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economic policy recommendation-经济学essay代写

2017-04-25 | 来源:51due教员组 | 类别:Essay代写范文

这是一篇关于经济学的essay代写范文,主要是以:How International Trade can accelerate the economic growth in North Korea为例研究经济政策。本文由51due英国论文代写网精选,仅供参考:

1.Introduction of the problem

Ever since Korea was divided into North Korea and South Korea after the World War II in 1945, South Korea’s economy soared to become one of the Asian tigers while North Korea kept itself to stay at an underdeveloped status. A comparison between the GDP and the GDP growth rate of those two countries showed how serious the problem is in the economic growth rate and development in North Korea. While South Korea had a GDP of $1.3 trillion and $27,513 GDP per capita in 2015, South Korea had a GDP of $17.4 billion and $696 GDP per capita in 2015.

North Korea GDP in billions USD

economic policy recommendation,经济学essay,essay代写,英国代写,英国论文代写

North Korea GDP Growth Rate

economic policy recommendation,经济学essay,essay代写,英国代写,英国论文代写

The GDP growth rate is about 1%.

The World Bank classified North Korea as a country with low income. This paper gave one suggestion as to how the North Korea can potentially grow at a faster rate. 

2.Impacts to the society

 A low GDP growth rate has many negative impacts on the economy. First, the GDP per capita is low. With a population of 25 million, the GDP per capita is estimated at $696. Second, the income for the residents is low. Without sufficient money to spend, the residents’ satisfaction towards the country cannot increase. There is no data on income for North Korea on the World Bank Database and it is categorized as a low income country. The unemployment rate for North Korea is higher than that of South Korea.

economic policy recommendation,经济学essay,essay代写,英国代写,英国论文代写

3.Policy recommendation

A look at the balance of trade data for North Korea suggested that North Korea has not fully used its opportunities for trading with other countries to help it grow. Although in 2013, the foreign trade amount reached a record high of $7.3 billion, trade is only a small percentage of total GDP. With a GDP of $17.4 billion and net exports at $-696 million, net export is only 4% of GDP.

North Korea Balance of Trade

[ Source: Trading Economics, United Nations]

So the policy that I recommend is for North Korea to open up its trading policies more and be more involved in free trade agreements. Right now 89% of the trade is with China only and there is still tax, tariff and quota on many products. I recommend that by adopting with a free trade agreement to more countries all around the world, North Korea can get rid of many trading barriers and trade with more countries to enjoy their different comparative advantages. 

4.Economic theory analysis and impact on stakeholders

By trading, countries can enjoy a level of consumption outside of their productions possibilities frontier. According to Graph 1, we have learned in class that countries produce within the PPF, or the area inside the curve. If we trade, we can consume at a level to the right of the PPF because of comparative advantage for other countries. This is one way that the economy can grow for a country. Countries should export the products which they have a comparative advantage in producing and import products which is more costly for them to produce. Even countries with no absolute advantage in producing anything can benefit from trade because they will have a comparable advantage in producing something. 

economic policy recommendation,经济学essay,essay代写,英国代写,英国论文代写Graph 1

By eliminating tax, quotas, and other trade restrictions, we can decrease inefficiencies and the deadweight loss. Graph 2 showed what would happen to a country if there is a tariff on imported goods. As we can see from this graph, the quantity of imports without the tariff is Q1 to Q4 while the quantity imported with the tariff is only Q2 to Q3. Not only there is an efficiency regarding quantity imported, there is also a deadweight loss denoted by the red area. Although the blue area indicated the tax revenue that could be used on other places such as infrastructure construction to also benefit the society, the deadweight loss is purely a loss that is not efficient for the economy. By lifting those tariff and other trade restrictions, there will be less inefficiency and more value can be generated for the society.

economic policy recommendation,经济学essay,essay代写,英国代写,英国论文代写Graph 2

The consumers will be better off because they can now consume products at a lower cost. 

However, every policy has its drawbacks. In this case, the domestic producers of certain products will be hurt if they cannot decrease their costs and compete with foreign imports. If the demand for domestic products decrease, supply will decrease as a result. Factors of production such as human resource will also decrease and people who work in those related industries might face the threat of losing their jobs.

5.How the policy solves the problem

Although net export is only one portion of the GDP calculation for a country, it can significantly decrease the cost for certain products so that the residents of a country can enjoy a more variety of products at a cheaper price. North Korea will be able to find a product that they have a comparative advantage and increase the sale of this product to foreigners to increase their income, sales revenue, and profits. Their business can also be expanded to gain a bigger market share globally. To be able to do a business globally also reduces the risk of market failures for a certain market and diversify the risk across various different markets. All of those aspects can increase the net export and subsequent increase the GDP for North Korea to growth more.

6.Conclusion

Since North Korea had exhibited a low GDP level and GDP growth level and it is classified as a low income country by the World Bank, I believe they have a serious problem in economic development. I chose to tackle the trade balance problem and recommended a policy to stimulate the trade figures by letting North Korea to adopt free trade policies with other countries. More trade can let a country consume outside its PPF, and a lift of trade restrictions can decrease or eliminate deadweight losses associated with trade. With more trading activities, the net export figure that is a part of a country’s GDP will increase and increase the overall GDP and economic level for a country.

Reference

The Institute for Far Eastern Studies. (2014). North Korean Foreign Trade Volume Posts Record High of USD 7.3 Billion in 2013".

Nanto, D. & Manyin, M. (2010). China-North Korea Relations. North Korean Review.

Sharp, A., Register, C. & Grimes, P. (2012). Economics of social issues.

Trading Economics Data

The World Bank Database.

由于北韩的国内生产总值水平和国内生产总值的增长水平都较低,世界银行被列为低收入国家,相信经济发展存在严重问题。 以上经济学essay代写范文由51due英国论文代写网提供,仅供大家参考。51due英国代写网打造最好的教育品牌,提供专业的代写服务,我们为自己的品牌代言,不负留学生的期待。提供全方位的服务,包括英国论文代写,essay代写,assignment代写,paper代写等论文代写服务。


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