off-shore terminals and jetties. This approach became necessary in order to reposition the entire maritime industry to contribute to national economy and well-being through efficient management of port operations, optimal allocation and use of resources, diversification of revenue sources, and...
inward and outward FDI and the implementation of policies aimed at promoting investment and innovation are key issues in this respect.
The current global financial crisis has its roots in the US, Europe and other advanced countries. Its proximatecauses include sub-prime lending...
endeavors to dissect the causes and consequences of the 2007-2009 financial crises. Anatomy of the global transmission mechanism of the 2007-2009 financial crisis will be done to reconcile divergent views on what generated the crisis, how they spread to other economies and the scope of the...
activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, andwholesale-retail sales." Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise...
identify and address incentive problems.
global financial development RepoRt 2013
t H e s tat e a s R e g u l at o R a n d su p e R v i s o R
or years, developed economies enjoyed
stable macroeconomic conditions—
often referred to as the Great Moderation—where developments in...
experience encouraged Pizarro to set his trap and Atahuallpa to walk into it.
T H US , P I Z A R R O ' S C A P T U R E of Atahuallpa illustrates the set of proximate factors that resulted in Europeans' colonizing the New World instead of Native Americans' colonizing Europe. Immediate reasons for Pizarro's...
causes- proximate factors act directly to cause disease or health gains, and distal determinants are further back in the causal chain and act via (a number of) intermediary causes (34). In addition, Figure 3.1 also distinguishes contextual determinants. These can be seen as the macro-level conditions...
reduce the bullwhip effect of demand and
supply gyrations. This has been especially
evident in the global downturn during
2008-2009, and even now as economies
and consumers are recovering.
The S&OP process normally spans several
business planning horizons. These
low interest rates.
If attitudes towards the US economy changes whereby investors lose their confidence in the US economy, they will potentially stop investing in US debts. This will cause 2 problems.
1. US interest rates will need to rise to attract people to buy the debt. Higher interest...
dropped to just $295 by 1928. By this time, approximately 20% of all Americans had cars (America's Economy in the 1920's). In addition, there were 6.7 million cars on American roads in 1919 and more than 27 million in 1929 or nearly a car for every household in the United States (Mintz). Henry Ford...
Exchange Rate to Gold
Source: Global Financial Data; Obstfeld and Taylor (2002).
the 1929 to 1935 period. Countries that stayed on gold like France and Germany
endured a brutal downturn in prices and output, whereas countries that devalued
didn’t. This has been...
, who today appear destined for an extended period of below-average growth, developing countries bounced back quickly from the downturn. Growth is once again back above 6 percent and is expected to stay there through at least 2015.7
Figure 2: The Rise of Developing Economy Growth (actuals and...
growth. As North and Thomas (1973, p. 2) put it: "the factors we have listed (innovation, economies of scale, education, capital accumulation, etc.) are not causes of growth; they are growth (italics in original). Factor accumulation and innovation are only proximatecauses of growth. In North and...
R EAL GDP IN THE U NITED S TATES . This figure shows quarterly data on real GDP for the U.S. economy since 1970. Recessions—periods of falling real GDP—are marked with the shaded vertical bars.
SOURCE: U.S. Department of Commerce.
capita income in purchasing power parities (source IMF, World Economic Outlook) as the measure of economic development. As both the linear and the squared terms are highly significant (at 1% level), we conclude that the U-shaped relationship with per capita income is valid not only for 2002 but also for...
returns to scale Factor prices Competition Profit Marginal product of labor (MPL) Diminishing marginal product Real wage
Classical Theory: The Economy in the Long Run
Q U E S T I O N S
F O R
R E V I E W 5. What determines consumption and investment? 6. Explain the...
C US TO M E R C H U R N I N
C US TO M E R C H U R N :
T H E C O M M U N I C AT I O N S
C AU S E S A N D I SSU E S
I N D U ST RY
As communications companies battle to thrive and survive amid con-
W H AT I S C H U R N ?
stant industry change, deregulation, and...
the ultimate source of capital is saving. Theft is a violation of, not a part of, the market economy, and capital does not rely on theft for its existence.
B U T C H E R
B A K E R
C A N D L E S T I C K
M A K E R
the consumer, also involves all human...
illustrateseconomies of experience. • Identify several common functional forms used to estimate total cost functions.
L O N G - R U N TOTA L C O S T C U RV E
In Chapter 7, we studied the firm’s long-run cost-minimization problem and saw how the cost-minimizing combination of labor and capital...
for economic growth. As North and Thomas (1973, p. 2) put it: “the factors we have listed (innovation, economies of scale, education, capital accumulation etc.) are not causes of growth; they are growth” (italics in original). Factor accumulation and innovation are only proximatecauses of growth. In...