The role of government in an economy

The role of government in an economy 1. What do you understand by an economic system? Discuss the role of government in a market economy. Do you think that your government should play a more active role in the economy? Elaborate why and why not? An economic system deals with the structure of production, distribution of economic outputs, and consumption of goods and services in an economy The development of economic system is needed in the national community that address the problem of economics like allocating resources and scarcity of the resource. The economic system arranges the relationship among people, institutions and government in order to resolve the problem of economic. It confronted with the different basic economy questions that require answer such as what to produce, how to produce it and for whom to produce. The contemporary economic systems is classify into 4 type including capitalism economy, socialism economy, mixed economy and Islamic economic. In capital economic system, all main economic decision is determined by private owners in capital market with minimal government interference also know as free market economy or laissez faire. Transaction on the prices of goods and services are determined in a free price system by the buyer and suppliers in open markets. The socialism economy is an economic system in which the central government controls most of property resource and major economic decisions regarding the production and distribution of goods and services through a central planning boards. The central planning boards decide on the output between capital and consumers goods, and the capital goods are allocated among industries and enterprise according to government directives. A mixed economy reflects both capitalism and socialism to solve basic economic problem involve by both private and public sectors in allocation of good and service. Problem face by some of the public and private ownerships on the resource is based on supply and demand conditioned by price mechanism and economic growth of the country development. Therefore, government intervention in the economy for certain essential service such as illegal product categorized as unsafe goods like military items, and requirement such as schools, hospital, police force and army. And execute certain project or produce products that private sectors consider unbeneficial e.g conduction of low cost house in Malaysia. The role of government in a market economy deals with problem associated with market failure. Market failure has negative effect on the economy because allocation of goods and service by a free market is not efficient. One of the causes of market failure is the existence of monopoly of power by certain party such as the price of resources is higher than marginal costs can lead to allocation of inefficiency and pareto sub-optimal equilibrium in the market. Inequality may also cause market failure through the economy, as the income of different group of individual lead to wide gaps of living standard. Market failure can be corrected through government action or decision to reduce inequality by changes in tax and benefit system such as national minimum wage. Government has the authority to enforce property rights of ownership, protecting public property, encourages production and exchanges of goods and service [1]. Government has the roles to achieve economy stability and growth by attempting to maintain steady growth, provide high level of employment, and ensure price stability in the market. Through vital support in spending and tax rates it can slow down or speed out the economy growth [2]. Malaysia government play significant role in the economic growth of the country, by providing knowledge to the public on the current market and economic development through various tools such as through education and media. Malaysia government has the role to provide goods and service to public such as highway, education, national deference, security etc. Malaysia is the 29th world biggest economy in the world and based 16th largest in the world trading economy with a growth rate of 5% to 7 % since 2004. Malaysia government provides the basic necessities to the public such as clothing, rent, fuel, utilities and transport and communication, where Malaysia government help reduce poverty among the rural population. The effective involvement of government in service and implementation of development program give a huge transformation to the nation growth. . The involvement of Malaysia government in too many firm and industries could lose concentration and less focus on the development of several industries, this factor could lead to unhealthy competition among the private sector without control by the government. [1] Mike P. McKeever, The Mckeever Institute of Economic policy, San Francisco in 2003 [2] Governments Role in the  Economy U.S Department of State. Taken on 10 March 2011 http://economics.about.com/od/howtheuseconomyworks/a/government.htm. 2. What are the characteristics of the Malaysian economy. Discuss its weaknesses and suggest appropriate policy proposals to srengthen the economy in order to realise the objective of becoming a developed country by 2020. Malaysia economic system is based on mixed economy system that both free market and governments have significant effect on the economic development of the country [1]. By year 2009, Malaysia has reached per capital income (GDP/PoP) of RM 24,541(USD 6,812) and from 2004 to 2010, Malaysia economy growth performance at a sustained rapid growth averaging 5% to 7 % annually [2]. Malaysia economy is highly trade dependent of goods with several countries especially in the western market and Asian market such as China, Japan, Korean, and etc. Malaysia government also promote an open developing economy to private enterprises to take part in country development projects [3]. Malaysia is commonly known as a middle-income country, it functions by well distribution of wealth among the country population and equality among the public. Malaysia economy has been depend on export of product from raw material driven by manufacture exports such as electrical and electronic products, petroleum and gas (14th biggest world gas producer), palm oil products, rubber products and timber products. Malaysia economy also focuses on minor products to be export such as agriculture products, tourism, education, ICT, consultancy and etc. In the early economy of Malaysia in year 1957 till 1994, Malaysia economic resource of product tin and rubber is exploit by the British. And in late 1970s, the economic is export oriented industrialization stared with electronic industry at Free Trade Zone. The evolution and development of economy from year 1995-2009, based on knowledge-based economy (KBE) provide the platform where growth is focus on acquisition, utilization and dissemination of knowledge. These accelerate economy to a higher development of knowledge-based activities, innovation of product and intensification of Research and development activities. The changing of economy would strengthen Malaysia toward achieving the government vision 2020 to propel Malaysia to being as an advanced nation with sustainability of economy growth. Malaysia government depends highly on the trade and export system economic, which expose Malaysia to worldwide economy recession. During recession period, economic hardship remain in the country and high rate of unemployment among the workforce affect the living of people in the country. The introduction large scale of foreign labour cause shortage of skilled workers in certain sectors such as construction and manufacturing leading in Malaysia work force whereby a foreign exchange exits drain in Malaysia economic. The domestic private sector failed to deliver target set by the Malaysia plan, where the domestic investors feels that the government is not focusing on domestic investment [4]. The government development plan, called the Malaysian Plan given way to strengthen the growth of Malaysia economy to achieve the ultimate objective aim for Malaysia by the year 2020[5]. The plan was focus on accelerating the growth of economy structure, divided into three sectors such as agriculture, manufacturing and services. A unit of agency under the Prime Ministers Department called as Economic Planning Unit, is responsible for driven Malaysias through various measure such as policies and strategies for socio-economic development. [1] Shri V.Mahalingam, First Secretary HOC from University Grants Commission 2006-07 U.G.C [2] Economic of Malaysia, from Wikipedia the free encycolopedia taken on 10 March 2011 http://en.wikipedia .org/wiki/Economy_of_Malaysia [3] Malaysia Information taken on 10 March 2011 http://www.asia-planet.net/malaysia/information.htm [4] Malaysia Information and Communication Technology taken on March 10 March 2011 http://www1.american.edu/initeb/ym6974a/nationalictpolicies.htm [5] Joseph Chin of the edge Malaysia article on Guan Eng wants allocation detail under Tenth Malaysia Plan on Monday,14 february 2011 16.44 mtbh 01032011 +++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Civic Virtue: The Right Thing for Our Society Essay -- society

Introduction Perhaps, the American society is the most divergent, the most accommodating and the most culturally diverse among all societies across the globe. Interestingly, most Americans reflect similar elements of behavior in many respects which are distinct to our American society. There are a number conscious and unconscious core values which are expected to guide every American character. Most of the American culture has to some extent embedded western civilization: A civilization that accommodates different cultures, merges multiple ideas, and values the freedom of choice. Still, a number of challenges in the direction of promoting our general wellbeing have been arising; thus, leading to questions on the direction that our society should direct for our common wellbeing. Here, I will be discussing approaches that can be designed in addressing the issues of wealth distribution, and the relationship between politics and community beliefs so as to have an even happier society. Inequality, Cohesiveness and Civic Virtue One among the challenges that face our society today is the widening rift between the rich and the poor. Although our politics has evaded the reality of a widening society, several philosophers have given their opinions on the challenge of wealth distribution. Our politics has become so distant from the challenge of widening social gaps that president Obama’s proposal to review tax laws in the direction of burdening the wealthy with more taxes has received heavy criticism from the republican political quarter. Apart from philosophical ideologies on the topic of wealth distribution, there is a more important challenge which requires the attention of our political leaders: Civic Virtue. Getting a picture of ... ...place in our schools and other institutions. Instead of focusing on the teaching of various religious and moral beliefs, students should be allowed to openly present their opinions on various religious matters. Such a direction must be done under an environment that respects the right of people to choose various religious and moral beliefs which are available in our society. Conclusion As I have discussed, I agree with Sandel’s opinions on the two issues (the distribution of wealth, and an open engagement between religion and politics) that I have discussed above. Wealth distribution is especially useful in guarding our democracy, promoting, cohesiveness, and improving the welfare of the poor. On the other hand, an engagement between politics and religion will be useful in promoting unity, tolerance and knowledge within our society.

DFA’s investment portfolio Essay

Identify the sources of value DFA is providing its investors DFA creates different value to its customers. For Registered Investment Advisor, the value was the educative access to top researchers who were developing innovative theories and empirical analyses. For high-net-worth individuals, it is low management fee as the services are provided through RIA. For other investors, the value is high performance of portfolio it manages. The sources of values DFA managed to create come from: – Close relationship with prominent academics, who also have stake in DFA. The academic research has played crucial role in the performance of DFA’s investment portfolio and brought substantial return to its customers over a long period of time. – Reputation of the DFA in small cap market help the firm reduce transaction cost, pick and choose the right stock to invest, contributing to positive return for its customers. 8. What are some of the trading costs associated with small, value stocks? How does DFA manage these potential trading frictions? Given the fact that small and value stocks have lower liquidity compared to large and growth stock, transaction of small and value stock is more difficult. There are some trading costs associated with them: – When investment fund wants to buy small and value stocks in open market, their price will go up very quickly. This increase in price will negatively affect the next purchase of the same stock of the investment fund. DFA instead of going to the market and bid for stock, it absorbs the selling demand from the others. By taking a large part of stock, it can even obtain a discount on the stock purchase. – Once the investment fund owns an amount of a certain stock, the future sales of stock to the market may pose some pressure on the price of stock. DFA when buying stock from seller would try to make sure that it take the whole position of th e seller so that it avoids the scenario when the seller sells the other part to the market and the price of stock goes down immediately after DFA buys it. – Same applied when the fund tries to sell its stock. If investment fund sells a large block of stock, the price of stock will be pushed down. To avoid this transaction cost DFA normally offers small amounts of stock to the market each day. It takes more time to sell out but the price of stock will be maintained. 12. Likewise, throughout the 1990s, growth stocks outperformed value stocks. Hence, should DFA reconsider its current strategy? What if growth continues to outperform value over the next five years. Would your answer change?  Again, how would you explain the poor performance of the fund to your clients? Although the growth stock outperformed value stocks in 1990s thanks to the high-tech boom, DFA should not reconsider its current strategy because of the following reasons: -Looking at a long period of time (from 1926 to 2004), despite some up and down, value stock still outperform growth stock (Tim’s calculation) -DFA’s philosophy of investment has been based upon market efficient. And according to market efficient theories, the higher return of growth stock given the lower level of risk compared to value stock will go away as people start to chase growth stock. Switching to growth stock will not help DFA to make sustainable return. Even though the growth stock continues to outperform for the next five years, our answer would not change. The growth stock cannot outperform the value stock for too long because it has lower level of risk. Value stock will soon bounce back in terms of return soon. 14. What future strategies would you recommend DFA pursue? Make a specific recommendation, and justify it. Should they abandon/modify/maintain their current size and value strategies? Should they explore other interesting anomalies and adopt similar strategies?

Alzheimers Disease, Nursing Essay - 1477 Words

Nursing Care and Understanding of Alzheimer Disease Introduction nbsp;nbsp;nbsp;nbsp;nbsp;Loss of memory, forgetfulness, personal change, even death, are common related disorders caused by a disease called Dementia or better known to most people as Alzheimer’s disease. This disease is the fourth leading cause of death in the United States in persons 65 and older. Alzheimer’s disease is, named for the German neurologist Alois Alzheimer, who first recognized the disease in 1907; Alzheimer’s disease is characterized by a progressive deterioration of mental functioning. Nursing plays a major role in the care for patients who have Alzheimer’s disease during the three stages of the disease. The majority of Alzheimer’s patients are cared†¦show more content†¦Holistic nursing is the idea that you understand and perceive the patient’s state of health. Alzheimer’s disease puts the nurse in a situation that in reality he or she has no idea what it is like to actually understand what the patient is goi ng through. Through the process of this disease the nurse must overcome their own emotions and realize that they are there for one reason. This one reason is simply to care for the patient. The patient over time will change mentally, emotionally, and physically which will not only challenge the nurse and their ability to understand and care for the patient, but these factors will also affect the family of the patient. The family must also know that the patient needs nursing and loving care; sometimes a gentle touch from a loved one helps the patient to be reassured. Summary of Research Findings nbsp;nbsp;nbsp;nbsp;nbsp;The average life span of a person getting Alzheimer’s is between the ages of 45 and 60. Millions of people are plagued by this heartbreaking disease. 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