Communication Technology and True Real GDP †MyAssignmenthelp.com

Question: Discuss about the Communication Technology and True Real GDP. Answer: Introduction In a globalized world, nations become increasingly interrelated with each other. Interaction among nations is not only in terms of visible trade but also in terms of invisible trade that is trade of services. The relation becomes stronger when countries make investment in each other market, loan give abroad and capital repayment. The cross border transaction and hence international relationship becomes an integral part of globe. National generally benefitted from transaction take place on international platform. In the process, the dependency among nations increases especially for small nations. The small here not only points to the geographical size but to the economic power. The greater economic power a country has, the more it has impact on other nations. One such economy having considerable global power is USA. The single nation has control over many nations, comparatively small sized. USA and Australia are two nations sharing a strong economic relation. They traded goods and services and invests significant amount on each other market. However, Australia is comparatively small size as compared to USA. For this reason, many commentators opine that USA can have large impact on Australian economy. When real GDP in USA changes then there are possibilities that is causes an expansion and contraction of Australian economy. Many related factors here needs to be considered such as trend in et export, movement if exchange rate or interest rate. The report examines this assertion in light of economic theories and historical data. Defining economic relation; USA and Australia There are many large economic players impacting on global scenario through their fiscal, monetary and international monetary framework. United States of America and Australia are two such nations that are two dominating player in the international world. Apart from their impact on other nations these two nations share political shared political and socio economic relation with each other. Goods and services are traded and there are both way flows of funds between nations. The international relationship established between the nations went on stronger day by day signifying an economic dependence (Dowding and Martin 2017). USA ranks fourth in the list of Australias importers. Goods from Australia overflow Australia market and contribute to job growth in Australia. In return, Australia also imported considerable amount of goods and services from USA. This shows the mutually beneficial trade relation between the USA and Australia. The bilateral trade agreement between USA and Australia t hat came into effect on 2005 strengthen the relationship between nations. USA always maintains a positive trade balance in trade with Australia. USA is second largest importer of Australia. The trade agreement removes all the trade barriers such as tariff, quota and other restrictions. Therefore, all the hurdles of trade between nations eliminated further strengthening the trade relation. The FDI from USA to Australia has significant impact on Australias economy. The funds flow from Australia to abroad the largest share is acquired by USA. The productive investments positively contribute to growth and prosperity of both the nations. Australia has a favorable business environment attracting foreign funds. US firms operate in Australia for over 100 years and generate jobs for many Australian (Mukulu, Hettihewa and Wright 2014). International trade relation and resulted dependency is an interesting area of research. The above section shoes relation between Australia and USA in Terms of visible and invisible trade and relation and capital investment. The friendly relation between the nations is one reason for assuming the dependency on each other. USA, for its relatively large size of the economy influences many economies. The growing trade and investment relation is suggests an obvious dependence between the nations. This belier resulted in an ongoing debate. There are one group of commentators believing that international relation exits in terms of economic dependence. Hence, when GDP of USA changes is causes a change in economy of Australia causing expansion or contraction of the economy. However, many do not believe that. GDP of a nation depend on a number of factors. Therefore, considering only GDP as an indicator of dependence does not got give right assertion. Flow of investment, net export, movement of exchange rate and interest rate are factors that need to be considered. Historical data for a significantly long period are considered for evaluation. Real GDP Analysis; Australia and USA Real GDP resents values of final goods and services using market values of a fixed base year(Bernanke, Antonovics and Frank 2015). GDP for USA and Australia are considered for the period 1985 to 2016. The similarity in GDP movement indicates a relationship between nations. However, as there are several factors influencing GDP no firm conclusion can be made from this analysis (Welfens and Perret 2014). This is only a starting point if the analysis. The above figure shows some similarity in GDP movement between USA and Australia. The GDP in USA is higher than Australia over the entire period. The intensity of fluctuation is grater for USA than that for Australia. In 1991, GDP of both the nation declined from the previous year. The grow rate in USA was -3% to -4% while that in Australia was -1% to -2% (Lindert and Williamson 2016). GDP in Australia peaked up to 3% in 1997 in Australia. I the corresponding year USA also experiences a high growth rate where growth rate exceeds 5% . Again in 2000-2002 growth rate of both the nations falls and accounted growth rat almost same for both the nations. The accounted growth rate during this time is just below 0%. The similar growth trend is observed in 2003-2004. During 2008, USA experienced great recession that affects the GDP and GDP in USA fell to -8% to 9%. Australia in this time also faced a negative rate of growth. However, the growth rate is not that much lower than USA. The growth rate in Australia in that year was between 0 to -1% (Abdullah 2017). Therefore, analysis of GDP indicates some common point of fluctuation. Every year United States made major investment go to in Australia. Australia received significant investment assistance from USA. The share of investment grows overtime. Investment in an economy is an important determinant of growth and productivity (Hirst, Thompson and Bromley 2015). Therefore, major share of USAs investment shows Australia growth dependence on Australia. In the list of countries where Australia invests United states is in the top position. The large size and economic power of United States attract foreign funds in USA. Australia Foreign investment is determined by the prevailing interest rate in the economy. A high and stable interest rate attracts foreign funds in the domestic country. It ensures a stable return to the invested assets. Higher the internal stability in the economy greater is the securities of the funds invested in the nation (Rousseau and Wachtel 2017). The interest dynamics are shown in the following figure Interest rate of both the nation has undergone with fluctuation in different periods. However, interest rate is higher in USA that that in Australia and it remains higher overtime. The high interest rate in Australia attracts more funds (Summers 2014.). However, viewing the benefits from relation with a powerful nation countries make investment in USA and hence, USA received foreign funds. Net export and exchange rate Year Export Import Net Export 1985 5,440.40 2,836.30 2,604.10 1986 5,551.10 2,627.70 2,923.40 1987 5,494.80 3,005.50 2,489.30 1988 6,972.90 3,541.40 3,431.50 1989 8,331.30 3,872.90 4,458.40 1990 8,537.70 4,446.60 4,091.10 1991 8,403.80 3,988.00 4,415.80 1992 8,875.90 3,687.60 5,188.30 1993 8,276.70 3,297.30 4,979.40 1994 9,780.60 3,202.10 6,578.50 1995 10,789.10 3,323.00 7,466.10 1996 12,008.40 3,868.90 8,139.50 1997 12,062.90 4,602.30 7,460.60 1998 11,917.50 5,387.00 6,530.50 1999 11,818.30 5,280.10 6,538.20 2000 12,482.40 6,438.00 6,044.40 2001 10,930.50 6,477.80 4,452.70 2002 13,084.90 6,478.80 6,606.10 2003 13,087.60 6,413.70 6,673.90 2004 13,957.90 7,545.50 6,412.40 2005 15,588.50 7,342.20 8,246.30 2006 17,545.70 8,204.00 9,341.70 2007 19,178.20 8,615.00 10,563.20 2008 22,218.60 10,588.80 11,629.80 2009 19,599.30 8,011.50 11,587.80 2010 21,804.60 8,582.90 13,221.70 2011 27,626.20 10,242.90 17,383.30 2012 31,161.40 9,566.80 21,594.60 2013 26,123.70 9,272.60 16,851.10 2014 26,681.70 10,697.30 15,984.40 2015 25,034.10 10,883.50 14,150.60 2016 22,159.70 9,509.90 12,649.80 (Source: state.gov 2017 ) The above table represents trade dynamics between USA and Australia. The export , import and trade balances are expressed. USA maintains a positive trade balance. The export from USA is greater than that it import from Australia. The growth rate of export is higher than the growth rate of import. The volume of export in 1985 was 5440.40 that becomes 22, 159.70 in 2016. The import on the other hand boosted at a significantly slower pace (Rachel and Smith 2015). Import volume in 1985 was 2836.30 while that become only 9509.90 in 2016. As a result, the trade balance grows at a faster pace. Net export grows from 2,604.10 to 12,649.80 in between 1985 to 2016. The related aspect of trade is the movement of exchange rate. An increase in exchange rate means depreciation of domestic currency. In this time importing from other countries become expensive while export grows as the goods of the concerned countries seem cheaper to foreign countries. A decrease in the exchange rate means appreciation of the domestic currencies (Giljum et al. 2014). During this time, import grows as import becomes cheaper and export slows down as goods becomes dearer fir the foreigners. The exchange rate determines the trade volume largely. Above figure explains movement if exchange rate of US dollar in respect of Australian dollar. The exchange rates of US dollar against the Australian dollar more or less goes down. This means a depreciation of US dollar, which encourages export from USA to Australia (Tukker et al. 2014). This provides support to the fact that export from USA to Australia increases overtime. Great recession in USA and its impact on Australia If there are strong relation between Australia and USA and string interdependence then the great recession that intensively affect USA should have similar kind of impact on Australian economy as well. The great recession in Australia took place in 2008 due to sub-prime mortgage and crisis in the housing market (Apergis 2014). Because of a low and volatile interest rate the bubbles build in the housing market suddenly burst affecting USA economy on a broad spectrum. The large size of USA economy makes the crisis to trickle down to other nations as well. Housing price goes down in USA during this time (Hansen 2015). The economy of Australia escapes from this recession on a surprising manner. The housing market is Australia remain stable. Interest rate in Australia did not constitute and sudden downfall. In the housing market of USA and other contemporary nations, inflation adjusted prices went up (Reboredo, Rivera-Castro and Zebende 2014). While Australia had showed an upward trend in housing prices as contrasting to other nation and the general assertion. There is no change major change in Australias performance trend. One factor is that apart from USA, Australia builds is international relationship with other nations as well (Ball 2014). There are trade relation and investment relation among Australia and other nations. This helps the nation to mitigate risk generated from USA recession. When a nation engaged in multilateral trade relation then the vulnerability to shock to any one trading partners automatically reduces. Additionally, Australia grows stronger overtime. Different sectors of the economy are now performing well and hence provide security to the growth and development of the nation (Yilmazer, Babiarz and Liu 2015). The financial sector of Australia is one such sector that shows outstanding performance and rescues the economy from shocks and recession occurred in USA. Conclusion The report critically evaluates the relation between USA and Australia. Relation builds on international platform has implication for growth and development of a nation. The interrelation often implies when country is in growing or declining phase of growth then related nations are affected from this. One such assertion is made about relation between Australia and USA. The belief here is that the Real GDP movement in USA causes expansion or contraction of Australia economy. In order to validate the statement, historical data on real GDP for both the nation are first considered. From the analysis there turn out some common fluctuation point between USA and Australia. However, the common points are not enough for drawing any conclusion. Foreign investment flows from both the nations are next indicators to be considered. The statistics shows that USA is the major investors of Australia. Similarly, Australia also invests as much as possible in USA. In fact, the lion share of Australia fu nd is invested in USA. Related aspect of investment is the dynamics of interest rate. Interest rate in Australia is higher and less volatile attracting foreign funds for the economy. The trade volume between USA and Australia rises overtime and USA maintains a positive trade balance. The exchange rate movement between US dollar and Australian dollar though volatile but decreasing in nature, raising the export flow from USA to Australia. Finally, the impact of great recession in USA on Australian economy is analyzed. The effect of great recession in USA has an ambiguous impact of Australia. Therefore, the claim cannot be completely supported and the relation dynamics remains versatile. References Abdullah, A.B.M., 2017. Introduction. InManaging the Psychological Contract(pp. 1-22). Springer International Publishing. Apergis, N., 2014. Can gold prices forecast the Australian dollar movements?.International Review of Economics Finance,29, pp.75-82. Ball, L.M., 2014.Long-term damage from the Great Recession in OECD countries(No. w20185). National Bureau of Economic Research. Bernanke, B., Antonovics, K. and Frank, R., 2015.Principles of macroeconomics. McGraw-Hill Higher Education. Data.worldbank.org. (2017).Real interest rate (%) | Data. [online] Available at: https://data.worldbank.org/indicator/FR.INR.RINR?end=2016locations=AU-USstart=1984 [Accessed 21 Sep. 2017]. Dowding, K. and Martin, A., 2017. Introduction. InPolicy Agendas in Australia(pp. 1-10). Springer International Publishing. Fred.stlouisfed.org. (2017).U.S. / Australia Foreign Exchange Rate. [online] Available at: https://fred.stlouisfed.org/series/DEXUSAL#0 [Accessed 21 Sep. 2017]. Giljum, S., Dittrich, M., Lieber, M. and Lutter, S., 2014. Global patterns of material flows and their socio-economic and environmental implications: a MFA study on all countries world-wide from 1980 to 2009.Resources,3(1), pp.319-339. Hansen, P.H., 2015. Hall of mirrors: the great depression, the great recession, and the usesand Misusesof History.Business History Review,89(3), pp.557-569. Hirst, P., Thompson, G. and Bromley, S., 2015.Globalization in question. John Wiley Sons. Lindert, P.H. and Williamson, J.G., 2016. Unequal gains: American growth and inequality since 1700.Juncture,22(4), pp.276-283. Mukulu, S., Hettihewa, S. and Wright, C.S., 2014. Financial Contagion: An Empirical Investigation of the Relationship Between Financial-stress Indexes of Australia and the US.The Journal of Applied Business and Economics,16(3), p.11. Rachel, L. and Smith, T., 2015. Secular drivers of the global real interest rate. Reboredo, J.C., Rivera-Castro, M.A. and Zebende, G.F., 2014. Oil and US dollar exchange rate dependence: A detrended cross-correlation approach.Energy Economics,42, pp.132-139. Rousseau, P.L. and Wachtel, P. eds., 2017.Financial Systems and Economic Growth. Cambridge University Press. Summers, L.H., 2014. US economic prospects: Secular stagnation, hysteresis, and the zero lower bound.Business Economics,49(2), pp.65-73. Tukker, A., Bulavskaya, T., Giljum, S., de Koning, A., Lutter, S., Simas, M., Stadler, K. and Wood, R., 2014. The global resource footprint of nations.Carbon, water, land and materials embodied in trade and final consumption calculated with EXIOBASE,2, p.8. U.S. Department of State. (2017).Australia. [online] Available at: https://www.state.gov/r/pa/ei/bgn/2698.htm [Accessed 21 Sep. 2017]. Welfens, P.J. and Perret, J.K., 2014. Information communication technology and true real GDP: economic analysis and findings for selected countries.International Economics and Economic Policy,11(1-2), pp.5-27. Yilmazer, T., Babiarz, P. and Liu, F., 2015. The impact of diminished housing wealth on health in the United States: Evidence from the Great Recession.Social science medicine,130, pp.234-241.

Communication Technology and True Real GDP †MyAssignmenthelp.com

Question: Discuss about the Communication Technology and True Real GDP. Answer: Introduction In a globalized world, nations become increasingly interrelated with each other. Interaction among nations is not only in terms of visible trade but also in terms of invisible trade that is trade of services. The relation becomes stronger when countries make investment in each other market, loan give abroad and capital repayment. The cross border transaction and hence international relationship becomes an integral part of globe. National generally benefitted from transaction take place on international platform. In the process, the dependency among nations increases especially for small nations. The small here not only points to the geographical size but to the economic power. The greater economic power a country has, the more it has impact on other nations. One such economy having considerable global power is USA. The single nation has control over many nations, comparatively small sized. USA and Australia are two nations sharing a strong economic relation. They traded goods and services and invests significant amount on each other market. However, Australia is comparatively small size as compared to USA. For this reason, many commentators opine that USA can have large impact on Australian economy. When real GDP in USA changes then there are possibilities that is causes an expansion and contraction of Australian economy. Many related factors here needs to be considered such as trend in et export, movement if exchange rate or interest rate. The report examines this assertion in light of economic theories and historical data. Defining economic relation; USA and Australia There are many large economic players impacting on global scenario through their fiscal, monetary and international monetary framework. United States of America and Australia are two such nations that are two dominating player in the international world. Apart from their impact on other nations these two nations share political shared political and socio economic relation with each other. Goods and services are traded and there are both way flows of funds between nations. The international relationship established between the nations went on stronger day by day signifying an economic dependence (Dowding and Martin 2017). USA ranks fourth in the list of Australias importers. Goods from Australia overflow Australia market and contribute to job growth in Australia. In return, Australia also imported considerable amount of goods and services from USA. This shows the mutually beneficial trade relation between the USA and Australia. The bilateral trade agreement between USA and Australia t hat came into effect on 2005 strengthen the relationship between nations. USA always maintains a positive trade balance in trade with Australia. USA is second largest importer of Australia. The trade agreement removes all the trade barriers such as tariff, quota and other restrictions. Therefore, all the hurdles of trade between nations eliminated further strengthening the trade relation. The FDI from USA to Australia has significant impact on Australias economy. The funds flow from Australia to abroad the largest share is acquired by USA. The productive investments positively contribute to growth and prosperity of both the nations. Australia has a favorable business environment attracting foreign funds. US firms operate in Australia for over 100 years and generate jobs for many Australian (Mukulu, Hettihewa and Wright 2014). International trade relation and resulted dependency is an interesting area of research. The above section shoes relation between Australia and USA in Terms of visible and invisible trade and relation and capital investment. The friendly relation between the nations is one reason for assuming the dependency on each other. USA, for its relatively large size of the economy influences many economies. The growing trade and investment relation is suggests an obvious dependence between the nations. This belier resulted in an ongoing debate. There are one group of commentators believing that international relation exits in terms of economic dependence. Hence, when GDP of USA changes is causes a change in economy of Australia causing expansion or contraction of the economy. However, many do not believe that. GDP of a nation depend on a number of factors. Therefore, considering only GDP as an indicator of dependence does not got give right assertion. Flow of investment, net export, movement of exchange rate and interest rate are factors that need to be considered. Historical data for a significantly long period are considered for evaluation. Real GDP Analysis; Australia and USA Real GDP resents values of final goods and services using market values of a fixed base year(Bernanke, Antonovics and Frank 2015). GDP for USA and Australia are considered for the period 1985 to 2016. The similarity in GDP movement indicates a relationship between nations. However, as there are several factors influencing GDP no firm conclusion can be made from this analysis (Welfens and Perret 2014). This is only a starting point if the analysis. The above figure shows some similarity in GDP movement between USA and Australia. The GDP in USA is higher than Australia over the entire period. The intensity of fluctuation is grater for USA than that for Australia. In 1991, GDP of both the nation declined from the previous year. The grow rate in USA was -3% to -4% while that in Australia was -1% to -2% (Lindert and Williamson 2016). GDP in Australia peaked up to 3% in 1997 in Australia. I the corresponding year USA also experiences a high growth rate where growth rate exceeds 5% . Again in 2000-2002 growth rate of both the nations falls and accounted growth rat almost same for both the nations. The accounted growth rate during this time is just below 0%. The similar growth trend is observed in 2003-2004. During 2008, USA experienced great recession that affects the GDP and GDP in USA fell to -8% to 9%. Australia in this time also faced a negative rate of growth. However, the growth rate is not that much lower than USA. The growth rate in Australia in that year was between 0 to -1% (Abdullah 2017). Therefore, analysis of GDP indicates some common point of fluctuation. Every year United States made major investment go to in Australia. Australia received significant investment assistance from USA. The share of investment grows overtime. Investment in an economy is an important determinant of growth and productivity (Hirst, Thompson and Bromley 2015). Therefore, major share of USAs investment shows Australia growth dependence on Australia. In the list of countries where Australia invests United states is in the top position. The large size and economic power of United States attract foreign funds in USA. Australia Foreign investment is determined by the prevailing interest rate in the economy. A high and stable interest rate attracts foreign funds in the domestic country. It ensures a stable return to the invested assets. Higher the internal stability in the economy greater is the securities of the funds invested in the nation (Rousseau and Wachtel 2017). The interest dynamics are shown in the following figure Interest rate of both the nation has undergone with fluctuation in different periods. However, interest rate is higher in USA that that in Australia and it remains higher overtime. The high interest rate in Australia attracts more funds (Summers 2014.). However, viewing the benefits from relation with a powerful nation countries make investment in USA and hence, USA received foreign funds. Net export and exchange rate Year Export Import Net Export 1985 5,440.40 2,836.30 2,604.10 1986 5,551.10 2,627.70 2,923.40 1987 5,494.80 3,005.50 2,489.30 1988 6,972.90 3,541.40 3,431.50 1989 8,331.30 3,872.90 4,458.40 1990 8,537.70 4,446.60 4,091.10 1991 8,403.80 3,988.00 4,415.80 1992 8,875.90 3,687.60 5,188.30 1993 8,276.70 3,297.30 4,979.40 1994 9,780.60 3,202.10 6,578.50 1995 10,789.10 3,323.00 7,466.10 1996 12,008.40 3,868.90 8,139.50 1997 12,062.90 4,602.30 7,460.60 1998 11,917.50 5,387.00 6,530.50 1999 11,818.30 5,280.10 6,538.20 2000 12,482.40 6,438.00 6,044.40 2001 10,930.50 6,477.80 4,452.70 2002 13,084.90 6,478.80 6,606.10 2003 13,087.60 6,413.70 6,673.90 2004 13,957.90 7,545.50 6,412.40 2005 15,588.50 7,342.20 8,246.30 2006 17,545.70 8,204.00 9,341.70 2007 19,178.20 8,615.00 10,563.20 2008 22,218.60 10,588.80 11,629.80 2009 19,599.30 8,011.50 11,587.80 2010 21,804.60 8,582.90 13,221.70 2011 27,626.20 10,242.90 17,383.30 2012 31,161.40 9,566.80 21,594.60 2013 26,123.70 9,272.60 16,851.10 2014 26,681.70 10,697.30 15,984.40 2015 25,034.10 10,883.50 14,150.60 2016 22,159.70 9,509.90 12,649.80 (Source: state.gov 2017 ) The above table represents trade dynamics between USA and Australia. The export , import and trade balances are expressed. USA maintains a positive trade balance. The export from USA is greater than that it import from Australia. The growth rate of export is higher than the growth rate of import. The volume of export in 1985 was 5440.40 that becomes 22, 159.70 in 2016. The import on the other hand boosted at a significantly slower pace (Rachel and Smith 2015). Import volume in 1985 was 2836.30 while that become only 9509.90 in 2016. As a result, the trade balance grows at a faster pace. Net export grows from 2,604.10 to 12,649.80 in between 1985 to 2016. The related aspect of trade is the movement of exchange rate. An increase in exchange rate means depreciation of domestic currency. In this time importing from other countries become expensive while export grows as the goods of the concerned countries seem cheaper to foreign countries. A decrease in the exchange rate means appreciation of the domestic currencies (Giljum et al. 2014). During this time, import grows as import becomes cheaper and export slows down as goods becomes dearer fir the foreigners. The exchange rate determines the trade volume largely. Above figure explains movement if exchange rate of US dollar in respect of Australian dollar. The exchange rates of US dollar against the Australian dollar more or less goes down. This means a depreciation of US dollar, which encourages export from USA to Australia (Tukker et al. 2014). This provides support to the fact that export from USA to Australia increases overtime. Great recession in USA and its impact on Australia If there are strong relation between Australia and USA and string interdependence then the great recession that intensively affect USA should have similar kind of impact on Australian economy as well. The great recession in Australia took place in 2008 due to sub-prime mortgage and crisis in the housing market (Apergis 2014). Because of a low and volatile interest rate the bubbles build in the housing market suddenly burst affecting USA economy on a broad spectrum. The large size of USA economy makes the crisis to trickle down to other nations as well. Housing price goes down in USA during this time (Hansen 2015). The economy of Australia escapes from this recession on a surprising manner. The housing market is Australia remain stable. Interest rate in Australia did not constitute and sudden downfall. In the housing market of USA and other contemporary nations, inflation adjusted prices went up (Reboredo, Rivera-Castro and Zebende 2014). While Australia had showed an upward trend in housing prices as contrasting to other nation and the general assertion. There is no change major change in Australias performance trend. One factor is that apart from USA, Australia builds is international relationship with other nations as well (Ball 2014). There are trade relation and investment relation among Australia and other nations. This helps the nation to mitigate risk generated from USA recession. When a nation engaged in multilateral trade relation then the vulnerability to shock to any one trading partners automatically reduces. Additionally, Australia grows stronger overtime. Different sectors of the economy are now performing well and hence provide security to the growth and development of the nation (Yilmazer, Babiarz and Liu 2015). The financial sector of Australia is one such sector that shows outstanding performance and rescues the economy from shocks and recession occurred in USA. Conclusion The report critically evaluates the relation between USA and Australia. Relation builds on international platform has implication for growth and development of a nation. The interrelation often implies when country is in growing or declining phase of growth then related nations are affected from this. One such assertion is made about relation between Australia and USA. The belief here is that the Real GDP movement in USA causes expansion or contraction of Australia economy. In order to validate the statement, historical data on real GDP for both the nation are first considered. From the analysis there turn out some common fluctuation point between USA and Australia. However, the common points are not enough for drawing any conclusion. Foreign investment flows from both the nations are next indicators to be considered. The statistics shows that USA is the major investors of Australia. Similarly, Australia also invests as much as possible in USA. In fact, the lion share of Australia fu nd is invested in USA. Related aspect of investment is the dynamics of interest rate. Interest rate in Australia is higher and less volatile attracting foreign funds for the economy. The trade volume between USA and Australia rises overtime and USA maintains a positive trade balance. The exchange rate movement between US dollar and Australian dollar though volatile but decreasing in nature, raising the export flow from USA to Australia. Finally, the impact of great recession in USA on Australian economy is analyzed. The effect of great recession in USA has an ambiguous impact of Australia. Therefore, the claim cannot be completely supported and the relation dynamics remains versatile. References Abdullah, A.B.M., 2017. Introduction. InManaging the Psychological Contract(pp. 1-22). Springer International Publishing. Apergis, N., 2014. Can gold prices forecast the Australian dollar movements?.International Review of Economics Finance,29, pp.75-82. Ball, L.M., 2014.Long-term damage from the Great Recession in OECD countries(No. w20185). National Bureau of Economic Research. Bernanke, B., Antonovics, K. and Frank, R., 2015.Principles of macroeconomics. McGraw-Hill Higher Education. Data.worldbank.org. (2017).Real interest rate (%) | Data. [online] Available at: https://data.worldbank.org/indicator/FR.INR.RINR?end=2016locations=AU-USstart=1984 [Accessed 21 Sep. 2017]. Dowding, K. and Martin, A., 2017. Introduction. InPolicy Agendas in Australia(pp. 1-10). Springer International Publishing. Fred.stlouisfed.org. (2017).U.S. / Australia Foreign Exchange Rate. [online] Available at: https://fred.stlouisfed.org/series/DEXUSAL#0 [Accessed 21 Sep. 2017]. Giljum, S., Dittrich, M., Lieber, M. and Lutter, S., 2014. Global patterns of material flows and their socio-economic and environmental implications: a MFA study on all countries world-wide from 1980 to 2009.Resources,3(1), pp.319-339. Hansen, P.H., 2015. Hall of mirrors: the great depression, the great recession, and the usesand Misusesof History.Business History Review,89(3), pp.557-569. Hirst, P., Thompson, G. and Bromley, S., 2015.Globalization in question. John Wiley Sons. Lindert, P.H. and Williamson, J.G., 2016. Unequal gains: American growth and inequality since 1700.Juncture,22(4), pp.276-283. Mukulu, S., Hettihewa, S. and Wright, C.S., 2014. Financial Contagion: An Empirical Investigation of the Relationship Between Financial-stress Indexes of Australia and the US.The Journal of Applied Business and Economics,16(3), p.11. Rachel, L. and Smith, T., 2015. Secular drivers of the global real interest rate. Reboredo, J.C., Rivera-Castro, M.A. and Zebende, G.F., 2014. Oil and US dollar exchange rate dependence: A detrended cross-correlation approach.Energy Economics,42, pp.132-139. Rousseau, P.L. and Wachtel, P. eds., 2017.Financial Systems and Economic Growth. Cambridge University Press. Summers, L.H., 2014. US economic prospects: Secular stagnation, hysteresis, and the zero lower bound.Business Economics,49(2), pp.65-73. Tukker, A., Bulavskaya, T., Giljum, S., de Koning, A., Lutter, S., Simas, M., Stadler, K. and Wood, R., 2014. The global resource footprint of nations.Carbon, water, land and materials embodied in trade and final consumption calculated with EXIOBASE,2, p.8. U.S. Department of State. (2017).Australia. [online] Available at: https://www.state.gov/r/pa/ei/bgn/2698.htm [Accessed 21 Sep. 2017]. Welfens, P.J. and Perret, J.K., 2014. Information communication technology and true real GDP: economic analysis and findings for selected countries.International Economics and Economic Policy,11(1-2), pp.5-27. Yilmazer, T., Babiarz, P. and Liu, F., 2015. The impact of diminished housing wealth on health in the United States: Evidence from the Great Recession.Social science medicine,130, pp.234-241.

Australian Social Class Essay Example

Australian Social Class Paper Life chances include access to resources such as lath, education, occupation, housing and health. An individuals opportunities to access such resources vary according to social classes. To illustrate the extent to which a persons social class impacts on his or her life chances in Australia, this paper will begin with an examination of social class, including the major theories behind the concept of class. Life chances will also be defined, as will inequality and social mobility within Australia. Finally, evidence on how social class (particularly socio-economic status) Impacts life chances will be considered. Social class can be described as the hierarchical grouping of Individuals based on their economic position. While Australia is often described as an egalitarian society that is free of class barriers, Holmes et al argues that The rhetoric of equality becomes incomprehensible when basic measurements of inequality are looked at in any detail (Holmes, Hughes, Julian 2006 p. 91). According to data gathered by the United Nations Development Program, Australia is the worlds fifth-most unequal developed nation. Between the mid sasss and mid sasss, incomes of the top 20% of earners grew four times faster than that of the bottom 20%. We will write a custom essay sample on Australian Social Class specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Australian Social Class specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Australian Social Class specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Mishmash 2009, The Age 16 Gauge 2009). A study by Andrew Leigh revealed that in the early 1 asss, a CEO In a top 50 company earned 27 times more than the national average; only a decade later it was 98 times more. While these figures represent significant inequality wealth Australia, Elegies study also revealed that the Inequality gap In accumulated wealth Is twice as wide as it is in take home pay (Mishmash 2009, The Age 1 6 Gauge 2009). The existence of class within Australia can be explained from various theoretical perspectives, most of which are based on the class theories of Marx and Weber. Marx identified a two-class model, including an upper / ruling class that own the means of production and a working class that provide the labor for the ruling class. Weber expanded on Mars theory with the addition of two middle classes and also identified other indicators of class from within the social order that are more transparent, such as status groups. ASPI defines status as a system in which people are ranked on the basis of the amount of honor, prestige or esteem they receive (ASPI 1996 pop) While status differences can Influence variations In lifestyle, ASPI argues that It Is class differences that Influence life chances. Socio-economic status refers to a combination of the dimensions of class and status, of which wealth Is a central determinant. Almost all class theories recognize the existence of a ruling class, middle class and working class in Australia, however there is now debate over the existence of an underclass, consisting of the permanently unemployed and low income earners. The upper class consists of the wealthiest 5-10% of the population, whose wealth comes from the control of property and capital. ASPI argues that those who own and intro the economic resources are in a position to make important decisions about their own lives and the lives of other people, and often therefore determine the life chances of others (ASPI 1996 p. 77). The middle class consists mainly of individuals with non manual occupations and can be broken down to include upper middle class (professions egg doctors, dentists, lawyers etc) and lower middle class (routine white collar Jobs). The working class has been distinguished by its non ownership of the means of production. According to Marx, their role is to provide labor power to the lulling class. Traditionally consisting of manual workers and consistent with low income, the inferior market situation of this class is reflected in life chances. According to Van Krieger et al, various studies have shown that manual workers are more likely to die younger, suffer from poor health, miss out on home ownership, be convicted of a criminal offence and have children that do not go on to higher education. Perhaps the key determinant of socio-economic status or social class is wealth. Referring to the total assets or property that a person possesses, ASPI argues that Wealth confers economic and social power; it provides security in times of unexpected expenditure and provides greater freedom of choice in everyday life (ASPI 1996, pop). It is wealth that enables the purchase of assets such as housing and allows access to educational and health facilities. Without these, life chances are inhibited. Evidence suggests that wealth is heavily concentrated in Australia. A 2002 HILLS survey revealed that the bottom half of the population own less than 10% of the total household net worth While the wealthiest 10% account for 45% of total household net worth (Headed, Marks, Wooden 2004 p. L). Wealth is strongly linked to inheritance, thus maintaining its concentration. Just as wealth is linked to inheritance, so too is poverty. According to Orgy Where persons starts in the income and wealth distribution curve has an important bearing on their life chances (Orgy 2006, Pl 7). A 2005 study by The Brotherhood of SST Laurence found that those born into poverty have far higher instances of infant mortality, poor immunization against disease, higher risk of mental health problems, low birth weight babies and youth suicide (Scuttles Smyth, 2005 p ). Within Australia, evidence suggests that an individuals life chances are redundantly determined by his or her ascribed inequalities, such as gender, race and family background. In an a society with equality of opportunity it would be the achieved inequalities such as education, occupation and skills that would determine life chances, however as argued by ASPI He ascribed attribute of family background has a major influence on the education an individual will receive and on ten occupation en/seen wall enter, regardless AT ten telltales AT ten Uninominal (Aspen 1996, pop). The ascribed attribute of family background is a key determinant of social class. Social mobility refers to the ease and frequency by which indiv iduals can move up the social hierarchy to a higher class. Social mobility can occur either within an individuals lifetime (intra-generational mobility) or between generations (inter- generational mobility), and cab be used as a tool to measure the degree of equality within a society. In an egalitarian society, social mobility would be fluid. An individual born into a low social class would not necessarily remain stagnant within that class. This is not the case in most developed countries, including Australia. ASPI argues hat While it is possible in theory to move up the hierarchy, rags to riches stories are very rare and mobility is fairly limited (ASPI 1996, p. 72), while Orgy argues that there is a high degree of inter-generational transmission of poor social and economic outcomes in Australia (Orgy 2006, pop). There are several barriers inhibiting social mobility in Australia, resulting in a cycle of disadvantage for many. Such barriers include income and assets, employment, education, health and housing. The 2005 study by The Brotherhood of SST Laurence revealed that educational opportunities have a significant impact on the lower class. Children born into the underprivileged areas are less likely to have access to pre- schools, less likely to achieve adequacy in literacy and innumeracy tests and more likely to begin and remain in lower paying vocations. Perhaps one of the more compelling examples originates from a study conducted in Victoria and New South Wales that states 25% of all early school leavers come from Just 5% of postcodes (Scuttles and Smyth 2005, p. 17). Limitations on the lower classes to achieve wealth impacts their ability to provide adequate housing for their children. Scuttles and Smyth argue that a child raised without a secure home faces barriers to higher educational achievement and later Job security, which may lead to homeless raising families who in turn become homeless (Scuttles and Smyth 2005, p. 5). There are significant inequalities within Australia, indicating the existence of a hierarchical class structure. Australian society consists of an upper class, a middle class and a working class, although there is also debate on the existence of an underclass. An individuals position within this class structure largely ultimately determines his or her life chances. Opportunities to achieve desirable life outc omes, including wealth, occupation, quality education, good health and housing differ between the social classes. A lack of social mobility in Australia means social class in Australia operates cyclically. Those born into economic disadvantage are not only likely to remain that way, but will also eventually pass on their economic circumstances to their offspring. Similarly, those born into higher socio-economic families are more likely to have access to quality education, achieve occupational success, acquire wealth, enjoy better health and produce offspring that will in turn share the same opportunities.

Free Essays on Social Conservative

Homosexuality has been a source of constant conflict among many organizations of today’s society. Perhaps the most prominent disputes of this issue exist within the disagreement of same sex relationships from the views of society, homosexuals, the Christian church, and scientist’s biological theories. Society’s view is that homosexuals influence others; therefore, it is a chosen lifestyle. Most homosexuals believe they were born with a homosexual gene and they did not choose this lifestyle for themselves. The Christian church teaches that â€Å"homosexuality† is not God’s design for people, but believes there are ways of changing. It is the Homosexual who don’t want to change themselves. Many Americans thinks that homosexual should not be parents, and they have many biases view about the homosexual couple, thinking that homosexual couple doesn’t make enough money for child to live happy and giving the child wants and needs. According to a survey carried out by Leger Marketing, the level of education and the financial situation of heterosexual and homosexual are practically the same. However, a big group of the population believes that homosexual relationships are unhappy. For example, one study established that heterosexual student from college expected gay and lesbian relationships to be less fulfilling and more frustrating and prone to discord than heterosexual relationships, and they believed homosexual couple making the child to be confused of their sex (Williams & Cohen 53). In a happy family the child should have opposite sex parent. Same-sex couples aren't the most favorable environments in which to raise children. If a child are being rai se up by a family of same sex parent then who will be the mother and who will be the father. There are no such thing that a family have two mom or two dad then the child will be confuse. As the child gets older and at the age of going to school and when the teacher as... Free Essays on Social Conservative Free Essays on Social Conservative Homosexuality has been a source of constant conflict among many organizations of today’s society. Perhaps the most prominent disputes of this issue exist within the disagreement of same sex relationships from the views of society, homosexuals, the Christian church, and scientist’s biological theories. Society’s view is that homosexuals influence others; therefore, it is a chosen lifestyle. Most homosexuals believe they were born with a homosexual gene and they did not choose this lifestyle for themselves. The Christian church teaches that â€Å"homosexuality† is not God’s design for people, but believes there are ways of changing. It is the Homosexual who don’t want to change themselves. Many Americans thinks that homosexual should not be parents, and they have many biases view about the homosexual couple, thinking that homosexual couple doesn’t make enough money for child to live happy and giving the child wants and needs. According to a survey carried out by Leger Marketing, the level of education and the financial situation of heterosexual and homosexual are practically the same. However, a big group of the population believes that homosexual relationships are unhappy. For example, one study established that heterosexual student from college expected gay and lesbian relationships to be less fulfilling and more frustrating and prone to discord than heterosexual relationships, and they believed homosexual couple making the child to be confused of their sex (Williams & Cohen 53). In a happy family the child should have opposite sex parent. Same-sex couples aren't the most favorable environments in which to raise children. If a child are being rai se up by a family of same sex parent then who will be the mother and who will be the father. There are no such thing that a family have two mom or two dad then the child will be confuse. As the child gets older and at the age of going to school and when the teacher as...

Human Sexuality Essay Example | Topics and Well Written Essays - 1750 words

Human Sexuality - Essay Example This also becomes highly pertinent for the simple fact that non-monogamy, especially in the forms of divorce and other forms of separation, adultery and marital infidelity, has already been a part and parcel of the daily social existence (Emmens 2003). Hence this leads us to the subtle differentiations between various conceptual categories that are critical in the constitution of our sexual desires and preferences. The constructionist approach towards human sexuality and sexual preferences have already shattered the essentialists’ and conservatives’ arguments on the ground that sexual subjectivity, including identity and sexual orientations and desires, are inherently offshoots of the larger social and cultural environment (Ritchie and Barker 2006, 585). It is in this context that a postmodern challenge against the hegemony of heterosexual monogamy has emerged from an albeit new form of â€Å"partner arrangements that vary as to the number of people involved, the sexes of those involved, the sexualities of those involved, the level of commitment of those involved, and the kinds of relationships pursued† known as polyamory (Strassberg 2003, 440). A form of non-monogamy polyamory stresses upon â€Å"people’s capacity to share and multiply their love in honest and consensual ways† (Anderlini-D’Onofrio, 2004 as quoted in Ritchie and Barker 2006) as opposed to the rigid ethical, moral restraints associated with monogamy. The emergence of polyamory as a conceptual category seeking to subvert the prevalent beliefs regarding sexual desire and practice has significantly contributed to the ongoing debate around, especially, polygamy and other non-monogamous unions. ... The emergence of polyamory as a conceptual category seeking to subvert the prevalent beliefs regarding sexual desire and practice has significantly contributed to the ongoing debate around, especially, polygamy and other non-monogamous unions. In fact defining the various forms of non-monogamous and other forms of sexual practices, as neatly articulated in the Lawrence case at the Supreme Court (See Emens 2003 and Ashbee 2007 for a detailed analysis of this case), like bigamy, polygamy, incest, obscenity, masturbation and so on as logical extensions of enterprises to legalize same-sex marriage invites us to revisit those categories, including monogamy and the postmodern polyamory. Despite the different factors that co-exist with monogamy and that have already invalidated the very base of monogamy, the institution of monogamy still looms large â€Å"in this nation’s social landscape† (Emens 2003, 8). In the western culture it still continues to be a fact that that life-l ong or serial monogamy with one (everlasting) partner is the dominant model of relationships available. It exerts its hegemony through various apparatuses that are basically concerned with mainstream, statist ideologies. Depictions and valorizations of monogamous couples, fidelities and other romantic associations still fill the media discussions and other forms of cultural representations. This compulsory notion of monogamy not only renders all other forms of non-monogamy invalid and invisible but also labels alternative desires and relationships as completely unethical, amoral and pathological (Ritchie and Barker 2006). The representations of monogamy have indeed served to further normativise its existence and other forms of marital unions essentially fall outside of this

Effectiveness of Medical Honey for Leg Ulceration and Wound Care Literature review

Effectiveness of Medical Honey for Leg Ulceration and Wound Care - Literature review Example These methods of wound care are meant to facilitate recovery and prevent the infection of the wound (Hess, 2004). In instances of prolonged healing, additional and alternative measures of wound care are often considered. One of these methods includes the use of medical honey (Boulton, Cavanaugh, and Rayman, 2006). Medical honey has been considered as an alternative form of therapy in wound management, especially for chronic and diabetic pressure ulcers (Boulton, et.al., 2006). Leg ulcers are common among diabetic patients and with diabetic patients often having prolonged wound healing times, the importance of implementing speedy and effective wound healing methods has become imperative (Shai and Maibach, 2004). The use of medical honey has been recommended by various studies and practitioners, with much support attributed to its use due to its healing and antibacterial properties (Shai and Maibach, 2004). The more traditional practitioners however have not supported the use of medica l honey over and above conventional methods of healing. Studies with contrasting results have been presented on this subject matter. For which reason, this study now seeks to carry out a literature review on studies discussing the use of medical honey for leg ulceration and wound care. ... A conclusion shall also provide a summary of the paper and a discussion on how the results of this study can contribute to the nursing practice. Literature Review Search strategy This literature review is being carried out in order to establish a critical analysis of the current research information on the efficacy of medical honey on leg ulcers and wound care. This literature review shall start through an internet database search of Google Scholar, Cochrane, PubMed, Medline Plus, and CINAHL using the following key words: medical honey leg ulcers; honey leg ulcers; and honey wound healing. The search shall also be narrowed down to a time limit from December 2006 to August 2012. Specific studies which discuss the efficacy of medical honey on leg ulcers and other wounds shall be prioritized and set aside for abstract review. Randomized controlled trials, cohort studies, systematic reviews, case studies, prospective, and English-language studies shall be used as inclusion criteria for t he literature search. Secondary research studies, retrospective, chart reviews, descriptive, non-English language literature shall be excluded from this review. Those meeting the inclusion criteria shall then be set aside for further review, mostly on authors, publication, reliability, and validity of results. Critical Analysis: Support for the use of honey in leg ulceration Various studies have been carried out on the use of medical honey on leg ulcers and other wounds (Cooper, et.al., 2010). In a study by Molan (2009), the antibacterial qualities of honey in wound care was reviewed. His systematic review discussed the inhibitory impact of honey seen in bacteria which often infect wounds. Based on Moran’s (2011) study, honey was seen to have

Article summary Example | Topics and Well Written Essays - 500 words - 1

Summary - Article Example ing solar power (CSP) and photovoltaics (PVs) – and notes that while these types seek at the maximization of solar energy, they have different approaches (Hamer 1). The considered questions in the article are related to the primary types of solar energy, the suitability of solar energy in heating water and the benefits that zero net energy constructions give to consumers. In this line, Hamer states that the world’s global energy needs will be largely dependent on the use of solar devices to harness light and heat from the sun for the generation of electricity via photovoltaic cells, owing to the declining prices of solar collectors. This reason is also largely supported by the sunny forecasts put on solar energy and a resemblance of the electricity system to the internet, having no particular center of activity, except for the photovoltaics integrated into roofs and windows. Consequently, Hamer states that there is an increase in the production, but, a subsequent decline in purchasing costs of PVs; hence, likely to have a significant impact on the installation of PVs and access to electricity. This would then classify solar energy for the many uses that electricity can be put to such as heating of water. PVs are also environmentally friendly as they produce no greenhouse gases or atmospheric emissions as a technology. Therefore, it presents itself as the most likely choice of renewable energy technology for embracing by the public (Hamer 1). Finally, a proposal for zero net energy buildings is given in which the Department of Energy is considering producing houses that consume no energy on net rate, but, incorporate numerous technologies for future homes, including the solar thermal and photovoltaics. In this article, the core theme as presented by Haugen is that of the effective production of electricity through solar energy. First, the energy is described as clean and reliable by the National Renewable Energy Laboratory (NREL), as a counter for myths over