II. THE LONG RUN Chapter 3: Overview of Economic Growth 3.1 Introduction • In this chapter, we learn: – Some facts related to economic growth that later chapters will seek to explain. – Some tools used to study economic growth, including how to calculate growth rates. 3.2 Growth over the Very Long Run • Sustained increases in standards of living are a recent phenomenon. • As a result per capita GDP differs remarkably across countries. • The Great Divergence: the period
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fairly good Gross National Income (GNI) per capita of US$8260, which is fairly high compared to the Latin America & Carribean average of US$6781 (World Bank, 2009). Throughout the last 60 years of its history, Uruguay has undergone much changes in terms of its social, economic and political scenes. Uruguay suffered many years of turmoil during the period of the 1950s and 1960s. Though at one point of time, the people living in Uruguay had the highest per capita income in the continent, that did not
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diffuse group of activists began a loosely organized protest called Occupy Wall Street, camping out in Zuccotti Park, a privately owned park in New York’s financial district. The protest was to stand against corporate and government greed, social inequality and the corrosive power of major banks and multinational corporations over the democratic process. The idea was to camp out for weeks or even months to replicate the kind, if not the scale, of protests that had erupted earlier in 2011 in Tunisia
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Bernie’s cause income inequality, will live on because it is propelled not by “special interests,” but by its moral rightness. Over the past fifty years, Bernie has had a distinguished career as a social justice activist, and an elected official. He has been a Mayor, Congressmen,
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for foreign citizens, across countries and over time. A simple economic model, which includes the selection effects of differing income distributions at home and abroad, largely accounts for the variations in the data. The results suggest that although improved economic performance in the UK relative to overseas has tended to increase immigration, rising UK inequality has had an even larger effect. Immigration policies at home and abroad have also increased net immigration, particularly in the 1990s
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about reverse discrimination. Affirmative action promotes the employ of different minority racial groups and genders and some believe that puts the others at a disadvantage. | Part II Complete the following using the MySocLab Social Explorer Map: Income
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externalities along with this industry. Hotels near an airport stay busy due to the amount of travelers needing a place to stay.Wage Inequality Wage inequality is common in the airline industry since there is a big variety of jobs available. In order to address this topic, many states have a living wage ordinance which they use to try to control wage inequality. For jobs involving customer service, you will not earn anywhere near some other positions but then again you do not even need experience
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as such is not evil; it is its wrong use that is evil"-[Mohandas (Mahatma) Gandhi (1869-1948)] REAL WORLD CAPITALISM VS INCLUSIVE CAPITALISM While an inclusive and desirable economy will strive to keep all the stakeholders happy and satisfied, the real world capitalism shall have inequality, waste, starvation, undemocratic, war and dictatorship just to mention a few. The inclusive capitalism economy will try to make the employees comfortable and will likely use the people-oriented leadership style
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Don’t blame geography for growth patterns There is a well-known economic growth debate whether geography affects growth patterns directly or merely through an indirect channel affecting the choice of economic policy and institutions. The view that geography is at the center of the story in shaping the rhythms of economic development dates back to Montesquieu and has been recently revived by Jared Diamond in his book “Guns, germs and steel: The fates of human societies.” This perspective was applied
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resources and in a strict sense, therefore, is inherently unsustainable. For instance, there is only a finite amount of copper in the earth’s crust, and each unit of copper extracted increases the fraction of the total copper resource base that is in use. Thus, it can be argued that if we continue to mine we will eventually exhaust the available supply of minerals. This perspective, however, ignores the dynamics of mineral supplies. In practice the non-renewable character of minerals may be less constraining
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