tag:blogger.com,1999:blog-82263402241787992422024-03-12T21:34:42.865-07:00The world Economyounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-8226340224178799242.post-3092010362801397662012-06-25T02:46:00.001-07:002012-06-25T02:46:51.951-07:00Where have all the truck drivers gone?<div id="controls"><br />
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<div class="post-content content"><div style="text-align: justify;">When people talk about the transport and logistics market, they usually think trucks, ships, planes and trains or even roads, airports and ports. What won’t be at the front of their minds are the people required to operate these assets, or the managers who plan the movement of goods across global supply chains.</div><div style="text-align: justify;">This is not merely an inconvenient fact. Right across the world, the industry is being undermined by a skills shortage which is impacting efficiencies, not just for the transport and logistics sector but also for the manufacturers and retailers who use their services.</div><div style="text-align: justify;"></div><a name='more'></a>This is one reason why I address the issue in this year’s “Outlook on the Logistics & Supply Chain Industry 2012”. The document comprises a series of papers written by 11 Members of the Global Agenda Council on Logistics & Supply Chains on issues of key importance to the logistics industry. Members of the Council have identified what they regard as some of the major challenges confronting the logistics industry and suggest ways of dealing with them.<br />
<div style="text-align: justify;">When Transport Intelligence undertook a survey for the World Economic Forum last year to look at the extent of the problem, it was found that 64% said they had difficulty recruiting good employees.</div><div style="text-align: justify;">Probing a little deeper into why this was the case, the problems, it seems, can be characterized by issues related to both supply and demand. For example, many logistics companies said that it is difficult to find good quality candidates with the right skills. This is obviously a supply issue related to the state of education, over which the logistics industry has little control.</div><div style="text-align: justify;">On the other hand, it is within the industry’s power to address the reasons why many good candidates fail to be attracted to the sector. For example, the survey identified pay levels and a low industry profile in schools and colleges, as well as a poor industry image.</div><div style="text-align: justify;">One way in which the industry can improve its public perception is through campaigns run by industry bodies such as the CSCMP and the CILT. Advertising by logistics companies, including UPS and DHL, will also play a role, especially relating logistics to high profile public events, including the Olympics. A partnership approach between these organizations and government agencies would seem to be an effective route to developing logistics as a career option for many school leavers and graduates.</div><div style="text-align: justify;">What is clear is that many companies must break out of the present spiral of decline in which they find themselves. Without good quality staff, logistics companies cannot expect to create value in supply chains. Without adding value, their customers will continue to pressurize margins, making it even more difficult for companies to attract and afford good quality staff. With this in mind, it is surely in the best interest of all stakeholders to address supply chain talent as a strategic priority.</div><div style="text-align: justify;">Read the report published by the World Economic Forum’s Global Agenda Council on Logistics and Supply Chain Industry.</div><div style="text-align: justify;"><i>Author: John Manners-Bell is Editor and Chief Executive Officer, Transport Intelligence, United Kingdom, and a Member of the Forum’s Global Agenda Council on Logistics & Supply Chains.</i></div><div style="text-align: justify;"><i>Image: A driver is seen in his vehicle in a line of trucks stuck on the road during a severe winter snow near Urziceni, 57 km (35 miles) northeast of Bucharest January 27, 2012.</i> <i> REUTERS/Bogdan Cristel</i></div></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-10444776960890779622012-06-25T02:37:00.000-07:002012-06-25T02:37:40.626-07:00Regional and Country Competitiveness<img height="224" src="http://forumblog.org/wp-content/blogs.dir/1/mp/image-cache/14-06-2012-09-51-30.a8c394db2a758013f8cce688cf6381bd.jpg" width="400" /><br />
The European Union (EU) is going through one of the most difficult periods since its establishment, with multiple challenges facing the region’s policy-makers.<br />
While many countries are struggling to recover from the worst financial and economic downturn since the Great Depression and some economies are even facing sovereign default for the first time in 60 years, political discontent is mounting. Some gloomy forecasts portend a lost decade for growth unless decisive action is taken at scale and speed to address the bottlenecks to reform that are strangling economic development. However, amid all of the short-term fire fighting, it is critical not to lose sight of the fact that to address the underlying concerns in the region, Europe must become more competitive.<br />
<h2><a name='more'></a>Ranking: who are the most competitive European economies?</h2><h1> The 4 Europes <span> The competitiveness divide in Europe </span> </h1><div class="introduction"> The EU is not a homogeneous entity in terms of competitiveness. On the contrary, large disparities exist among Member States. The findings from the Europe 2020 Competitiveness Report show that there are four broad groups of countries with distinctive performances. The results point to the complexity and difficulties of bridging the competitiveness divides in Europe. </div><h2>Europe 2020 Competitiveness Report</h2>The World Economic Forum’s <em>Europe 2020 Competitiveness Report </em>focuses on measuring Europe’s performance in becoming smart, inclusive and environmentally sustainable. It is the first in a series to measure the region’s performance against the European Commission’s own Europe 2020 growth strategy and especially around seven flagship initiatives: enterprise environment, digital agenda, innovative Europe, education and training, labour market and employment, social inclusion and environmental sustainability.<br />
<h2>What are competitive economies?</h2>Competitive economies are those that are able to provide high and rising livings standards, allowing all members of a society to contribute to and benefit from high levels of prosperity.<br />
<h2>What are the main findings and recommendations of the Europe 2020 Competitiveness report?</h2>The report researches and monitors to what extent the EU is making progress to achieve these competitiveness goals. In brief, the main findings of the report show that:<br />
<ul><li>In comparative terms, the <strong>EU tends to perform better than other advanced economies</strong> (United States, Japan and Canada) in ensuring inclusive and sustainable societies…</li>
<li>But it <strong>lags behind in terms of becoming a smarter place</strong>, hindering therefore its capacity to shift towards truly differentiated, higher value added activities and sustain its economic competitiveness.</li>
<li>A more nuanced analysis shows that in terms of inclusion, <strong>Europe provides better social cohesion policies but fails to provide the right conditions for gainful employment</strong> for large shares of its population.</li>
<li>The EU underperforms in every single pillar that builds a smarter, knowledge-intensive society.The gap is evident in building a highly skilful, digital savvy, innovative economy with favourable business conditions for entrepreneurship.</li>
<li>The aggregate data for the EU masks large national disparities. A tale of <strong>four very different Europes emerges and shows the important competitiveness divide in the EU</strong>, with the Nordic countries leading the way internationally and several southern, central and eastern European countries falling behind.</li>
<li>In general, accession and candidate countries, with the exception of Iceland, have a low competitiveness profile, lagging in virtually all analysed dimensions. Preparing them for accession will require the addressing of their specific competitiveness weaknesses.</li>
</ul>From this analysis, a number of policy insights can be derived for both individual Member States and the European Union as a whole. The ten key findings and recommendations are highlighted in the box below.<br />
<ol><li>High levels of economic prosperity cannot be sustained without high levels of competitiveness.</li>
<li>While addressing fiscal imbalances is crucial for short-term stability and to regain confidence, improving competitiveness is essential to supporting medium- and long-term prosperity.</li>
<li>The European Union on average trails the world’s most advanced economies on building a smarter economy, hindering competitiveness. Building a knowledge-based society should be a priority to build a truly differentiated offer.</li>
<li>A competitiveness divide exists in the European Union. The likely result will be a lack of sufficient economic and social convergence across Member States.</li>
<li>In general, candidate countries face important competitiveness challenges.</li>
<li>There are no necessary trade-offs between building a smart economy and achieving an inclusive or environmentally sustainable society.</li>
<li>Fragmentation in the internal market for tradable services, insufficient openness to trade and administrative and cultural barriers for an effective free movement of people hinder overall competitiveness in Europe.</li>
<li>There is a sense of urgency and scale to undertake the necessary investments and implement the necessary reforms to boost competitiveness and avoid a lost decade for Europe. Innovative financing mechanism need to be further explored.</li>
<li>The necessary reforms will require political leadership to overcome vested interests and to create shared commitment by all agents of the economy so that the effects of the reforms are perceived as fair and worth the necessary pain.</li>
<li>Efforts to raise competitiveness need to be coordinated and sequenced in a way that they generate public support within the political cycle.</li>
</ol><h1>2012 Ranking of Europe’s best competitive economies</h1><h2>Sweden<br />
Rank: 1st</h2>Sweden maintains the lead from last year. This is driven by a large focus on education and training to skill its workforce, as well as an excellent enterprise environment with healthy competition in the national market, a strong culture of entrepreneurship, well developed clusters, and financing that is more readily available than in many other parts of Europe. Sweden also has made great strides to encourage the uptake of the latest digital technologies to enhance productivity and innovation.<br />
<h2>Finland<br />
Rank: 2nd</h2>Finland’s enterprise environment fosters business creation, supported by readily available finance for business investment. It also occupies the top position in the higher education and training pillar, the result of a strong focus on education over recent decades. This has provided the workforce with the skills needed to adapt rapidly to a changing environment and has laid the groundwork for high levels of technological adoption and innovation.<br />
<h2>Denmark<br />
Rank: 3rd</h2>Denmark receives strong marks for its innovative capacity, it stands out most particularly for its top rank in the area of “inclusive Europe”. This represents a marked difference with regard to the other Nordic countries, with Denmark continuing to distinguish itself through the benefits of its flexicurity system as it has one of the most efficient labour markets internationally, combined with a strong social safety net.<br />
<h2>Netherlands<br />
Ranked: 4th</h2>The Netherlands demonstrates one of the strongest competitiveness performances in Europe. This should provide a solid base for a recovery in economic growth. Overall, the country has been able to build a highly productive, knowledge-intensive, service-based economy. A high-quality educational and training system coupled with a good uptake of technology and innovation and innovative business practices have provided the foundations for doing so.<br />
<h2>Austria<br />
Ranked: 5th</h2>Austria’s greatest strength relates to the environmental sustainability, with extensive use of renewable energy in the country and well enforced environmental regulations, as well as an unpolluted environment and relatively low CO2 emissions. Austria also has strong provisions of social services in the country, and strong labour market participation, particularly among the young.<br />
<h2>Germany<br />
Ranked 6th</h2>German companies are among the most innovative in the world, spending heavily on R&D and displaying a high capacity for innovation — complemented by the country’s harnessing of the digital agenda for higher productivity. Germany is also relatively successful in its environmental sustainability efforts with well-enforced environmental legislation leading to rather strong environmental outcomes.<br />
<h2>The United Kingdom<br />
Ranked 7th</h2>The United Kingdom has a strong leveraging of ICT, which is instrumental in supporting business innovation in the services sector, high levels of training and favourable business conditions related to high levels of competition and available financing via local equity markets and venture capital. Despite this relatively strong position, the country still faces some problems in providing gainful employment for some segments of the population, especially for youth<br />
<h2>Luxembourg<br />
Ranked 8th</h2>Luxembourg presents a competitiveness profile that can be regarded as in transition. With an economy largely driven by the financial sector, the country has embarked on a diversification strategy aimed at developing ICT and innovation as new sources of economic growth and employment. Overall, despite benefiting from very favourable conditions for business activity, the country still trails neighbouring countries in building a smart economy.<br />
<h2>Belgium<br />
Ranked 9th</h2>Belgium presents a competitiveness profile that reflects in many ways the average position of Western Europe, with strengths in many pillars and the need to improve in a number of others in order to create a smart, inclusive and sustainable economy. The country has traditionally benefited from a very high-quality education and training system that has provided a skilful labour force, including a large number of scientists and engineers and a strong scientific base. In general, pro-business policies, despite the very high taxation system, have provided the right conditions for businesses to develop their activities.<br />
<h2>France<br />
Ranked 10th</h2>France has a stronger performance in the “smart Europe” and environmental sustainability components than in those measuring inclusiveness. A relatively strong education and training system has provided the basis for a business sector that is aggressive in adopting digital technologies for productivity enhancements. These attributes have resulted in a relatively innovative business culture, with high R&D spending, highly qualified scientists and engineers available in the country, and with a strong culture of marketing that helps to get new ideas picked up by the market.<br />
<h2>Estonia<br />
Ranked 11th</h2>Estonia greatest strength relates to the country’s digital agenda, driven by strong ICT laws, high government prioritization and strong company use of ICT. Its enterprise environment is supportive overall.<br />
<h2>Ireland<br />
Ranked 12th</h2>Ireland, until recently a European “poster child” of rapid growth, demonstrates a need to create better conditions for innovation in order to regain a sustainable growth path. The country can count on a range of good assets to do so. A traditionally good quality and well performing educational system has created a dynamic and skilful labour force, including scientists and engineers, who are instrumental in boosting the technological capacity of the country. Moreover, the dense network of national universities has also managed to create a scientific base that scores high at the European level, and pro-business policies have facilitated the creation of a highly entrepreneurial culture.<br />
<h2>Slovenia<br />
Ranked 13th</h2>Slovenia’s educational system turns out large numbers of graduates with fairly good skills and knowledge, and the country has a stronger capacity for innovation than most countries from the region, due to high levels of R&D expenditure, many available scientists and engineers and numerous patent applications<br />
<h2>Portugal<br />
Ranked 14th</h2>Portugal’s competitiveness remains somewhat mediocre after a lost decade of economic growth. Creating an innovation-driven economy will require several reforms and important investments in knowledge generation areas, such as education and training or R&D, which may be difficult to attain in a period of sharp fiscal consolidation. In terms of reforms, the country needs to improve the efficiency of the educational and innovation systems. While enrolment rates are reasonably high, especially in secondary education, the quality of the overall educational system lags behind other European countries.<br />
<h2>Spain<br />
Ranked 15th</h2>Spain has not managed to fully shift towards a knowledge-based economy. The rapid economic growth that Spain experienced over the past fifteen years came to an end with the financial and economic crisis that brought to light the country’s competitiveness weaknesses. These hinder its capacity to sustain economic growth and have caused strong employment adjustments in the population.<br />
<h2>The Czech Republic<br />
Ranked 16th</h2>The Czech Republic is characterized by an inclusive economy, led by low income inequality as measured by Gini coefficient and an efficient labour market with a healthy relationship between pay and productivity. Its enterprise environment attains a performance similar to the European average with relevant strengths in local competition, openness to foreign investments and non-distortive taxation.<br />
<h2>Cyprus<br />
Ranked 17th</h2>Labour market efficiency and labour participation are the main drivers of the country’s inclusive economy. Flexibility on hiring and firing practices does not generate major frictions between labour and employers and youth unemployment is somewhat lower than in many other European economies.<br />
<h2>Malta<br />
Ranked 18th</h2>Malta has one of the lowest youth unemployment levels in Europe, relatively low income inequality and widespread access to healthcare. Compared to Cyprus, Malta has a sounder digital agenda with excellent government prioritization of ICT and sizeable access to basic online services.<br />
<h2>Latvia<br />
Ranked 19th</h2>Latvia is not sufficiently geared towards a knowledge-based economy. Despite efficient labour markets, considerable segments of society do not benefit from rising prosperity. Putting growth on a more stable footing will require reforms and investments in a number of areas.<br />
<h2>Lithuania<br />
Ranked 20th</h2>Lithuania’s moderately efficient labour market ensures comparatively high employment in the country and benefits from the largest share of women in the labour force in the EU. The cornerstones of the country’s productivity are the progressive digital agenda, which ensures that the latest technologies have the desired impact as well as solid results on education and training, reflecting in particular the country’s high enrolment in tertiary institutions.<br />
<h2>Italy<br />
Ranked 21st</h2>Italy still has some strengths in its enterprise environment, in particular its well developed clusters, broad presence in the value chain and corporate activity spread among many firms, ensuring competition. Also, Italy is characterized by its ability to compete based on its unique products and processes rather than on low costs or natural resources.<br />
<h2>The Slovak Republic<br />
Ranked 22nd</h2>The country’s enterprise environment benefits from higher levels of competition, better functioning clusters and a better framework for entrepreneurship than many other European economies.<br />
<h2>Poland<br />
Ranked 23rd</h2>Competitiveness is supported by the country’s relatively good educational outcomes reflected in rather high tertiary enrolment rates and high quality of education, as assessed by the OECD’s PISA study, as well as by a training system that benefits from numerous training institutions and enterprises providing on the job training to their employees.<br />
<h2>Hungary<br />
Ranked 24th</h2>Hungary’s traditional strengths in innovation and ICTs are mirrored by good results in these two areas. The country benefits from a good availability of scientists and engineers, some collaboration between universities and industry and a capacity for innovation that is higher than in most East European economies.<br />
<h2>Greece<br />
Ranked 25th</h2>Although Greece demonstrates some good performances on individual indicators it decidedly struggles in achieving both smart and inclusive growth.<br />
<h2>Romania<br />
Ranked 26th</h2>Romania has a comparatively acceptable level of renewable energy production and CO2 intensity. At the same time, Romania trails almost all EU economies.<br />
<h2>Bulgaria<br />
Ranked 27th</h2>Bulgaria is still in the process of reinforcing its institutions. The labour market and employment area represents Bulgaria’s main strength. Flexibility in hiring and firing practices and a healthy relationship between pay and productivity make the labour market relatively efficient, while the relatively high participation of women in the labour force is a competitive strength.ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-82155744563296882972011-11-29T08:17:00.000-08:002011-11-29T08:17:14.409-08:0015 Smart Things Adam Smith Said About Money<!--[if !mso]> <style>
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<div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;"><br />
</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Adam Smith. Father of capitalism. Coined "the invisible hand." Wrote the oft referred to but rarely read, "Wealth of Nations."</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">He was also a deeply odd guy who mumbled to himself in public, lived with his mother until she died and ordered all of his many papers burned upon his death. But that is all beside the point.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;"></span></div><a name='more'></a>What he was not, was brief. His "Wealth of Nations" ran to five volumes. Here are some choice and chosen words about an issue that looms large: Money.<br />
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</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">1.We want money to buy thingsGoods can serve many other purposes besides purchasing money, but money can serve no other purpose besides purchasing goods.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">It is not for its own sake that men desire money, but for the sake of what they can purchase with it.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Excerpt from The Wealth of Nations</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">2.You need money to make moneyA great stock, though with small profits, generally increases faster than a small stock with great profits. Money, says the proverb, makes money. When you have a little, it is often easier to get more. The great difficulty is to get that little.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Excerpt from The Wealth of Nations</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">3.The pursuit and exchange of money is uniquely human</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Excerpt from The Wealth of Nations</span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">4.The first money was labor</span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Labour was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased.</span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">Excerpt from The Wealth of Nations<span style="mso-spacerun: yes;"> </span></span></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%;">5. It is our nature to accumulate money</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The natural effort of every individual to better his own condition is so powerful, that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><img border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image001.gif" style="border-bottom-style: none; border-left-style: none; border-right-style: none; border-top-style: none; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;" width="1" /></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">6. If you have money, you should be able to spend it as you see fit</span></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">It is the highest impertinence and presumption, therefore, in kings and ministers, to pretend to watch over the economy of private people, and to restrain their expense, either by sumptuary laws, or by prohibiting the importation of foreign luxuries.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
</span>7. The joy of having money is to show it off </h2><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br style="mso-special-character: line-break;" /> <br style="mso-special-character: line-break;" /> </span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">With the greater part of rich people, the chief enjoyment of riches consists in the parade of riches, which in their eye is never so complete as when they appear to possess those decisive marks of opulence which nobody can possess but themselves.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"> </span></h2><h2 style="text-align: justify;"><span style="color: black;">8.</span> We want payment on land we control </h2><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
9.</span> The production and sale of goods is not for the welfare of others</h2><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;">10. Monopolies are a fact of life</h2><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br />
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<i>Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></i></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
11.</span> Taxes should be gentle</h2><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Every tax ought to be so contrived as both to take out and to keep out of the pockets of the people as little as possible, over and above what it brings into the public treasury of the state.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
12.</span> Taxes should be convenient</h2><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Every tax ought to be levied at the time, or in the manner, in which it is most likely to be convenient for the contributor to pay it.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> <br />
<br />
<i>Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></i></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
13.</span> The government's job is to protect those who have money from those who don't</h2><div class="MsoNormal" style="text-align: justify;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"><br />
</span><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
14.</span> Times get rough when too many people don't have money</h2><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">No society can surely be flourishing and happy, of which the greater part of the members are poor and miserable. It is but equity, besides, that they who feed, clothe, and lodge the whole body of the people, should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed, and lodged.</span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Excerpt from <span style="color: blue; text-decoration: none; text-underline: none;">The Wealth of Nations</span><span style="mso-no-proof: yes;"><img alt="http://www.assoc-amazon.com/e/ir?t=thebusiinsi-20&l=as2&o=1&a=161382081X&camp=217145&creative=399373" border="0" height="1" src="file:///C:/DOCUME%7E1/koi/LOCALS%7E1/Temp/msohtmlclip1/01/clip_image002.gif" width="1" /></span></span></i><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"></span></div><h2 style="text-align: justify;"><span style="color: black;"><br />
</span>15. Catch up on more reading</h2><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><b><a href="</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt;"> </span><b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">http://download-today2010.blogspot.com/"><b>PLEASE SEE more </b></a></b>Click<span style="color: blue;"> to</span> purchase a copy of Adam Smith's "Wealth of Nations." </span></b></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com1tag:blogger.com,1999:blog-8226340224178799242.post-60188096939568685472011-11-29T07:34:00.000-08:002011-11-29T07:34:20.137-08:00Adam Smith<img alt="" class="uh_hi" data-height="211" data-width="239" height="353" id="rg_hi" src="http://t0.gstatic.com/images?q=tbn:ANd9GcSdCsNSv3Ii2AzjNN5uzT6xG-ZSxPj6z9RyJXUvmpBdoeIeLYcz" width="400" /><div class="intro" style="text-align: justify;"><span style="font-size: large;">Chris Berry, Professor of Political Theory at University of Glasgow is a leading expert on the life and work of one of the University of Glasgow's most famous academics.</span></div><span style="font-size: large;"> </span><div style="text-align: justify;"><span style="font-size: large;"></span></div><a name='more'></a><span style="font-size: large;">Adam Smith was born in Kirkcaldy in 1723. He entered Glasgow University at the early - but for the time not unusual - age of fourteen.</span><br />
<div> </div><div style="text-align: justify;"><span style="font-size: large;">He studied logic, metaphysics, maths and later Newtonian physics and moral philosophy under some of the leading scholars of the day. In 1740 Smith was awarded a Snell Scholarship (which is still in existence today) to study at Balliol College, Oxford. Smith preferred Glasgow, however, because Oxford’s curriculum was antiquated and he thought the teachers were lazy since, in contrast to Glasgow, their salary did not depend on the number of students taught.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">After a period of freelance lecturing, Smith returned to Glasgow University, first as Professor of Logic in 1751 and then a year later as Professor of Moral Philosophy, a post he held until he left academia in 1764.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">The mid-eighteenth century saw a period of intense intellectual activity, known as the Scottish Enlightenment. Universities were key players in this outburst of enquiry, with Glasgow a major force. Smith himself is of course the figure of overwhelming historical significance. But he was not alone. Smith’s fellow professoriate included pioneering chemists William Cullen and Joseph Black, as well as engineer and inventor James Watt who also worked at the University). Another historically important figure is a pupil of Smith's, John Millar. Who became Professor of Jurisprudence and the author of a key work in what we would call historical sociology.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">The seeds of Smith's two great books were sown in his professorial years. The Theory of Moral Sentiments appeared in 1759 and drew on his lectures. It went through six editions in his lifetime. Smith's intellectual range as a lecturer was extensive. Beyond courses in philosophy and jurisprudence he also discussed history, literature and language. He maintained his interest in science and wrote an essay on the history of astronomy. This is notable not only for the breadth of Smith's knowledge but also as an attempt to link the development of different astronomical accounts to a basic human propensity to seek order.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">Although his second great book the Wealth of Nations was published in 1776 we know that he had already considered many of its leading themes at Glasgow as he lectured on as he put it: 'those arts which contribute to subsistence, and to the accumulation of property, in producing correspondent movements or alterations in law and government'. In 1787 Smith was elected Rector of the University and in a letter of thanks remarked that he remembered is professorial days as 'by far the most useful and therefore as by far the happiest and most honourable period of my life'.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">If Smith of popular repute is the ‘father of capitalism’, the advocate of ‘market forces’, the enemy of government regulation and believer in something called the ‘invisible hand’ to produce optimum economic outcomes then he would be a disappointed parent. All his work is deeply steeped in moral philosophy. Indeed the simple fact that the final edition of the Moral Sentiments containing extensive revisions appeared in 1790, the year of his death, tells us is that Smith’s commitment to the moral point of view endured alongside and beyond the publication of the Wealth of Nations.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">The Moral Sentiments is a leading example of a particular approach to moral philosophy – one that regards it not as sets of rationally or Divine ordained prescriptions but as the interaction of human feelings, emotions or sentiments in the real settings of human life. In many ways it is a book of social and moral psychology. What we can call economic behaviour is necessarily situated in a moral context. But more than that the key theme of the book is an opposition to the view that all morality or virtue is reducible to self-interest. Indeed his opening sentence declares that everyday human experience proves that false, he writes: "How selfish soever a man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derive nothing from it except the pleasure of seeing it".</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">Our morality is founded on certain truths about human nature. Everyone is capable of sympathy, or fellow-feeling, and that ability enables us to imagine what we would feel if we were in the situation of another and, once we have made that imaginative move, we can then judge whether those feelings are appropriate. We have to learn about ‘situations’ but Smith believes that happens because humans are social creatures.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">Smith illustrates the natural fact of human sociality by likening society to a mirror. It is this responsiveness to others - pleasure in their approval, pain in their disapproval - that Smith used to explain why the rich parade their wealth while the poor hide their poverty. The rich value their possessions more for the esteem they bring than any use they get from them and it is this disposition to "go along with the passions of the rich and powerful" that establishes the foundation for distinctions of status. And it is this desire for esteem that explains the incentive, we all possess, to better our condition. This is one of the links between the Moral Sentiments and the Wealth of Nations. In many ways the moral interactions Smith describes in Moral Sentiments bear on the practices that characterise his contemporary commercial society. The very complexity of that society meant that the bulk of inter-personal dealings were with strangers.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">A ‘society of strangers’ is a commercial society which Smith identifies in the Wealth of Nations as one where 'everyman is a merchant'. A commercial society's coherence - its social bonds - do not depend on love and affection. You can coexist socially with those to whom you are emotionally indifferent. As Smith famously said:</span></div><div style="text-align: justify;"> </div><div class="textsplash" style="text-align: justify;"><span style="font-size: large;"><span class="container">"it is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves not to their humanity but to their self-love and never talk to them of our own necessities but of their advantages. Nobody but a beggar chuses to depend chiefly upon the benevolence of his fellow-citizens"</span></span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">Nothing in this means that Smith is denying the virtuousness of benevolence. When Smith came to write the Wealth of Nations he made it clear that the ‘wealth’ lay in the well-being of the people. This covered not only their material prosperity but also their moral welfare. Accordingly he thought to be in poverty is to be in a miserable condition and commerce is to be praised for improving human life.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">The great achievement of the Wealth of Nations was to discern the principles of order in the seeming chaos of commercial or market behaviour – it wasn’t random, it could be reduced to some simple principles. It was for this reason that Smith was described as the Newton of political economy. It is no idle fact that the full title is Inquiry into Nature and Causes of the Wealth of Nations.<br />
<br />
He identifies basic principles such as the human propensity to ‘truck, barter and exchange’ that he argues underlies the division of labour but says that this depends on a market and that requires some institutional structures like those that uphold justice such as government and how that in turn mutually relies on principles of public finance.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">All of this is placed by Smith into a historical narrative. In his Glasgow lectures he had outlined an account of four stages of social organisation focused around the characteristic form of economic endeavour – hunter-gatherer, herder, farmer, commerce - and in the Wealth of Nations he gives a set-piece account of the transition from the farming to commerce. This process of social change was not brought about by deliberate human policy. This fact reveals for Smith a general truth about social life, namely, that it is pervaded by unintended consequences. This supports the widely-held view of Smith as an opponent of attempts to direct ‘the market’ but, in fact, what he really opposes is the attempt to direct individual’s activities, their ‘natural liberty’ to pursue their own ends in their own way. This is itself a ‘moral’ position and Smith never abandons that perspective.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">In the opening chapters of the Wealth of Nations, he celebrates the productiveness of the division of labour with the example of pin-makers but later notes that those whose lives were spent performing a "few simple operations" were rendered "stupid and ignorant" and were incapable of "forming any just judgment concerning many even of the ordinary duties of private life". The 'morality' into which these individuals are socialised is defective; the 'mirror' in which they see themselves reflects back to them to their "mutilated" condition. This is the probable course of events, says Smith, unless "the public" takes remedial steps by instituting a subsidised system of elementary schooling. This example clearly illustrates how Smith's social and moral theories cannot be fully understood in isolation and must be seen as a whole.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;">Adam Smith’s legacy has had global impact and it is fitting that the work of a world-historical figure was forged in this world-class University.</span></div><div style="text-align: justify;"> </div><div style="text-align: justify;"><span style="font-size: large;"><strong>Chris Berry, </strong></span><strong><span style="font-size: large;">Professor of Political Theory,<br />
University of Glasgow </span></strong></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-48932123454621632752011-11-29T07:27:00.001-08:002011-11-29T07:27:48.432-08:00The Adam Smith Contradiction: Theory of Moral Sentiments & Wealth of Nations -- Rey Ty<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/wYw_xRgAkTM?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/wYw_xRgAkTM?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-27270570221034139892011-11-29T07:25:00.000-08:002011-11-29T07:25:50.341-08:00ADAM SMITH<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/pU0QA2u1K4A?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/pU0QA2u1K4A?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-79082028680658414402011-11-29T07:21:00.001-08:002011-11-29T07:25:14.251-08:00Adam Smith (1723-1790)<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/Z92pjQVgqmY?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/Z92pjQVgqmY?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-1563608557343476772011-11-25T18:09:00.000-08:002011-11-25T18:09:15.130-08:00Business Plan<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/VHjUszQLCIQ?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/VHjUszQLCIQ?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-912991182834860962011-11-25T18:04:00.000-08:002011-11-25T18:04:06.757-08:00FDI International Global Mobile Cell Phone Launch Review & Countries<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/AFTGKh-9cmo?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/AFTGKh-9cmo?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-82868066662031160722011-11-25T17:57:00.001-08:002011-11-25T17:57:27.204-08:00Capital inflows, foreign direct investment, portfolio investment in Africa<object style="height: 390px; width: 640px;"><param name="movie" value="http://www.youtube.com/v/iBrrt-jCqnA?version=3&feature=player_detailpage"><param name="allowFullScreen" value="true"><param name="allowScriptAccess" value="always"><embed src="http://www.youtube.com/v/iBrrt-jCqnA?version=3&feature=player_detailpage" type="application/x-shockwave-flash" allowfullscreen="true" allowScriptAccess="always" width="640" height="360"></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-2523508598117180602011-11-25T17:52:00.000-08:002011-11-25T17:52:54.556-08:00Portfolio Investment<div style="text-align: justify;"><span style="font-size: large;">1. Investment in securities that is intended for financial gain only and does not create a lasting interest in or effective management control over an enterprise.<br />
2. Investment in an assortment or range of securities, or other types of investment vehicles, to spread the risk of possible loss due to below expectations performance of one or a few of them. See also direct investment.</span></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-14218602025744492742011-11-25T17:48:00.001-08:002011-11-25T17:51:31.614-08:00Direct Investment<div style="text-align: justify;"><span style="font-size: large;">Defined by the International Monetary Fund (IMF) as "Investment that is made to acquire a lasting interest in an enterprise operating in an economy other than that of the investor, the investor's purpose being to have an effective voice in the management of the enterprise." In practice, this translates to an equity holding of 10 percent or more in the foreign firm.</span></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-46596255992874633902011-11-25T16:59:00.000-08:002011-11-25T16:59:12.127-08:00Trade in Services<b>Trade in Services</b> refers to the sale and delivery of an intangible product, called a service, between a producer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services.<br />
<a href="http://www.blogger.com/goog_1623804674"> </a>International trade in services is defined by the <i>Four Modes of Supply</i> of the General Agreement on Trade in Services (GATS).<br />
<a href="http://www.blogger.com/goog_1623804674"> </a><ul><li>(Mode 1) Cross border trade, which is defined as delivery of a service from the territory of one country into the territory of other country;</li>
<li>(Mode 2) Consumption abroad - this mode covers supply of a service of one country to the service consumer of any other country;</li>
<li>(Mode 3) Commercial presence - which covers services provided by a service supplier of one country in the territory of any other country, and</li>
<li>(Mode 4) Presence of natural persons - which covers services provided by a service supplier of one country through the presence of natural persons in the territory of any other country.</li>
</ul><a href="http://www.blogger.com/goog_1623804674"> </a>A "Natural person" is a human being, as distinct from legal persons such as companies or organisations. Countries can freely decide where to liberalize on a sector-by-sector basis, including which specific mode of supply they want to cover for a given sector.ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-83755658357570500512011-11-24T18:40:00.001-08:002011-11-24T18:40:26.846-08:00Europe's debt: Pressure's on<object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" height="356" id="ep" width="384"><param name="allowfullscreen" value="true" /><param name="allowscriptaccess" value="always" /><param name="wmode" value="transparent" /><param name="movie" value="http://i.cdn.turner.com/money/.element/apps/cvp/4.0/swf/cnn_money_384x216_embed.swf?context=embed&videoId=/video/news/2011/11/23/n_euro_bonds_explained.cnnmoney" /><param name="bgcolor" value="#000000" /><embed src="http://i.cdn.turner.com/money/.element/apps/cvp/4.0/swf/cnn_money_384x216_embed.swf?context=embed&videoId=/video/news/2011/11/23/n_euro_bonds_explained.cnnmoney" type="application/x-shockwave-flash" bgcolor="#000000" allowfullscreen="true" allowscriptaccess="always" width="384" wmode="transparent" height="356"></embed></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-39716557166624066352011-11-23T06:32:00.000-08:002011-11-23T06:32:16.071-08:00The longest rail tunnel in the world<object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" height="374" id="ep" width="416"><param name="allowfullscreen" value="true" /><param name="allowscriptaccess" value="always" /><param name="wmode" value="transparent" /><param name="movie" value="http://i.cdn.turner.com/cnn/.element/apps/cvp/3.0/swf/cnn_416x234_embed.swf?context=embed_edition&videoId=business/2011/11/22/gateway-anderson-gotthard-tunnel-zurich.cnn" /><param name="bgcolor" value="#000000" /><embed src="http://i.cdn.turner.com/cnn/.element/apps/cvp/3.0/swf/cnn_416x234_embed.swf?context=embed_edition&videoId=business/2011/11/22/gateway-anderson-gotthard-tunnel-zurich.cnn" type="application/x-shockwave-flash" bgcolor="#000000" allowfullscreen="true" allowscriptaccess="always" width="416" wmode="transparent" height="374"></embed></object>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-32038487416221833032011-11-21T15:30:00.000-08:002011-11-21T15:30:23.353-08:00THE FULL CIRCULAR FLOW<center> <span style="font-size: large;"><img alt="Closed Market System" border="0" height="360" src="http://www.anewgreenitude.info/closed%20market%20system.jpg" title="Mech" width="390" /></span> <span style="font-size: large;"><br />
</span><span style="font-size: large;">(Credit: http://www.eoearth.org/article/Neoclassical_economic_theory)</span></center><div style="text-align: justify;"><span style="font-size: large;"> This image depicts the variables in our current economic system, but take note that there is no environmental variable, no mention of resources as non renewable, the model is predicated on the assumption that those inputs will never run out. These outside forces that threaten the stability of the closed system are considered exogenous, and thus not incorporated into the market flow.</span></div><div style="text-align: justify;"><span style="font-size: large;"> How can this even be deemed as acceptable in today’s reality? Damage to ecological stability is an essential cost of production that could lead to the self-decimation of our species and yet economic theory hasn’t even been modified to account for the real effects of our global market system. How many tons of coal were burned to power the production of this project that was then shipped via a massive form of transport completely reliant upon oil, emitting carbon dioxide into the atmosphere that stays there for a hundred years rapidly warming the biosphere in which human life is preciously cradled? Am I supposed to ignore this phenomena of truth? </span></div><div style="text-align: justify;"><span style="font-size: large;"> Religious Narrative was the original attempt to explain the unexplainable by the human species. </span></div><div style="text-align: justify;"><span style="font-size: large;"> Sometime after the random mutation leading to the repositioned Larynx and the development of language human beings became conscious of themselves, conscious of an inner self that is, and they began to ask those questions which are inherent to our species.</span></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-27943014525598695142011-11-21T15:26:00.000-08:002011-11-21T15:26:12.724-08:00The 12 Fastest Growing Economies For 2012<div style="text-align: justify;"><span style="font-size: large;">The year 2011 has been a roller coaster ride of sorts.<br />
<br />
The 12 Fastest Growing Economies For 2012<br />
</span></div><h2> </h2><div class="field field-type-filefield field-field-story-image"> <div class="field-items"> <div class="field-item odd"> <img alt="The 12 Fastest Growing Economies For 2012 " class="imagecache imagecache-story imagecache-default imagecache-story_default" height="252" src="http://www.economywatch.com/files/imagecache/story/story/shutterstock_85791577.jpg" title="The 12 Fastest Growing Economies For 2012 " width="448" /> </div></div></div><div style="text-align: justify;"><span style="font-size: large;"><br />
<br />
It began with the Tunisians toppling their authoritarian regime, which we soon realized was a catalyst for what many have labelled the “Arab Spring.” What we then saw was unprecedented – the power of collective action inspiring a suppressed generation across the Arab nations.<br />
</span></div><a name='more'></a><span style="font-size: large;">See the Slide Show >>> 12 Fastest Growing Economies for 2012 Egypt disposed of their dictator Hosni Mubarak. Libya experienced a hostile armed struggle for months, before Muammar el-Qaddafi was eventually captured by rebels.<br />
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Japan was struck by successive disasters, namely the devastating Tsunami, followed by the equally devastating Fukushima nuclear disaster.<br />
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Financial markets didn’t fare too well either in 2011. Across major world indices, the numbers are mostly at a lower level than what they were at the start of 2011.<br />
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The United States recovered slightly from its 2008/09 subprime mortgage crisis which eventually morphed into a global credit crunch. Though the economic vital stats for the world’s largest economy are mostly showing signs of recovery, persistently high unemployment rates continue to plague the country.<br />
<br />
ver in Europe, the governmental debt crisis saw the PIIGS crumble, with political leaders in Italy and Greece ousted from office for failing to adequately manage their nation’s finances. German Chancellor Angela Merkel recently called the crisis “Europe’s worst crisis since the Second World War.” If you ask Dr. Doom, aka Nouriel Roubini, what to expect for 2012, this is what he has to say:<br />
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“The endgame for the eurozone has begun”<br />
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“Marx was right – Capitalism has is on a self-destructive path”<br />
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“Eurozone divorce imminent”<br />
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Roubini, who is famed for accurately predicting the U.S. housing market crash and global recession in 2008, is not alone in his warning calls. The Federal Reserve Bank is predicting a 50% chance of a U.S. recession in 2012, while institutions like the OECD and UBS have cut growth forecasts for the United Kingdom and eurozone.<br />
<br />
But the outlook for 2012 is not all that pessimistic. Looking at the numbers pulled from our EconStats Database, the top 3 economies poised for growth next year (Niger, Iraq and Angola) are set to clock in double digits growth.<br />
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A further investigation reveals the growing strength of Asian and African economies.<br />
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Many doubts have been raised about the future of the Chinese economy. Some say the Chinese housing market is a bubble waiting to burst, while others point out that China’s inflation and overdependence on exports would eventually spell doom for its economy.<br />
<br />
But as many other analysts have argued, China is most likely to experience a soft landing. As Stephen Roach, non-executive Chairman of Morgan Stanley Asia, writes:<br />
<br />
China’s economy is slowing. This is no surprise for an export-led economy dependent on faltering global demand. But China’s looming slowdown is likely to be both manageable and welcome. Fears of a hard landing are overblown. (cont.) An increasingly unbalanced Chinese economy cannot afford persistent 10% GDP growth. Provided that there is no recurrence of the severe external demand shock of 2008 – a likely outcome unless Europe implodes – there is good reason to hope for a soft landing to around 8% GDP growth. A downshift to this more sustainable pace would provide welcome relief for an economy long plagued by excess resource consumption, labour-market bottlenecks, excess liquidity, a large buildup of foreign-exchange reserves, and mounting inflationary pressures.<br />
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For China, there is a deeper meaning to recent global developments. A second major warning shot in three years has been fired at this export-led economy. First, the United States, and now Europe – China's two largest export markets are in serious trouble and can no longer be counted on as reliable, sustainable sources of external demand. As a result, there are now major questions about the sustenance of China's long powerful export-led growth model.<br />
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Accordingly, China has no choice but to move quickly to implement the pro-consumption initiatives of its recently enacted 12th Five-Year Plan. Strategic transition is what modern China is all about. That’s what happened 30 years ago, when economic reform began. And it needs to happen again today. For China, a soft landing will provide a window of opportunity to press ahead with the formidable task of increasingly urgent economic rebalancing.<br />
<br />
Read more of Myths debunked – Why China will have a soft landing by Stephen S. Roach here.<br />
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In terms of growth forecasts, China’s GDP is expected to reach $7.209 trillion in 2012 with a growth rate of 9.52 percent. In contrast, major advanced economies in the G7 are looking at a collective growth average of just 2.45 percent.<br />
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India too, is looking forward to a good year in 2012. GDP is forecasted at $1.858 trillion, a 7.82 percent increase from 2011. Home to the second largest population in the world, Goldman Sachs predicts that India would become the third largest economy in the world by 2035, just behind the United States and China.<br />
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Globally, companies have their eyes set on India as a rapidly growing nation that is full of opportunities. The sheer scale of development needed could drive growth for many years.<br />
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India has the advantage of size. The scope of growth and excess capacity present in terms of resources would drive growth in the future, said Madan Sabnavis, chief economist at Care.<br />
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But in what would come as a surprise for many - It is indeed time for Africa.<br />
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In the article, Africa Rising: Can “The Dark Continent” Outshine Its Former Colonial Masters?, writer Raymond Tham argues that “there has been a paradigm shift where African nations are now leading the world in economic growth and can more hold their own against their ex-colonial masters.”<br />
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And the numbers speak for themselves. Niger, Angola, Liberia, Ethiopia, Mozambique, Zambia feature in the 12 fastest growing economies for 2012.<br />
<br />
Related Slideshow: 12 Fastest Economies For 2012<br />
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According to Tham, “While their former colonial masters were bickering over possible solutions for a debt crisis that is slowly eating away at the heart of Europe, some African states were quietly presenting their own structural reforms that have helped them to manage national debt and public finances.”<br />
<br />
(cont.) Not long ago, Angolans were the ones who were flocking to Portugal in order to flee a civil war and start a new life. Yet today, a complete role reversal has happened. In 2007-2008, Portugal’s foreign ministry registered 45,000 Portuguese citizens living and working in Angola. Barely a year later, the figure jumped to 92,000. Today, there are over 3,000 Portuguese companies in Angola, with Portuguese immigrants said to have grown exponentially over the past five years. Things are different in Angola. Blessed with an abundant supply of crude oil, and now backed by Chinese money, Angola was forecasted to be the 7th fastest growing economy in the world for 2011 by the IMF, and looks ready to accept more and more Portuguese immigrants to their country.</span>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-91638816900737312852011-11-21T15:13:00.000-08:002011-11-21T15:13:37.074-08:00THE PHASES OF THE BUSINESS CYCLE<img alt="http://2.bp.blogspot.com/-MelWW9GfgXs/TmdUeYle3SI/AAAAAAAAAsc/W9Ja3GyvX9Q/s1600/phases-of-the-business-cycle4.jpg" height="295" src="http://2.bp.blogspot.com/-MelWW9GfgXs/TmdUeYle3SI/AAAAAAAAAsc/W9Ja3GyvX9Q/s400/phases-of-the-business-cycle4.jpg" width="400" />ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-41993760034792093022011-11-17T02:27:00.000-08:002011-11-17T02:27:13.957-08:00Debt is necessary for Cambodia's economic growth: economist<h3 class="post-title entry-title"> <a href="http://khmerization.blogspot.com/2011/11/debt-is-necessary-for-cambodias.html"><br />
</a> </h3><a href="http://www.iu.edu.kh/old-website/www.iu.edu.kh/oldweb/public/images/pictid/kangchandararoth.jpg"><img alt="" border="0" src="http://www.iu.edu.kh/old-website/www.iu.edu.kh/oldweb/public/images/pictid/kangchandararoth.jpg" style="cursor: hand; cursor: pointer; float: left; height: 243px; margin: 0 10px 10px 0; width: 181px;" /></a><br />
<span style="color: red;">Wednesday, 16 November 2011</span><br />
<div style="text-align: justify;"> <span style="color: #3333ff;">By Nguon Serath</span><br />
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<span style="color: #009900;">PHNOM PENH, <span style="color: #6600cc;">Nov 16 </span></span>- Cambodia now has USD 3.3 billion <span class="IL_AD" id="IL_AD1">in debt</span> which is expected to increase every year as the government needs more <span class="IL_AD" id="IL_AD9">money</span> to develop the country. [<a href="http://khmerization.blogspot.com/2011/11/state-borrowing-may-spike-as-cambodias.html" style="color: #6600cc;">Other sources put Cambodia's debt at $8 billion</a>].<br />
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The government is blamed by the opposition for <span class="IL_AD" id="IL_AD2">the debt</span>. However, an <span class="IL_AD" id="IL_AD3">economist</span> said that Cambodia needed more money for economic growth and that debt had little impact on the future of Cambodia if effectively used.<br />
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“If the government uses that money for economic development, it will boost economic growth,” said Kang Chandararath (pictured), president of the Cambodian Institute for Study and Development </div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-44447650014379746112011-11-17T01:27:00.000-08:002011-11-17T01:27:11.969-08:00Interim Greek Government Wins Confidence Vote<div class="articleSpanImage"><img alt="" border="0" height="330" src="http://graphics8.nytimes.com/images/2011/11/17/world/17greece/17greece-articleLarge.jpg" width="600" /> <div class="credit">Yiorgos Karahalis/Reuters</div><div class="caption">Prime Minister Lucas Papademos of Greece addressed parliament before a vote of confidence on Wednesday in Athens. </div></div><br />
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<div style="text-align: justify;">ATHENS — Greece’s new interim government comfortably won a vote of confidence on Wednesday, though the unity of the coalition, which must secure crucial rescue financing and save the country from default, appeared tenuous. </div><div style="text-align: justify;"> </div><a name='more'></a>The government of Prime Minister Lucas Papademos, a former vice president of the European Central Bank, secured 255 votes in the 300-seat Parliament. In a poll conducted by roll call, 38 lawmaker voted against the government and seven were absent. Only three members in the three-party coalition — two from the Socialist party, Pasok, and one from a conservative party, New Democracy — voted against the government. <br />
<div style="text-align: justify;"> Speaking before the vote, Mr. Papademos appealed for the widest possible support for his administration’s bid to put the country’s fiscal house in order. “Each vote corresponds to a vote of responsibility to ensure that the effort to rescue the economy continues,” he said. </div><div style="text-align: justify;"> The prime minister said that for foreign creditors to continue working with Greece, the leaders of all three parties in the coalition would have to offer the written guarantees sought by foreign creditors — a clear nudge to the conservative and right-wing parties that have rejected the demand. “This commitment is being asked of Greece by our foreign partners who are committing to many years of financial support to Greece,” Mr. Papademos said. </div><div style="text-align: justify;"> The government’s victory, though anticipated, was an important step toward securing the rescue financing that Greece needs to pay its bills through December as well as a step toward clinching <a href="http://www.nytimes.com/2011/10/27/world/europe/german-vote-backs-bailout-fund-as-rifts-remain-in-talks.html" title="Times article.">a European Union debt deal for Greece</a> that was hammered out in Brussels last month. That deal calls for an additional $175 billion in loans and a 50 percent write-down on the face value of Greek debt held by private banks. But this support is far from guaranteed, and it is expected to be the main topic of discussion between Mr. Papademos and European Union officials in Brussels next Monday. </div><div style="text-align: justify;"> One possible stumbling block is the refusal by the leader of the conservative New Democracy party in the coalition, Antonis Samaras, to give European Union officials written guarantees that the new deal’s terms will be met. Mr. Samaras repeated Wednesday that his support for the new coalition government, which has pledged to carry out the deal, should be adequate. His remarks were echoed by the leader of a right-wing party, Giorgos Karatzaferis. </div><div style="text-align: justify;"> Mr. Samaras’s stance has been dismissed by many analysts as posturing. But he has yet to back down, and European Union officials appear unwilling to take no for an answer. </div><div style="text-align: justify;"> On Wednesday, Jean-Claude Juncker, the president of the Euro Group, an organization of European finance ministers, said he expected a sixth tranche of aid for Greece — a sum of about $10.7 billion on which the country’s solvency depends — to be released by the end of November. </div><div style="text-align: justify;"> But he added that European Union officials required a “letter from Papademos.” Mr. Juncker did not mention the coalition leaders, but his spokesman was later quoted by Greek state television as saying that the letter would need to bear the signatures of the leaders of the two main parties in the Greek coalition — Mr. Samaras and former Prime Minister George A. Papandreou of the previous Socialist administration. </div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-38921847075249159682011-11-16T04:45:00.000-08:002011-11-16T04:45:51.032-08:00New York court upholds eviction of Occupy protesters<object classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" height="374" id="ep" width="416"><param name="allowfullscreen" value="true" /><param name="allowscriptaccess" value="always" /><param name="wmode" value="transparent" /><param name="movie" value="http://i.cdn.turner.com/cnn/.element/apps/cvp/3.0/swf/cnn_416x234_embed.swf?context=embed_edition&videoId=bestoftv/2011/11/15/tsr-harlow-occupy-wall-street-park-ruling.cnn" /><param name="bgcolor" value="#000000" /><embed src="http://i.cdn.turner.com/cnn/.element/apps/cvp/3.0/swf/cnn_416x234_embed.swf?context=embed_edition&videoId=bestoftv/2011/11/15/tsr-harlow-occupy-wall-street-park-ruling.cnn" type="application/x-shockwave-flash" bgcolor="#000000" allowfullscreen="true" allowscriptaccess="always" width="416" wmode="transparent" height="374"></embed></object><br />
<div style="text-align: justify;"><b>New York (CNN)</b> -- A New York Supreme Court ruled Tuesday that Occupy protesters will be allowed to return to Zuccotti Park, but they can't bring their tents and generators -- once a mainstay of the movement.</div><div></div><div style="text-align: justify;"><br />
<a name='more'></a>The Lower Manhattan property has been a home for the loosely defined group for nearly two months, spawning similar demonstrations in cities nationwide and around the world.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Police in riot gear cleared out them out early Tuesday morning, a move that attorneys for the demonstrators say was unlawful.</div><div style="text-align: justify;"></div><div style="text-align: justify;">But Justice Michael Stallman ruled in favor of city officials and Brookfield Properties, the park's owner and developer, who have each raised health and sanitation concerns.</div><div style="text-align: justify;">The order does not prevent Zuccotti park demonstrations, but says protesters' First Amendment rights not do include remaining there "along with their tents, structures, generators, and other installations to the exclusion of the owner's reasonable rights and duties to maintain" the area.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Stallman said protesters' rights cannot come at the exclusion of those "who might wish to use the space safely."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Demonstrators cried foul.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"It's hard to expect much else," said protester Amos Fisher. "The rules are slanted in favor of money."</div><div style="text-align: justify;"></div><div style="text-align: justify;">New York mayor Michael Bloomberg, meanwhile, said the "court's ruling vindicates our position that First Amendment rights do not include the right to endanger the public or infringe on the rights of others by taking over a public space with tents and tarps."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Earlier Tuesday, at least two people were seen jumping over a metal barricade before they were forcibly removed by authorities.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Video of the park showed security officers picking up one protester and tossing the individual over the fence.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"The mayor, the police have been itching to do this for weeks," said Bill Dobbs, a spokesman for the loosely defined group. "We're here to raise an outcry about economic conditions and not get into confrontations with police."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Hundreds of police and private security guards filled the park and the surrounding area Tuesday, as demonstrators circled their former home base.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"We have an obligation to enforce the laws today, to make sure that everybody has access to the park so everybody can protest." Bloomberg said. "We also have a similar, just as important obligation to protect the health and safety of the people in the park."</div><div style="text-align: justify;"></div><div style="text-align: justify;">The operation to clear the park began around 1 a.m., the mayor said, with police handing out notices from the park's owner that said the continued occupation posed a health and fire hazard.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"You are required to immediately remove all property, including tents, sleeping bags and tarps, from Zuccotti Park," the note said. "That means you must remove the property now."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Police in riot gear then moved into the park, evicting hundreds of protesters.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Dozens of protesters who had camped out at the Lower Manhattan park since September 17 linked arms in defiance. Many chanted, "Whose park? Our park" and "You don't have to do this."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Police arrested more than 100 people, according to Deputy Police Commissioner Paul Browne.</div><div style="text-align: justify;"></div><div style="text-align: justify;">New York City Council member Ydanis Rodriguez was among those arrested, after he rushed down to the park when he heard police were evicting protesters, his spokesman, David Segal, told CNN.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Medical crews treated three people for minor injuries, Bloomberg said. A police officer was also hospitalized after experiencing heart palpitations, he said.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Continuing concerns about public health and safety and the impact of the protests on nearby businesses, as well as the rights of others to use the park, prompted city officials to dismantle the camp, Bloomberg said. While the city has a long history of embracing free expression, circumstances at the park had become "intolerable," he explained.</div><div style="text-align: justify;"></div><div style="text-align: justify;">The Occupy Wall Street website video-streamed the eviction under a banner headline that read, "NYPD is raiding Liberty Square." Liberty Square is the former name of the park.</div><div style="text-align: justify;"></div><div style="text-align: justify;">While many protesters left without resisting, many others moved to the center of the park to an area known as the "kitchen." There, they built barricades with tables to keep police away.</div><div style="text-align: justify;"></div><div style="text-align: justify;">The air was thick with smoke, which some protesters said was from tear gas that officers lobbed.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Others said officers took thousands of books from the camp's makeshift library and tossed them in Dumpsters.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"In an immense show of force, police have shown their presence," said Kanene Holder, a spokeswoman for the Occupy Wall Street movement. "I've seen how agitated the police are and some (are) pushing and shoving to remove us."</div><div style="text-align: justify;"></div><div style="text-align: justify;">CNN could not confirm those accounts, as police kept journalists a block and a half away from the park during the raid.</div><div style="text-align: justify;"></div><div style="text-align: justify;">However, CNN was able to obtain footage of piles of clothing, tents and tarps made by police as they cleaned out the park.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Later Tuesday, police said that protesters seeking to claim personal property that was removed from the park can do so starting Wednesday, at a specific Sanitation Department garage.</div><div style="text-align: justify;"></div><div style="text-align: justify;">By 4:30 a.m. Tuesday, the Lower Manhattan park was clear, with about 40 city crews in orange vests scraping up trash and pressure washing sidewalks.</div><div style="text-align: justify;"></div><div style="text-align: justify;">After briefly reopening around 8 a.m., the park closed again as city officials learned of a temporary restraining order issued by State Supreme Court Judge Lucy Billings.</div><div style="text-align: justify;"></div><div style="text-align: justify;">The order -- which was later denied during Tuesday's hearing, had allowed protesters to bring back tents and other equipment.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Police, however, did not immediately let them in, and a large group of demonstrators -- some of them apparently holding the court documents -- marched back to Zuccotti Park and presented the documents to police.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"We have a court order," the group chanted, as it wielded signs and circled the Lower Manhattan park. "You don't have authority over a judge," they yelled at police.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Several hundred protesters then marched from Foley Square, where they had gathered after Zuccotti Park was cleared, to City Hall, chanting "We are unstoppable, another world is possible" and "This is what democracy looks like."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Bloomberg said Occupy demonstrators "must follow the park rules if they wished to continue to use it to protest."</div><div style="text-align: justify;"></div><div style="text-align: justify;">"Protesters -- and the general public -- are welcome there to exercise their First Amendment rights, and otherwise enjoy the park, but will not be allowed to use tents, sleeping bags or tarps and, going forward, must follow all park rules," Bloomberg said.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"The law that created Zuccotti Park required that it be open for the public to enjoy for passive recreation 24 hours a day. Ever since the occupation began, that law has not been complied with, as the park has been taken over by protesters, making it unavailable to anyone else. ... The park was becoming a place where people came not to protest, but rather to break laws, and in some cases, to harm others," the mayor said.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Many protesters complied with the order to remove property, he said, but police and the city's Sanitation Department "assisted in removing any remaining tents and sleeping bags."</div><div style="text-align: justify;"></div><div style="text-align: justify;">While most protesters were peaceful, "an unfortunate minority" were not, Bloomberg said, prompting reports of businesses being threatened and complaints regarding noise and unsanitary conditions.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Many of the hundreds who left quickly reassembled two blocks away, chanting, "We are back together."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Jeremy Baratta, a 32-year-old Army veteran, called the health concerns that authorities cited a pretext.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"It was fairly clean," he said of the park. "No urine or fecal matter. There weren't things strewn about."</div><div style="text-align: justify;"></div><div style="text-align: justify;">Since the protests began in September, the encampment at the park had taken on an air of permanency, with tents covering the public plaza from one end to the other. Protesters said they were there for the long haul.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Last month, Bloomberg had ordered protesters to vacate the park so Brookfield workers could clean it, but Brookfield changed its mind after it said it was "inundated" with calls.</div><div style="text-align: justify;"></div><div style="text-align: justify;">On Monday, police in Oakland, California, conducted a similar raid when they moved in to the Occupy encampment at Frank Ogawa Plaza near City Hall and tore down tents. Officers made 33 arrests.</div><div style="text-align: justify;"></div><div style="text-align: justify;">The Tuesday morning eviction of Zuccotti Park comes ahead of plans by the protesters to "shut down" Wall Street on Thursday -- to mark the two-month anniversary of their movement.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Baratta, the Army veteran, said that the movement will continue whether or not the park serves as a base.</div><div style="text-align: justify;"></div><div style="text-align: justify;">"You're going to have to deal with us," he said. "We're not going to show up for an hour and then leave. They're going to have to acknowledge us."</div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-83114610143884665112011-11-11T18:44:00.000-08:002011-11-11T18:44:30.832-08:00Cambodia-Thai trade still on track<div style="text-align: justify;"><span style="font-size: large;">Thailand's worst floods in decades had not slowed trade with Cambodia, a Thai official in Phnom Penh said yesterday, claiming many products sought by Cambodia came from areas free of flooding.<br />
</span></div><a name='more'></a><span style="font-size: large;">Bilateral trade between the two countries rose nine per cent year-on-year in the first nine months to US$2.15 billion year-on-year, with Cambodia’s imports climbing 1.6 per cent to $2.02 billion, according to Thai embassy commercial counsellor Jiranan Wongmongkol.<br />
<br />
Those figures come despite a deluge of water across 25 of Thailand’s 77 provinces that has killed more than 500 people, according to the Thai government. <br />
<br />
“Trade exchange is normal, because the Thai products exported to Cambodia come from provinces not affected by the floods,” Jiranan Wongmongkol said. <br />
<br />
At the same time, some factories‘ inventories had suffered damage from the floods, she said.<br />
<br />
Cambodia’s exports, most often agricultural products, were also unaffected, given that the harvest season had passed before the flooding in both countries began.<br />
<br />
Cambodia has suffered extensive damage from the worst flooding in 10 years. <br />
<br />
The restoration of diplomatic ties following the election of Yingluck Shinawatra as prime minister in July was also listed as a reason for the continued trade between Thailand and Cambodia.<br />
<br />
Yingluck is the sister of former prime minister Thaksin Shinawatra. <br />
<br />
“If we keep good relations as we are doing now, our trade exchange will become as it was before,” Kong Putheara, director of the Ministry of Commerce’s statistics department, said, referring to the <br />
countries’ close relationship while Thaksin was PM.<br />
<br />
Some insiders, however, quest-ioned the notion that trade would continue without interruption.<br />
<br />
Thai Business Council of Cambodia deputy manager Kriegn Kria told the Post both countries would feel an impact from slowdowns in farming and manufacturing. <br />
<br />
“Things are not so good, because the floods have forced a lot of big factories to close down,” he said.<br />
<br />
Jiranan Wongmongkol admitted that the Cambodian market was becoming increasingly competitive, which might affect Thailand’s market share in Cambodia.<br />
<br />
Also, Cambodia was now manufacturing some of the products it had been importing from Thailand. Thailand typically exports petroleum, construction materials, food and consumer goods to Cambodia.<br />
<br />
Jiranan Wongmongkol said the Thai government planned to boost its engagement with Cambodian traders next year by holding two, rather than one, expositions in Phnom Penh and Battambang, with the aim of growing bilateral trade another 10 per cent. <br />
<br />
The Cambodian Ministry of Commerce will host the Ayeyawady-Chao Praya-Mekong Economic Co-oper-ation Strategy sixth annual trade fair on Diamond Island, in Phnom Penh, between December 15 and 18. At least 90 Thai companies are expected to attend.</span>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-36522183394437486862011-10-31T20:23:00.000-07:002011-10-31T20:23:12.045-07:00Yangon bound: New flights to Myanmar after delay<span style="color: red;"><strong>Yangon bound</strong></span><br />
Myanmar Airways International (MAI) is slated for a November 2 launch of bi-weekly flights between Phnom Penh and Myanmar’s economic hub and former capital, Yangon, Cambodian Aviation officials said yesterday.<br />
<br />
The flights – on 162-seat A320 jets – will transfer in Siem Reap before continuing on to Phnom Penh, Tep Sun Tary, director of air transport for the State Secretariat for Civil Aviation, said. <br />
<br />
The agreement for the flights was signed between the two countries’ tourism ministers earlier this year. The Post reported in September that Phnom Penh-Yangon flights would begin October 29. <br />
Inadequate preparation accounted for the delay, Tep Sun Tary said. MAI launched direct flights between Yangon and Siem Reap in February. Visitors from Myanmar increased more than 72 per cent, with 2,808 tourists in the first eight months of 2011, according to statistics from the Ministry of Tourism.<br />
<br />
Cambodian Tourism Minister Thong Khon said yesterday that the airlines’ extension to Phnom Penh would help attract more tourists to the three destinations.<br />
<br />
“We hope that the triangular flight will to boost the tourism industry in the two countries or in other ASEAN countries,” he said.ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-62459761217858879602011-10-31T20:18:00.001-07:002011-10-31T20:18:38.185-07:00New carriers to service Kingdom<div class="allshare_buttons allshare_button_r"><div style="border: none; float: right; margin-right: 10px;"><a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.phnompenhpost.com%2Findex.php%2F2011103152430%2FBusiness%2Fnew-carriers-to-service-kingdom.html&t=New%20carriers%20to%20service%20Kingdom%20%7C%20Business%20%7C%20The%20Phnom%20Penh%20Post%20-%20Cambodia%27s%20Newspaper%20of%20Record&src=sp" name="fb_share" style="text-decoration: none;" type="button_count"><span class="fb_share_size_Small "><span class="FBConnectButton FBConnectButton_Small" style="cursor: pointer;"><span class="FBConnectButton_Text"></span></span><span class="fb_share_count_nub_right "></span><span class="fb_share_count fb_share_count_right"><span class="fb_share_count_inner"></span></span></span></a></div></div><div class="mosimage" style="float: right; width: 383px;"><img alt="111031_07" height="255" src="http://www.phnompenhpost.com/images/stories/news/national/2011/111031/111031_07.jpg" width="383" /> <div class="mosimage_caption" style="width: 383px;"> <div align="right"><b> Photo by: Sovan Philong </b></div>Ground crew signal an Air France flight shortly after it landed at Phnom Penh International Airport in March. Two new airlines aim to service Cambodia, beginning this winter travel season.</div></div><br />
Two new Asian airlines will begin regular flights to Cambodia this winter in an airlines sector increasingly dominated by regional passengers, a Cambodia Airports official said on Friday. <br />
<br />
Tiger Airways, a Singapore-based airline, will operate daily A320 flights between Singapore and Phnom Penh and Singapore and Siem Reap, Emmanuel Menanteau, Cambodia Airports CEO, said during a press briefing on the winter flight season, which began yesterday. <br />
<br />
<a name='more'></a>Korean-owned Eastar Jet also plans to operate four weekly flights during the winter season between Seoul and Siem Reap on 149-seat B-737 jets. <br />
<br />
The number of passengers at Phnom Penh International Airport and Siem Reap International Airport rose 11 per cent and 14 per cent, respectively, during the first 10 months of 2011 compared to the same time last year, official airport statistics showed. <br />
<br />
Some 1.5 million passengers passed through Phnom Penh International Airport and an additional 300,000 are estimated before the end of the year, according to the statistics. Siem Reap International Airport saw nearly 1.4 million passengers between January and October, and Cambodia Airports expects a total of 1.7 million passengers by the end of the year. <br />
<br />
The company estimated that the passenger traffic at both airports should continues at its present pace. <br />
<br />
“In 2012, we estimate traffic will remain steady. It’s continuing growth around 10 per cent,” said Menanteau. “We still estimate that in 2012, the [GDP] growth will definitely be there: 7 per cent.” <br />
<br />
Most passengers were from Asian countries. As a result, economic slowdown in Western countries is not expected to stymie passenger growth, Menanteau said, although Cambodia Airports was watching carefully economic developments in the United States and the European Union.<br />
<br />
“We’ve seen a large increase in Asian passengers. They’re coming from China, Korea and Japan. We think that in the winter season, these passengers will still be the strongest source of growth for the Kingdom. So the impact [of Western economic slowdown] will not be so important.” <br />
<br />
Several other carriers will increase their flights in and out of the Kingdom as the tourist season approaches.<br />
<br />
Asiana Airlines, China Southern Airlines and three other airlines will increase flights for the winter season, which ends March 24. Twenty-three airlines operate in the country.ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0tag:blogger.com,1999:blog-8226340224178799242.post-32211040402183483672011-10-31T05:12:00.000-07:002011-10-31T05:13:47.845-07:00Aggregate Demand (AD) Curve<div style="text-align: justify;"><span style="font-size: large;">In macroeconomics, aggregate demand (AD) is the total demand for final goods and services in the economy (Y) at a given time and price level. It is the amount of goods and services in the economy that will be purchased at all possible price levels. This is the demand for the gross domestic product of a country when inventory levels are static. It is often called effective demand, though at other times this term is distinguished.<br />
<br />
</span><br />
<a name='more'></a><span style="font-size: large;">It is often cited that the aggregate demand curve is downward sloping because at lower price levels a greater quantity is demanded. While this is correct at the microeconomics, single good level, at the aggregate level this is incorrect. The aggregate demand curve is in fact downward sloping as a result of three distinct effects; Pigou's wealth effect, the Keynes' interest rate effect and the Mundell-Fleming exchange-rate effect.</span></div><div style="text-align: justify;"><br />
</div><h2 style="color: red;"><span style="font-size: large;"><span class="mw-headline" id="Components">Components</span></span></h2><div style="text-align: justify;"><span style="font-size: large;">An aggregate demand curve is the sum of individual demand curves for different sectors of the economy. The aggregate demand is usually described as a linear sum of four separable demand sources.[3]</span><br />
<br />
<span style="font-size: large;"> AD = C + I + G + (X-M) \ </span><br />
<br />
<span style="font-size: large;">where</span><br />
<br />
<span style="font-size: large;"> C \ is consumption (may also be known as consumer spending) = ac + bc(Y − T),</span><br />
<span style="font-size: large;"> I \ is Investment,</span><br />
<span style="font-size: large;"> G \ is Government spending,</span><br />
<span style="font-size: large;"> NX = X - M \ is Net export,</span><br />
<span style="font-size: large;"> X \ is total exports, and</span><br />
<span style="font-size: large;"> M \ is total imports = am + bm(Y − T).</span><br />
<br />
<span style="font-size: large;">These four major parts, which can be stated in either 'nominal' or 'real' terms, are:</span><br />
<br />
<span style="font-size: large;"> personal consumption expenditures (C) or "consumption," demand by households and unattached individuals; its determination is described by the consumption function. The consumption function is C= a + (mpc)(Y-T)</span><br />
<span style="font-size: large;"> a is autonomous consumption, mpc is the marginal propensity to consume, (Y-T) is the disposable income.</span><br />
<br />
<span style="font-size: large;"> gross private domestic investment (I), such as spending by business firms on factory construction. This includes all private sector spending aimed at the production of some future consumable.</span><br />
<span style="font-size: large;"> In Keynesian economics, not all of gross private domestic investment counts as part of aggregate demand. Much or most of the investment in inventories can be due to a short-fall in demand (unplanned inventory accumulation or "general over-production"). The Keynesian model forecasts a decrease in national output and income when there is unplanned investment. (Inventory accumulation would correspond to an excess supply of products; in the National Income and Product Accounts, it is treated as a purchase by its producer.) Thus, only the planned or intended or desired part of investment (Ip) is counted as part of aggregate demand. (So, I does not include the 'investment' in running up or depleting inventory levels.)</span><br />
<span style="font-size: large;"> Investment is affected by the output and the interest rate (i). Consequently, we can write it as I(Y,i). Investment has positive relationship with the output and negative relationship with the interest rate. For example, an increase in the interest rate will cause aggregate demand to decline. Interest costs are part of the cost of borrowing and as they rise, both firms and households will cut back on spending. This shifts the aggregate demand curve to the left. This lowers equilibrium GDP below potential GDP. As production falls for many firms, they begin to lay off workers, and unemployment rises. The declining demand also lowers the price level. The economy is in recession.</span><br />
<br />
<span style="font-size: large;"> gross government investment and consumption expenditures (G).</span><br />
<span style="font-size: large;"> net exports (NX and sometimes (X-M)), i.e., net demand by the rest of the world for the country's output.</span><br />
<br />
<span style="font-size: large;">In sum, for a single country at a given time, aggregate demand (D or AD) = C + Ip + G + (X-M).</span><br />
<br />
<span style="font-size: large;">These macrovariables are constructed from varying types of microvariables from the price of each, so these variables are denominated in (real or nominal) currency terms.</span></div><h2 style="color: red;"><span class="mw-headline" id="Aggregate_demand_curves">Aggregate demand curves</span></h2><div style="text-align: justify;"><span style="font-size: large;">Understanding of the aggregate demand curve depends on whether it is examined based on changes in demand as income changes, or as price change.</span></div><div></div><h3 style="text-align: justify;"><span style="font-size: large;"><span class="editsection"></span><span class="mw-headline" id="Keynesian_cross">Keynesian cross</span></span></h3><div style="text-align: justify;"></div><div class="rellink relarticle mainarticle" style="text-align: justify;"><span style="font-size: large;">Main article: Keynesian cross</span></div><div style="text-align: justify;"></div><h3 style="text-align: justify;"><span style="font-size: large;"><span class="editsection"></span><span class="mw-headline" id="Aggregate_demand-aggregate_supply_model">Aggregate demand-aggregate supply model</span></span></h3><div style="text-align: justify;"></div><div class="rellink relarticle mainarticle" style="text-align: justify;"><span style="font-size: large;">Main article: AD-AS model</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">Sometimes, especially in textbooks, "aggregate demand" refers to an entire demand curve that <i>looks</i> like that in a typical Marshallian supply and demand diagram.</span></div><div style="text-align: justify;"></div><div class="thumb tright" style="text-align: justify;"><div class="thumbinner" style="width: 302px;"><span style="font-size: large;"><a class="image" href="http://en.wikipedia.org/wiki/File:Aggregate_supply_%2B_demand_graph.png"><img alt="" class="thumbimage" height="236" src="http://upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Aggregate_supply_%2B_demand_graph.png/300px-Aggregate_supply_%2B_demand_graph.png" width="300" /></a></span> <br />
<div class="thumbcaption"><span style="font-size: large;"> Aggregate supply/demand graph</span></div></div></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">Thus, that we could refer to an "aggregate quantity demanded" (<b>Y<sup>d</sup></b> = <b>C</b> + <b>I<sub>p</sub></b> + <b>G</b> + <b>NX</b> in real or inflation-corrected terms) at any given aggregate average price level (such as the <u>GDP defoliator</u>), <b>P</b>.</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">In these diagrams, typically the <b>Y<sup>d</sup></b> rises as the average price level (<b>P</b>) falls, as with the <b>AD</b> line in the diagram. The main theoretical reason for this is that if the nominal money supply (<b>M<sup>s</sup></b>) is constant, a falling <b>P</b> implies that the real money supply (<b>M<sup>s</sup></b>/<b>P</b>)rises, encouraging lower interest rates and higher spending. This is often called the "Keynes effect."</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">Carefully using ideas from the theory of supply and demand, aggregate supply can help determine the extent to which increases in aggregate demand lead to increases in real output or instead to increases in prices (inflation). In the diagram, an increase in any of the components of <b>AD</b> (at any given <b>P</b>) shifts the <b>AD</b> curve to the right. This increases both the level of real production (<b>Y</b>) and the average price level (<b>P</b>).</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">But different levels of economic activity imply different mixtures of output and price increases. As shown, with very low levels of real gross domestic product and thus large amounts of unemployed resources, most economists of the Keynesian school suggest that most of the change would be in the form of output and employment increases. As the economy gets close to potential output (<b>Y*</b>), we would see more and more price increases rather than output increases as <b>AD</b> increases.</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">Beyond <b>Y*</b>, this gets more intense, so that price increases dominate. Worse, output levels greater than <b>Y*</b> cannot be sustained for long. The <b>AS</b> is a <i>short-term</i> relationship here. If the economy persists in operating above potential, the <b>AS</b> curve will shift to the left, making the increases in real output transitory.</span></div><div style="text-align: justify;"></div><div style="text-align: justify;"><span style="font-size: large;">At low levels of <b>Y</b>, the world is more complicated. First, most modern industrial economies experience few if any falls in prices. So the <b>AS</b> curve is unlikely to shift down or to the right. Second, when they do suffer price cuts (as in Japan), it can lead to disastrous deflation.</span></div>ounhttp://www.blogger.com/profile/17955798294040398093noreply@blogger.com0