The price of zinc has soared over the course of the last few years, and with that the price to produce the penny has gone up. The U.S. Mint reports that it costs nearly 1.6 cents to product one single cent (Grenoble, 2013). A cent that, most of the time, goes unused. There has been a growing debate on whether we should keep the penny or let it go. In my opinion, the U.S. Mint should stop producing pennies because...
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The penny should be abolished, and no longer be accepted as currency, because it costs more to produce the penny than what it is actually worth, and its value is too low. The value of the penny is too small to be useful. When people start leaving a unit of cash at the register for the next person, the cash value is too low. Some people see pennies just lying on the ground and don’t even pick it up because...
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According to an old superstition, it’s good luck to find a penny on the sidewalk. But whether or not you believe picking up that penny will bring you luck, one thing it definitely won’t bring you is wealth. Pennies are worth so little now that by taking five seconds to pick one up isn’t even worth it. Pennies are so close to worthless that many people, including me, argue it’s time to do away with them altogether. Pennies are pretty...
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The preface of the SBP Act, 1956 envisages these goals as 'while it is important to accommodate the constitution of a State Bank to manage the monetary and credit arrangement of Pakistan and to encourage its development in the best public premium with the end goal of getting monetary strength and more full usage of the country's useful assets.' SBP centers around accomplishing monetary steadiness by controlling inflation near its yearly and medium-term targets set by the government. Simultaneously, SBP...
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Populism is a term used to describe political movements or parties that have anti-establishment leanings and run on a quasi-tribalistic platform that presents a binary worldview of the âthe good and morally pure people [against] the corrupt, self-serving elite (Brett, 2013) and populism exists in both right- and left-wing politics. Despite this, I will primarily focus on right-wing populism. The two most effective lenses to analyse the causes of populism are Constructivism and Marxism; both are useful as to evaluate...
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Fiscal policy has had to adapt to the unique implications of the coronavirus. Spending is currently at an all time high of 16.3% of GDP to support crippled industries and a population without income. Policymakers are approaching a crucial moment where they need to avoid austerity while managing national debt; development of contemporary ideas will be key. Monetary policy has taken inspiration from the introduction of quantitative easing and the drastically low interest rates brought about after the financial crisis...
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We used to compare the Philippines, for instance, to an “oriental pearl”, coveted by colonists due to its rich resource, lush nature, and industrious people. Became a “caged dove”in time of Martial Law and fighting this we earned a title of “sick man of Asia” by early 1990 in Cory Aquino Administration. Then Fidel Ramos stepped in and re-branded the country as a “rising tiger’. But behide this prevailing analogy would be something the true with the Philippine debt. What...
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Ecosystem services are ecological characteristics, functions, or processes that indirectly or directly contribute to human wellbeing and benefits such as food and materials that people derive from ecosystems (Constanza,1997). They are characterised by their amenities, goods, physicalities, or services (Everard, 2017). Created by living organisms interacting within their environment, ecosystems provide both conditions and processes that sustain life. Thus, they are essential to our existence despite being taken for granted. Natural capital, stock that yields service flow over time, interacts...
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There is a very delicate balance that needs to be upheld in order to prevent the US economy from collapsing completely. The country’s massive debt is a possibly fatal factor that could offset the fragile balance and plunge the nation into chaos. We need change that will make the lives of US citizens better. I want to stop the United States economy from collapsing due to debt. Debt has been a major stressor on the United States’ economy since its...
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There are different operations, strategies, beliefs, and principles that guide every economic structure. The principles and ideas that are dominating in such territories determine the type of system in operation. Capitalism vs. communism concepts are two contrasting economic systems that are applicable in different places. Indeed, the difference between communism and capitalism is that the former supports equality in society by making economic services owned and controlled by the community. In contrast, the latter seeks to privatize production activities. However,...
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One of the central goals of development economics has been to understand how to raise the quality of life of the people. As Adam Smith (1776) made an emphasis on his book, Wealth of Nations, “No society can be surely flourishing and happy, of which by far the greater part of the numbers are poor and miserable”. In developing countries – where people are socially excluded, deprived from exercising their political rights, dwell on dilapidated areas, have little to no...
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The global economic crash of financial markets in 2008 resulted in widespread international turmoil. Central Banks were forced into making decisions in relation to their policies and regulations; one being monetary policies. Monetary policies play a huge role in how financial markets fluctuate. The Taylor Rule is a model used to estimate what the interest rates of a countries economy should be and will be, depending on how certain changes in the economies occur. This review will highlight some of...
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The goal of financial strategy is to accomplish the ideal extension of economy by encouraging the accessibility of cash supply required for the development. The job of defining financial strategy in India is performed by Reserve Bank of India. It is gone for guaranteeing the accessibility required cash supply for all the genuine financial exercises while it ought not to be accessible in order to make inflationary pressure. The essential point of money related strategy in India is to keep...
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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, such as I, are not ready to say good bye to the penny. The penny should stay because if it...
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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. On Feb. 13 the prices gained for the third day where the gains were capped over steep declines in the...
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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 The Case for Free Money, the Canadian province of Manitoba had a similar experiment to the UBI in the mid-1970s...
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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 ineffective for the United States economy. One of the biggest claims for people in opposition to keeping the penny is...
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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). The matter has been further discussed for the following decades and has recently gained more importance due to the rapid...
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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. As a country we seem to be incapable of saving money. We spend even that which we don’t have.This isn’t...
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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 during those years was hesitant projections of the future economy made by lots of central banks. These forecasts were mainly...
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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 variables on seven types of loans, including credit card loans, vehicle purchases, residential and others. These studies are all based...
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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 the elderly, higher taxes on the rich. On the other hand, capitalists believe that government does not use economic resources...
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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 of coronavirus restrictions could get the government to cover 80% of the pay for employees, instead of laying people off....
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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. But individual corporations can rarely affect large economies on their own; the decisions of a single household concerning consumption will...
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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 easily replaced. I say we shouldn’t abolish the penny — it does more for us than we give it credit...
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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 subprime mortgages and other types of financial securitized products. The complexity and interlinked factors behind the rise of the ‘08-09...
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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. Despite three substantial bailouts from the International Monetary Fund, the European Central Bank, and its neighbors in the European Union,...
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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 became the first state in the world to hold elections over the internet, and in 2014, the first to provide...
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Across the globe, even in this great era of modern development and equality, there are still millions who live in impoverish conditions, and despite their hard labour they are still unable to earn enough income to support themselves and their families. These terrible living conditions can lead to malnutrition and even death by starvation in some cases. However, there is a solution to these problems, the implementation of a universal basic income would drastically improve the lives of millions across...
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How businesses are established abroad- When developing your business in a foreign market or region, you might consider establishing a more substantial operation. This can be for a variety of reasons such as lower costs, increasing market penetration, improving customer service and complying with government regulations. Most firms only set up an overseas operation after testing the market. This can be a logical progression from working with an agent or distributor as a company grows its sales. There may be...
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