Income levels and growth rates of different countries

Rebecca Cline

The tables presented in Chapter 17 provided a great deal of information in regards to the income levels and growth rates of different countries. I though it was striking that the incomes of Singapore, Norway, and Switzerland are the highest in the world, in excess of $55,000. This translates to the average person in these countries per-person income. This is 30-50 times that of the lowest income countries. In the Economic freedom ratings, these countries were also most persistently free economies (Gwartney, et al., 2018).

Rich counties are not getting richer while poor countries are getting poorer. Although poor countries may not be growing at the same rate as rich countries depending on how free the economy is.

A very restrictive economy can obstruct the growth.

A restrictive economy may also discourage investments from other countries which would lead to a suppression of potential growth (Gwartney, et al., 2018).

The United States has become less economically free. In 1980, the United States was rated on the Economic Freedom of the World as a 7.9, but has fallen to a 7.7, which is the lowest it has been in thirty years. Future growth will likely be hindered by growing restrictions (Gwartney, et al., 2018). Political decision-making impacts the economy due to the fact that more regulations lead to less freedom. One example of this is the United States housing crisis. When the United States housing crisis hit the economy, it resulted in more regulations being put into place and less freedom.

Resources:

Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018). Macroeconomics: Private and public choice (16th ed.). Retrieved from https://www.cengage.com

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.