A Central Bank is an integral part of the financial and economic system. They are usually owned by the government and given certain functions to fulfil. These include printing money, operating monetary policy, the lender of last resort and ensuring the stability of financial system. Examples of Central Banks include Federal Reserve – US Bank …
A list of energy use (kg of oil equivalent) per capita by country. The list shows a huge disparity between the highest energy users and the lowest. It is worth bearing in mind: Colder countries understandably have a relatively higher use of energy because more resources are devoted towards heating. Energy producers have a high …
Readers Question: Is it possible to construct the economic system so that does not rely on expanded growth which as we all know, is damaging the environment? causing pollution e.t.c. Could we have a society without economic growth? or as economists might prefer to answer – Can we have environmentally sustainable economic growth? To promote …
In economics, gravity theory relates to how international trade between countries is influenced by Geographical proximity Economic size (mass) of the respective countries (M) Similarities in consumer preferences and economic development The gravity theory of trade suggests, ceteris paribus, an economy will gravitate towards trading with its closest neighbours and economies which are similar in …
Due to lack of space in the book, we have published full bibliography on this website. Bibliography Chapter 1 Is it OK to be selfish? Frank, R H (1988) Passions Within Reason: The Strategic Role of the Emotions, p. xi. New York: W W Norton & Co. Galbraith, J K (1982) “Recession economics”, The New …
On a recent visit to New York, my friends took me to a popular part of Queens to an Indian restaurant. Because it is a popular area it was very difficult to find a car parking space. We ended up driving round in circles for 15 minutes before a space finally became available. When we …
GDP per capita is a measure of average income per person in a country. GDP stands for Gross Domestic Product. This measure National income / National Output and National expenditure. GDP per capita divides the GDP by the population. Real GDP per capita takes into account inflation. World Map of GDP per Capita
The Washington Consensus refers to a set of broadly free market economic ideas, supported by prominent economists and international organisations, such as the IMF, the World Bank, the EU and the US. Essentially, the Washington consensus advocates, free trade, floating exchange rates, free markets and macroeconomic stability. The ten principles originally stated by John Williamson …