21st Century Economic issues
Economic Issues for the 21st CenturyWe all have several questions. Do I have a future of prosperity?Will I be able to afford a home of my own?Will my children or I live as well or better that my parents?These are but a few of the questions we all ask ourselves daily. The answers to these depend on how well the United States economy faces the challenge's of providing jobs, increasing income, and solving the multitude of social problems that we are faced on a daily basis, problems like poverty, soaring medical costs, and the decay of our environment. We could talk for days on the "problems that face us and our economy. However I would like to focus on what I think is the top 10.1. How should we use our resources and capabilities? What should we produce, and how should we produce it? This is one of the all time favorite questions and probably one of the most fundamental in all of economics. Why? Because much of economics deals with understanding how people choose to use their resources and analyses the consequences of their choices.2. Will the standards of living in the United States continue to improve?
The 1980's saw the emerging of the Pacific Rim Nations; Japan, South Korea, Singapore, Indonesia, Malaysia, Philippines, Taiwan, and Thailand all as potent present productive forces. Any person's income depends on the value of that person's service. Unfortunately, we can rarely solve all problems in one swoop. Improvements in environmental quality might come at the expense of a reduction in the improvement of material living standards. businesses selling and investing abroad. Between 1974 and 1987 the United states saved less of its income than any other advanced industrial nation! While Japan was saving over 30% of its income and Canada, France, Germany, and the United Kingdom were saving over 20% of their income the United Stated was saving only 15 % of our income. All of this is in turn tied together, the growth in income per person depends on growth in production per person. economy stalled, unemployment rose and job growth came to a screeching halt. If successful, the reforms in these nations will increase their income and them productive potential of their economies.
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