Project Outline Essay Example | Topics and Well Written Essays - 500 words

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Four Different Article Reviews Example | Topics and Well Written Essays - 3000 words

Four Different Reviews - Article Example The main objective of this paper is to provide an in depth analysis of human resource development index mechanism and the components of the technological achievement Index, and also to find out the relation exist between them as both this parameters are very much dependent on each other. This paper is based on the relation between human resource developments and there relation with economic growth and research capacity. The research and analysis proves that human resource development index alone is not sufficient enough to analyze the economic development of any country. The main factor coming out from this paper is there is a co relation between the trained human resource of any country with the technological development as well as economic growth of that country. According to the analysis of this paper, Croatia along with other developing countries has to make critical investments as well as detail follow up in the line of growth of human capital and their labor productivity to red uce developmental lags which they are having. Key points of the Paper: Before the technological development and restructuring of the organization come in to play, land, labor and capital these three parameters were the key for the growth of any country. But as the time moves on, with the development of organization structure and also the scientific –technological revolution, all set up started to change. For any country which relies on knowledge based economics, both human resources and knowledge simultaneously become key factors for the development. From a broader perspective, human resources defined as the total psycho-physical energy at the disposal of a society, which can be used by the society to achieve its developmental goals (Aksentijevic, Jezic; 2009, pp. 263-264). In regard to evaluating the contribution of human resources to economic growth and development on macro level, education is considered as a basic parameter. In simple words, the development of any country in terms of economic perspective education level is the key factor in spite of the fact that present world is more technology oriented. The paper also suggested that in last few years, it has been a proven fact that there is a close relation between economic growth and development, human resources development, research, innovations and technology, and the theory that economic development is only based on technological and human resource development is being abandoned. In a knowledge-based economy, knowledge management becomes a success strategy, as the effective and proper use of the knowledge base becomes a necessary pre-requisite of economic development. One key finding of this paper is that, the ability to suck up knowledge and successful distribution of new technologies are the key behind development of an economy. (Aksentijevic and Jezic, 2009, pp.266-268) .The basic principle of the ability to absorb knowledge and technology is reflected in greater efficiency of labor force, w hich generates greater production, and a greater income level. The key results derived from this analysis was the Human Resources Development Index is insufficient in the analysis of economic development and it is mentioned that unambiguous explanations of technological progress of human resources development as the basic force of economic growth is no longer sufficient, is correct (Aksentijevic and Jezic, 2009, pp.269-271). According to this paper, the possible ways of developing economic conditions are: Increase in human capital, Stimulation of productivity. In

Inflation Rate and GDP Growth of Pakistan

Inflation Rate and GDP Growth of Pakistan CHAPTER 1: The topic of this research is relationship between inflation rate and GDP growth of Pakistan. Nowadays in Pakistan inflation rate is high, when inflation crosses logical limits, it has negative effects on GDP growth. It drops the value of money, resulting in uncertainty of the value of profit loss of borrowers, lenders, buyers and sellers. The rising the uncertainty in saving and investment. In Feb 2009 CPI Inflation rate of Pakistan was 22.97% and GDP was 5.8%. GDP and inflation rate negative correlation present even when other factors are included to the study and the investment rate, population of growth, and the constant advances in technology and still when the factor in the effects of supply shocks features of a part of the observed period 1.2 PROBLEM STATEMENT: In this research determine how much rate of inflation affect the GDP growth of Pakistan. In this research also determine inflation rate significantly affect the GDP growth of Pakistan. GDP shows the economic performance of a country so it is of most importance for concerned departments and economists of that country. On the other hand rising inflation can impact negatively on GDP and the objectives that a country achieves can be demolished by rising inflation. 1.3 SIGNIFICANCE OF RESEARCH: If GDP growing fast and rate of inflation is falling down, it is good for the economy. More money comes in Pakistan and financer invests more and more capital. GDP indicates all sectors such as agriculture, telecommunication, services, manufacturing and Per Capita Income. These all indicators represent the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy. If these sectors were growing fast, countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy also grows faster. Foreign investors observe the market condition of Pakistan and foreign investors must see the GDP Inflation Rate of Pakistan. If the GDP growing faster and inflation going down, foreign investors invest more money into Pakistan. If GDP is growing faster, the investor earns more money and achieves good profit and aspires to keep doing business for long term and expects less risk for the loss. Investors also expect for greater dividend in real terms, if rate of inflation is dropping down. This research is also significant for foreign investor and domestic investor of stock market. If inflation is increasing, investors invest less in market because investors do not expect good profit and dividend for the shares and also expect huge risk in market for long term. If any countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s inflation rate is increasing, it is very difficult for financial institution to maintain the trust of investors because there is a chance of loss for the investors. This research is also significant for exporters. Exporters must see the inflation and GDP of Pakistan. If inflation is increasing, exporters export fewer goods because goods are expensive for exporters due to high inflation. Exporters export more goods, when inflation is low because goods are affordable for exporters and easy to export goods. This research is also significant for fresh graduate students. If inflation is high, there is less chance of jobs because the rate of unemployment is also high due to inflation rate. Fresh graduate also do not start business because it is carries more risk and there is chance waste of capital. 1.4 HYPOTHESES: H1: There is a negatively relationship between the Inflation rate and economic growth of Pakistan. H2: Inflation rate significantly effect on economic growth rate of Pakistan. 1.5 SUMMARY OF RESEARCH: The overall summary of this research defined in the following parts: First chapter is Introduction. In this part describe overview of all research, research problem, hypotheses of this research and definitions used in this research. Literature Review is second chapter. Describe summary of all articles, which related to this research. Third Chapter is Research Method. In this part describe data collection method, how sample size of this research and also describe technique of this research. Fourth Chapter is Results. In this part includes interpretations and findings in relevance to the hypotheses test. In this part also describe hypotheses assessment summary in table form. Fifth and last Chapter is Conclusion. In this part includes discussion based on this research finding in setting with the past research findings. In this part also describe some recommendations and implications of this research and also describe future research possibilities. Ending this part with conclusion. 1.6 DEFINITIONS: GDP and Inflation are the key macroeconomic indicators of the economic performance of any country. The relationship and cause affects are very important for any economic performance of the country. GDP Economic Growth: GDP indicates only currently produced goods and services. It is a flow measure of output per time period. For Example, per quarter or per year and indicates only goods and services produced during this interval. Such market transactions as exchange of previously produced houses, cars or factories do not enter into GDP. However, two types of goods used in the production process are counted in GDP. The first is Capital Goods and other type of goods is Intermediate Goods (Froyen, 2005). Components of GDP: GDP is broken down into the components. The first component is Consumption component of GDP. Consumption consists of the household sectors. Consumption can be further broken down into consumer durable goods (e.g., automobiles, television), nondurable consumption goods (e.g., foods, beverage, and clothing) and consumer services (e.g., medical services, haircuts) (Froyen, 2005). The second component of GDP is Investment. Investment is part of GNP (Gross National Product) purchased by the business sector in addition residential construction. Investment divided into three sub components. First is business fixed investment, second is residential construction investment and final id inventory investment (Froyen, 2005). The third component of GDP is government purchases. It is goods and services that are the parts of recent output that goes to the government sector such as federal government, state and local government (Froyen, 2005). The final component of GDP is Net exports. Net Exports equal total (gross) export minus imports. Gross exports are currently produced services goods and sold to foreign buyers, should be counted in GDP. Imports are purchases by domestic buyers of goods and services produced abroad and should not be counted in GDP. Imported goods and services are, however, included in the consumption, investment and government spending totals in GDP. Therefore, need to subtract the value of imports to arrive at the total of domestically produced goods and services (Froyen, 2005). Inflation: Inflation is when prices continue to keep rising, typically as a result of overheated economic growth or extra capital in the market search for too few opportunities. Wages usually creep upwards, so that companies can retain good workers (Amadeo, 2008). How Protection Inflation: If person are locking inflation protect alone, one best way to protect. Person purchase treasury bills and bonds; there pay fixed rates of interest. However, twice a year the governments readjust the principle in response to changes in the CPI, published monthly by the Statistics Bureau. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s mean, as inflation increases, the value of bonds increases. This is best way for protect inflation, when inflation increases (Amadeo, 2008). Aggregate Demand Theory: Aggregate Demand Theory shows that the negatively relationship between Inflation rate (price Level) and output/income (National Product). Aggregate Demand theory was developed by the English economist John Maynard Keyness (1883-1946). Term of à ¢Ã¢â€š ¬Ã‹Å"Aggregateà ¢Ã¢â€š ¬Ã¢â€ž ¢ was also used as à ¢Ã¢â€š ¬Ã‹Å"aggregate spendingà ¢Ã¢â€š ¬Ã¢â€ž ¢ and à ¢Ã¢â€š ¬Ã‹Å"aggregate expenditureà ¢Ã¢â€š ¬Ã¢â€ž ¢ (Case and Fair, 1992). How Aggregate Demand (AD) Curve deriving: The aggregate demand (AD) curve shows that the negative/inversely relationship between the aggregate output/income and the Inflation/price level and the aggregate demand (AD) curve is showing downward sloping (Case and Fair, 1992). Figure 1.1 INFL2 INFL1 Inflation Rate AD y2 y1Real Output/Income (National Product) (Source: Case and Fair, 1992) Reason for downward-slopping Aggregate Demand Curve: The increase price level/inflation causes the demand for money to increase, which cause the interest rate to increase and then the higher interest rate causes aggregation out to down (Case and Fair, 1992). The decrease in consumption brought about by a rises in the interest rate contributes to the generally fall in output. (Case and Fair, 1992). CHAPTER 2: LITERATURE REVIEW Metin (1998) analyzed the empirical relationship between inflation and growth for the Turkish economy by a multivariate co-integration analysis. Metin (1998) developed model shows that the scaled income growth significantly affects inflation in Turkey. The qualified model of inflation was constant and it estimated a model previously. In this paper developed model because if inflation change one percent so it significantly affect to Growth Rate. An extensive literature had examined the relationship between the budget deficit/Income growth and inflation. At a theoretical level, Sargent and Wallace (1981) showed that under certain conditions, if the times paths of government spending and taxes were exogenous, bond-financed deficits were non-sustainable, and the central bank should eventually monetize the deficit. Money supply and inflation was rising in the long run. These findings had subsequently been generalized for the open economy case and for alternative forms of financing. Increase money supply and inflation in the long run due to the government spending and economical condition were not sustainable (Scarth, 1987; Langdana, 1990). Metin (1995) analyzed inflation for Turkey using a general framework of sector relationships and found that fiscal expansion was a determining factor for inflation. The excess demand for money affected inflation positively, but only in the short run. On the other hand, imported inflation, the excess demand for goods, and the excess demand for assets in the capital markets had little or no effect on inflation. A key policy implication of was that Turkish inflation could be reduced rapidly by eliminating the budget deficit. The demand for money, assets and goods impact on inflation (Metin, 1995). The losses were automatically financed by the credits extended by the Central Bank to the SEEs, resulting in high money growth. For 1950 period in Turkish inflation rising and balance of Payment had difficulties. Most the private firm purchase commodities at official price and reached experienced losses (Aktan, 1964; Okyar, 1965; Fry, 1972; Krueger, 1974, Onis and Riedel, 1993). Metin (1958) implemented a fairly typical International Monetary Fund (IMF)-supported stabilization program, which improved the foreign-exchange situation and drastically reduced inflation. The most important component of the program was an increase in the prices of SEE goods, a component that was featured prominently in the 1970 and 1980 reforms as well. Raising those prices in 1958 resulted in an immediate and once-and-for-all increase in the price level, after which the reduced rate of expansion of Central Bank credits reduced inflation. Metin (1958) analyzed inflation dropped from 25% in 1958 to less than 5% in 1959, real gross domestic product (which had been declining) started growing immediately due to the greater availability of imports. Metin (1998) analyzed that Turkey was among the more rapidly growing developing countries during most of the 1960s, with an annual inflation rate of 5%-10%. The nominal exchange rate was kept constant after the 1958 devaluation. Investment spending increased and was financed mainly by foreign aid. In the late 1960s, foreign id did not increase, but the rate of investment spending was maintained. In addition, some difficulties appeared in obtaining imports, creating visible restraints on economic activity and growth. Turkeyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Economic volatility in deferent sectors such as in the late 1960s, foreign aid did not increase, but the rate of investment spending was maintained. In addition, some difficulties appeared in obtaining imports, creating visible restraints on economic activity and growth Barro (1995) studied that If a number of countries characteristics were held constant, in that case regression results shows that an raise in average inflation of ten proportion points per year reduces the growth rate of real per capita income GDP by 0.2 to 0.3 proportion points per year and lowers the proportion of investment to GDP by 0.4 to 0.6 proportion points. Over here come to know that some characteristics were stay constant but some of effected due to increase of inflation rate result reduce the growth rate of real per capita. Barro (1995) analyzed the result that inflation control on growth looks little; the long term inflation effects on standards of living were considerable. such as, a shift in monetary policy that increase the long-term average of inflation rate increase by ten percentage points per year was projected to down the level of real GDP after 30 years by 4% to 7%, more than enough to justify a strong interest in price constancy. The inflation rateà ¢Ã¢â€š ¬Ã¢â€ž ¢s influence intensively effected lives standard which identifies by the Monitory Policy, average inflation rate and GDP. To evaluate the effects of inflation on economic growth, Barro (1995) Regression Equation method used to which many other determinants of growth were held constant. The framework was one that in this paper had developed and applied previously. Barro (1995) identified that tool through in this paper assessed influence of inflation on the development of economy and to evaluate the effects of inflation on economic growth. Fama (1981) explained these anomalous stock return-inflation relations. The data were consistent with the hypothesis that the negative relations between stock returns and inflation positive relations between actual variables and stock returns, which were more fundamental determinants of equity values. The inflation had negative influence on stock return and also real variable Metin (1995) examined the relationship between the public- sector deficit and inflation. System co-integration analysis suggests three stationary relationships. Although weak relation does not hold for variables concerned (except Ay), one was still able to develop a conditional model for inflation. In that model, an increase in the scaled budget deficit immediately increases inflation. Real income growth had a negative immediate effect and positive second-lag effect on inflation. The shortfall affected inflation at a second lag. These dynamics were consistent with institutional and general knowledge of the economy. The conditional model of inflation was constant over the sample period, even though several significant structural breaks occurred during the period. Breaks included three devaluations, structural stabilization, and economic liberalization programs. The major finding from the new equation was that budget deficits (as well as real income growth) significantly affect inflati on in Turkey. Braun and Tella (2000) studied that there was a positive partial correlation between inflation and corruption for several countries for which data was available. Furthermore, argue that causality was from inflation variability to corruption. There was a positive relationship between corruption and inflation. Dornbusch and Frenkel (1973) had developed alternative approaches to be analysis of growth and inflation. found that the effect of inflation on per capita real balance, consumption and the capital-labor ratio remain ambiguous if the yield on capital was a function of per capita real balance or if consumption was an increasing function of the rate of inflation. That ambiguity was in general not entirely removed by consideration of maximization and a specification of the nature of the service of real balance. The alternative effects inflation on per capital real balance, consumption and the capital labor ratio. Fama (1981) tested out the hypothesis that the negative relations between real stock returns and inflation observed during the post-1953 period were the consequence of proxy effects. Stock returns were determined by forecasts of more relevant real variables, and negative stock return-inflation relations were induced by negative relations between inflation and real activity. This relation inflation, real activity and stock returns define through the money demand and the quantity theory of money. Barro (1995) evaluated the effect on investment shows up clearly only for inflation rates above 10%à ¢Ã¢â€š ¬Ã¢â‚¬Å"20% per year. For lower inflation rates, the estimated effect of inflation on the investment ratio tends not pointedly different from zero. The investment effects positively when inflation above 10% to 20% per year but lower inflation effect on investment negatively and zero inflation not significantly effect on investment. Barro (1995) analyzed that the Inflation effects on growth and investment were significantly negative and long term Inflation to reduce the value of growth and investment. The analysis was that the effects of inflation on growth were significantly negative relation and also the effects of inflation on investment were significantly negative relation. Barro (1995) the values of inflation for three periods (i.e. 1965-75, 1975-85 and 1985-90) were not differing significantly from one to another. If different coefficient of inflation test for each period, then resulting values was not significantly from one to another period. If the inflation rise 10% year, growth rate of real per Capita income of GDP by 0.2% to 0.3% point per year. Khan and Senhadji (2001) located that under floating exchange rates, growing domestic inflation can move up long-run output if credit was rationed (inflation was low). However, there exist inflation thresholds as were observed empirically inflation and output were positively (negatively) correlated below (above) the threshold. With fixed exchange rates, the scope for credit to be rationed depends in a relatively complicated way on the rate of foreign and domestic inflation, and increasing foreign inflation always reduces long-run output. Barro (1995) calculated the standard deviation and analyzed the result was that if the standard deviation of inflation was included in the regressions, then the estimated coefficient on average inflation changes little, and the estimated effect of the standard deviation of inflation was still around zero. Standard deviation of inflation included in the regression, result of estimated coefficient on average inflation was little and standard deviation was around zero. Results were directly related to the literature on the costs of inflation. Despite a long tradition of research on the subject, empirical estimates were scant. Following Bailey (1956) estimating the area under the money demand curve, Fischer and Lucas (1981) found that for the US, an inflation rate of 10-percent per annum would cost 0.3- 0.9 percent of national income each year. More recently, Fischer (1993) estimated in a cross-section of countries that an increase in the inflation rate of 100 percentage points would lead to a reduction in the annual growth rate of 3.9 percentage points. Barro (1997) found that the negative relation between inflation and growth was stronger for low levels of inflation, and that inflation variance was also negatively correlated with growth. The estimated in a cross section of countries that an increase in the average inflation rate of 10 percentage points per year leads to a reduction in the growth rate of GDP of 0.3 to 0.4 percentage points per year. Braun and Tella (2000) presented the cross section estimates of the correlation between inflation variability and corruption. Average the data for 1982-1994 to obtain a maximum sample. Document a positive and significant correlation between measure of noise in the price system (Inflation Variance) and corruption. The Positive and significant correlation between the inflation and corruption Barro (1995) analyzed that it was also possible that the inflation produce a positive and significant relationship between inflation and growth. This thing happen, when demand of goods increase. Braun and Tella (2000) analyzed the result was that the increase in the cost of audit leads to an increase in corruption and in the extant fixed cost of investing. This in turn leads to a decline in aggregate investment and growth. Using the evidence that relative price oscillations increase with inflation variability, assume that the cost of audit was an increasing function of inflation variability. If corruption was increasing, Growth and Investment was decrease because negatively impact on growth and investment. Inflation was increasing due to corruption was rising. Barro (1995) evaluated that in recent years, many central banks, including the Bank of England, more emphasis on price stability. One indicator concern, the Bank of England began in February 1993 to issue the Inflation Report. Central bank gave more importance on price stability and monetary policy defines in term of interest rate or growth with stable and low inflation. In this paper contributes to closing this perception gap. Find a theoretical and empirical link between inflation variability and corruption. Since corruption had been found to had a negative/inversely impact on growth and investment. There was an indirect, corruption affected cost of inflation. Estimate that a one standard deviation raise in inflation variability from the median can lead to a reduction in the annual growth rate of one third of a percentage point and a reduction in the investment rate of 1-percent. Corruption was negative impact on growth and investment. Corruption affected cost of inflation (Mauro, 1995; Knack and Keefer, 1995; Kaufmann and Wei, 1999). Fama (1981) found the result was that the negative relations between inflation and real activity predicted by the money demand-quantity theory model and observed consistently in the regressions were negative partial correlations. The relations between inflation and real activity predicted by the money demand quantity theory model Braun and Tella (2000) calculated that increase in inflation variability of one standard deviation from the median leads to an increase in corruption of 0.12 of a standard deviation. Repeating the above calculations obtain that an increase in inflation variance of one standard deviation leads to a decline in investment of 1.02 percent of GDP, and a decline in growth of 0.33 percentage points. Braun and Tella (2000) estimated for the impact of an increase in inflation variability of one standard deviation range from 1.02 percent to 2.72 percent of GDP for investment, and from 0.33 to 0.88 percentage points for growth. Increase in inflation of one standard deviation leads to decline in investment of 1.02 % of GDP and decline in growth 0.33 % points. Braun and Tella (2000) estimated the effects were also economically significant. Researcher basic cross section approximate suggests that a one standard deviation increase in the variance of inflation associated with an increase in corruption of up to 0.47 points, or 32-percent of the standard deviation of corruption. Braun and Tella (2000) estimated can be used to calculate an indirect cost of variable inflation that operates through corruption. Researcher find that an increase in inflation variability of one standard deviation from the median can lead to a decline in investment of 2.7-percent of GDP, and to a decline in the annual growth rate of 0.9 percentage points. Increase in inflation of one standard deviation leads to decline in investment of 2.7 % of GDP and decline in growth 0.9 % points. Braun and Tella (2000) calculated that increase in inflation variability of one standard deviation from the median leads to an increase in corruption of 0.12 of a standard deviation. Braun and Tella (2000) analyzed the result was that an increase in inflation variance of one standard deviation leads to a decline in investment of 1.02 percent of GDP, and a decline in growth of 0.33 percentage points. Braun and Tella (2000) estimated for the impact of an increase in inflation variability of one standard deviation range from 1.02 percent to 2.72 percent of GDP for investment, and from 0.33 to 0.88 percentage points for growth. Increase in inflation of one standard deviation leads to decline in investment of 1.02 % of GDP and decline in growth 0.33 % points. Fama (1981) analyzed two types of models for expected inflation were estimated and compared. One approach was interest rates into expected inflation rates and expected real returns. Since the interest rates were observed at the beginning of the time intervals of interest, this approach estimates the ex ante expected inflation rates which eventually allow to document the negative relations between ex ante expected stock returns and expected inflation rates. The negative relation between the expected stock returns and expected inflation rates Fama (1981) analyzed second approach, based on money demand and quantity theory of money, estimates conditional expected inflation rates as functions of money and real activity growth rates. Since measures of current money and current and future real activity growth rates were major explanatory variables, these conditional expected inflation rates were not ex ante measures. Fama (1981) also analyzed the money demand-quantity theory models of inflation provide the empirical economic story which explains why the ex ante expected inflation rates extracted from interest rates were also strongly related to current and future real activity. Inflation rate were strongly related to interest rate because of money demand theory and quantity theory of money. Fisher (1911) observed the relations between inflation and the measures of current and future real activity which this model presumes were important in the determination of stock market returns. The theoretical basis for the study of inflation-real activity relations was a rational expectations combination of money demand theory. The theory and empirical results were abstracted from my 1980 paper. In this paper presented just enough of the theory and evidence to document the inflation-real activity relations of interest. Verme (2004) was study the Walrasian equilibrium; changes in either the domestic inflation rate or in the world inflation rate had qualitatively similar effects. When credit was rationed, changes in the domestic inflation rate and the world inflation rate always affect the domestic capital stock differently. This occurs because credit rationing breaks the link between the marginal product of capital and the rate of interest on loans: what matters was how the domestic and foreign rates of inflation affect the self-selection constraint and researcher affect this differently. Whenever there were restrictions on capital availability, the domestic and foreign inflation rates react differently on the economy. Verme (2004) analyzed theory of Walrasian equilibrium was that changes in the domestic rate of inflation can had very different effects under credit rationing. Again, this happens because what matters was how the domestic inflation rate affects the self-selection constraint. Higher domestic inflation can actually relax this constraint by increasing the rate of interest on loans, and hence attenuating the incentives of agents to misrepresent the type. The domestic inflation can also cause dearth of capital if the interest rate rises for the reason of inflation. Verme (2004) presented a model of a small open economy where financial intermediaries make a real allocate function then consider the relative merits of different exchange regimes, focusing my attention on policies that had been implemented in Latin America and, particularly, in Argentina and Peru. This document puts forward an example of an open economy where financial intermediaries may cause situations where credit may not always be restricted. Verme (2004) observed that the inflation thresholds as were observed empirically: increasing inflation beyond the threshold level reduces domestic growth output. However in economies with fixed exchange rates, increases in the foreign (and domestic) rate of inflation always had adverse consequences for real activity. In case of variable exchange rates, inflation can encourage production if credit was limited, however if the inflation exceeds beyond a certain limit then it reduce the output. Mauro (1995) estimates may be used to derive an indirect, corruption-induced, cost of inflation variability. This cost can be calculated by multiplying estimated of the impact of inflation variability on corruption by exogenous estimates of the impact of corruption on investment and growth. Given that Mauro (1995) presented such estimates, this calculation was relatively straightforward. The cost of inflation can also increase if corruption impacts investment and growth. Fama (1981) explanation of the absence of positive simple relations between money supply and real activity growth rates during the post- 1953 period was an interesting topic for future research. This was especially so since the monetary measure used, the growth rate of the base, was the one most under the control of the monetary authorities. Studying the relationship between money supply and growth rate reveals that the said rate was under most control of the controlling authorities. Braun and Tella (2000) estimated that an increase in corruption of one standard deviation leads to a decline in the average investment rate of 8.5 percent of GDP. In this paper also estimates that GDP growth would decline by 2.76 percentage points per year. It was estimated that a slight increase in the corruption can greatly decline the investment. Fama (1981) tested that the effect hypothesis implies that actions of real activity should dominate dealings of inflation when both were used as explanatory variables in real stock return regressions. In monthly, quarterly, and annual data, growth rates of money and real activity eliminate the negative relations between real stock returns and expected inflation rates. In the annual stock return regressions unexpected inflation also loses its explanatory power when located in competition with future real activity. Sometimes inflation loses its quality of increasing growth rates when there was real economic growth in the future. Fama (1981) analyzed the hypothesis for both common stocks and bonds were that expected real returns were determined in the real sector. Spurious negative relations between inflation and expected real returns were then induced by a somewhat unexpected characteristic of the money supply process during the post- 1953 period, in particular, the fact that most of the variation in real money demanded in response to variation in real activity had been accommodated through offsetting variation in inflation rather than through nominal money growth. After the analysis of securities, it was accomplished that there exists a negative/inversely relationship between inflation and expected real returns. The severe drought in India during the current cropping season may put more pressures on international prices of a number of commodities i.e. international sugar prices had already risen substantially, which had also impacted domestic prices, which sufficient domestic availability, Increasing the int

National Debt and Budget :: Argumentative Economy Economics Papers

National Debt and Budget For twenty-six years in a row our nation has been under deficit spending, with only one balanced budget since 1961. The Nixon administration had the last balanced budget with a $3 billion surplus in the fiscal year of 1969. With all these years of deficit spending the National Debt has grown to over $4.9 billion. Our government needs to stop overspending and start reducing the amount on the debt. We are putting the Debt on a generation that doesn't get to vote. We are spending money now that will they have to repay at higher taxes. This is wrong. (http://www2.csn.net/~tshellen/speech.html) One of the best ways we can give our government the power to get and to keep the budget in balance is to ammend the Constitution. There are three basic ways to getting the budget balanced: raise taxes, cutspending or a combination of both. There are two basic rules in applying this policy: 1-eliminate all the waste, fraud, pork, and abuse, 2-we all have to share in the sacrifice of spending cuts. No special interest groups can be exempt. (http.texas.net/users/andyn/deficit/zdpview.html) It is estimated by the year 2000 the Debt will reach $456 billion. Congress ahs enacted legislation along the general outlines of president Clinton's economic plan, without the economic stimulus spending he proposed. As a result the projected debt is forecast to be $251 billion.(http://www.texas.net/users/andyn/deficit/zdpview.html) Now the governmant has shut down all non-essential services in an attempt to "hard nose" a budget through the senate and congress. This isn't the first time the gov't has been shut down. It happened in Nov. 1981 when Reagan vetoed an emergency money bill, again in Oct.

The Competitive Advantage of Nations

WHAT IS THE DIAMOND MODEL? DESCRIPTION The Diamond Model of Michael Porter for the competitive advantage of Nations offers a model that can help understand the comparative position of a nation in global competition. The model can also be used for major geographic regions. TRADITIONAL COUNTRY ADVANTAGES Traditionally, economic theory mentions the following factors for comparative advantage for regions or countries: 1. Land 2. Location 3. Natural resources (minerals, energy) 4. Labor, and 5. Local population size. Because these 5 factors can hardly be influenced, this fits in a rather passive (inherited) view regarding national economic opportunity. CLUSTERS Porter says that sustained industrial growth has hardly ever been built on above mentioned basic inherited factors. Abundance of such factors may actually undermine competitive advantage! He introduces a concept called â€Å"clusters† or groups of interconnected firms, suppliers, related industries, and institutions, that arise in certain locations. These clusters are geographic concentrations of interconnected companies, specialized suppliers, service providers, and associated institutions in a particular field. They grow on locations where enough resources and competences amass and reach a critical threshold, giving it a key position in a given economic branch of activity, with a decisive sustainable competitive advantage over others places, or even a world supremacy in that field. Porter says clusters can influence competition in three ways: †¢They can increase the productivity of the companies in the cluster. They can drive innovation in the field. †¢They can stimulate new businesses in the field. Some well-known examples of Clusters are USA/Silicon Valley (computers), Netherlands/Rotterdam (logistics), India/Bangalore (software outsourcing), USA/Hollywood (movies), France/Paris (fashion). According to Porter, as a rule competitive advantage of nations is the outcome of 4 interlinked advanced factors and activities in and between companies in these clusters. These can be influenced in a pro-active way by government. INTERLINKED ADVANCED FACTORS FOR COMPETITIVE ADVANTAGE 1. The Strategy, Structure and Rivalry of Firms. The world is dominated by dynamic conditions. Direct competition impels firms to work for increases in productivity and innovation. 2. Demand Conditions. If the customers in an economy are very demanding, the pressure facing firms to constantly improve their competitiveness via innovative products, through high quality, etc, will be greater. 3. Related Supporting Industries. Spatial proximity of upstream or downstream industries facilitates the exchange of information and promotes a continuous exchange of ideas and innovations. 4. Factor Conditions. Contrary to conventional wisdom, Porter argues that the â€Å"key† factors of production (or specialized factors) are created, not inherited. Specialized factors of production are skilled labor, capital and infrastructure. â€Å"Non-key† factors or general use factors, such as unskilled labor and raw materials, can be obtained by any company and, hence, do not generate sustained competitive advantage. However, specialized factors involve heavy, sustained investment. They are more difficult to duplicate. This creates a competitive advantage, because if other firms cannot easily duplicate these factors, they are valuable. THE ROLE OF GOVERNMENT IN THE DIAMOND MODEL OF PORTER The role of government in the Diamond Model of Porter is to act as a catalyst and challenger; it is to encourage – or even push – companies to raise their aspirations and move to higher levels of competitive performance. They must encourage companies to raise their performance, to stimulate early demand for advanced products, to focus on specialized factor creation and to stimulate local rivalry by limiting direct cooperation and enforcing anti-trust regulations. THE COMPETITIVE ADVANTAGE OF NATIONS Porter introduced this model in his book: â€Å"The Competitive Advantage of Nations†, after having done research in ten leading trading nations. The book was the first theory of competitiveness based on the causes of the productivity with which companies compete. Instead of traditional comparative advantages such as natural resources and pools of labor. This book should be considered obligatory reading for government economic strategists. It is also highly recommended for corporate strategists that are interested in the macro-economic environment of corporations.

How Are 21st Century Business Organizations Built?

The importance of management enhancement among business facilities and organizations around the world is indeed a serious issue to consider when it comes to realizing the different impacts of IT [Information Technology] procedures is being discussed about. The growing developments that technology and communications have taken so far have been an essential part of the growing system of technological applications. Along with the technological advancements, the social living of humans also is further enhanced.Both economic and social lifestyles were advancing but there was no rest in incurring the best possible progress that the developers of technological systems wanted. With the introduction of computers to the society, the easier way of living and completing everyday tasks has become a trend for many industrial workers. However, as mentioned earlier, the development in the eyes of the ones who are in charge of the enhancement of the operating systems is never ending.Hence, although t here were already some great achievements in terms of the developed operating systems, things got better each time there are new innovations introduced. As for this paper, much of the advancement shall be focused upon the implementation of the . NET technologies on the existing operating systems at present. Information Technology started to boom and take over the business industries during the early 20th centuries. This development has highly alleviated the status of commerce in the society.This has also been the reason why many companies worldwide choose to invest so much on IT processes for their businesses. Mainly to ensure their company’s capability of remaining in existence, they tend to put so much attention to how their firm keeps up with the fast-paced changing world of technology. However, is this all that there is? This paper shall be a discussion on how IT really affects the business industry as to how useful it still is for the world of commerce. Facing the Issues of the Importance of Information TechnologyInvesting in a company’s Information Technology sector has long been a source of argument from the very beginning of time when IT was introduced to the business industry. Many owners of big company’s would of course like to have an edge against other business venture to be able to attain leadership in their own fields of commercial business. This is why these companies tent to invest so much along with the fast paced changing systems of technology. Indeed, they view information technology as one source of insurance for their company’s lengthened existence. However, is this claim really true?Especially when it comes to the efficiency and accuracy of information processing and data security that Information Technology promises to ensure each business company of? This is what Nicholas Carr argues with in his articles, â€Å"IT Doesn’t Matter† and â€Å"The end of corporate computing†. In these article s, Carr enlists the ways in which IT cannot sufficiently provide the companies with the competitive advantage it aims to have against other business firms by outlining several reasons on the said topic. In the paragraphs to follow, these reasons shall be discussed as well as to the Pros and Cons of Carr’s arguments.The Pros of Carr’s Arguments on Information Technology Nicholas Carr’s articles, which were mentioned earlier, mainly points out how the fast changing world of technology makes it hard for companies worldwide to consider IT as a measure of competitive advantage against others. This is because Information Technology programs could be easily copied, changed and re-distributed due to the advanced technology itself. In this way, no company could be considered at an edge when it comes to IT. However, the question is, how does IT really affect the business activities of a certain company?The act of generating information usually belongs to the management. H owever, through the integration of new technologies to this task, things could be done in a lot more easier way. The said information generated by the management through IT includes the flow of money in the company, the business operations and current market updates. These kinds of information are vital for a company’s growth. This is also the reason why IT is considered to be among the most important sector of a certain company. On the other hand, the real task of generating or using these informations still belongs to the management.This is why Nicholas Carr argues that the IT sector is for no use at all. Indeed, the labor force from the management is the key vital element in making the informations obtained by a company useful for the business. In addition, with the fast changing Information systems recreated through the new technologies, old IT systems may even be considered obsolete after a matter of time. In addition, since IT is already available for corruption or reco pying through the net, Carr considers it useless to actually invest on this sector of any company.Instead, he reiterates that the intellectual ability of the management is still the most important factor in making company informations work for the benefit of the business itself. The Cons of the Arguments of Carr on Information Technology The article â€Å"The End of Corporate Computing† mainly depicts the situation of information technology in today’s business industries. He then claims that because of the similarities and the common characteristics of each IT systems within every company, IT can never be considered as an edge to being highly competitive against others.Yes, this is true, but then saying that IT itself does not matter at all could be considered as an exaggeration of the matter. As said earlier, IT has alleviated the business industries so much. Today, the data of companies as well as their market could be viewed through the Internet making it possible t o attract more customers at that. In this way companies who are able to catch up with the latest IT systems available for their company gains an edge against those who cannot have even an access to the said IT systems.True, with the fast-paced life of people today, the idea of being left behind because of lack of necessary IT systems for the business may prove to be a fatal situation for a certain business venture. This then thus conclude that both the IT systems of a company along with the intellectual abilities of its management sector should work together to attain the aimed development for any growing business firm. However, there are still some business individuals who are not able to recognize the fact that too much of everything is also dangerous.As for example, McAfee’s â€Å"Do you have too much IT† pinpoints that the existence of too much computer or electronic drive systems in the business industries have also caused problems especially with regards to the s ecurity of different matters that are displayed by the company through the Internet. This is mainly because of the fact that there are a lot of people that are able to visit the Internet freely and are not bounded by any certain hindrances. Thus, making it possible for some computer experts to perform illegal theft activities, which could be incurred through the Internet applications provided too by the worldwide web.Certainly, there is a big reason why there are still many experts who are not amiable to making full use of IT as a generator for business transactions especially with regards to money matters. However, it should always be considered by the said experts that with ample control, security measures and other points of consideration that could be carried on through by the companies operating within the Internet systems, an expected good result could still be predicted in the future. Hence, this means that IT does matter, although there are some measures of concern that shou ld be considered during its operation.Living in a high tech society requires of so much advancement especially in the field of commerce. Being able to market ones products or services to a bigger number of customers might mean that a company must be able to obtain the most advanced technology there is. Indeed, taking advantage of what technology has to offer, such as Information Technology, is a vital part of a company’s growth in today’s internationalized industries. Remember though that it must also be always taken into account that these IT systems would never work without the efficiency and effort of human labor such as the management.The integration of these two sectors in a business firm would surely bring a company to its peak state. No, Information technology is not yet dead. In the business industry, it is still and will continuously be a part of any emerging company’s growth in the globalization of the business industries. The E-Business Strategies and their Growth in the Business Industries Globalization has long been opening a wide array of challenges to the business industries around the world. At all costs, many global corporations opted to continuously cope up with the challenges of the business systems offered through globalizing strategies.Then, just when the global companies have already adjusted to the needs of the global systems, another challenge opens up as the Internet systems enter the scenes of the business world. Today, one of the trends in the business marketing strategies is the invasion of the cyber industry. Hence, the systems of globalization have offered more and more challenges for business organizations. The competition among industries with regards to how fast and how vast their consumer relations are has grown ever tighter.In this regard, the necessary strategies to make a successful cyber business shall be discussed in this paper, which would be mainly based upon a major company, which is involved in co mputer manufacturing activities. Hence, through this, the essential factors making up a successful online business would be introduced and closely examined. Benefits of E-Business As mentioned earlier, the Internet has mostly invaded the entire human activities, and in this manner, even business transactions became a new approach of the Internet to invite surfers to appreciate the business services available through the cyber space.As an example, a common resource provided by the Internet is a worldwide system for sending and receiving electronic mail, known as E-mail. In fact, E-mail represents a large portion of all Internet traffic and is for many the only Internet resource they use. In this manner of transferring data, many business companies are able to transact with their consumers from other parts of the world simply by posting the details of their company through the net for international viewing.After which, the consumers who are interested in their products or services are able to have options of ordering for services and products offered by the said company and pay for the provisions through wire transfers and other bank to bank transactions. How does this benefit the company? In a vivid description, the company is able to advertise and reach a vast number of consumers around the globe, making it possible for them to accumulate more and more sales revenues from their Internet marketing strategies.Through the animated presentations, the company is also able to make a clear presentation of its missions and visions which makes its reputation more acceptable for the consumers as well. Aside form this; the company is able to ensure its consumers with fine service without actually having to personally deal with them. Thus, this paves way to a more effective consumer communication since all the necessary details they need to know about the company or the product they ought to have is available within a click of the finger. Thus, the company is able to give its consumers a fine service at their own convenience.Knowing this, since the manufacturing company named B&H Incorporated is a computer manufacturing company, it is indeed necessary for them to upgrade to becoming a click and mortar type of business organization. Many consumers needing computer paraphernalia and other products in connection to computers usually check the Internet for necessary information. This is the reason why B&H Incorporated should be able to innovate their business systems through the use of e-business strategies. Changes in Marketing Since the business approach is sure to change, the marketing strategies are also sure to take large adjustments.Thus, this means that additional training should be catered well by the company as they take the necessary steps in entering the e-business industries. As for example, the old advertising systems used by the company is based upon catalogue posts, newspaper announcements and television commercials. The new approach of m arketing in the e-business approach would be mainly based upon flash animations, computer effects and further more innovations applied through computer skills in making the company program, which would be used in the company’s Internet website, which would be created for its e-business transactions.Take for example the company of COCA COLA organizations. Marketing as we all know is the branch of a certain company or business responsible for advertising and promoting the products of the said venture. This branch of the business industry deals with many different factors both in and out of the community it is existing with, just to be able to come up with a certain formula or a decision on what type of marketing strategy is going to be used. Meaning, the main purpose of putting effort in making a good marketing strategy is to be able to convert possible prospect buyers to become frequent users of the company’s products.True, if a certain company is a producer of one kind of product, the marketing branch is treated as the core of this business as it is the branch that determines the sales, profit or loss of that certain company. Thus, it is just so important to be able to know about the surviving strategies of one company concerning that it operates both globally and domestically. How does one company manage to handle the different factors and difficulties of setting up a trend in a target community considering that that company doesn’t have it’s main branch within the area specified?How are they able to keep up with their selling activities amidst all the problems that arise and the changes that occur within a certain community every now and then? In this paper, the author has chosen the Coca Cola Company to be a sample company to be examined with regards to its global and domestic operations. Close observations on its marketing activities shall be researched upon and be given evaluation. This paper shall be divided in three parts mai nly the environmental, the technological and the social factors that affects marketing strategies of a certain business organization, namely, the Coca Cola Company.But first and foremost, it must be known how this company started. Coca Cola as the company claims, â€Å"exists to benefit and refresh everyone it touches†Ã¢â‚¬ ¦ It has been founded in 1886 and is now known as one of the world’s leading manufacturer, marketer, and distributor of non alcoholic beverages, concentrates and syrups. This company produces also around 400 different brands of such kinds of products. Their corporate head quarters are located in Atlanta and has local operations in over 200 countries.As it could be seen, it all began in a small scale business and grew to a world renowned company mostly popular to all ranges of ages all over the globe. How did they do it? They gave importance to the three major factors that could help boost the marketing strategies of a certain company. What is referr ed to as the environment by marketing? It could consist of the climate, the location and the people who are in one community, which a certain business industry targets to be its prospect market. How did the Coca Cola Company face this factor?First, as we all are aware of, the said company is known both over the places that are not so much developed, and especially the most developed lands. This means, each community has different demands when it comes to drinking different beverages. It also concerns how the prospect customers could buy the product in a frequent basis if the climate from every place vary every now and then. It only shows that it is very important for the Coca Cola Company to be able to convince the people to buy their products time and again. In this case, the cross selling or up selling is considered by the company.In some ways, some people from different countries could have a variety of choices of beverages they would rather drink depending on the climate their c ommunity experiences from time to time. It is very important that a company such as Coca Cola, be able to get along with the advancement of technology. As for example, the usage of Internet access, the television, media advertising, radios commercials and even on national and local broad sheets in a certain country. All these, and more are often used by the company of Coca Cola to be able to invite more and more customers world wide.As for example, In the late 1950’s, James Vicary claimed to have conducted a study in a New Jersey, U. S. A. , Movie Theater in which the words â€Å"Drink Coca-Cola† and â€Å"Eat Popcorn† were flashed on the screen during the movie. The messages appeared for only a fraction of a second, too briefly to make an impression on the conscious mind. Yet, according to Vicary, they resulted in an increase in the sale of Coca-Cola and popcorn. Yes, recent studies show how effective TV and Internet sources are when it comes to influencing spe cially the kids in buying several products such as soft drinks.These strategies are considered to be much effective to be used by producers. Mainly, the ideal aim of marketing is to give the people what they need and to provide them the things that they want. Obviously, the Coca Cola Company has proved to be able to meet this factor in marketing. In Japan for example, it has been reported that the Coca Cola company gained 60 percent of the soft-drink market in the said country by making its drink sweeter—just what the Japanese wanted. Thus, it is true that foreign companies that employ such marketing strategies have been immensely successful.Aside from the taste Coca Cola also provides their customers the necessary informations they need to know about the products so as to gain their customer’s trust and be able to retain their loyalty to the said products. Yes, indeed Coca Cola proves to be among the pioneers in using several effective marketing strategies in both glo bal and domestic operations and became immensely successful in implementing such strategies. What about the other companies in the industry? What could be learned from them with regards the establishment of the 21st century business organizations?The Success and Failures of dot. com Companies The dot. com dot. bomb issue has long been plaguing the Internet world as it has been open to investors and stockholders. What actually happened to this phenomenon? The companies, which were established as dot. com organizations failed to see the need of adjusting to the cyber systems as far as their employee skills are concerned. Certainly, even though there is an Internet assistance offered through the websites, there should still be some personnel assigned to meet the customer’s needs through live chats and other means of communication.This would mean that their employees should undergo extra training processes regarding this matter. The successful companies on the other hand such as Amazon. com provides fine service through support services from crews of the company available through the Internet at almost any time. Their transactions too were highly secured that made their consumers feel at ease as they take the option of dealing with the company through the net. The Differences between E-business and the Integrated OrganizationsCertainly, for e-business organizations, the costs may be much less since the only expense they have to pay would be the Internet services and the website fees. However, their inability to deal personally with their consumers hurt their organizations in a service based evaluation. On the other hand, the integrated organizations having a physical establishment along with a website established through the cyber space have bigger chances of catering to more consumers while catering to their needs at the best possible way there is. Expenses may be higher but the return for these companies sure are worth enough for risking.True, the globali zation of business systems has been a cause for advancements in the business systems created for both the business organizations and the consumers as well. The latest fad of entering the e-business has also helped in making the necessary changes in the business industry a worthwhile form of adjustment for profit and service oriented business companies. Conclusion With the introduction of the computer technology to the human society during the 19th Century, the works or the tasks of people have been further created with ease.With the implementation of computer systems within the existing systems of completion for human tasks, the jobs of people, which can be merged with technological arrangements, were enhanced to becoming easily completed. Today, 95% of the whole population of man all around the world utilizes the computer systems for their everyday application. Even ordinary appliances are now compiled with complex operating systems based upon computer arrangements to be able to me et the best possible performance that they could render the human society. (Tanenbaum, 2006, 15)Now, even more complex role is played by the application of operating systems in the daily dealings of people has been introduced. With the development of the communication systems such as the internet, learning from home, using top of the art facilities and technologies became possible for many students who cannot attend universities because of some unavoidable circumstances. Through the existence of the emerging technological innovation on communication and information transfer, everything became possible and available through the Internet.As of the present situation, there are still other innovations that have been affected by the developing Operating Systems. The world trade systems has become more easy for the traders since the Internet systems allow them to connect with others easily and effectively transact with their business partners abroad. (Tanenbaum, 2006, 19) This fact certai nly brings about the fact that managers of different business organizations should recognize the possibilities that put their responsibilities to the business at a certain height that requires them to adjust with the changes.These changes are considerable in line with the globalization procedures that are bound to increase the capability of business organizations to expand world wide thus giving the managers a larger scale of responsibilities that they need to face with in their profession. True, the challenge is serious, however, accomplishing victory on it would naturally bring forth progress in the world’s business industries and world economy. REFERENCES: Tim Cohn. (1998). 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(2000). e-Strategy, Pure & Simple: Connecting Your Internet Strategy to Your Business Strategy. McGraw-Hill Trade. Deitel, Harvey M. ; Deitel, Paul; Choffnes, David (2004). Operating Systems. Upper Saddle River, NJ: Pearson/Prentice Hall. ISBN 0-13-182827-4. Silberschatz, Abraham; Galvin, Peter Baer; Gagne, Greg (2004). Operating System Concepts. Hoboken, NJ: John Wiley & Sons. ISBN 0-471-69466-5. Tanenbaum, Andrew S. ; W oodhull, Albert S. (2006). Operating Systems. Design and Implementation. Upper Saddle River, N. J. : Pearson/Prentice Hall. IS