raising the income of everybody would also raise the happiness of everybody. The intuition would say ’yes’ but this however is not the reality. One’s own welfare often depends on the welfare of others because people always compare themselves with their social environment (Easterlin, 1994). Life satisfaction originates through a “good life“ but if the level of well-being of the others also increases, one feels equal or even less satisfied (Frey, 2008). Increasing everybody’s income would not increase
What is HDI? HDI is the abbreviation for Human Development Index which is an International organisation that were created to emphasise people and what they are capable of, in addition; to question National policy choices on the specific country’s Gross Domestic Income (GNI) and how it offers to develop human development outcomes. Therefore, the HDI is a measure of average key dimensions on human development, whereby people can live a healthy live, be knowledgeable and also be able to have a standard
The post-war period was the starting point of economic development, when many countries gained autonomy to form their own national government. An excruciating recession was controlled by austerity. So when we speak of a developed society, it is commonly associated with a vast and great variety of goods and services, a healthy environment, luxuries, a moderate level of equality, a society free of violence and discrimination. Most of us insist that the minimum requirement of a developed society consists
Through effective marketing the companies can reduce their distribution costs to a great extent. Decrease in cost of distribution directly affects the prices of products because the cost of distribution is an important part of the total price of the product. iii) Increasing employment opportunities: Marketing comprises of advertising, sales, distribution, branding and many more activities
expenditure to increase the demand and make the global economy out of the depression. The theory of the Keynesian economics is the view in the short run, during recessions, economic output is strongly influenced by aggregate demand. Aggregate demand does not necessarily same with the productive capacity of the economy, view by the Keynesian economics; instead, it is influenced by a households and sometimes behaves erratically, affecting production, employment, and inflation. Keynesian economists often
determining ruler’s policy choices in improving and advancing national wealth and creating economic development in one regime but becomes less relevant in the other. This section have carefully explored and explained these structural factors. Structural Factors That Affects Economic Development in Dictatorial Regimes There are several structural factors that affect leader’s policy choices in dictatorial regime and as such determine how the regime impacts economic development. I examined such structural
Why is inflation targeting favorable as a monetary policy to the Philippine government? Inflation is good for the Philippine economy because these cater business growth. The Central bank of the Philippines has been tasked by the government to watch over the price stability on the country’s economy. A law has been passed for attaining price stability as a worldwide goal of the central banks. Typical Filipino family standard basket consumption’s average price of goods is measured using the Consumer
various fiscal measures to ensure stability, stimulate economic activities and growth (Santiago and Gaobo, 2005). According to Blanchard (2007), government spending is the purchase of goods and services by the federal, state or local government and does not include government
popular attitudes and national institutions, and the acceleration of economic growth. Besides that, economic development also means that have a stable population and an increased in the national income or gross domestic product. Every children receives education and lower unemployment rate means that every member in the economy has a job, and the every member of the populace is healthy. The mortality rate is low, life expectancy is high and incidence of
Takaki’s writing “The Harmful Myth of Asian Superiority” is a great example of how many individuals feel towards stereotypes ,but how true are some stereotypes? In this passage Takaki talk about the real truth behind the claim that Asian Americans are considered to be the “model minority” and the affect this claim has had amongst other race groups. Through this speculation there has been an uprise in resentment of Asian Americans, especially from the African Americans community since they are the