General Theory of Employment, Interest and Money - ,
Ragnar Frisch -
New Methods of Measuring Marginal Utility -
Theory of Production - Circulation Planning -
On the Notion of Equilibrium and Disequilibrium -
Friedrich von Hayek -
Monetary Nationalism and International Stability -
The Pure Theory of Capital - The Road to Serfdom -
Individualism and Economic Order -
John Kenneth Galbreith -
The Affluent Society -
New Industrial State -
Economics and the Public Purpose -
American Capitalism: The Concept of Countervailing Power :
Milton Friedman -
Studies in the Quantity Theory of Money -
Capitalism and Freedom - Free to Choose -
Money and Economic Development -
{Gerund Clause) , .
.
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I remember the stocks falling drastically. - , .
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I enjoyed listening to the professor yesterday. - .
Running a multinational corporation is a challenging task. - .
.
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Brown's giving the lecture now is very important. - , .
;
The major task of the new theory was explaining the complexity of the global economy. - , .
;
The government enjoyed introducing new taxes every year. - , .
;
The President was exhausted from participating in the debates with the opposition. - .
.
By studying the problems in macroeconomics, we are sure to study the laws of its development. - , .
UNIT 10.
World Economy
1. - .
Global economic integration is not a new phenomenon. Some communication and trade took place between distant civilisations even in ancient times. Since the travels of Marco Polo seven centuries ago, global economic integration - through trade, factor movements, and communication of economically useful knowledge and technology - has been on a generally rising trend. This process of globalisation in the economic domain has not always proceeded smoothly. Nor has it always benefited all whom it has affected. But, despite occasional interruptions, such as following the collapse of the Roman Empire or during the interwar period in this century, the degree of economic integration among different societies around the world has generally been rising. Indeed, during the past half century, the pace of economic globalisation has been particularly rapid. And, with the exception of human migration, global economic integration today is greater than it ever has been and is likely to deepen going forward.
Three fundamental factors have affected the process of economic globalisation. First, improvements in the technology of transportation and communication have reduced the costs of transporting goods, services, and factors of production and of communicating economically useful knowledge and technology. Second, the tastes of individuals and societies have generally favoured taking advantage of the opportunities provided by declining costs of transportation and communication through increasing economic integration. Third, public policies have significantly influenced the character and pace of economic integration. Evidence suggests that in the future the
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process of global economic integration will take place through voluntary means. People around the world will decide to participate because they see the benefit to them of such participation. Participation in the global economy will not occur at the point of a sword or facing the muzzle of a gun. This provides the reasonable assurance that the fundamental forces that are driving global economic integration are, in fact, driving the world toward a better economic future.
2. 1, .
3. 1, .
4. .
1. Although technology, tastes, and public policy each have important independent influences on the pattern and pace of economic integration in its various dimensions, they clearly interact in important ways. Improvements in the technology of transportation and communication do not occur spontaneously in an economic vacuum. The desire of people to take advantage of what they see as the benefits of closer economic integration is a key reason why it is profitable to make the innovations and investments that bring improvements in the technology of transportation and communication.
2. The phenomenon of back-and-forth movement suggests that by no
later than the early part of the twentieth century, the costs and risks of trans
portation had fallen to the point that they were no longer a substantial factor
in economic decisions about migration. Also, this reduction in transportation
costs probably interacted with tastes in a way that enhanced the likelihood of
migration.
3. Traditionally, economists tend to focus on trade in goods and, to a
lesser extent, services as the key mechanism for integrating economic ac
tivities across countries and as a critical channel for transmitting distur
bances between national economies. Indeed, in the economic theory of
international trade, trade in goods is seen as a substitute for mobility of factors of production. Under certain restricted conditions trade in the outputs of production processes may be an essentially perfect substitute for mobility of factors.
4. Since World War II, the world economy has enjoyed a remarkable era of prosperity that has spread quite broadly, but not universally, across the globe. Over the past five decades, real world GDP has risen at somewhat more than a four percent annual rate. The volume of world trade in goods and services rose from barely one-tenth of world GDP in 1950 to about one-third of world GDP in 2000. By this measure there has indeed been an increase in the degree of global economic integration through trade in goods and services during the past half century.
5. . .
a. Trading Blocs and the Trading System: The Services Dimension.
b. Exchange Rate Regimes and the Real Exchange Rate.
Indirect Taxation in an Integrated Europe: Is There a Way of Avoiding Trade Distortions without Sacrificing National Tax Autonomy?
d. Foreign Capital Inflow with Public Input Production.
e. Friends, Enemies, and Factor Diversification: Implications for Protec
tionist Pressures.
6. . -. .
Thank you for the invitation to talk to you... The title of my talk is...
My preference would have been to talk about... I have to devote the bulk of my talk to... My defence for getting into the fight is...
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I hope there will be time at the end to discuss the far more important issues of...
In the very unlikely event that you haven't heard of us, let me just say that...
And for the few among you who may not heard of [smb] he is a noted [Smb] has recently written a book called... Despite its general title, the book is mostly about... [Smb] said in his review that a more accurate title for the book would have been...
That's my bottom-line message: You can't judge a book by its cover.
Let me begin with critique of...
What is probably true is that...
One criticism is that...
The critics find the allegation that...
The critics say that...
[Smb] deserves his share of the blame, but so do many others.
As [smb] noted in his review,...
I also take strong exception to the portrayal of...
OK, enough of the food-fight.
Let me shift to a more positive tone and acknowledge the validity of some of the criticisms...
As I noted earlier, [smth] has two main tasks.
It's useful to recall a bit of history first.
There is no denying that...
But while characterisation of... is broadly correct, it is inaccurate in many important details.
As anyone will tell you, battlefield medicine is never perfect.
We were surprised by... The experience revealed...
Our most glaring error, according to many observers, was to... There is another, more technical, debate about which there is still no meeting of the minds between... This debate has to do with... Others have taken similar positions. The experience of... suggests that... With respect to our other main task...
As promised, let me finish with a brief discussion of...
While there are no easy answers, one concrete step could be taken to help the situation considerably...
Let me end on that note of harmony.
7. , 6. .
8. . , 5. .
1. This paper examines the relationship between changes in commodity
prices and changes in factor prices when individuals can diversify their fac
tor ownership portfolios. In a closed economy, it is always possible to find a
distribution of factor ownership which makes everyone indifferent to any
small, exogenous price change and which satisfies the conditions for full
employment of each factor. Such a distribution of factor ownership would
dissipate interest in any price change since it would leave everyone's real
income unchanged. In an open economy, it may not be possible to find such
a distribution of factor ownership.
2. It is well established now that the nominal exchange rate regime has
important implications for the behaviour of real exchange rates. Two key
stylised facts in this regard are that real exchange rate variability is greater
under flexible exchange rates than under fixed exchange rates and that real
and nominal exchange rate movements are positively related under flexible
exchange rates. One class of models that are consistent with these obser
vations are sticky price models. This paper constructs an equilibrium
model of real and nominal exchange rate determination that is capable of
explaining these observed facts without resorting to differences in other
policies across regimes. The paper thus shows that there is an inherent
tendency, due solely to the difference in monetary adjustment mechanisms
across alternative exchange rate regimes, for real exchange rates to exhibit
greater variability under flexible exchange rates and this tendency turns
out to be compatible with the observed positive correlation between real
and nominal exchange rates. The model relies on the inflation tax mecha-
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nism and the impact of temporary, country-specific shocks to generate these results.
3. This paper explores the relationship between regional and multilateral
agreements to liberalise trade in services. Following a conceptual discussion
of the political economy of regional as opposed to multilateral negotiations,
existing data on trade and investment flows are analysed with a view to
gaining some insight into the likely interest group preferences regarding al
ternative institutional arrangements to liberalise trade in services. Concep
tual considerations and available data suggest a preference for regional lib
eralisation. But available data and a comparison of the content of the major
existing agreements also suggest that regional and multilateral approaches
are more likely to be considered by service industries and regulators to be
complements than substitutes.
4. This paper develops a general equilibrium trade model of a less de
veloped country, facing imperfect international capital mobility, and pro
ducing a public input. Within this framework, the paper examines the wel
fare effects of an inflow of foreign capital when the government finances the
provision of the public input either by taxing the return to foreign capital, or
by imposing a tariff on the imported good. Using the gross domestic product
function with public input production, the paper shows that in the presence
of a tariff, the inflow of foreign capital may increase the country's welfare,
even if the imported good is capital intensive, and in the presence of capital
taxes, the inflow of foreign capital may decrease the country's welfare. The
paper examines also within the two-good, two-factor model the effect of a
capital inflow on factors rewards.
5. The paper discusses the main arguments for destination- versus
origin-based commodity taxation in the European Community's Internal
Market. Destination-based solutions distort commodity trade in the Com
munity because cross-border purchases by final consumers can Only be
taxed in the origin country. On the other hand, an origin-based general con
sumption tax is neutral in a European context and it can be combined with
destination-based taxation in third countries in a non-distortionary way.
Furthermore, it is shown that the introduction of capital mobility does not
affect the neutrality of an origin-based consumption tax. Finally, the paper
addresses the administrative and political implications of a switch to the ori
gin principle in the European Community.
9. , 5. - ( - ), 8. - .
10. . .
(...) The inflation outlook in the baseline was more of a concern, mainly because of a renewed spurt in headline inflation and stubbornly high core inflation at the beginning of the year. Although attributable in good part to one-off weather, energy, and euro changeover effects, the acceleration also coincided with wage pressures, increases in inflationary expectations, and supportive monetary conditions. In this environment, inflation was expected to recede only slowly to just below two percent next year.
(...) Overall, absent a stronger global recovery, recent developments suggest that growth this year may be somewhat weaker than expected. Moreover, uncertainty and downside risks have increased looking forward. However, barring significantly more pronounced shocks than we have seen so far, the basic prospect would seem to remain one of an upswing back to potential growth.
(...) While questions remain about the nature of recent inflation shocks and monetary trends, recent developments should assuage concerns on the inflation front at least to some extent. The appreciation of the euro relieves price pressures, particularly as direct pass through of dollar declines to import prices for energy and other commodities tends to be quick and substantial. Somewhat slower expected growth and increased risks to prospects reduce the likelihood of domestic inflation pressures.
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(...) Until recently, our expectation was that the gradual upturn of economic activity that began in the first quarter of this year would accelerate to
above potential during the latter half of the year, before settling down close to potential next year. The genesis of this recovery was, as had been the case in the initial stages of past recoveries, a boost from net exports. This was expected to be succeeded fairly quickly by a resumption of domestic demand growth.
11. .
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1. It would be a disaster to try to reverse economic integration in the mid
dle of the road toward one world.
2. If the cost of goods were not comparatively low, it would not be possi
ble to experiment and see whether the tastes were adaptable to the new
environment.
3. The advice of international experts was that the government invest
heavily in high tech industries.
4. If Franklin D. Roosevelt had not pushed the United States into the New
Deal, the nation would still be suffering the Great Depression.
5. If there had been no natural or artificial barriers to trade in goods or
services, the relative prices of all goods and services would have been
equalised everywhere.
6. The last thing the government of this country can do to improve its eco
nomic situation is to recommend that the parliament should authorise a
war against the peaceful neighbour-states.
7. Large corporations treat customers as if they were of no importance to
them.
8. I wish the riches of the world were distributed more evenly among na
tions.
9. Were trade shares measured as ratios of international trade of goods to
the output of goods production, then those shares would soon have in
creased significantly.
10. If the President listened more attentively to his aids, he would not have ruined his people and his country.
11. The vice-president of the bank submitted a recommendation that the board
of directors follow a more flexible policy in the given circumstances.
12. The reforms set out in the mid-term review of the Common Agricultural
Policy would significantly ease market distortions if adopted.
14. , (. ). .
| Example: The official definition of price stability provides the clearest guide for inflationary expectations. The stated price stability objective are too low. The clippers lacked ample cargo space. In the last third of the nineteenth century they gave way to the larger steamships. |
If the official definition of price stability did not provide the clearest guide for inflationary expectations, the stated price stability objective would not be too low.
If the clippers had not lacked ample cargo space, they would not have given way to the larger steamships in the last third of the nineteenth century.
1. Inflation falls toward an excessively low level. It reduces the risks of
getting trapped in a deflationary spiral.
2. Admiral Lord Nelson's establishment of naval supremacy over the
French enabled Britain to cut off Napoleon's empire from imports of
West Indian sugar. A substitute for cane-based sugar which could be
produced within the French Empire was found.
3. Some senior economists at leading departments teach mostly out of arti
cles written in the previous decades, scorning modern literature for its
alleged lack of relevance. They view the state of the present economy
with fear.
4. During World War II huge defence contracts promoted corporate concen
tration and consolidation in the United States. Big business grew bigger.
5. The classic approach lacks the microfoundations needed for internal
consistency. The older literature simply doesn't deal sensibly with many
questions that are central to the policy world of today.
6. All the countries of the world are trading extensively. There are virtually
no closed economies now.
7. Technology, tastes, and public policy have important independent influ
ences on the pattern and pace of economic integration in its various di
mensions. They clearly interact in important ways.
8. People want to take advantage of the benefits of closer economic integra
tion. It is profitable to make the innovations and investments that bring
improvements in the technology of transportation and communication.
9. The active trade carried out for several centuries between Britain and the
Bordeaux region of France, was seriously interrupted when one side or
the other wished to suppress trade with the enemy. Britain sought to de
velop imports of Portuguese wines.
10. People migrated throughout most of historical time, extending back
roughly five thousand years. Human migration remain the predominant
mechanism of interaction and integration of different societies.
11. Transportation costs to America reduced before World War I. The deci
sion to migrate became relatively high.
12. The railroad boom opened up new possibilities for quick profits. It
helped to corrupt political life.
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/5. .
Economy
1) , , : market economy - , national economy - , peacetime economy - , wartime economy - , planned economy - , sound / shaky economy - / ; 3) , , , , . Syn: structure, organisation, management; 3) pl. , : economies of integration - , economies of scale -
Employment
1) , , , ; 2) : full-time / full employment - , part-time employment - , industrial employment - , employment agency / bureau - , employment security - , employment policy -
Inflation
: to cause inflation - , to control / curb inflation - , creeping inflation - , galloping / rampant / runaway / uncontrolled inflation - , , anticipated inflation -
, hidden / suppressed inflation - , excess-demand inflation - , . Ant: deflation
Integration
, ; , : economic integration - , financial integration - , racial integration - , token integration - , integration level - . Syn: fusion, unity
Rate
1. . 1) , , ; . Syn:
estimation, valuation; 2) , , ; ;
: bank rate - ; discount rate -
, tax rate - , profit rate, rate of
profit / return - , rate of surplus value -
; 3) , ; , : at the rate - , ex
change rate, rate of exchange - ; 4) , ,
, , : annual rate - ,
fast rate - , inflation rate - /
, interest rate - , high / low rate - /
, bargain rates - , to fix the rate of interest -
; 5)
2. v. 1) , ; 2) , ; 3)
, ; 4) , ,
Technology
1) ; : defence technology - , science and technology - ; 2) , , :, to apply technology - , to employ technology - , to create / develop (a) technology - / , to export / transfer technology - , advanced technology - , high technology (high tech) - , low technology (low tech) - , , state-of-the-art technology - , statistical technology -
Trade
1) , , ; 2) , , : to / develop / build up / drum up / promote trade - , , to conduct / carry on /engage in trade - , , to lose trade - , to restrain trade - , to restrict trade - , domestic / home trade - , export / foreign / oversees trade - , , fair trade - , free trade - , international trade - , retail / wholesale trade - / , slave trade - . Syn: commerce; 3) , . Syn: market
17. .
- rate of surplus value - - to lose trade - - peacetime economy
- - oversees trade - - tax
rate free trade to
curb inflation - - domestic trade -
- full employment - - - shaky
economy - - wartime economy -
- - fair
trade - - economies of integration - - in
terest rate - - retail trade - -
science and technology - - defence technol
ogy - - - runaway inflation -
- to transfer technology - -
high tech - - racial integration -
- annual rate - ,
- international trade - - bargain rates.
18. .
Administration, association currency, bank note, benefit, bill, boon, business, certificate, commerce, company, corporation, dividend, dollar, economy, estimation, evolution, expansion, firm, fusion, gain, good, green-
back, group, growth, income, increase, integration, management, market, money, organisation, price, profit, rate, structure, supervision, trade, unity, valuation, value, worth, yield.
19. .
1. Can you prove that global economic integration is not a new phenome
non?
2. What factors have affected the process of economic globalisation?
3. How did the world economy develop after World War II?
4. On what problems do economists traditionally focus?
5. What are the prospects of economic development in the twenty first
century?
6. What indicates the level of economic development?
20. . .
* It is impossible in the present order of society to secure the optimum level of output and employment by any other means except by paying the capitalist his full rate and, if anything, a little over.
(John Maynard Keynes)
* To help the unemployed is not the same thing as dealing with unemployment.
{Herbert Samuel)
* It's a recession when your neighbour loses his job: it's a depression
when you lose yours.
{Harry S. Truman)
One man's wage rise is another man's price increase.
{Harold Wilson)
In developing our industrial strategy for the period ahead we have the benefit of much experience. Almost everything has been tried at least
once.
(Anthony Wedgwood Benn)
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