...allowed to protect infant industries, like limiting it to a domestic market. Report also looks at Comparative Advantage theories explanation to countries varied fortunes, including the International trade theory and underlining the economic growth, because of the foreign trade. The last question that the report outlines is the economists believes on capitalism in regards to maximising welfare. As a result of the report it was decided to recommend the integration of producers of data categories into international chain. Comparative Advantage theory • How does the Comparative Advantage theory explain countries’ varying fortunes? Use examples to explain your answer. International trade theory International trade plays an increasingly important role in economic development. Throughout the post-war period be volumes of world trade rapidly increased, and their environments- Annual growth (1.5 times) faster than the global the first volume of production. As a result, on the one hand, foreign trade has become a powerful factor for economic growth and on the other hand, significantly increased dependence on international trade. It is evident that international trade is growing because it benefits the participating countries. - Economic theory shows that international trade. There is a means by which developing countries Specialization can raise the...
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...Economic Growth and Public Policy of the UK: Does the protectionism help? Introduction The effects of globalization have touched all the aspects of life and business today. One aspect is the trading policies between countries. Since the late nineteenth century, the collision started between domestic and foreign industries, which ask governments for measures that could protect local industries, without discouraging the country’s trade relations. The term ‘Protectionism’ was thus introduced in the language of global trade and economy (Rowley, 2002). Protectionism is an economic policy applied in the trading system, to restrict the quantity of imported items, and to flourish country’s exports. The objective of this is policy is to maintain the competition between foreign and the domestic industries. In most of the countries, free trade is not followed and various tariffs and duty charges are applied on the import goods. These taxes allow the government to generate a fair bit of revenue, without utilizing their resources. Moreover, it also helps in the sustainability of the domestic industries. The prices of the imported goods are kept higher by adding these taxes so that the local customers, looking for cheaper options, have to buy the domestic items. In parallel to this, the protectionism policy allows domestic industries to raise the prices of their products, without raising the quality of their products (Ethier & Fischer, 1987, pp.1-2). Another aspect of protectionism...
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...ECONOMICS EXAMINATION GUIDELINES GRADE 12 2014 These guidelines consist of 25 pages. Copyright reserved Please turn over Economics 2 Examination Guidelines DBE/2014 INDEX PAGE 3 1. INTRODUCTION 2. ASSESSMENT IN GRADE 12 2.1 Format of the question papers 2.2 Detail of question papers 4 4 4 3. CONTENT 6 4. CONCLUSION Copyright reserved 25 Please turn over Economics 1. 3 Examination Guidelines DBE/2014 INTRODUCTION The Curriculum and Assessment Policy Statement (CAPS) for Economics outlines the nature and purpose of the subject Economics. This guides the philosophy underlying the teaching and assessment of the subject in Grade 12. The purpose of these Examination Guidelines is to: • • Provide clarity on the depth and scope of the content to be assessed in the Grade 12 National Senior Certificate (NSC) Examination in Economics. Assist teachers to adequately prepare learners for the examinations. This document deals with the final Grade 12 external examinations. It does not deal in any depth with the School-Based Assessment (SBA). This guideline should be read in conjunction with: • • • The National Curriculum Statement (NCS) Curriculum and Assessment Policy Statement (CAPS): Economics The National Protocol of Assessment: An addendum to the policy document, the National Senior Certificate: A qualification at Level 4 on the National Qualifications Framework (NQF), regarding the National Protocol for Assessment (Grades R–12) The national policy pertaining...
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...Global Economic Environment Generally, global economic environment is influenced by various factors such as technological, environment, political, socio-cultural, and demographic that directly affects businesses. Economic environment refers to the nature of economic systems and policies, distribution of income and wealth, and level of income. Indeed, economic environment has a complex and very dynamic nature; it is continually changing along with the changes in political situations and government policies. Global Economic Environment Mainly, global economic environment is comprised of several components including the economic systems, conditions, policies, legislations, and environment. Indeed, the economic policies being imposed in every business unit are significantly influences by the overall condition of economy. This includes the improvements that occurred in economic conditions such as the purchasing power of the public, standard of living, distribution of income, and supply and demand. Mainly, these factors reflect the size of the market. Another factor reflecting the economic condition is the business cycle, which is critical to every business unit. It refers to the different stages such as prosperity, boom, decline, depression, and recovery. The economic condition of a country can be understood through its national income, per capita income, and distribution of income, demand and supply trends, inflation rate, industrial growth rate, trends in industrial sickness...
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...Introduction to Indian economy 3. Meaning of fiscal policy 4. Need & importance of EP 5. Use of fiscal policy by Indian government 6. Fiscal policy before & after liberalization 7. Indian tax system & fiscal policy 8. Role in development of Indian Economy 9. Shortcomings or deficiencies in our fiscal policy 10.Findings & suggestions on Indian fiscal policy ECONOMY OF INDIA The economy of India is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 major economies and a member of BRICS. On a per capita income basis, India ranked 140th by nominal GDP and129th by GDP (PPP) in 2011, according to the IMF. After the independence-era Indian economy (before and a little after 1947) was inspired by the Soviet model of economic development, with a large public sector, high import duties combined with interventionist policies, leading to massive inefficiencies and widespread corruption. However, later on India adopted free market principles and liberalized its economy to international trade under the guidance of Manmohan Singh, who then was the Finance Minister of India under the leadership of P.V. Narasimha Rao the then Prime Minister who eliminated License Raj a pre- and post-British Era mechanism of strict government control on setting up new industry. Following these strong economic reforms, and a strong focus on developing national infrastructure...
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...Assignment 1 I. The Broken Window a. There seems to be a key element of opportunity cost within the first section regarding the broken window, with the exception of what is not seen is the opportunity cost. This highlights key elements of economics but not necessarily public policy. With the destruction of the window there doesn’t seem to be any mandated public policy that would necessarily require, at least not that is brought up within this section. The economics play into factor when James B. spends money to pay the glazier to fix the window, which supplements the glazier’s business, who in turn supplements the suppliers business and begins kind of a ripple of effect of sorts in the economy several parties benefit from the broken window, not just one. II. The Disbanding of Troops b. Both economics and public policy come into play with this section. The government has the ability to enact public policy that pertains to the troops, which could entail how many troops are to be held at certain times and how much they get paid. The economics, to my understanding are a little bit tricky when the government increases the number of required troops. On one hand they decrease the amount of men or women that are in the industries working and putting goods or services into the economy, but on the other hand it seems that the government replaces it by the need of having to buy supplies and goods necessary to support the troops that it requires. III. Taxes ...
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...INSTITUTIONAL POLICY MANAGEMENT Additional help THE FRAMEWORK FOR INSTITUTIONAL POLICY MANAGEMENT • Consult the Dobson (2002) article: – The assignment question asks you to consider the rationale (consider the reasons for why something is regarded as important or imperative to adopt) for institutionalising policy management. – See that throughout the article, Dobson links institutionalising policy management to policy effectiveness. The counterargument is also given – namely that in the absence of sound institutional management of a policy, it is likely to fail (see Dobson 2002:250). – Institutionalising in essence means that the management of the policy is given over to government institutions – State institutions usually have: • internal organisational structures, • goals, • structured and enduring activities, • defined roles, • responsibilities and accountabilities and • Meaningful organisational boundaries. INSTITUTIONALISM IN PUBLIC POLICY • Public policy is regarded as institutional output. It notes: – – • Who is responsible for policy implementation? How is policy determined, implemented, and enforced by these institutions? Three factors that play a role: – Legitimacy (the policy has authorised power) • Perceptions of how legitimate a public policy is will be influenced by the procedural steps taken by decision makers during the policy cycle. • Consultation, participation and stakeholder engagement shape the legitimacy of public policies...
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...1 THE DONALD MCGANNON COMMUNICATION RESEARCH CENTER WORKING PAPER MEDIA ECONOMICS AND THE BAD & MEDIA POLICY: THE GOOD Philip M. Napoli Director Donald McGannon Communication Research Center Associate Professor, Schools of Business Fordham University Donald McGannon Communication Research Center Faculty Memorial Hall, 4th fl. Bronx, NY 10458 718.817.4195 www.fordham.edu/mcgannon mcgctr@fordham.edu Presented at the Latin American Meeting of the Econometric Society, Santiago, Chile, July, 2004 2 Media Economics and Media Policy: The Good and the Bad Abstract This paper explores the role and function of economics in media policymaking and policy analysis. This paper begins with an overview of the distinctive economics of media industries in an effort to demonstrate the importance of focused and specialized economic analysis of these industries. The paper then chronicles the growing role of economics in U.S. media policymaking and examines both the positive and the negative implications of this transition for media policy. 3 Media Economics and Media Policy: The Good and the Bad Economists traditionally have devoted relatively little attention to media industries, though the level of attention has increased in recent years. This increase in attention is likely due in large part to the wide range of economic questions raised by both the changing media technology environment (see Mitra, 2000/2001), the adoption of new regulatory philosophies in many...
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...is going to sustain or fail. Economic growth plays a pivoted role in improving nation’s gross happiness and ameliorating the lifestyle of its people. Economic growth is defined as “The value of all the products manufactured and sold in a country of the course of one year along with everything that people do and get paid for, all that amounts to the economic growth.” (Sandford and Bradbury, 1970). When people earn more money and then buy more products and services the economy grows. Politicians also want to see the economy grow, that’s why they work towards achieving greater employment, state prices and a balance between imported and exported goods. More growth means more money. The economic growth should be achieved in a way that it must reach to the point where the economy has finally matured. The resources that industries require are limited and the need for raw materials often doesn’t take nature into account. That is why rapid or poorly planned economic growth starts to have bad impact on quality of life, that’s why countries like Germany, Bhutan etc. plan their economic policy keeping in mind about nature’s safety and gross domestic happiness (Rodrik, 1996). 2. Economic Policy An economic policy is a very complicated area but it can be categorized into following major areas 1) Fiscal Policy: which refers to government’s budget. In other words, it deals with the revenue or the spending in the form of taxes etc. 2) Monetary Policy: which refers to getting interest...
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...Credible Keynesianism?: New Labour Macroeconomic Policy and the Political Economy of Coarse Tuning Ben Clift & Jim Tomlinson The article has been accepted for publication in the British Journal of Political Science © Cambridge University Press, 2006. Forthcoming, Volume 36 (2006). Material on these pages is copyright Cambridge University Press or reproduced with permission from other copyright owners. It may be downloaded and printed for personal reference, but not otherwise copied, altered in any way or transmitted to others (unless explicitly stated otherwise) without the written permission of Cambridge University Press. Hypertext links to other Web locations are for the convenience of users and do not constitute any endorsement or authorisation by Cambridge University Press. Ben Clift, University of Warwick b.m.clift@warwick.ac.uk http://www2.warwick.ac.uk/fac/soc/pais/staff/clift Jim Tomlinson, University of Dundee j.d.Tomlinson@dundee.ac.uk Abstract This article questions prevailing interpretations of New Labour’s political economy. New Labour’s doctrinal statements are analysed to establish to what extent these doctrinal positions involve a repudiation of Keynesianism. Although New Labour has explicitly renounced the ‘fine tuning’ often (somewhat problematically) associated with post-war Keynesian political economy, we argue that they have carved out policy space in which to engage in macroeconomic ‘coarse tuning’ inspired by Keynesian thinking. This capacity...
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...Fiscal Policy: A Look into Bangladesh Case Content * Aim of the Paper * Concepts on Fiscal Policy * Fiscal Policy: Definition and its Role in the Economy * Fiscal Policy in the Developing World * A Brief Overview of Political Economy * Approaches to Fiscal Politics * Characteristics of Fiscal Policy in Bangladesh * Political Culture in Bangladesh and Effect on the Economy * References Aim of the Paper * To analyze how political variables affect the fiscal policy decision making process and study the political process and culture and the institutional constraints in context of Bangladesh to see the effect they have on the fiscal decision making * The research will be conducted through literature review and interview and based on the data between 1972 to 2012. Fiscal Policy: Definition and its Role on the Economy * Fiscal policy – essentially a budget policy encompassing all measures pertaining to the level and structure of government’s financial operations - public revenue, public borrowing and public expenditure . * It seeks to influence the aggregate demand curve through conscious setting of spending and taxation by government policymakers. Politics invariably affects the decision making process. * Basic goals of fiscal policy: * Attain full employment level of equilibrium * Maintain full employment once it is attained * Maintain economic stabilization ...
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...Economics Intern The purpose of the internship program is to provide opportunities for highly motivated, near-final year university students interested in a future career with the Department to gain first hand experience in the application of economics in a public policy environment. Successful applicants will work on a broad range of tasks, including policy advice, research, analysis and report writing. Applicants will also be considered for an internship with the Essential Services Comission (ESC). The Essential Services Comission is Victoria’s independent regulatory of the electricity, gas, water and sewage, taxi, ports and rail freight industries. Position details Title: Economics Intern Classification: Grade 2.1.1 Work Location: 1 Macarthur Street, East Melbourne (DTF) or Level 37, 2 Lonsdale Street, Melbourne (ESC) Tenure: Fixed Term (3 months) Employment Type: Full-Time Salary Range: $44,679 (pro rata) plus 9.5% superannuation Further information: Ms Mai Thai - (03) 9651 2745 Position reports to: Senior Economist/Senior Policy Analyst Closing date: 12 September 2014 * ------------------------------------------------- Organisational environment * The Department The Department of Treasury and Finance (DTF) serves government by providing leadership in economic, financial and resource management. We influence outcomes that can have a real impact on people’s lives. Our vision is a prosperous future for all Victorians. At DTF, you’ll be...
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...The Fiscal Policy In Macroeconomics, the term Fiscal Policy refers to a tool used by the government to regulate the different levels of economic activity of a country. This policy drives the budget by controlling government spending as well as the collection of revenues in order to directly influence the country's economy. The government implements this policy through various programs in order to produce expected results on the nation’s income, stabilize economic growth, and maintain high levels of employment. The fundamental purpose of the fiscal policy is to minimize fluctuations in the economy by reducing inflation and recession. In order to achieve its objectives, the Fiscal Policy relies mainly on two tools: government spending and taxation (Weil, 2008). The Federal Government spends money on a large volume of staff and services for society. For example, make available military equipment for its armed forces, support the police, provide healthcare and education, assist with welfare benefits, implement public transport infrastructures, and invest on the public sector. The main source of government’s revenue is through tax collection. Changing tax rates increases government revenues so that it can provide public goods which can not be provided by the market alone. Taxes apply to both personal and businesses income. Moreover, the government applies taxes to specific sets of goods, known as sales taxes. Taxation has been one of the most debatable and polemic topics in...
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...The Hong Kong Polytechnic University MGT682 Independent Studies Corruption in China: Effects on Economic Development and Remedial Policies Thomas Wu 02715615G August 6, 2003 The Hong Kong Polytechnic University MGT 682 Independent Studies Corruption and Bribery in China Thomas Wu 02715615G August 6, 2003 Table of Content RESEARCH PROPOSAL TOPIC.........................................................................................................3 INTRODUCTION....................................................................................................................................3 OBJECTIVES AND HYPOT HESIS.......................................................................................................4 NATURE OF RESEARCH.....................................................................................................................5 RIVAL THEORIES.................................................................................................................................5 “GREASE-THE-WHEELS” THEORY .........................................................................................................5 MULTIPLE EQUILIBRIUMS ......................................................................................................................7 LOGIC MODEL......................................................................................................................................8 SIGNIFICANCE OF STUDY..............................
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...What is the relationship between social policy and economic policy? (Your answer must refer to Keynesian and Monetarist economic ideas in relation to welfare Trying to explain the relationship between social and economic policy can be seen as quite a complex task. But, if you look at the wider picture it can be said to become quite easy to see if the two go well together and how they intertwine with eachother to benefit the welfare state. In order to go further and try to explain the relationship between social and economic policy, it is best to make sense of what exactly is meant by economic policy and to take a look at the different types of economic policy which helps to shape the welfare state. It is a government policy for maintaining economic growth and tax revenues. Alcock et all. (2012) explains ecenomic policy as government activites in the economic field focused on certain activites and topics. Some of these topics consist of securing economic growth, meaning the production of more services in the economy and the promotion of the manufacturing industry with tax benefits and grants. Managing the rates of employment through employment agencies also fits into one of the topics as well as using taxation policies to redistrubute income, property and wealth between different social groups. Taking these topics and interventions into consideration, the relationship between social and econoimic policy can be difficult to explain as in this certain case they...
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