government can increase its revenue ratio. Pension uses 17.5% of GDP which requires to be cut done at least one percent with increasing the pension contribution and decreasing the early retirement by the employees. It can develop difficulties for the citizens because half of the Greek population relied on pension income.

Decreasing the percentage of pension income is not enough, the government is increasing taxes on different goods and services. The increase in taxes effect both the consumers and producers. Increase in tax rate results in an increase in costs. When the cost of production increases it leads to an increase in prices and a decrease in the demand due to the decrease in disposable income. Therefore, Greek where one-third of the population living below the poverty line, high taxes are resulting in an increase in the level of unemployment. The employment rate is increasing to 25% while youth unemployment rate hit about 50%. Such condition is making difficulties for the financial condition of the people especially middle and lower class. However, by increasing the taxes along with a decrease in government spending, Greek is making a budget surplus of 0.8% with 1.4% economic growth.

Impact on common people & testimonies:

Due to the increase in taxes, thousands of people have lost their job and the unemployment level is increasing. As fifty percent of the population relied on the pension income and with the cut down in pension income people are facing financial problem. A famous newspaper "The New York Time", published the news about the suicide of the 66-year-old man. Her wife shared the information that how lowering the pension deepened the despair of the family. In the result, Anna’s husband who was the retired bus driver attempt suicide. The news also highlighted the healthcare experts’ studies who believe that debt crisis results in the increase in depression and mental issues in the people of Greece. The suicide rate is also increasing after imposing the high taxing and cutting the pension during the crisis. The suicide rate in 2016 increased from 3.3 to 5 per 100,000 people ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"tR6SQ5gC","properties":{"formattedCitation":"(Kitsantonis, 2019)","plainCitation":"(Kitsantonis, 2019)","noteIndex":0},"citationItems":[{"id":445,"uris":["http://zotero.org/users/local/mlRB1JqV/items/LSX2JNC2"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/LSX2JNC2"],"itemData":{"id":445,"type":"article-newspaper","title":"Greece, 10 Years Into Economic Crisis, Counts the Cost to Mental Health","container-title":"The New York Times","section":"World","source":"NYTimes.com","abstract":"Depression and suicide rates rose alarmingly during the debt crisis as the country cut wages and health services and increased taxes.","URL":"https://www.nytimes.com/2019/02/03/world/europe/greece-economy-mental-health.html","ISSN":"0362-4331","language":"en-US","author":[{"family":"Kitsantonis","given":"Niki"}],"issued":{"date-parts":[["2019",2,4]]},"accessed":{"date-parts":[["2019",5,24]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kitsantonis, 2019).

Cash crisis affecting people as well as local businesses. Lettuce farmer Andonis Vezyroglou is facing difficulty due to the crisis. Cash crisis results in decreasing his sales. Sales were dropped about twenty to twenty-five percent a week and he was expecting more loss in the upcoming week. The reason behind the fall in sales is the shortage of cash. Most of the people rely on cash for purchasing and selling goods and services. Especially lower and middle class use liquid money and due to the cash crisis, many suppliers are not willing to carry on the business transaction with the farmer. The business based on food items are still making better while other businesses are facing worse condition than this and losing about eighty percent on their business ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"klZfd0gF","properties":{"formattedCitation":"(\\uc0\\u8220{}How the cash crisis in Greece is affecting ordinary people,\\uc0\\u8221{} n.d.)","plainCitation":"(“How the cash crisis in Greece is affecting ordinary people,” n.d.)","noteIndex":0},"citationItems":[{"id":448,"uris":["http://zotero.org/users/local/mlRB1JqV/items/5RZT6M9S"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/5RZT6M9S"],"itemData":{"id":448,"type":"webpage","title":"How the cash crisis in Greece is affecting ordinary people","URL":"https://www.pri.org/stories/2015-07-08/how-cash-crisis-greece-affecting-ordinary-people","accessed":{"date-parts":[["2019",5,24]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“How the cash crisis in Greece is affecting ordinary people,” n.d.).

There are many other real-life examples shared by the common people that highlighting the condition of the households and their financial issue. Greek debt crisis not only creating problem in business is also resulting in unemployment, bad mental condition and increase in the suicide rate in the nation. The Greek crisis is not a sudden issue that emerged in the nation it is the result of the past performance of the governments and economic and political activities. The bad performance of the government is the real testimony of the Greek crisis along with the negative role of the banking system in the nation which leads to the cash crisis. The implication and probability of Greek government default on not only Greece but also the Euro area and global economy. Another testimony of the crisis is the exposer of America's taxpayer to provide loan to the Greek government through the IMF. Debt sustainability of Greek totally depends on the performance of the government to generate a higher GDP to repay the debt and the structural economic reforms that increase the growth of the economy.

Conclusion

The Greek crisis is the result of poor government performance, the impact of the great recession and inefficient data credibility. Greek tried to cope with the issue by borrowing the money from European Union, however, an issue like lack of flexible monetary policy, corruption, and ineffective structural reforms unable Greece to generate the high GDP to pay back the loan. Greek government tried to European Union to forgive debt but lenders are not ready to help government because if Greek government gets failed to pay back the loan the nation's debt crisis can be spread to the economies of the other nation especially who give loan to the Greek. The policies made by the government include a decrease in the ratio of the pension, government spending and an increase in the tax rate. Various real-life examples indicating the condition of the common people due to the debt crisis. The debt crisis is harmful to the business, sales are falling due to the cash crisis where most of the people make the transition through cash. Another example that is the result of a decrease in pension indicating that people are facing financial issues which result in an increase in the suicide rate. Healthcare reports indicate that people are facing the issue of depression, anxiety, and suicidal ideation.

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY How the cash crisis in Greece is affecting ordinary people. (n.d.). Retrieved May 24, 2019, from https://www.pri.org/stories/2015-07-08/how-cash-crisis-greece-affecting-ordinary-people

Kitsantonis, N. (2019, February 4). Greece, 10 Years Into Economic Crisis, Counts the Cost to Mental Health. The New York Times. Retrieved from https://www.nytimes.com/2019/02/03/world/europe/greece-economy-mental-health.html

Price Discremination

Price Discrimination

[Name of the Writer]

[Name of the Institution]

Price Discrimination

Pricing strategy of price discrimination is the strategy in which sellers charge different prices to the customers for the same product. In addition, within pure discrimination sellers sell goods on the maximum prices that the consumers are willing to pay. The main purpose of price discrimination is to increase the profit. Sellers try to obtain a consumer surplus of the market to maximize the revenue. One of the major reason behind the price discrimination is the unawareness of the consumer regarding the market price. Consumer reacts to the price asked by the sellers without knowing the actual price of the particular product ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"7tXpFPfm","properties":{"formattedCitation":"(Armstrong & Vickers, 1993)","plainCitation":"(Armstrong & Vickers, 1993)","noteIndex":0},"citationItems":[{"id":1683,"uris":["http://zotero.org/users/local/mlRB1JqV/items/2QBJPR57"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/2QBJPR57"],"itemData":{"id":1683,"type":"article-journal","title":"Price Discrimination, Competition and Regulation","container-title":"The Journal of Industrial Economics","page":"335-359","volume":"41","issue":"4","source":"JSTOR","archive":"JSTOR","abstract":"The paper analyzes some effects of price discrimination policy in a model where a dominant incumbent firm faces an endogenous degree of competition in one of its two markets. Banning price discrimination tends to encourage more entry, which is desirable if the entrant is as efficient as the incumbent but has ambiguous welfare effects more generally. Prices in both markets might fall. Price discrimination policy under different forms of price regulation is also examined. If the incumbent's average price level is regulated, then allowing price discrimination can lead to pricing below marginal cost, with possible anti-competitive consequences.","DOI":"10.2307/2950596","ISSN":"0022-1821","author":[{"family":"Armstrong","given":"Mark"},{"family":"Vickers","given":"John"}],"issued":{"date-parts":[["1993"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Armstrong & Vickers, 1993).

Movie theaters, airlines, and various other companies charge different prices based on age, day, and purchase date that is the example of price discrimination. For instance, the theaters offer a discount at day time while charge full price at night. This is because during day time customers are less willing to visit such places while they have to pay full price at night when they can visit the theater. Same in the case of airlines, the price for booking a ticket week before the flight is less than the price they charge on the last day. These businesses use the need and willingness of the consumers to increase the revenue ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"XbRSfKWw","properties":{"formattedCitation":"(\\uc0\\u8220{}Airline price discrimination | Economics Help,\\uc0\\u8221{} n.d.)","plainCitation":"(“Airline price discrimination | Economics Help,” n.d.)","noteIndex":0},"citationItems":[{"id":1684,"uris":["http://zotero.org/users/local/mlRB1JqV/items/K6WYDRNX"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/K6WYDRNX"],"itemData":{"id":1684,"type":"webpage","title":"Airline price discrimination | Economics Help","URL":"https://www.economicshelp.org/blog/7767/business/airline-price-discrimination/","accessed":{"date-parts":[["2019",11,16]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Airline price discrimination | Economics Help,” n.d.).

Price discrimination for the selling of petrol is unfair. Petrol is good that controls various other things of the daily schedule, therefore, fluctuation in the petrol price affects the customers. For instance, petrol stations announce for cut-price fuel but they do not provide exact date or time for the cut-price. It results in the purchasing of petrol only by the customers with most price elasticity while remaining become unable to purchase petrol on decided days or time. They ignore the cut-price date and purchase only when they find purchasing the most convenient ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"wPBeJyoK","properties":{"formattedCitation":"(\\uc0\\u8220{}Examples of Price Discrimination | Economics Help,\\uc0\\u8221{} n.d.)","plainCitation":"(“Examples of Price Discrimination | Economics Help,” n.d.)","noteIndex":0},"citationItems":[{"id":1685,"uris":["http://zotero.org/users/local/mlRB1JqV/items/EBQK2KHV"],"uri":["http://zotero.org/users/local/mlRB1JqV/items/EBQK2KHV"],"itemData":{"id":1685,"type":"webpage","title":"Examples of Price Discrimination | Economics Help","URL":"https://www.economicshelp.org/blog/7042/economics/examples-of-price-discrimination/","accessed":{"date-parts":[["2019",11,16]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Examples of Price Discrimination | Economics Help,” n.d.).

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Airline price discrimination | Economics Help. (n.d.). Retrieved November 16, 2019, from https://www.economicshelp.org/blog/7767/business/airline-price-discrimination/

Armstrong, M., & Vickers, J. (1993). Price Discrimination, Competition and Regulation. The Journal of Industrial Economics, 41(4), 335–359. https://doi.org/10.2307/2950596

Examples of Price Discrimination | Economics Help. (n.d.). Retrieved November 16, 2019, from https://www.economicshelp.org/blog/7042/economics/examples-of-price-discrimination/

Principal Of Macro Economic

Principal of Macro Economic

Student’s Name

Institution

Introduction

The “Major transportation projects to get on the road this year-end” authored by Ta Lu, Doan Loan, and published on vnexpress.net illustrates one of the major projects being undertaken by the government of Vietnam. The project involves the construction of a major road and bridge, which link the cities and towns CITATION TaL19 \l 1033 (Ta Lu, 2019). The road and the bridge are some of the gateway to several cities and therefore, the completion of the road will facilitate business hence economic growth. It falls under economic principle of 5. The construction of roads facilitate economic growth through enhance transportation of goods to the market. The major transportation project will open the market for goods. It will open the trade to ensure that goods could reach the market faster.

The article “Trade Uncertainty Clouds Global Growth Prospects” authored Hilsenrath and Zumbrun (2019.) and published by Wall street Journal. The article illustrates some of the uncertainty between China and the United States. The article illustrates some of the uncertainty and how the diminish. The negotiator agreed that the U.S. tariff will increase and this is expected to affect the business between the U.S. and China.

The “Save Our Seas Act” signed by President Donald Trump to bring changes to laws related to the cleaning of the U.S. oceans and seas. The article on the law was published by Daily caller.com and authored by Jason Hopkins a senior immigration and politics reporter. The purpose of the act signed was to stop other nations from turning ocean into the landfill leaving the burden of cleanup to the United States government. Therefore, the act is essential and relevant to the principle of Macro Economics. It introduces the aspect of cost reduction and sharing. It is pointed out that the act prevents other nations from dumping garbage into the ocean. This will reduce the amount of garbage being dumped into the ocean and therefore, the government spending on the cleaning up of the ocean and sea will reduce.

References

BIBLIOGRAPHY Hilsenrath, J., & Zumbrun, J. (2019). Trade Uncertainty Clouds Global Growth Prospects. https://www.wsj.com/articles/trade-uncertainty-clouds-global-growth-prospects-11570994292?mod=hp_lead_pos7 , 2-15.

Ta Lu, D. L. (2019). Major transportation projects to get on the road this year-end. https://e.vnexpress.net/news/video/major-transportation-projects-to-get-on-the-road-this-year-end-3995819.html , 2-34.