Sliding into the Great Depression
... two years beyond what would otherwise have been its natural end. And when the crisis finally occurred, deliberate attempts were made to prevent, by all conceivable means, the normal process of liquidation. Those making such claims for over-easy policy appear to have spent no time looking at the evid ...
... two years beyond what would otherwise have been its natural end. And when the crisis finally occurred, deliberate attempts were made to prevent, by all conceivable means, the normal process of liquidation. Those making such claims for over-easy policy appear to have spent no time looking at the evid ...
Government And the Economy Good Investing $ and Employment
... What is currency that must be accepted in times of debt? ...
... What is currency that must be accepted in times of debt? ...
The Natural Rate of Unemployment
... East Germany found itself suffering from severe structural unemployment. When Germany was reunified, it became clear that workers in East Germany were much less productive than their cousins in the west. The result has been a persistently large mismatch between the number of workers demanded and the ...
... East Germany found itself suffering from severe structural unemployment. When Germany was reunified, it became clear that workers in East Germany were much less productive than their cousins in the west. The result has been a persistently large mismatch between the number of workers demanded and the ...
Fiscal policy, long-run growth, and welfare in a stock
... that the rates of return to private and public capital are such that the representative consumer’s lifetime utility cannot be increased by adjusting the rates of investment in those two kinds of capital. 8 Recall that in our discussion of the decentralized economy, was the tax rate and t was the ...
... that the rates of return to private and public capital are such that the representative consumer’s lifetime utility cannot be increased by adjusting the rates of investment in those two kinds of capital. 8 Recall that in our discussion of the decentralized economy, was the tax rate and t was the ...
Economic Indicators and Measurements
... nondurable goods and on services; business investment, both fixed investment in capital goods and inventory investment in unsold goods; government spending; and net exports, the value of all exports minus the cost of all imports. Nominal GDP is GDP expressed in prices for the year it was measured. R ...
... nondurable goods and on services; business investment, both fixed investment in capital goods and inventory investment in unsold goods; government spending; and net exports, the value of all exports minus the cost of all imports. Nominal GDP is GDP expressed in prices for the year it was measured. R ...
China and the Global Economy: The Persistence of Export
... from two complementary interests that emerged, as noted earlier, fortuitously: the desire of China’s ruling Communist Party to overcome the stagnation of the Mao period and develop China’s productive forces through capitalist mechanisms and global capital’s crying need for profitable selfexpansion o ...
... from two complementary interests that emerged, as noted earlier, fortuitously: the desire of China’s ruling Communist Party to overcome the stagnation of the Mao period and develop China’s productive forces through capitalist mechanisms and global capital’s crying need for profitable selfexpansion o ...
Quantifying Australias Three Speed Boom
... between commodity booms and busts. It has therefore been forced to cope repeatedly with structural adjustments associated with the resource movement effects and de-industrialisation. Battellino (2010) reviews the five major mining booms in Australia since the 1850’s: the gold rush, the late 19th cen ...
... between commodity booms and busts. It has therefore been forced to cope repeatedly with structural adjustments associated with the resource movement effects and de-industrialisation. Battellino (2010) reviews the five major mining booms in Australia since the 1850’s: the gold rush, the late 19th cen ...
Krugman-Obstfeld-ch10
... countries attempted to accelerate their development by limiting imports of manufactured goods to foster a manufacturing sector serving the domestic market. The most important economic argument for protecting manufacturing industries is the infant industry argument. ...
... countries attempted to accelerate their development by limiting imports of manufactured goods to foster a manufacturing sector serving the domestic market. The most important economic argument for protecting manufacturing industries is the infant industry argument. ...
Book title: None yet
... institution of the market. Markets coordinate the work of millions of people who do not even know each other. We all work cooperatively for each other´s welfare when we produce goods and services to sell and then sell them. Alignment is accomplished in the second instance through governments that co ...
... institution of the market. Markets coordinate the work of millions of people who do not even know each other. We all work cooperatively for each other´s welfare when we produce goods and services to sell and then sell them. Alignment is accomplished in the second instance through governments that co ...
Command Economy - Pennsylvania State University
... – Faster GDP shrinks the better off the economy ...
... – Faster GDP shrinks the better off the economy ...
Poverty, Inclusive Growth and Development Strategy
... The CAF strategy is the key to a sustainable, inclusive and equitable growth in a developing country Many developing countries adopted a CAD strategy because their political leaders did not understand a country’s industrial structure was endogenous to the country’s endowment structure. Many distorti ...
... The CAF strategy is the key to a sustainable, inclusive and equitable growth in a developing country Many developing countries adopted a CAD strategy because their political leaders did not understand a country’s industrial structure was endogenous to the country’s endowment structure. Many distorti ...
Comparing growth in GDP and labour productivity
... if the product is manufactured in the country. Third, if imported products are used as intermediate inputs then the absence of hedonic deflators in a country’s national accounts will lead to an overstatement of real GDP growth (assuming that hedonic deflators represent the preferred measure) because ...
... if the product is manufactured in the country. Third, if imported products are used as intermediate inputs then the absence of hedonic deflators in a country’s national accounts will lead to an overstatement of real GDP growth (assuming that hedonic deflators represent the preferred measure) because ...
Contents - Scuola Superiore Sant`Anna
... central goal of macroeconomics is to provide “coherent and robust explanations of aggregate movements of output, employment and the price level, in both the short run and the long run”. But before examining the causes of these phenomena, we have to identify their typical features and find out how th ...
... central goal of macroeconomics is to provide “coherent and robust explanations of aggregate movements of output, employment and the price level, in both the short run and the long run”. But before examining the causes of these phenomena, we have to identify their typical features and find out how th ...
Employment and economic recession in Germany, Italy, and UK
... slump in demand. Apart from the banking sector, which had to be stabilised with a so-called ‘bank rescue-package’, the export sector (the capital goods industry in the manufacturing industry, mechanical engineering and the automotive industry) was mainly affected as a consequence of the crisis. In c ...
... slump in demand. Apart from the banking sector, which had to be stabilised with a so-called ‘bank rescue-package’, the export sector (the capital goods industry in the manufacturing industry, mechanical engineering and the automotive industry) was mainly affected as a consequence of the crisis. In c ...
MACROECONOMIC CONSTRAINTS AND MEDIUM- TERM GROWTH IN KENYA: A THREE-GAP ANALYSIS
... and the supply of foreign capital' (ibid., p. 20) thus limiting the rate at which the economy can grow. Kenya, like many non-oil less developed countries (LDCs), requires increasing amounts of imports which it cannot produce itself, such as capital goods, certain intermediate goods and many raw mate ...
... and the supply of foreign capital' (ibid., p. 20) thus limiting the rate at which the economy can grow. Kenya, like many non-oil less developed countries (LDCs), requires increasing amounts of imports which it cannot produce itself, such as capital goods, certain intermediate goods and many raw mate ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).