Economics

Precious stones and economic theories

How can it be that precious stones, sparkling and decent as a design explanation, are esteemed more exceptionally than water, an essential for managing life? Would it be able to be that water’s less-important employments of cleaning the auto or washing down the garage have a hosing impact on its quality? Economic analysts let us […]

Economics

Agency theory – the Principal-Agent Model

1.1 Behavioral Economics Many of the assumptions on which economic models and theories are based are often wrong when we critically look at them from the perspective of social sciences. Thinking about yourself, do you always make fully rational choices that are only self-interested? Are your preferences time-consistent? Most of you will answer no to […]

Economics

Global unemployment, forced labour, inequality

Hameed and Nazir (2014) argue that liberalization neutralises unemployment, citing Pakistan, as one of nations where trade liberalization has helped reduce job losses. Complementing the argument, Siddiqui and Kemal (2002) state that after liberalization, employment and production increased, generating demand for labour and imports. This dropped unemployment and reduced poverty, as economic and living standards […]

Economics

South African Economy

Introduction Economic growth is achieved by creating favourable conditions for it to occur. In 1994 there were great expectations of a dramatic turnaround in South Africa’s economic performance. It was expected that the removal of trade and financial sanctions will transform the country’s economic performance. Since 1994 we did see an improved growth performance in […]

Economics

The Austrian School of Economics

The Austrian School of Economics, which is also known as the Vienna School or the Psychological School is based on the concept of methodological individualism; which looks at how social and economic occurrences can be explained by the actions of individuals rather than groups. This concept was developed by the founder Carl Menger (1840-1921) and […]

Economics

Regional Economic Organizations

On 15-16 October 2012 the media spotlight was briefly turned on a meeting in Baku, capital of Azerbaijan, of the Economic Cooperation Organisation (ECO) ‘ a body which had almost escaped notice until then. The main cause of this flurry of interest was an unexpected encounter after the end of the plenary sessions between Turkey’s […]

Economics

Global Economic Powers

For my personal reflective essay, I have selected from the book Thinking Globally: A Global Studies Reader (2013) edited by Mark Juergensmeye, Part 2, chapter 6, East Asia: Global Economic Powers. I chose this particular chapter because it sustains a contrasting discussion regarding East Asia and its part in the global economy which alternates well […]

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