Micro economics Essay Example | Topics and Well Written Essays - 1500 words

Micro economics - Essay Example But the other side of picture is also being supportedby many economists. They are of the view that UK is still in the grasp of double dip depression. According to a study, in the year 2008 peak the growth rate of economy was less than 20.1% and in the year 2010, the overall growth rate is around 6.1% which shows a serious plunge during the great depression. International monetary fund issued a forecast about the growth rate in between 0.6% to 0.8 % and this is not considered as a gratifying rate. Since 2008, the government of UK has stimulated up to 380 billion pounds into the economic machinery to increase liquidity rates but due to the lack of â€Å"trickle down† effect, the money has not shown its benefits and didn’t reach the core level of the industries. Many unconventional and out of the way step and initiatives are being taken to solve the problem of liquidity. Massive job lose statistics showed that there were around 750,000 public sector jobs that were cut off but this problem has been sorted out after the pact between democrats and conservatives. During the nine months of double dip depression, the economy of UK shrank up to around 1.1 pc (Kirby et al, 2011) and there is now a rise in the growth that shows that depression has ended. The economists are feeling the fear that the depression can come because economic depressions re-appear and do not go away easily. The measures by the ONS say that the economy grew by 0.7per capita and many other independent sources for example a renowned economist named as Samuel Tombs is supporting the view that growth will touch around 0.6pc. Till 2012, depression was still badly affecting the UK’s economy as this was the consequence of bankruptcies of major banks like Lehman brothers and the stock markets of UK were falling to the lowest records since the great depression. The measures from NIESR says that double dip depression was still there until September 2012 as after pumping thousands of doll ars in the banking systems , there was no rise in the growth of the economy (Hay, 2012). Question 2 There are mainly four categories of unemployment, as follows 1) Structural Unemployment 2) Frictional Unemployment 3) Cyclic Unemployment 4) Seasonal Unemployment (Boyes& Melvin, 2012) The first type of unemployment is when the competent work force is available but there is a huge lack of demand for them. This kind of unemployment is highly proliferated in the world. The second type refers to the unemployment that is caused due to high â€Å"switch rate† of employees between different jobs. The third type is because of the effects of overall growth of the economic conditions and fourth type is because of the fluctuations of international economic trends and developments. Diamond Mortensen Pissarides (DMP) model illustrates the unemployment as a function of limited variables ad the rate of unemployment is directly proportional to the number of variables. If people have limited m eans and skill sets, unemployment will expand automatically. This model is regarded as the most practical one. According to DMP model, the bargain rate between employee and employer is also affected due to unemployment rate. If unemployment rate is high, bargain will be low because hiring is a difficult process altogether. As shown in the above figure, if the productivity in decreased, there is also a decline in Nash’s wage line. A high rate of wage line depicts less unemployment and sound economic condition

The Statue of Liberty Essay Example | Topics and Well Written Essays - 1750 words

The Statue of Liberty - Essay Example It is believed that this goddess represents freedom and in one hand, bears a torch as well as an ansata tabula (which involves a tablet that evokes law). It is on this tablet that the date illustrating the day of declaration of America’s independence is inscribed (Landau 34). At the feet of the statue lies a piece of a broken chain. The significance of this statue is its iconic representation of freedom in the United States; this is actually actual representation of welcome signal to the immigrants that come from other countries. It is believed that the politician and law professor Laboulaye Édouard declared in 1865 that any statue or monument representing the American freedom would have to be a joint project between the Americana and French people, motivated the sculptor of this statue in his design. The sculpture is said to have wanted to honor the union victories in the United States as well as the success that had been achieved in ending slavery and brutality against that immigrants and non-natives in the United States. The foundation in the making of this statue was supposed to be laid in the Fort Wood, which was an army base that has been disused on Bedloe’s Island, and had been constructed between 1807-1811 (Kent 14). During that time, this station was often used in the recruitment of people to join the civil war. The process of fortifying the structure of the structure was done to represent the shape of star that has seven points. The pedestal and foundation of the statue were aligned in a way that it was to face the southeast direction. In this case, it was meant to greet ships that would be entering into the harbor especially from the Atlantic (Landau 35). The process of making the statue took a long process and much thinking into its design and final shape. It is said that the committee in charge of making the statues commissioned Richard Hunt to oversee and help in the design of the statue’s