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After reading the two articles in Modules 1 and 2 related to Economic Theory (first,“How Did Economists Get It So Wrong” and second, “History of Economics Playground”), reconstruct what happened from 2006 through 2012 as it relates to microeconomic theory. Was there too much focus on the macro climate and not enough on the micro climate? Do you concur more with Krugman or Giraud? What is the basis for your opinion? Be sure to isolate other peer reviewed articles using the library that back your viewpoint and use it as a basis for analysis, in addition to what you see happening in the market yourself. Compare and contrast the two articles and the two authors’ perceptions of the market.…
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Suppose that more companies receive permission to drill for oil in Alaska and U.S.-controlled waters. In addition, assume that the popularity of SUVs declines in favor of smaller, more fuel efficient automobiles. What will be the result on the market (supply, demand, price, and quantity) for oil in the U.S.? How does this move the supply and demand curve?…
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“If you want to follow and participate in public debates and discussions, you need to know about macroeconomics.”…
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3. Compare and contrast microeconomics and macroeconomics. How do the two approaches interrelate? Use a specific example to explain.…
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Also, the author knows that the economies of other countries have crashed due to debt in the past. The argument is written in an objective point of view, so this leads the reader to believe that there is not a bias. The author presents and explains facts, but does not explicitly share any opinions. The facts presented in the article can all be verified by checking them with other sources. Also, the author mentions several other articles relating to the topic. These articles elaborate on certain points made in the argument. The implication of the article is that the government needs to decrease the national debt before the economy crashes. The author wants readers to be fully informed about the national debt, and possibly encourage the government to make a change to stop…
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Macroeconomics deals a lot with behavior and decision making and you need to make those things just, especially since it is dealing with the whole nation. People need to be treated equally. To be just you have to have equality and it ties in well to macroeconomics. To deal with the big national issues a society has to have fairness and be able to determine what is good, because if it is good it is just.…
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This article discusses the shape the economy is in. Then the article examines what national debt is, and the national debt in America. Next, the article examines the recession in detail. The the article explains some the negative effects of the recession. Finally, the author of this article discusses some of the things the government has done, and the things they are doing to fix the national debt problem.…
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These short essay questions and suggested answers are from the Worth Publishers website associated with the fifth edition of N. Gregory Mankiw, Intermediate Macroeconomics.…
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According to Keynesian Economics, the aggregate demand is influenced by a host of private or public economic decisions, and that it sometimes behaves erratically. Changes in aggregate demand, whether anticipated or unanticipated, have their greatest short-run impact on real output and employment, but not on prices. The Keynesians withhold that the macro economic trend tends to restrict specific individual behaviors. The Political Economics and Economics developed since late 18th century hold to increase economy production through stimulating more production, but Keynesians feels that the decrease on the aggregate demand is the main cause for the economic recession. From such point onwards, Keynesian theory and other theories that was build on the Keynesian¡¯s basis have been classified as part of the macroeconomics, which differs greatly from the microeconomics that focuses more on individual behaviors.…
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Macroeconomics considers the performance of the economy as a whole, which involves two major approaches to study the pattern and influence on the economy. Economists who believe in either of the types of thoughts are at loggerheads about various aspects about the way the economy influences people and vice-versa. Here, I have tried to draw a brief comparison that highlights the major differences, which brought into the new agenda;-…
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Krugman, P (2009). “How Did Economists Get It So Wrong?” The New York Times, September 2. Retrieved on December 14, 2012 from http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html…
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More than four years on, austerity is being questioned as never before, not least because most countries implementing a deficit-reduction policy have failed to grow. Krugman, his blog and comments on Twitter, have become the focal point for objectors worldwide. Speaking to the Guardian to publicise the second edition of his book End This Depression Now, he argues that his battle will go on until policymakers realise that their reliance on deficit reduction is a "delusional" misreading of basic economics. But despite his persistent criticism, austerity remains the default position for most western governments. For such a sophisticated thinker, Krugman's solution –…
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BAUMOL. W & BLINDER. A. 2009. ‘Macroeconomics- Principles and Policy’ New York: South-Western Cengage Learning.…
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“Many Economists have tried to establish why the economy performs as it does and want to have a basis for predicting how the economy will perform when circumstances change”. (Nagel, S pg 1 1999) Economists are just people after all, who have lived through different times and experiences in their lives, thus leading to different values and views. George Bernard Shaw once said that “If all economists were laid end to end they would not reach a conclusion”,(cited in Mankin, Taylor 2006) In this essay we will look at what contributions each of the above economists have made, keeping in mind the era in which they lived .…
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“For economists the economy is nothing more than a collection of flexible wages, prices, interest rates, and similar forces that move up and down allocating resources to their profitable use as buyers and sellers rationally pursue their own interests. Such an economic universe is a…
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