This website uses cookies to ensure you have the best experience. Learn more

International Economics Essay

1548 words - 7 pages

International Economics Paper
University of Phoenix

Author's Note
This paper prepared for ECO/372 facilitated by

The Federal Reserve system is the main banking system within the United States. Established by Congress, its primary objectives are to seek full employment for US citizens, ensure price stability, supervise banks via regulation, provide financial services to banks, the US government, and foreign official institutions, and review and stabilize long-term interest rates. A seven person Board of Governors, also known as a federal agency, administers the Federal Reserve. Currently the Board Chair is Janet Yellen, the first woman to ...view middle of the document...

One particular reform under President Obama is the Affordable Care Act, which cuts medical costs, offers free preventative services and cheaper prescription drugs, and combats health care fraud. The total savings in recovered fraud is over $19.2 billion dollars, thus expanding the economy (The White House, 2015). Many of Obama's investments are currently supporting American businesses in an attempt to create a significant increase of job percentage. In 2011, Obama signed trade agreements with Korea, Columbia, and Panama- a key element to the President's balanced trade agenda to open markets for US exporters and to reinvigorate our workforce (The White House, 2015).
Though the President's monetary policy seeks to achieve a financial stability not seen since the Clinton Administration, many public opinion polls and recent election results credit a weak GDP, unprecedented deficit spending, and a disproportionate amount of joblessness amongst blacks, Hispanics, and youth to Obama's failed policies, or rather his use of the wrong policies (US News, 2015). In March of 2012, Obama signed executive order 13603 regarding “National Defense Resources Preparedness”. This outlined a plan to regulate “all commodities and products that are capable of being ingested by either human beings or animals, all forms of energy, all forms of civil transportation, all usable water from all sources, all health resources – drugs, biological products, medical devices, materials, facilities, health supplies, services, and equipment, and all forced labor” (US News, 2015). This reform echoes that of the axis power's totalitarian economic reforms during World War II (Kaldor, 2007). Though an extreme comparison, it serves to illustrate that the White House is not immune to economic policy decisions that can and will contract the economy.
Congress and Economic Policymakers
Just as important as the President, Congress acts as a key player in economic policy reform, specifically domestic reform. Some important economic growth opportunities within Congress' jurisdiction are monetary policy reform, tax and budget reform, and regulatory reform. One opportunity for Congress to expand the economy is to increase the congressional budget window. The Congressional Budget Office (CBO) projects spending and revenue effects for the first 10 years of any legislative proposal. This will not account for long-term effects and can ultimately result in laws that purposely hide a “spending explosion” beyond the 10 years (Bakst, 2015). Obama's Affordable Care Act was one example of this type of law, as the first 10 years's worth of CBO estimates failed to capture the full range of spending required by the law. Should the CBO window extend to 20 or 30 years, it would make more visible the spending and revenue effects of policy change.
Congress has delegated responsibility for monetary policy to the Fed but still regulates the Fed's adherence to its statutory mandate of “maximum...

Other Papers Like International Economics

International Economics & Public Policy Essay

2872 words - 12 pages outlines the limitations to the idea that countries should be allowed to protect infant industries, like limiting it to a domestic market. Report also looks at Comparative Advantage theories explanation to countries varied fortunes, including the International trade theory and underlining the economic growth, because of the foreign trade. The last question that the report outlines is the economists believes on capitalism in regards to maximising

International Political Economics Essay

1937 words - 8 pages INTO THE PRESIDENTIAL CAMPAIGN. TODAY, THE REPUBLICAN PARTY IS USING SOLYNDRA AS A KEY TOOL IN ITS CAMPAIGN AGAINST OBAMA — SMEARING THE ENTIRE CLEAN ENERGY INDUSTRY IN THE PROCESS.” (Lacey, 2012) Campaigns of this magnitude have a significant impact on the international political scene, and economic decisions. Considering that currently China has a very large and inexpensive manufacturing capabilities, as comparing to those in the U.S.; it

International Trade Simulation For Economics 360

1146 words - 5 pages . Comparative advantage can change over time which is why the composition of a countries trade could change over time. Bilateral or multilateral trade agreements that reduce trade barriers among countries generally lead to increase benefits for all countries concerned.ReferencesColander , D. (2004). Economics. 5th ed. Burr Ridge, IL: Irwin/McGraw-Hill.Applying International Trade Concepts Assessment Simulation, Retrieved April 27, 2006 from University of Phoenix website

International Economics

340 words - 2 pages 1. Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of them. 2. The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown (hypothetically) in Table 2.9. Assume

International Economics

1005 words - 5 pages Økonomisk notat om Spanien Spanien er et land i det sydvestlige Europa. Der lever ca. 48 millioner mennesker der . Hovedstaden i Spanien er Madrid. Madrid er meget kendt for sin fodbold, og det er en stor turistattraktion. Spanien er delt op i forskellige regioner, hvori alle er spanske statsborgere, men befolkningen er forskellig. Der bor cataloniere, galicere, baskere og nogle steder marokkanere og briter. Der bliver betalt med euro

Introduction To Economics

1670 words - 7 pages Introduction to Economics Economics has become quite a popular course at school in recent years. In fact, economics plays an important role in various fields of our life. Most of us may feel that we are familiar with economics, but we seldom think about what economics is and how we can apply it into our future life. These two questions are going to be covered in this essay. 1. What is economics? The definition of economicsWhy should your

Field Study

899 words - 4 pages the means of satisfying those needs. (Colliers Encyclopedia, V.12). In the 1800s, home economics classes were intended to ready young women for their duties in the home. Classes were first in the United States, Canada and Great Britain, followed by Latin America, Asia and Africa. International organizations such as those associated with the United Nations have been involved in starting home economics programs around the world. (


3320 words - 14 pages India, Concept & Measurement 23 Product Method • This method is popular in U.S.A. and is called as Total Product method or Goods Flow Method. In India, It is known as inventory or Product method. In this method, the economy is classified in to three transaction sector like industrial, services and foreign transaction sector where international payments are considered. General Economics: National Income in India, Concept

Managerial Economics

3751 words - 16 pages managerial economics into the business environment. Managerial economics has given rise to the emergence of a new approach in decision-making known as corporate strategy. Business Corporation’s work with a given set of corporate goals and objectives against the background of a set of assumptions about the company’s economic, competitive, regulatory, factor-supply, technological and international environment. Strategic planning is a three-fold


5707 words - 23 pages profitable growth of the firm through his realistic attitude. Conclusion From the above discussion, it is apparent that managerial economics helps translate economic theory into practical applications for businesses so that business goals and objectives such as profit maximization and growth can be attained. Gadgets International (Gadgets International) A Case Study Nature of the Case Study This case study aims to explain how managerial

International Trade Debate Part I

520 words - 3 pages Objective: Write a 200- to 300-word essay in APA format arguing for or against unrestricted international trade. Some possible platforms on which to write are comparative advantage, gains from trade, World Trade Organization, and trade restrictions. Support your position with three specific reasons.International Trade Debate Part IThe debate over unrestricted international trade is likely to keep economists on their toes. Though there are

Related Essays

International Economics Essay

1580 words - 7 pages military power of the United States makes it less dependent on anything. D. the United States invests in many other countries E. many countries invest in the United States. Answer: A 4. Ancient theories of international economics from the 18 th and 19 th Centuries are: A. not relevant to current policy analysis. B. are only of moderate relevance in today's modern international economy. C. are highly relevant in today's modern

International Economics Essay 3920 Words

3920 words - 16 pages Contents 1.0 1 INTRODUCTION 1 1.1 BACKGROUND OF GERMANY 1 1.1.0 PEOPLE AND SOCIETY OF GERMANY 1 1.2 INTERNATIONAL TRADE STATUS OF GERMANY 2 2.0 INTERNTIONAL TRADING WITH OTHER COUNTRIES 3 2.1.0 GERMANY’S INTERNATIONAL RELATIONSHIP WITH FRANCE 5 3.0 Data collection and Analysis 6 3.1 Data collection 6 3.2 Analysis 7 3.2.1 IMPORT 7 3.2.2 EXPORT 8 3.2.3 REAL GDP 8 3.2.4 INFLATION 9 3.2.5 UNEMPLOYMENT 10 3.2.6 INTEREST RATE 10 3.2.7

International Economics Essay 1251 Words

1251 words - 6 pages International Economics 3307AFE Group Assignment | Extend the table 1.3, examine the openness for various countries and analyse the relationship between the openness and the faster long-term growth in standard of living | (Makin, A.J., 2002, p.10) | | | | Sanjeev Henny s2760582 Yu-Ting, Lin s2672341 Yen-Ting, Lee s2768300 World count: 985 | With the increasing globalization of most economies

International Economics U.K Essay

1511 words - 7 pages Edition. Oxford University Press Trebilcock, M. & Howse, R.ed.,1995. The Regulation of International Trade. Routledge Booth, A.ed.,2001. The British Economy in the Twentieth Century. Palgrave Crown, 2010. UK trade performance: Patterns in UK and global trade growth [Online] November 2010. Available at: [Accessed: 30th November 2010]