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We looked inside some of the posts by b84334 and here's what we found interesting.
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9
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Tumblr was the first site to host the blog for President Barack Obama in 2011.
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Blog #9
I really like how the course of English for Economics 3 change in comparison with other two previous courses. I really like that this course material was more focus in Economics. The previous courses were more focused in review English grammar material, but this course was more focus in Economics aspects.
We learnt about learnt about loans, retail banking, interest rate and other topic related to the Economy. I really enjoy the group activities that put us in a position of Bank or a customer. Because we learnt about all theory in other courses, but we never think what are the worries of a bank or what is needed for a costumer to make a loan. It was very educative to try to simulate all this this process, so we can learn all this stuff that may not be important for the theory, but are really important or interesting in the reality. The Guest lecture were very interesting, because discuss and learnt about some topics in Economy, that we may never think of investigate or experience before. The Working Guides were very useful, because with the help of book program, some videos and audio material I feel more prepare in knowledge of the material were going to review in the next class.
I am really grateful to this course I learnt al lot of things like process, things to have in consideration and vocabulary that don’t know before and probably are going to be very useful in the future. I am also very grateful to Ms. Bradley, because all the effort she put during the class.
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Blog #8
During the lecture we learnt about Pluralism in economics. We quickly review how different schools of economics develop during the time. We start from the classic theory, which has a classic con concern about accumulation and growth and support the Say’ s Law. The Say’s Law establish that all supply creates their own demand. Then we have the Marxian Theory, which don’t support the Say’s law. After that we have theories like Neoclassical Theory, Keynes Theory and more. It is important to mention that these theories are based on two schools. This schools are orthodox school and the Heterodox school. Some of the major difference in this schools are for example the method used to analyze. The Heterodox school use a method organicism that define individuals as social beings under the influence of the environment. In the other hand we have the Orthodox school method of Individualism, which focuses on analyzing the individuals and their preference.
It was very educative to learnt about all this difference theories and the school, which are base of. It is very to know the difference between all this difference methods of analysis that can be use. Afterall you may use a different method of analysis than the one you usually use and can come to the same or a different conclusion. It is important to know this different schools of economy, because after all Economics always should be open to different perspectives. Also, one day you might find a study of your interest in one of the perspectives that you are not used to.
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Blog #7
Answer A and B in the after watching in Unit 9 in the support material.
A.
Hyperinflation in Zimbabwe:
The hyperinflation in Zimbabwe start in February 2007. It is hard to determine how big the inflation was, when the hyperinflation started, because the Government of Zimbabwe stop give official statistic of the inflation, but around November the inflation was in 79,600.000.00%. Some of the causes of this extremely high hyperinflation was the constant print of local money in answer to the high national debt and shortage of goods. In answer of the inflation people start to don’t use the local currency and start use goods as currency or start to use foreign currency. As a solution of this problem the government finally stop to print more local currency and start to use US dollars.
Hyperinflation in South Sudan
Just like Zimbabwe South Sudan has suffer a big impact thanks the hyperflexion. One of the main causes of this hyperinflation is the war. Thanks to that one of the biggest problems that South Sudan is suffering is Hunger. Around 70% of the population in 2007 suffer poverty. The inflation was around 550% in 2007. Thanks to the war and hyperinflation the production of goods hasn’t improve and thanks to the situation the Hunger and Poverty in South Sudan hasn’t improve.
Hyperinflation in Venezuela
The hyperinflation in Venezuela started in 2016, in the first year of power Nicolas Maduro. One of the main causes of the hyperinflation is the overproduction of local currency as response of the low value of the local currency. The reaction of printing more currency only cause more problems and cause the inflation to go higher as before. This situation causes the inflation to go higher every day, for example it was estimated that the monthly inflation rises more than 50%. In 2018 the inflation reaches around the tremendous number of 130,00%. This causes that a big part of population migrates outside of Venezuela to find better paid opportunities.
B.
Central Bank independence:
Central Bank independence is the key to price stability in a country. Central Banking should maintain his independence, after all thanks to this independence Cental can control the inflation and as we have like in cases of Zimbabwe or Venezuela a high inflation can affect extremely negative in the life of the citizens of a country. High inflation can cause problems like poverty, migration, hunger and more. It is important that Cental Bank maintain his independence after all with his independence the cental bank can implement short term growth of the economy, that will help to reduce effect of long-term inflation expectation without reducing the GDP. It is import that the Cental Bank maintain independence, after all bank should act as the lender of last resort to the financial system.
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Blog #6
The Central Bank of Costa Rica
The Central Bank of Costa Rica is an autonomous institution under public law. It has his own assets and is part of the National Banking System. The Central Bank of Costa Rica was established in response of the situation that suffering the country, which was after events of the first World War. The Country suffering a reduce of incomes and the Bank system, which was formed of private banks, refused to give a loan to the Government. In response of this situation, it was created the first independence Bank, which was call International Bank.
One of the main roles of the Central Bank of Costa Rica is keep inflation low as possible. The Cental Bank of Costa Rica also the responsibility to interfere with the exchange rates to prevent big shocks in the exchange rates in short time period. Another role that the central Bank of Costa Rica has is providing Banking Services to the Government of Costa Rica and financial Institution. The Central Bank of Costa Rica is also in charge of providing economic advice to the Government.
Some of the challenge that the Central Bank of Costa Rica is trying to face is the age of Digitalization. In answer of this the Central Bank of Costa Rica had been trying to promote any type of digital transaction to their customers.
After seen all the history and role that the Central Bank of Costa Rica is clear how much this institution is essential for the country and how much it helps the economy of Costa Rica. It is also important to recall that thanks to all the goals this institution has accomplish and all the communication it has with the population, it has gained the trust of the citizens of Costa Rica.
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Blog #5
How does language, economics and the language of economics function as an instrument of power?
Language can change the way the world sees us. Language is the way we communicate with the world, but also can be use to describe and categories the people. You can determine from where is a person base on their language. Also, you evaluate how is the education level of person base their language and their vocabulary. We can also use language in our favor, we can use language to give the world a perception us a intellectual, trustworthy person. You are going to be judge by your language, but you can use your language in your favor to implant the ideas you want in the population.
Economics can also be instrument of power. Afterall if you understand the economic behaver of the world, you can predict how the economy may change in the future. With that information you can be prepare for the economic impacts that will affect our life in the future and plan how to make a profit of them or reduce the damage income they may produce.
How can be the language of economics an instrument of power? If can understand the language of economics, you can understand what does the experts in economy talk and more important can analyze and discuss their point of view and form your own conclusion based on your knowledge. So, you don't have to believe 100% what does the experts says, even what they don’t sound credible. You have the analyze to analyze the data and form your own conclusion.
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Blog #4
During the lecture we discuss, how we think the value of product, should be represented. For example, when buy cheese at the supermarket. Does the price of the product really reflect all the work that was done to make this product come to your hand? Does this price reflect the work of the farmer taking care of the cow and also the work needed to transform the milk of the cow to cheese and finally the hard work of the driver of truck that is transporting the cheese from the factory to the supermarket? When we put that way buying a piece of cheese sound very expensive, because all the work of multiple people needed that it needs. But in reality, the price is very cheap. Maybe you have never thought of this because, it is good that the products are cheap for you. But when is your job that is been denigrated, the story change. Then we have the other perspective from a job that doesn’t require much work, but is very paid. You may think that examples of this may be a person with a political charge or even the president of big company. Of course, all this high or low paid salaries can be justified with arguments like the supply of the product/service is very high, the demand of the service is very low right now or with some policies of the government or because. But even with these arguments, we can't deny that the way the world categorizes the value of the work can be unfair and discriminative.
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Blog #3
Before watching:
1. What are Retail Banking top trends?
Big data, Artificial Intelligence cognitive computing and minimizing inconvenience for the costumers.
2. What do consumers want?
More innovation, so they can receive a digital experience
3. What is Retail Banking doing?
They are improving customer's digital experience
While Watching:
Video:
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Blog #2
Read the Preface and Chapter 1 in Economics: A User's Guide and write a short summary and your response/opinion.
Summary:
Most of the people, when heard the world economic, think in an extremely hard or impossible to understand subject. They can listen to expert Economist talking about a subject, but they don’t listen to arguments or explanation of the Economist. Because they think they wouldn't understand the reasoning or the arguments of the Economist, so they just want the conclusion on the simplest words possible. But this doesn’t have to be this way. Economic can be explain in plain terms. This fear Economic usually happen because a lot tend relate to a science such physics or chemistry and like every other science the experts tend to complicated more than it has to be. Actually, in contrast with other science Economic tend to fail to predict the world because human factor can be unpredictable. Thanks to this unpredictable nature it is import that more people start to take in interest in economics topics, so they can start to interreact and discuss economics topics.
Then the author tells us that according to some of the most popular books, economics is about everything. But then the author tells us two different difference definition of Economist. The first tells us that Economics is the study of the human rational choice, so economist can be the study of almost everything for example marriage, birth rate, crime or drugs addition. The second definition says that Economist is the study of the Economy. Then the Autor describe Economy as not only anything that has to do with money as for example jobs. Economy also refers as transaction not only of cash also of goods, the consumption of goods and services and last term that the Autor use to describe Economy is the production, which use labor and recourses.
Response/Opinion:
I agree with Author in a lot points, for example agree that Economy is mysterious or Un relevant topic for a lot of people. Most of people know that Economy is important, but don’t even know what Economy is or what an Economist do. It is important that everyone or at least a good part of citizens know at least the basic of the Economy. After all Economy is almost everywhere and it is important to a little a bit of Economy so we know how can some worldwide or local situation affect our normal living.
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