Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588
Open Always
Email: support@globalcompose.com Call Now! +1-315 515-4588

Sample Article Review Paper on Economics

This sample paper on(Sample Article Review Paper on Economics) was uploaded by one our contributors and does not necessarily reflect how our professionals write our papers. If you would like this paper removed from our website, please contact us via our Contact Us Page.

A Database of over Million Scholarly Resources. Start your Search Now

Sample Article Review Paper on Economics

There have been different attempts by the U.S to limit international trade. In 1930, tariffs on all nations shipping goods to U.S were slapped by Congress in efforts of shielding its workers. Recently Ronald Trump also talked tough about the need to impose tariffs on Japan, China, and Mexico, a statement which got him cheers during his campaign rallies. Like, the supporters, most Americans have never realized how much the tariffs would cost them (Trump n.p.). This essay is a review of U.S   potential attempts to limit international trade based on various questions.

In the Nominal calculation of GDP, the component of Net Export, Xn is equaled to the American exports Value minus the imports Value in dollars. The current component net value is -500 billion dollars. The net export would be an important variable in the GDP calculations of various countries. When the value of an export good is higher than the value of import goods, a nation is considered to have a positive trade balance for the given period. When considered as a whole, these, in turn, become indicators of countries’ rate of savings, future rates of exchange, and to a certain degree its self-sufficiency. Based on an AS/AD framework, an increase in AD would shift the curve to the right while a decrease would shift it to the left. An increase in the levels of general prices, P, would cause various producers to observe the increasing prices of their goods (Krol 4-7).

 

 

In my opinion, again of US manufacturing jobs and output would not outweigh the costs of restricting foreign trade. The United States exports goods that relatively use labor that is more skilled and import goods that use labor that is more relatively unskilled. When the economic adjustments occur according to change of patterns of trade, the skilled labor demand increases as that for unskilled labor goes down. If the Unite States would open up its economy to international trade, wages for skilled labor would increase about that of unskilled labor. The complication of matters would create more challenges for laborers who are unskilled.

 

 

 

Figure 3: Growth of U.S Employment and Imports, 1987–2007, Economic Report of the President, 2008; Bureau of Labor Statistics; and U.S. Department of Commerce.

 The displaced would also experience unemployment periods before finding new jobs. Various research studies aimed at investigating how international trade affects  wages and employment established that, despite the existence of public rhetoric, trade internationally would have  a relatively little impact on employment and wages in America. The growth of  inequality of  wages  over the past  twenty-five  years has  been  mostly driven  by  the changes in  international technology  than  trade.

Again, in my opinion, it would be better for the US to stand pat and encourage open and free trade among all nations. This is because trade among all countries would enable each of the countries to specialize in the commodity production whereby it would enjoy unique advantages. In the absence of international trade, every nation would produce all goods it would need regardless of the costs. The open trade would also lead to equality of prices of goods and production factors in all trade regions globally. The open and free trade would be the only a true and fair trade since it would offer the consumers most choices and great  opportunities of improving  their living standards. It would also create a competitive environment, full of innovation and developments of better products and more services and goods. It would also keep low prices  and high quality so as to  increase and retain the market shares.

In my view,it would also be better for the US to stand and encourage open and free trade since it would spur innovation as evidenced by the electronic business developments.

Figure 4.  Factors driving Global Trade. Source: Scott L. Baier and Jeffrey H. Bergstrand, “The Growth of World Trade: Tariffs, Transport Costs, and Income Similarity,” Journal of International Economics 9, no. 4 (2001)

 The US should stand since it would contribute to the different factors of global trade growth .According to figure four there is an attribute of 67% of an increase in trade internationally to growth of income, 25 % of the reduction tariffs, and the rest of 8% to the decreasing cost of transportation. There are much trade critics putting blame on trading agreements for the spurring of competition globally despite the fact that most growing trade rises from the increasing incomes worldwide. US reversion to the stand of protectionism would never stop the global trade growth, but would have the economic benefits of open competitions sacrificed (Krol 4-7).

It would also be better for the US to encourage the free trade since boosting tariffs would never be a great deal for the Americans, especially the poor. They would cost an average household $2,200 per year, or 4 percent of after-tax incomes. In regards to recent studies by  non-profit National Foundation for American Policy, this would be major because the imports under the policy of  Trump would be extra  expensive, causing a rise in the price of  American made competing goods by 11 percent. This would levy effectively consumption taxes on the purchases and would cut into the shoppers’ incomes (Krol 4-7).

 

 

 

 

 

 

 

 

Works cited

Krol, Robert. Trade, Protectionism, and the US Economy: Examining the Evidence. Center for Trade Policy Studies, Cato Institute, 2008. 4-7

Trump Has Repeatedly Said America Has Been on the Losing End of Trade Deals for Years. In His View. “Trump’s Tariffs Will Cost Americans Thousands, Report Says.” CNNMoney. Cable News Network, n.d. Web. 12 July 2016.

Sharing is: CARING

Are you looking for homework writing help? Click on Order Now button below to Submit your assignment details.

Homework Writing Help
We Can Help you with this Assignment right now!
Sample Article Review Paper on Economics

Are you looking for homework writing help on(Sample Article Review Paper on Economics)?Well, you can either use the sample paper provided to write your paper or you could contact us today for an original paper. If you are looking for an assignment to submit, then click on ORDER NOW button or contact us today. Our Professional Writers will be glad to write your paper from scratch.

 

We ensure that assignment instructions are followed, the paper is written from scratch. If you are not satisfied by our service, you can either request for refund or unlimited revisions for your order at absolutely no extra pay. Once the writer has completed your paper, the editors check your paper for any grammar/formatting/plagiarism mistakes, then the final paper is sent to your email.

Privacy| Confidentiality

Sample Article Review Paper on Economics

We do not share your personal information with any company or person. We have also ensured that the ordering process is secure; you can check the security feature in the browser. For confidentiality purposes, all papers are sent to your personal email. If you have any questions, contact us any time via email, live chat or our phone number.

Our Clients Testimonials

  • I appreciate help on the assignment. It was hard for me but am good to go now

    Impact of pollution on Environment
  • Am happy now having completed the very difficult assignment

    Creative Message Strategies
  • Your writer did a fine job on the revisions. The paper is now ok

    Ethics: Theory and Practice
  • The paper was so involving but am happy it is done. Will reach you with more assignments

    Title: Privatization in or of America
  • I expected perfection in terms of grammar and I am happy. Lecturer is always on our head but was pleased with my paper. Once again, thanks a lot

    Title: Bundaberg Inquiry
  • The paper looks perfect now, thank to the writer

    Health Care Systems
  • You helped me complete several other tasks as you handled paper. wonna thank you

    Critique Paper on Political Change

Related Articles

Sample Article Review Paper on Economics

Get more from us…

Would you like this sample paper to be sent to your email or would you like to receive weekly articles on how to write your assignments? You can simply send us your request on how to write your paper and we will email you a free guide within 24-36 hours. Kindly subscribe below!

Email Address: support@globalcompose.com