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Financial Crisis And Loss Of Wealth
Financial Crisis And Loss Of Wealth
2a. A financial crisis causes significant loss of wealth in Country Z. Show and discuss impact.
Loss of wealth leads to a decrease in investment which leads to reduction in employment and the aggregate supply decreases as well. Decrease in aggregate supply leads to increase in prices as the demand for goods is higher than the supply. This leads to increase in inflation as demonstrated by the figure below.
inflation rateprice AS2
ADAS 105 2.0 102 100 4.0 5.0 unemployment 12 14.3 16 Quantity
The price will increase to 105, the inflation rate will increase and the quantity will decrease to 12. Increase in inflation rate and decrease in the investment leads to decrease in the real GDP.
b). In order to curb the situation the government through the federal bank should use the expansionary monetary policy. this will increase the amount of money that is in circulation in the economy. This will lead to an increase in investment which will increase aggregate supply. This will lead to a decrease in the prices and the inflation will be decrease and hence unemployment will decrease and there will be more people employed. Increase in investments and decrease in inflation leads to a decrease in the real GDP.
As demonstrated above the supply curve will shift from AS2 to AS3. This will lead to lower price 100 and there will be an increase in quantity demanded to 16.
c). A decrease in government spending decreases the quantity of money in the economy. It also limits the accessibility of producers to accessing goods that have been subsidized. This has direct effect on the aggregate supply. A reduction in the government spending will lead to a reduction in aggregate supply. This will lead to a increase in the prices of good s and services and inflation will increase. It will also lead to a reduction in the employment rate as there will be less revenue to pay for the employees. Decrease in government spending and increase in inflation leads to a decrease in the real GDP.
On the graph it will have the same effect as the loss in wealth. This is because inflation will increase and aggregate supply will decrease.
3. P AD AS p2 p AD2 q q2Output
An increase in aggregate demand will shift the AD curve to AD2, this will lead to an increase in the average price level from p to p2 and the suppliers will stop exporting more of their products as the domestic price will be more suitable for them. This will mean that there will be an increase in the quantity produced and supplied to the domestic market. Output will therefore increase from q to q2.
b). Why might the government worry that aggregate demand has expanded too much?
Increase in aggregate demand is due to scarcity of the goods that were earlier on supplied to the market. This will lead to increase in prices and inflation will increase. Inflation depreciated the currency of a country and this will lead to a trade deficit and to a state of scarcity in the country.
c). Give an example of a fiscal policy that could effectively deal with this problem and explain how it would work.
A good fiscal policy will be taxes. This will be in the form of tariffs and quotas placed on the exports. Higher tariffs will be placed to ensure that the more a company exports goods to other countries the more taxes they pay to the government. The high tariff should be based on quantity; this is where the quota comes in. A specific tax rate will be charged to different volumes of goods that are to exported. The higher the volume of goods, the higher the tax charged. Then there will be a specific volume that cannot be exceeded regardless of whether the exporter is willing to pay the tax. This will discourage high volumes of goods from being exported.
d). Give an example of a monetary policy that could counteract excessive aggregate demand. Explain how that policy would work.
Excessive aggregate is caused by the fact that people have enough money to spend. The best monetary policy is the contractionary monetary policy. This is because it will decrease the quantity of money that is circulating in the economy. This will reduce the rate at which people will be demanding for goods as they will have less money to send. Some of the tools that can be used to ensure that there is a contraction n the money supply is increase in the interest rates by the federal bank through the commercial banks, increase in the reserve requirement by the federal banks from the commercial banks and sale of government bonds and treasury bills in the open market operations (OMO).
4a. which economist is proposing an expansionary fiscal policy?
Economist A is proposing an expansionary fiscal policy because he is proposing that the government increase its spending in the economy. This is through physical capital like the improvement in the infrastructure that will open up the country and lead to proper exploitation of opportunities by both the government and private investors.
Expansionary monetary policy?
Economist B is proposing an expansionary monetary policy because he wants there to be an increase in the money supply and consequently the amount of money that is circulating in the economy. This can be implemented from his suggestion by decreasing the interest rates and will make the people to borrow more money for investment and increase aggregate supply and increase employment.
Which policy is likely to be more successful? Be sure to state carefully why you believe this?
The expansionary fiscal policy is better for the economy, this is because it will open up the economy to more exploitation. Increase in the money supply directly using the monetary policy is not suitable because:
It will lead to inflation which will devalue the Sweden currency, make exports cheaper and imports more extensive. This will eventually temper with the balance of trade as there will be a trade deficit.
According to the Keynesian school of thought, monetary policy is only effective in the short run because in the long run the economy gets caught up in the liquidity trap where the interest rates are not responsive to any changes in the quantity of money supplied.
Low interest rates discourage savings and this leads to lack of money in the commercial banks to lend out to the people. This will decrease the amount of money in the banks reserve and can easily lead to a recession as the banks will refuse to give out any loans and will refuse for people to make any withdrawals as they are unable to create money.
P D D2 S1 S
1.8
1.5
1.1
Q2 Q1 Q3
6.
There is a significant economic slowdown in the EU, one of the US’ largest trading partners.
An economic slowdown in the EU would lead to a decrease in the quantity of dollars demanded in the EU as the commercial activities would have decreased. This will lead to a shift in the demand curve to the left from D to D1. This will decrease the value of the dollar, meaning the dollar will depreciate and the quantity demanded will decrease from Q1 to Q2
Growing fears about the health of the euro zone triggers capital flight away from the EU into the US.
There will be an increase in the demand for dollars as the Euro Zone would like the fears not be confirmed and come true. This will make the demand curve to shift outwards and the dollar will appreciate as the quantity demanded will increase in the Euro Zone.
Due to concerns about potential inflationary pressures, the Fed has decided to employ contractionary monetary policy.
Contractionary monetary policy is meant to decrease the quantity of dollars that are circulating. This means the supply of dollars will decrease. The supply curve will then shift to the left and the dollar will appreciate in value but the quantity of dollars will decrease.
1970s Trends, Fads and Fashion
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1970s Trends, Fads and Fashion
The 1970s were a time of fashion revolution. People exchanged their mode of dressing to keep up with the times, influenced by music, television shows, fashion magazines such as Vogue and Cosmopolitan, as well as social and political events of the times. Fashion items to be discussed include popular clothing materials, colors and styles, trends in hair and shoes, and the things that influenced these trends. To address the topic adequately, fashion can be divided into groups based on gender and age; men, women and youth, and other groups such as hippies, African-Americans, and heavy metal fans. Some of the distinct fashion styles in the 1970s include bright colors, bell-bottoms, puffed-up hairstyles, vintage clothing, satin, glitter, and platform shoes.
Women are the most prominent group when it comes to fashion because they concentrate a lot on their looks, clothes, and general appearance. The 1960s were characterized by hippie looks in women’s fashion, and the trend continued into the early 1970s. Some of the standard pieces of clothing that women preferred include tie-dye blouses, embroidered Hungarian blouses, capes, military shirts, ponchos, and Mexican peasant blouses as tops. These tops would be paired with popular bottom styles such as frayed jeans, bell-bottoms, midiskirts, maxi-dresses, and gauchos (Kim & Farrell-Beck 186). All of these items of clothing were made of extremely bright colors, Native American patterns, as well as Indian and floral patterns. Women also accessorized with items such as chokers, headbands, floppy hats, and dog collars and flowing scarves, all of which were made from natural materials such as shells, wood, stones, leather, and Indian beads.
Women’s fashion changes as the decade progressed. In the mid-70s, the hippie-look faded and was taken over by casual wear such as cardigans, sweaters, T-shirts, kimonos, khakis, jeans. Accessories became minimal, although almost all women carried shoulder bags. Popular shoe styles included loafers, Mary Janes, platform shoes and sandals, as well as knee-high boots. Marriage trends in the mid-70s also influenced fashion. Many more women got divorced and had to get work to support their families. These working women would wear midiskirts, tailored jackets, and fitted blouses, which were all feminized versions of the men’s business suit (Kim & Farrell-Beck 189). Women also began to layer their clothing, wearing multiple layers of clothing at once. Pastel colors took on more prominence with items of clothing such as pinstripe suits, palazzo pants, pencil skirts, suede coats, blazers, evening gowns, and low-cut dresses. Boots continued to be popular, including cowboy boots, platform boots, ankle boots, and wedge boots. The pantsuit became the go-to choice for women in executive positions in the late 70s as a political statement of their equality with the men at work.
The disco style of music was also trendy in the 1970s, and it had an impact on the fashion trends of the decade. Clothes worn to the disco were meant to show off one’s body, and the popular items were tube-tops, spandex shorts, wrap dresses, sequined halter neck shirts, and maxi dresses and skirts with high slits (Chapman & Johnson 12). Fashion magazines and TV shows heavily influenced 1970s hair and make-up trends. Many women wore their hair long and sleeked with a part in the middle, which came from 1960s fashion. Charlie’s Angels was a popular TV show, and it popularized the flicked hairstyle where women would flick their hair to look like wings at the temples. The Farrah Fawcett hairstyle incorporated waves, layers, and curls, and many women copied it. Women wore make-up in either minimalistic trends set by American magazines like Cosmopolitan, while others preferred the sexualized evening look promoted by European fashion (Welters 491). A smaller group went with glam and punk make-up.
Men and youth’s fashion resembled that of women in many ways; for example they also wore bright colors. The early 1970s were a time of prosperity for many young men, and they had either well-paying jobs or successful businesses. Satin shirts in the colors gray and black gained popularity among this group. The colorful fashion trends at the time led to the period being marked as the Peacock Revolution. Men wore candy-striped blazers, Nehru jackets, turtlenecks, tunics, and elephant bellbottoms that hugged the hips (Stone & Farnan 31). The mid70s were a time of casual fashion, and men opted for sweaters, cardigans, and T-shirts. Sportswear became more popular towards the end of the decade for both men and women.
Teenage fashion was controlled mainly by the music terns of the time such as punk, rock, and disco (Chapman & Johnson 13). Fashion from punk rock included ripped clothes, drainpipe jeans, black turtlenecks, tight leather pants, shirts, and jackets with taboo messages which were embellished with accessories such as studs, chains, spikes, and paint. Men preferred to keep their hair longer, probably as a sign of rebellion against earlier standards. The Elvis Presley hairstyle and the ducktail were common, and men used large quantities of Brylcreem to hold the styles in place. Men also liked sideburns at the time, although the trends faded towards the end of the decade. In conclusion, the 1970s was a time of exciting and colorful fashion choices. Men, women, and youth looked to the environment around them, such as music, politics, and social revolutions to determine their fashion choices. The most common trend among all groups includes bright colors, bell-bottoms, vintage clothing, mainly influenced by glam rock and disco music styles. Fashion was also used to make political and economic statements especially for women seeking equality with men at the workplace.
Works Cited
Chapman, Ian, and Henry Johnson, eds. Global Glam and Popular Music: Style and Spectacle from the 1970s to the 2000s. Routledge, 2016.
Kim, Eundeok, and Jane Farrell-Beck. “Fashion in context: Apparel styles worn by young women in the United States and South Korea in the 1970s.” Clothing and Textiles Research Journal 23.3 (2005): 180-202.
Stone, Elaine, and Sheryl A. Farnan. The dynamics of fashion. Bloomsbury Publishing USA, 2018.
Welters, Linda. “The natural look: American style in the 1970s.” Fashion Theory 12.4 (2008): 489-510.
Educational Philosophy, Teacher Philosophy
Educational Philosophy
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Teacher Philosophy
Education philosophy is based on establishing the fundamental reasons for education in any society. Key to education is the transfer of knowledge however there are different ways in which the knowledge can be expressed. The following are the educational philosophies that can be used:
Perennialism – the world in this philosophy is viewed as being rational and since education is meant to make students to be able to reason rationally. This will aid them to be able to survive better in the world out there. In order to achieve this there should be a structured curriculum that embraces discipline. The teacher is always viewed as being right at all times and student’s behaviour should be controlled. The student is a passive recipient.
Essentialism – this is a philosophy that is based on the premise that students in a school should learn the basic subjects thoroughly and rigorously. This enables to provide the students with the essential and most fundamental knowledge. This means that the knowledge will be passed form the teacher to the student and the chain will follow and the knowledge will in no way be lost (Martin, 2012). These essential subjects include reading, writing, literature, maths, art and science. They are considered fundamental as knowledge and skills that should help in the everyday life of the students during and after finishing school.
Idealism – the truth about the world is the same with the ideas that the person holds about it. Reality is what the individual sees in his mind. A school in this essence is meant to sharpen the intellectual capability that already exists in the students (Freedman, 2001). Teachers in this case are to be the ideal role models that the students will always look up to. The student is passive in this case as they are expected to memorize and understand the information as it is given. A change in the structure and delivery of the curriculum is not easily accepted as it is considered as an intrusion.
Realism – the world is considered as it is, the law of nature is always known to take its cause at all instances. The curriculum should embrace issues that have to do with the current and existing world like maths, politics, scientific discoveries and inventions (Graham, 2005). Students are viewed as passive participants in the process of education as mastery of content is highly expected. The changes that take place in the education system and curriculum are easily accepted as they are viewed as part of nature to change.
Experimentalism- this is a philosophy that embraces the world and its ever changing nature. Truth is a function of many things available while goodness is what is set by the public (Childs, 1931). Change is well accepted and there are ways that are always being looked for to try and to bring more and better change into the curriculum and the world at large.
Existentialism – this is a view that sees the world and the curriculum as subject to the person who is viewing it. The truth, goodness and the world is a relative term that is bound to change from one person to the other (Barnes, 1968). There is greater freedom that is used to discover the changes that can occur in the world as per what the individual deems necessary for his world. In a school setting the students are given the chance to choose what they would like to be and which subjects they would like to do.
References
Freedman O. James, (2001), Idealism and Liberal Education, Random House Publishers
Graham Gordon, (2005), The Institution of Intellectual Values: Realism and Idealism in Education, Oxford University Press, New York
Martin Jerner david, Loomis S. Kimberly, (2012), Education Introduction and Education Essentialism, Orthodox Print Press, New York
Ellis K. Arthur, (2004), Philosophy of Education: Education Perennialism, Springer Publishers, Washington D.C
Barnes Wesley, (1968), The Philosophy and Literature of Existentialism, Pauline’s Publishers
Childs Lawrence John,(1931), Education and the Philosophy of Experimentalism, Cambridge University Press, Cambridge, London.