Dutch Disease
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Dutch disease refers to the negative impact on an economy when a country discovers large natural resource reserves like oil. This leads to currency appreciation which makes other exports less competitive and encourages imports. It originated in the Netherlands in the 1960s when natural gas discovery caused manufacturing decline. Countries can avoid Dutch disease through currency intervention, sovereign wealth funds, economic diversification, and monetary policies like raising banking reserves to decrease credit growth. The appreciation ultimately impacts the balance of payments and other areas of the economy.
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Dutch disease
This document discusses the natural resource curse known as "Dutch disease" where countries with abundant natural resources experience slower economic growth compared to countries with fewer natural resources. It provides examples of how discovery and export of oil and gas led to economic issues in the Netherlands, Nigeria, Russia, Azerbaijan, and other countries. The specific factor model is presented to explain how revenue from the booming natural resource sector can appreciate the currency, draw resources from the manufacturing sector, and harm competitiveness. Ways that countries like Norway have tried to mitigate Dutch disease through sovereign wealth funds and policies to diversify the economy are also examined.
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The document discusses several economic concepts:
1) The Rybczynski theorem explains that if a country's supply of one factor increases, it will produce more of the good that intensively uses that factor and less of the other good.
2) Dutch disease refers to an economic phenomenon where resource discovery leads to decline of other sectors through currency appreciation and a shift in economic activity.
3) The resource curse or paradox of plenty suggests that countries with an abundance of natural resources tend to have less economic growth and worse development outcomes than countries with fewer natural resources, due to issues like overdependence on commodity exports and weak institutions.
Hypothesis of secular deterioration of terms of trade
The document summarizes the Prebisch-Singer thesis, which argues that terms of trade tend to deteriorate against primary commodities and in favor of manufactured goods over time. It presents the key assumptions of the thesis, including that income elasticity of demand is greater for manufactured goods than primary products. As a result, as incomes rise in developed countries, demand shifts away from primary commodities exported by developing countries towards manufactured goods produced in developed nations. This leads to a long-term decline in terms of trade for developing country exports.
A presentation on growth and trade
This document presents information on trade and economic growth. It discusses how trade promotes growth by enabling more efficient use of resources and access to goods from efficient suppliers. Trade also spurs economic growth and reduces poverty. The document then discusses how trade acts as an engine of economic growth by opening foreign markets, increasing exports and utilization of existing production capacities, and providing more employment opportunities. Specialization and competition from global trade also leads to innovations and efficient use of resources, further fueling growth. The sources, positive and negative effects of economic growth on small and large countries are also examined. The document also discusses trade liberalization, its positive impacts like lower costs and prices, and its potential negative consequences.
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The relationship between the environment and the economy can be depicted by means of the “Material Balance Model” The model was developed by Allen Kneese and R.V Ayres. The model visualizes the total economic process as a physically balanced flow between inputs and outputs.
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J.S. Mill developed Ricardo's theory of comparative costs by introducing the concept of reciprocal demand. Reciprocal demand refers to the intensity of demand one country has for another country's exports. Mill argued that terms of trade are determined by the relative strength and elasticity of reciprocal demand between countries, as represented by their offer curves. While pioneering, Mill's theory makes unrealistic assumptions and neglects supply-side factors, leading some economists to criticize it as an imperfect framework for analyzing international trade.
Dutch disease original
This document discusses Dutch Disease, which occurs when a nation experiences large inflows of foreign currency that cause currency appreciation and decline in other export sectors. It provides examples of how natural resource discoveries or foreign investments can lead to Dutch Disease by increasing domestic prices and wages. The document then examines how Venezuela has experienced Dutch Disease due to its oil wealth. It suggests exportation limits, sovereign wealth funds, currency intervention policies, economic diversification, and privatization as ways nations can avoid the negative impacts of Dutch Disease. Finally, it discusses how Nepal has shown signs of Dutch Disease from large remittance inflows, with declining exports, rising trade deficits, and loss of competitiveness in tradable sectors.
foreign trade as an engine of economic growth
Foreign trade acts as an "engine" of economic growth in three key ways: 1) It enlarges a country's market for exports, leading to greater production and utilization of resources; 2) Expanding exports provides more employment opportunities and economies of scale, lowering costs; 3) Access to global markets encourages innovation as businesses compete with international counterparts, improving efficiency and productivity. For example, the opening of the Suez Canal increased India's exports of commercial crops like cotton and tea, fueling economic growth. Export processing zones also create jobs and incomes, stimulating demand and further domestic manufacturing. Overall, specialization, competition and technological adoption spurred by foreign trade can power economic expansion.
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Dutch disease
This document discusses the natural resource curse known as "Dutch disease" where countries with abundant natural resources experience slower economic growth compared to countries with fewer natural resources. It provides examples of how discovery and export of oil and gas led to economic issues in the Netherlands, Nigeria, Russia, Azerbaijan, and other countries. The specific factor model is presented to explain how revenue from the booming natural resource sector can appreciate the currency, draw resources from the manufacturing sector, and harm competitiveness. Ways that countries like Norway have tried to mitigate Dutch disease through sovereign wealth funds and policies to diversify the economy are also examined.
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The document discusses several economic concepts:
1) The Rybczynski theorem explains that if a country's supply of one factor increases, it will produce more of the good that intensively uses that factor and less of the other good.
2) Dutch disease refers to an economic phenomenon where resource discovery leads to decline of other sectors through currency appreciation and a shift in economic activity.
3) The resource curse or paradox of plenty suggests that countries with an abundance of natural resources tend to have less economic growth and worse development outcomes than countries with fewer natural resources, due to issues like overdependence on commodity exports and weak institutions.
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The document summarizes the Prebisch-Singer thesis, which argues that terms of trade tend to deteriorate against primary commodities and in favor of manufactured goods over time. It presents the key assumptions of the thesis, including that income elasticity of demand is greater for manufactured goods than primary products. As a result, as incomes rise in developed countries, demand shifts away from primary commodities exported by developing countries towards manufactured goods produced in developed nations. This leads to a long-term decline in terms of trade for developing country exports.
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Material Balance Model
The relationship between the environment and the economy can be depicted by means of the “Material Balance Model” The model was developed by Allen Kneese and R.V Ayres. The model visualizes the total economic process as a physically balanced flow between inputs and outputs.
Mills theory of reciprocal demand
J.S. Mill developed Ricardo's theory of comparative costs by introducing the concept of reciprocal demand. Reciprocal demand refers to the intensity of demand one country has for another country's exports. Mill argued that terms of trade are determined by the relative strength and elasticity of reciprocal demand between countries, as represented by their offer curves. While pioneering, Mill's theory makes unrealistic assumptions and neglects supply-side factors, leading some economists to criticize it as an imperfect framework for analyzing international trade.
Dutch disease original
This document discusses Dutch Disease, which occurs when a nation experiences large inflows of foreign currency that cause currency appreciation and decline in other export sectors. It provides examples of how natural resource discoveries or foreign investments can lead to Dutch Disease by increasing domestic prices and wages. The document then examines how Venezuela has experienced Dutch Disease due to its oil wealth. It suggests exportation limits, sovereign wealth funds, currency intervention policies, economic diversification, and privatization as ways nations can avoid the negative impacts of Dutch Disease. Finally, it discusses how Nepal has shown signs of Dutch Disease from large remittance inflows, with declining exports, rising trade deficits, and loss of competitiveness in tradable sectors.
foreign trade as an engine of economic growth
Foreign trade acts as an "engine" of economic growth in three key ways: 1) It enlarges a country's market for exports, leading to greater production and utilization of resources; 2) Expanding exports provides more employment opportunities and economies of scale, lowering costs; 3) Access to global markets encourages innovation as businesses compete with international counterparts, improving efficiency and productivity. For example, the opening of the Suez Canal increased India's exports of commercial crops like cotton and tea, fueling economic growth. Export processing zones also create jobs and incomes, stimulating demand and further domestic manufacturing. Overall, specialization, competition and technological adoption spurred by foreign trade can power economic expansion.
Meeting 4 - Stolper - Samuelson theorem (International Economics)
The document discusses the Stolper-Samuelson theorem, which states that a decrease in the price of a good will lead to a decrease in the return to the factor that is used intensively in the production of that good. It will conversely lead to an increase in the return to the other factor. The theorem is based on assumptions of perfect competition and factor mobility. It predicts that increased trade with developing countries likely contributed to rising wage inequality in skilled countries. While trade increases overall welfare, it benefits some factors more than others according to their intensity of use.
Hecksher Ohlin Theory
This document discusses the Heckscher-Ohlin theorem of international trade. It begins by listing the four main factors of production: land, labor, capital, and natural resources. It then outlines the eight key assumptions of the Heckscher-Ohlin theorem, including that countries have different relative abundances of factors that are fixed, technologies and tastes are the same between countries, and competition and no trade barriers exist. The document provides sample exercises comparing the capital and labor endowments of the US and PH to determine which goods and countries are respectively capital- and labor-abundant. It concludes with assignments on explaining graphs of perfect and monopoly competition.
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Comparative cost advanatge theory
David Ricardo originated the theory of comparative cost advantage in his 1817 book. The theory states that countries will export goods that they have a lower relative production cost in and import goods with higher relative costs, even if one country may have an absolute cost advantage in all goods. The theory assumes two countries and goods, homogeneous and mobile factors of labor, no transportation or trade barriers, and constant returns to scale. England has a lower relative cost (cost advantage) in cloth and Portugal has a lower cost in wine, so each country specializes and gains from trade by exporting their lower cost good and importing the other good. However, the theory makes unrealistic assumptions and does not consider all real-world complexities of international trade.
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W1006 ECONOMICS ASSIGNMENT
ECONOMICS ASSIGNMENT
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hit LIKE if it helped you. :)
would mean alot!
Impact of inflation on Equity market.
Inflation reduces the value of money over time. High inflation negatively impacts the stock market and economy. When inflation is high, stock prices tend to decrease as company expenses rise and profits fall. Investors also demand higher returns during periods of high inflation. However, moderate inflation of 3-5% is generally considered healthy for economic growth. To beat inflation, investors should emphasize growth equity investments that pay dividends and avoid long-term fixed income. Commodities, real estate, and inflation-indexed bonds also tend to perform well during inflationary periods. Maintaining a balanced investment portfolio is key to mitigating inflation's effects.
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The document discusses the economic impact of the global financial crisis on Indonesia. It notes that while Indonesia's economy was strong in 2007-early 2008 due to commodity exports, the global downturn is now slowing growth. Lower global demand and commodity prices are reducing exports, investment, and incomes. Inflation is slowing but poverty reduction may slow in 2009. The government is taking measures to support markets and spending to soften the impact.
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This document discusses different aspects of inflation including definitions, types (demand-pull and cost-push), causes, effects, and measures to control inflation. It defines inflation as a rise in the general price level and notes that it occurs when money supply grows faster than the rate of production of goods and services. The two main types of inflation are demand-pull, which is due to excess demand, and cost-push, which is due to increases in production costs. Fiscal, monetary, and general policy measures can be used to control inflation.
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Lecture 12 trade cycle, inflection, deflation
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Indian Economic Development is a core subject of Under Graduate-Economics course in most of Indian University syllabus, This my first slide, carries a topic of Economic Growth and Development. It covers the basic concepts of the meaning of economic growth and development, Indicators of economic development, Major obstacles of economic development, Characteristics of underdeveloped and developed countries, Comparison/Distinguished between Developed and Underdeveloped countries. I am very much confident that this slide is going to cater to the needs of the students.
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- 1. DUTCH DISEASE By Mr. V. VEERANAN B.Sc. Computer Science., Dip. In Yoga
- 2. What is Dutch Disease Dutch Disease in economic refers to a phenomenon wherein a country witnesses uneven growth across sectors due to the discovery of natural resources, especially large oil reserves. According to the concept, when a country discovers natural resources and starts exporting them to the rest of the world, it causes the exchange rate of the currency to appreciate significantly and this, in turn, discourages the exports from others sectors while encouraging the import of cheaper alternatives. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 3. The origin of the term In the 1960s, the Netherlands discovered gas reserves in the North Sea. The subsequent export of oil and the appreciation of the Dutch currency made Dutch exports of all non-oil products less competitive on the world market. Unemployment rose from 1.1% to 5.1% and capital investment in the country dropped. Following this, over the years, the country witnessed a downfall in the industrial sector. The term was coined by The economist in 1977 to describe the decline of the manufacturing industry in the Netherlands. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 4. How to Avoid Dutch Disease The deceleration of currency appreciation is an easier and more viable strategy to prevent the adverse effects of Dutch disease. It can sometimes be achieved by smoothing the spending of revenues earned from the export of natural resources. One of the most common methods to do so is the creation of a sovereign wealth fund. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 5. Diversification of the Economy The diversification of the economy is a strategy that can almost eliminate the negative impact of Dutch disease on the economy. Economy or establishing tariffs to support domestic producers. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 6. Monetary Policy The choice of an appropriate monetary policy is important for macroeconomic management in commodity- exporting countries. With the discovery of natural resources, the country sees a huge inflow of money, especially foreign currency. The export of natural resources tends to affect the equilibrium in the money and exchange rate markets. The Dutch disease can be prevented if the central bank raises the banking system reserve’s requirement, which decreases domestic credit. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 7. Impact This appreciation in the value of domestic currency leads to a huge fall in foreign currency value. Thus the influx of foreign currency and fall in the value of foreign currency leads to an increase in imports. Because the import becomes cheaper and thus spends increases. Ultimately, the impact is seen not only on the Balance of Payments (BoP) of the country. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga
- 8. Mr. V.Veeranan, B.Sc. Computer Science, Dip. in Yoga