This years OCR F585 global economy pre-release stimulus material is about Estonia and its economic performance. This post gives a few extra graphs about the state of the Estonian economy and considers important issues and questions, related to Estonia. Brief synopsis From the early 2000s Estonia experienced rapid economic growth as it benefited from joining …
The Common Agricultural Policy (CAP) was designed to give farmers a guaranteed income and also to guarantee food supplies. This was achieved with minimum prices and import tariffs. However, the system of target prices. led to various economic problems. CAP CAP led to massive oversupply (Q4-Q1) Problems of CAP included High prices for consumers Incentives …
Essays and Revision Notes on European Union European Union Expansion of EU Common Agricultural Policy Advantages of EU membership Disadvantages of EU membership Benefits of Euro membership Problems of Euro Transition to a Market Economy There revision notes and essays are free to use for revision. However they cannot be reproduced without permission. Essay …
Antitrust is predominantly an American term referring to laws regulating the abuse of monopoly power. Monopolies have various disadvantages for society and consumers. In particular: Higher prices Less choice Less incentives to cut costs and develop new products Monopsony buying power and employment of labour Antitrust laws came into effect in the nineteenth century due …
Definition arbitration: When disputes and disagreements are referred to an independent arbitration panel who consider the evidence and then make a binding decision on both parties. Arbitration is used in Industrial disputes Commercial disputes International disputes over legal and trade issues Pendulum Arbitration This is when an arbitration panel looks at both sides of the …
Statistics on different international minimum wage levels from the OECD. Minimum wage levels indicate how different countries have pursued alternative policies for labour markets. Minimum wages in selected countries The most generous minimum wage levels are in Western Europe. US has a relatively low minimum wage It is not surprising to find France has one …
The Genuine Progress Indicator (GPI) is an attempt to measure the real increase in economic welfare. The GPI measures the improvement in economic welfare – costs associated with growth. It is measured using the formula GPI = A + B – C – D + I A is income weighted private consumption B is value …
One feature of the past few years is the rapid rise in government borrowing. – not just a rise in real debt but a rise in debt to GDP. This means debt burdens are a bigger % of National Output. It’s not the first time this has happened. A rise in debt to GDP typically …