...Projecting Number of Medical Doctors in Practice Name: School: Introduction This paper tries to outline a dynamic general equilibrium of the U.S economy. It involves analysis of the medical profession where plans are made to determine the right quantities of numbers in the profession. The profession of medical practice is also affected by the application and the use of technology. Demand and supply of medical practitioners is important in having a healthy population (Blumenthal, 2004). Therefore, the American Medical Association determines the entry and exit of medics in the practice (Mello, Studdert, Schumi, Brennan, & Sage, 2007). It also has a significant effort in the number of students being taught for medical practice. This model explores through the past 20 years. We also compare these numbers which are determined by the American Medical Association. Other economists are also contributive to these figures. In our case, we have different stock. These include physician in training, physician in practice, planned physician in practice and the average annual physician visits. On the other hand, we have flows. These include physician time in school, physicians graduating, physicians entering medical school, physicians entering medical practice, time for physician to leave practice, physician capacity and many more. On average, there have been around 1500 to 2500 doctors of osteopathy per year. About 75% of these came from the United States. There are many factors that...
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...Harvard University Jeffrey C. Fuhrer - Executive Vice President and Senior Policy Advisor. Federal Reserve Bank of Boston Richard N. Cooper - Maurits C. Boas Professor of International Economics. Harvard University Thomas C. Schelling - Distinguished Professor of Economics emeritus. University of Maryland (Dated: September 21, 2011) Abstract Recent increases in basic food prices are severely impacting vulnerable populations worldwide. Proposed causes such as shortages of grain due to adverse weather, increasing meat consumption in China and India, conversion of corn to ethanol in the US, and investor speculation on commodity markets lead to widely differing implications for policy. A lack of clarity about which factors are responsible reinforces policy inaction. Here, for the first time, we construct a dynamic model that quantitatively agrees with food prices. The results show that the dominant causes of price increases are investor speculation and ethanol conversion. Models that just treat supply and demand are not consistent with the actual price dynamics. The two sharp peaks in 2007/2008 and 2010/2011 are specifically due to investor speculation, while an underlying upward trend is due to increasing demand from ethanol conversion. The model includes investor trend following as well as shifting between commodities, equities and bonds to take advantage of increased expected returns. Claims that speculators cannot influence grain prices are shown to be invalid by direct...
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...Economic Factors affecting the demand, Supply and Price of a commodity Introduction: Supply and demand are two important concepts in economics and supply and demand are considered to be the backbone of a nation’s economy. Demand is generally referred to as the quantity of product or services required by the consumers. The quantity of product or services referred to and the volume of product the consumers are ready to buy at a specific price. The demand relationship is generally referred to as the relationship between the price and quantity of products or services demanded nu the consumers. Supply generally represents the how much product or services a market can offer to the consumers. The product or services supplied refers to the amount...
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...NBER WORKING PAPER SERIES THE GRAVITY EQUATION IN INTERNATIONAL TRADE: AN EXPLANATION Thomas Chaney Working Paper 19285 http://www.nber.org/papers/w19285 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2013 I want to thank Fernando Alvarez, Michal Fabinger, Xavier Gabaix, Sam Kortum, Bob Lucas, Jim Tybout, Jon Vogel and seminar participants in Berkeley, Bilkent, Bocconi, Boston University, Chicago, Erasmus, Hitotsubashi, LBS, Louvain-CORE, LSE, the NY Fed, Oxford, Princeton, Rochester, Sciences Po, Toulouse, UBC Vancouver, Yale and Zurich for helpful discussions, and NSF grant SES-1061622 for financial support. I am indebted to Jong Hyun Chung, Stefano Mosso and Adriaan Ten Kate for their research assistance. During the last year, I have received compensation for teaching activities from the Toulouse School of Economics, as well a research grant from the National Science Foundation (SES-1061622), in excess of $10,000. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Thomas Chaney. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit...
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...nature and humans have coexisted in equilibrium. As human population increases and expands, it cases severe effects in every ecosystem. Evidence of human growth and urbanization can be seen through the impacts on virtually every ecosystem in planet earth, marine and terrestrial. Effects of, such as species decline, endangerment and extinction of enormous proportions. In most cases, driving some species to the edge of extinction. Possibly no species are more affected than the world’s large top predators. These animals are extremely important to the overall health and function of an ecosystem, but conservation and restoration of them and their habitat is a remote thought on humans. The absence of predators in certain areas has led to an explosion of their natural prey, which leads to a damaging impact on their habitat. Ecosystems need to be healthy in order to maintain the health of all living things within and around them, including humans. It seems logical then to restore the natural balance by reintroducing the animal’s natural predator, conserving the population, and protecting the wild environment. Humans can no longer wait to address this growing environmental and ethical issue, and by establishing clear goals they can ensure the future of these species and ecosystems along with the continuing growth and success of their own. DOT: Sharks influence on the structure and function of ecological systems, both directly by regulating prey populations and indirectly through the interactions...
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...Journal of International Economics 76 (2008) 356–370 Contents lists available at ScienceDirect Journal of International Economics j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / e c o n b a s e Globalization and the dynamics of cultural identity Jacques Olivier a,b, Mathias Thoenig b,c,d,⁎, Thierry Verdier b,d a b c d HEC Paris, France CEPR, United Kingdom Université de Genève, Switzerland Paris School of Economics, France a r t i c l e i n f o a b s t r a c t This paper presents a simple model where micro-founded dynamics of cultural identity are endogenous and interact with an international trade equilibrium. This process generates a strong home bias under autarky. We then show that goods market integration causes a phenomenon of cultural divergence, whereby the distributions of cultures become more dissimilar across countries and one of the cultures that existed under autarky ultimately disappears. By way of contrast, we show that social integration causes cultural convergence and can counterbalance the effects of goods market integration. © 2008 Elsevier B.V. All rights reserved. Article history: Received 15 March 2006 Received in revised form 1 May 2007 Accepted 23 June 2008 Keywords: Cultural identity Cultural transmission International trade JEL classification: F02 F10 Z10 Z13 1. Introduction Revolutionary developments in information and transport technology are changing the world. Our daily lives are governed by...
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...A System Dynamics Study of Instability in the Colombian Coffee Market by Juan Fernando Perez Velasquez Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master of Philosophy in System Dynamics System Dynamics Group Department of Geography University of Bergen 2010 Abstract The coffee market in Colombia is highly unstable, being more unstable in the last 20 years (since the removal of the ICO agreement). During 1980 and 1990 the coffee price was varying around 8% around a mean and over the last 20 years it has been oscillating around 15% to 20% around a mean. The coffee market presents an 8 to 11 years cycle in price and production. Coffee market is well known for its volatility and for the crisis that producers are confronting, i.e., poverty, low prices, etc. The main causes for this crisis are the characteristic behaviors of the coffee market itself, which presents price instability, resource unsustainabillity, and inequity along the commodity chain (specially for coffee growers), the same characteristics of other commodity markets. In this paper we focused on the first of the causes, price instability, and so we created a System Dynamics model of the Colombian coffee sector that captures the structure of that market, the delays and feedbacks present on it. With this research we intended to answer the following questions: Why is the Colombian coffee market so unstable in price and quantity? And what can be done to reduce the instability...
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...1 EFFICIENT MARKETS HYPOTHESIS Andrew W. Lo To appear in L. Blume and S. Durlauf, The New Palgrave: A Dictionary of Economics, Second Edition, 2007. New York: Palgrave McMillan. The efficient markets hypothesis (EMH) maintains that market prices fully reflect all available information. Developed independently by Paul A. Samuelson and Eugene F. Fama in the 1960s, this idea has been applied extensively to theoretical models and empirical studies of financial securities prices, generating considerable controversy as well as fundamental insights into the price-discovery process. The most enduring critique comes from psychologists and behavioural economists who argue that the EMH is based on counterfactual assumptions regarding human behaviour, that is, rationality. Recent advances in evolutionary psychology and the cognitive neurosciences may be able to reconcile the EMH with behavioural anomalies. There is an old joke, widely told among economists, about an economist strolling down the street with a companion. They come upon a $100 bill lying on the ground, and as the companion reaches down to pick it up, the economist says, ‘Don’t bother – if it were a genuine $100 bill, someone would have already picked it up’. This humorous example of economic logic gone awry is a fairly accurate rendition of the efficient markets hypothesis (EMH), one of the most hotly contested propositions in all the social sciences. It is disarmingly simple to state, has far-reaching consequences...
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...Economics of Crime and Prevention Ja-mel Q. Whitaker ECO 499 Senior Seminar in Economics and Finance Professor Juliet Elu September 4, 2011 I. What is a Crime? Criminal activities produce several social issues in the United States. Criminal activities affect our “general well-being by threatening loss of property and by generating concern for our physical safety” (Grimes, Register, & Sharp, 2010). A large portion of “national output is devoted to crime prevention activities.” Unfortunately, this diversion of outputs leads to the used resources being “unavailable for other, [perhaps more pressing,] production processes,” such as education. This is not to say crime prevention is not important at all. In fact it is a serious pressing issue that needs serious attention, but could be avoided if people do not participate in criminal behavior. According to dictionary.com (2011), crime is “an action or an instance of negligence that is deemed injurious to the public welfare or morals or to the interests of the state and that is legally prohibited.” Criminal acts are any actions that “society (or one of its subdivisions) has decided it is better off without, which it has therefore made illegal through laws, ordinances, and the like” (Grimes, Register, & Sharp, 2010). Not all criminal acts are immoral, which is the issue with the first definition and most definitions of crime for that matter. Speeding is not necessarily immoral, but it is a crime. Cheating...
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...the sterile class. Malthus, Sismondi and Marx in the 19th century dealt with macroeconomic problems. Walras, Wicksell and Fisher were the modern contributors to the development of macroeconomic analysis before Keynes. Certain economists, like Cassel, Marshall, Pigou, Robertson, Hayek and Hawtrey, developed a theory of money and general prices in the decade following the First World War. But credit goes to Keynes who finally developed a general theory of income, output and employment in the wake of the Great Depression. Contents: Nature of Macroeconomics Difference between Microeconomics and Macroeconomics Dependence of Microeconomic Theory on Macroeconomics Dependence of Macroeconomics on Microeconomic Theory Macro Statics, Macro Dynamics and Comparative Statics Transition from Microeconomics to Macroeconomics Stock and Flow Concepts 1. Nature of Macroeconomics:________________________________________ Macroeconomics is the study of aggregates or averages covering the entire economy, such as total employment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, and general price level, wage level, and cost structure. In other words, it is aggregative economics which examines the interrelations among the various aggregates,...
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...ESTATE SUPPLY CONCEPTS The Long-Run Aggregate Supply: Is it Relevant? The Short-Run Aggregate Supply New Construction NEW CONSTRUCTION BEHAVIOR What Determines New Construction? REAL ESTATE PRICE ADJUSTMENTS PRICE DETERMINATION MECHANISM LONG-RUN VS SHORT-RUN PRICE ADJUSTMENTS THE STOCK-FLOW MODEL: A FORECASTING TOOL ASSESSING DEMAND-SUPPLY IMBALANCES DEMAND-SUPPLY INTERACTIONS: MARKET INEFFICIENCIES ASSESSING THE EXTENT OF DISEQUILIBRIUM: POPULAR/SIMPLISTIC MEASURES Construction Minus Net Absorption (C-AB) Nominal Vacancy Rate (V) ADVANCED MEASURES/METHODOLOGIES Nominal vs Structural Vacancy (V-V*) Prevailing Rent vs Implicit Equilibrium Rent (R-R*) CHAPTER SUMMARY QUESTIONS REFERENCES AND ADDITIONAL READINGS - 30 - INTRODUCTION Urban real estate markets may be peculiar and idiosyncratic in a number of respects, but they still obey some basic economic principles: the principles of demand and supply. In what follows, we are going to elaborate on some basic/generic demand and supply concepts and demonstrate how they determine market prices. The premise is that supply and demand frameworks provide basic analytical tools for conceptualizing the workings of urban real estate markets. As one of the readings by a down-to-earth practitioner suggests, these simple principles have been ignored by the real estate industry in favor of boilerplate analysis or simple hunch and intuition (Featherstone, 1986). Hunch and intuition may be useful when they...
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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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...AP Biology Exam Review: Lab Essays At least one essay (FRQ) on the exam will be based on an AP laboratory. To prepare for this question, review the objectives for all twelve laboratory exercises. The College Board does not necessarily expect that you have completed that lab, but rather that you have investigated the objectives of the lab. You may be asked to “design an experiment to determine….” You don’t necessarily need to create a new lab; if you have done an activity that would answer the question, simply describe it. For a good response, you should include the following. 1. State a hypothesis [as an “if…..(conditions), then….(results)” statement] Be sure your hypothesis is testable. 2. Identify the variable factor. 3. Identify the control. Be certain to explain the control for the experiment. 4. Hold all other variables constant. 5. Manipulate the variable. 6. State how you would measure the results. 7. Discuss the expected results. Relate the results to your hypothesis. 8. Include steps to replicate or verify. You may be asked to graph data. Be sure to use a graph that is appropriate for you data. Bar graphs are used when data points are discrete (not related to one another), while line graphs are used with the data are continuous. If there is a data point at zero, be certain to extend your line to 0, but do not extend the line to 0 if there is no data point at zero. Other points to keep in mind: ...
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...Economics 314 Coursebook, 2010 Jeffrey Parker 14 MODELS OF UNEMPLOYMENT Chapter 14 Contents A. Topics and Tools ............................................................................ 2 B. Defining Unemployment .................................................................. 3 The statistical definition ................................................................................................3 Problems with the statistical measures ............................................................................4 Natural and cyclical unemployment ...............................................................................6 C. Introduction to Theories of Unemployment........................................... 7 D. Minimum Wages and Unemployment ................................................. 10 A simple minimum-wage model .................................................................................. 10 Minimum-wage effects on skilled and unskilled labor ..................................................... 11 E. Unemployment Insurance and the Length of Job Search .......................... 13 A simple model of job search ........................................................................................ 13 Unemployment benefits and search duration ................................................................. 15 Optimal search duration ...........................................................................................
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...China’s House Price: Affected by Economic Fundamentals or Real Estate Policy? © Higher Education Press and Springer-Verlag 2010 Abstract Many theory and empirical literature conclude that house price can reflect economic fundamentals in the long-term. However, by using China’s panel data of 35 main cities stretching from 1998 to 2007, we find that there is no stable relationship between house price and economic fundamentals. House price has deviated upward from the economic fundamentals since government started macro-control of the real estate market. We consider that the mechanism between the house price and economic fundamentals is distorted by China’s real estate policy, especially its land policy. Meanwhile the policy itself is an important factor in explaining the changes of China’s house price. Then we estimate the dynamic panel data model on house price and the variables which are controlled by real estate policy. The result shows: land supply has negative effects on house price; financial mortgages for real estate have positive effects on house price; and the area of housing sold and the area of vacant housing, which reflects the supply and demand of the housing market, has negative effects on house price. We also find some differences in house price influence factor between eastern and mid-western cities. Finally, we propose policy suggestions according to the empirical results. Keywords house price, economic fundamental, real estate policy, dynamic panel data model JEL...
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