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Thread: For Economics Majors

  1. #31
    U19 Cricketer
    Join Date
    Jun 2012

    Answer to economic growth is sometimes immigration or immigrants for e.g Consider the case of United States it became an economically powerful nation becuase of immigrants.. one example is wave of Jewish immigrants led to major growth in 4 areas 1) Banking 2) Hollywood (studios were owned by them) (so entertainment?) 3) Medical field ..some of the major hospitals are/were owned/started by them 4) Press / Newspapers.
    This is one example were immigrants significantly improved the economic growth of the country.

    TO put it short if the immigrants bring innovation or being inventive to the nation the economy of the country they go to improves (USA till 1970) and if the immigrants are immigrating to get better jobs and better lives(nothing wrong with that btw) and not being inventive or don't bring innovation to the table the economy of the country may not improve..One example is last innovation Internet which led to a great economic period in the 90's till 2000

    2) Yes, New business does create net growth for the country. It may not be directly but it does. When you start a company and if your product is good lots of people buy it which leads you to expand your operations, makes you hire more people , persons hired have more spending power, consumer buying power improves and country economic condition improves....i rushed there but you get the gist..

    3) Outsourcing. I don't have an answer.

    Good :
    1) It improves the economy of "outsourced to" nations like BRIC Phillipines, Ireland (was once a robust economy) etc. Improves the lives blah blah blah
    2) Cheap products (in terms of price) for the "outsourcing countries" consumer.
    3) More profit for the companies.

    Con :

    Less jobs for the people in the "outsourcing countries". Counterpoint to this is usually a) there is actually no skilled people b) Labour cost is too high. Middle USA is in bad shop as all the manufacturing jobs have been shipped to China.

    Biggest con of all is innovation is done outside of "outsourcing contries" let us take for e.g US they know people in China and India can do the research for less cost and this has lead to stagnation in USA with nothing new in the horizon to kick-start the economy like Internet did in the 90's..

    In the same token if countries like China and India to be competitive in the long run they need get out of the "service-oriented" mindset to product development and innovation. As they say tap can be turned off anytime..

    My longest post
    Last edited by doesitmatter; 14-11-2012 at 07:34 AM.

  2. #32
    Cricketer Of The Year Turbinator's Avatar
    Join Date
    Aug 2006
    Another example of immigrants contributing towards economic growth in the US (and to an extent, in Canada as well from what I've observed) - How Indians defied gravity and achieved success in Silicon Valley | VentureBeat

    But the biggest surprise — or should I say shock — is that Indians are dominating immigrant entrepreneurship. Nationwide, Indians founded 8% of all technology and engineering startups and yet still comprise less than 1% of the U.S. population. Our research has shown that Indians now outnumber the next seven immigrant groups combined and start 33.2% of all immigrant-founded startups in the U.S. The proportion of all immigrant-founded companies has fallen in Silicon Valley, but Indians have resisted this downward trend. In fact, the proportion of all Silicon Valley companies founded by Indians has slightly increased from 13.4% to 14% since 2007.

    And it’s not just Silicon Valley. We found that Indians start more companies than any other immigrant group in California (26%), Massachusetts (28%), Texas (17%), Florida (17%), New York (27%), and New Jersey (57%). This is amazing, especially since Indians only represent between 0.7% and 3.4% of the populations of these states. Indians also lead all immigrant groups in the number of companies founded in the following industries: biosciences (35%), computers/communications (28%), innovation/manufacturing-related services (29%), semiconductors (32%), software 33%), environmental (39%), and defense/aerospace (29).
    So much for Chappell's "theory" that our culture doesn't produce leaders.

  3. #33
    The Tiger King smalishah84's Avatar
    Join Date
    Aug 2010
    I read a report when I was in Malaysia which basically said that India would be the fastest growing economy in the world and by some distance if the endemic corruption wasn't slowing it down so much.

    The above numbers are pretty impressive
    And smalishah's avatar is the most classy one by far Jan certainly echoes the sentiments of CW

    Yeah we don't crap in the first world; most of us would actually have no idea what that was emanating from Ajmal's backside. Why isn't it roses and rainbows like what happens here? PEWS's retort to Ganeshran on Daemon's picture depicting Ajmal's excreta

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