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ECO511 Economics For Business Report

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  • Course Code: ECO511
  • University: Charles Sturt University
  • Country: Australia

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Answer:

Introduction 

In the economic conceptual framework, the term “market” refers to the place of interaction of the buyers and the sellers of goods and services in an economy, the former representing the demand side and the latter representing the supply side. The situation reached by their mutual agreement is known as the “equilibrium” situation, from which none of the sellers or the buyers have any incentive to deviate. It may so happen that the economy moves from its equilibrium situation due to some exogenous forces. If post deviation, the market system works such that equilibrium is restored in the economy, then it is known as a stable equilibrium (Pearson et al., 2014).

Keeping this into consideration, the report elaborates the concept of stable equilibrium in short run and long run and tries to analyze whether the economies of the USA, Australia and China, in the contemporary periods are experiencing a stable equilibrium situation.

Stable Equilibrium 

The concept of stable equilibrium can be explained with the help of the following figure, which shows the dynamics in the demand and supply side of an economy:

As can be seen, E is the point of equilibrium in the above figure, where the demand and the supply curve intersect each other, with Q0 and P0 being the equilibrium quantity and price respectively. If due to some exogenous forces, the price level rises to P1 or falls to P2, then excess supply (excess demand) occurs in the economy accordingly, which leads to interactions of the suppliers and buyers such that the economy again comes back to E, thereby indicating that E is s stable equilibrium (Baumol & Blinder, 2015). In a macroeconomic sense, the same occurs in the framework of aggregate supply and aggregate demand, which can be shown as follows:

In long run, the interactions of the short run AD and AS leads to the creation of a vertical long run aggregate supply curve:

Taking this into account the following section, tries to analyze the stability in the equilibrium situation (if any) for the countries into consideration.

Economic condition of Australia 

One of the most notable economies in the contemporary global scenario, which have been showing impressive trends of growth and sustainability for a prolonged period is the economy of Australia. However, in the last few years, the largest market economy in the world has been incorporating considerable fluctuations (not all positive) in the growth pattern, with the consistently increasing GDP of the country, experiencing a gradual decline in the last few years:

The condition of the economy can also be assessed by observing the trends in the level of unemployment prevailing in the economy and the dynamics in the same, which is shown as follows:

As is clear from the above figure, the economy of Australia has experienced considerably high rates of fluctuations in its rate of unemployment, with the same increasing strongly till 2015. Post 2015, the same decreased to some extent, however, there are considerable fluctuations in the same in the current period.

The economic situation of a country can also considerably explained by the price level prevailing in the economy. Australia, in this aspect has experienced considerable fluctuations in the inflation rates, which are measured in terms of the Consumer Price Index. However, the overall trend has been falling and the fluctuations are also becoming less dramatic in the recent years, fluctuations are still present in the price levels of the economy (McCombie & Thirlwall, 2016).

The fluctuations in the different economic indicators in Australia, can be explained with the help of business cycle theory, which states that due to the workings of the endogenous and exogenous economic factors, the economy of a country experiences phases of booms and recessions in its path of progress:

Taking reference to this theory and from the evidences provided above, it can be argued that in the current situation, the economy of Australia has been experiencing several fluctuations owing to its asset bubble burst, housing and banking market crisis, withering of the mining industry boom and others.

The government of the country however has been working effectively in the current period, by incorporating stabilizing policies, which can be seen in the damping of the fluctuations.

Economy of USA 

The economy of the USA has been strongly prospering in the last few years, which is evident from the consistent and impressive growth of the GDP of the country over the years:

The stable growth in the GDP of the country is accompanied by a fall in the fluctuations of the overall CPI adjusted price levels in the country:

As can be seen from the above figure, the rate of inflation, which experienced significant fluctuations till 2010, started to stabilize post 2010, with the fluctuations toning down considerably in the current period.

The rate of unemployment in the country has been consistently decreasing consistently over the last few years and the fluctuations have also damped considerably during this time.

Together, these economic trends indicate that the USA has been reaching towards the situation of a stable equilibrium in the contemporary period (Schneider, 2013).

 

Economy of China 

One of the primary global economies, which have been growing at an outstandingly impressive rate and has surpassed the developed economies in terms of economic growth, is the economy China. The country is the second largest in the international scenario in terms of GDP growth which can be seen from the following figure

The GDP of the country, over the years has grown stably in an impressive manner and the growth pattern shows consistency. Along with the GDP, another important indicator of economic welfare in the country, the unemployment rate, has also shown impressive traits:

The rate of unemployment in China, which was significantly high in 2006, decreased considerably by 2008, before shooting up alarmingly post 2008. However, by 2012, the rate decreased substantially and in the current period, it is maintained at a stable and moderately lower level, which indicates that the country is reaching a stable situation in its employment scenario.

Like that of the unemployment rate, the overall price levels of the country, in the recent periods, have reached a stable situation, after experiencing significant dynamics in the last few years.

Thus, it can be asserted that the economy of China is reaching to a stable equilibrium situation, with the economic indicators becoming stable and showing impressively consistent growth pattern, owing to the country’s robust growth policies (Schneider, 2013).

Conclusion 

From the above discussion it can be concluded that the economy of the USA and the  of China are moving towards a stable equilibrium with time, with the economic indicators showing stable and impressive growth trends, much of which can be attributed to the robust policy frameworks of the countries. The economy of Australia, though experienced considerable dynamics in its economic indicators, much of which can be explained by the business cycle theory, is slowly moving towards the achievement of stability. The government of the country has been working efficiently in combating the negative effects of the economic turmoil, which the country has faced in the last few years.

 

References

Baumol, W. J., & Blinder, A. S. (2015). Microeconomics: Principles and policy. Cengage Learning.

Mankiw, N. G. (2014). Principles of macroeconomics. Cengage Learning.

McCombie, J., & Thirlwall, A. P. (2016). Economic growth and the balance-of-payments constraint. Springer.

Pearson, K. R., Parmenter, B. R., Powell, A. A., Wilcoxen, P. J., & Dixon, P. B. (2014). Notes and problems in applied general equilibrium economics (Vol. 32). Elsevier.

Schneider, F. (2013). Size and development of the shadow economy of 31 European and 5 other OECD countries from 2003 to 2013: a further decline. Johannes Kepler Universität, Linz, 5-7.

Tradingeconomics.com. (2018). Australia GDP | 1960-2018 | Data | Chart | Calendar | Forecast | News. Tradingeconomics.com. Retrieved 18 January 2018, from https://tradingeconomics.com/australia/gdp

Tradingeconomics.com. (2018). Australia Unemployment Rate | 1978-2018 | Data | Chart | Calendar. Tradingeconomics.com. Retrieved 18 January 2018, from https://tradingeconomics.com/australia/unemployment-rate

Tradingeconomics.com. (2018). China GDP | 1960-2017 | Data | Chart | Calendar | Forecast | News. Tradingeconomics.com. Retrieved 18 January 2018, from https://tradingeconomics.com/china/gdp

Tradingeconomics.com. (2018). United States Inflation Rate | 1914-2017 | Data | Chart | Calendar. Tradingeconomics.com. Retrieved 18 January 2018, from https://tradingeconomics.com/united-states/inflation-cpi

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