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Physicians’ Professionally Responsible Power: A Core Concept of Clinical Ethics, by Laurence McCullough, Dec 2015, Journal of Med Philos; Abstract:
Economics of Healthcare
The gathering of power unto themselves by physicians, a process supported by evidence-based practice, clinical guidelines, licensure, organizational culture, and other social factors, makes the ethics of power—legitimating physicians’ power—a core concept of clinical ethics. In the absence of legitimation, the physician’s power over patients becomes problematic, even predatory. As has occurred, clinical ethics issue bear on physicians’ professionally responsible deployment of power. This paper explores themes of physicians’ power in papers from an international group of authors who address autonomy and trust, the virtues of perinatal hospice, conjoined twins in ethics and law, addiction and autonomy in clinical research on addicting substances, euthanasia of patients with dementia in Belgium, and a pragmatic approach to clinical futility.
On another matter, yet still related: Screening Technology
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TASKS:
Discuss each of the following statements, state your opinion, you may agree or disagree, give an example of a situation, and explain why it matters.
a) “Physicians have the power to influence their patients’ demand for health services and the likelihood of their using this power varies inversely with the level of competition in the medical market.”
b) “Widespread use of state-of-the-art screening and other diagnostic tools and techniques would result in a significant reduction i n the rate of growth of health care expenditures.”
RUBRIC/CRITERIA:
Use as many economic principles (from the textbook and other sources) as possible to answer the questions. As a guideline, each of the 10 points will be derived from the following:
1. Post your answer (400-500 words) to the posted DQ responding to the matter asked instead of repeating or not attending to the question. Substantive answers include making comments using concepts found in the assigned reading materials or offering examples from your experience. Hence merely providing a brief “yes, I agree” or “no, I do not agree” postings are not adequate posts
2. Write in correct grammar; any errors will translate to a deduction in points.
3. Check for the spelling; any errors will deduct points.
4. Your responses must be substantive that include your own thoughts, supported with research (at least two external sources other than textbook, and you must quote these sources).
5. You get one point when you respond to one of your classmates’ posts, also with substantive comments (100-200 words).
6. One more point when you respond to another classmate’s post (100-200 words).
7. One point for collaboration. It is intended that your involvement in discussions be of a collaborative nature. Collaboration spirit is quite different from confrontation. If disagree, learn to disagree respectfully.
8. Deadline for each DQ will be at 11.55pm on the due date as posted in the modules, but you are free to make your comments prior to that. One point will be deducted for each day of late submission.
9. Creativity: offer a creative solutions or ideas or impact on the obvious socio-economic impacts of each topic; or a future recommendation or alternative options for the future with regard to the topic in question.
10. Cite your resources; as a rule of thumb, about 20 percent may come from quotes, with 80 percent in your own words.(Cite two External Sources)
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For this discussion, you will take a position on the importance of diversity.
Go to the NewsroomLinks to an external site. https://www.eeoc.gov/newsroom/search on the U.S. Equal Employment Opportunity Commission’s (EEOC) website and review cases regarding diversity. In the search box under Browse through Press Releases from EEOC, type diversity, and review three of the results from your search.
List the three cases you reviewed.
Propose three ways an organization can increase employee diversity and how these methods will support diversity initiatives in your current or future organization.
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Conduct an internet search for a large sporting event, either nationally or internationally that has occurred within the last eight years, and answer the following questions using the respective question numbers in your responses:
Economic Impact
1. Name of the event?
2. Year of event?
3. Location?
4. What was the total economic impact of the event?
5. Was the event profitable, i.e., after the event, was there a revenue surplus?
6. How many new jobs were created?
7. If available, how much local and state tax was generated?
8. In your opinion, was this event beneficial for the hosting city?
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On 8th October 1981, the most devastating calamity of forest fire hit Peshtigo, Wisconsin, USA. The fire remains the worst that has ever hit the United States and the world in general. Peshtigo fire destroyed a vegetation area of about 4900 km2. Many scholars differ on the number of people who perished in the incident, but Biondich (2010) states that more than 1500 people died on one night of the calamity. In a single night incident, the fire destroyed property worth two hundred million dollars.
The Peshtigo fire victims were from a village neighboring William G. Ogden sawmills. Ogden was a Chicago millionaire and had invested profoundly near the forest. He had established a business center near the Wisconsin forest, including hotels, boarding rooms, sawmills, blacksmith shops, sash, and blind factories. The center was proud of the villagers and housed schoolhouses and catholic and protestant churches (Pernin, 1971). In the dawn of the following day, hardly any structure was seen left in the village.
The exact cause of the Peshtigo Wisconsin fire remains a mystery, but scholars argue that carelessness, drought, and tornado were the likely factor that necessitated that fire. Several months before the fire outbreak mid-west America had experienced a prolonged drought. At this time, farmers, railway workers, and Indians slashed logs and shrubs, piling them to burn them. Because of cyclone storms on a devastating day, the burning wood fire spread to almost the entire forest, leaving the people residing in the wooden village stacked (Sando, 1969). At that time, there was no advanced technology to put off the forest fire, so it continued until the storm ceased and extended to the water of green bay.
References
Biondich, S. (2010). “The Great Peshtigo Fire. The Great Peshtigo Fire.
Pernin, P. (1971). The great Peshtigo fire: an eyewitness account. The Wisconsin Magazine of History, 246-272.
Sando, R. W. (1969). Tcc-S (¢ Climatic Conditions Preceding _P _, _ Historically Great Fires in the _P_ s_zo North Central Region.
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The meeting by the Federal Reserve officials was meant to discuss the inflation issue and the economic plans proposed by President Donald Trump. This meeting gained support on the increase in its key policy rates, while they failed to agree on the issues of inflation and the president’s economic plans. The inflation rate has been on the rise over the past few years, and thus it is possible that this situation will not change anytime soon. Their argument was defined by economic theory, which relates to the distribution, production, and consumption of products and services. The group argued that the future increase rates would be eventual, but they had to be focused on changes in the economic outcomes.
The meeting held looked at the numbers made by the central bank, showing a balance sheet of $4.5 trillion, which increased four times during the financial crisis and its results after it engaged in bond, purchases in a bid to lower the long-term interest rates. The Feds advocated for a change in the reinvestment policy of the committee. This is because the economy is continually facing hardships and thus it is important to find a way that will limit these hardships. It is important to develop a strategy that is meant to be effective in the long run. Fed officials feel the need to change the policy and refuse those, which do not have promise because the economy depends on the numbers.
Theoretical economics advocate for the issue of social choice, and thus that is why Fed officials have maintained the balance sheet before choosing the appropriate time to halt their current practices. The rate of inflation has negative impacts on the economy, and it acts as a barrier to economic growth. A group of people benefit from this situation, while many still feel the pinch inflicted by it. The policy proposed should be one, which will limit or reduce the rate of inflation. Some Fed officials believe that Donald Trump’s stimulus plan may take time before it is enacted. Therefore, they did not include assumptions of about the President’s attempts due to substantial uncertainties. These officials based their argument on the behavior of demand, supply, and prices in the economy. This is by the general economic theory.
To come up with an appropriate policy, it has to look at the issue of supply, demand, and prices and ensure that they are appropriate. The rate of inflation cannot be instantly stopped, but it can be controlled if the rights channels are followed and the appropriate arguments. The Fed officials failed to agree on the issue of Trump’s plan because it was unclear and thus beheld an uncertain risk. Some felt that it had the potential to boost group while the other group felt that there were risks in limiting immigration and coming up with an increase in trade barriers to protect US workers. This policy is more likely to benefit the US citizen, but it will also limit some of the past trades with the limitation of immigrants. The policy lacks clarity and can only gather more support if it used numbers to estimate the possible result of the policy.
The Fed officials’ argument on inflation is based on economic theories whereby they focus more on what is happening and what will probably happen. The arguments were that if the level of unemployment increased, it could contribute to inflation. They also argued that since unemployment should be below what the Fed official had set, 4.8% and 2% their inflation goal, then they could attain moderate inflation and maximum employment. The constant changes in the economy have contributed to the rise in the inflation rate, and this might be the case over time.
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The dominance of the U.S has been felt everywhere in every part of the world. A strong economic growth, military prowess, and unparalleled technology development have made the US a unipolar superpower in the world. The First and the Second World War enabled the U.S to establish itself as a dominant power in the world (Krauthammer 1990). The two world wars provided America with a good opportunity to trade arms with the warring countries in the world (Monteiro 2011, p. 11). America has remained a sole super power in the world for a quite a long time; however, the emergence of the BRICS is causing a great shift in the existence of the US as a unipolar superpower in the world (Adnan 2014, p. 31). The BRICS is an acronym for the union between Brazil, Russia, China, and South Africa. Common social and political interests that are geared towards challenging contemporary global political and economic governance in the world unite the countries. The BRICS are motivated by the desire to counter the influence of the U.S as a sole superpower with no any other country in the world with the capacity to threaten or oppose the US superiority (Adnan 2014, p. 31). Therefore, the countries’ aims and purpose are instigated by the desire to establish themselves economically as dominant powers through globalization. In the recent past, the BRICS have witnessed unmatched economic growth, which has enabled them to establish a strong foundation for controlling the world politics and economy. It is projected that the economic development of the BRICS will surpass that of the OECD by 2050 (Adnan 2014, p. 31).
U.S as the Sole world Superpower
For several decades, the US has wielded superior power that no any other country in the world can resist. The persuasion, influence, and leadership of the US solely control the international arena. Most of the countries in the world follow what is deemed right by the US since it has that persuasive clout to control other nations. The legitimacy of America in making international decisions is unparalleled, and most of the decisions work for the US interests. The U.S influence setting of international laws but it is not subject to any of the laws. Moreover, the US is accountable to one, and no country in the world has the legitimacy to question the decisions of the US The laws governing international relations are set in line with the direction of the US and the democratic nature of the country mitigate its collision with most of the international laws. Consequently, the world has developed a perception that only America has the potential to orders and creates an enabling environment for political and economic expansion in the world (Mallaby 2002). The aftermath of the World War II saw America install itself as a dominant superior power in the world through industrial development, strong political and domestic institutions (Beeson 2004). The strong institutions enabled America to develop plausible foreign policies with the potential to leverage on the bilateral and multilateral trade pacts. The American foreign policies are developed characteristically with the intent to paint the US as a good country that only promotes the good of other people in the world (Layne 1993, p. 7). Moreover, the American historical development has also played a vital role in stalling America as unchallengeable global superior power. The history is enriched with the achievements made by the US in its journey to become one of the most democratic nations in the world. The history has endeared America as an exceptional world power that supports the good interests of the people (McDougall 1997). Consequently, America is viewed as the beacon of hope in the world politics and policies
The Changing Reality
Different factors express the reality that the US hegemony is being challenged. Initially, much of the global wealth was controlled by the G7. However, the economic growth in most of the BRICS countries proved a huge challenge to the hegemony of the G7 in the control of the global GNP. In the period between 2000 and 2010, the global GNP of the BRICS shifted from 23% to 36% (Adnan 2014, p. 31). It is expected that 2020 the growth of the Global GNP of BRICS will be above 50%. In 2014, the GNP (PPP) of the BRICS accounted for over a third of the world GDP and by 2018; it is projected that the BRICS will account for over a third of the global wealth (Roberts 2011, p. 6). Moreover, the foreign exchange reserves for the BRICS have been growing at an unmatched pace of 40% of the year more than that of the OECD’s. Consequently, in the future, the BRICS will control the largest share of reserves in the world. Additionally, the BRICS are among the top five destinations for foreign direct investment in the world. China, India. Russia and Brazil make the list of the top five countries except for the third position, which goes to the US. The BRICS have acquired space in the G20, which provides them with the opportunity to control the global hegemony (Adnan 2014, p. 31). Expansion of G7 to G20 indicates the declining hegemony of superior countries in the world such as the US. Consequently, most of the decisions that were a reserve for the G7 have now become challengeable by through accommodation of the rising economies in the globe. The economic growth of the BRICS increases their ability to command influence in the global social, economic, and political affairs, which were previously a reserve for the OCEDs. Consequently, increase in the global GDP prompt the countries to increase their interests in the world just like the US does. According to Keukeleire (2011, p. 16), the fast economic development witnessed in the BRICS will prompt them to demand a political say in global governance at the detriment of the US. BRICS advocate for recognition of multi-polar world order through the corporation and collective decision-making, which threatens the hegemony of the U.S as a global leader. However, some analysts argue that the BRICS are beneficiaries of the process of globalization hence they cannot effectively engage in confrontation and power politics of the globe. BRICS exert their influence through the negotiations and corporation rather than confrontation hence they cannot usurp the control of America in global decisions. However, the reason behind the unity of the countries is to form an alliance that will deepen their political say in the international arena through enforcement of common political and economic interests (Keukeleire et al. 2011, p. 5). In fact, the BRICS support the interests of the low-income countries, and they recognize that corporation is vital in eliminating most of the problems that the LICs are experiencing. Moreover, BRIC recognizes the south-south corporation, which is premised, on the desire to unite the countries in a bid to achieve economic independence and self-reliance. The south-south corporation impacts negatively on the relations between the north and south which have been vital to the economic success of the dominant countries in the globe.
Economic policies of the BRIC towards challenging the hegemony of the US
Despite having common desires and experiencing economic growth, the prosperity of the BRICKS is determined by various factors.
Brazil
Brazil is the biggest economy in the South America and the seventh in the world. Consequently, Brazil has turn out to be a significant player in the global market. The country accounts for 80% of the Mercusor organization that brings together countries from South America. Over, the time the Brazil economy has shifted from one that relies on production and export of primary raw materials to one that relies heavily on the export of manufactured goods. The economy of the largest and populous nation in Latin America has experienced significant growth in the recent past owing to different factors. One of the factors that have played an essential role in the success of the country’s economy is the presence of vast natural resources. Moreover, a large market for goods and services is created by the presence of large population. The country has moved from Canada to become the fastest growing economy in the in the Americas. Moreover, the economy is in the country is projected to become the fourth largest in the globe by 2050 (Sachs). The fast-growing economy has placed Brazil in a position that can challenge the hegemony of the US in global governance. Consequently, Brazil has become asserted in its approach to foreign policy where the interests of the US and the E.U countries do not compromise its decisions (Wigell 2011, p. 3). Brazil was a former Portuguese colony. However, the economy of Brazil is six times larger the economy of Portugal. Due to its polar position in Latin America, Brazil has forged strong commercial and political associations with many countries in the world. The strong ties and influence have seen Brazil advocate for increased democracy in global governance thus challenging the US hegemony (Meyer 2011, p. 11). Brazil plays a fundamental role in the multilateral and multilateral relations in South America. The country influence is phenomenal in the Common Market of the South American (Unasur). Moreover, Brazil has become a vital player in humanitarian support both in South America and in the expansive region of North America except in Canada and US (Meyer 2011, p. 11). For instance, Brazil was critical about the role of the US in negotiating peace among deals in the Middle East region. Brazil wanted America to rescind from negotiating the peace deal since no peace would found and the role should be left with the United Nations (Dantas, & Moura 2009). Brazil has also developed a tendency to protect its interests in the international market by challenging the hegemony exhibited by the E.U and the US in global governance (Harden 2014, p.6).
Russia
Russia as once at par with the US in trying to control the global governance, however, the political turmoil experienced in the Russia in the repercussion of the Cold War affected the economic growth of the country. However, Russia has been one of the most critical nations towards the hegemony of the US in the global governance. The economy of Russia is supported by the presence of resources such as oil and natural gas. Consequently, Russia is a major player in the energy sector in the world’s economy. To effectively challenge the hegemony of the U.S and the E.U in global governance, Russia focuses on economic growth as an element that will help it compete successfully with the US. The Russia-Georgia war, marked as a reminder that the US is not the sole nation that can install global governance in the world (Khan 2008, p. 9). The war acted as an indicator that Russia could as well neglect international laws just as America does. Moreover, Russia incursion of Ukraine was the latest development in the rebellion of Russia against the global governance imposed by the US Russia wanted to Crimea to join the Eurasian bloc and drop its ties with the Ukraine and the European Union (Nichol 2014, p. 45). The European Union castigated the incursion by Russia into Ukraine heavily, but Russia maintained a hard stance against the European Union (Nichol 2014, p.45). Russia went on to sign treaties with the Crimean leaders against the orders of the EU (Woehrel 2014, p. 4).
India
India has experienced significant economic growth in the recent creating it one of the profligate emergent frugalities in the world. Large population coupled by technological development and manufacturing industries has seen India shift from a low-income country into a transitional country. India has been competing significantly with China regarding economic growth and technological development. India was once a foreign aid recipient; however, it has become a serious donor for most of the low-income countries in the world. India has contributed significantly to the reconstruction of war troubled countries such as Afghanistan, Nepal, and Sri Lanka and most African countries. The involvement of India in the international arena has helped it to establish itself as a strong power to reckon with in the world. Moreover, its financial clout gives it the capacity to compete and challenge the dominance of the traditional superpowers in global governance. The foreign direct investment in India has risen significantly in the recent past. India’s investment in foreign countries stood at $ 700 million in 2010, which is a sign of increased dominance in global affairs. The prominence of the country in the transnational arena enabled the country to sign a treaty with the US to produce nuclear power. The treaty exempts India from countries that are restrained from ownership of nuclear power weapons in the world a privilege that is unique (Arms Control Association 2012). The rise in prominence has helped India to negotiate better trade terms in the international platform. Additionally, India has been pushing for an undying seat on the UN Security Council an indication that its rise is having a fundamental impact on its say in global governance (Stolberg and Yardley, 2010). The economic growth of India has put it in a position to gain support from the European nations and the US in its quest to achieve increased dominance in international affairs (Carpes 2013, p. 1112). India uses a nationalist and a pragmatic approach to its foreign policy meaning that its international relations are driven by the desire to maintain its sovereignty and to gain economically (Woods 2008, p. 1209).
China
For the past one decade, China has been experiencing an economic growth ranging between 11% and 12 %. The huge economic growth made China one of the leading thrifts in the world only second to the US. Moreover, China has the second largest GDP, and it is the most influential country in the BRICS. The economy of China has gone through several restructuring that has seen the economy experience more than ten times growth since 1978. The Chinese economy has been resilient for several decades, and in 2001, China overtook Japan as the subsequent country with the largest GDP in the world. The huge economic growth has enabled China to compete effectively against the European powers and the US. Initially, China was a recipient of donor aid, but currently, China is a huge contributor of the in international donations. In 2010, China donated more than $110 billion for development in several countries in the world, especially in Africa more than any other country or organization in the world (Anderlini 2011). In 2010, China accounted for 46% of the donor aid made to Africa, 33% of the aid directed to Asia and 13% of the aid directed to Latin America In the in 2010, Chinese donations benefited more than 163 countries and 30 organizations in the world (Government of China 2011). China has become an important player in the economies of most of the Asian, African, and Latin America countries (Woods 2008, p. 1209). The influence of China in those regions is affecting and depriving the US the influence it had among the low-income countries. Moreover, China’s foreign policy safeguards the interests of the low-income countries hence becoming more popular among most of the developing countries. China- Africa Corporation has challenged the hegemony of US among most of the African countries undermining most of the U.S aggressive policies in the African countries (Song 2013, p. 680). China has played a significant role in creating Effective Corporation through plausible trade and economic ties, maintaining peace, security, and stability in most of the African countries. The trade relations between China and most of its trade partners have significantly increased its presence in the international arena. China uses a different approach while establishing its relations with other countries. Unlike the US that uses aggressive policies, China uses friendly, soft balancing and indirect techniques to establish its relations with other countries. Therefore, China is capable of endearing itself to the developing countries more than the US China has maintained a hard stance on issues surrounding its sovereignty. For instance, China has rejected the hand of international bodies in resolving the conflict surrounding the South China Sea (Yoshihara, & Homes 2011, p. 48). China has challenged the international order by claiming ownership of the South China Sea against thus asserting its resolve to challenge the status quo in global governance. In most of the African and Latin American countries, the Chinese FDI investment is more than $ 100 million making it one of the countries with the largest FDI in the world (Government of China 2011). China’s FDI outward investment stood at $ 251 billion meaning that China is asserting its influence everywhere. The influence of China in the international arena cannot be trivialized. Its influence and interests in the global governance are growing with the growth in the economy.
South Africa
South Africa is another country that has experienced significant economic growth in the recent past. The great economic prosperity has been instigated by the presence of abundant natural resource supply, modern communication and transport infrastructures, and reliable sources of energy and large population. South Africa’s role in the AU has been phenomena in trying to resolve conflict, peacekeeping and peacebuilding and post-conflict reconstruction. However, the economic success of South Africa is stained by cases of poverty and other major social problems in the community. The dominance of South African in African countries is challenging the hegemony of US in Africa.
GDP: Purchasing power parity (BRICS VS US) in Trillion USD
Year
Brazil
Russia
India
China
South Africa
USA
2012
$ 3.172
$ 3.497
$ 6.438
$15.23
$ 678.9 B
$ 16.64
2013
$3.259
$3.543
$6.883
$16.41
$693.9B
$17.01
2014
$3.264
$3.565
$7.376
$17.62
$704.5B
$17.42
CIA World Factbook, 2015.
The role of the BRICS in the global governance has become significant in the recent past. The BRICS have been on the rise challenging the existence of the US as the only country with the capacity to control the international affairs. Economic growth comes with increased interests in global affairs. The BRICS have witnessed increased economic growth and clout to control regions of the globe that were previously a reserve for the US.
References
Adnan, M 2014, BRICS: A challenge to the US, JPRSS, vol. 1, no. 1, pp. 31-47.
Arms Control Association 2012, ‘Nuclear Nonproliferation Treaty at a Glance’, Arms Control Association. Available at :< http://www.armscontrol.org/factsheets/nptfact>. [15 April 2017].
Ashraf, AJ 2010, ‘Germany, India to work together on Security Council reform.’ Deutsche Welle. Available at: http://www.dw.de/germany India-to-work-together-on-security council-reform/a-6323949. [15 April 2017].
Beeson, M 2004, The Rise of the’Neocons’ and the Evolutions of American Foreign Policy. Asia Research Centre, Murdoch University.
Campbell, H 2008, ‘China in Africa: Challenging US global hegemony,’ Third World Quarterly, vol. 29, no. 1, pp. 89-105.
Carpes, M 2013, ‘When words are not enough: assessing the relationship between international commitments and the nuclear choices of Brazil, India, and South Africa,’ Third World Quarterly, vol. 34, no. 6, pp. 1111-1126.
Dantas, M & F 2009, I ‘Lula says US should not broker Middle East talks,’ Bloomberg. Available at: http://www.bloomberg.com/apps/newspid=newsarchive&sid=a3hWPoAjTzts>. [15 April 2017].
Government of China 2011, White paper: China’s foreign aid. Chinese state council’s information office; Available at http://news.xinhuanet.com/english2010/china/20. [15 April 2017].
Khan, S 2008, Russia-Georgia war and NATO: implications for European security, Strategic Studies, vol. 28, no. 4, pp. 1-14.
Krauthammer, C 1990, The Unipolar Moment, Foreign Affairs, vol. 70, no. 1, pp. 23-33.
Kronstadt, AK, Kerr, P, Martin, M, & Vaughn, B 2011, ‘India: Domestic issues, strategic dynamics, and US relations’ (RL33529, 1 September 2011) Congressional Research Service. Available at :< http://fpc.state.gov/documents/organization/174187.pdf>. [19 April 2014].
Layne, C 1993, The unipolar illusion: Why new great powers will rise. International Security, vol. 17, no. 4, pp. 5-51.
MacFarlane, SN 2006, ‘The R in BRICs: Is Russia an emerging power,’ International
Affairs, vol. 82, no. 1, pp. 41-57.
McDougall, WA 1997, Promised Land, crusader state: the American encounter with the world since 1776. Houghton Mifflin Harcourt.
Nichol, J 2014, ‘Russian political, economic, and security issues, and US interests’
(RL33407, 5 March 2014), Congressional Research Service.
Roberts, C 2011, Building the NEW world order BRIC by BRIC, The European Financial Review.
Song, W 2013, ‘Feeling safe, being strong: China’s strategy of soft balancing through the Shanghai cooperation organization,’ International Politics, vol. 50, no. 5, pp. 664-685.
Stolberg, SG, & Yardley, J 2010, Countering China, Obama backs India for UN Council, The New York Times, vol. 8, pp. 1-3.
Woehrel, S 2014, ‘Ukraine: Current issues and US policy’ (RL33460, 24 March 2014), Congressional Research Service. Available at: http://fpc.state.gov/documents/organization/224484.pdf. [14 April 2014].
Woods, N 2008, Whose aid? Whose influence? China, emerging donors and the silent revolution in development assistance. International Affairs, vol. 84, no. 6, pp.1205-1221.
Yoshihara, T & Homes, J 2011, ‘Can China defend a core interest in the South China Sea?’ The Washington Quarterly, vol. 34, no. 2, pp. 45-59.
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After going through Chapter 1 and the author’s 10 Principles of Economics, give an example or two of how you might apply these principles to your life and decision-making.
Think about:
What are some trade-offs you have had to make? What has been the opportunity cost of making those tradeoffs? How have you thought about the margin in the past? What incentives have you responded to?
How has trade made your life better/worse off? How have you experienced the “invisible hand”? Has the actions of the government improved your life more than the market?
Don’t feel the need to answer all the questions. A 100-word/ 1 paragraph response is enough. Try to make it something your classmates will want to read and respond to.
In responding to someone else’s post, build on their ideas. Add insight from your own experiences.
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Pick a product that you consume regularly. Using the Supply and Demand Model, analyze the change in price and quantity that can occur. What are some things that might shift the demand for that product? What are things that might shift the supply of that product? How have recent events influenced the supply and demand of your chosen product?
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Pick a product or service that you consume regularly and speculate on what the elasticity of demand might be for that product. What might be the income elasticity of demand for that product? Explain and support why you think the product has the elasticity that it does based on how price sensitive you think people are when it comes to this product or service.
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