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Macro economics - Essay Example

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Macro Economics 1. MACROECONOMIC ISSUES The behavior of the entire economy is studied in the theories of macro economics. Macro economic theory generally deals with the changes in economic phenomenon of a country such as gross domestic product (GDP), inflation and national income…
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Download file to see previous pages 9.7 %. The declined level of disposable income would result in slowing down of the consumption rate as well. Higher disposable incomes are prerequisite to boost the economy of a country. This is because higher level of disposable income facilitates to augment consumption and greater rate of consumption in turn leads to enhanced spending which is necessary for economic development (Orlik and Davis, “China Falters in Effort to Boost Consumption”). RETAIL SALES Chinese retail sales have been lowered to 12.7% in the first half of 2013 against the impressive rate of 14.4 % on YoY (Year-on-Year basis) in 2012 (Orlik and Davis, “China Falters in Effort to Boost Consumption”). ECONOMIC GROWTH Chinese economic growth also decelerated to 7.5% in the second quarter of 2013 against the previous year’s rate. Apart from the Chinese economic growth rate, this article revealed the growth rate related to the United States. The QoQ (Quarter on Quarter) annualized basis growth rate related to the United States came out as 6.9% in 2013 which is slightly up from the previous year’s (2012’s) growth rate i.e. 6.6%. However, this rate was far below than the government target growth rate i.e. 7.5% (Orlik and Davis, “China Falters in Effort to Boost Consumption”). INFRASTRUCTURE The article has revealed that the new residential properties under construction in China have grown to 2.9 % YoY basis in the first half of the year 2013. It also revealed the fact that the real estate prices in China especially in the cities such as Beijing as well as Shenzhen have grown by double-digit (Orlik and Davis, “China Falters in Effort to Boost Consumption”). 2. GOVERNMENT ROLE IN THE ECONOMY Government plays a vital role towards the economic development of a country. Government roles involve developing various economic policies for the country, defending the nation’s borders, operating courts and legal systems. Government plays an important role to regulate tax system of the country along with investing capital for developing various infrastructures within the country. Government has three major roles in the economy. Firstly, it establishes and upholds various property rights. Secondly, it offers nonmarket mechanism for allotting limited resources and thirdly it implements provisions that redistribute wealth and income (Parkin 371-372). In case of Chinese economy as well, the government has strived to take certain measures in terms of preparing economic restructuring plan through laying its focus on investment related to ensuring energy efficiency along with information technology. It has also encouraged different institutions to provide lending to the country’s smaller sized organizations (Orlik and Davis, “China Falters in Effort to Boost Consumption”). 3. IMPRESSIONS DERIVED FROM THE ARTICLE The article i.e. “China Falters in Effort to Boost Consumption” published in The Wall Street Journal provides an explanation to the latest economic developments in China. It has revealed vital facts relating to the growth rate of China with regard to various fields especially unban household. Beijing’s plan to cut focus on undependable exports also creates a hindrance to growth as urban households level of disposable incomes reduces. Initial part of the article discloses various in ...Download file to see next pagesRead More
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