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Macro & Microeconomics Essay

Understanding the Process of Economic Change by Douglass North
In order to illustrate the rules of the game, North narrates an anecdote when he visited Moscow together with three other Americans. They were tasked by the Soviet Academy of Scientists to go to Moscow to advise the Soviet Union on its economy.The first American said, all you have to do is privatize and all will be well.
Pages: 6 (1500 words), Essay
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US Macroeconomic Performance: Design a Policy
For the last 3 years, the unemployment rate has gone up from 4.60% in 2007 to 9.70% in 2010.(Trading Economics) Loss of jobs is due to recession and outsourcing. Reuters said 8.4 million lost jobs are due to the recession, while Nounou, E. said outsourcing results to capital flight and job losses.
Pages: 6 (1500 words), Essay
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Usage of GDP for Measuring The Individual Economic Wealth
An individual’s health, diet, achievements, mobility and participation in society are all essential sources of contentment that are not included in calculation of GDP.Also, in the tradeoff between time spent with family or at work, the former would figure as income lost and therefore would mean a lower GDP per capita even though the satisfaction derived from it for an individual may be greater than that from extra work.
Pages: 6 (1500 words), Essay
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