Economic Overview - Organization for Economic Co-Operation...

In a recent article in Agricultural Commodities the status of a number of OECD nations economic health was reviewed. OECD stands for the Organization for Economic Co-Operation and Development. OECD has 34 member countries that work together to help maintain and promote economic health and prosperity (OECD, 2013). The article also addresses the economic status of some non-OECD nations such as Japan and China. In order to fully grasp what the article means and how it’s data relates to the world, and national economy, as well as you as a consumer, you need to understand the economic principles behind the details. This paper will act as an in depth review of the article and and explanation of the principles and indices discussed and how†¦show more content†¦This brings us to another economic principle, government can sometimes improve market outcomes (Mankiw, 2012). The United States is a great example of economic growth being impacted by government action, especially in the year 2013. At the end of the first quarter of 2013 the U.S. growth rate was approximately 1.8%. This is attributed to a number of things, specifically reduced spending within the U.S. by both consumers and the government. Most notably, fiscal consolidation and budget sequestration could be to blame (Hamshere, 2013). These two decisions reduced government spending and in the case of sequestration stopped spending for a temporary period of time. Although these policies are not directly economic, meaning they weren’t made with the economy in mind, they do effect the economies performance. The largest part of any governments job is to enforce the laws that allow businesses to operate and maintain rights over their real and intellectual property. Once this is completed, as it is in most developed nations, the government can further impact the economy through measures that help guide the economy. Lending rates, taxation, and environmental, and worker rights policies can all impact the rate at which an economy grows. The reason the world wide economy is important to every nation is trade and opportunity costs, both of which are general economic principles. Trade allows for the sharing of resources while providing benefits toShow MoreRelatedThe Era Of Co Operation And Developing International Relations1654 Words   |  7 PagesIntroduction Today is the era of co-operation and developing international relations. Globalization has brought countries closer to one another and has formed different organizations and alliance for mutual benefits. Representatives of nations gather in a common platform and discuss their countries benefits, interests, problems and work together to achieve their goals. SAARC is such an organization. SAARC is the acronym for South Asian Association for Regional Co-operation. 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