Essays on Economic System

In macroeconomics, the focus is on the demand and supply of all goods and services produced by an economy. Accordingly, the demand for all individual goods and services is also combined and referred to as aggregate demand. The supply of all individual goods and services...

Before 1979, China maintained a centrally planned command economy dominated by state-owned enterprises where the government planned all that was related to the economy of the country (e.g. deciding on economic output, controlling prices, allocating resources, etc.) and keeping the country relatively isolated from the...

China’s economy seems to be losing some steam in Q4 as the economy is transitioning towards a more sustainable growth trajectory. Courtesy the cooling property market, investment growth decelerated in November. Government’s campaign to improve air quality also led to the weakening of industrial production...

Since 1992, EPR has conducted 70 country reviews, with the majority comprising of reviews of the Organization of Economic Co-operation and Development countries, although a growing number of partner countries are participating. The current review cycle examines key environmental trends within any given country, the...

Cryptocurrencies are fundamentally changing the nature of economic transactions in the world. They are also challenging the traditional power balance in a society where the dissemination of money is controlled by central authorities. Governments at all levels all over the world are unsure how to...

Transportation keeps the global economy in motion. Without transportation industry, and especially without the shipping sector, it would be impossible to trade, let alone in the scale of our times, goods and services. The world economy has had such a huge growth over the last...

This article is about the importance of the working of the economic system of what might also be termed as Institutional structure of production. The various concepts like Free market theory, Coarse theorem, Transaction costs and its fundamentals, Externalities related to the production and Negotiations....

Abu ‘Ubayd stated: In a few reports it says that the month implied by ‘Uthman was Muharram. By saying this, ‘Uthman 4 affirmed the accompanying standards: (I) That zakat is to be paid every year because the condition for paying zakat – aside from because...

On whole, Ireland’s economy is quite impressive. As a member of the Organization for Economic Co-operation and Development (OECD), Ireland’s economic credentials certainly embody OECD’s mission to promote the economic and social well-being of people around the world through policy implementation. Ireland is a well-oiled...

In order to meet the demands for a burgeoning economy, Beijing had to specialise areas to fulfil different economic functions. In the interest of attracting and utilising outside capital, Development Zone planning were increasingly prominent in Beijing during this period (Gaubatz). These zones served as...

In modern age financial exercises, managing an account is a capable medium of achieving financial changes of a developing nation. For an economy money is one of the imperative and fundamental component which can be contrasted and blood of our body when money related foundation...

Introduction Economic systems are the methods by which nations and governments convey assets and exchange merchandise and enterprises. They are utilized to control the five components of creation, including: work, capital, business people, physical assets and data assets. In regular terms, these creation factors include...

Estonia is one of the three Baltic Countries, together with Latvia and Lithuania. Three are the important dates for this country that should be mentioned, from a political and economic point of view: i) August 20th, 1991: Estonia becomes an independent country from the former...

Turkey Turkey’s monetary opportunity score is 65. 4, making its economy the 58th freest in the 2018 Index. Its general score has expanded by 0. 2 point, with a huge change in the score for the administration spending marker balancing decreases in property rights, financial...

In the book Freakonomics, composed by financial expert Steven D. Levitt and journalist Stephen J. Dubner, the authors experienced various pieces of present day life to demonstrate how economics clarifies why people act in a manner just as the way explicit results happen. They examine...

In the book Freakonomics by Steven D. Levitt and Stephen J. Dubner, the most erratic combinations of topics are discussed. Economics is addressed in the most unconventional way and lead by questions that are not asked of regularly or even at all until now. Levitt...

The global economy has been shifting tremendously since 2016. Led by Brexit, rise of populism in the continent of Europe, and Trump’s presidential victory, globalization has been shaken to its core and has become blighted by uncertainty, both from a political and economic perspective. Political...

In this essay an effort has been made to understand the different application of mathematics in economics and to analyze its usage in day-to-day life. It was also observed how the study of mathematics and economics could be combined and applied in our life. I...

Political ideology is a fixed or settled set of ethical ideas, principles or foundation for a system, doctrines about the political, economic, social and cultural affairs held by the people and explains how the society should work on, how to allocate power and on what...

Introduction New Keynesian economics attempts to provide a microeconomic foundation for sticky wages and prices (Gartner, 2013). In macroeconomics, the ‘Keynes versus Classics’ debate began in the 1930s and has continued in various forms to this day. For instance, during the ‘great inflation’ of the...

Introduction The Keynesian School and Austrian School of economics have contradictory beliefs in relation to how the economy should be run. The Austrian school approaches the economy with a laissez-faire ideology, where the economy should be able to self-regulate to a point of equilibrium. In...

Introducción The selected theory is the Keynesian theory which is articulated in a news article published in The Washington Post. The news article published by Carter (2020) is titled ‘the $1 trillion stimuli isn’t about cash. It’s about restoring faith in the system’. It was...

Classical economists assume that production costs are the most significant factor in the item cost. Neoclassical economists believe that the buyer’s perspective on the expense of a product is the driver of its cost. They consider the economic surplus the difference between the real cost...

Introduction Haiti is a developing economy, and the GDP of Haiti was given at 9.66 billion USD in 2018 (Trading Economics, 2020). The country’s GDP has been boosted by the informal economy with majority of the companies investing in the formal economy. On the other...

Politicians had been advocating for minimum salary growth often over the previous couple of years and elections. Most Democrats argue for growth at the same time as Republicans generally oppose it. Democrats say we want a boom in the minimal salary to raise human beings...

In Ontario, the government increased the minimum wage from $11.6 to $14 per hour which led to some controversial discussions among people. Meanwhile, some similar policies are published by many provinces and states in Canada and America as well. According to the analysis of the...

Neel believes that one of the sources of economic growth is simply population growth. The growing of the population means that there are more workers to produce products and services and there are more consumers to buy those goods and services. He believes that immigration...

Economic situation The region’s economic situation is influenced by the proceeding economic crisis in Russia and the changing conditions of doing business in the oblast. This is partly due to the termination of tariff concessions on April 1, 2016 which used be a part of...

The two perspectives of capitalism are similar in that they advocates for free market economies where there is increased privatization of businesses, liberalization of markets and absence of coercive impositions or restrictions from the government regarding economic activities. According to Kates (2014), free-market economies are...

An economic system is a system of production that deals with the distribution of goods and services within a society or a given geographic area. Two of the most popular economic systems that emerged in the last centuries, capitalism and communism, have been utilized throughout...