‘Monetary policy by committee: consensus, chairman dominance, or simple majority?’ Riboni and Ruge-Murcia (2010) develop a model and study the empirical implications of monetary policy-making by a committee under four different protocols, consensus model, agenda-setting model, dictator model, and simple-majority model. All models are estimated by maximum likelihood and the results show that the consensus model is a better fit...
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Socialism is a leftist political ideology that developed out of the attitudes reflecting the exploitation of workers in capitalist systems. The socialist ideology critiques the idea of capitalism as being held on the basis of competition, and selfishness. It argues rather that humans are societal, and that economic rivalry weakens and threatens “the cooperative and community-oriented nature of humanity” (Mintz...
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According to Adam Smith’s Theory” Wealth of Nations,” ideology is the exact same in I believe. He stated “Rational self-interest in a free market economy leads to economic well-being” In other words, there was little to no government involvement and we as individuals were given the opportunity to have a free market so we can become balanced. We as individuals...
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Abstract: The Covid-19 coronavirus is a new virus. Although there are no specific vaccines or treatments available now, medication and vaccine research are underway. Impact of Covid-19 on employment in various industries, e.g.: media and culture sector, public service, public emergency services, automotive, textile, clothing, civilization, health sector, education, shipping, fishing, tourism, agriculture, food security, etc. in various ways. Due...
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Money has a major role in the Development of society often times, people say that they can live without money. They define money as just one of the tools that enhance people's living environment. However, in real life money is a very important matter in people’s lives. Although people in history have lived through the exchange of goods and didn’t...
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Wages, typically known as salary, play a great role of significance in the lives of employees employers, and economies around the globe. Within different economies, it can be easily seen that even the workers who get the lowest salary have a fixed salary that cannot be reduced than that this can be simplified in two words- minimum wage. The concept...
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Inflation is the measurement of how much more costly a collection of goods and services has gotten over time, generally a year. It's possible that it's one of the most well-known economic terms. Inflation has thrown countries into a state of insecurity for extended periods of time. Many central bankers aim to be dubbed 'inflation hawks.' Politicians have won elections...
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Economics is a social science that studies how individuals, businesses, governments, and societies decide how to allocate resources to meet their needs and wants. It is a fundamental part of our daily lives and affects every aspect of society, from our personal finances to the policies and decisions made by governments and businesses. Basic Concepts in Economics In economics, the...
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Since the launch of its first phone called iPhone, Apple has dominated the mobile market. It has been a trend setter and has attracted a large number of loyal customers who buy every product they launch. Some new companies such as Huawei is rising to the occasion and has started to give a competition to other small firms. In this...
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Unemployment has been an issue and a concern in most counties across the world, including the US, but unemployment is at the lowest it has ever been in 50 years. The factors include demographics, level of education, the introduction of automation/technology, economic conditions, and demographic characteristics. In the United States, employments are frequently utilized as a proportion of the strength...
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Since ancient times, there was interdependence between shipping activity and the degree of economic development. Civilizations who managed to exploit natural advantages like waterways have managed to develop economically. Thus, in ancient times, countries such as Egypt, China, Greece and the Roman Empire grew economically by developing river and maritime transportation routes. Since the eighteenth century, the importance of transport...
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Over the last decade, the influence of digital platforms has generated great progress. Large tech firms (Apple, Amazon, Facebook, and Google) have changed people’s lifestyles by providing services. These services, often free of charge, have changed the way people communicate and interact with others, shop, and find information. There are many advantages to such large digital platforms, however, they have...
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Minimum wages are meant to help workers and prevent business from exploiting employees. One thing I learned from minimum wage is raising minimum wage can do a lot more than putting money in the back pocket of hard workers it can help workers in many ways such as paying bills in time and other stuff from minimum wage rising can...
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Oligopoly is one of the four market structures in the world and the other three are perfect competition, monopoly, and monopolistic competition. All these market structures have different features and characteristics that set them apart, but among them is a perfect competition that often serves as a benchmark for others. Indeed, perfect competition, in addition to promoting economic efficiency, provides...
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The minimum wage in America has been an ongoing issue for many underpaid workers across the country for years. The debate of the minimum wage raise has been around since the raise in 2007 when it was raised from $5.85 to $7.25, which is where it currently stands. Recently, there have been suggestions in Congress to raise the minimum to...
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As a wise person once said, shopping is cheaper than a therapist. Is that statement actually truthful though? Every year thousands, maybe even millions, of Americans fall into the dangerous cycle of materialism due to loneliness. Buying unnecessary and trivial products hoping that they will make their life just a little bit better. Later on, they realize the purchase of...
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Unemployment is a term that everyone is familiar with, whether they have experienced it or someone they know has been unemployed. Unemployment is not a pretty term, usually it is a term that is frowned down upon by many people. Unemployment can lead to families having to live day by day on a paycheck. Unemployment can be due to many...
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There are wide-ranging effects on the economy when currency and stock markets move, whether on the domestic or global economy. The economic growth is significantly affected by market fluctuations resulting from technical factors such as inflation, deflation, demographics of investors and discount rates. Central banks consider exchange rates when it comes to monetary policy, controlling money supply for promoting economic...
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Inequality in the distribution of wealth is an issue in the majority of societies. The US faces a similar problem where there are considerable disparities in the distribution of income and wealth. The existing studies and statistics reveal that Hispanics are hugely affected since they occupy the lower end in the distribution of wealth and income compared to other ethnic...
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Businesses in the modern market are required to continuously adapt and adjust to the changes in the market in order to stay competitive. Competition is an important aspect of a market and is widely known to be the process of operating in a market concurrently with other competitors in order to gain profit (Riggs, 2015). In order for competitors to...
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This report will detail the current trends in three key economic indicators within Australia, and the impacts of these if they are too high, or too low. Economic indicators are a piece of economic data, that is used by analysts to interpret current or future investment possibilities. This report uses three economic indicators: inflation, unemployment and income/wealth distribution. It has...
398
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This report is based on analysis of oligopoly market, where the definition of oligopoly is discussed to identify the features and structure of the market. The main determinants of oligopoly market will also be discussed. The main element of this report focuses to find out how firms make their price and output decision in the oligopoly market, where Saudi Arabia...
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Considering the significance of teachers, their merit isn't recognized as high as compared to professional athletes, this value can be seen in the huge salary difference between the two occupations. The importance of teachers that should be considered is their contribution to society, they play a hand in the economic growth of the future, their role as individuals who not...
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The query of whether or not allowances are proper or wrong is one that has been argued for lots generations. Now it's your turn, as a determine, to determine whether or not or now no longer an allowance is an excellent manner to train your toddler approximately monetary responsibility. There are many motives given on why an everyday fee of...
432
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Retirement is something that is frequently postponed and worried about later, especially for people who are younger. For young adults, retirement feels like it’s still so far away, so it doesn’t feel necessary to start planning so early because it barely feels real at all. Younger folks occasionally believe that they have much more time to worry about their retirement...
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Abstract: Using time series data of the variables in the year 1980 – 2010 the present study tries to establish a causal relationship between exchange rate and foreign exchange reserves in the Indian context. Emphasis has been laid on understanding the impact of foreign exchange reserves on the exchange rate. India has accumulated unprecedented foreign exchange reserves and synchronously has...
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I’ll be honest, walking into my first economics lesson, I was skeptical, questioning if I had made the right choice. Growing up in Hong Kong, the city’s position as a major hub of finance and trade was an unavoidable fact, with both my parents working in the financial sector; the sound of the talking heads on television discussing the housing...
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Every year, the United States Treasury Department loses over $100 million on minting pennies. There is a heated debate between people who are in favor of the penny and people who believe the penny should be removed from circulation. The penny should be removed from circulation for three main reasons: the penny costs too much to make, citizens lose money...
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Assignment title: ‘Free Trade is not free in its present form’, discuss, with reference to the international trading system. I have read and accepted the University’s policy on plagiarism. I confirm that this is entirely my own work and that it has not been submitted for assessment as part of any other program. Signed: Date: ‘Free Trade is not free...
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“Fair trade is Essential” Many people claim that everyone benefits from free trade. Others argue that fair trade is more important than free trade because it can lead to free trade. If we lived in an ideal world where all things were equal, free trade would be excellent. Unfortunately, nowadays, the market is unequal. The following essay takes a look...
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