Economics Critical Thinking

Every month, the US Bureau of Labor Statistics calculates the unemployment rate in the United States. The Bureau of Labor Statistics used data from the U.S. Bureau of the Census's Current Population Survey (CPS), which covers 60,000 members of the civilian population over the age of 16. (Marthinsen 73).

The unemployment rate has an impact on the US economy through lowering taxes, raising debts, and decreasing contribution to the economy. High unemployment means that many people are unable to pay their bills, contribute constructively to the US economy, or pay taxes. The effect is an increase in interest rates from high unpaid debts affecting the growth of the economy. Inability to pay taxes by a high percentage of the population causes low revenue for the government resulting in a deficit and lack of finances for courts, law enforcement, and government programs.

People question the way unemployment is calculated because the calculation excludes unemployed people who are considered outside of the labor force since they are not actively looking for a job. These people do not count as jobless in the unemployment rate despite that they could have given up on finding a job and not that they do not need one.

Unit 4.3

Good regulations boost economic growth by improving predictability of economic interactions, reduce the cost of resolving disputes, and provide certainty to contractual partners and protection against abuse (Haidar 286). Good regulations also improve trade and interaction among countries, improves the vibrancy of the private sector creating jobs, paying taxes and promoting growth.

Unit 5.1

China’s economic growth is rapid and has achieved a sustainable growth path with focus on achieving stability on the long-run

Ways to entice China to abide by international rules and to make their market accessible to other nations include demonstrating the benefits from international cooperation and exchange, benefits of international trade, and offering China the capacity of rule setting in world trade. Other incentives include penalties to China for not abiding including exclusion from global institutions until policy reforms and compliance to international trade and participation is achieved and ensuring promises to abide by international standards and open up are upheld by China.

Unit 5.4

Bitcoins are problematic because of the requirement to understand computer security to use, lack of a mechanism to protect against fraud, high volatility, and technical weaknesses that make it vulnerable to attacks. Slow speed in processing transactions and slow rate of creation are other problems facing Bitcoins (Haldimann et al. 48).

Having a fixed value will make Bitcoins viable medium of exchange since this will ensure prices of goods and commodities do not fluctuate with changing Bitcoin value resulting in losses to consumers.

Part 2: Benefits of the economy from immigration

The economy benefits from immigration through additional skills, knowledge, technical know-how, and innovation from immigrants improving production, global competitiveness, the creation of jobs, and efficiency. Immigration offers the United States access to talented immigrants focusing on science, technology, engineering, and mathematics (STEM.)Science, technology, engineering, and mathematics have huge great innovation potential and facilitate improvement in productivity, efficiency, and capacity to utilize existing stock of skills in the country for improved growth and development of the economy (Caret & Guzzi par. 3). This provides the United States access to most productive workers with each one creating 2.62 American jobs. Immigration also provides the United States access to graduates, skilled workers, and entrepreneurs improving productivity potential, increasing the stock of skills in the economy, and starting up businesses that augment revenue collection and create more jobs for United States citizens facilitating economic growth. Immigration offers the United States a platform to attract and retain the smartest and most entrepreneurial minds in the world offering the country a platform to achieve excellence in innovation, augment productivity, and improve the stock of skills and knowledge. These advantages are the economic benefits the United States derives from immigration.

Works Cited

Caret, Robert and Guzzi, Paul. “Economy will benefit from Immigration reform.” The Hill. The Hill February 14, 2014. Web. March 2, 2017.

Haidar, Jamal Ibrahim. "The impact of business regulatory reforms on economic growth." Journal of the Japanese and international economies 26.3 (2012): 285-307.

Haldimann, Luc, Walter, Christian, and Brenzikofer, Thomas. Swiss made software. Swiss made software gmbh, 2016.

Marthinsen, John. Managing in a Global Economy: Demystifying International Macroeconomics. Nelson Education, 2014.

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