Economics Page 14

Is collusion possible
Is collusion possible
Is collusion possible Essay in Microeconomics. Topic: Is Collusion Possible? 18.12.2000 Contents: 1. Introduction. 2. Two types of behaviour (Collusive and non-collusive). 3. Game theory. a.) Concept. b.) The problem of collusion. c.) Predatory pricing. 4. Repeated games approach. a.) Concept. b.) Finite game case. c.) Infinite game case. i.) Trigger strategy ii.) Tit-for-Tat. d.) Finite game case, Kreps approach. 5. The motives for retaliation. 6. Conclusion. 7. Bibliography. 1. Introduction
Keynes
Keynes
Keynes Keynesian Economics By: Parag Patel Macroeconomics is a branch of economics concerned with the aggregate, or overall, economy. Macroeconomics deals with economic factors such as total national output and income, unemployment, balance of payments, and the rate of inflation. It is distinct from microeconomics, which is the study of the composition of output such as the supply and demand for individual goods and services, the way they are traded in markets, and the pattern of their relative
Keynesian Economics
Keynesian Economics
Keynesian Economics Macroeconomics, branch of economics concerned with the aggregate, or overall, economy. Macroeconomics deals with economic factors such as total national output and income, unemployment, balance of payments, and the rate of inflation. It is distinct from microeconomics, which is the study of the composition of output such as the supply and demand for individual goods and services, the way they are traded in markets, and the pattern of their relative prices. At the basis of ma
Keynesian Economincs
Keynesian Economincs
Keynesian Economincs ECON 2301 Dr. Nazemzadeh 10/16/00 Keynesian Economics Up until the Great Depression the United States used the classical or conservative version of capitalism. This version stated that the economy was self-correcting and was best left untouched. The depression brought a monumental decline in the economy and many individuals to search and unveil a new version of capitalism. In 1936, John Maynard Keynes published a book explaining his views on the economy and how the econ
Keynesian revolution
Keynesian revolution
keynesian revolution Classical economic theory assumed that a free-market economy is a self-regulating system that continually tends toward a full-employment equilibrium, with optimum economic benefits for everyone. Therefore, the best government economic policy is to excuse itself and give utmost freedom to individual enterprise. A key element of the Keynesian revolution was its demonstration that these basic assumptions are false, both in theory and practice, and its assertion that, t
Labor Demand
Labor Demand
Labor Demand Analyzing an employment report may not be the highlight of one’s day, but after reading the important points of one I realize just how useful and how much information can be extracted out by an experienced economist. The Business Week Online article “The Great Jobs Machine Starts to Downshift” deals with a wide variety of economic issues, ranging from job outlooks to unemployment reports to labor demand. My goal is to analyze and critique the issues in this article that are relevan
Law of Diminishing returns
Law of Diminishing returns
Law of Diminishing returns Law of Diminishing Returns The Law of diminishing returns is a key one in economics. It is used to explain many of the ways the economy works and changes. It is a relatively simple idea; spending and investing more and more in a product where one of the factors of production remains the same means the enterprise will eventually run out of steam. The returns will begin to diminish in the long run. If more fertilizer and better machinery are used on an acre of farmland,
Macro Economics
Macro Economics
Macro Economics FIRST QUIZ Econ 2 1. Developing a model of an economy means answering the question(s) of: a. what to produce. b. how to produce. c. for whom to produce. d. what to produce, how to produce and for whom to produce. e. Only what to produce and how to produce, since distribution is not the task of economics. 2. Every year during the holidays there seems to be a great demand for some particular hot toy. This is an example of the effect of _________ on demand. a. tastes and preferen
Macroeconomic Case Studies
Macroeconomic Case Studies
Macroeconomic Case Studies Economics 001A: Macroeconomics Macroeconomic Case Studies Stephen Rossi Economics 001A: M 6:30-9:15 Slowing the US Economy The article titled ‘Fed Unlikely to Alter Course’ by John M. Berry of the Washington Post takes an interesting look at actions that Alan Greenspan his colleges of the Federal Reserve have been taking over the last 9 months to slow the economic growth of United States. The astonishing growth rate of 7.3% is fueled by an economy that is in the midst
Macroeconomics
Macroeconomics
Macroeconomics 1. IS-LM Basics A) The IS curve slopes downward and to the right. B) The LM curve slopes upward and to the right. C) The slope of the LM curve depends on the interest sensitivity of money demand. An elastic money demand function caused the LM curve to be relatively flat. An inelastic money demand function caused the LM curve to be steep. D) The slope of the IS curve depends on the slope of the investment function. If investment is highly interest elastic, then the IS curve is rel
Market economy vs Command Economy
Market economy vs Command Economy
Market economy vs Command Economy Intorduction: Within the overall umbrella of the word economy, one speaks today of the market economy, the formal economy, the informal economy, the underground economy, the productive economy and perhaps even the reproductive economy, the post-industrial or post-modern economy and the global economy. Thus while the concept of an economy is not fixed but arbitrary, and may have strayed rather far from the management of household resources, it is nonetheless s
Marxism
Marxism
Marxism Marxism, in Thought and Application At heart, all economic theories are born of common roots; the question of how society is operating, and whether or not there is room for improvement. All economic theories try to address the basic question of how an economy can, and should, be maintained. One of the most interesting economic philosophies is Marxism. The fact that economic theories can share common roots is especially evident in Marxism; It even shares a basic premise of laissez-faire
Microeconomics
Microeconomics
Microeconomics Outline Thesis Statement: Microeconomic mechanisms can predict future technology impacted economic outcomes. I. What is Economics? A. What do economics tell us? B. The science of economics 1. defining microeconomics 2. some terms and definitions II. Using Microeconomic models A. Theory 1. practical application 2. household choices III. Economic Growth A. The cost of economic growth B. Capital accumulation C. Technological change IV. Individual and Market Demand A. Household Consu
Milton Friedman
Milton Friedman
Milton Friedman Milton Friedman has been credited with many different achievements, including being one of the most effective advocates of economic freedoms and free enterprise, being the greatest economist to ever walk the face of the earth, and proving every single word that Lord Maynard Keynes ever said to be wrong. Why these may or may not all be true, it is obvious that Friedman was a brilliant man of many accomplishments. Milton Friedman was born on July 15th, 1912 in New York City. His p
Minimum Wage
Minimum Wage
Minimum Wage Minimum wage By: Jz An increase now will boost income for the poorest workers without the danger of creating more unemployment., states the New York Times in September 1999. Is this statement about an increase in minimum wage really true? There are two sides to the debate about minimum wage that both hold valid points. The minimum wage is a major issue in the world of economics and politics. Political figures often prey on the publics general ignorance of economics and promise t
Modern Changes in International Equity Markets
Modern Changes in International Equity Markets
Modern Changes in International Equity Markets Few things, you might think, are as enduring as a national stock exchange. From pillared entrance to pulsating floor, they display an institutional solidarity that can surely defy forces for change. And yet most of the worlds bourses are now in turmoil, as they scrabble to be seen making alliances or mergers, to fend off electronic competitors, or simply to survive. Even New York, the biggest of the lot, is worried: while London, the biggest in Eu
Monetary policy
Monetary policy
monetary policy Bryan Hatch, Economics 2020, MWF 9 a.m. Article # 7, Martin Feldstein, Tax Cuts, Rate Cuts Put the Economy Back on Track, The Wall Street Journal, March 13, 2002, p. A 18. Summary According to Mr. Feildstein, the recent tax cuts and interest rate cuts have helped put the economy back on track. He says that the strong growth of the U.S. economy in recent months is neither an illusion nor an accident, but it reflects good monetary and fiscal policy over the past year. He says th
New Deal
New Deal
New Deal Keynesian Theory and the New Deal The crash of the stock market brought many hard times. Franklin D. Roosevelt\'s New Deal was a way to fix these times. John Stuart Mill and John Maynard Keynes were two economists whose economic theories greatly influenced and helped Franklin D. Roosevelt devise a plan to rescue the United States from the Great Depression it had fallen into. John Stuart Mill was a strong believer of expanded government, which the New Deal provided. John Maynard Keynes
None Provided
None Provided
None Provided U.S. Budget Deficit - Good or Bad? Spending financed not by current tax receipts, but by borrowing or drawing upon past tax reserves. , Is it a good idea? Why does the U.S. run a deficit? Since 1980 the deficit has grown enormously. Some say its a bad thing, and predict impending doom, others say it is a safe and stable necessity to maintain a healthy economy. When the U.S. government came into existence and for about a 150 years thereafter the government managed to keep a balan
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None Provided11
None Provided11 Anheuser-Busch and France Introduction Anheuser-Busch has been the nations largest brewer for more than 40 years. In the mid-1800s Adolphus Busch became familiar with the beers of a small Bohemian town called Budweis. After immigrating into the United States he married into the Anheuser brewing family. In the 1870s Adolphus Busch registered Budweiser as a trademark in the U.S. Adolphus Busch dubbed his company Budweiser, the king of beers. Budweiser is a registered trademar
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None Provided12
None Provided12 The Stock Brokerage Industry [ Click here to purchase this paper ] This 10 page report discusses the stock brokerage industry and its impact on the economics of the United States. The largest amount of securities of the time traded in the secondary markets fit into one or the other of two categories: bonds or stocks. As investors become better educated and more confident in their own analyses of the extensive information that surrounds them on a daily basis -- newspapers, newsle
None Provided2
None Provided2
None Provided2 If taxation without representation could rally the colonists against the British Crown in 1776, tight money and ruinous interest rates might be cause for populist revolt in our own day. Federal Reserve monetary policy also has severe social burdens, measured by huge changes in aggregate output, income, and employment. The imperious Fed, much like the English Crown two centuries ago, formulates and carries out its policy directives without democratic input, accountability, or re
North and South
North and South
North and South The first two reading selections for Economics 344 make some notable observations about the growth and development of budding economies. In Engerman and Sokoloffs chapter entitled Factor Endowments, Institutions, and Differential Paths of Growth Among New World Economies, the authors compare the economic growth levels of the North American colonies to those of Latin American colonies. Then, in Tracking the Economic Divergence of the North and the South, Peter Coclanis notes
Oil and its Economics
Oil and its Economics
Oil and its Economics Supply of Oil The Increasing Importance of Middle Eastern Oil Production Relative to Total World Production: 1990-2015 (Average Daily Production in Millions of Barrels Per Day) Source (http://www.csis.org/mideast/stable/3c.html) Growing World and US Dependence on Imported Oil: 1990-2015 (Average Daily Domestic Production vs. Demand in Millions of Barrels Per Day) Source (http://www.csis.org/mideast/stable/3c.html) Why the increase in total production? (Dr. Ibrahim Oweiss)
OPEC
OPEC
OPEC Title : Gasoline Click Here to View other essays in this category Would you like to complain about this paper? Printer friendly version of this page Send this paper to your email box Description : 7page paper for Economics Body of Essay : The price of gasoline is a major interest to almost everyone in the country and almost everywhere in the world. It seems that every month or even more frequently, gas prices are either rising or dropping but never staying stable. Gasoline prices are affec
Open Market Operations
Open Market Operations
Open Market Operations Federal Reserve Open Market Operations SUMMARY The Federal Reserve\'s operating strategy for implementing monetary policy involves interest rate targeting through open market operations. The Federal Reserve does not utilize reserve requirements or the discount rate as part of this strategy. Open market operations involves the buying and selling of securities in the open market, in order to influence reserve balances. By manipulating reserve balances, the Federal Reserve c
Opportunity Cost
Opportunity Cost
Opportunity Cost Define and explain the concept of opportunity cost. Opportunity cost is defined by Sloman and Norris as (1999, pg. 09) the cost of any activity measured in terms of the best alternative forgone. It is important to note that the definition refers to the best alternative forgone, not the top three alternatives or top ten. Opportunity cost is only concerned with the result of making a particular decision and the losses incurred or the impact that choice will have. Making what ma
Paul A Samuelson
Paul A Samuelson
Paul A Samuelson BIG ISSUES OF ECONOMIC CONCERN Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending. There are several components of aggregate demand. The basis for understanding this model is as follows: Ø An increase in prices causes a drop in household assets, thus causing
Portrait of the Death of an Economy
Portrait of the Death of an Economy
Portrait of the Death of an Economy A Portrait of the Death of an Economy My topic deals with Pakistan, its relationship with the IMF and World Bank, and its internal problems that are causing unemployment, poverty, economic crisis and hunger. I shall be analyzing the situation using the neo-classical theory, as it is what the economists of the Pakistan government and the IMF are using to alleviate the economic instability of the country. Situated in the sub-continent, Pakistan is a low-income
Poverty in Australia
Poverty in Australia
Poverty in Australia Before discussing the extent of poverty in Australia, it is first crucial to mention the difference between absolute poverty and relative poverty. Absolute Poverty is a situation where deprivation is extreme because people do not have access to the basic necessities such as food, clothing, and shelter. In contrast Relative Poverty is a situation in which the incidence of poverty is measured relative to things such as average weekly earnings or income per head. Therefore pov
Price discrimination
Price discrimination
Price discrimination Prices are based upon the price elasticity of demand in each given market. In other terms, this means that during ladies night at the local bar, it costs more for men to have a beer than women simply because these bars find it o.k. to charge females less, as a way to draw more females to the business on a specific night. Price discrimination is part of the commercial and business world. Movie theaters, magazines, computer software companies, and thousands of other businesse
Price discrimination
Price discrimination
Price discrimination Prices are based upon the price elasticity of demand in each given market. In other terms, this means that during ladies night at the local bar, it costs more for men to have a beer than women simply because these bars find it o.k. to charge females less, as a way to draw more females to the business on a specific night. Price discrimination is part of the commercial and business world. Movie theaters, magazines, computer software companies, and thousands of other businesse
Price Mechanism
Price Mechanism
Price Mechanism Economics  The Price Mechanism What is the Price Mechanism? The Price Mechanism is perhaps the most basic feature of the market economy for allocating resources to various uses. It is the system in a market economy whereby the decisions of producers determine the supply of commodity and the decisions of buyers determine the demand. The interaction between the consumers demand for a good and the supply of that good by a producer determine the price. To put more simply; prices a
Review
Review
Review Economics Review Chapter 1 Section 1 1. Economics: study of how individuals & nations make choices about ways to use scarce resources to fulfill their needs & wants. 2. Scarcity: state in which people dont & cannot have enough income, time, or other resources to satisfy. 3. Factors of production: resources of land, labor, capital, & entrepreneurship used to produce goods & services. 4. Entrepreneurship: ability to start new businesses, to introduce new products, & techniques. Section 2
Russian Economics
Russian Economics
Russian Economics With the dissolution of the Soviet Union, the economy of Russia was left without the guidance on which it relied so heavily for more than seventy years. Control of the economy was thrust into the inexperienced hands of the general population, who had lived for three generations under a system in which they had no need to make decisions about their businesses. Capitalism is a difficult system to understand, even with training. To be thrust into it unprepared can be a prescripti
Soft Money in Economics
Soft Money in Economics
Soft Money in Economics With each election cycle rolling around every 4 years, the various political parties, especially the Republican and Democratic parties, are setting new records for campaign contributions and raising higher and higher amounts of money toward their goals. It seems elected officials spend more and more time on fundraising and less time on working for the people they are sworn to serve! Now what is wrong with that picture? Does the phrase We have the best government money c
Supply side Keynes
Supply side Keynes
Supply side Keynes A President is measured by how well the economy did during his term in office. More specifically is whether unemployment went up or down, and did they help the economy to fight inflation. Two basic modes of thought on the subject have pervaded public policy since World War II: demand-side and supply-side economics. Demand-side economics is generally known as Keynesianism, named after the English economist John Maynard Keynes. He believed that governments should force interest
The Balance Sheet
The Balance Sheet
The Balance Sheet Although the balance sheet was first implemented just a couple of centuries ago, it has quckly developed and sophisticated to become nowadays a widely used and powerful tool in the hands of professional users, well known and popular even among the mass public. In spite of its prominence, or may be because of it, the balance sheet can not be easily and fully described in a few words, but still, if we leave aside its various functions and forms and any other subjective factors,
The Cause of the Great Depression
The Cause of the Great Depression
The Cause of the Great Depression The economic expansion of the 1920’s, with its increased production of goods and high profits, culminated in immense consumer speculation that collapsed with disastrous results in 1929 causing America’s Great Depression. There were a number or contributing factors to the depression, with the largest and most important one being a general loss of confidence in the American economy. The reason it escalated was a general misunderstanding of recessions by American
The Euro
The Euro
The Euro Economics 26121 September 18, 1999 The Euro To most people in the United States hearing the word Euro brings about blank stares. Ask this same question in England or another European country and it means bringing Europe together under one common currency. The Euro can be defined as the common monetary system by which the participating members of the European Community will trade. Eleven countries Germany, France, Spain, Portugal, Ireland, Austria, the Netherlands, Belgium, Luxembourg,
The factors of Production
The factors of Production
The factors of Production Economy is a very crucial topic in every country of the world. Economy plays a major role in people\'s lives, because it\'s a part of their will being. Thee major factors of the economy of its production are land, labor, and capital, which are all very closely interdependent with each other. Looking at the first factor of production land, we see that land gives us food, money, place to live and enjoy our lives. For example, the family farm (Project#6) is still a very
The Galaxy
The Galaxy
The Galaxy June 15, 2007 It was the strangest thing. It all began on the evening of June 15th 2005. My grandmother passed away. This was weird because no body even knew she was dying. Well maybe it was just her time to go. It was a very rough couple of days. My sisters, my mother and I set up the calling hours for her wake, and the time and place for her funeral. It was vary hard to concentrate on these tasks when one of our loved ones had passed away. About two weeks had passed and things were
The Necessity of Positive and Normative Economics
The Necessity of Positive and Normative Economics
The Necessity of Positive and Normative Economics Keynes once wrote: The object of a positive science is the establishment of uniformities, of a normative science the determination of ideals. (Blaug, 122) This is the dichotomy that economists recognize when approaching their field of study. The social scientist must recognize both positive and normative distinctions, means and ends, as important factors of fruitful research. Secondly, they must clearly express the conditions and assumption wh
The Necessity of Positive and Normative Economics1
The Necessity of Positive and Normative Economics1
The Necessity of Positive and Normative Economics1 Keynes once wrote: The object of a positive science is the establishment of uniformities, of a normative science the determination of ideals. (Blaug, 122) This is the dichotomy that economists recognize when approaching their field of study. The social scientist must recognize both positive and normative distinctions, means and ends, as important factors of fruitful research. Secondly, they must clearly express the conditions and assumption w
The Next Depression
The Next Depression
The Next Depression English 12-6 6 November 1999 The Next Depression? Fast money, that is what a large percentage of Investors want. We are in the midst of the largest bull market ever, and the greatest financial expansion in history. What goes up must come down, right? This fundamental rule seems to not apply in todays fast paced economy. This remarkable wealth-making machine seems unstoppable, but is it? One cannot help but be reminded of the twenties and similarities between these two decad
The Return of Depression Economics
The Return of Depression Economics
The Return of Depression Economics From the many economy-related books available I read The Return of Depression Economics by Paul Krugman. This book was written during the Asian financial crisis of the late 1990s. Many say that Krugman wrote this book much too quickly to be fully correct on every issue that he wrote about in this book. Krugman mainly focuses on financial crises of the 1990s and mostly on the Asian financial crisis. This book was very interesting to read even though I did not
Third world debt
Third world debt
Third world debt THIRD WORLD DEBT For most of the Developing countries, the need to exploit their resources, increase their GDP up to an acceptable level and overcome their inability to cope with the necessary imports to cover domestic wants, caused a major increase in their external debt. Prior to the Third World debt crisis in 1982, Developing countries managed to keep the levels of external borrowing at low points, mainly due to the fact that the loans they were receiving had comparatively l
To Plant or not to Plant
To Plant or not to Plant
To Plant or not to Plant “One of the glories of American farm policy is that, whenever you think it cannot get any loonier, it promptly finds a way of doing so (United 31).” This is an accurate statement when referring to farming guidelines over the past few decades. Through the years, U.S. farmers have faced a tremendous amount of hardships whether dealing with fluctuating prices or declining incomes. What’s worse is that many of these hardships can be traced to the ever growing, not to mentio
Todays RealitiesYesterdays Models
Todays RealitiesYesterdays Models
Todays RealitiesYesterdays Models Today\'s realities do not necessarily fit yesterday\'s models. In a universe where shifting paradigms are the norm, scientists are in continued search to establish cause and effect relationships between events that can be modeled. We see behaviorists scurrying for specific reasons as to why two youths could commit such heinous acts in Colorado. Their existing models could not predict such atrocity. Meteorologists and environmentalists are developing an explanat
Uk inflation
Uk inflation
Uk inflation Macroeconomics History, causes and costs of Inflation in the UK economy Before starting to explain inflation it is necessary first to define it. Inflation can be described as a positive rate of growth in the general price level of goods and services. It is measured as a percentage increase over time in a price index such as the GDP deflator or the Retail Price Index. The RPI is a basket of over six hundred different goods and services, weighted according to the percentage of how mu