...Supply and Demand Globally Shirley Leo Argosy University This discussion will include the definition and how it is used to determine the demand for labor. The factors used to determine the supply of labor market will be discussed. This will include the factors that have changed the supply of labor market over the last twenty years. Price and quantity of labor determination over a period of will be explained. Income inequalities will also be determined, if there are any. The way that income inequalities are measured, and how they have changed from 1980 to the present will be discussed. What role does the government play in the terms of inequality? There will also reasons for this and against this provided. Next, nations trading will be discussed. The concept of “Comparative Advantage” will be discussed. If a nation had an isolation policy would they be better off economically will also be answered. Then the trade balance of the United States will be discussed. The problems with having a negative trade balance, and how it can be corrected will be included in this discussion. The last thing that will be discussed is the exchange rates. The significance of currency devaluations concerning the United States, as well as other countries will be the last thing discussed. Now, to discuss derived demand. Derived demand is the product that is produced...
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...JAGANNATH UNIVERSITY DEPARTMENT OF FINANCE JAGANNATH UNIVERSITY DEPARTMENT OF FINANCE COURSE TITLE Public finance COURSE CODE: 3105 COURSE TITLE Public finance COURSE CODE: 3105 AN ASSIGNMENT ON EFFECTS OF PUBLIC EXPENDITURES ON THE DISTRIBUTION OF INCOME AN ASSIGNMENT ON EFFECTS OF PUBLIC EXPENDITURES ON THE DISTRIBUTION OF INCOME SUBMITTED TO: Ayesha Akhter Lecturer DEPARTMENT OF FINANCE FACULTY OF BUSINESS STUDIES JAGANNATH UNIVERSITY Ayesha Akhter Lecturer DEPARTMENT OF FINANCE FACULTY OF BUSINESS STUDIES JAGANNATH UNIVERSITY SUBMITTED BY: Group-01 DEPARTMENT OF FINANCE JAGANNATH UNIVERSITY Group-01 DEPARTMENT OF FINANCE JAGANNATH UNIVERSITY Name of the group members: SL NO. | NAME | ID NO. | 01 | ROBIUL ISLAM RUBEL | B-120203019 | 02 | MD.ABUL KALAM AZAD | B-120203023 | 03 | LAMIA AKTER | B-120203036 | 04 | ASIF AL SAIF | B-120203139 | 05 | MAHMUDUL HASSAN | B-120203102 | 06 | MOHAMMAD MEHADI HASAN | B-120203097 | 07 | ROMANA AKTER PRIA | B-120203059 | 08 | MITHUN KUMER | B-120203041 | 09 | MD.ABU SAYED | B-120203026 | 10 | MOHAMMAD RUHUL AMIN | B-120203062 | TABLE OF CONTENTS SL. NO...
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...the labour market; it influences the jobs we get and also the wage rate (Parkin et al 2012). The labour market is a place where workers and employers interact with each other in order labour for wage. Employers in the labour market compete to hire the best labour force while workers compete for the best satisfying job (William E, 2013). The government intervene on this market to regulate workers being exploited from employers, the intervention also create problems for both the workers and employers. This essay will discuss the advantages and disadvantages on government intervention on this market. Firstly, we will discuss the advantages and disadvantage of minimum wage on labour force followed by other government interventions such as taxation. There are several advantages of the minimum wage on workers. The minimum wage could benefit low wage workers (Hui T.W 2013), it could also lead to skill upgrading which will enable workers to earn higher pay is premised on existing skill training and increased opportunities of workers. A general job-specific, professional and executive training course has been implemented by the Singapore government which is being funded to increase workers employability and skills. It also motivates employers to seek improved skill workers which will increase productivity in line with the higher paid wage. Therefore, minimum wages provide a platform to skill upgrading and wage increase whereby enhancing workers to reach their full potential. The minimum...
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...‘need’ and inequality have been at the centre of discussions and debates on social policy. Since the 19th century it has widely been accepted that the state has some responsibility towards attempting to fulfil some of civil society’s needs and the needs of those most at risk. Changing definitions and attitudes surround the concepts of need and inequality; this means any discussion of these instantly encapsulates the political and ideological debates which affect all aspects of social policy. Titmuss (ed. 1987) writes that ‘collectively provided services are deliberately designed to meet certain socially recognized ‘needs’; they are manifestations’ this means any changes within these are interrelated with those in society. Miller (1987) draws from Titmuss’s work explaining that the inequality which creates need is formed from the very nature of an advanced industrial society as ‘the costs of economic growth and stability are not evenly distributed’ he describes the welfare state as ‘compensation for the vulnerable who pay the prices of ‘progress’ (1987). This essay seeks to examine the concept of need within social policy by looking at how it became recognised in the 19th century and how it was defined in the 20th century. This will include looking at what social legislation has been borne out of its recognition. I will also look at the changing attitudes towards inequality and the left/right political and ideological debate over the relationship between inequality and need within...
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...the world, including nation-states, households, corporations and other organizations. It is an umbrella term, covering economic, trade, social, technological, cultural and political aspects, and is the opposite of protectionism. Theodore Levitt is usually credited with globalization's first use in an economic context. People are linked together economically and socially by trade, investments and governance. These links are spurred by market liberalization and information, communication and transportation technologies. Globalization is the process of corporations moving their money, factories and products around the planet at ever more rapid rates of speed in search of cheaper labor and raw materials and governments willing to ignore or abandon consumer, labor and environmental protection laws. Technology is one of the strongest forces driving globalization. Cable television, satellites, fax machines, and the Internet have all contributed to networking a global society. Globalization brings positive and negative effects to the market. For positive effect, as an engine of commerce; one which brings an increased standard of living, literacy and health to Third World countries and further wealth to First World countries. As an engine of corporate imperialism, one which has no connection to local standards of human rights in developing societies. Negative effects include cultural assimilation via so-called cultural imperialism, the export of artificial wants, and the destruction...
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...The Effects of Corruption and Economic Growth Cassandra Rogers Economics 523 Dr. David Dieterle Table of Contents Abstract……………………………………………………………………………………………3 Effects of Corruption on Economic Growth………………………………………………………4 Definition of Corruption..................................................................................................................4 Economic Rent…………………………………………………………………………….4 Bribery…………………………………………………………………………………….5 Trade Restrictions…………………………………………………………………………5 Is Corruption Good or Bad for an Economy………………………………………………………6 Low Levels of Corruption…………………………………………………………………6 Vietnam’s Economic Growth……………………………………………………..7 High Levels of Corruption………………………………………………………………...8 Conclusion………………………………………………………………………………………...8 References………………………………………………………………………………………..10 Abstract Corruption alone is not what fails an economy in growth. There are other factors to consider, such as, a weak and unstable government institution. Corruption can actually bypass these irregularities and possibly create growth in an economy. Studies show that there is no actual link between corruption and economic growth in “free” countries. In fact, low levels of corruption in free countries can be beneficial in economic growth. However, high levels of corruption can damage economic growth no matter the type of government institution or not. Effects of Corruption on Economic Growth If you ask citizens today, a great majority would probably...
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...Viciani nd Alberto Zezza are consultants, and Kostas G. Stamoulis is a Senior Economist, Agriculture and Economic Development Analysis Division (ESA), FAO, Rome. | 1. Introduction 2. Poverty, Inequality and Food Insecurity 3. Policy Reforms Affecting Agriculture and Rural Development, and Changes in the Role of the State 4. Globalization and International Trade Liberalization 5. Increasing Agricultural Production: Sustainability and Technology Changes 1. INTRODUCTION The first step in the CUREMIS exercise was a survey conducted among all the regional and sub-regional policy officers and outposted staff of the Economic and Social Department of FAO. The survey was based on a questionnaire which was distributed to them and was structured around "major trends affecting food, agriculture and rural development" as identified in the process of preparing the FAO Strategic Framework, namely: * changes in the role and functions of the state and implication for food, agriculture and rural development * trade liberalization, globalization and increased reliance on regional blocks * persistence of poverty, mounting inequality, food insecurity and continuing risks of emergencies * population growth, urbanization and related changes in demand on agriculture; increasing pressure on natural resources and the environment * research and technology development and inequality of access. A consolidated synthesis of the responses to the questionnaire was then reviewed and commented...
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...liberalism and modern liberalism. Classical liberalism was based on ideas formed by John Locke and Adam Smith. Locke was known as the “originator of liberalism (Analyzing Politics, 5th ed.). In his book, Two Treatises of Government, Locke expressed that he agreed with the idea of limited government. He believed that as long as people followed the laws of nature, which are, preserve yourself, do not harm others, and help others if possible, then there would be little need for government intervention. Although Locke acknowledged that classes of rich and poor would be born through economic change, both him and Adam Smith believed that economic inequality was not necessarily “unjust or unfair (Analyzing Politics, 5th ed.). In the end, both Locke and Smith were in favor of limited government and Smith argued that government should be limited to security, roads, bridges, and schools. Modern liberalism was based on the ideas of English philosopher T.H. Green. Green argued against many of the ideas that classical liberalism was founded on and was in favor of an “interventionist government” (Analyzing Politics, 5th ed.) that would control the economy and social interactions. He believed that economic inequality was unfair and thought government intervention was necessary in order to have people living in poverty become productive members of society. The ideas of modern...
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...Sowell’s interview on basic economics covered many issue such housing crises, high Taxations, spending 17 % of our GDP on healthcare, trade balance, and currency threats in the future. His main focus was the negative side effects of government intervention in a capitalistic market that can lead to downfall of an economy such as the housing crises in 2008. Thomas Sowell wants to limit government intervention and promotes free trade, the same economics that was advocated by Adam smith and Milton Friedman, the right to buy and sell goods and services without interference from the State, the right to have economic freedom without price and wage control from the central government. Thomas Sowell opposes the welfare system strongly, because it increases unemployment, government debt, and inefficiency in the system. Although Thomas Sowell does not specifically talk about welfare system in America in his interview with Peter Robinson, but we can conclude that welfare system is a government intervention to help the needy and end poverty in a country. So therefore, he strongly oppose the welfare system in America because taking wealth from the wealthy and distributing it among the poor creates inefficiency in the capitalistic system and increase the gap of inequality in America. According to Dr. Sowell people who lives in poverty will abuse the system of welfare by not working hard and becoming extremely dependent on wealthy tax payers, basically the government is paying the poor to fail...
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...Does the capitalist free enterprise system improve justice in society? In what way does it do so? In what ways does it not? Explain and defend your overall conclusion? “Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a profit or market system (Shaw, Barry, & Sansbury, 2009, p.127).” Over the many centuries, capitalism has evolved from the emergence of capitalism during fifteenth and sixteenth centuries, mercantile capitalism, financial capitalism with the increased industrialisation and the intensified competition, to today’s globalised capitalism. Although, the names used to describe capitalism have been changed over the time, the dynamic nature of laissez-faire (to let people do as they choose) (Shaw et al., pp.131) in capitalism has never been changed. We have to admit that the free enterprise system has created the greatest productive power in all of our history and become the most influential socioeconomic system in the world. It is important that we understand the characters of the capitalist free enterprise system and how does this system work for our economy and society. Therefore, we are able to judge whether the capitalist free enterprise system improves justice in our society based on the moral principles. In the following paragraphs, it lists out important features within the capitalist free enterprise system and analyzes its strengths and...
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...Desirable Merit Good Urban planning in the Netherlands: An Overview Sachin Peiris (CEG08025804) Gilang Haruna Dharmasaputra (CEG08024485) Evgenia Papoula Economics 13 March 2015 Socially desirable merit goods are “goods that society deems so valuable that everyone should have them” (Frischmann, 2012, p.45). One such example of this is urban planning, being the focus of this paper. Urban planning has been in the spotlight of many governments although, underprovided many a time. This paper will be an overview of the process of urban planning that the Dutch government has implemented in Amsterdam in the past, the ongoing projects with its objectives and its positive effects on society. In the introduction some features of merit goods will be examined. Furthermore, we will explain what is meant by urban planning and how urban planning is a merit good. In the second part we will scrutinize the importance of urban planning and the role of the Dutch government in providing this service to the public. In the third section of the paper, we will discuss the positive externalities of urban planning in Amsterdam. Finally we will look at, the possibility for this service to be provided by the private sector and whether market failure will arise if left to the provision of the free market. In this discourse, we will interconnect economic theories applying them to the merit good under review viz a viz (urban planning). Merit goods in general tend to be underprovided by producers or under...
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...Book assignment: Paper # 2 10/29/10 Claim: Critical Analysis of Worker’s Benefits and Protection as Presented in Milton Friedman’s Free to Choose. In Chapter eight of his popular Free to Choose, Milton Friedman takes on labor unions and government intervention in labor markets. He disputes the commonly held notion that labor unions and government spending are the cause of improvements in the living standards and wages of workers over the 19th and 20th centuries. He argues that because only “3 percent of workers” were members of unions as late as 1900, and because government regulation of the labor market was minimal prior to the New Deal, these two factors clearly had a limited role in the improvements in workers’ standard of living (228). Instead he points to the idea that when “no one”—or the invisible hand of the market—is instead responsible for protecting workers and improving their lives, workers see the most benefit. Friedman’s conclusion is that workers lot will improve most if the influence of union and government is reduced (247). Since 1980, when the book was published, there has been a steady decline in the percentage of workers who are members of labor unions, while the minimum wage has fallen behind inflation, effectively decreasing. Given that situation, it is possible to evaluate Friedman’s main prediction, as well as his component arguments in light of the new evidence. Friedman argues that the term...
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...determinants of their health, including their economic position and social status, access to resources and treatment in society. Decades of active lobbying by non-governmental organizations and women’s rights advocates have had a major influence in ‘gendering’ health policies, such as the shift in focus from family planning to reproductive health paradigms and the global acknowledgement that violence against women is as much a health issues as a social issue. The Nobel Laureate Amartya Sen, in his seminal book ‘Development as Freedom’, emphatically stressed the relationship between women's education, social status and overall child and maternal health when he made education and health as the two basic capabilities that makes life meaningful and the enjoyment of freedom possible. Analysis of economic and socio-cultural context is an important component of health policy analysis because contextual factors significantly influence the health policy process and the overall health of population directly and indirectly. Paying attention to contextual factors helps in understanding the role of the state, society and market forces influencing health agenda, health planning and implementation, and even more important health outcomes. Health as a sector best typifies the fallacy of the trickledown theory – that despite periods of high economic growth and activity, significant changes in social indicators have not happened. Gender inequality damages the health of millions of girls and women...
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...Income Inequality: A Meta-Regression Analysis Abdul Jabbar Abdullah* Hristos Doucouliagos Elizabeth Manning - FIRST DRAFT - Please do not quote without permission from the authors September 2011 Abstract This paper revisits the literature that investigates the effects of education on inequality. Specifically, the paper provides a comprehensive quantitative review of the extant econometrics literature through a meta-regression analysis of 64 empirical studies that collectively report 868 estimates of the effects of education on inequality. We find that education affects the two tails of the distribution of incomes; it reduces the income share of top earners and increases the share of the bottom earners, but has no effect on the share of the middle class. Inequality in education widens income inequality. Education has a larger negative effect on inequality in Africa. The heterogeneity in reported estimates can be largely explained by differences in the specification of the econometric model. JEL Codes: I24, C01 Keywords: Education, inequality, meta-regression analysis Number of words: 12,683 * Corresponding author. Abdullah: Universiti Teknologi Mara Sarawak Campus, Malaysia and PhD Candidate Deakin University, ajabd@deakin.edu.au Doucouliagos: School of Accounting, Economic and Finance, Deakin University, douc@deakin.edu.au Manning: School of Accounting, Economic and Finance, Deakin University, elizabem@deakin.edu.au 1 Education and Income Inequality: A Meta-Regression...
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...The impact of early education as a strategy in countering socio-economic disadvantage Research paper for Ofsted’s ‘Access and achievement in education 2013 review’ Professor Chris Pascal and Professor Tony Bertram UK Research Team: Sean Delaney, Selma Manjee, Marjory Perkins and Manja Plehn International Research Team: Alice Bennett, Carol Nelson, Sarina Razzak and Maureen Saunders Centre for Research in Early Childhood (CREC) © Centre for Research in Early Childhood (CREC) 2013 The views expressed in this report are the authors’ and do not necessarily reflect those of Ofsted. Any enquiries regarding this publication should be sent to Elizabeth Boulton at publishing@ofsted.gov.uk or Aviation House, 125 Kingsway, London WC2 6SE This publication is available at www.ofsted.gov.uk/accessandachievement. No. 130155-RR-005 In June 2012, Sir Michael Wilshaw, HMCI, stated his determination to address the issue of narrowing the gap of educational achievement between disadvantaged pupils and others. To support this intention, The Centre for Research in Early Childhood has been commissioned by OfSTED to conduct a review looking at the impact of Early Childhood Education (ECE) initiatives to combat social and economic disadvantage, both in the UK and internationally. This paper: Examines the impact of nati...
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