Sources of raw materials include mines, cleared land, oil wells, lumber, fisheries, and things of that nature are what economists call intermediary goods. Intermediary goods are the parts, the materials the ingredients that are passed from stage to stage through the productive process, and are used to produce the things that come out at the other end of the factory. Economic growth means that the total quantity of these things increases, and when the total quantity of these things increases more can be produced. .
Now there are two essentially different ways, which they can potentially increase. We can produce more of the same thing or we can have more of the same machines, tools, and factories of the same kind producing the same output, more raw materials of the same kind etcetera. More of the same would mean economic growth signifying that the total productive capacity of the economy had increased. But historically, and this is a crucial point "historically there has been no economic growth with out better machines and tools, better factories, better products, better goods, better sources of raw materials."" (Buechner Recording) I am going to take that as a basic fact. Economic growth fundamentally, and essentially takes the form of better goods and services of all kinds. I'm now going to assume that the "marginal product of capital does not decrease-(Hazlitt 40) the assumption that it does I think is clearly contrary to fact. That makes a huge difference in the theory of economic growth. Where do we start with better? We start with better know how in the means of new ideas, technological discoveries, and inventions. These ideas have to be put into a concrete material form of better machinery, plants, structures, and tools that can be classified under the general heading technological progress. According to Hazlitt if you get that, and you get total productive capacity increasing faster than the population grows you get a rising standard of living.
In the following paper I will be examining the process of economic development in Japan. ... Then I will go through the different economic stages of economic development in postwar Japan. ... Education is also a factor in the economic development in Tokugawa period. ... Yet the 20's were important to economic development. ... Yet the zaibatsu were the center in economic development. ...
The post-war economic boom ended in the early 1970s. ... The National Bureau of Economic Research reported that the 1990s was the longest period of economic expansion in the history of the USA (Hall, 2003). ... Increasingly economic geographers were studying a region as a unique area of competitive advantage in a globalising economic order (Scott, 2000). ... The reliance on computer technology in economic geography is a reflection on the total reliance of technology in our modern economic systems. ... The economic effect is that economic geographers...
Executive Summary This paper is about the European Economic and Monetary Union. Basically, this paper explains what the European Economic and Monetary Union is about. ... The Economic and Monetary Union is an economic integration in the European Region which aims to unify members of the European Union. ... Regional Economic Integration is also one of the aims of the European Economic and Monetary Union. ... Member states are the key the regional economic integrations' progress because they are the ones who know what is right and wrong regarding the policies to which the Economic and Monet...
Economic Systems Models Hello Mr. ... There are three main types of economic systems: • The Market Economic System • The Planned Economic System • The Mixed Economic System MARKET ECONOMIC SYSTEMS First of all we will discuss the Market Economic System. ... Now we will discuss the advantages and disadvantages of Market Economic Systems. ... All these countries were following an economic system known as the Planned Economic System. ... When being compared to the market economic system, the planned economic system is very different. ...
This is good because it improves economic performance and growth. ... Trade: Engine of Economic Growth Cross-border trade has been expanding at a pace roughly twice that of economic growth worldwide – in both developed and developing countries. ... • But trade is vulnerable to economic slowdown. ... • Slowing economic growth has caused a mid-2008 reversal of the boom in commodity prices. ... Moreover, protectionism historically increases during periods of falling growth and economic turmoil. ...
This paper will explore the notion of theory and why it is important in research and how it is used from the perspective of three different scholarly articles regarding institutional theory, economic theory and dual market theory. ... The third article, "Economic Theories of Low-Wage Work," the author utilized both the dual market theory and the economic theory from the standpoint of low wages in a general overview, not specific to just one group. ... "The article attempts to increase the understanding of economic inequalities and poverty in the United States, particularly relat...
The subject of this article is based around the global economic crisis and how it's affecting mainly the European Union. ... This model is designed to promote full employment, economic dynamism and greater social cohesion and fairness in the European Union. ... The second and third term can be found at page number 12 in the following paragraph : "Two main effects of the global economic and financial crisis can be identified for the social security systems: (1) due to higher unemployment, the expenditures of social insurance are increasing and (2) tax and contribution revenues are falling...
Introduction The turbulence of the current economic times have in the recent past plunged some economies into deep recessions. In response to this, governments have come up with economic stimulus packages in a bid to boost their economic growth and salvage their economies from the economic slump. ... These corporations will therefore be less eager to invest in such an economic environment (Jasson, 2005). ... The commercial banks consider the government as a safe borrower and would limit loans to other economic players, thereby stifling the much needed economic growth (FCIC, 2011; Ferran et al...
