Monday 19 August 2013

Unemployment Rate in Thailand

How does the government define and calculate unemployment rate?

Unemployment rate is defined as the number of people who are unemployed expresses as a percentage of the total labor force. Unemployment rate is usually calculated by dividing the number of people who are unemployed over the number of people in the labor force.

Statistics



       Age groups:
      15-24 (youth group) -> 4.1%
      25 and over (adult group) -> 0.5%

      Region
      South = 1.3%
      Northeast = 0.9%
      North = 0.6%
      Central = 1.0%
      Bangkok = 0.8%

Labor Market Regulations in Thailand

Minimum wage: 300 baht per day

Social Security: each party contributes 1.5% of the wages to the insured totaling to 4.5% of the basic salary not exceeding 15,000 baht. The funds will go support workers undergoing one or more of the following: injury or sickness, disability, maternity, death, child welfare, and pensions.
Holidays: 13 traditional holidays per year, requested no more than 6 annual holidays

What does the government do to reduce level of unemployment?


Monetary Policy: Cutting interest rates causing AD to rise, increase GDP, and need for employees.
Fiscal Policy: Increase AD and economic growth.

Monday 22 April 2013

Life Is Better; It Isn't Better. Which Is It?


   I chose to interview my mother for this assignment and she has given me a lot of examples of how life has changed compared with my grandmother’s. The examples clearly proof that life is better now than the past.

   The first thing is education. People in the past, especially women, are satisfied with high school level education. However, in my mother’s generation, education is noted essential for judging someone. High school level education is not as adequate as a bachelor degree in order to get respect from society and to get reliable jobs. 

   The second example is transportation. In my grandmother’s generation, people need to use boats in order to get in or out of the city. There were not BTS, MRT, or whatsoever available now to us. Life was pretty tough back then, since if you want to go somewhere, you need to walk or ride on the boat, which will takes ages.

   The third is medicine. My mother said that she never had chicken pox before because vaccines are already available back in her time. On the other hand, my grandmother experienced chicken pox because vaccines have not yet been invented.  This also goes with other medicines, vaccinations, and antibiotics. Technological advances bolster human lives and increase our rate of survival.

   The fourth example is clothing. My grandmother is adept at sewing and making things associated with fabric. Why? As a matter of fact, back in her time processed clothing was very hard to find, very pricey, and sizing was poorly constructed. Most antediluvian people bought their own fabric and made clothes or bags by themselves. Years later, my mother’s generation provided more supply of clothing (but of course, not millions of brands like we have now), in which makes our lives easier.

   The last thing is the internet. There was no internet back in my grandmother’s days and also my mother’s when she was a student. The public library was like Wikipeida (but reliable) of that time, life was pretty tough for students back then since they need to travel to the library and wasted time finding the right books.

   Overall, I agree with my mother that life is getting better. Despite our loss of ability to steer boats, stronger ankles, our instructed immunity, ability to sew, and determination of finding stuffs (replaced my laziness and stronger fingers for typing). I still strongly agree that what we gain clearly canceled out what we lost.

Tuesday 26 March 2013

The Business Cycle


The 4 stages:

1. Recovery - GDP increases, unemployment rate decreases, aggregrate demand increases, price increases
2. Boom -Beginning of contraction, inflation
3. Recession - GDP decreases, unemployment rate increases, aggregrate demand decreases, price decreases
4. Trough - End of contraction, unemployment, the trough cannot go lower because there are still people who demand goods. The economy begins to recover again after trough


Sunday 24 March 2013

Is GDP An Obsolete Measure of Progress?

Major points:


  • GDP doesn't measure: the general progress in health and education, the condition of public infrastructure, fuel efficiency, community and leisure.
  • Because it's averaged, the GDP mystifies and masks the gap between rich and poor.
  • What's good for the GDP is not always good for the individual, take health care: rising costs may be tough on families, but it boosts the GDP
  • Happy Planet Index (HPI), which looks at the degree of human happiness generated per quantity of environment consumed is a better indicator of well-being than GDP
  • The GDP is often precisely wrong in that it's not measuring progress, just the making of stuff. 
Link to the article

Thursday 14 February 2013

Possible Internal Assessment Articles



Demand and its determinants: The new playstation receives a lot of pressure to outcome other console producers and to keep up with consumer needs. 


Production negative externality: - Fishing industries are destroying coral reefs
 - The government's department of fisheries is providing money to create artificial coral reefs to protect habitats for marine lives.


Production negative externality: Electronics companies release a lot of waste into the environment, destroying the ecosystem and wasting natural resources.

Thursday 24 January 2013

Amazonian Rights





I believe that free market can help the Yagua tribe from poverty. They are using the bartering system rather than using real cash, this stops them from having an efficient and rightful market system. In other words, they should develop their exchange system as their first step. Like in the comic book we read in the beginning of the year, after the money system has been introduced to the island, people are able to trade more freely, which leads to an economical breakthrough. Therefore, the free market can be achieve much easier. Once free market is achieve, laws and systems will be implanted. Once that happens, people will view Amazonian as an organised and a governed community, not a barbaric tribe with no serious control. The strong standpoint of the Amazonian will support them to rise against interlopers and bring back their environment. In, which they will become significant, other communities will want to trade and to do business with them and the Amazon will be more connected to the outside world. 


Not only the free market can help Amazonian people to gain their land rights, but their lifestyle will be different. Although it's good to protect the old traditions, but they need to choose what benefits them most in order to survive. However, it might not be that simple, there is no doubt that other communities will try to take advantage off the Yagua people, but as Lorena said "What's the point of owning the land if we can't control it". I think it's time for the Yagua community to stand up and take its risks.





Tuesday 22 January 2013

The problem with Antibiotics: Negative Consumption Externality


http://www.guardian.co.uk/science/2013/jan/20/antibiotics-bacteria-resistance-alice-roberts

As we all know, antibiotics help us from common illness. However, using excessive antibiotic causes the bacteria to develop a resistance to the medicine, therefore making it less effective. This is an example of negative consumption externality: as new antibiotics are consumed, our immune system becomes weaker while bacteria becomes stronger.