Abstract The purpose of this essay is to reflect on the philosophical underpinnings behind the existent and dominant paradigm in the Economics discipline explaining the ontological and epistemological rationale that is based on. So‚ how economists perceive the world around them? What sensors do they use for getting the vibes from that world? How they evaluate them? Who they want to inform and for whose sake? In fact‚ what’s the meaning of Economics as a profession and who are those that want
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Ethical Issue: Undercover Cop Sting At Chaparral High School Catherine Fifer Institute of Technology PD100/ Pro Dev Mr. Buenrostro August 24‚ 2014 Entrapped December 11‚ 2012 Twenty two high school students were arrested in Temecula‚ California in what was known as Operation Glass House. Undercover cops in three high schools posed as normal students‚ to try and get kids to sell them illegal drugs. Among the twenty two people that were arrested‚ Jesse Snodgrass‚ was one. Jesse was only
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Analyse how and why economists forecast growth in transport demand. (15 marks) Forecast is a future estimate usually based on past information. It is important to make predictions about the demand for transport since transport plays very important role in economic growth. It can be assessed in terms of usefulness of transport in providing services for people and connecting different steps in the supply chain. Economists make forecasts of demand for transport in order to predict how much the provision
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When the only way to make an individual better off is to make another worse off‚ economists say that the allocation is Pareto efficient. This means that a Pareto efficient allocation must be both‚ consumption efficient on the contract curve and production efficient on the production possibility curve. It must‚ therefore‚ be allocation efficient‚ where the consumer’s common value of the marginal rate of substitution between the two goods is equal to the marginal rate of transformation between the
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GDP should really stand for Grossly Deceptive Product” The Economist What does GDP actually measure? When discussing about the economy of one country‚ people often talk about “Gross Domestic Product (GDP). However‚ there are a number of disagreements among economist about the value of GDP. Therefore‚ this essay will discuss whether or not GDP is an ideal measurement of the development of a nation. It first explores the term GDP and ways to measure it. The essay then compares GDP with Gross National
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1. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Real GDP is the production of goods and services valued at constant prices. Nominal GDP is the production of goods and services valued at current prices. Real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices‚ so it reflects only changes in the amounts being produced. If nominal GDP rises‚ you do not know if that is because of increased production or
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has been used to apply this concept. It will critically assess whether the Big Mac is a worthy instrument for measuring PPP‚ the critical issues when measuring PPP‚ and a possible alternative that might provide a suitable substitute‚ should the Economist decide to use other products to replace their “Big Mac Index”. Purchasing Power Parity Purchasing Power Parity (PPP) is a theory‚ which states that exchange rates between currencies are in equilibrium when their purchasing power is the same
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Is Robert Kennedy right to believe that GDP is a deficient measure of an economy’s welfare? Explain your answer stating clearly why economists care about GDP. Tia Patel 1120 words GDP has been the long-established measure of a country’s economic progress. It is ‘an estimate of market throughput‚ adding together the value of all final goods and services that are produced and traded for money within a given period of time’ (Costanza‚ Hart‚ Posner and Talberth 2009: 3). Whilst it was designed to measure
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Essay Synthesizing Readings; The Undercover Economist‚ The Tipping Point‚ and Travels of a T-Shirt in the Global Economy After reading the books; “The Undercover Economist”‚ “The Tipping Point”‚ and “Travels of a T-Shirt in the Global Economy” I am left thinking that the Global economy is actually more complicated and intricate than I ever thought and there is an interesting aspect of the world economy that is social. From the popularity of Hush Puppies in New York detailed in “Tipping Point” to
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People Happy Tim Harford “The hippies‚" claimed economist Andrew Oswald recently‚ "are having their quiet revenge." Oswald‚ a professor at Warwick University in England‚ is one of a growing number of economists fascinated by the question of what makes us happy. In a recent public lecture he announced‚ "Once a country has filled its larders‚ there is no point in that nation becoming richer." That‚ at least‚ should bring a smile to a few faces. Economists have suddenly realized that money can’t buy you
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