A collaborative blog for Principles of Microeconomics taught by Edward Millner @ Virginia Commonwealth University.
Tuesday, March 29, 2016
What leading economists think about increasing the minimum wage.
http://www.igmchicago.org/igm-economic-experts-panel/poll-results?SurveyID=SV_br0IEq5a9E77NMV
Thursday, March 17, 2016
Wealth of China and India
This article talks about the relative growth rates in economic standards of living in China and India: http://www.bloomberg.com/news/articles/2007-03-05/indias-advantages-over-china.
Here is a punch line relevant to our discussion of Wealth of Nations:
"An economic litmus test is not whether a country can attract a lot of FDI but whether it has a business environment that nurtures entrepreneurship, supports healthy competition and is relatively free of heavy handed political intervention. In this regard, India has done a better job than China. From India emerged a group of world-class companies ranging from Infosys in software, Ranbaxy in pharmaceuticals, Bajaj Auto in automobile components and Mahindra in car assembly. This did not happen by accident."
Here is a punch line relevant to our discussion of Wealth of Nations:
"An economic litmus test is not whether a country can attract a lot of FDI but whether it has a business environment that nurtures entrepreneurship, supports healthy competition and is relatively free of heavy handed political intervention. In this regard, India has done a better job than China. From India emerged a group of world-class companies ranging from Infosys in software, Ranbaxy in pharmaceuticals, Bajaj Auto in automobile components and Mahindra in car assembly. This did not happen by accident."
Thursday, March 10, 2016
Gains from trade?
This opinion says that trade with other countries raises the standard of living in both.
Friday, March 4, 2016
How strong is the Rule of Law in Zimbabwe?
http://www.reuters.com/article/us-zimbabwe-diamonds-idUSKCN0W52J3
Does the answer suggest that the standards of living in Zimbabwe are high relative to countries with similar resources?
Does the answer suggest that the standards of living in Zimbabwe are high relative to countries with similar resources?
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