Ideas matter, in particular a great idea such as liberty, in all its facets – economics, individual, political, philosophical and historical. However, there remain many challenges to liberty, ever-present under our governments. Therefore, today we must retell the lessons of the past Austrian economists and thinkers and look to writers to understand what is happening. … Continue reading Is the free market the best form of mechanism to achieve goals in economics?
Question: Explain the significance and utility of your major to the society 10 years from now. An economics major teaches a student two key principles, first that the future is uncertain and second that values are subjective. This paper will briefly explain the significance and utility of an economics major, attempting to demonstrate that whilst … Continue reading The Significance and Utility of an Economics Major
You learn that pollution generated by the increasing population of particular, large powerful countries is endangering important ecosystems and many species such as wales and penguins in Antarctica. One group is pushing for a fishing free zone but these large powerful countries are planning to block the proposal, which needs unanimous support in an international … Continue reading Pollution, Policies & Power – Deontology, What ought to be done?
EQUILIBRIUM WITHOUT INTERNATIONAL TRADE Assume: an isolated country only produces steel. Imports and exports of steel are prohibited. Results: domestic price adjusts to clear market. The sum of consumer and producer surplus measures the total benefits that buyers and sellers receive. If country begins international trade, will it be an importer or exporter of steel? … Continue reading Microeconomics – Application & International Trade
This article follows on from the previous gains from trade article. People consume goods produced domestically and overseas. Interdependence and trade mean more goods and services are available in increased variety. Differences in costs determines the value of trade. Production costs -> absolute advantage. The producer that requires a smaller quantity of inputs to produce … Continue reading Microeconomics – Comparative & Absolute Advantage
Consider your typical morning… Your bed sheets are made from cotton grown in India and woven in Madeira, your alarm clock was made in China. You pour a glass of orange juice that was made from oranges grown in Spain, the year-round demand for fruits and vegetables are made possible through trade. You watch the … Continue reading Microeconomics – Interdependence & Gains from Trade
The total approximate savings from scrapping both the FTB Part B and the Schoolkids Bonus would be $5.9 billion each year. Therefore, the abolishment of Family Tax Benefit (FTB) Part B and the Schoolkids Bonus, while redesigning Family Tax Benefit Part A to reduce middle-class welfare and insulate low-income families from the former. The plan … Continue reading Redesigning Family Tax to Benefit Low Income Households