Venezuela faces its worst economic crisis in a generation. The price of oil, which accounts for 95% of export earnings, has plunged; economists reckon annual food inflation exceeds 100%; queues outside empty shops are lengthening (and queuing before dawn has been banned).
Today the president, Nicolás Maduro, was due to explain how he intends to fix things, but he has postponed his annual address to parliament until Wednesday. A credible package would start with reform of the three-tier exchange-rate system, which would help the government pay its bills and stanch the outflow of capital. It would include higher petrol prices, the sale of state assets and spending cuts to help control debt. Phasing out price controls would ease shortages of food and medicines. But few expect Mr Maduro, whose approval rating is a mere 22%, to muster the courage for such measures.
- An increase in real GDP occurring over some time period, or
- An increase in real GDP per capita occurring over some time period.
Economic growth is calculated as percentage rate of growth per quarter (3-month period) or per year.
Real GDP in US
2006: $ 12976.2 Billion
2007 $ 13254.1 Billion
US economic growth rate for 2007:
Ok. So that’s just a fact. Sometimes we have a higher growth, sometimes lower. Some countries have higher growth than other country at a particular time. So why do we need a model?
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Aims and Objectives are the condition sine qua non for any research to start.
Aims are basically the overall intention of the research, while objectives consist of the specific steps you will take to achieve your aims.
We are so used to view a system as driven by a view dominant forces that would clearly define the direction of the system as a whole that it is difficult to see the system as a self organizing entity where the direction of the system is determine by the interactions between all agents, not just by a few major driving forces cast-out by some of the agents.
Comparison between standard economics and non-standard economics is basically comparison between simple systems and complex systems. This is by no means an easy comparison. People are not really sure as to what constitutes a “complex system”. This is –of course – is rather difficult to except, because if you can define what a simple system is, then you should be able to define what a complex system is!
Within the context of complexity theory? It’s not about size.
When a large number of individuals are represented by a variable, the surely we are talking about macroscopics.
“Microscopics is when we are following the movement of the individuals”
A Model is a different reality. It has the observables that has the similar properties as the original reality, thus has the ability to explain and predict. Altough the components of the model are different from the reality, the behavior of the model (as a system), however, is similar to the real system if we limit ourselves to measuring a few selected variables.
Imagine if modules for research beginners are available.
How to create such modules? Well, in another post I am talking about elements of a paper, There, the basics of the modules are laid out.