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A few of the Essay and Assignment tackled on Economics
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| | Article on rising fuel price | | | This article discuses a microeconomic issue. It talks about the increase in the price of petrol and talks particularly of oil industries. The increase of price of petrol is because it has a very high demand but the supply is limited. The OPEC (oil producing and exporting countries) have formed a cartel leading to a Monopoly in the production of petrol and due to the increase in the price of petrol and demand of its substitute L.P.G. is increasing. | |  |
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| | Assignment on Indonesian economy | | | Assignment description – Indonesia has now fully recovered from its collapse in 1997 due to the 1997 Asian financial crisis and is currently experiencing sound economic growth. Given this situation:
a). Identify the main economic forces in the Indonesian economy that drive growth. List as many factors as possible both domestic and international. Where appropriate, use relevant theory and graphs to support your points.
b). what is the likely impact of continuous and substantial growth on various economic variables? Identify as many macros or microeconomic factors as possible; both positive and negative.
Market economies are at times predictive and at times are totally un-predictive. Even a carefully laid down policy with all the consequences studied may not produce desired results. Some of the economies in the world are resilient. These economies are built upon solid foundation of market regulations, governmental policies, financial systems, legal systems and sound political system that does not change the market forces to a great deal. Some of the examples of such resilient economies that are built upon solid political, legal, financial systems are the USA, the UK, Japan and some of the European countries. Although, economic fortunes vary among these countries influenced by global political and economical changes and changes in domestic industrial and agricultural produce, these nations have built market systems foreseeing the entire possible scenario, even the worst and thus have worked out options to take care of all the uncertainties. However, there are some economies in the world that were benefited by default due to some of the strengths those countries possessed in the global business. The best example for such economies is the oil producing nations that have uni-dimensional policies hinged on the revenues from the export of oil. Although, these countries are flourishing due to their huge oil reserves and increased demand for oil in the world market. Indonesia is a nation that exports oil. It saw a boom in the economy in the 70s due to high oil prices. Although, the country saw high GDP growth in that decade and subsequent decades, the economy was not built upon sound financial and legal procedures (Robinson, 2009). The 1997 Asian economic crisis saw the country going to the brink (IMF, 2001). However, the country made a dramatic turnaround due to the intervention of International Monetary Fund or IMF. This paper discusses the economical background of Indonesia, 1997 economical crisis, the reasons for the 1997 crisis and the turnaround of Indonesian economy with the help of IMF.
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| | Assignment on Proportional and Preferential Voting Mechanism in the Parliament of Australia | | | The Parliament of Australia began over a century ago as otherwise other parliaments of the world are much older. When we go back to history Australian Parliament was only developed as a process and concept in year 1850s. Europeans were living in Australia in 1788 however the colonies started formalizing parliaments during 1850s only (Farrell & Mcallister, 2005).
The Australian Constitution was drafted in the year 1890s and two principles were formalized unanimously that the Australian government would be a federal government where in there would be a union of self-governing states. People of each state would elect their state parliaments in order to exercise state responsibilities. On the other hand people of the entire nation put together would elect a national parliament in order to exercise specified national legislature. The Parliament of the Commonwealth of Australia would have two houses – 1) representing the people of Australia as a whole; 2) representing the people of Australia by voting by their respective colonies or states. It was also laid down that for any law to get through the parliament, consent of both houses would be required (Gavin Souter, 1988) (Parliament of Australia, 2009) (Farrell & McAllister, 2006)
The federation created a national parliament called the Parliament of the Commonwealth where the lower house was named the ‘House of Representatives’ and the upper house was named the ‘Senate’. It was influenced from the United States Congress which was also a feral legislature and a union of colonies to form one large state. The Senators are popularly elected through a set system of Proportional Representation and each Senator serves a term of six years minimum. A Senator therefore is conferred with special and quite significant power, even the capacity and independence to block a legislation which has been initiated by the Australian Government in the House of Representatives. This influence also came from the British Westminster as well as an American-style (Parliamentary Education Office, 2009)
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| | Business economics assignment on UK Car market | | | The UK is probably one of the first few countries that used cars as mode of transportation. The UK car market saw a slump during the great depression but recovered soon. The car market in the industry has been experiencing ups and downs over the years. However, the current recession and the subsequent credit crunch in the market has led to decline in sales of new cars as well as used cars since the past five years or so (The Manufacurer,2008). The sales figures of cars are continuously sliding since 2003 and recorded the lowest sales figures in 2008. Once booming car manufacturing industry of the UK is now faced with permanent damage to the industry, if adequate steps are not taken to arrest the downfall. Ford had to sell its Jaguar and Land Rover plants to an Indian company Tata Motors due to dwindling sales and eventual prospects of bankruptcy. The situation is no better elsewhere in the world. General Motors of the USA was on the verge of bankruptcy and had to be bailed out by the government of the USA. There were reports of Tata Motors owned Jaguar and Land Rover seeking governmental intervention to bail out from possible bankruptcy. However, it could manage funding from financial institutions. The report analyses the car market industry both used as well as new, of the UK in the last five years. The report tries to identify the reasons that led to the slide of the UK car market in the past five years. The report also forecasts future for the car market in the UK with the available data. This report finally makes recommendations on how the sales of used as well as new cars can be boosted. | | |
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| | Critical review on the debate of Global warming | | | Addressing the issue of global warming involves our understanding of the science of climate change along with the surrounding economic environment. In this context, universal participation at a harmonized level is significant. At the same time, the relevance of Kyoto Protocol is also a serious eco-political concern for countries. The acceptance of the implementation of Kyoto Protocol by 178 out of 179 countries at Bonn, Germany on 23rd July 2001 itself is a significant testimony to the united battle against global warming (Nordhaus 2001). Current global economy is already witnessing large-scale long-term future consequences on environmental amenities. While some evidences strongly indicate that global warming is already affecting water cycles as well as eco systems across the world, many economic analysts are with the view that the total impact of global warming will not be affecting us for another 50 years or so. In any way, the ghost of global warming is already under way, and we can clearly see the impacts howsoever small or irrelevant.
The abating of greenhouse gas emissions is another relevant objective in our attempt to fight global warming. Emission abatement is closely related to climate change. Any country closer to the equator is more likely to suffer the damage from global warming and hence, it can gain significantly from emission abatement. Climate change in a country can be determined by a number of factors including its geophysical characteristics, and ‘socio-institutional and infrastructural capacity’ (Neumayer 1999). One of the most significant consequences caused by climate change is the changing economic picture of the world as a whole. Environmental imbalance is determining and rewriting new rules for business, investors and consumers. In other words, climate change has been the main cause behind the changes happening in businesses.
Protecting the climate includes a lot of strategic planning and implementation approaches. But before anything else, what matters the most is our understanding of the gravity of global warming and its impacts. As different countries and companies are inclined to various sets of rules and economic decisions, it is important for industrialized nations to come together under one roof and decide on common mutual grounds the strategic business decisions that can change their political collaboration and economic attitudes at international level. This change has to be progressive if we want to look toward a clean and pollution-free world. In this context, developing global frameworks (such as the Kyoto Protocol) will be quite rewarding as facing global warming itself is a unified approach. The most effective step is developing and advancing technologies. Both developed and developing countries should proceed to expand new technologies equipped with environmentally efficient amenities. Besides, industrialized countries should aim at creating new market potentials with more economic opportunities and advantages.
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| | Discussion about the international interdependence and how technology is causing the emancipation, especially with respect to the export diversification in developing and developed nation particularly | | | Technology plays a very important role in the international trade. Faxes, overnight deliveries and databases have increased the realm of the global economy not only to the smaller companies but also to the larger multinational firms (Aghion, 1998).
The profit margin needs to be increased and hence, the competitors are forming alliances to cut the costs and have the necessary profits. Technology has become a very essential ingredient from consumer goods to industrial products, from agriculture to economy (Arrow, 1962). Thus, both developing and developed nations are getting affected by the manner in which the technology oriented trade has increased and emancipated. Trade has thus, taken a larger role and more commercialised standard than ever before for the better international and economic relations of the countries.
There is another aspect of duplication which comes into the picture that Ford, General Motor and Chrysler have involved into, which includes the formation of the alliances and also the process of safeguarding the information related to technology. Another important aspect which is taken into consideration is the manner in which the entire world economy should be integrated so that there is equitable distribution of profits and trade values. In short, with the inclusion of technology, international trade has reached to new heights and it has grown in such a manner that the entire aspect of even globalisation is getting linked to it.
Several economic and political policies mark the interdependence of trade relations in between the various developing and developed countries (Kennedy, 2002). There have also been several comprehensible explanations about the manner in which such aspects affect the international competitiveness of the various nations. Moreover, the effects of these factors are differing variably on the developing and developed nations, as both these nations, respond to the factors in accordance to their financial and socio-economic condition. (Cameron, 1998)
Lewer, (2006) reflects international trade is quite responsible fro creating competition and creative destruction and this is primarily because of continuous process of scrapping off the old technology and incorporating the new one. The progress of the technological incorporations eventually depends on the fact that what the innovative rewards are and how does the market cater to such needs and demands.
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| | Dissertation proposal on ‘The Influence of Oil and Natural Gas Industry on the Economy of Sultanate of Oman’ | | | Dissertation is a thesis work done by applying the topics, subjects and theories studied in the course. The proposed dissertation is related to the economy of Sultanate of Oman. The dissertation title is ‘The Influence of Oil and Natural Gas Industry on the Economy of Sultanate of Oman’. The proposal forms the base for full fledged dissertation on the above said topic. The proposal includes the timeframes, methodologies used, research methods, review of the past and current oil and gas industry scenario of Oman. More importantly, the dissertation explores the possibilities of starting and giving impetus to other industries so that the nation continues to enjoy the healthy economy that it is experiencing now even after the oil reserves are exhausted.
The fist part of research work is done by studying the industry information available on the internet. The second part includes literature review of scholarly articles on macro-economy and industries. The part also includes application of some of the methods adopted by nations such as the UAE to boost economy even in the face of dwindling oil reserves, which are the major resource of income in the Middle East region. The third part includes formulating an action plan and proposing it to the government so that the government of Sultanate of Oman can start implementing diversification with the available resources well before the oil reserves exhaust.
The research work includes both qualitative and quantitative methods. Qualitative methods include the analysis of data and expert opinions available on the internet. Quantitative methods include survey by using questionnaire of industry experts, employees in the oil and gas industry as well as common citizens.
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| | Essay on the Challenges of the new economic globe landscape | | | – The issue of global financial crisis is crucial for businesses across the world. The crisis was triggered by a series of major bank and insurance company failures in 2008 that effectively halted major operations of global markets. The financial crisis eventually led to a global recession in many countries resulting in a sharp drop in international trade, rising unemployment as well as slumping commodity prices. The crisis has its roots in real estate and the sub-prime lending crisis (Shiller, 2008). This paper addresses the impact of this global financial crisis on organizational economy with its brief overview and describes the challenges resulted in the crisis. The main emphasis of the paper is on Peter Senge’s discipline framework that is described with a view to find out effective solutions to deal with the challenges. Before going into any further details, it is important to go through a brief overview of the global economic crisis.
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| | Essay on the effects of Economic downturn on the global economy | | | The economic downturn was probably the biggest international event to have happened in several years; taking into its fold all the countries of the world and thus, making the globe a single entity. With the prospect of a bullish economy on the horizon, the issues facing the world are not yet over. In fact, sustaining the brisk pace of the economy is going to be the most difficult and perilous challenge. The end of the housing bubble in the United States of America, the unfolding credit crisis, the decline of the United States dollar vis-à-vis other major currencies, the persistence of the large global imbalances and the surging oil prices will all threaten the sustainability of economic growth in the coming years (United Nations, 2008).
A global outlook becomes quite significant in this scenario. There are projections all around and events of international importance are occurring even in smaller countries. It is important to take all such events into account in order to clarify and justify the economic projections. Be it the bearish Latin America or the bullish China, there is no country in the world that is insulated from economic fluctuations right now. Multi-national companies (MNCs) have had to alter and adapt to these fluctuations the world over.
This essay discusses three recent economic events of international significance- FOREX-Dollar dips on growing risk appetite, US jobs eyed (5th June, 2009), Bulls Rise on China (1st June 2009) and Chile industry sinks for 7th month, jobless jumps (28th May, 2009). These events made significant headlines in the last week and are supposed to be decisive for the way the economy is turning out to be and the way that MNCs are expected to function in these countries and worldwide.
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| | Essay on the impact of economic slowdown on Fonterra, A Newzealand based organization | | | A cooperative which helps the farmers their products reach the market, a leading dairy product exporter is Fonterra. Complete associations of dairy farmers who cannot get connected with the market or the end users directly; ideally approach one firm, which is reliable and big. Fonterra is a combination of 11000 such farmers. The company has around 20 billion New Zealand dollar as annual turnover with sales revenue of close to 3 million metric tones of dairy products. It today has around 16000 employees and around 11000 shareholders. It is considered third largest in international dairy trade, milk procurement and milk product processing. Fonterra exports to around 140 plus countries of the world (Fonterra, 2009)
New Zealand is one of the developed economies of the world and ranks very highly both in human capital development, standard of living, rate of literacy, and external affairs. Globally New Zealand is acclaimed and considered one of the renowned. Agriculture has been one of the main livelihoods for New Zealand. Dairy products are accounted for the largest contributor to the country’s economy. Milk and milk related products are accounted for not only internal consumption or internal consumers but also for the export purposes, which gives the largest revenue to the nation. New Zealand is an island country with not a huge population count, therefore the consumption of dairy products are not very high as compared to the production. 11000 farmers produce high volume of milk and milk products and therefore one of the large push to the economic growth for the nation became diary product export (Turnbull, 2005).
Markets institutions and infrastructures, formed to trade goods and services forming part of the economic activity of a country and they vary in demographics and types of goods and services traded in them. On the basis of number and size of the buyers and sellers of a product, type of product bought and sold, degree of mobility and the degree of knowledge the economic agents contribute, segregates markets as Perfect competition, Pure monopoly, Monopolistic competition and Oligopoly (Dominick, 2005). The economic model or theory says, demand for a commodity will be more elastic if it has many close substitutes, whereas demand for a commodity will be less elastic if it has few substitutes. New Zealand is a perfect competition market, wherein there are more firms, more innovation (Giffen, 1902) (Chamberlin, 1933) (Milton, 2002). So we know why New Zealand is heavily into exporting the dairy products. Now we could evaluate this business model for New Zealand in the world forum.
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| | Essay on Whistle blowing in Australian Public sector | | | Whistleblowing in organizations is nothing but bringing to the notice of the top management some discrepancies in the operations that involve integrity issues of the personnel involved. Whistleblowing exists in almost all the industries and yet organization tend to ignore them (Brown & Donkin, 2007). Whistleblowing invokes some kind of crisis as it brings about some ugly truths into focus. There is a widespread belief in organizations that whistle blower is eventually ‘reprimanded’ for exposing the irregularities in the organization (Brown & Donkin, 2007). Employees try to act safe and try not to whistle blow about the irregularities they know (Brown & Donkin, 2007). The long term effects of whistleblowing could be positive. However, in the short term the organizational management is faced with the task of finding the truth in the allegations, taking actions against those that have violated the ethical or the moral code or their job responsibilities. This paper discusses whistleblowing in organizations, the repercussions of whistleblowing, the protection of the whistle blower from reprisals. The paper finally makes recommendations as to how the organization can actually bring in whistleblowing in the main processes of organization and benefit from the positive effects of whistleblowing. | | |
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| | India & Australia - Economic performance compared | | | The report has been prepared as a comparison between Australia and India in economic terms with a special emphasis on the trading relations between the two countries. The Report has been structured into four parts.
Part-A deals with the comparison of the two countries on all the fronts- economic, social and political. The obvious discrepancies between a developing and a developed economy have been observed. Since India is on the rapid climb to development it holds great potential as a trading partner with Australia.
Part-B is also a comparison of the economic development in the two countries but it is historical in nature. Almost 3-4 decades development has been spanned at the level of various macro economic variables for both the countries. The data is visually represented for the ease of understanding.
Part-C goes into detail about the trading relations between India and Australia at present as well as in the last four decades. The trend in trading has been observed to be positive. An overview of the past and current Indo-Australian trade suggests that the scope for future trading relations is quite bright.
In Part-D, as the distributor of a leading production unit in Australia planning to relocate in India or Indonesia, a comparative study of India and Indonesia has been undertaken. Various aspects covering labor law and industrial disputes in the two countries have been taken into account. India, as compared to Indonesia, is a better choice for this project as it is a relatively stable country as far as the labor unrest is concerned.
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| | Macro-economic questions using the example of event management industry | | | Not available | | |
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| | Paper discussing the impacts of macro-economic factors on Airline industry of UK with special emphasis on Virgin Atlantic Airways | | | There are several factors that contribute to the success or otherwise of an organization. Some of factors could be internal to the organization and some of the factors could be external. While the a company cannot do much to control the external environmental forces, it can very well adapt its processes to suit the needs created by the external environment or macroeconomic factors. On the other hand, a company has a fair degree of freedom and resources to control and enforce changes in its internal environment or microeconomic factors. The paper discusses the influence of macroeconomic factors on industries and on the chosen airlines industry of the UK. The paper also discusses the adaptive measures taken by Virgin Atlantic Airways to adapt to the changes in macro economy. In the second part of the report the paper discusses 7 Ps of marketing mix and how effectively Virgin Atlantic Airways uses them to its advantage. Each of the parts end with recommendations if any, to Virgin Atlantic Airways.
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| | Paper on the Change process in Developed and Developing nations due to globalization | | | – We call today’s economy as buoyant economy. It is growing, it’s changing, it’s shifting pace, and it’s changing gears and running fast. All these we can attributed about today’s global economy. Like the normal phenomena, it also learns from small mistakes here and there, however the science of economics would have to do its stable job and that is what we see today everywhere across the world. The growing per capita income, the increasing purchasing power of consumers, along with the rise in the real economy and pricing leading to havoc shift or change in economic health and condition of every possible country, state or province today are all part of this significant change.
Essentially, we divide economies of nations in two broad categories – Developing and Developed. An economy with a high GDP, per capita income and people’s purchasing index is very high is called Developed, whereas, just the opposite for the Developing economy. Leaving these two broad categories behind, there is one or two significant number of poor nations, who even struggle to get the basic living requirement. But how does and why exactly economies grow and how they link each other is a science and economics is a science of logic than too much arithmetic (Edwards, 1988).
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| | Research essay on “Is Australia a really lucky country” | | | Donald Home (1964) termed Australia ‘ a lucky country run by second rate people, who share its luck’ (Culture.gov.au., 2009). The comment was made in the 60s. The second part, of course, reflected strong colonial influence of and dependency to those European countries that ruled Australia. The second part is not applicable now as the nation has grown since with its own independent governmental policies on social issues, human rights, economy, ecology etc. Australia is called lucky country because of its rich natural resources like forests, minerals, oil, aquatic resource, and its distance from the rest of the world, absence of wars etc. Australia does not share land borders with any other country. So no border disputes with neighbors. In fact the continent is so far from the rest of the world, it is unaffected by the turbulence in the Middle East, Afghanistan, Eastern European countries etc. Australia is relatively free from the menace of terrorism as compared to the USA, UK, and Canada etc. Most importantly, Australia is a developed nation. Australia’s GDP or Gross Domestic Product measured on purchasing power parity basis stood at $ 760 billion in 2007 and accounted for 1.1% of gross world product (Trading Economics, 2009). Its GDP per capita is one of the highest in the world. So with all the natural resources, peace, prosperity, Australia indeed measures to the nick name of ‘lucky country’. But will that last? With diminishing rain fall over the years resulting in shortage of drinking water, with eco threats having arisen out of global warming such as rising sea levels, can the nation still be called lucky? The paper discusses the reasons behind Australia being called lucky country. The paper also discusses the current scenario and the future scenario to ascertain as to whether the country can still be called lucky country. The paper also analyses ecological, economical, social and political factors that might just ‘take away’ the luck factor of the nation.
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| | Why many economists consider that vertical integration is in terminal decline | | | Vertical Integration has long been a topic of continual interest and study among economists. Being a multi-dimensional concept, an explanation of vertical integration (VI) has been attempted over the ages through several theoretical models and measures, none of which have captured it in its entirety though several have highlighted and explained key aspects of VI. VI itself is of two types – forward integration where for example manufacturers / suppliers may expand the limits of their activities to include the distributors in markets / industries which enjoy large distributor power and margins or backwards integration where players downstream in the value chain move upwards to include e.g. manufacturing to gain access and control over some scarce resource / technology.
While several causes have been attributed to lead to VI, one of the most important one’s remains the transactional cost of business across the market. VI could also be a result of a strategy to improve the top line (i.e. command higher prices and hence improve margins) by creating or strengthening market position and power e.g. through establishment of oligopolies. Thus improving profitability, achieving efficient economies of scope / scale and improving market power are often are the driving forces behind VI. This has over time led to two schools of thought regarding VI – the ‘transactional cost economics’ (TCE) perspective and the ‘resource based view’ (RBV). While TCE focuses on market failures resulting from asset specificity as the main reason why firms choose to vertically integrate activities, it has also been argued that, when studying vertical integration, there is a need for theories that can explain the limits of firm size beyond the market failure argument and therefore, many researchers consider the resource-based view (RBV) a suitable perspective for this issue focussing on organizational resources and competencies. The RBV perspective emphasizes performance gains that result from assessing the internal capabilities and competencies that are important for understanding boundary decisions. (Gulbrandsen, B., Sandvik, K. and Haugland, Sven A, 2009).
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