“The architect of the cosmos is not a common man but He is supernatural, super-heroic and un-earthly” The above dialogue light-footedly tells us that the maker of the entire universe is The Fabricator and we all are mere janitors of it. But do we truly live up to this…? In today’s world of crime, animosity, hatred, destruction, etc., do we...
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Will the penny survive? During recent years there has been significant debate over whether to keep the penny as part of the US currency or to discontinue production of the penny. Every year the United States Mint produces around 12 billion new pennies, but 6 billion get lost, stored, or disposed of. Even so, a recent poll shows most Americans,...
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Energy stocks gained over the tentative deal on border security funding where the markets are trying to acquire more information about the new trade developments and how US-China can find a deal before March-end deadline. Brent was 2 percent up over OPEC production cuts where Saudi Arabia said it would produce by over half a million barrels in a day....
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Free Trade is a policy followed by North America and the other countries in the World Trade Organization. The policy allows for open trading routes between all member countries. The agreements often remove any sorts of taxes or tariffs in place and make it much easier to freely trade products. The problem with free trade comes from the amount of...
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In order to consider environmental sustainability, we must first define it. It can be described as “The rates of renewable resource harvest, pollution creation, and nonrenewable resource depletion that can be continued indefinitely.” My perspective is that it is something that all countries need to actively consider. It may be harder in underdeveloped countries, such as Kenya, for obvious reasons....
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Many people have suffered from financial and economic problems throughout the globe. The idea of a universal basic income (UBI) has sparked this trend. The magazine known throughout the world. The UBI is an actual cash payment for all people (2016), the economist states. Indeed, the idea behind the UBI is quite old. According to the report by James Surowiecki...
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In recent years, a debate on whether or not America should keep the penny has arisen. Numerous Americans are in favor of keeping it due to sentimental value, while others say it is just too costly. There are multiple upsides as well as downsides to America discontinuing minting the penny. Overall, continuing the use and manufacturing of pennies would be...
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In recent years many European and extra-European countries have been considering the introduction of an innovative and ambitious kind of social policy: The Universal Basic Income (UBI). This concept is not completely revolutionary; already in the 90s several economists and politicians proposed the idea of guaranteeing fair standard of life to the whole society (Rhys-Williams, 1943; Friedman, 1962; Tobin, 1966)....
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The Paris Accord, which is a worldwide agreement among nations, is intended to counter the effects of climate change. Its primary purpose is to strengthen the international response to the dangers of this appalling effect by maintaining global temperature increments below 2 degrees Celsius (Falkner 1109). This move is aimed at enhancing the ability of countries to deal with effects...
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Poverty is a situation wherein human beings aren’t able to afford basic needs. Its definition is short and sweet, but its implications are vast and complex. President Kennedy’s inaugural remarks remind us that “The challenge of global poverty is not new.” Historically, poverty has been an epidemic, killing thousands of people year after year. Over the past several decades, however,...
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Our National Debt problem is the result of irresponsible governing and four types of deficits. The first deficit is a leadership deficit. Presidents in current times have been incapable of dealing with the deficit. A big drawback to dealing with it is the politician’s fear of not getting reelection. Another deficit visible in our country’s governing is a savings deficit....
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The small nation of about 53,000 people is located in the middle of the Pacific Ocean is quietly working on a project that could have a major impact on how cryptocurrency is treated by both investors and government actors. The Marshall Island is launching its own national cryptocurrency token named the Sovereign, or SOV, which will be legal tender for...
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There were many debates and publications over the lack of efficient quantitative macroeconomic modeling in a period from 1970 to 1990. Famous economists Jordi Gali and Mark Gehtler in their papers try to analyze the reasons relating to the failure of current macroeconomic models of monetary policy and progress the framework for new models. The main indicator of unsuccessful modeling...
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Introduction The past two centuries have been characterized by vast technological advances that have had a significant effect on man and his environment. One of these advances has been in the form of increased industrialization by man. Industrialization has resulted in detrimental practices such as deforestation, air and water pollution which have all threatened the fragile balance that exists between...
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For policymakers trying to assess the impact of exchange rate movements on the real economy, these results provide various important insights. Firstly, the short-run impact of a real depreciation on firm’s output growth is likely to be negative since it is the import cost channel that dominates in the short run. Further, the impact is asymmetric, with real depreciation having...
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In Malaysia, such a study has examined its implications through the impact of different types of economic sectors. Domac (1999), Tang (2003) and Ibrahim (2005) among others found that financial variables affect various sectors of the economy including agriculture, mining and quarrying, manufacturing, construction and even services. Kassim and Abdul Manap's (2008) study focused on the impact of monetary policy...
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Capitalism and socialism are somewhat opposing schools of thought in economics. The central arguments in the socialism/capitalism debate are about economic equality and the role of government: socialists believe economic inequality is bad for society and the government is responsible for reducing it via programs that benefit the poor. e.g. free public education, free or subsidized healthcare, social security for...
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The coronavirus pandemic has already resulted in some major changes to our lives, from the introduction of mask wearing and social distancing to a reassessment of office culture. And it’s also resulted in discussions around, and calls for, a universal basic income. In the UK, the government introduced a furlough scheme during the first pandemic; companies forced to close because...
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The economic decisions of households can have a significant impact on an economy. For example, a decision on the part of households to consume more and to save less can lead to an increase in employment, investment, and ultimately profits. Equally, the investment decisions made by corporations can have an important impact on the real economy and on corporate profits....
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The penny has served the American public faithfully for over 230 years. Do we really want to destroy this time-honored legacy in an attempt to lessen problems that will always plague our society? Besides its cultural value after being used by millions of people daily for hundreds of years, the penny also serves commemorative and economic purposes that cannot be...
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Adam Smith, coined rightfully as the Father of Modern Economics, in 1776 in his book ‘The Wealth of Nations’ laid the foundation of the concept of free trade. Though by no means a novel concept, it had been informally practiced throughout British colonies as well the Ottomon Empire, he formalised this economic concept. Famously opposing the mercantilist approach, he is...
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Economy is a region of the creation, dispersion, or exchanging, and utilization of products and enterprises by various specialists. Comprehended in its broadest sense, ‘The economy is characterized as a social space that stresses the practices, talks, and material articulations related with the generation, utilize, and administration of resources. Economic operators can be people, organizations, associations, or governments. Monetary exchanges...
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An economic problem or challenge occurs when a country fails to meet the needs or wants of its population with the scarce resources it has. It could be said that when an economy fails to meets its micro and macro-economic goals it creates an economic problem for them. Since 2007 the world has seen a setback economically and even the...
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The 2008-2009 Financial Crisis which is commonly known as the “housing-bubble” threw the United States but other international economies into a severe recession. The first crackle of this panic was the credit boom in mid-2007. This was all influenced based on the rapid growth in credit accompanied by unstrict standards and regulations. Following the credit boom was the meltdown of...
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Foreign Exchange is the process of conversion of one currency into another currency. For a country its currency becomes legal tender. For a foreign country it becomes the value as a commodity. Since the commodity has a value its relation with the other currency determines the exchange value of one currency with the other. For example, the US dollar in...
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Fair trade is trade in which fair prices are paid to producers in developing countries. It based on partnership between consumers and producers. Fair trade improves the lives of those living in developing countries by offering small scale producers fair trade relations and a guaranteed minimum price. There are over 1.5 million workers and 1210 fair trade certified producer organizations...
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Recession means when the economy of a country falls, and some undesirable situations also occurred due to recession. These causes down fall in employment rate, fall in wages rate, and fall in retail price. Recession may be occurred for two months four months but not more than one year. If it does then these are the not good sign for...
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On May 26, 2015, Bernie Sanders, one of the runner ups for presidential candidacy, holds his “kickoff” event in his hometown Burlington,Vermont. On that day, Sanders discusses the overall being of the American people and the economic problem that hovers over the nation today. The problem is the economic inequality among social classes in America, in which is making the...
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This paper will address the numerous causes and effects of the United States’ National Debt, both on the US citizen, the US government, and the world. Firstly, however, a parallel must be made. Beginning in 2008, the Eurozone member nation of Greece entered a crippling and tumultuous economic downturn that has crippled its government and caused panic among global financers....
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Estonia is a small but developed country, with a population of 1.3 million, located in Northern Europe. Its high-income economy is often referred to as the fastest growing in the EU. In addition to that, Estonian citizens obtain the free education and universal health care. On the international market, the country stands out for its I.T. advancements. In 2005, Estonia...
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