This document discusses constrained multiplier analysis by relaxing the assumption of unlimited factor resources. It introduces the concept of constraining some sectors' production levels to model resource constraints in agriculture, mining, and government services. The constrained multiplier formula is derived, distinguishing between supply-unconstrained and constrained sectors. A matrix format is used to represent the formula, with the constrained multiplier calculated as the inverse of the identity matrix minus an adjusted coefficient matrix, multiplied by the exogenous components matrix. Readers are directed to a worksheet exercise to calculate constrained multipliers using the mathematical equations and Excel functions.
The document describes the circular flow of income in an economy through different models:
- A two sector model shows money flowing between firms and households through factor payments and spending. Income must equal expenditure for the economy to be in equilibrium.
- Adding a government sector and foreign trade sector creates a four sector model where national income depends on consumption, investment, government spending, and net exports.
- Leakages like savings and taxes withdraw money from the flow while injections like investment and government spending add money back in. The economy is in equilibrium when total injections equal total withdrawals.
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply based on the relationship between income, interest rates, and transactions.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market, with output equal to demand at a particular interest rate.
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply, showing the interest rate needed for equilibrium at each output level.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market simultaneously, with output and interest rate satisfying both markets.
APPLICATION OF LINEAR ALGEBRA IN ECONOMICSAmit Garg
This document discusses applications of linear algebra in economics, specifically the Leontiff Input-Output Model. The model shows interdependencies between sectors of the economy using linear equations. It represents the economy as a consumption matrix that shows quantities of inputs needed to produce one unit of output for each sector. Total production, internal demand, and final demand can also be represented as vectors and related through a linear equation that the model solves to determine production levels for each sector.
The document discusses different models of the circular flow of income and expenditure, including two-sector, three-sector, and four-sector models. It also defines key terms related to national income accounting such as GDP, GNP, NDP, and methods for calculating real GDP. The relationship between expenditure, output, and income methods for measuring GDP is explained. The document also distinguishes between GDP and GNP as well as defines personal and disposable income.
1) This document describes a small open economy model where the real exchange rate keeps the goods market in equilibrium.
2) In the model, if output is not equal to consumption, investment, government spending, and net exports, the exchange rate will adjust to balance the goods market.
3) The model shows the production function and factor demand on the supply side and the consumption, investment, government spending and net exports functions that determine demand. Equilibrium occurs when savings equals investment and this is equal to net exports.
This document discusses constrained multiplier analysis by relaxing the assumption of unlimited factor resources. It introduces the concept of constraining some sectors' production levels to model resource constraints in agriculture, mining, and government services. The constrained multiplier formula is derived, distinguishing between supply-unconstrained and constrained sectors. A matrix format is used to represent the formula, with the constrained multiplier calculated as the inverse of the identity matrix minus an adjusted coefficient matrix, multiplied by the exogenous components matrix. Readers are directed to a worksheet exercise to calculate constrained multipliers using the mathematical equations and Excel functions.
The document describes the circular flow of income in an economy through different models:
- A two sector model shows money flowing between firms and households through factor payments and spending. Income must equal expenditure for the economy to be in equilibrium.
- Adding a government sector and foreign trade sector creates a four sector model where national income depends on consumption, investment, government spending, and net exports.
- Leakages like savings and taxes withdraw money from the flow while injections like investment and government spending add money back in. The economy is in equilibrium when total injections equal total withdrawals.
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply based on the relationship between income, interest rates, and transactions.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market, with output equal to demand at a particular interest rate.
The document summarizes the IS-LM model, which examines macroeconomic equilibrium where aggregate output equals aggregate demand. It discusses:
1) The IS curve, which shows the relationship between equilibrium output and interest rates based on investment spending and net exports.
2) The LM curve, which connects points where money demand equals money supply, showing the interest rate needed for equilibrium at each output level.
3) How the intersection of the IS and LM curves determines equilibrium in both the goods market and money market simultaneously, with output and interest rate satisfying both markets.
APPLICATION OF LINEAR ALGEBRA IN ECONOMICSAmit Garg
This document discusses applications of linear algebra in economics, specifically the Leontiff Input-Output Model. The model shows interdependencies between sectors of the economy using linear equations. It represents the economy as a consumption matrix that shows quantities of inputs needed to produce one unit of output for each sector. Total production, internal demand, and final demand can also be represented as vectors and related through a linear equation that the model solves to determine production levels for each sector.
The document discusses different models of the circular flow of income and expenditure, including two-sector, three-sector, and four-sector models. It also defines key terms related to national income accounting such as GDP, GNP, NDP, and methods for calculating real GDP. The relationship between expenditure, output, and income methods for measuring GDP is explained. The document also distinguishes between GDP and GNP as well as defines personal and disposable income.
1) This document describes a small open economy model where the real exchange rate keeps the goods market in equilibrium.
2) In the model, if output is not equal to consumption, investment, government spending, and net exports, the exchange rate will adjust to balance the goods market.
3) The model shows the production function and factor demand on the supply side and the consumption, investment, government spending and net exports functions that determine demand. Equilibrium occurs when savings equals investment and this is equal to net exports.
1) This document describes a small open economy model where the real exchange rate keeps the goods market in equilibrium.
2) In the model, if output is not equal to consumption, investment, government spending, and net exports, the exchange rate will adjust to balance the goods market.
3) The model shows the production function and factor demand on the supply side and the consumption, investment, government spending and net exports functions that determine demand. Equilibrium occurs when savings equals investment and this equates to the trade balance, keeping the loanable funds market in balance.
This document discusses key concepts related to production including:
1. Production involves converting inputs into outputs in order to satisfy human wants, with the main factors of production being land, labor, capital, and entrepreneurship.
2. A production function shows the relationship between inputs and outputs, with outputs taking the form of volume based on mathematical terms involving factors of production.
3. There are different stages of production including increasing, diminishing, and negative returns based on how marginal product and average product change with variable inputs.
The document defines key macroeconomic concepts including aggregate expenditure, output, income, consumption, saving, investment, government spending, taxes, imports, exports, and equilibrium. It also discusses the consumption function, marginal propensity to consume, marginal propensity to save, and the multiplier effect.
The document defines key macroeconomic concepts including aggregate expenditure, output, income, consumption, saving, investment, government spending, taxes, imports, exports, and equilibrium. It also discusses the consumption function, marginal propensity to consume, marginal propensity to save, and the multiplier effect.
1. The document discusses key concepts in macroeconomics including aggregate output, GDP, the circular flow of income, and aggregate demand and supply.
2. It explains how GDP is measured from the expenditure and income approaches and highlights the differences between nominal and real GDP.
3. The relationship between desired and actual aggregate expenditure is examined, distinguishing between autonomous and induced components of expenditure.
1. The document discusses econometrics and regression analysis, focusing on using economic theory, data, and statistical methods to quantify and model economic relationships.
2. It provides examples of using simple linear regression to estimate relationships between economic variables, such as using income (X) to predict consumption (Y).
3. The ordinary least squares (OLS) method is described as a way to estimate the parameters of a linear regression model by minimizing the sum of squared residuals or errors between observed and predicted values of the dependent variable.
ICAI Economics for finance revision capsule.pdfSamarthPandya5
The document discusses key concepts related to national income accounting and measurement. It begins with definitions of gross national product, gross domestic product, net national product, and related terms. It then discusses three approaches to measuring national income: 1) the production or value added method, 2) the income method, and 3) the expenditure method. The summary provides an overview of the key terms and measurement approaches covered in the document.
This document discusses key macroeconomic relationships including the components of GDP, consumption and income relationships, and the multiplier effect. It notes that GDP is equal to consumption + investment + government spending + net exports. Consumption makes up about 2/3 of GDP and is positively related to disposable income, while investment is irregular. A change in one component of GDP, such as an increase in investment, will lead to a multiplier effect where GDP increases by a larger amount than the initial change due to induced changes in other components like consumption. The size of the multiplier depends on the marginal propensity to consume.
Chapter 14 equilibrium effects and market conditionswarawut ruankham
Equilibrium Effects and Market Conditions
THOMAS STERNER
Policy Instruments for Environmental and Natural Resource Management
Presented by Warawut Ruankham
2 May 2021, NIDA, Thailand
The document provides an introduction to social accounting matrices (SAM) and economywide analysis. It discusses key concepts such as:
- SAMs capture the circular flow of income and expenditures between households, firms, government, and the rest of the world.
- Economywide analysis considers how changes in one sector can impact other sectors through economic linkages.
- A SAM shows payments by columns and receipts by rows to ensure double-entry bookkeeping and macroeconomic consistency.
- Building a SAM requires data from various sources like national accounts and household surveys, which are reconciled using statistical techniques.
The document discusses key concepts related to production and returns to scale. It can be summarized as follows:
1. Production involves using factors of production like labor, capital, land, and raw materials to transform inputs into outputs. The relationship between inputs and outputs is represented by production functions.
2. In the short run, at least one factor is fixed while others can vary. This relationship is explained by the law of variable proportions, which outlines three stages of production - increasing, constant, and diminishing returns.
3. In the long run, all factors are variable. The behavior of output with changes in all inputs is known as returns to scale and can exhibit increasing, constant, or diminishing returns depending
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture introduces national income accounts.
This document provides an overview of key concepts in macroeconomics including:
- National income is determined by the production function based on the fixed supplies of capital and labor.
- Factor prices like wages and rental rates are determined by supply and demand in factor markets and will equal the marginal product of each input.
- Total income is distributed to capital and labor based on their marginal products.
- Aggregate demand is determined by consumption, investment, and government spending functions.
- Equilibrium in the goods market occurs when aggregate demand equals supply as determined by the production function.
- The loanable funds market equilibrates through adjustments in the real interest rate to equalize saving and investment
Eliott Dear Lawyer is telling the Laws of return as the law of cost. Eliott Dear is a regarded attorney in New York. He has over ten years of involvement with his lawful work.
The document describes an estimated dynamic stochastic general equilibrium (DSGE) model of the Indian economy that incorporates important features like financial frictions and both formal and informal sectors. It estimates three nested models of increasing complexity and finds strongest support for the two-sector model with financial and labor market frictions. This model provides estimates of the size of India's informal sector from Bayesian maximum likelihood estimation and better matches key macroeconomic moments compared to simpler models.
Theory of production attempts to explain how firms determine optimal input and output levels. It involves fundamental economic principles like the relationship between input and output prices and quantities. A production function is a precise mathematical equation relating total output to amounts of inputs. Common assumptions in production functions include constant technology and full efficiency. The Cobb-Douglas production function models output as a function of capital and labor. Isoquants illustrate combinations of two inputs that produce the same output level, and have properties like being downward sloping and convex to the origin. Marginal rate of technical substitution measures the rate at which one input can substitute for another while maintaining output.
1) The document discusses the circular flow of economic activities and income between firms and households in a two-sector economy. Firms produce goods and services using inputs from households, and households receive income from firms which they use for consumption.
2) It then expands on the circular flow to a four-sector economy including government and foreign trade. Government engages in tax collection and spending, and imports and exports represent international flows of goods and services.
3) Key macroeconomic concepts are defined including aggregate demand, aggregate supply, stock and flow variables, intermediate and final goods, capital formation, government revenue and expenditure, employment and unemployment, and the consumption function.
The document discusses Keynes' income determination model and the concepts of consumption, saving, investment, and equilibrium. It can be summarized as:
1) The model shows how consumption, saving, and investment determine aggregate demand and income in a simple two-sector closed economy.
2) Consumption depends on income and is modeled as C = Ca + cY, where Ca is autonomous consumption and cY is induced consumption. Saving is the portion of income not consumed.
3) Equilibrium occurs where aggregate expenditure (C + I) equals total income, as shown by the intersection of the AE and 45-degree lines. At this point, planned saving equals planned investment.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
1) This document describes a small open economy model where the real exchange rate keeps the goods market in equilibrium.
2) In the model, if output is not equal to consumption, investment, government spending, and net exports, the exchange rate will adjust to balance the goods market.
3) The model shows the production function and factor demand on the supply side and the consumption, investment, government spending and net exports functions that determine demand. Equilibrium occurs when savings equals investment and this equates to the trade balance, keeping the loanable funds market in balance.
This document discusses key concepts related to production including:
1. Production involves converting inputs into outputs in order to satisfy human wants, with the main factors of production being land, labor, capital, and entrepreneurship.
2. A production function shows the relationship between inputs and outputs, with outputs taking the form of volume based on mathematical terms involving factors of production.
3. There are different stages of production including increasing, diminishing, and negative returns based on how marginal product and average product change with variable inputs.
The document defines key macroeconomic concepts including aggregate expenditure, output, income, consumption, saving, investment, government spending, taxes, imports, exports, and equilibrium. It also discusses the consumption function, marginal propensity to consume, marginal propensity to save, and the multiplier effect.
The document defines key macroeconomic concepts including aggregate expenditure, output, income, consumption, saving, investment, government spending, taxes, imports, exports, and equilibrium. It also discusses the consumption function, marginal propensity to consume, marginal propensity to save, and the multiplier effect.
1. The document discusses key concepts in macroeconomics including aggregate output, GDP, the circular flow of income, and aggregate demand and supply.
2. It explains how GDP is measured from the expenditure and income approaches and highlights the differences between nominal and real GDP.
3. The relationship between desired and actual aggregate expenditure is examined, distinguishing between autonomous and induced components of expenditure.
1. The document discusses econometrics and regression analysis, focusing on using economic theory, data, and statistical methods to quantify and model economic relationships.
2. It provides examples of using simple linear regression to estimate relationships between economic variables, such as using income (X) to predict consumption (Y).
3. The ordinary least squares (OLS) method is described as a way to estimate the parameters of a linear regression model by minimizing the sum of squared residuals or errors between observed and predicted values of the dependent variable.
ICAI Economics for finance revision capsule.pdfSamarthPandya5
The document discusses key concepts related to national income accounting and measurement. It begins with definitions of gross national product, gross domestic product, net national product, and related terms. It then discusses three approaches to measuring national income: 1) the production or value added method, 2) the income method, and 3) the expenditure method. The summary provides an overview of the key terms and measurement approaches covered in the document.
This document discusses key macroeconomic relationships including the components of GDP, consumption and income relationships, and the multiplier effect. It notes that GDP is equal to consumption + investment + government spending + net exports. Consumption makes up about 2/3 of GDP and is positively related to disposable income, while investment is irregular. A change in one component of GDP, such as an increase in investment, will lead to a multiplier effect where GDP increases by a larger amount than the initial change due to induced changes in other components like consumption. The size of the multiplier depends on the marginal propensity to consume.
Chapter 14 equilibrium effects and market conditionswarawut ruankham
Equilibrium Effects and Market Conditions
THOMAS STERNER
Policy Instruments for Environmental and Natural Resource Management
Presented by Warawut Ruankham
2 May 2021, NIDA, Thailand
The document provides an introduction to social accounting matrices (SAM) and economywide analysis. It discusses key concepts such as:
- SAMs capture the circular flow of income and expenditures between households, firms, government, and the rest of the world.
- Economywide analysis considers how changes in one sector can impact other sectors through economic linkages.
- A SAM shows payments by columns and receipts by rows to ensure double-entry bookkeeping and macroeconomic consistency.
- Building a SAM requires data from various sources like national accounts and household surveys, which are reconciled using statistical techniques.
The document discusses key concepts related to production and returns to scale. It can be summarized as follows:
1. Production involves using factors of production like labor, capital, land, and raw materials to transform inputs into outputs. The relationship between inputs and outputs is represented by production functions.
2. In the short run, at least one factor is fixed while others can vary. This relationship is explained by the law of variable proportions, which outlines three stages of production - increasing, constant, and diminishing returns.
3. In the long run, all factors are variable. The behavior of output with changes in all inputs is known as returns to scale and can exhibit increasing, constant, or diminishing returns depending
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This lecture introduces national income accounts.
This document provides an overview of key concepts in macroeconomics including:
- National income is determined by the production function based on the fixed supplies of capital and labor.
- Factor prices like wages and rental rates are determined by supply and demand in factor markets and will equal the marginal product of each input.
- Total income is distributed to capital and labor based on their marginal products.
- Aggregate demand is determined by consumption, investment, and government spending functions.
- Equilibrium in the goods market occurs when aggregate demand equals supply as determined by the production function.
- The loanable funds market equilibrates through adjustments in the real interest rate to equalize saving and investment
Eliott Dear Lawyer is telling the Laws of return as the law of cost. Eliott Dear is a regarded attorney in New York. He has over ten years of involvement with his lawful work.
The document describes an estimated dynamic stochastic general equilibrium (DSGE) model of the Indian economy that incorporates important features like financial frictions and both formal and informal sectors. It estimates three nested models of increasing complexity and finds strongest support for the two-sector model with financial and labor market frictions. This model provides estimates of the size of India's informal sector from Bayesian maximum likelihood estimation and better matches key macroeconomic moments compared to simpler models.
Theory of production attempts to explain how firms determine optimal input and output levels. It involves fundamental economic principles like the relationship between input and output prices and quantities. A production function is a precise mathematical equation relating total output to amounts of inputs. Common assumptions in production functions include constant technology and full efficiency. The Cobb-Douglas production function models output as a function of capital and labor. Isoquants illustrate combinations of two inputs that produce the same output level, and have properties like being downward sloping and convex to the origin. Marginal rate of technical substitution measures the rate at which one input can substitute for another while maintaining output.
1) The document discusses the circular flow of economic activities and income between firms and households in a two-sector economy. Firms produce goods and services using inputs from households, and households receive income from firms which they use for consumption.
2) It then expands on the circular flow to a four-sector economy including government and foreign trade. Government engages in tax collection and spending, and imports and exports represent international flows of goods and services.
3) Key macroeconomic concepts are defined including aggregate demand, aggregate supply, stock and flow variables, intermediate and final goods, capital formation, government revenue and expenditure, employment and unemployment, and the consumption function.
The document discusses Keynes' income determination model and the concepts of consumption, saving, investment, and equilibrium. It can be summarized as:
1) The model shows how consumption, saving, and investment determine aggregate demand and income in a simple two-sector closed economy.
2) Consumption depends on income and is modeled as C = Ca + cY, where Ca is autonomous consumption and cY is induced consumption. Saving is the portion of income not consumed.
3) Equilibrium occurs where aggregate expenditure (C + I) equals total income, as shown by the intersection of the AE and 45-degree lines. At this point, planned saving equals planned investment.
Similar to 2. Unconstrained Multiplier Analysis.pptx (20)
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. • Outline:
• Economic linkages and multiplier effects
• Unconstrained SAM multiplier analysis
3. Economic linkages and multiplier effects
• Economic linkages are fairly static and are determined by the structural
characteristics of an economy
• production technologies and the composition of households’ consumption
• Multiplier effects capture the combined effects of economic linkages over
a period of time derived from an exogenous change.
• Multiplier effect refers to the idea that an initial change in demand can
cause a further change in output.
• In building a SAM multiplier model, the first step is to decide which
accounts should be exogenous or endogenous.
• It is customary to consider the government, export and investment
demand as exogenous
• Largely policy determined (?gov?) or outside the domestic economy.
• Hence “exogenous demand-side shocks” for the multiplier analysis can
refer to changes in export demand, government spending, or investment
demand.
4. • Total multiplier effect a shock = Direct effects + Indirect effects
• Direct effects are those effects on the sector directly affected by the
shock.
• Eg. An exogenous increase in manuf. would increase production, supply and VA to
manuf.
• Indirect effects = Consumption linkage + Production linkage effects
• Consumption linkages (dd side): when increased incomes generate
consumption demand for products of other sectors.
• Production linkages (ss side)= Backward linkages + forward linkages
• Backward linkages: the expanding sector creates additional demand for intermediate
inputs from other sectors
• E.g. processing and agric sector; metallic and non-metallic manufacturing.
• Forward linkages: supply of cheap intermediate inputs to downstream sectors.
5. • A figurative representation:
• Total multiplier effects are the sum of direct and indirect effects.
Direct
effects
Indirect
effects
Consumption
linkages
Exogenous
shock
Production
linkages
Backward
linkages
Forward
linkages
6. Increase in
agricultural
production
Increase in
nonagricultural
production
Increase in
factor
incomes &
employment
Increase in
household
incomes and
consumption
Direct effect
Production
linkages
Consumption
linkages
Indirect effects
Import leakage
Government
Rest of world
A
A B
C
Tax leakage
Three types:
A: Output multipliers
B: GDP (value-added) multiplier
C: Income multiplier
Increase in
agricultural
exports
Shock
7. • A number of structural characteristics of an economy determine the size
of a multiplier:
• The size of forward and backward production linkages
• If sectors are interdependent, multipliers become higher.
• The share of imported commodities in households’ consumption
• Imports are leakages from the circular flow
• Government taxes on factor incomes
• Reduces the consumption linkage (one component of multipliers)
8. Calculating Linkage Effect → Exercise 3 (Task 3)
Complete “Task 3 Worksheet.xls” in the
“Exercises” folder. The solution file is in the
“Solutions” sub-folder.
Task 3:
Calculating Round-by-Round Linkage
Effects
• Activity: Calculate backward production linkage effects during each round of
the circular flow of income.
• As a sector grows, it creates demand for products of other sectors.
• determine how downstream sectors benefit when agric. production increases (and
demands more inputs)
• what causes the multiplier effect?
• The importance of the input coefficient
9. Unconstrained SAM Multiplier Analysis
• We have three key assumptions for the multipliers:
• Prices are fixed and any changes in demand lead to changes in physical output rather
than prices.
• Alternative to these are fixed quantity multipliers – price models since 1995 by Roland-
Hurst and co.
• Factor resources are unlimited or unconstrained, so that any increase in demand is
matched by increased supply.
• Input coefficients (I-O coefficients) of producers and consumption patterns of
households are unaffected by exogenous changes in demand
• I.e., linkage effects are linear and there is no behavioral change.
• No changes in relative prices
10. • Assume the following 7X7 aggregate SAM.
Activities Commodities Factors House-
holds
Exogenous
demand
Total
A1 A2 C1 C2 F H E
A1 𝑋1 𝑋1
A2 𝑋2 𝑋2
C1 𝑍11 𝑍12 𝐶1 𝐸1 𝑍1
C2 𝑍21 𝑍22 𝐶2 𝐸2 𝑍2
F 𝑉1 𝑉2 V
H V Y
E 𝐿1 𝐿2 S E
Total 𝑋1 𝑋2 𝑍1 𝑍2 V Y E
11. • We divide each column through by its column total in order to derive a
coefficients matrix (called “M-matrix”)…
• a = technical coefficients (i.e., input or intermediate shares in production)
• b = share of domestic output in total supply
• v = the share of value-added or factor income in gross output
• l = share of the value of total supply from imports or commodity taxes
• c = household consumption expenditure shares
• s = household savings rates
Activities Commodities Factors House-
holds
Exogenous
demand
Total
A1 A2 C1 C2 F H E
A1 𝑏1 = 𝑋1/𝑍1 𝑋1
A2 𝑏2 = 𝑋2/𝑍2 𝑋2
C1 𝑎11 = 𝑍11/𝑋1 𝑎12 = 𝑍12/𝑋2 𝑐1 = 𝐶1/Y 𝑒1 = 𝐸1/E 𝑍1
C2 𝑎21 = 𝑍21/𝑋1 𝑎22 = 𝑍22/𝑋2 𝑐2 = 𝐶2/Y 𝑒2 = 𝐸2/E 𝑍2
F 𝑣1 = 𝑉1/𝑋1 𝑣1 = 𝑉2/𝑋2 V
H 1 Y
E 𝐼1 = 𝐿1/𝑍1 𝐼2 = 𝐿2/𝑍2 s = S/Y E
Total 1 1 1 1 1 1 1
12. Unconstrained multiplier formula (1)
• Total demand Z in each sector is the sum of intermediate input demand,
household consumption demand, and other exogenous sources of demand
E…
• From the SAM we know that gross output X is only part of total demand Z…
• We also know household income depends on the factors earnings shares in
each sector…
1 11 1 12 2 1 1
Z =a X +a X +c Y+E
2 21 1 22 2 2 2
Z =a X +a X +c Y+E
1 1 1
X =b Z 2 2 2
X =b Z
1 1 2 2 1 1 1 2 2 2
Y=v X v X v b Z v b Z
+ = +
13. Unconstrained multiplier formula (2)
• We can now replace X and Y in the demand equations…
• Move all terms, except for exogenous demand E, onto the left-hand side…
• Finally, we group Z terms together…
( )
1 11 1 1 12 2 2 1 1 1 1 2 2 2 1
Z =a b Z +a b Z +c v b Z v b Z +E
+
( )
2 21 1 1 22 2 2 2 1 1 1 2 2 2 2
Z =a b Z +a b Z +c v b Z v b Z +E
+
1 11 1 1 1 1 1 1 12 2 2 1 2 2 2 1
Z -a b Z -c v b Z -a b Z -c v b Z =E
21 1 1 2 1 1 1 2 22 2 2 2 2 2 2 2
-a b Z -c v b Z Z -a b Z -c v b Z E
+ =
( ) ( )
11 1 1 1 1 1 12 2 1 2 2 2 1
1-a b -c v b Z -a b -c v b Z =E
+
( ) ( )
21 1 2 1 1 1 22 2 2 2 2 2 2
-a b -c v b Z 1-a b -c v b Z E
+ =
14. • We can now use matrix algebra to convert the equations into matrix
format…
• The first term is the identity matrix (I) minus the coefficient matrix (M). We
can also rename the other two vectors Z and E…
• Finally, by rearranging terms, we arrive at the unconstrained multiplier
formula.…
• We will implement these formulas in Excel in building the multiplier model.
( )
I-M Z E
=
( )-1
Z I-M E
=
15. Unconstrained multiplier model → Exercise 4 (Task 4)
Complete “Task 4 Worksheet.xls” in the
“Exercises” folder. The solution file is in the
“Solutions” sub-folder.
Task 4:
Constructing an Unconstrained
Multiplier Model
• Activity: Calculate unconstrained multipliers
• Translate the mathematical equations presented above into Excel
• Use the MINVERSE and MMULT Excel functions
• Answer the questions in red at the bottom of the worksheet
• Look at the key check info in blue to guide your computation.
• Interpret the multipliers