In the previous article (part 1), we dived head first into the our discussion regarding the stages of economic development by first listing 3 main sectors, namely, primary sector, secondary sector, and tertiary sector, out of which the last sector is further sub-divided into 2 other distinct sectors: quaternary sector and quinary sector. These are the 5 components that constitute our modern economy. Long story short:
Primary sector makes direct employment of natural resources,
Secondary sector produces manufactured goods,
Tertiary sector produces service,
As for the 2 other sub-sectors, Quarternary sector produces knowledge (branch of the tertiary/service sector),
and Quinary sector dedicates itself to high-level decision making.
At different stages of growth, as already mentioned in part 1, the proportion of the national GDP accounted by each one of these compon...
Thanks to it, unlike our forefathers, we have been empowered with the ability to choose the occupation of our desire and are free to follow our aspiration without having to restrict ourselves to growing crops and raising livestock for the sake of survival (which is exactly what defines the primitive form of our economy, known as "subsistence economy"). This has allowed for far more diverse products and services in circulation, something which we often take for granted. In addition, the introduction of money as the primary medium of transaction/exchange has further made exchanges ever more conveni...
A couple of weeks ago, on the 28th of July, I was fortunate enough to attend a seminar conducted by Prof. Richard B. Freeman, one of the leading labour economists from Harvard University, on the topic of "How to solve inequality problem that is plaguing capitalsm?".
Prof. Richard B. Freeman on the left. Sorry, old phone's camera is not the greatest.
Prof. Richard B. Freeman (In case you want to know what he looks like). That hat though...
I find it to be quite an intriguing topic, given inequality itself is regarded an inherent nature of capitalism. In other words, inequality is, I dare say, an inevitable consequence of (pure) capitalism. Why?
1. Capitalism, its components, and inequality as a universal concern
Because capitalism, by definition, comprises:
- Private ownership of capital and produced goods and services,
There are hundreds of thousands or even millions of things that can evoke the thought of our modern world, or modern economy (to be relevant to the topic of our discussion). Now, all those that you can think of at the moment are, without doubt, logical (thus, justifiable) and relevant because the mere mention of the word "economy" already covers, I dare say, everything in the universe. Grass offers aesthet...
Phew! It's been more than a month already since the last post! I got lazy!
Well, to continue from where we left off... in the first part of our article, we discussed about the two primary barriers, resource constraints and human factors, which have led to various forms of challenges, short- and long- term, within the realm of development. We went on to dissect the development constraints into smaller, more digestible pieces, as the followings:
Inflexible public institutional structure
Ineffective means of capacity building
Experience from one country does not necessarily carry over to the next due to the distinct local characte...
Note that this article was written based on the author's own experience and perception after having been, (though I dare not say "extensively") somewhat involved in two main development areas in Cambodia: Climate Change and Gender. To be specific, what I am going to tell you will be based on my observation from direct and indirect contacts (lots of structured interviews and conversations) with ministries, development partners, NGOs and private sectors. Enjoy.
Seeing that the 2015 ASEAN Economic Integration is imminent, I can see (with my 6th sense) that all eyes are cast over the agenda, the proposed changes, and the pros and cons of the more intimate regional cooperation. With great outcomes anticipated, we all can feel the excitement and the impatience of people all across the ASEAN community. While this spirit is vital in bringing forth success of the regional effort, I str...
Sangkran has just passed, but its scent seems to linger on. Since I am from South-east Asia myself, it is a given that I am looking for something to write about this festive event. Then, I found my old article posted around this time of the year in 2014. Though time is moving forward, the contents certainly do not vary much. So, I figured I have the option to copy paste my article from last year; in other words, reposting it. However, considering the fact that I am such a nice person, I have reviewed and made some changes as see fit to give a bit of a fresh look to the article.
Just to make it clear. Yes, something as basic as making fire is also a form of technology.
Think of our world as one gigantic pie, which we all love and share. Think of that pie as the only sustenance we have. This is what today's world is like. The earth has limited resources available for human consumption, and this is an undeniabe truth. There are, of course, renewable and non-renewable resources; nevertheless, from one generation to the next, we are continuously draining, sucking away the riches off our planet. While the available resources are not getting any bigger, the demand grows ceaselessly due to the increasing population size. How many years more till we exhaust all the resources from our mother earth? This is a question that we need to ponder, a matter that needs attention from everyone. We need to understand what is going on. What will the future look like for us, humans...
How much is a burger? I don't care. I am willing to pay $5 for it. Priced any lower or equal, I buy. Higher, I don't.
Will you believe me if I tell you that everything can be priced? And by everything, I really mean EVERYTHING. Book, car, boat, education, the moon... none can be described as "priceless". It is the exact opposite to the more safe and pleasant philosophical teaching about how certain things like love and life are invaluable. Yes, you read it right. Love and life can be priced. You'll see why. Just keep reading.
And, contrary to some popular beliefs that the rise or fall in price is related to rise and fall in greed or perverse desire to reap benefits or steal from people, economics views price as the pivot of an economy. Price is both objective and subjective (kinda more subjective, to be frank), and in a free market economy, price correspo...
This article wraps up the Universal Health Care Trilogy written by Econoobics. He has presented to us both the light and dark sides of Univercal Health Care, and it seems that at the end, we are the ones to make the decision. This is something that a nation has to go through along the road of development, and thus, as citizens, it is our duty to understand and be involved as much as we can. On behalf of Econoobics, I hope that this article and the previous two (see the links below) will sate your hunger for knowledge, my dear readers.
I do not own or generate any of the content. All credit goes to Econoobics. Please visit his blog via the link provided above.