Sunday, February 16, 2020

History Essay Example | Topics and Well Written Essays - 250 words - 84

History - Essay Example The Continental Congress comprised of 13 American colonies and after some time the United States. The external pressures from France, England, and Spain played an integral role in the making of the United States in the sense that they were challenged by their success, as they were free from colonies. Therefore, the United States came up with the articles of confederation, which served as the first constitution. The Articles of Confederation even when they were not yet ratified provided international and domestic legitimacy to direct the American Revolutionary war by the Continental Congress (Berkin, 2012). Although ratified by the thirteen states the Articles were not sufficient, which led to the making of the United States Constitution that would govern all the states. However, Antifederalists opposed the ratification of the Constitution. They did not succeed as the Constitution was ratified in 1789 and was established as supreme law. The constitution was not sufficient enough as it was amended twenty-seven times where the first ten amendments are the bill of rights that are gi ven to every citizen in the United

Sunday, February 2, 2020

Explain and discuss the golden rule of accumulation and assess the Essay

Explain and discuss the golden rule of accumulation and assess the implications for macroeconomic policy - Essay Example All such factors are considering by policy makers while implementing macroeconomic policies for the country. The savings investment behavior of the economy can be captured through neoclassical economics including the golden rule of accumulation. The golden rule is adopted to move towards optimum consumption. The golden rule determines the desired level of savings since under this level all profits are saved and then reinvested (Baumgartner and Meredith, 1995, p.6). Thus the current paper tends to discuss the golden rule of accumulation and its implications for macroeconomic policies. The production function of a country depicts how the country utilizes the available resources and inputs for producing output. Land, labor, capital and organization are termed as factors of production. We mainly use capital (K) and labor (L) as the two factors. It is given as, Equally important as production is the concept of consumption which is the difference between income and savings. The consumption function depicts the relation between consumption and disposable income (Consumption Function). It is given as, Attainment of steady state means that an economy has gained stability. A country has attained steady state either due to increase or decrease in growth. It occurs when production rates or the country’s investment equals depreciation. Such a phenomenon is shown in the diagram below: B B depreciation (ÃŽ ´k) Here it is seen that under the steady state output labor ratio becomes stagnant as investment becomes equal to depreciation at point A. production function determines the output- labor ratio at point B. Away from A the economy is converging towards steady state. Under the steady state the government requires to choose that level of