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457466
Economics Unit 4
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Main mind map fro economics
Mapa Mental por
hamwl001.312
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Resumo de Recurso
Economics Unit 4
Economic growth
Invest new capital goods (physical)
Enlarge national capital stock and human capital
Technical process better?
Endogenous growth theory: Gov create supply conditions- favour investment and technical progress
Infrastructure and judicial system
Costs and benefits of economic growth
Aim of econ activity: Improve economic welfare & standards of living
Econ growth help achieve this, econ growth be compatible with econ development
Economic devolpment
Improve living standards- reduces poverty & human suffering
Access to resources
Access to human development- education
Environmental sustainability and regeneration
Sustainable economic growth
Finite resources
Use renewable
Resource degration
Technologies minimise polllution
Fluctuations in economic actviity
Speculative bubbles
Rapid growth in asset prices, far above real value. Bubble burst & confidence low, fall into recession
Demand shocks
Contract demand and in boom
Demand management policies
Monetary Policy
Fiscal policy
Need to be accurate timing
Bad timing destabilise economy and make it more volatile
Long-term risky investments abandoned for less risky short-term projects
Unexpected interest rate/tax changes may affect competitiveness and long term growth adversly
Reflate/ boost in recession
Political business cycle
Generate a pre election boom & deflate the economy after election until the next one
Seasonal fluctutaions
Long cycles
Investments in long run technology progress
Creating a "new economy"
Supply shocks
National Income
Indicator for living standards?
Underestimate economic welfare & living standards
Non-monetised economy underrespresented
DIY and housework
Economic activity (illegal) in hidden economy is ommited
Positive externalities not seen
Quality improvements are under- represented
Overestimate economic welfare & living standards
Negative externalities not seen
Welfare loss may be seen as increase in national output
Producing higher output = more strain on workers and get ill
Extra production & consumption in healthcare seen as welfare gain!
Installing regrettables raises national income
Burglar alarms- but prefer not to need them
Income distribution
Standard of living made up of
Economic welfare from goods and services
Economic welfare from quality of life factors
Economic welfare from public goods and merit goods
Comparing between countries
Statistical sophisitication of data collection
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