How the Majority Adapts to Major Economic Transformations Essay Example for Free

How the Majority Adapts to Major Economic Transformations Essay ALN provided a simplified plus-minus tax cut or tax increase, increased government spending or reduced expenditures analyses of the U.S. political landscape covering the pre- and post-World War period (85; 94-5) up to Bill Clinton’s term as U.S. President (109). ALN’s ‘When Legislators Get Out of Step’ or Chapter 6 of the book ‘Title’ attempted to explain the fiscal policy changes in the United States with regards to constituent preferences on fiscal policy issues; the speed or slowness of legislator actions, inactions, or stances; and constituent-legislator equilibrium or interest-and-action matching from a state of non-equilibrium (92). Meanwhile, ALN’s ‘Key Episodes in the Twentieth Century’ or Chapter 7 of the same book attempted to discuss the drawn out process of fiscal policy change initiatives (110). Chapter 6 basically explained how U.S. political representatives identify, understand, and support the majority while Chapter 7 detailed the U.S. Economy’s shift from agricultural to industrial and the corresponding increase in government spending to support denser population growth in the cities during the pre-World War U.S. economy (94-6). Chapter 7 also suggested that â€Å"voters became more conservative† and legislators â€Å"made an ‘honest mistake’† (110) during the later part of the twentieth century as the reasons behind the slow, yet ultimately, quick trend in tax cuts, and hence, reduced government spending (100-5). The thesis of this paper is that when it came to fiscal policy preferences, U.S. constituent mood swings from conservative to liberal or vice-versa actually reflected a major transformation in the U.S. economy that ALN reasonably examined in Chapter 6 (90-1) and some parts of Chapter 7 (94-7), but failed to identify or support in Chapter 7’s conclusion with regards to the later part of the twentieth century (110). First, ALN observed that U.S. government spending was increased in the early twentieth century but was cut or reduced during the last three decades (83). ALN also observed that some U.S. states followed this trend while others did not (83). ALN called those states that followed the trend as ‘initiative states’ while those states that did not follow the trend as ‘non-initiative states’ (83). Majority of ALN’s observations and analyses are focused on fiscal policies that increase or reduce spending or taxes versus those policies that retain the status quo. ALN pointed out that legislators or politicians that followed the trend are clearly the representatives of the majority while those that did not: â€Å"voted according to their conscience† believing that they know better than the majority (87). In this light, ALN asserted that: â€Å"After all, representatives who want to stay in office will try to please their constituents, and those who flagrantly ignore the wishes of the electorate will eventually be voted out of office† (87). ALN also provided numerous examples on how government spending increased during the U.S. economy’s shift from the agricultural era into the industrial age as the rural economy became weak while the urban economy became strong (94-7). Moreover, ALN cited as an example voters’ preference for increased welfare spending during a recession instead of during an economic boom (90). ALN’s examples appeared to have economic explanations, and dovetailed with Roosevelt’s New Deal and spending economics to pump prime a sluggish U.S. economy during the Great Depression, except in ALN’s discussion of the California Tax Revolt (100; 102-5), Ronald Reagan (102-3; 106; 108-9), and Bill Clinton (109). Here, initiatives for tax cuts have been simply presented and explained as constituency preferences or setting about â€Å"to implement the will of the voters† (103). Second, Chapter 6 or ‘When Legislators Get Out of Step’ provided insights on how legislators deliberately or unwittingly interpret or misinterpret voters’ preferences on certain issues that affect the speed by which fiscal policies change and vice-versa. Meaning, voters too can misinterpret the stances on fiscal policy issues of their duly elected representatives. Both ways, misinterpretations are due to a variety of reasons such as: [a] the diverse portfolio of issues that a politician supports or information overload (88); [b] the great number of politicians that need to be elected in federal, state, and local government offices (88); [c] the distinct interests of politicians compared with ordinary citizens (87); [d] limited information (89); and [e] lack of measurement tools that gauge voter preferences on selected issues (89). According to ALN, these reasons determine the speed or slowness of a politician to adapt to a fiscal policy change that the majority of constituents prefer. Ultimately, the politician catches up with the preference of the voting majority. Otherwise, politicians get voted out of office. Meanwhile, Chapter 7 or ‘Key Episodes in the Twentieth Century’ provided an insight into how a visionary initiates the process of fiscal policy change (102), how the initiative slowly gains momentum (102), and how the initiative affects the majority of the voters eventually resulting in a fiscal policy change (103-5). However, ALN’s discussion of the slow fiscal policy change did not refer to any economic explanations even though the time period graphically shown in Figure 7.3 illustrating the growth of support for tax cuts from 1968 to 1979 in California (104) can be dovetailed with major economic events that occurred during this time such as the oil crisis of the 1970s; the emerging trend in Japanese car imports; or the beginnings of offshore manufacturing plants. Essentially, the slow gain in momentum of the California tax cut that was initiated by Philip Watson could also be attributed to lack of information, both from the point of view of politicians and the voting constituency of California State. This is for the simple reason that: Watson may have had been ahead of his time. For the purpose of this paper, it can be conjectured that Watson may have had seen, evaluated, or assessed economic events that were unfolding during his time that eventually resulted in the trend of tax cuts and reduced government spending. For instance, U.S. consumer preference for more fuel-efficient and cheaper Japanese cars could have had a positive externality that politicians would initially favor for the sake of the bigger majority of consumers. However, the same situation has a negative externality in the sense that U.S. car manufacturing jobs will be greatly affected when demand for Japanese cars rise while those for US-made cars plunge. Due to the multiplier effects of the US automotive industry on the US economy, tax cuts would essentially counter the side effects of cheaper, Japanese automotive goods such as: [a] lost jobs from direct and indirect automotive industry businesses; [b] lesser US worker and business income due to international competition; and [c] lesser demand for other US goods due to reduced purchasing power of US workers and businesses. On the contrary, since tax cuts would basically reduce government spending due to lesser government funds, major US businesses and US workers could be negatively affected by these tax cuts. Cause and effect-wise, politicians initially favoring the preference of the majority of consumers could eventually be doing a disfavor to the majority of constituents who have had lost jobs and reduced income. In this sense, ALN appeared to have had ignored the cause and effects brought about by the economic externalities on the US political landscape. Third, ALN tried to tie-up several theories on voter preferences and the will of the majority in Chapter 6 with the California Tax Revolt story (100; 102-5) in Chapter 7 to illustrate how ‘voters became more conservative’ (86) and how politicians make ‘honest mistakes’ (87). ALN basically explained in Chapter 6 how US politicians identify their supporters and voters to win an election; how they understand voter preferences; and how they support the majority of their constituents. In Chapter 7, ALN explained how the voting majority of the early twentieth century changed from rural into urban citing the change in economy as the main reason behind such change in fiscal policy. ALN noted the mass migration of the rural population into the cities albeit political structures initially favored the rural population that eventually became the minority (94). In time, city dwellers gained stronger political influence and hence had greater say in US government. One point that appears to have been left out in ALN’s discussion is the nature of initiative states and non-initiative states. It can be postulated that initiative states appear to be states with highly urbanized majorities while non-initiative states appear to have highly rural majorities. This is an area that has not been thoroughly explored to explain the fiscal policy gaps between initiative states and non-initiative states. This crucial point could explain why fiscal policy change in non-initiative states are slower or appear to favor the status quo. A conjecture is that the dominant economy of a particular non-initiative state may be less affected by major economic transformations compared with initiative or highly urbanized states, or those with highly developed economies. In another light, ALN seemed to have succeeded in recognizing the following: [a] â€Å"a change in the aggregate economic environment can alter the electorate’s views about the desirability of government programs;† and [b] â€Å"preferences also change as people learn about the consequences of policies;† (90). However, even though economic transformations and externalities have been recognized in the latter, ALN did not offer any economic explanations as to why ‘voters became more conservative’ in the later part of the twentieth century, specifically in favoring and voting for a tax cut. It would have been more reasonable if ALN explored the tie up of voter preferences with economic transformations and externalities rather than simply stating that voters became more conservative in the later part of the twentieth century. The said statement appears to imply that fiscal policy can change on the mere whim of the majority, or a visionary, when in fact policy changes start due to changes in the economy as ALN reasonably observed but insufficiently supported for the tax cut and reduced government spending. On the contrary, ALN successfully tied up the same premise for increased government spending in the early part of the twentieth century. The idea that changes in fiscal policy reflect the changing nature of voter preferences could be more in line with the argument that voter preferences change with a corresponding change in the general economic condition. Economic changes are basically brought about by improvements or innovations in technology that affect how people make or earn their living as ALN correctly observed. It is also noteworthy that policy changes trigger a corresponding effect that could either be positive or negative. Initially, the political intention or cause might be for favoring the majority but due to some unexpected effect, the welfare of the majority becomes compromised. This could explain why some politicians appear to be slow in immediately discerning the preferences of the majority. The arguments here have already shown that favoring the preferences of the majority could in fact have unintended side effects that could eventually disfavor the majority. When the capacity of constituents to make a living becomes threatened or is at risk, it becomes relatively easy to recognize that: when it came to fiscal policy preferences, U.S. constituent mood swings from conservative to liberal or vice-versa actually reflected a major transformation in the U.S. economy. Work Cited Author’s Last Name, Author’s First Name, Author’s Middle Name Initial. â€Å"Key Episodes in the Twentieth Century.† Title of Book. Year of Publication. . â€Å"When Legislators Get Out of Step.† Title of Book. Year of Publication.

Modern Economic Growth Essay -- Economics, Technological Progress

Theoretical model of modern economic growth shows that long-term economic growth and raise the level of per capita income depends on technological progress. This is because of without technological progress and with the increase of capital per capita, marginal returns of capital would diminish and output per capita growth would eventually stagnate (Solow, 1956; Swan, 1956). Studies have shown that â€Å"experience, skills and knowledge in the long-term economic growth is playing an increasingly important role† (World Bank, 1999). Despite how technological progress work on economic growth, and how there are different views on the role of in the end, but I am afraid no one would deny that technical progress in the important role of economic development. In this sense, for a country to achieve long-term economic growth, we must continue to promote technological progress. However, economic growth theory is analyzed in general, and usually under the assumption that in the closed ec onomy, and technological progress in a country not normally have taken place in various departments at the same time, and now the economy are often increasingly open economy. In this way, the technological progress in different economic impact on a country may be quite different. In addition, we assume that technological progress is Hicks neutral, is to an industry in itself, but technological progress also reflects the establishment of new industries and development. The new industries and technology-intensive industries generally older than the high, the use of less labor. Even the old industries, the general trend of technological progress is labor-saving. However, despite the long-term economic growth, technological progress is very important, and even if we... ... technological progress (the actual cost of the actual producer prices drop or increase) caused. (Note: Of course, if technological progress is the price of the product after the fall, FG Theorem is not established, so it does not necessarily affect the distribution of income, such as SS as shown in Theorem. However, a small country in the open cases, product prices given by the international market, so the assumption that commodity prices remain unchanged or valid, FG theorems generally be valid.) Obviously, if technical progress can not be changed after the factor prices, the production of the two departments, the capital / labor ratio would not change, then the imbalance in supply and demand factors will occur. If this imbalance can not be adjusted by the factor market, some elements will be in short supply, while the other elements will be unemployed or idle.

Globalization Questionnaire Essay

Globalization is a shift toward a more interdependent and integrated world economy (Hill, 2009). The globalization of markets and the globalization of production are several factors of globalization. Advances in transportation and telecommunications make it possible for businesses to reach other countries. National economies are merging and material culture looks the same no matter where an individual is in the world. Mercantilism, absolute advantage, comparative advantage, new trade theory, Heckscher-Ohlin, product life-cycle, and national competitive advantage are all international trade theories. Drivers of Globalization One driver of globalization is the declining trade and investment barriers. Many decades ago, strict barriers to international trade and direct foreign investment existed (Hill, 2009). The World Trade Organization (WTO) was established to help countries work together in an effort to cut tariffs on industrial services, goods, and agriculture. The other driver of globalization is technological change. Advances in information processing, transportation, and the Internet have evolved since World War II (Hill, 2009). The microprocessor is the single most important innovation in technology. Microprocessors encode, transmit, and decode information. The rapid expansion of the Internet has become the information backbone of the global economy (2009). The Internet makes it easy for buyers and sellers to conduct business without having to leave their home or office. Transportation technology has advanced with the development of containerization, superfreighters, and commercial jets. Commercial jets have reduced the time it takes to get from one place to another and containerization has lowered the cost of shipping goods around the world. * Effects of Globalization on Community  The values and norms of an individual’s culture are influenced by social structure, language, religion, and education. Class-conscious societies are characterized by low social mobility and a high degree of stratification while less class-conscious societies are characterized by a low degree of stratification and high social mobility. Language has spoken and unspoken dimensions and countries with more than one language have more than one culture. Formal education is a way individuals are socialized into the values and norms of a society through learned skills. Religion is a system of shared beliefs and rituals.

Accounting Supply Chain Management Terms and Ans

Chapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: T 4. A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: F†¦show more content†¦a. | Job order cost system | b. | General cost system | c. | Replacement cost system | d. | Process cost system | ANS: A 5. For which of the following businesses would the job order cost system be appropriate? a. | Meat processor | b. | Automobile manufacturer | c. | Oil refinery | d. | Construction contractor | ANS: D 6. For which of the following businesses would the process cost system be appropriate? a. | Book retailer | b. | Dress designer | c. | Lumber mill | d. | Printing firm | ANS: C 7. Which of the following is not a characteristic of a job order costing system? a. | It accumulates cost for each department within the factory. | b. | It provides a separate record for the cost of each quantity of product that passes through the factory. | c. | It is best suited for industries that manufactures custom goods. | d. | Uses only one work in process account. | ANS: A 8. Which of the following products probably would be manufactured using a job order costing system? a. | Number 2 pencils | b. | Computer monitors. | c. | Wedding invitations. | d. | Paper. | ANS: C 9. 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A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: F 5. A process cost†¦show more content†¦If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by? a. | $1,000,000 over | b. | $1,000,000 under | c. | $500,000 over | d. | $500,000 under | ANS: A 16. At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by? a. | Increase by $800,000 | b. | Decrease by $800,000 | c. | Not effect net income. | d. | Decrease net income by $200,000 | ANS: A 17. Which of the following would most likely be a period cost? a. | Depreciation on factory lunchroom furniture. | b. | Salary of telephone receptionist in the sales office. | c. | Salary of a security guard for the factory parking lot. | d. | Computer chips used by a computer manufacturer. | ANS: B 18. Which of the following would most likely be a product cost? a. | Salary of VP of sales. | b. | Advertising for a particular product. | c. | Drill bits for a drill press used in the plant assembly area. | d. | Salary of the company receptionist. | ANS: C 19. The document authorizing the issuance of materials from the storeroom is the: a. | materials requisition | b. | purchase requisition | c. | receiving report | d. | purchaseShow MoreRelatedAccounting: Supply Chain Management Terms and Ans1332 Words   |  6 PagesChapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. 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Also, the system used by sales department and other departments within the company