Email Letter

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

Email Letter

The research is based on intellectual property treaties. The work focuses on the dependency of countries on foreign and domestic investors, their importance and substitution for each other. In addition, the fact that countries' incentives to choose their investors depends on reciprocity is also considered in the research. Equilibrium to adopt the IP policies is also the part of the investigation in order to understand the harmonization degree which can redress causing inefficiencies.

Dear Sir,

I am currently an undergraduate student with a major in economics. I am interested in gaining experience in the field of research. Through a specific research question, I will be able to get experience to enhance my skill. I am interested to work with you because of your specific research question which can help me to understand the role of domestic and foreign investors. I will learn more about IP policies which will be beneficial for my future research work. The property treaties critically got my interest. Therefore, I want to be part of your research and able to work ten hours every week for a year.

If you consider me as an assistant researcher for your research and provide me an opportunity to prove my skill, I will strive thoroughly to meet your expectations. I have prior experience and I have taken classes along with internship for research. I am more than ready to enhance my skill by learning additional research techniques. I am willing to provide my help in any way I can. With due respect I ask you to give me a room in your research, can you accommodate me as a part of your research team? I have attached a copy of my resumes for your convenience.

Thank you for your consideration and time.

Best Regards,

Ehsan Faraz

[Contact Details]

Equal Pay For Equal Results

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Instructor Name

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Date

Equal Pay for Equal Results

Review of Articles and Their Relevance with Economic Theory

France was the winner of the last men's football world cup and it got 38 million USD as prize money. The women's football team of the US won the last women's world cup and got 4 million USD as a winning award ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"a2t3qivq","properties":{"formattedCitation":"(Baxter)","plainCitation":"(Baxter)","noteIndex":0},"citationItems":[{"id":1084,"uris":["http://zotero.org/users/local/s8f0QVnP/items/BUDJRKIS"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/BUDJRKIS"],"itemData":{"id":1084,"type":"webpage","abstract":"The rallying cry that rose, full-throated, in the wake of the national team’s victory in last weekend’s Women’s World Cup final would fit nicely on a bumper sticker, which is kind of the point.","container-title":"Los Angeles Times","language":"en-US","title":"Matter of the USWNT and equal pay, it’s complicated","title-short":"Column","URL":"https://www.latimes.com/sports/soccer/la-sp-uswnt-soccer-equal-pay-20190713-story.html","author":[{"family":"Baxter","given":"Kevin"}],"accessed":{"date-parts":[["2019",12,11]]},"issued":{"date-parts":[["2019",7,14]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Baxter). Both teams won the same title but there were huge differences in their reward money. Women athletes earn less as compared to the wage rate of men athletes. Women’s football and hockey teams of the US had performed great in the last Olympics and earned five gold medals ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"OuE6WT23","properties":{"formattedCitation":"(Tylt)","plainCitation":"(Tylt)","noteIndex":0},"citationItems":[{"id":1085,"uris":["http://zotero.org/users/local/s8f0QVnP/items/ICVE4FS3"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/ICVE4FS3"],"itemData":{"id":1085,"type":"webpage","abstract":"It's almost 2020 and women are still fighting to be paid the same.","container-title":"The Tylt","language":"en","title":"Will women ever be paid the same as men in professional sports?","URL":"https://thetylt.com/sports/equal-fair-pay-athetes-women-rights","author":[{"family":"Tylt","given":"The"}],"accessed":{"date-parts":[["2019",12,11]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Tylt). In contrast with the performance of female athletes, male athletes could not perform well. They succeeded to get only four gold medals. Even the great performance of women athletes could not increase their salaries. Is this gap in wages on the bases of gender justified? Should there not be equal pay in both of the genders? Women athletes performed amazing but still their earnings are lesser than their male counterparts.

These questions can be answered well with the use of economics. Classical economists argued that the wage rate of a worker should be determined by the demand and supply of labor in the labor market. Athletes are also like workers and their salaries should be determined by their respective demand and supply. The salaries of male athletes are higher just because of their higher demand. More people like to watch the sports of male athletes as compared to women athletes. The differences in the wages on the basis of gender can also be explained by the theories of neoclassical economists. Marginal productivity theory gives justifiable explanations about these differences as the wage of an individual should be according to his marginal productivity. Athletes are also like workers and their productivity can be defined as how much revenue they generated by playing their respective sport. FIFA earned 5.357 billion USD from a men's football tournament in Russia. Forbes estimates of women's football world cup displayed that the expected revenue would be 131 million USD. So, there can be found huge differences in the productivity of men and women soccer players. In this sense, the differences in salaries are quite justified. Women athletes generate lesser revenues and as a result, get lower wages.

Sports have also become a source of business these days and they also have to operate within the principles of economics. There is a higher demand for men footballers around the globe. This higher demand helps them generate higher revenues. People like to spend on men's sports events. They generate a higher level of business. These are all the factors that show the higher productivity of men athletes. As a result, they get higher salaries.

Q: Can economics define this gender based wage differential?

A: One can find enough justifications for gender-based wage differential in sports. According to the laws of economics, the wage of a worker should be paid according to the marginal productivity of a worker. Soccer players are also doing a job and economics will treat them as a worker of labor. The wage rate of male athletes is high just because of their higher productivity. Male football world cup attracts more spectators as compared to the female football world cup and earns more profit ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"Q7CVNe2D","properties":{"formattedCitation":"(Kumar et al.)","plainCitation":"(Kumar et al.)","noteIndex":0},"citationItems":[{"id":1088,"uris":["http://zotero.org/users/local/s8f0QVnP/items/JHFT4S82"],"uri":["http://zotero.org/users/local/s8f0QVnP/items/JHFT4S82"],"itemData":{"id":1088,"type":"article-journal","container-title":"Applied Economics","issue":"23","page":"2945-2954","title":"Real wages, inflation and labour productivity in Australia","volume":"44","author":[{"family":"Kumar","given":"Saten"},{"family":"Webber","given":"Don J."},{"family":"Perry","given":"Geoff"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kumar et al.). Higher earnings of the football world cup are just because of the higher productivity of male footballers. They attract more crowds and as a result, earn more.

Q: Should male and female athletes paid equally?

A: Economics considers more aspects in the determination of wages. According to the laws of economics, the wage of a worker should be paid according to the marginal productivity of a worker. So, there is no need for equal wages in sports in the laws of economics. One must be rewarded according to one’s productivity. Female athletes can earn more than male athletes by increasing their productivity. An athlete’s productivity can be defined as the public’s interest in the concerned sport.

Q: Are female footballers paid less than their male counterparts?

A: In Economics, one cannot compare the wages of two individuals without considering the marginal productivity of these individuals. According to the statistics of last male and female football world cups, female footballers got more than 25% of the total revenue. While the male footballers got only 10% of the generated revenues. So in this case, female athletes got higher wages as compared to their marginal productivity. They generated fewer revenues and got higher salaries.

Q: Should the Government intervene in the matter of athletes’ wages?

A: Classical economists suggest that the government should not intervene in any market. Markets worked well when they were left on the forces of the market. But Keynesians are in favor of government interventions. The government can intervene in the market but should also take care of the laws of economics.

Q: What should be the criteria for the athlete’s wage determination?

A: Athletes are just like other workers and their wages should also be determined as per the laws of economics. The productivity of an athlete should be the sole criterion for the determination of his wages.

Works Cited:

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Baxter, Kevin. “Matter of the USWNT and Equal Pay, It’s Complicated.” Los Angeles Times, 14 July 2019, https://www.latimes.com/sports/soccer/la-sp-uswnt-soccer-equal-pay-20190713-story.html.

Kumar, Satan, et al. “Real Wages, Inflation and Labour Productivity in Australia.” Applied Economics, vol. 44, no. 23, 2012, pp. 2945–54.

Tylt, The. “Will Women Ever Be Paid the Same as Men in Professional Sports?” The Tylt, https://thetylt.com/sports/equal-fair-pay-athetes-women-rights. Accessed 11 Dec. 2019.

Executive Summary

Executive Summary

[Author Name(s), First M. Last, Omit Titles and Degrees]

[Institutional Affiliation(s)]

Author Note

[Include any grant/funding information and a complete correspondence address.]

Executive Summary

The client studied the case of Cal who brought some changes to his business policy operating ExxonMobil and faced setbacks. Cal was selling fuel on $2.759 per gallon and he was getting $146 daily profit against every gallon. After taking the advice of his educated son that marginal cost (MC) is equal to marginal revenue (MR) and he should make more investments to earn more he increased the amount of the product and noticed that he was going in loss (Fullerton, 1991). He was told by his son to maximize the profit, but the strategy he used proved counter-productive.

The client analyzed that the market price fluctuated and fell from $2.759 when he was selling 3300 gallons per day to $2.619 when the sale rose to 9200 gallons per day, but his cost per gallon remained static at $2.649 due to unknown reasons (Baumol, & Bradford, 1970). Consequently, his profit fell from $ 146.00 per day when he was selling merely 3300 gallons per day to minus $526.00 when the sale rose to remarkable amount of 9200 gallons. The researchers analyzed that the ideal price for Cal to maximize the profits was $2.749 per gallon.

William Baumol argues in his article Optimal departures from marginal cost pricing. The American Economic Review that petroleum business is one of the businesses which have no certainty in the terms of price and a successful businessman is the one who molds the business strategy according to the demand of the market (Machlup, 1946). Cal regarded the researcher’s analysis and decreased the price from $2.759 per gallon to $2.739 per gallon. Moreover, he decreased the amount from 9200 gallons to 4400 gallons per day. Fortunately, he started getting $1325.2 per day profit. Being impressed by the method he decreased the price to $2.729 per gallon and the profit rose to $1420 per day.

References

Baumol, W. J., & Bradford, D. F. (1970). Optimal departures from marginal cost pricing. The American Economic Review, 60(3), 265-283.

Pérez-Arriaga, I. J., Rubio, F. J., Puerta, J. F., Arceluz, J., & Marín, J. (1996). Marginal pricing of transmission services: An analysis of cost recovery. In Electricity Transmission Pricing and Technology (pp. 59-76). Springer, Dordrecht.

Machlup, F. (1946). Marginal analysis and empirical research. The American Economic Review, 36(4), 519-554.

Fullerton, D. (1991). Reconciling recent estimates of the marginal welfare cost of taxation. The American Economic Review, 81(1), 302-308.

Externality

Externality

[Name of the Writer]

[Name of the Institution]

Externality

Externality in economics is known as the benefit or cost that a person gets from someone else's goods or services. The third party that enjoys the cost or benefit has no control over it and therefore can stem from either consumption of goods and services or production. For instance, the neighbor's barking dog is both positive and negative externality because that dog can scare your family members or friends that come to meet you at home. In addition, unwanted noise can annoy you that show the negative externality. However, the barking dog can save your home from the thief and other unwanted people that result in positive externality.

Pollution can make us better off; therefore, there is no need to eliminate all pollution. It protects the earth and human being in various ways. For instance, ozone that develops sue to the pollutants protects the stratosphere. It protects the earth from harmful ultraviolet radiation. If all pollution is eliminated then this ultraviolet radiation will affect human skin and will cause diseases like skin cancer. However, excess of pollutants can be harmful as it increases earth temperature. Therefore, pollution can be beneficial but its percentage should be minimized to the point where people can get better off.

When an individual thinks about types of goods then rivalry and excludability are the two concepts that help to classify goods and services. A thing that an individual can use and no other person can get benefit from it then this is a rivalry good. On the other hand, a good used by the individual can stop the other individual to consume it if he did not pay for it. Through rivalry and excludability concept, goods can be divided into four types including public goods, private goods, club goods, and common goods. For instance, freshwater, pasture are the public good as everyone has access to it while cars and houses are the public good who have paid for it. The examples of club goods are cinema, cable television, and wifi while public goods include rational defense knowledge, and fresh air ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"qNFRAUCA","properties":{"formattedCitation":"(\\uc0\\u8220{}Living Economics: Rivalry and Excludability in Goods,\\uc0\\u8221{} n.d.)","plainCitation":"(“Living Economics: Rivalry and Excludability in Goods,” n.d.)","noteIndex":0},"citationItems":[{"id":931,"uris":["http://zotero.org/users/local/rVaVAHaF/items/F3YMMHL2"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/F3YMMHL2"],"itemData":{"id":931,"type":"webpage","title":"Living Economics: Rivalry and Excludability in Goods","URL":"http://livingeconomics.org/article.asp?docId=239","accessed":{"date-parts":[["2019",11,12]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Living Economics: Rivalry and Excludability in Goods,” n.d.).

References

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Living Economics: Rivalry and Excludability in Goods. (n.d.). Retrieved November 12, 2019, from http://livingeconomics.org/article.asp?docId=239

Fate Of The Less Fortunate

Fate of the less fortune

Student name

[Institutional Affiliation(s)]

Stewardship

According to the Catholic Church, stewardship means humans having responsibility for the world as they have to take care of their fellow people and things. Stewardship is the management of whatever a person surrounds not only for the sake of its preservation but also for administrating it for his master. According to the Catholic Church, wealth is not a bad thing that must offered to poor when they are in crisis rather according to the teaching of the Church, it is something that could be used for good, but may be used for evil at the same time. The central teaching of the Church in wealth is, it must be used for helping others so that their lives could be improved.

Class discrimination is also factored due to which income is not divided equally as shown in “The Blind Side”. Being considered as outsider in society, is also a major cause due to which Africans were not given opportunities as it could be seen that Michael was born and raised in the African-American poor and was taken as an outsider. Education is also portrayed as a cause of income inequality in this movie as it has been seen that he could not even focus on his studies due to the financial challenges that his family was facing. Throughout the movie, it could be seen that African-Americans are oppressed and tormented due to the class gap created.

Distribution of income

Income distribution is the equality or the smoothness with which income is dealt among the members of the society. It has been witnessed that if all the people would earn the same amount of money, then the income distribution would be perfect, but in reality, income distribution falls between equal and unequal. Distribution of income lies at the heart of an enduring problem in the political economy so the government should redistribute income equally. Generally, when people refer towards things like "the rich get richer, and the poor get poorer" it points towards the distribution of income. It is the way how income is distributed among the people of nations, at different levels. For example, if a pie represents income earned by people of the nation, then the pie given to different classes (poor, middle and rich) would represent the distribution of income.

Labor market inequality is also another cause of income inequality. African-Americans are not given the same work opportunities as white Americans are given. For instance, a conversation between Leigh Ann and Denise Oher meet each other at Denise's home. A clear distinction in the two classes could be seen (one lady well settled and a devout Christian and on the other hand, one who could not find a job and becomes a drug addict.

One of the central examples of stewardship that could be viewed in this movie is the way Leigh Anne uses her resources and wealth for improving the life of Michael. She not only provides him with all the necessities of life but only also helps him in changing the world for good. Leigh encourages him to set a goal for which he could put all his efforts. A practical example of the teaching of the Bible regarding wealth could be seen in “The Blind Side” as a family provides its helping hand to someone who is in dire need of clothes, food, and shelter. Leigh and her family not only provide him with all that he needed but also encourages him to work hard for making his mark by showing his hard work and devotion to the gridiron.

Poverty and poverty line in Canada

Poverty is a state of lacking the necessities of life or socially acceptable amount of material possessions and money. Poverty exists when people lack to meet their basic needs to survive i.e. food, cloth, and shelter. It could be termed as being hungry but having no money, being sick but not being able to get treatment, etc.

The poverty line is the minimum level of income deemed adequate in a country which is usually determined by calculating the cost of all the resources consumed by a person in a year. In Canada, Market Basket Measure is used for knowing the cost of a specific basket (containing goods and services) that represents the basic standard of living and then these costs are directly compared with the family incomes for knowing the poverty line. One of the most evident scenes which depict Michael as being below the poverty line is when at night he rushes to the school gym where he could spend the night because of its warmth as he does not have any place to live and used to sleep wherever he finds a place.

Reasons and causes of income inequality

Reasons and causes of income inequality include the difference in education and skills, technology considering the movie “The Blind Side” it could be said that there are various reasons and causes of wealth distribution being portrayed. In this movie, Michael went at the top from the bottom leaving all the hurdles behind. Though there are various causes and reasons for income inequality highlighted in this movie which served as a hurdle for Michael but the central one is race. Michael belonged to an African-American family and was surrounded by financial challenges. Racism was at the peak at the time, as had been portrayed in this movie and African-Americans were not given any of the chances for improving their financial conditions or social status.

References

Roos, L. L., Wall-Wieler, E., & Lee, J. B. (2019). Poverty and early childhood outcomes. Pediatrics, 143(6), e20183426.

Carbonneau, R. E. (2019). Be Centered in Christ and Not in Self: The Missionary Society of Saint Columban: The North American Story (1918-2018). The Catholic Historical Review, 105(1), 175.

Clark, C. M. (2019). Catholicism and Economics: Towards a “Deeper Reflection on the Nature of the Economy and its Purposes”. American Journal of Economics and Sociology, 78(2), 409-441.

Coşgel, M. M., & Miceli, T. J. (2019). Toward an Economic Theory of Religious Belief and the Emergence of Law. Journal of Institutional and Theoretical Economics (JITE), 1-22.

Davis, J. M. (2019). Real “non-governmental” aid and poverty: comparing privately and publicly financed NGOs in Canada. Canadian Journal of Development Studies/Revue canadienne d'études du développement, 1-18.

Webber, J. R. (2019). Resurrection of the Dead, Exaltation of the New Struggles: Marxism, Class Conflict, and Social Movement. Historical Materialism, 27(1), 5-54.

Ng, W., & Diener, E. (2019). Affluence and Subjective Well-Being: Does Income Inequality Moderate their Associations?. Applied Research in Quality of Life, 14(1), 155-170.

Pimentel, C. (2019). Colorblind Racism, The Trump Effect, and The Blind Side. In The Myth of Colorblindness (pp. 113-139). Palgrave Macmillan, Cham.

Hylton, K. N. (2019). Economic Theory of Criminal Law.

Field Of Economics

International Political Economy

International Political Economy or IPE is a very significant academic concept and very critical phenomenon in reality. It emphasizes and focuses on the correlation and inter relevance of political economy, international and foreign relations, and globalized economy (3). In contemporary socio – economic and political ground, International Political Economy has become a fundamental and important phenomenon that defines and describes the importance, worth and value of each country on the global front. Political forge affairs and relations are also built and stabilized on same basis.

Fuel Economy

Globalization, industrialization and exploitation of extensive fuel and energy resources have redefined the significance of IPE; directly influencing the International trade, trade and purchase of raw materials, stability or fluctuation at global markets, etc. Power relations and defense strategies are also being influenced greatly by the structure and procedures of IPE. For instance, analysis describe strategic ties between US and China to be highly critical and complex based on their competitive economies.

Digital Economy

The technology, specifically have influenced the labor, productivity and market places significantly. The work load has been taken off the human labor, thus, reducing the error and increasing efficiency along with reduced time and cost consumptions. More mechanical technology means less labor and more precision. In terms of the productivity, with increased efficiency, it has also increased. Now the rate of production i.e. time consumed per unit labor has accelerated greatly. The productivity has got better in quality along with quantity as well. Finally, with the networking and global communication facilities, the concept of the marketplaces has also evolved. The companies are no more localized, exclusively. Instead they can easily eye the international markets with proper consumer and labor analysis. The rapid transportation systems have also helped in making the market places more globalized and diverse.

References

“The Economist”. (2016). No Exit. Economics. http://www.economist.com/news/finance-and-economics/21695549-global-financial-integration-tying-central-bankers-hands-no-exit

Castells, M. (2017). Another economy is possible: culture and economy in a time of crisis. John Wiley & Sons.

Martin, C. J. (2016). The sharing economy: A pathway to sustainability or a nightmarish form of neoliberal capitalism?. Ecological economics, 121, 149-159.

Miller, S. R. (2016). First principles for regulating the sharing economy. Harv. J. on Legis., 53, 147.

Quattrone, G., Proserpio, D., Quercia, D., Capra, L., & Musolesi, M. (2016, April). Who benefits from the sharing economy of Airbnb?. In Proceedings of the 25th international conference on world wide web (pp. 1385-1394). International World Wide Web Conferences Steering Committee.

Final Project

[Your Name]

[Instructor Name]

[Course Number]

[Date]

US-China Trade War

Introduction

An ongoing conflict between the United States of America and the Peoples' Republic of China is called the US-China trade war. Both countries impose tariffs and other economic barriers like red-tapes to hinder the opponent country's trade activity within their borders. China is an internationally acknowledged emerging global economic leader that is believed to supersede America in the next one or two decades is the largest economy of the world. The US on the other side has been facing trade deficits for a few years. The US accuses China of pursuing "unfair trade activities" and undermining the mandate of the World Trade Organization (WTO). China on the other side denies such accusations and claims that it does trade according to the international norms. China is also the greatest lender of the United States. There are many Americans that acknowledge that China has dramatically established itself as the most competitive economy of the world after appearing on the horizon of global trade as the largest exporter in less than four decades. Although the incumbent US policymakers do not care about such acknowledgments and they believe that China should be punished as it does not respect the international norms of trade. Trade War is a new phenomenon and it has become a hot topic since it started throughout the world because these two economic giants impact the whole world. An African proverb says when elephants fight, it is the grass that suffers. If these two economies agree to work together with cooperation and promote trade instead of introducing new red-tapes for trade, the smaller economies would face deadly setbacks and eventually would perish in the current global structure (Li, Chung, Chuantian He, and Chuangwei Lin. 1557-1577). Many scholars have discussed this phenomenon in an attempt to resolve this issue. This paper will discuss this phenomenon after consulting the latest information and observing the current world scenario. Literature written on this issue will be reviewed. Data will be collected using both qualitative and quantitative methods. Finally, the paper will analyze the data to conclude the latest state of affairs regarding this issue.

Background

Trade War started when the US President Donald Trump introduced some tariffs on Chinese imported goods in 2018 and announced that the US would increase these tariffs if China does not stop its "unfair trade activities", and cooperates with America to grow mutually instead of individually (Li, Chung, Chuantian He, and Chuangwei Lin. 1557-1577). Trump expressed that he had issues with unfair and imbalanced trafficking of human capital to China from America. China, in turn, did not consent to submit before America and they also warned that they would impose equal tariffs on American companies as a reaction to American tariffs. The whole world became conjectural after this conflict escalated and many scholars have been written on trade war since then. The following shreds of literature have been reviewed on this issue.

Article Understanding the U.S.-China Trade War by Tao Liu and Wing Thy Woo discusses this conflict between the US and China in detail. The authors review the US claims and accusations as well as the Chinese stance (Li, Chung, Chuantian He, and Chuangwei Lin. 1557-1577). They acknowledge that the US accuses China of damaging the American industry through mysterious mean tactics. Moreover, China transfers technology and human capital from America to China. And China's large trade surplus helps it to depress job creation in the US. The article concludes that the only resolution to this conflict is to make a mutual policy that can help the US and China to grow together (Glauber, Joseph W. N.p). The authors also warn that if the conflict is not stopped at once, it can lead to major global crises. Joseph W. Glauber’s article Likely Effects of a Trade War for US Agriculture? Sad! discusses the trade war's impacts on US farmers (Glauber, Joseph W. N.p). Glauber says that Trump has taken the wrong move to counter Canada and China through heavy tariffs on traders that would do more harm to our farmers than good, and it is unlikely that the Chinese farmers would face the same consequences as our farmers. He argues that America is a champion of democracy and free trade, therefore if we introduce new barriers to hinder trade, it would isolate America itself (Glauber, Joseph W. N.p). He quotes Trump's statement of October 19, 2016, regarding the North American Free Trade Agreement (NAFTA): "I will renegotiate NAFTA. If I can't make a great deal, we're going to tear it up. We're going to get this economy running again" (Glauber, Joseph W. N.p). he criticizes this statement of the president and stresses upon the policymakers to negotiate Transpacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) but never think to end these agreements or America would have to go through severe economic setbacks.

The other reviewed article is Economic Impacts of the Possible China-US Trade War that is co-authored by Chunding Li, Chuantian He, and Chuangwei Lin. The authors of this article have a difference of opinion from that of the previous article. They believe that the trade war is not in favor of any country, but it has more disadvantages for China (Liu, Tao, and Wing Thye Woo. 319-340). The authors argue in the start that China can endure the current tariffs imposed by the US authorities, but the US would suffer if China strikes back in defense. Nevertheless, they argue that if this trade war starts formally as the indicators are suggesting, it would affect more China than the US (Liu, Tao, and Wing Thye Woo. 319-340). A multi-country global general equilibrium (GE) model has been used to numerically simulate the effects of the war. The article concludes that the US has stronger bargaining power over China if cooperation measures are agreed upon. The final arguments of the article are about this war's effects upon the other economies especially the economies of third-world (Ciuriak, Dan. N.p). The authors wind up the discussion that China and the US both would be able to handle their economies after this dispute boosts, but the smaller and weaker economies would perish eventually. Therefore, it is the moral responsibility of both the global economic leaders to resolve this issue before it becomes a nightmare for those countries who are striving to be productive members of the global community and to prosper their peoples. Article The US-China Trade War: Technological Roots and WTO Responses was published in the Global Solutions Journal on 4, March 2019. This article is authored by a Canadian professor of International Relations Dan Ciuriak. He also gives critical comments about the phenomenon. He considers that the American policymakers are dealing with the new emerging power in the wrong way. They should welcome new economies for it produces new sources for the economic laggards in the world. On the other side, he advises China to not offend America to avoid a new cold war. Both countries have the responsibility of all smaller and poorer economies of the world. The fight or rivalry between the US and China would be harmful to everyone. He proposes some structural changes in the global trade business to minimize the chance of clash.

All the reviewed shreds of literature are authored by credible scholars. This factor shows that Trade-War has become an issue of attraction for world scholars and everyone is in the wait to see the conclusion of this new phase of war although everyone looks weary and tired of clashes and now every community wants to stay with peace on the face of the earth.

Research Methodology

Qualitative research is a process of naturalistic inquiry that seeks in-depth comprehension of social phenomena. This method of research is applied when the researcher wants to talk about 'why' instead of 'what'. Data is collected in a free and natural environment where the respondents are free to answer a question with an explanation. Quantitative research on the other side is a systematic investigation of phenomena by gathering quantifiable data and performing statistical, mathematical, or computational techniques (Ciuriak, Dan. N.p). Data is not collected in a free or natural environment rather a special environment is created to ask questions. Questions are generally in yes/no form where respondents have limited choice.

Both methods will be applied to this research study. Some online surveys will be organized where people would have limited choices to answer. That data will be analyzed on the basis of numbers. It is categorized as quantitative research (Li, Chunding, Chuantian He, and Chuangwei Lin. 1557-1577). One the other side, interviews will be taken from the general public on a public place and some stakeholders will also be approached for an interview. Their answers will be analyzed qualitatively.

Results

Results will be provided after the completion of the research process.

Conclusion

Trade-War has suddenly appeared on the horizon of the global trade and it has blurred all the other major issues of the world like climate change, terrorism, and water crises. This is a new kind of war that is fought with imposing tariffs and creating other kinds of economic barriers against rivals (Li, Chunding, Chuantian He, and Chuangwei Lin. 1557-1577). This is called a new form of Cold War which has recently left the world. Donald Trump has a strict policy against China, and he claims that it is because China has no respect for global trade norms and the mandate of the World Trade Organization (Liu, Tao, and Wing Thye Woo. 319-340). China although denies such allegations and claims that it would not let America decide how should China do business or trade. Both countries are ready to punch one another but it has caused uneasiness among the other countries because China and America are two economic leaders of the whole world. This factor has encouraged scholars to write on this issue. Many scholars have warned that this dispute can lead to global catastrophe. This research is designed to study the issue from a new perspective to explore the new dimensions of the issue. Scholarly articles are reviewed to develop our argument. The important factor of this research is that the researcher has planned to follow both qualitative and quantitative methods to pursue this research. Final results and analysis will be provided after the completion of this research.

Works Cited

Liu, Tao, and Wing Thye Woo. "Understanding the US-China trade war." China Economic Journal 11.3 (2018): 319-340.

https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1516256

Glauber, Joseph W. "Likely Effects of a Trade War for US Agriculture? Sad." Institute for the Advanced Study of Food and Agricultural Policy (2018).

https://www.researchgate.net/profile/Joseph_Glauber/publication/312083691_Likely_Effects_of_a_Trade_War_for_US_Agriculture_Sad/links/586e50a508aebf17d3a73c0c/Likely-Effects-of-a-Trade-War-for-US-Agriculture-Sad.pdf

Li, Chunding, Chuantian He, and Chuangwei Lin. "Economic Impacts of the Possible China-US Trade War." Emerging Markets Finance and Trade 54.7 (2018): 1557-1577.

https://www.tandfonline.com/doi/abs/10.1080/1540496X.2018.1446131

Ciuriak, Dan. "The US-China Trade War: Technological Roots and WTO Responses." Global Solutions Journal 4 (2019).

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3330392

Firms In Competitive Markets

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

Firms

The current production of the firm is 500 units, where the average total cost is 200. When the new customer order for an additional unit, then I will not accept the offer because an additional unit will result in a loss instead of profit. This is because the client is offering 450 dollars for an additional unit, but the average cost of that extra unit will be 701 dollars, which means firms will face the loss of 251 dollars. In the competitive market, the firm cannot increase profit by increasing price; that is why they increase their production until marginal cost remain equals marginal revenue. However, adding one more unit marginal cost of the product is exceeding the marginal revenue; therefore, it is better to reject the offer by the new client. Total cost before adding one more unit is 100000, but after adding one unit, it will become 100701, where the customer is willing to pay 450 dollars only. In other words, net change after adding one more unit would be 701 dollars. By subtracting revenue from the payment of the customer value obtained would be -251which indicating the loss for the firm. This is why it is better to reject a new customer rather than accepting its offer and facing loss.

Fiscal Policy



Fiscal Policy

Your Name (First M. Last)

School or Institution Name (University at Place or Town, State)

Fiscal Policy

Fiscal policy is the process to balance government revenue and expenditure to increase the growth of the economy. According to classical, there is no role of fiscal policy in the economy while Keynesian says that aggregate demand is affected by the change in the level of government revenue and expenditure.

Tools of fiscal policy:

Fiscal policy has two tools, i.e. tax and government spending.

Taxation: It is the form of income that the government uses. It includes money from capital gain, income, sales, and property.

Government spending: All the government expenditure in the form of subsidies, and transfer payment are included in government spending. A transfer payment is made for welfare programs like salaries of government sectors and public welfare projects.

The balance between taxation and government spending is crucial because when spending is more than the revenue through taxes then economy face deficit and when revenue is more than the spending then economy face surplus ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"ad0v0o0ji1","properties":{"formattedCitation":"(Kramer, n.d.)","plainCitation":"(Kramer, n.d.)"},"citationItems":[{"id":1310,"uris":["http://zotero.org/users/local/ccgWoSRn/items/ULMWWYID"],"uri":["http://zotero.org/users/local/ccgWoSRn/items/ULMWWYID"],"itemData":{"id":1310,"type":"webpage","title":"What is Fiscal Policy?","container-title":"Investopedia","abstract":"Fiscal Policy how governments adjust taxes and spending to moderate the economy. Fiscal Policy is the sister strategy to monetary policy, through which a central bank influences a nation's money supply.","URL":"https://www.investopedia.com/insights/what-is-fiscal-policy/","author":[{"family":"Kramer","given":"Leslie"}]}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Kramer, n.d.).

Expansionary Fiscal policy:

It defines the decision and policy-making by the government to increase the aggregate demand either by increasing government spending or decreasing tax. During the great recession of expansionary fiscal policy failed because when America tried to decrease the tax rate in the theory economy should boost, but in reality it did not happen. The economy was also facing downfall in housing prices, credit shortage, and lower confidence, and these factors lead to the ineffectiveness of expansionary fiscal policy.

Crowding out happens when the government increases their expenditure. During the great recession when the government tried to increase their spending private saving rate start increasing because the government borrowed money from private sector and in result government somehow successfully injected money into the circular flow but not as much as required ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"a2lcpgh9dv6","properties":{"formattedCitation":"{\\rtf (\\uc0\\u8220{}Impact of Expansionary Fiscal Policy - Economics Help,\\uc0\\u8221{} n.d.)}","plainCitation":"(“Impact of Expansionary Fiscal Policy - Economics Help,” n.d.)"},"citationItems":[{"id":1315,"uris":["http://zotero.org/users/local/ccgWoSRn/items/5NAHQXFT"],"uri":["http://zotero.org/users/local/ccgWoSRn/items/5NAHQXFT"],"itemData":{"id":1315,"type":"webpage","title":"Impact of Expansionary Fiscal Policy - Economics Help","container-title":"Economics Help","abstract":"Definition and Evaluation of the impact of expansionary fiscal policy on growth, inflation and government borrowing. Diagrams, examples and Monetarist and Keynesian views.","URL":"https://www.economicshelp.org/blog/617/economics/impact-of-expansionary-fiscal-policy/","language":"en-GB"}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Impact of Expansionary Fiscal Policy - Economics Help,” n.d.).

References

ADDIN ZOTERO_BIBL {"custom":[]} CSL_BIBLIOGRAPHY Impact of Expansionary Fiscal Policy - Economics Help. (n.d.). Retrieved from https://www.economicshelp.org/blog/617/economics/impact-of-expansionary-fiscal-policy/

Kramer, L. (n.d.). What is Fiscal Policy?

Free Trade: What’s Wrong?

98 bjbj 7C8 )))8a)mhwd p@K),h 0m,@@Tm  RUNNING HEAD ECONOMICS

Free Trade Whats wrong

Name of the writer

Name of the institution

Free Trade Whats wrong

Mathew GandaraStreet AddressCity, St Zip

Date

The Honorable Representatives Office AddressUnited States House of Representatives/United State SenateCity, State, Zip

To Whom It May Concern

I am writing this letter as I urge to you to notice the consequences of free trade on developing as well as underdeveloped nations. Every nation makes policies and increases trade to increase its economic growth. However, it is equally important to understand its impact on other nations and people living there. On one side, free trade is connecting the world by involving entire nations in the world market. Free trade is a big source for America to remain in competition with high productive firms to increase economic growth. On the other hand, it also has negative consequences on under-developing or undeveloped nations. These issues include low wages for labor, moral flaws, and other safety issues1.

The main advantage of free trade is to decrease production costs. American brands have opened a number of factories and franchises in different nations where they can decrease production costs by utilizing cheap labor or cheap capital. They hire labor from the undeveloped countries in lower wages as compared to the native employees. This is good for the undeveloped nation as hiring results in an increase in employment level. However, it also results in a low wage rate for the labor. Companies take more work from labor and pay them far less than the actual wage. This is causing violations of labor rights. In addition, as the government of other nations acquire limited access to the companies, therefore companies are lacking of morals and ignore other safety measures for the labors. They are unable to provide a healthy environment to the labor where research indicates that numbers of deaths are increasing at the workplace due to the lack of safety equipment. This is an example of moral flaws. It is important to increase production and acquire more profit. However, it is against morality to put the lives of labor in danger and pay them less than they deserve. Equality of wealth and income should be the priority of the companies1.

Therefore, I want you to address this concern in the senate by arguing against free trade. I am not against free trade but I believe that policies should be made to increase the rights and safety of the labor. If any company is unable to provide a healthy environment and reasonable wages, then it should be banned to increase its production at the international level. These moral flaws are also against nature. This is because companies ignore the waste material and emission of other dangerous gases which are affecting people of the undeveloped nation and also affecting the natural environment.

Free trade should be banned and companies should increase their production at the domestic level. It will help to increase the employment level within the nation. In addition, people will get more opportunities to improve their living standards. It will also protect the cheap labor from the undeveloped country as they face discrimination through free trade. I hope you will raise this point to make the change and to raise the point regarding low wages, moral flaws, and other safety issues. I am looking forward to your positive response. Your attention will help to save a number of lives and environments at the same time. I shall be thankful to you in advance and please feel free if you want to make a discussion regarding the issue with me.

Sincerely,

Mathew GandaraFree Trade whats wrong

References

Rupert, M. E. (1995). (Re) Politicizing the global economy Liberal common sense and ideological struggle in the US NAFTA debate. Review of International Political Economy, 2(4), 658-692.

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Gambling Effects On The Economy

Name of Student

Name of Professor

Name of Class

Day Month Year

Gambling effects on The Economy

Introduction

The growth and surge of gambling in the United States of America (USA) in recent decades is a manifestation of the enhanced acceptance of gambling as a kind of recreation. The promises of substantial tax revenues and economic incentives have caused the spread of gambling potentially. Several contentious questions have been raised in the past as whether or not legalized gambling has manifested in productivity for the community. It is essential to highlight the adverse and positive impacts of gambling on the economic structure of society. To assess the issue, the economic cost of pathological gambling ought to be comprehended in the paradigm of the overall consequences of gambling on society. Primarily, the essential benefit-versus-cost issue needs to be deliberated after taking into consideration several economic factors as tangible and intangible effects, economic transfers versus real cost, future and present values, losses and gains experienced by several groups in diverse settings and indirect and direct effects.

Discussion

To begin, financial complications pose the most significant and compelling cost to the gamblers in the disorder. Since the access to money becomes limited, they resort to crime to appease bookies, pay debts, garner money to gamble and maintain their appearance. A wide range of studies has explicated the estimates of the extent of pathological gamblers who advance to serve prison and commit crimes for offenses like embezzlement, fraud, robbery, forgery and still. However, the advent of gambling establishments into economically stressed communities with enhanced rates of unemployment causes the community to face several adversities. For instance, the loss of employment is the crucial adversity impeding progressive economic development. A study postulated that above 60% of the surveyed gamblers lost more than eight hours of work by dedicating it to gambling ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"zCIIbiGd","properties":{"formattedCitation":"({\\i{}Is Gambling a Good Economic Development Bet?})","plainCitation":"(Is Gambling a Good Economic Development Bet?)","noteIndex":0},"citationItems":[{"id":57,"uris":["http://zotero.org/users/local/yvjivw9i/items/YCFXSTHF"],"uri":["http://zotero.org/users/local/yvjivw9i/items/YCFXSTHF"],"itemData":{"id":57,"type":"webpage","title":"Is Gambling a Good Economic Development Bet?","abstract":"Gambling must change from being perceived a social problem to an ethically neutral form of entertainment or even a positive force for economic development.","URL":"https://icma.org/articles/article/gambling-good-economic-development-bet","language":"en","accessed":{"date-parts":[["2019",4,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Is Gambling a Good Economic Development Bet?). The average gambler costs the employers more than $1,300 each month and the lost labor costs because of the unemployment which is about $1,300 each gambler annually.

Another prominent adversity produced by gambling is bankruptcy. The pathological gamblers either seek the acquisition of loans or file for bankruptcy. Besides, there are both indirect and direct impacts of the casino. The direct effect illustrates the net addition to the resources of the community. For instance, it reflects the cost associated with offering services and goods as the wages acquired by the employees get are the direct effects of casinos. The indirect effect refers to the supplementary effects which casinos cast on communities. However, the essential comprehension of gambling on the community remains a highly subjective characteristic. It is found to be varied among individuals and economic sectors as per their perceptions and economic inclinations.

Moreover, an overview of certain researches highlights the potential increase in government revenue. There are occasional instances where the integration of a new manifestation of gambling contributing to the government revenue fundamentally cuts into the profit of another form which then contributes toward the government revenue. However, the revenue can also decline in certain circumstances. Some of the examples are when the newly introduced form does not add to the revenue of the government as Indian casinos cast adverse impacts on business revenue and personal income which is the subject to government taxation. The cases wherein gambling revenue is extracted from a local territory but the revenue is received by the federal or state government, the municipal government can suffer losses when they do not get the equivalent value as the federal or state services.

In addition, the evidence proves one of the reliable impacts of gambling is the enhancement of public services as education, health and social security. The revenue is often utilized to avoid the rise in taxes and reduce the debt. Governments primarily offer regulatory oversight on the operations of gambling. Therefore, various researchers who assessed the matter found an increase in the regulatory costs with the introduction of gambling. Since the government is involved in the commercial dispensation of gambling, the administrative cost increases in such jurisdictions. The construction of gambling venues have found to potentially contribute toward the wealth and physical assets of the community and thus enhances the mechanism of infrastructure value ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"ESLaM7Gx","properties":{"formattedCitation":"({\\i{}Economic Impact of Legalized Sports Betting - AGA})","plainCitation":"(Economic Impact of Legalized Sports Betting - AGA)","noteIndex":0},"citationItems":[{"id":59,"uris":["http://zotero.org/users/local/yvjivw9i/items/M3VJWTQZ"],"uri":["http://zotero.org/users/local/yvjivw9i/items/M3VJWTQZ"],"itemData":{"id":59,"type":"webpage","title":"Economic Impact of Legalized Sports Betting - AGA","URL":"https://www.americangaming.org/resources/economic-impact-of-legalized-sports-betting/","accessed":{"date-parts":[["2019",4,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Economic Impact of Legalized Sports Betting - AGA). A critical appraisal of the mater reflects that the value can accelerate in circumstances involving the stimulation of complementary businesses. For instance, hotels and restaurants can advance to gain the advantage of the area. The four prominent kinds of gambling as casinos, bingo halls and horse race tracks cast these productive impacts on the venues. It has been assessed that other manifestations as the addition of EMGs to bars or internet gambling never increase the infrastructure value. The magnitude of the increase in the value is the sum of the extent of development of infrastructure with larger gains existing in the impoverished areas.

Discussing further positive impacts, the introduction of gambling has productive impacts on the businessmen in the local jurisdiction by increased revenue, overall employment and business starts. The hospitality sector proves to be the industry sector which experiences the most economic advantages. However, gambling generally does not impact the income of individuals other than situations where gambling introduces revenue from outside and the community suffers the detrimental extent of impoverishment before the advent of gambling. It is explicitly manifested in the destination casinos hosted by Native Americans in the United States of America (USA). These were the potential productive aspects induced by gambling but it is essential to measure the magnitude of the adverse consequences.

One of the prominent impacts of gambling is the increase in problem gambling and pertinent indices. Bankruptcy, treatment numbers, divorce and suicide are some of the common examples. Sports betting can underpin benefits in the longer run bur a substantial sum of bankroll is imperative to make economic gains. These bets comprise the challenge of overcoming the massive 10% commission which is charged against winning bets by several Sportsbook ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"xdu8yers","properties":{"formattedCitation":"({\\i{}The Impact of Gambling on the Economy: 3 Pros and Cons of Casinos | Halifax Street Angels})","plainCitation":"(The Impact of Gambling on the Economy: 3 Pros and Cons of Casinos | Halifax Street Angels)","noteIndex":0},"citationItems":[{"id":63,"uris":["http://zotero.org/users/local/yvjivw9i/items/U35JGLPI"],"uri":["http://zotero.org/users/local/yvjivw9i/items/U35JGLPI"],"itemData":{"id":63,"type":"webpage","title":"The Impact of Gambling on the Economy: 3 Pros and Cons of Casinos | Halifax Street Angels","URL":"https://halifaxstreetangels.org.uk/economy/three-pros-and-cons-of-casinos-on-the-economy","accessed":{"date-parts":[["2019",4,25]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (The Impact of Gambling on the Economy: 3 Pros and Cons of Casinos | Halifax Street Angels). Besides, the increased socio-economic cost causes a harmful impact on the economy. For instance, the presence of casinos causes a surge in crime rates, alcohol abuse, drugs and other criminal activities. Consequently, the socio-economic cost enhances to curb the crime rate. Another evident adversity is the potential decrease in the lottery sales of the state. In the presence of widespread practice of gambling in a community, the state-run lotteries almost diminish. The state struggles to harness economic incentives and it never avails the supplementary revenue generate for the lottery.

Gambling manifests in increased consumption of various public services. The construction of gambling revenues as casinos consume a significant amount of energy and electricity to run these sites. It causes an immense drain on the public services including law enforcement. It is worthy to assess the matter in the paradigm of economic productivity versus the social costs of gambling. A rational argument proposes that the benefits can only be availed when the visitors leave a substantial sum of money at casinos. The justification of licensing casinos can only be entertained if it does not have the potential to attract the flow of international or national visitors.

A critical appraisal of the discussion reveals that measuring the positive and negative impacts of gambling can become a contentious debate. The supporter of both sides asserts influence on their respective views after supplementing them with empirical evidence. The proponents of legalizing gambling state it is harmless and individuals ought to be equipped with the right to adhere to economic ventures in life without restrictions or regulations. They glorify the economic benefits to attract jobs and investment for deprived communities. The states and cities can legalize gambling to promote education and similar public services. They highlight the dimensions of tourism. Restrictions divert the tax revenue for illegal operations where the practice is not illegal. When these postulations are compared against the social cost, the productivity gets distorted. The social adversities cast by gambling are detrimental and can rarely justify legalizing it from a social perspective.

Conclusion

The deliberation offers a comprehensive account of the productive and negative impact of gambling on the economy. The positive side refers to the increase in the infrastructure value and the pertinent benefit cultivated by the surrounding vicinity. Besides, the increase in government revenue is another worthy aspect to be highlighted. However, the primary nature of the issue is examined after measuring it with the social cost. It is, irrefutably, a contentious debate as various schools of thoughts offer contrasting views as per their inclinations, political and economic views. The adverse implications of gambling indicate the widespread menace of unemployment and the instances where individuals engage in robbery, file bankruptcy and impede the overall economic development of the community. Hence, there exist both adverse and positive aspects of gambling and both of them have a dominant impact on the economic growth and decline of the community or state. The bottom line is that gambling underpins both the adverse and productive implications for the economy.

Works Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Economic Impact of Legalized Sports Betting - AGA. https://www.americangaming.org/resources/economic-impact-of-legalized-sports-betting/. Accessed 25 Apr. 2019.

Is Gambling a Good Economic Development Bet? https://icma.org/articles/article/gambling-good-economic-development-bet. Accessed 25 Apr. 2019.

The Impact of Gambling on the Economy: 3 Pros and Cons of Casinos | Halifax Street Angels. https://halifaxstreetangels.org.uk/economy/three-pros-and-cons-of-casinos-on-the-economy. Accessed 25 Apr. 2019.

George Akerlof.

Your Name

Instructor Name

Course Number

Date

George A. Akerlof

Introduction

George A. Akerlof is an economist and is an American national. He is world famous due to his works in the field of Economics. He was awarded the Nobel Prize in 2001, which was shared by Michael Spence and Joseph Stiglitz. He received this award in recognition of his acclaimed work on markets studied from the perspective of asymmetric information. He wrote his theory of information asymmetry in 1970 in his famous paper, “The Market for Lemons: Quality, Uncertainty, and the Market Mechanism.” The paper is about the imperfect information in the used cars’ market. His other famous work is ‘efficiency wage hypothesis’. This paper describes that the efficiency goals of employers determine the wages, besides other determinants like the forces of supply and demand. He is Professor at Georgetown University. Formerly, he was Professor at the University of California, Berkeley. His wife, Janet Yellen, is also an economist of American origin, a widely recognized personality, and held various important positions in her career (“Everything You Need to Know about Mr. Janet Yellen”). Their son, Robert Akerlof, is Professor at the University of Warwick.

Education and Profession

Born in New Haven, Connecticut, in 1940, George Akerlof completed his early education from Lawrenceville School in 1958. Later, he secured admission to the Yale University from where he completed his graduation. He then went to Massachusetts Institute of Technology to get a degree of Ph.D. in 1966. He found an aptitude for teaching in himself and, therefore, he decided to pursue a career in teaching. He joined the University of California, where he became a famous figure very soon. He was honorably awarded the title, “Goldman Professor of Economics.” He also taught at the London School of Economics. Akerlof served as a distinguished professor at the University of California during most of his career, spending many valuable years at the institution. Currently, he is part of the faculty of Georgetown University as the Professor of Economics.

Contribution

Akerlof was widely acclaimed for his work named The Market for Lemons. It was published in the quarterly journal of Economics. This paper described the dynamics of asymmetric information in the market for the used cars. The main argument presented by Akerlof in this paper was that many transactions in the marketplace could not take place or be completed due to lack of information on either the buyer side or on the seller side. The lack of information causes uncertainty to either side of the transaction and lowers the quality of the product. He argues that this leads to a loss in efficiency. The buyers fear that they might get a low quality of malfunctioned item for paying more for it. They do not want to pay extra amount of money for a low quality item. Their fear arises due to uncertainty about the quality of the product. They do not have credible information of the quality of product they are going to purchase against a specific amount of money. Therefore, they are not assured of the profitability or, at least, benefits of that particular purchase. Akerlof argues that all this ambiguity and inconvenience arises due to the lack of information about the transaction. On the other hand, the seller also suffers from the same kind of uncertainty, and the reason is again the lack of necessary information he or she needs to complete the transaction. The seller do not want to sell their goods that are of premium quality for lower prices. Due to uncertainty and unawareness of the buyers, the sellers receive lower price bids for their possessions. Akerlof studied this problem and named it the lemon problem. He studied this problem in the context of the market for used cars. Since the used cars have been in possession of their owners for varying lengths of time, it cannot be said with certainty what their current functional condition is. The buyer is not sure of the quality of the car while purchasing it, because the complete check-up requires that the car is sent to some well-equipped workshop or the factory to get a certificate of quality for its current condition, which is not possible usually at the time of buying process (“Can You Buy a Good Second-Hand Car?”). This difficulty in knowing the exact quality of the car reduces certainty and quality of the car in buyer’s perception. Therefore, the buyer is not willing to pay as much money as he or she could have paid for a car with certified quality. The seller is also not willing to give away the asset for low price, as the seller knows about the quality of car relatively more than the buyer. It is obvious as the car has been in his or her custody and therefore the pros and cons would be more visible to him or her as compared to the buyer. Hence, the seller’s uncertainty lies in the tension and dissatisfaction which he or she undergoes due to unwillingness of selling the car for a low price bid by the potential sellers.

Akerlof argued that the low quality products devalue the high quality products. When buyers are convinced that market has low quality goods as well as those of high quality, their uncertainty about the goods does not allow them to pay for high prices. The consequence is obvious that the high quality goods will vanish from the market leaving behind only the “lemons”, the low quality goods, for the consumers. Akerlof supported the free market concept and tried to present a workable solution for the problem. He did not suggested a government intervention to solve the problem. He believed in the power of market and he sought a solution that would work naturally with the mechanism of markets. Akerlof proposed that the market for used cars can be made free of uncertainty by the use of warranty papers. He said that a warranty paper will assure the buyer that the product is in good condition and can be used for the desired purposes. The buyer will be assured of the fact that the certifying authority has reviewed the condition of the product and only then has issued a permit that the product can be sold to somebody else. The warranty paper will also make it clear to the buyer that the product is free of faults. The buyer can get an idea of the level of quality of the product that has been put on sale. George Akerlof discussed also this problem and the related solution in respect of other markets such as credit and health insurance markets.

Other notable contribution of George Akerlof was to the discipline of New Keynesian Economics. New Keynesian Economics emphasizes that wages and prices are less adjusting to the economic fluctuations that are short-term. Akerlof worked with one of his fellow economist and his wife on this subject. He studied that certain businesses besides having sufficient power to influence the prices of commodities in a market do not intend to raise or decrease the prices. They do this to maintain the prices constant to keep a steady output of profits. This approach is rational in its nature. Their pricing policy is not reactionary. This practice seems to be much reasonable, mature, and confident in view of the volatile nature of most businesses in the market wherein entrepreneurs instantly respond to the market fluctuations and set the prices in reaction to the circumstances. However, George Akerlof’s contribution in this regard is also valuable and worth-focusing. He argues if all or most of the businesses in a market start acting on the same policy of keeping prices constant, the overall economic output will be affected (“How and Why Economics Forgot Keynes’ Warnings on Panics”). He says that real output will experience a surge with periods of increases in money supply growth. Similarly, the real output will suffer a reduction when money supply growth is characterized by short run falls.

George Akerlof holds a distinguished opinion in the issue of the crimes committed by the black Americans. He states that these people have different options for realizing their economic goals. They can either become part of the country’s prevailing culture or they can act in a rebellious spirit. Akerlof’s opinion in their issue is that they have more practical reasons to opt for the second choice. He indirectly urges the government to take necessary steps to change their way of thinking. This can only be done by creating appealing opportunities for this community and striving to give them their rights in full practicality.

Among other notable works, Akerlof worked with a fellow to make an addition of the social identity to the formal economic analysis. Their efforts created a new field named identity economics. To this end, Akerlof used concepts from psychology and other fields to argue that a person’s social identity is linked to the social norms he or she follows and give value to those norms (Identity Economics). People abide by the social norms of the society where they live. These norms prioritize how individuals should behave and initiatives be taken. This way, Akerlof tried to expand the scope of economics and wrote his ideas in his paper named ‘economics and identity’.

Conclusion

George Akerlof is a Nobel Laureate in Economics who has worked on diverse projects in Economics. He has contributed to the field of Economics by illuminating the minds of brilliant students in universities, providing consultancy to organizations, and writing invaluable pieces of research that has influenced the opinions of experts and policy makers. His most notable work remains to date is studying the market and its mechanism from the perspective of asymmetric information. His work concludes that low quality goods squeeze the market of high quality goods and do not allow the buyers to appreciate the high-priced goods for the better use of resources. People become confused and find it risky to invest money for a product the credibility of which is not assured of by an authority. People are always willing to pay for new, verified products, even more than they have at times. However, they are not willing to pay money for products with less credibility. George Akerlof has made many contributions to economics. He stated that the incentives for the black Americans to indulge in criminal activities are much more than simply abiding by the law and live a peaceful life. This is because they are not getting equal opportunities. Akerlof said the prices if kept constant in an economy will suppress the spirit of free market. The government intervention will provide the security to the weak businesses and individuals. Akerlof tried to broaden the scope of Economics by incorporating concepts of other sciences into it. His works have been admired by experts of different fields of study.

Akerlof argued that the prices and wages remain stagnant and sticky in economies with short-term fluctuations. This slow adaptability affects the real output.

Works Cited

“Can You Buy a Good Second-Hand Car?, Can You Buy a Good Second-Hand Car?” The Economist. 2019.

“Everything You Need to Know About Mr. Janet Yellen.” Time, 2019.

“How and Why Economics Forgot Keynes’ Warnings on Panics.” Financial Times, 2019.

Identity Economics: How Financial Decisions Are Driven by Our Sense of Self. 2019.

Globalization And Labor Outsourcing (US Firms Operating Overseas)

[Name of the Writer]

[Name of Instructor]

[Economics]

[Date]

Globalization and labor outsourcing (US firms operating overseas)

Introduction

Outsourcing is an increasingly popular practice among US businesses to shift jobs to lower-wage countries in order to cut operating costs. Many people are against the job shifting to other countries in accordance with the recent recovery of the US economy from a recession. Outsourcing is controversial and politically manipulated in the US as people often argue about job losses. However, there is little to no discussion about the effectiveness of outsourcing about job creation. US economy is increasing due to the process of outsourcing. It also provides benefits to foreign economies due to job creation. There is a significant increment in the foreign economies due to extensive demand of products by the US consumers. Such demands are effective to boost the economy of the US as well. Globalization and outsourcing help the US to engage in international trade in order to acquire products at lower costs. These strategies will help US citizens in terms of more economically priced goods. The demand for higher skilled jobs is increasing in the US as the goods that are produced in foreign industries as a result of outsourcing are amalgamated into larger products in the US. Due to the concept and growth of outsourcing, the current world has been changed into a global village. Globalization and outsourcing are associated with communication and logistics development. If the concept of globalization and outsourcing is measured in terms of communication then it is true in situations using Voice over Internet Protocol messages. It is notable to mention that the world's borders are stronger than ever before if the concept of globalization and outsourcing is measured in terms of current geopolitical situations. The whole process of outsourcing lead towards increased demand for higher skilled labors in the US. Undoubtedly, the positive aspects of outsourcing and globalization are often buried in the debates about US job losses.

Discussion

Globalization and outsourcing change major paradigms of everyday life in an effective and ineffective manner. Advancement in globalization creates a strong impression over the entire world. In the last few decades, the concept of globalization was not evident, hence there was no specific progress in this aspect. However, with the passage of time, people began to understand the importance of globalization and outsourcing. It is noteworthy to mention that people now have across products, services, and information, which was impossible in the last few decades. The concept of outsourcing and globalization have reached completely new heights due to the advent of the Internet. Now, access to every little information is possible with ever-improving technology, which has made the market fierce and competitive. In the cut-throat corporate world, there is an immense need for organizations to adopt aggressive and effective strategies to triumph in the changing business landscape. The globalization and outsourcing put extra pressure on the business organizations to compete with the corporate giants in the entire world, instead of their rivals within national boundaries. It is evident that global competition is fierce, which demand organizations to adopt effective strategies to make their products cheaper in order to excel in the given market. In order to remain competitive, outsourcing was a natural outcome which was the only possible option for organizations to remain competitive in the potential market.

Outsourcing and globalization helped many countries to build their economies. The United States is actively participating in outsourcing in the last decade to excel in its business. According to Lee Kaun, "If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business." In the modern world, global marketing is a potential option for all countries including the US. With the help of outsourcing, the US is part of the global market as it heavily relies on imports. It is notable to mention that the US needs to export US products or US dollars in foreign countries in order to stabilize revenue lost from imports. A country can never make progress if it depends on the sales in its own country alone (Otterman). It is essential for countries to take part in the global market to boost their economies. People opposing globalization and outsourcing should consider the negative aspects of making sales just in their own country. The economy of the US is increasing due to its participation in the global market. If the US is about to sustain business from foreign countries, then it must take part in the global market to compete with potential competitors such as Europe, Brazil, China, India, and China.

Due to the potential advantages of globalization and labor outsourcing, the majority of businesses are trying to expand their business in other countries in order to attain maximum profit margin. The US government has made many policies to defend the wages of labor in the US. Due to such policies, the minimum wage for US labor is larger as compared to many countries. Prevailing competition in the market is forcing many organizations to expand their business in different regions of the world to avail the opportunity of cheap labor. Low labor costs are advantageous for an organization to work to excel in a competitive market. Many major organizations of the US are getting access to cheaper labor with higher levels of outsourcing. It is noteworthy to mention that flexible rules allow these organizations to increase their productivity. One must understand that globalization and labor outsourcing reduce the number of jobs for US citizens as major organizations are manufacturing their products in foreign countries. However, the economy of the US is also increasing due to the fact that different organizations are doing business in the form of dollars. Regardless of this, it is evident that an Asian market is a potential option for the majority of businesses to prevail in their products and services. The labor rate is much cheaper in the Asian region. Potential countries to establish a business in Bangladesh, India, and China due to cheap labor and flexible regulations. There is a mixed impact of labor outsourcing on the US economy. Undoubtedly, the organizations are working in foreign countries and increasing their economic values. In the meantime, the process of outsourcing results towards increased demand for higher skilled labors in the US. In developed countries, such as the US, working conditions are strict and less flexible as compared to developing countries. The economy of the US is also increasing due to the greater production by increased outsourcing jobs in foreign countries. It is notable to mention that the US is significantly prevailing the opportunity of outsourcing to get access to various products and services at a cheaper cost. Cheaper cost of products and services provides more growth for the US economy.

The investment by foreign countries is stimulated due to US labor outsourcing to foreign countries. Globalization and outsourcing are advantageous for every country to boost their economies by providing jobs for the unemployed. It helps to improve the standards of living in these countries along with the US as the US citizen get access to various products and services at cheaper costs. Increment in foreign countries' economies enables them to buy more exports from the US, which is beneficial for American labor. Due to foreign interest in the US products, there is a significant increase in job opportunities for the US labors. It is notable to mention that "the U.S. economy and the world economy are linked in many ways” (Grey 23). According to George B. Grey, the developments abroad significantly affect the economy of the US is a positive manner.

It is a well-known fact that negative aspects are always linked to the positive aspects. It is noteworthy to mention that increased outsourcing results in massive job cuts. As American companies are involved in the massive outsourcing of the products, so there have to face massive jobs cuts in skilled and semi-skilled workforce. Major organizations of the US are expanding their business in foreign companies due to which thousands of jobs are being outsourced from the US into the under developing countries. At present, the US is facing major increment in the unemployment rates. The positive aspects of outsourcing are running down due to the increment in the unemployment rates which in turn becoming a crucial problem for the US government. There is quite an effect on home countries due to the impact of globalization and labor outsourcing. Many jobs are being outsourcing to third world countries from developed countries like the European countries and the US. These jobs are outsourcing due to the exchange of cheaper products and services. The government of the US is making a claim to retain jobs in the country. However, the increasing outsourcing by the US results in countless job lost to the cheaper counterparts in the underdeveloped countries which are problematic for the US citizens. The US is hoping to retain more high-paying jobs, but the majority of jobs are being transferred to low developing countries.

The US dollar is one of the most prominent currencies in the world that is being used in international foreign exchange transactions. The companies that are involved in the global market activities are forced to use the US currency which makes it the official foreign exchange reserve currency in the majority of the world (Bulajic, Aleksandar and Domazet 1323). It is notable to mention that international foreign transactions in the US dollars help to stabilize the international market place of the US in foreign economies. Outsourcing helps US to invest in the foreign countries which in turns is important for the US economy. US investment enables foreign investors to access the international market. "A successful investment in a poor country will send a signal to other potential investors that there is a stable environment for investment there, which can lead to even more investment, job creation and prosperity" (Correnti 3).

As the US is acquiring goods from the underdeveloped countries at cheaper costs, which helps in the growth of the US economy. This the positive aspect of US labor outsourcing which benefits the US manufacturers along with the US consumers. The US manufacturers produce complex goods from the acquired cheap products that help them to export it to the other countries. The US is managing to obtain products at lower costs whether through the stand-alone import of goods or through an offset program as the materials are not necessarily needed to be imported into the US. The US can manufacture the products in foreign countries by availing cheap labors in order to obtain a high-profit margin. The cost of labor in the Asian countries is approximately 13 dollars per hour, while the cost of labor in the U.S. is approximately 27 dollars per hours (U.S. Bureau Labor). Outsourcing promotes globalization and it provides a beneficial opportunity for the US organizations to manufacturer their products in these foreign markets by taking advantage of their cheap labor (Correnti 4). Outsourcing has become a new strategy for the US business with the help of globalization. Furthermore, it is evident that the US outsourcing is taking away immediate jobs for unskilled labors of the United States. In response, the jobs are being offered to the unskilled labors of foreign countries to manufacture products whenever the high skill level jobs are not required. Due to this aspect, the US citizens manage to hold only higher skilled jobs that provide higher wages. The US companies that outsource are getting the advantage of the eligibility of working 24 hours a day. This aspect helps in enhancing the overall productivity, which ultimately increases the profitability of that organization. There is a significant increase in the production details due to effective communication systems like video conferencing and email. The globalization tools help to increase productivity through improved coordination especially in countries with low labor costs. Due to this reason, all major industrialized countries are practicing the idea of outsourcing.

The supporters of outsourcing are arguing that it is the major reason behind the creation of various jobs and business opportunities in the US. It also helps to increase the overall productivity of the country. The significance of globalization and outsourcing helps in increasing the GDP due to the increment in the productivity of the country. On the other hand, the opponents of outsourcing are arguing about the decrement in American jobs which is damaging the economy of the country. The US will get irreparable damage to the economy by losing the competitive and technical edge to other countries. The statistics from various reputable organizations are supporting both sides of the arguments. It is notable to mention that there is an overall decrement in the growth of the US due to outsourcing which also results in the loss of American jobs. After 2003, the economic output of America has grown by 3.3% annual rate due to the increment in imports from third world countries. The US consumers are getting advantage from the outsourcing as they get access to products and service at cheaper costs which in turn raises the standard of living. It is essential to mention that the more business opportunities and jobs for American citizens are created with the help of all the money saved from outsourcing. According to a study by Global Insights, it is estimated that outsourcing will help the US economy to excel as compared to no outsourcing.

Conclusion

Outsourcing will remain to be a very effective tool for organizations to triumph in foreign markets. It helps to stay competitive in the market place. The analysis of globalization and outsourcing indicates that it is inherently not an evil concept for both the home and the foreign country. However, increased outsourcing is catastrophic for the economy of the US as it takes away jobs from US citizens. It is evident that over-doing will have its side effects and it implies everything including the practice of outsourcing. It is the core responsibility of the governing bodies to play an active role in the regulation of outsourcing jobs. Effective and positive contracts need to be made with other countries in order to assure equity in the distribution of wealth. Multinational organizations need to address the moral issues regarding outsourcing with the governing bodies to propose a reasonable solution. It is the duty of organizations to ensure fair payment and working conditions. The US government needs to make sure that organizations that are involved in the process of outsourcing should reinvest a specific quantity of their profit gained in the US to mitigate the issue of unemployment.

Works Cited

Bulajic, Aleksandar, and Dragan Domazet. "Globalization and outsourcing and off shoring." Journal of Emerging Trends in Computing and Information Sciences 3.9 (2012): 1321-1328.

Correnti, Madison. "Outsourcing Overseas and its Effect on the US. Economy." (2014).

Grey, George B. Federal Reserve System: Background, Analyses, and Bibliography. Nova Publishers, 2002.

Otterman, Sharon. (2019) "TRADE: Outsourcing Jobs." Council on Foreign Relations. N. p., 2019. Web. 24 Apr. 2019.

Gross Profit And Profit Margin Analysis

Gross Profit and Profit Margin Analysis

Student’s name

Institution

Gross Profit and Margin Analysis

The analysis of the Been Carded, Ltd financial statement indicates that the company has a gross profit margin of 64.99% and profit margin percentage of 20.07% for the FY 2016. This indicates an improved performance based on the gross profit margin and profit percentage of the previous FY 2015. The gross profit margin and profit margin percentage for the FY 2015 were 32% and 22.5% and therefore, it is an indication of improved performance and this therefore, means that Been Carded Ltd performed well during the financial year 2016. The industrial performance also indicates that Been Carded Ltd performed better than expected. The gross profit margin ratio and profit margin percentage for the industry are 32% and 19.5% respectively. This is a clear indication that Been Carded performed better in the market, which is above the market expectation and therefore, it has been profitable.

How Does Keynesian Economics Differ From Marxian Economics In Its Explanation Of The Capitalist Economy And Its Policy Prescriptions? Use The Australian Economy To Illustrate Your Answer.

Difference between Marxian Economics and Keynesian Economics in the Explanation of Capitalist Economy (with reference to the Australian Economy)

[Name of the Writer]

[Name of the Institution]

Difference between Marxian Economics and Keynesian Economics in the Explanation of Capitalist Economy (with reference to the Australian Economy)

Introduction

Economics is a very important factor that determines and controls various monitorial factors in a society. Economics is the branch of social sciences that is linked with the study of production, distribution and consumption of goods and services in a specific market. It is a very vast field and considers a number of factors while incorporating various levels of study. The subject focuses on the behaviour and the interaction of various bodies to allocate and control the distribution of resources in various ratios. These bodies include the government, businesses and society’s households and individuals (Mankiw, 2014). The subject of economics also caters to the impacts of the varying levels of distribution and allocation of these resources on these bodies on a general and a specific level. The subject also takes into consideration various facets of demand and supply and the patterns of earning income and spending in various geographical regions.

As it has already been established that economics is a very vast field, thus it contains various schools of thought, which are used to explain various concepts in economics in their own unique way. These concepts include the concepts of demand and supply, resource allocation and many other aspects of the economic life of a government, country, state or an individual (Sahlins, 2017). The most popular school of thoughts include Marxism, capitalism, the classical approach, neo-classical approach, and Keynesian economics. The following piece of writing will compare and contrast the two most important schools of thoughts in economics: Keynesian economics and Marxist economics. In addition to discussing the differences between both these approaches, this piece of writing will also discuss both of them under the light of a capitalist economy, with reference to the Australian economy.

Discussion

The Keynesian and Marxist schools of thought, both hold a great place in the study of the economics of any country. Both these school of thought discuss a different type of financial system in a geographical region. Both have played a very strong role in the development and of nations. National leaders, according to their own concepts, have adopted these economical systems to boost or bring balance to their resources, income and demand and supply cycles.

Keynesian School of Thought in Economics

Developed in the 1930s in an attempt to understand The Great Depression, the Keynesian School of Thought deals with total spending and the effect it has on output as well as the idea of inflation (Crouch, 2009). Back in the day, its author, John Maynard Keynes advocated that the government increase its expenditures and at the same time lower its taxes to increase demand in the market. In his opinion, it was the only way the great depression could be lifted and the global economy stabilized.

Following the elevation of the Great Depression, Keynesian economics was used to refer to the concept of an economy that performed at optimal levels, while preventing economic slumps (Hall, 1989). It is considered as a demand-side theory that focuses on the changes that occur in the economy over a short period of time and influences the idea of stabilization and economic intervention through aggregate demand.

Marxist school of thought in Economics

Marxist School of Thought in Economics was proposed by famous economist Karl Marx in 1848. Karl Marx was also a philosopher, social Theorist and author who contributed a lot towards the field of economy, especially regarding the theories of capitalism and communism (Barone, 2016). Karl Marx was very much against the social classes and he often wrote about the classification system in various societies. According to him, the classification system was an unjust practice and was used to exploit the rights of the poor. He was of the view that there should be a classless society which should be totally free of classes and there should be equal distribution of resources. Marx was of the view that the class system has been devised by the rich or elite class to exploit the poor.

Karl Marx had these rigid thoughts because he was born in such an age when capitalism was at its peak. He was born in the middle of the industrial revolution when the production was at its peak and the era of industrial growth was everywhere. Max observed the struggles and hardships of the working class and the exploitation that was being carried on at them by the industrial class or elite class. Observing all this, he presented his unique idea about an economic system. According to him, the economic system would prove to be beneficial for the poor working class of the country as compared to the elite class. Karl Marx greatly supported the poor and was always in favour of their rights. His work, along with Friedrich Engels, was published in The Communist Manifesto in 1848 and Das Kapital in 1867.

Capital Market

A Capital Market is a term that is used in the spheres of economics and trade very commonly. Capital Market refers to a place or market where buyers and sellers engage in the trade of financial securities likes bonds, stocks etc. It is a financial market where long-term debt (over a year) or equity-backed securities are bought or sold. The process of buying and selling of these long term commodities is carried on by various individuals and institutions. In short, a Capital Market puts the wealth of the savers in safe hands where it can be put to some productive use. The wealth or resources are channelled to different institutes like private companies or to the government so that they can be invested in some long-term plan.

The concept of capital marketing has changed considerably over a period of time. Nowadays, most of the trade business is carried on computer-based machines and platforms. Most of these platforms can only be accessed by individuals with some sort of link with the financial sector or the government treasury authorities. Only some of these platforms are accessed by the public. Capital markets are further divided into two types of markets: primary market and secondary market. Bank loans are also sometimes considered as an issue in the capital market.

Australian Economy

Australia is a very stable country in terms of economics. It enjoys a mixed market economy or western market economy, where the GDP is high and the rate of poverty is nil or almost very low. Australia is a country with a very high and stable per capita income and poverty rates are very low (Groenewegen, & McFarlane, 2014). The country ranks among the first five developed countries in the world, in terms of economy and trade. The four main components that make the Australian economy very strong are trade, manufacturing, services and financing.

The Australian economy is majorly dominated by the services sector, where the major part of the GDP comes through providing services. Although the agricultural and mining sector also accounts for a large number of exports (57%) in the GDP of the country, the prominent contributions are done by the services sector. Some of the other factors that contribute to the stable economy of the country are large scale productions, private enterprises, industrialization, high technology and natural resources.

The Australian economy was not always like this. It has seen many highs and lows in the past but now it is stable and, in fact, very strong. One of the strongest pillars of the Australian economy is Australian stock exchange, more commonly known as ASX. ASX deals with almost all the trading practices of the country and is one of the major sources of income for the whole country.

Neo-Classical Economics

Neoclassical economics is an economic theory that primarily deals with the supply and demand model. It aims towards enhancing an individual’s rationality as well as his or her ability to maximize profit (Ferguson, 2008). It employs the use of mathematical equations to economics and its various aspects. While the term neoclassical economics was first coined back in 1900, the term didn’t gain popularity until the early 20th century.

The primary concern of neoclassical economists is to maximize the consumer's personal satisfaction. Thus, all decisions made and evaluations performed in neoclassical economics is in compliance with this belief. Since this theory also happens to coincide with the rational behaviour theory, it states that people tend to behave in a mindful and rational manner, especially when they are carrying out economic decisions. Neoclassical economists believe that a product's value is determined on the basis of a consumer's perception of the cost. This value usually goes above and beyond the input costs of the project. In comparison, classical economists believe that the value of a product is derived from the costs of the raw material of the products, along with the cost of labour it took to make that particular object. This economic theory considers competition as a means of obtaining an efficient allocation of resources within an economy.

In comparison to the Keynesian school of economics, neoclassical economics believes in maintaining a sense of equilibrium between both the supply and the demand of an entity. It tries to work towards full employment of market available resources rather than underemployment of the said resources.

Analysis

Considering both of the models of economics, Marxist school of thought and Keynesian school of thought about economics, it can be seen that there is a big difference in the concept of both scholars. Karl Marx was a sociologist and philosopher, which is why his thoughts were more inclined towards social welfare and social work. His work was intended to provide relief to the poor wan working class of the society. Marxist school of thought is completely opposite to that of the concept of a capital market, in which resources are controlled and investment is done through specific channels only. The Australian economy can be observed in the light of Marxist school of thought and it can be said that the Australian economy is very much in coordination with the concept of Karl Marx.

As compared to Karl Marx, Keynes was an expert economist and a mathematician. He was of the view that prices tend to be relatively inelastic in a shorter run. He explained that if the demand for the goods fluctuates, the sale of the goods will also move towards high or low, but the price of these goods will take much longer to adjust. Keynes presented the point that such a fluctuation in the demand and supply of the goods will result in the shape of recession. Keynesian views can be applied in the case of a capital market to a great extent as all the resources are controlled by the government (Wright, & Lansbury, 2014). This approach is, however, not much effective in the case of free market economies like Australia, where no specific system of economy is prevailing. This approach is also not applicable to a country whose economy is lying on the basis of the services sector.

Conclusion

In short, it can be concluded that Karl Marx, and John Maynard Keynes, although worked in the same area of economics, had totally contrasting views about the economic setup of a market. Karl Marx views pose to be somewhat of rigid and inflexible thoughts about the exploitation of the poor, whereas Keynes thoughts seem to pretty flexible and realistic.

References

Barone, C. A. (2016). Marxist Thought on Imperialism: Survey and Critique. Routledge.

Crouch, C. (2009). Privatised Keynesianism: An unacknowledged policy regime. The British Journal of Politics & International Relations, 11(3), 382-399.

Ferguson, C. E. (2008). The neoclassical theory of production and distribution. Cambridge University Press.

Groenewegen, P., & McFarlane, B. (2014). A History of Australian Economic Thought (Routledge Revivals). Routledge.

Hall, P. A. (Ed.). (1989). The political power of economic ideas: Keynesianism across nations. Princeton University Press.

Mankiw, N. G. (2014). Principles of economics. Cengage Learning.

Sahlins, M. (2017). Stone age economics. Routledge.

Wright, C. F., & Lansbury, R. D. (2014). Trade unions and economic reform in Australia, 1983–2013. The Singapore Economic Review, 59(04), 1450033.

How Medical Marijuana Is Beneficial To Healthcare

[Name of the Writer]

[Name of Instructor]

[Subject]

[Date]

How Medical Marijuana is Beneficial to Healthcare

Introduction:

Marijuana is the drug which is in spotlight because of various reasons for positive and negative consequences. The government of America had made marijuana illegal as smoking marijuana can be harmful for the citizens. The consequences of smoking marijuana are severe. The key states Colorado, Nevada, and California voted to legalize the recreational marijuana. The government is concerned about the result of legalizing marijuana in the state. Many researchers claimed that legal marijuana can bring a boom in healthcare as well as in the economy. However, the misuse of the new law can bring harmful impact to the society. In both the cases, the result will be critical for both the government and citizens of the America. There are various reasons which indicate that marijuana can be beneficial for the healthcare and economy of the country.

Marijuana for Smoking:

Marijuana is in radar right now because of the healthcare. Healthcare can be improved by using marijuana in medication. However, government needs to measure the effect that country will have in future in terms of revenue and life standard. For instance, smoking is a bad habit and harmful for lungs. It can pollute the lungs which results in lungs cancer and difficulty in breathing. In addition mouth cancer can be the other harmful impact of smoking. Therefore, it is possible that if marijuana gets legalize in the states, more people will purchase it for smoking. Though marijuana is illegal where people are still using it through illegal purchasing, therefore, there is no doubt that people will not be using it due to healthcare concern if it gets legalized. Here, some researcher believe that it is beneficial to smoke marijuana instead of cigarettes as there is least evidence which indicates that marijuana can cause chronic disease than smoking. Hence, it can be safer alternative to use marijuana rather than cigarettes and alcohol. In addition, it can result in saving billions of dollars.

Benefits to Healthcare:

The death rate due to fewer opioid overdoses can be minimized by legalizing marijuana. Everyday 115 people die due to the overdose of alcohol or other drugs. In addition, use of marijuana can save twenty five percent of lives that means twenty nine fewer overdose deaths every single day. Researchers have found that marijuana is useful for the patients who have chronic pain. Marijuana works as an analgesics and blocks the pain signals within the nervous system of the patients ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"KFKzFmIZ","properties":{"formattedCitation":"(\\uc0\\u8220{}Legal Marijuana\\uc0\\u8221{})","plainCitation":"(“Legal Marijuana”)","noteIndex":0},"citationItems":[{"id":524,"uris":["http://zotero.org/users/local/rVaVAHaF/items/HHAKTE4X"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/HHAKTE4X"],"itemData":{"id":524,"type":"webpage","title":"Legal Marijuana: It Could Save Our Health Care Industry and Economy","container-title":"IVN.us","abstract":"Now that enough time has passed to make an informed assessment of MJ's impact on the economy, it is clear that there are real and lasting effects...","URL":"https://ivn.us/2017/08/09/marijuana-could-save-health-care-industry-economy/","shortTitle":"Legal Marijuana","language":"en","issued":{"date-parts":[["2017",8,9]]},"accessed":{"date-parts":[["2019",4,18]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (“Legal Marijuana”). Marijuana is also beneficial for the patient with anxiety and depression disorder. Doctors prescribe medication that uses marijuana as it can exacerbate various mental health conditions. The use of medical marijuana shows the rapid changes in the state where government have legalized its use. The result also indicates the positive impact of marijuana in medication. The negative impact as well as cost of marijuana is less than the alternative drugs being used in medication.

Benefits to Economy:

The way marijuana can have positive impact on healthcare system, it can also boom economy in many ways. The marijuana market reached to about nine billion dollars in 2016 where number is increasing every year. Both legal and illegal markets of marijuana are showing the positive trend that means if the government legalizesthe marijuana in all the states, the illegal shares of marijuana market can come under the umbrella of government revenue. Only two states that are Colorado and California are making 92 percent of America’s medical marijuana sales and there are more than 25 million eligible patients in the country. Many other states like Maine, Rhode Island, Vermont, and New Mexico are making revenue by using marijuana in healthcare field.

If government legalizesthe marijuana, it will increase the substantial amount of revenue. Both federal and state government will be able to increase its economic growth. The revenue can be generated by applying the business tax, payroll tax deductions, and retail tax. Through these taxes not only revenue will increase but the job opportunities will also increase. The job market can be accelerated as with the increase in sale of marijuana, demand for labor in farming, processing, distributing, and retailing will also rise. In other words cannabis supply chain will be the main cause of rise in jobs. When both the government and citizen will get the benefits, investors will also get attracted to the marijuana industry. As government already legalizes the marijuana in some of its states, these changes can be observed easily. Marijuana is one of the most growing industries in America. Therefore, investors are more willing to invest in this industry.

Another benefit to the economy of the government through legalization of marijuana can be observed through law enforcement costs. Billions of dollars are being saved in the states where marijuana is fully or partially legal. Reports indicate that enforcement costs of marijuana in federal are about 3.6 billion dollars each year. This cost can be dropped by legalizing the marijuana in the federal state. Lastly, the price of marijuana can be reduced by legalizing it. When people can buy marijuana legally, its price will automatically reduce and all the revenue can be used legally for the positive growth of the economy ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"OmbpAXZX","properties":{"formattedCitation":"({\\i{}The Economic Effects of the Marijuana Industry in Colorado})","plainCitation":"(The Economic Effects of the Marijuana Industry in Colorado)","noteIndex":0},"citationItems":[{"id":523,"uris":["http://zotero.org/users/local/rVaVAHaF/items/8A33MGFM"],"uri":["http://zotero.org/users/local/rVaVAHaF/items/8A33MGFM"],"itemData":{"id":523,"type":"webpage","title":"The Economic Effects of the Marijuana Industry in Colorado","URL":"https://www.kansascityfed.org/publications/research/rme/articles/2018/rme-1q-2018","accessed":{"date-parts":[["2019",4,18]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (The Economic Effects of the Marijuana Industry in Colorado).

Conclusion:

Marijuana is the drug which is beneficial for healthcare as well as economy of the country. Many doctors prefer marijuana for the treatment of their patients and research indicates that marijuana is more beneficial for patient with chronic disease, anxiety, and depression. The economy can also be strengthened by legalizing the marijuana as it will lead to the increase in revenue, investment, high jobs, and low price of marijuana.

Work Cited

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY “Legal Marijuana: It Could Save Our Health Care Industry and Economy.” IVN.Us, 9 Aug. 2017, https://ivn.us/2017/08/09/marijuana-could-save-health-care-industry-economy/.

The Economic Effects of the Marijuana Industry in Colorado. https://www.kansascityfed.org/publications/research/rme/articles/2018/rme-1q-2018. Accessed 18 Apr. 2019.

How Vietnam Can Leverage On Its Comparative Advantage In The Coffee Industry

How Vietnam can Leverage on its Comparative Advantage in the Coffee Industry

Your Name (First M. Last)

School or Institution Name (University at Place or Town, State)

How Vietnam can leverage its comparative advantage in the coffee industry

Alejandra, Maria; Gutierrez-Viana, Santiago (2010). Cooperation in coffee markets: The case of Vietnam and Colombia.

The author Maria in this article made a comparison between Vietnam and Columbia which are the two major exporting countries for coffee. By using value chain analysis, she concluded that both countries have diverse strategies to be the most competitive countries in the world. The difference in the progress can fluctuate through the trade relationship they made with other countries. This study directly hit my topic about comparative advantage and need for leverage. As Vietnam is already competitive in the coffee industry, therefore to maintain its place in the market leverage on its comparative advantage would be beneficial.

Minh, H. T., Trang, D. T. N., & Chen, J. (2016). Applying the DRC (Domestic Resource Cost) Index to Evaluate the Competitive Advantage of Dak Lak Coffee. Open Access Library Journal, 03, 1.

In this article, Hoang did not discuss Vietnam production, but it is useful to know some factors that have an impact on the coffee industry. Results show that fluctuation in world price market, intrinsic weaknesses affect the effectiveness of coffee production which means for my topic factors that should be noticed include the fluctuation in the international market as well as domestic weaknesses.

Rosiana, N., Nurmalina, R., Winandi, R., & Rifin, A. (2017). THE LEVEL OF COMPARATIVE ADVANTAGES OF WORLD MAIN COFFEE PRODUCERS. Buletin Ilmiah Litbang Perdagangan, 11(2), 227–246.

In this article, Rosiana studied the level of comparative advantage of the main coffee producer. Through analysing the competition between the countries, he concluded that production of the coffee is less than the demand of the coffee. This finding is useful for me as it indicates that if Vietnam increases its production to meet the world coffee demand, it can raise its comparative advantage.

Aron Torok, Tamas Mizik , Attila Jambor. (2018). The Competitiveness of Global Coffee Trade. International Journal of Economics and Financial Issues, 2018, 8(5), 1-6

In the article, Aron indicated that Vietnam, Columbia, and Brazil are the largest producers of the coffee. He explained that coffee trade is basically to be a strong member of a developed market. He concluded that Vietnam is doing just great by specialising in coffee production; he just needs to focus on the stability and duration tests. It is relevant to the topic as the test is based on comparative advantage and covered the progress of Vietnam which is positive. Therefore it indicated the positive correlation between the leverage and high coffee production.

Dannenberg, P., & Kulke, E. (2016). Economic Development in Rural Areas: Functional and Multifunctional Approaches.

In this article Adriana studied the progress of Vietnam coffee industry in terms of value added, external shocks, infrastructure, and innovation through branding and marketing, and international relations. The result shows that Vietnam can compete as long as they achieve to produce enough coffee quantity. Also, they should focus on consumer preference and corporation with other countries. It is relevant to my study as it identifies the factor of consumer preference which means if the demand for coffee is high then leverage would be beneficial for the industry.

Nguyen, T. V., Nguyen, T. V., Bosch, O. J. H., Nguyen, T. V., & Nguyen, N. C. (2017). Identifying key success factors in supply chain management for increasing the competitive advantages of Vietnamese coffee. Competitiveness Review, 27(5), 438–461.

In this article, Thich identified the factors in supply chain management which can result in the rise in competitive advantages for Vietnam in the coffee industry. Through a sequential approach, scholar concluded that supply change method is beneficial for Vietnam and high investment can boost the coffee industry. Therefore for me, it is useful as it indicates that investment through leverage is beneficial.

Gutierrez‐Viana, S., & Gonzalez‐Perez, M. (2012). Cooperation in coffee markets: the case of Vietnam and Colombia. Journal of Agribusiness in Developing and Emerging Economies, 2(1), 57–73.

In this article scholars argued that with the increase in coffee production, economic benefits for farmers would increase and the negative impact on the environment will be decreased. The result shows that farmer reduce fifty per cent of environment pressure by producing coffee. Therefore this article indicated the two more factors that can be a significant part of my research. It will help me to find out my research question of leverage for comparative advantage in coffee production.

Mighty, M. A. (2017). “We Likkle, but We Tallawah”: Maintaining Competitive Advantage in the Crowded Specialty Coffee Market. Journal of International Food & Agribusiness Marketing, 29(1), 70–91.

In this article, Mighty discussed the competitive advantage of Jamaican coffee industry. The study indicates that moderate bargaining power is the key point to increase the comparative advantage. It is relevant to my topic as research is focusing on the factor that can affect the comparative advantage and it can help me to determine the role of leverage for Vietnam comparative advantage.

Tham, A., Fleischman, D., & Jenner, P. (2018). Spilling the social capital beans: a comparative case study of coffee service enterprises within Asia-Pacific. Asia Pacific Business Review, 24(2), 150–173.

In this article study of the coffee franchise and coffee, the roaster is discussed. Results show that social capital and strong organisation can help in better economic outcome. Also, strong networks and consumer loyalty can increase the demand of the consumer. It is relevant to my topic as it indicates that leverage for the coffee industry is not just beneficial for international trade. It can also increase demand domestically.

Lý, N. V. H. & M. T. Đ. (2017). Competitiveness of Vietnam Coffee Industry and its Trend. Journal of Economic Development, 53–58.

In this article, scholars have used indexes to study the competitiveness and comparative advantage of Vietnam coffee industry. Findings show that Vietnam has the highest comparative advantage in the coffee industry. Therefore, Vietnam can save foreign currencies by increasing investment in coffee production. This research directly hits my topics as it shows that leverage will beneficial to increase the comparative advantage.

Mai, T. C., Shakur, S., & Cassells, S. (2018). Testing vertical price transmission for Vietnam’s Robusta coffee. Australian Journal of Agricultural and Resource Economics, 62(4), 563–575.

This article highlighted the market reform that Vietnam has faced from the past three decades. The coffee industry is the one which is highly market driven. Scholars investigated the impact of the coffee industry on the economy through both the negative and positive price fluctuations. The result indicated that price fluctuation develops the behaviour of the producers. When price increases in the international market, domestic prices show a rapid increase but when price decreases in the international market then producer take a while to lower their prices on the domestic level. It means that the domestic output of the coffee industry highly depends on international prices. This article is useful to study the factor related to the comparative advantage that is the price.

Fanggidae, R. E., Fanggidae, R. P. C., & Kamuri, K. J. (2019). Productivity Factor Analysis of Timor Coffee in Coffee Industry. Presented at the International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2018), Atlantis

This article discussed the world fourth largest coffee industry that is Indonesia. This article is not discussing Vietnam, but I have chosen this article to know about the progress of the competitive industry of Vietnam and their policies to make a comparison between the two countries. The study shows that Indonesia is a developing country and coffee industry is one of the positive factors of the economic growth of the country. Indonesia uses 15% of the total land for coffee production. Indonesia requires selling power to increase its export.

Amir, I. T., Indah, P. N., & Widayanti, S. (2018). Spices Coffee : Innovation Strategy To Increase Quality On Powder Coffee Farmers. Journal of Physics: Conference Series, 953, 012242.

The purpose of the article is to make research on spices coffee industry. Strategy for technological innovation in spices coffee is necessary as it can help in improving the competitiveness of the coffee producers. It will be significant to the added value of the products. Scholarly concluded that government role is vital for the spice coffee industry. Technological assistance and support for the development should be provided by the government to increase the comparative advantage. The government can change policies or increase investment through leverage to support aggressive growth.

Tuong, T. T., Arslan, A., Branca, G., & Trinh, M. V. (2018). Bio-Economic Assessment of Climate-Smart Tea Production in the Northern Mountainous Region of Vietnam. Rochester, NY: Social Science Research Network.

In this article, findings of coffee industry related to climate change are being discussed. The results are indicating that the coffee industry of Vietnam is playing a role to achieve net margins, high family labour, and return to capital. It means the coffee industry is playing an important role in the economic growth of the country. Therefore through proper environmental security and climate-smart agriculture country can achieve a higher comparative advantage. It requires investment for the implementation of useful strategies.

Setyastuti, R., Adiningsih, S., & Widodo, T. (2018, May 6). The Dynamics of Comparative Advantage in the ASEAN Region [MPRA Paper].

In this article, scholars claim that international trade highly depends on the dynamic comparative advantage. Vietnam is one of the biggest coffee producers, but as to competitiveness, Ethiopia, Uganda, and Honduras have the highest comparative advantage. It concluded for me that even after producing a high quantity of coffee, a comparative advantage for the country is relatively low. Therefore factors that control the competitiveness in the market should be taken into account.

Hoang, V. V. (2018). Investigating the evolution of agricultural trade specialisation in transition economies: A case study from Vietnam. The International Trade Journal, 0(0), 1–18.

The article investigates the trade specialisation of Vietnam in the international market. Through trend analysis, OLS method, and Markov matrix scholar concluded that with the increase in highly specialised industry, there is a decrease in the degree of specialisation. On the other hand with the increase in the low specialised industry, there is an increase in the degree of specialisation. This finding goes against my topic as a result indicated that instead of investing in the coffee industry, Vietnam should increase its investment in less specialised industry to increase its comparative advantage.

Rosiana, N., Major of Agricultural Economics, G. S. of B. A. U., Nurmalina, R., Department of Agribusiness, (2018). Dynamics of Indonesian Robusta Coffee Competition Among Major Competitor Countries. 2528-7222.

The article studied the behaviour of different markets. Asian market behaves differently than the European market, and therefore comparative advantage varies in the global market. Comparative advantage depends on the export destination and consumer behaviour. After studying these two factors, the country should invest in the industry. Leverage on the coffee industry should be used if the coordinating country is providing a high advantage.

Viere, T., von Enden, J., & Schaltegger, S. (2011). Life Cycle and Supply Chain Information in Environmental Management Accounting: A Coffee Case Study, Environmental Management Accounting and Supply Chain Management (pp. 23–40).

In the article which is the part of a book discussed the supply and demand in the coffee industry. The competitiveness between Brazil and Vietnam is discussed. The article indicated the factors that give the coffee industry high comparative advantages. It includes government policies, strategies of the producers and the relationship with other countries. Vietnam should increase its investment so it can achieve the highest comparative advantage with high competitive qualities.

Tran, Nguyen– South East Asia Journal of Business Economics and Law. South East Asia Journal of Contemporary Business, Economics and Law, Vol. 15, Issue 6 (April).

In this article, the development of agriculture is studied. It is not directly linked to the leverage issue on the comparative advantage of the coffee industry, but it is useful to determine the agriculture factors that affect the coffee industry. The study tells us that agriculture plays a vital role in the economic growth of the country. Therefore it is necessary to bring Vietnam agriculture to achieve sustainable development.

Grogan, L. (2018). Labor Market Conditions and Cultural Change: Evidence from Vietnam. Journal of Human Capital, 12(1), 99–124.

In the article, Grogan is talking about the investment to gain the opportunities in Vietnam industry. The result shows that the investment in labour can bring prosperity. It is relevant to my topic as it highlighted the reason why Vietnam should increase its investment. Through leverage, Vietnam can increase its labour power which can be useful to achieve a high comparative advantage in the coffee industry.

Revilla, D. J. (2016). Vietnam 30 years after Doi Moi: achievements and challenges. Zeitschrift Für Wirtschaftsgeographie, 60(3), 121–133.

In the article, Revilla discussed the economic policies made by the Vietnam government. The change in economic policies brings remarkable changes in the economy. It leads the country to the distinctive Movement. Through the change in economic policy, Vietnam achieved cheap labour, stability, sustainability, low environmental issues, and high comparative advantage for the coffee industry. It shows that politics play an important role in economic growth. The government should think for the leverage on the comparative advantage for the coffee industry.

Ho, T. Q. (2018). Economic analysis of sustainable coffee production in Vietnam (phd). Queensland University of Technology.

Through this article, scholar presented the analysis of sustainable coffee production in the country. Results are indicating that certified coffee farm is better than the uncertified coffee farm. Overall both types of the farm are raising economic growth. The industry is facing the tradeoff between efficiency of environment and cost. It means that in o to control the cost and environmental efficiency, policies should be made and through investing in the industry issues can be resolved.

Le, T. H. (2017). Trade Impacts of the European Union – Vietnam Free Trade Agreement: The Sussex Framework Analysis

This article is the most useful source among all the articles, as it is indicating the current trade conditions. The scholar studied the impact of the free trade agreement between Vietnam and the European Union. With the help of both quantitative and qualitative analysis scholar concluded that Vietnam is a developing country. Through free trade agreement, Vietnam will face a positive impact on the economy. FTA will provide new opportunities as well as challenges to the country. This article is not focusing on the comparative advantage of the coffee industry, but international relation has a great impact on coffee exports. Therefore, it is useful to add this tool to my research.

Fox, J. A. (2008). Confronting the Coffee Crisis: Fair Trade, Sustainable Livelihoods and Ecosystems in Mexico and Central America. MIT Press.

In this article comparative advantage of the coffee industry is discussed by focusing on the ecosystem. The environment of Vietnam is required to improve. Eco-efficiency is positively correlated with the supply chain of coffee. It is relevant to my topic as analysing the requirement of leverage need for comparative analysis will become easy to understand through the ecosystem factor.

References

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Setyastuti, R., Adiningsih, S., & Widodo, T. (2018, May 6). The Dynamics of Comparative Advantage in the ASEAN Region [MPRA Paper]. Retrieved March 12, 2019, from https://mpra.ub.uni-muenchen.de/86541/

Tham, A., Fleischman, D., & Jenner, P. (2018). Spilling the social capital beans: a comparative case study of coffee service enterprises within Asia-Pacific. Asia Pacific Business Review, 24(2), 150–173. https://doi.org/10.1080/13602381.2018.1431255

Tuong, T. T., Arslan, A., Branca, G., & Trinh, M. V. (2018). Bio-Economic Assessment of Climate-Smart Tea Production in the Northern Mountainous Region of Vietnam (SSRN Scholarly Paper No. ID 3300008). Rochester, NY: Social Science Research Network. Retrieved from https://papers.ssrn.com/abstract=3300008

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Le, T. H. (2017). Trade Impacts of the European Union – Vietnam Free Trade Agreement: The Sussex Framework Analysis (SSRN Scholarly Paper No. ID 2932079). Rochester, NY: Social Science Research Network. Retrieved from https://papers.ssrn.com/abstract=2932079

Mai, T. T. H., & Yen, N. T. H. (2018). VIETNAM’S AGRICULTURE TOWARDS SUSTAINABLE DEVELOPMENT: OPPORTUNITIES, CHALLENGES AND SOLUTIONS IN THE CONTEXT OF INTERNATIONAL ECONOMIC INTEGRATION NOWADAYS, 15(6), 8.

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Amir, I. T., Indah, P. N., & Widayanti, S. (2018). Spices Coffee : Innovation Strategy To Increase Quality On Powder Coffee Farmers. Journal of Physics: Conference Series, 953, 012242. https://doi.org/10.1088/1742-6596/953/1/012242

Fanggidae, R. E., Fanggidae, R. P. C., & Kamuri, K. J. (2019). Productivity Factor Analysis of Timor Coffee in Coffee Industry. Presented at the International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2018), Atlantis Press. https://doi.org/10.2991/teams-18.2019.16

Mai, T. C., Shakur, S., & Cassells, S. (2018). Testing vertical price transmission for Vietnam’s Robusta coffee. Australian Journal of Agricultural and Resource Economics, 62(4), 563–575. https://doi.org/10.1111/1467-8489.12260

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Viere, T., von Enden, J., & Schaltegger, S. (2011). Life Cycle and Supply Chain Information in Environmental Management Accounting: A Coffee Case Study. In R. Burritt, S. Schaltegger, M. Bennett, T. Pohjola, & M. Csutora (Eds.), Environmental Management Accounting and Supply Chain Management (pp. 23–40). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-1390-1_2