Task 1 and 2 are basically done. I will send you task1 which has already been written but needs editing;
Task1 (minimum 500 words) Deadline 30th April
What is the central economic problem? How does this link to the economy of (a country of your choice)?
The issue of scarcity and choice lies at the heart of the study of economics. How does this relate to the economy of (a country of your choice)?
Focusing on highlights, Briefly Describe the economic system of your country of choice (market vs command economy) and give an overview of the state of the economy using leading indicators.
Indicators can include (but not limited to: total Growth rate (last available data on month, quarter, year), GDP, GDP per capita, population and demographics, unemployment rate, inflation, PMI, transparency and corruption measures, etc. You are expected to comment on any data in the context of your answer to the questions above.
I sadly can’t Upload some files; so I will copy paste it in here..:
What is the central economic problem? How does this link to the economy of China? The issue of scarcity and choice lies at the heart of the study of economic. How does this relate to economy of China?
Central economic problem conjectures scarcity in resource allocation resulting in foregone cost. Therefore, competent produces are anticipated to strategically allocate resources in the production process to ensure that the unlimited wants of consumers are met accordingly. Chinas economic growth has been used as a case study to illustrate the indispensable role of states in expediting development. The GDP has grown over ten times (here the teacher wants figures and stats..) in the past years, which is resulted from massive investments. China is among the most populated states(he wants to know how populated) around the globe. Therefore, the scarcity of natural resources is inevitable(teacher wants to know why?). As a result, the production of primary products is lower than that of secondary products. However, China is rich in labour supply, which has facilitated massive production around the globe. As a result, China has been a significant beneficiary of cheap labour, which has lowered production costs, thus easy to sell products at lower price.
China has experienced rampant changes in its economic system since the 1970s. initially, a centrally planned economic system has been incepted to prevent resource exploitation. The system allowed the government to monitor resource utilization in the economy, thus controlling the production process (Ding et al., 2019). In essence, a centrally planned economic system is viewed as a hindrance to economic growth, which was the case in China (Anning et al., 2017) (teacher wants me to paraphrase instead of double quotation, use simple English). However, the dogmatic era in the 1970s supported the inception of a capitalist economy suggested by the set economic reforms in the nation. Besides, China implemented trade liberalization policies to act as an opening to massive investments (Sahin, 2016). Therefore, Chinas massive growth is attributable to the capitalist system incepted at such a time when industrialization was at its peak. Besides, the free market policy has increased exports from the nation, thus augmenting Chinas GDP. Therefore, states play an essential role in development through the policies incepted.
The proxies used to measure Chinas economy include the GDP, per capita income, inflation, and unemployment rates, demographics, and population. In 2017, China recorded a GDP of USD 12.14 trillion (is this a lot? Give contect)GPD 9.71 trillion), whereby massive growth was exhibited in the last quarter due to the expansionary monetary policies incepted. In 2018, the GDP increased to USD 13.61 trillion (GBP 10.8 trillion) due to the rampant growth in the private sector (Byrd, 2019). In 2019, the GDP grew by 6.1% which is the least recorded growth rate since 1990. The trade tensions between China and the U.S. have been linked to the current sluggish growth in GDP (Meltzer & Shenai, 2019). This implies that trade with the U.S. has been the back bone of Chinas growth over the past (Chow, 2018). Besides, Chinas attempt to manipulate its currency can be regarded as a strategy to gain a competitive advantage in the global markets.(teacher wants Structure: break down into smaller paragraphs more clearly and keep spacing between them. This improves the presentation and makes it easier for the reader to follow)
The unemployment rates in China have ranged from 4.09% to 3.8% since 2012. The rates have been decreasing significantly by up to 3.9% in 2017 (Trang et al., 2017). From 2018 to 2019, the rates have been reported at 3.8%. therefore, China has maintained a stable economy, which creates an avenue for economic prosperity (Trang et al., 2017). In 2017, the inflation rates were recorded at 01.59%, a figure that has been maintained for years. However, the rates skyrocketed to 2.07% in 2018, while the number was 2% in 2016 (Tang et al., 2017). Considering the aforementioned figures, it is safer to assume that Chinas financial institutions have played a myriad role in monitoring inflation and unemployment rates. Besides, the fiscal policies implemented have maintained low figures of unemployment and inflation, which have acted as an incentive to invest.
Anning, L. Tuama, A.S., & Darko, S. (2017). INFLATION, UNEMPLOYMENT AND ECONOMIC GROWTH: EVIDENCE FROM THE VAR MODEL APPROACH FOR THE ECONOMY IRAQ. International Journal of Developing and Emerging Economics, 5(1), 26-39.
Byrd, W. (2019). The market mechanism and economic reforms in China. Routledge.
Chow, G. C. (2018). 6. Chinas economic transformation 1. CHINAS 40 YEARS OF REFORMS AND DEVELOPMENT, 93.
Ding, Y., McQuoid, A., & Karayalcin, C. (2019). Fiscal decentralization, fiscal reform, and economic growth in China. China economic review, 53, 152-167.
Meltzer, J. P., & Shenai, N. (2019). The US-China economic relationship: A comprehensive approach. Available at SSRN 3357900.
Sahin, D. (2016). Determinates Of Unemployment: Empirical Analysis For China. Akademik Sosyal Arastirmalar Dergisi, 4(22), 50-58.
Trang, N. T. N., Tho, T. N., & Hong, D. T. T. (2017). The impact of oil price on the growth, inflation, unemployment and budget deficit of Vietnam. International Journal of Energy Economics and Policy, 7(3), 42-49.
I put everything that needs to be corrected in (…) Also try to use some information from the books and links I sent you.. see below
task 2:
References
Anning, L. Tuama, A.S., & Darko, S. (2017). INFLATION, UNEMPLOYMENT AND ECONOMIC GROWTH: EVIDENCE FROM THE VAR MODEL APPROACH FOR THE ECONOMY IRAQ. International Journal of Developing and Emerging Economics, 5(1), 26-39.
Byrd, W. (2019). The market mechanism and economic reforms in China. Routledge.
Chow, G. C. (2018). 6. Chinas economic transformation 1. CHINAS 40 YEARS OF REFORMS AND DEVELOPMENT, 93.
Ding, Y., McQuoid, A., & Karayalcin, C. (2019). Fiscal decentralization, fiscal reform, and economic growth in China. China economic review, 53, 152-167.
Meltzer, J. P., & Shenai, N. (2019). The US-China economic relationship: A comprehensive approach. Available at SSRN 3357900.
Sahin, D. (2016). Determinates Of Unemployment: Empirical Analysis For China. Akademik Sosyal Arastirmalar Dergisi, 4(22), 50-58.
Trang, N. T. N., Tho, T. N., & Hong, D. T. T. (2017). The impact of oil price on the growth, inflation, unemployment and budget deficit of Vietnam. International Journal of Energy Economics and Policy, 7(3), 42-49.
Task 2 (minimum 500 words) Deadline 7th May
Explore the issue of Inequality in your chosen country with reference to global inequality and the historical prospective as examined in the Core book:
You are expected to
1. Give a brief overview about the current distribution of income in your country and its relation to poverty.
2. Use data to present the facts about the distribution of income, poverty, and selected characteristics of those counted as poor in your country.
3. Show a basic understanding of the causes and the economic consequences of poverty
4. Briefly consider the expected impact covid-19 is likely to have on inequality and poverty in your country (and globally).
written text so far:
Explore The Issue Of Inequality In China With Reference To Global Inequality And The Historical Prospective As Examined In The Core Book
Inequality in China
In terms of real national income per adult in China, there has been a considerable increase since 1978. In 1978 the average real income per adult stood at 120 pounds (6500 yuans annually) per month which is expressed in 2015 figures (Piketty, Yang & Zucman, 2019). By 2015 this had increased to about 1000 pounds (587000 yuans annually) per month. The share of the national income that is earned by the top 10% of the population has also increases from 27% in 1978 to about 41% in 2015 almost doubling in quantity (Piketty, Yang & Zucman, 2019) while the share of the top 10% has increased the share of the income earned by the bottom 50% has decreased from 27 to 15% (Piketty, Yang& Zucman, 2019). The income shares of the middle 40% has remained relatively stable over the years (Piketty, Yang & Zucman, 2019). This shows that while at the macroeconomic level, China has seen great increases over the past 2 decades; their income inequality is now nearing the levels experienced in America.
The country has, however, made incredulous efforts at poverty reduction as current statistics show. There was a reduction of the number of individuals who fell below the poverty line from 65% to 10% in the years between 1981 and 2004 (World Bank, 2017). In terms of numbers, the individual reduced by almost half a billion people, from 652 million people to 135 million people (World Bank, 2017). Recent estimated place only about 1% of the population of China in extreme poverty, with about 2 percent of the rural population falling below the poverty line (World Bank, 2017). Recent studies have pointed toward there being a significant difference in the education of the household and the income earned (Jain- Chandra, et al., 2018). The increase in demand for skilled workers that China experienced was accompanied by wage inequalities. The income inequality can also be attributed to the rural urban gap which contributed to 44% of the wage inequality in China (Jain- Chandra, et al., 2018). While this disparity can be partially attributed to education attainment, a study also found that a significant share of the population in rural China have illness and disabilities that could influence their working ability and thus result in poverty. The study found that 60% or rural household have an illness or some form of disability and 75,2% have patients with non-communicable diseases (Zhou, Gou, & Liu, 2020).
The period of macroeconomic development and poverty reduction in China has been occasioned by the increase in income inequality. The economic growth experienced in China managed to trickle down to it poorest populations which caused the subsequent poverty reduction that was experienced despite the increase in income inequality (Wu, 2016). There are economic consequences to poverty that include decreased health indicators which in turn reduce the productive workforce of the economy (Frenk). Children who grow up in poverty are also more likely to be less productive in their adult life which means the cycle of poverty continues on into the next generation (Ratcliffe, 2015). In the country of China, the poverty reduction strategies are geared towards addressing some of these areas, ensuring that the majority of the population is taken care of in such a way that they are able to be more productive (World Bank, 2017).
The Covid-19 pandemic originated in China and had the government of China implementing public health preventive measures at the beginning of the year. These measures are meant to affect the economy of China and the world collectively due to the preventive measures taken and policies put in place by the different governments. The poor in most countries are likely to be disproportionately affected by the pandemic due to factors such as loss of income, lack of access to quality healthcare and disproportionate exposure to the disease (World Bank, 2020). This means that a large proportion of the poor are likely to face further reduction in their income while those who may not be categorized as poor but are vulnerable to such shocks may easily slip into poverty (World Bank, 2020). This means that the Covid-19 pandemic is likely to cause increased inequality and an increase in poverty rates in countries across the world, not just China
References
Frenk, J. (n.d.). Health and the economy: A vital relationship. Retrieved from OECD observer: https://oecdobserver.org/news/archivestory.php/aid/1241/Health_and_the_economy:_A_vital_relationship_.html
Jain-Chandra, S., Khor, N., Mano, R., Schauer, J., Wingender, P., & Zhuang, J. (2018, June). Inequality in China- Trends, Drivers and Policy Remedies. Retrieved from International Monetary Fund: file: ///C:/Users/wanyoike/Desktop/wp18127.pdf
Piketty, T., Yang, L., & Zucman, G. (2019, April 1). Income inequality is growing fast in China and marketing it look more like the US. Retrieved from LSE Business Review: https://blogs.lse.ac.uk/businessreview/2019/04/01/income-inequality-is-growing-fast-in-china-and-making-it-look-more-like-the-us/
Ratcliffe, C. (2015, September 8). What affects the future success of poor children? Retrieved from Urba Institute: https://www.urban.org/urban-wire/what-affects-future-success-poor-children
World Bank. (2017, December 14). China- From Poor Areas to Poor People: Chinass Evolving Poverty Reduction Agenda- An Assessment of Poverty and Inequality in China. Retrieved from World Bank Group: https://openknowledge.worldbank.org/handle/10986/3033?show=full
World Bank. (2020, April 16). Poverty and Distributional Impacts COVID-19: Retrieved from World Bank: http://pubdocs.worldbank.org/en/980491587133615932/Poverty-and-distributional-impacts-of-COVID-19-and-policy-options.pdf
Wu, G. (2016, October 19). Ending poverty in China: What explains great poverty reduction and a simultaneous increase in inequality in rural areas? Retrieved from World Bank: https://blogs.worldbank.org/eastasiapacific/ending-poverty-in-china-what-explains-great-poverty-reduction-and-a-simultaneous-increase-in-inequality-in-rural-areas
Zhou, Y., Guo, Y., & Liu, Y. (2020). Health, income and poverty: evidence from Chinas rural household survey. International Journal for Equity in Health, https://equityhealthj.biomedcentral.com/articles/10.1186/s12939-020-1121-0.
Links for important books and websites:
https://core-econ.org/the-economy/?lang=en
https://www.bloomberg.com/graphics/world-economic-indicators-dashboard/
Make sure you use the files and links I sent and put them in the reference list. Use about 15-20 references.
tasks 3: Task 3 (minimum 600 words) Deadline 14th May
Technological progress, productivity, and output
Briefly explain technological progress by giving three examples, two of which should be:
The productivity of labour in producing light and how fast news travelled (as explained the Core book). How has technological progress impacted the economy of your chosen country? How has capitalism changed the way we live today? Refer to the historical prospective on growth in the last few centuries using the graph in the Core book.
Also, briefly explore how technological progress and global connectivity both contributed and have been impacted by the Covid-19 crisis?
please make sure that task 3 fits to task 1 and 2. But divide the Tasks when writing. Do not go above 600 word for Task 3. You can edit Task 2 as well, for example by using the files I uploaded here or the links I sent. Sorry for the circumstances.
July 14th, 2020 
