PPF

http://linkopedia.azurewebsites.net/id/619

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More terms than any (not only the serious) student in economics should know

https://sites.google.com/site/111notessa/economiics

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The supply curve

http://bit.ly/2yiq2YP

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Graphs

How to get a graph into your assignment: You can use the graphs from the book, copy them from the internet or draw the yourself – either way. What is important is 1. That you reference any source used in the process; 2 That you clearly explain the content and what the graph means, how it works and how it should be interpreted and any conclusions that can be drawn. 3. Your description should be in your own words and show that you understand and be able to describe the concepts involved (together with appropriate references). So - A: You can scan the image, take a photograph of it and copy it into your document. You (if you have the skill manipulate it in photoshop or other software) B: Use Google Images and copy it into you document (Ctrl PrtSC - take it to paint, crop it to get rid of superflous stuff and past it into you r document. C: Create your image in "PAINT" There you go. Regards

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Economic Freedom

https://www.facebook.com/eustace.davie/posts/10214050333195315?notif_t=notify_me¬if_id=1505400346632894

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Reducing Equity and equality - a macroeconomic goal?

http://www.freemarketfoundation.com/Article-View/higher-economic-freedom-lifts-up-the-poor

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Circular flow

https://sites.google.com/site/economicssa123/rescue-kit

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Linkopedia

http://linkopedia.azurewebsites.net/

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Absolute and Comparative Advantage (MR University)

https://www.youtube.com/watch?v=Z1MdriPD7pE

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Tax

(adapted by C.M. Heydenrych fom other sources) Many statements are made in this article for which references need to be provided. There are many criteria for a "good tax" - all taxes however reduce the demand for that which is taxed. For example a sales tax would increase the price and that will mean that less of the product is demanded by the consumer. If less is demanded, less will be produced and that will affect employment and growth negatively.

Taxes are never neutral.

1. Equity:

The distribution of the tax burden should be equitable. Everyone should pay his or her ‘fair share’. A poll tax would be the fairest from that point of view.

2. Neutrality:

Taxes should be chosen so as to minimise interference with economic decisions in otherwise efficient markets. Such interferences impose ‘excess burden’ which should be minimised. This in reality is impossible.

3. Efficiency:

Where tax policy is used to achieve other objectives such as to grant investment incentives, this should be done so as to minimise interference with the equity of the system. In this regard VAT seems to meet the criteria best. 4. Certainty:

The tax which each individual is bound to pay ought to be certain and not arbitrary. The time of the payment, the manner of payment, and the quantity to be paid, all ought to be clear and plain to the contributor, and to every other person. This is not the case in South Africa - Mark Shuttleworth had to go the constitutional court to keep his money that the tax authorities wanted to arbitrarily confiscate

5. Economy:

Every tax ought to be so contrived as to both take out and keep out of the pockets of the people as little as possible over and above what it brings into the public treasury of the state. Administration and compliance costs should be as low as is compatible with the other objectives. Again the complexity of the South African tax system adds huge administrative costs.

6. Simplicity:

The tax system should permit fair and non-arbitrary administration and it should be understandable to the tax-payer. It means that the tax-system should be easily comprehensible to the tax-payer, i.e., its nature, method and basis of estimation should all be easily followed by each tax-payer. The SA tax system is very complex and creates many loopholes - this explains the huge "tax industry - accountants and lawyers need by business and individuals

7. Convenience:

Every tax ought to be levied at the time, or in a manner in which it is most likely to be convenient for the contributor to pay it.

8. Productivity:

A tax system to be thoroughly sound and enduring must be able to generate enough revenue to meet the requirements of the government. Government needs however seem to grow to the degree individuals are made to pay.

9. Elasticity:

In the system, there should be a capacity to respond quickly to the changes in the demand for revenue. This is particularly tru in war situations; however history has shown that once a tax is instituted it is very difficult to remove.

10. Diversity:

The tax system should be such that it depends on a number of taxes, so that every class of citizen may be called upon to contribute something towards the state revenue. This however leads to complexity of the tax system which then has its own problems.

11. Fiscal Objectives:

The tax structure should facilitate the use of fiscal policy for achievieng of growth objectives. This is the reason that many tax jurisdictions have reduced the tax levels to improve the economy. Mauritius, which is currently (2017) growing at more than 6% per annum is a good example.

ONE misconception regarding tax is that companies pay tax (in fact one often hears from the left that companies should pay more tax). Firms do not actually pay tax - taxes are paid by the owners of the factors of production: Labour (taxes on wages, skills levies and so on) Capital (taxes on dividends) and other taxes that eventually are paid by the customer and other individuals. Any tax on a company are paid for by individuals - there is less money available for wages,interest and profit.

see www.freetheworld.com

also see www.mruniversity.com

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REFERENCING - WIKIPEDIA

DO NOT REFERENCE WIKIPEDIA, INVESTOPEDIA and THE LIKE.

You are correct – If you do reference it just put (Investopedia.com) after the name used and be sure to give the full reference in your Bibliography/References

I would like to make another point however. Investopedia and other sites such as this are not peer referenced sources and as a general rule should be avoided. They often copy their content from Wikipedia! It is better to go to more credible resources for information and referencing.

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Getting graphics into your MANCOSA assignment

There are a number of ways of getting graphics into an assignment:

Find a graphic on the internet and adapt it using the appropriate software – if you need help talk to me. (Remember to reference ANY sorUce that you may have used - Adapted from ...

Normally it is not very productive to create it from scratch using exel – though one could do it if one inputs the correct data.

One can draw it and take a photo.

One can take a photo or scan it from a textbook.

Why don’t you send me your best attempt, then I will give you feedback.

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Equality before the law but not equality as a rule.

Unequal pay.

Here is a situation:

I have a job for a (enter ANY job that you believe can be performed by a one-armed person as well as an able bodied person would).

Two people apply for a job.

Person A is a regular person (with two arms)

Person B is different (has one arm) – all other things being equal.

Now if the law (or social pressure, or any pressure from society says “equal treatment (“equal pay”) for equal work, most employers will hire person A, not so? If I am expected to pay $x for the job to be done I (based on my preconceptions and biases) will employ the person who apparently will do the job best, and here it seems that the able bodied person meets criteria best. Why will I settle for the one- armed person if I have to pay the same salary; rather get more for the same price - it is only natural to argue in that way. I also haven’t got the time and resources to embark on an in-depth costly process to take a decision where my previous experiences, biases, or whatever I use to make the decision, have proven to reduce the risk of making a mistake. If I did invest this extra I may find that some one-rmed person exceed able bodied person by miles in performing the expected task. So I make the safest decision using a cost-effective approach to arrive at a “best value for money” decision or what economist will call where “the expected marginal return is the highest relative to marginal cost. All human decisions follow this rule.

Having to pay different people equally leads to eliminating the “disadvantaged” from being considered for employment.

The only way to give the one armed person the chance to being employed is to allow the disadvantaged to be able to offer his/her services at a lower rate and not to force the employer to pay the same rate for everybody – especially not at the point of the initial decision (where detailed information of actual job performance and results are difficult to ascertain).

If in the above example the one-armed person could negotiate a lower rate the employer will consider employing him/her because the value proposition to the employer will become more attractive as the rate is lowered.

Now replace (one armed person) with any group that may be discriminated against such as “being fat”, “from a disadvantaged group”, “an old person” or “a women” or “inexperienced” or whatever grouping that may be discriminated against) – if you HAVE to pay the same rate, persons from these groupings will be less likely to be employed.

At this point the reader may want to shift the argument to – Yes, but if a woman has been doing the same job as say a man for some time, wouldn’t it just be fair to pay her equally to her male counterpart? The answer is “yes” and that is why larger organisations institute job grading systems and attempt to link pay to performance and so on. However, the notion that one should resolve the situation by forcing the employer to have to pay the woman the same, will only strengthen the reasons not to hire women in the first place.

Now this situation may reflect a sad state of affairs but any attempt to solve the problem by force will lead to an even more hurtful and a more dysfunctional society.

However - all said and done: Here is an absolutely brilliant presentation on some of the underlying issues and concerns that underlie some the decisions taken in relation to gender equality and what to do about them - https://www.youtube.com/watch?v=6fudKu8Pxak&t=2829sCH.

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Plagiarism

https://sites.google.com/site/savideovarsity/ethics/plagiarism

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Macroeconomics

International trade, globalisation, exchange rates, comparative advantage and tariffs.

Keynes' view on the economy (AS/AD and relationship with other economic issues - inflation, employment and the effect of economic intervention policies - fiscal and monetary, on these issues.

Economic cycles.

These are all Macroeconomic issues a student in Economics should be familiar with.

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The fallacy

Workers get paid less. Capital gets remunerated more. This leads to workers not having the purchase power to purchase goods and services. Factories close because of a lack of demand. The economy falters and we have a depression. Oh woe is me…

This is the narrative being bandied around by Socialists that do not understand the basic economic principles.

This story is applied in many derivatives – the one you will hear lately is that machines, robots and artificial intelligence is taking over the jobs and therefore - workers not having the purchase power to purchase goods and services. Factories close because of a lack of demand. The economy falters and we have a depression…

We heard it when jobs were being exported to China, we heard it during the Industrial Revolution when machines “took over” the menial tasks, we heard it in the mid 20th century with the advent of computerization. But never ever has this story of doom and gloom actually made the human race worse off – the drive to cost reduction has always led to an increase in living standards.

Schumpeter, when he coined the phrase “creative destruction”, realized too that there will be short term disruptions and that whole industries would vanish in this march towards progress, but that we would emerge wealthier at the end.

The buggy whip maker lost his job when cars became the predominant mode of transport. The chimney sweep had no more work when electric heating became fashionable and whale hunting was relegated to the Japanese when the oil wasn’t needed for lighting anymore.

So how should society respond to these happenings – with tariffs, restrictions, limitations? The Luddites broke the frames – the SA Metered Taxi Drivers riot in the streets, New York bans Uber…

As long as humanity faces problems people will be needed to solve them - from a dripping tap to a heart attack. There will always be work to be done. Yes, the work may be different and not all may be able to adapt...

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247. Ayn Rand being vilified...

... the author clearly does not fully grasp self-interest. Free individuals will collaborate to achieve common goals if it is in their interest to do so and consent (and not the force of some overarching power) is all that is required for men to cooperate in a free market environment. But here is the article: https://evonomics.com/what-happens-when-you-believe-in-ayn-rand-and-modern-economic-theory/

...and it it is not believing in Ayn Rand, but simply agreeing that what Ayn Rand says because it is what makes sense when looking at the human condition.

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246. There is no "Crony" in Capitalism.

Since when should any government subsidise any industry? http://www.investors.com/politics/commentary/how-boeing-works-against-consumer-choice/

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245. The Socialist argument

https://www.youtube.com/watch?v=6P97r9Ci5Kg

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http://sadirectory.azurewebsites.net/ The Capitalist argument is clear - Since when should any government subsidise any industry? As soon as the government is involved you are moving towards Socialism. There is no "crony" in Capialism.

244. UNEDITED: In other words the nonsense has not been edited out yet!

What is 'Wage-Price Spiral'

The wage-price spiral is a macroeconomic theory used to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. The wage-price spiral suggests that rising wages increases disposable income, thus raising the demand for goods and causing prices to rise. Rising prices cause demand for higher wages, which leads to higher production costs and further upward pressure on prices, creating a conceptual spiral.

BREAKING DOWN 'Wage-Price Spiral'

Wage-price spiral is an economic term that describes how prices increase when wages increase. It's a phenomenon that occasionally occurs when the general prices for goods and services increase, causing workers to demand a wage hike. The wage increase effectively increases general business expenses that are passed on to the consumer in the form of higher prices. It's essentially a loop or cycle that perpetuates itself by consistent prices increases.

The wage-price spiral deals with the causes and consequences of inflation, and it is therefore most popular in Keynesian economic theory. It is also known as the "cost-push" origin of inflation. Another cause of inflation is known as "demand-pull" inflation, which monetary theorists believe originates with the money supply.

How a Wage-Price Spiral Begins

A wage-price spiral is a simple matter of the effect of supply and demand on aggregate prices. People who make income above their cost of living usually decide on an allocation mix between savings and consumer spending. As wages increase, so too does a consumer's propensity to both save and consume.

If the minimum wage of an economy increased, for example, it would cause consumers within the economy to purchase more product, increasing demand. The lift in aggregate demand and the increased wage burden causes businesses to increase the prices of products and services. Even though wages are higher, the increase in prices causes workers to naturally demand even higher wages.

If the higher wages are granted, it will start a spiral where prices subsequently increase, repeating the cycle until wage levels can no longer be supported.

Stopping a Wage-Price Spiral

Governments and economies like to have stable inflation — or price increases. A wage-price spiral often makes inflation increase higher than is ideal. Governments have the option of stopping this inflationary environment through the actions of the Federal Reserve or central bank. A country's central bank can use monetary policy, by way of the interest rate, reserve requirements or open market operations, to curb the wage-price spiral.

However, the United States has done this in the past and actually caused a recession. The 1970s was a time of oil price increases by OPEC that resulted in increased domestic inflation. The Fed responded by raising interest rates to control inflation, stopping the spiral in the short-term but acting as the catalyst for a recession in the early 1980s.

Read more: Wage-Price Spiral http://www.investopedia.com/terms/w/wage-price-spiral.asp#ixzz4kSS03AIZ

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