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Final Examination in Econ 340 - paper option (1)




Question;Final Examination in Econ 340 ? Paper;Option;As an alternative to taking the final exam;students who have regularly attended class during the final four weeks of the;semester can write about one of the topics below. The paper must provide a critical analysis of;one of these subjects. Critical analysis;involves clearly stating your opinion about the issue and presenting empirical;and/or theoretical evidence to support your position (see the online handout;for details). The paper must be between;400 and 800 words in length, double spaced and submitted to D2l as a Word file.;1.;Choose a country of your choice and state;whether you think it will be more or less prosperous 50 years from now than it;is today in both the absolute standard of living (per capita income) of its;citizens and its relative standard of living (in comparison with other;countries of the world and the region where it lies). Offer at least two suggestions for;institutional change for the country (specific political and/or economic;adaptations) and explain why you think these changes will improve prosperity in;and the sustainability of that society.;This option will be graded on a 100 point basis if you write about;either China or the US. It will be;graded on a 120 point basis if you write about any other country.;2.;If you disagree with Acemoglu;and Robinson (that institutions are the primary reason why nations fail or;succeed), clearly state that opinion and provide empirical and/or political;evidence to support your position. This;option will be graded on a 100 point basis.Xueting;Wang13793 Iceland-The North;WayWhen the Financial crisis happened in;2008, Iceland declares bankruptcy.Iceland;became an alarming, people noticed the serious consequence of depression.;Iceland becomes an alarming. Under the depression, Iceland went bankrupt;because it is the single industry, fisheries and some tourism. Under a;significant depression, most people in the world lost their jobs, they would;not spend many on travel. Countries would also adjust the input and output;price. Therefore, the cut of travel cost will affect the tourism of Iceland;and fisheries cannot save Iceland. Single industry may become the reason which causes;the bankrupting in Iceland. Hence, the subprime crisis hurts Iceland more;serious than other countries, which have variable industries. Personally. I believe;that the economy of Iceland is not helpless. Iceland would become prosperous in;the future if it can change the single industry to diverse industry, control;emigrant population, and use their national characteristics to create national cohesion. Iceland;should change their single industry to diverse industry in order to reduce the;impact of the financial crisis. James A. Robinson, the professor of Harvard;University, said that the geographical difference is one significant claim;which creates the great divide between rich and poor (Robinson). The total area;of Iceland is 40,000 sq mi, which is smaller than Kansas State. The limitation;of population and territory of Iceland make the country relies on fisheries. Iceland;is not suitable for large production or large scale farming because the;limitation of land, and it has many unstable volcanoes. Therefore, the unstable;land may limit its agriculture and large industries, but the geography energy;makes it has enough renewable resources for productivity. Iceland can be;prosperous by creating a new energy supply to other countries. The geothermal;energy is untradeable, but some products or technology which study from;geothermal energy. Thus, I believe that diverse industry for Iceland is important.Iceland should control the emigrant;populations, and use attractive policies to absorb technology talents. After;the financial crisis, Iceland declared bankruptcy. People became unhappy about;the government. Since 2009, 10,612 people left Iceland and the net immigration;rate hides the highest point (AP, Reykjavik). Such large difference between emigration;and immigration will cause the shortage of labors. Therefore, Iceland;government should start to control the emigration rate, which can advance the;country enough labor sources for productions. In addition, Iceland government;can provide preferential policies and programs to absorb academic talents. These;changes can provide labor focus, and also help Iceland improve their production;capacity.In order to Iceland become more;prosperous, Iceland should use its national characteristics to advance a spirit;power of the country. Thereby, such power can create national cohesion. The;national value is not "brainwashing," it is a suitable patriotism.;From my view, a suitable patriotism could help the nation become more powerful;and undefeatable. In addition, Robinson's book mentioned that the culture is;one of the important reason for a national's success or fail (Robinson). In;United States, their national value is "United States Declaration of;Independence," which makes United States more powerful. I have been asked;by many Americans that why I left my own country for education because they;prefer stay in United States, and they proud of that. I believe the national;value is a reason that United States can be a success for centuries. Of course;the citizens of Iceland do have patriotism, but they also need a strong;national cohesion which should from a similar national value.On top of all, Iceland can become more;prosperous by making industrial diversification, controlling emigrant;population, and creating its national cohesion. After the 2008 financial;crisis, Iceland made several changes about their government institutions and;bank system. In my view, making Iceland more prosperous, people should start;make every single decision right for the country. Prosperous is progressive.;People expect that Iceland becomes a prosperous country because it has enough;renewable energy for productive. Since the whole world will face the limitation;of the fossil fuel in the future, Iceland would become more prosperous because;it has the power to improve itself. References:AP;Reykjavik. Net emigration from Iceland hits record high. The guardian beta.;Web. 05/04/2014.Robinson;James A, and Acemoglu, Daron. Why Nationals fail the origins of power;Prosperity, and poverty. Print 2012.="msonormal">


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