Whether economic efficiency as described in text books is likely to be able to be achieved in practice

Economic efficiency refers to the allocation of resources to maximize consumer satisfaction at maximum opportunity cost. Efficiency can be classed into two sorts: allocative efficiency and productive efficiency of which the latter is concerned with production taking place at minimum average cost. Productive efficiency theoretically exists absolutely in a perfectly competitive market. This is the Read More

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Insight into Argentina and Australia

Australia’s market economy is thriving with a GDP per capita that is on par with other developed economies, while Argentina is classified as a Secondary emerging market by the World Bank. Australia has maintained economic growth over the last 16 years, driven by high confidence, high employment and increased demand for its export commodities. Traditionally, Read More

The American economy boomed in the 1920’s

As Europe was beginning to recover from a very damaging and costly war, both in human and economic terms, America entered a period of prosperity. In the years following the end of the First World War America experienced an economic boom, a rapid growth of wealth. It resulted from an economic cycle known as the Read More

The UK and The Euro Zone

One of the main changes in recent years in the world economy – is appearance of a new sole currency for 12 European countries: Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal, Sweden and Greece. The main reasons for building a new currency are to rival the US dollar, and to strengthen Read More

Critical Assessment on IMF Paper

The importance of federalism in spreading economic development and its benefits has been almost entirely overlooked. By and large, what has passed for national development in the Third World is not national at all, but rather concentrated in a single metropolitan area, usually that of the capital. This area not only has monopolized the infusion Read More

The Benefits and Problems to less economically developed countries of free market development strategies

Multi-national firms have access to the markets necessary for making use of technological processes and implementing them. These firms have headquarters located within developed nations yet the expertise that they possess would be invaluable to less developed nations with struggling industries and economies. In order for poor countries to develop and increase their wealth they Read More