The paper aims to discuss on what are the factors that constitute a strong and successful economy. Firstly, a successful economy means a high economic growth rate, implying a massive growth in economic output, leading to higher expenditure, greater average outcomes, low and steady inflation, and lower rates of unemployment (Hidalgo, 2021). There are various other factors of a successful economy, including improved productivity, rising exports, increase in investment, high business confidence and consumer credence, and growing rates of interest for keeping inflation low. Several examples of strong economies include the German economy post World War II, during 1950s and the 1960s; the UK economy between the fiscal years 1984-1989 and 1993-2005; and the US economy between the fiscal years 1992-2000 and 2012-2018.
The aim of the proposal is to explore the factors of a successful economy and the building blocks of a good economy.
The objective of the proposal is as following:
What constitutes a successful economy, and what are the building blocks of a successful economy?
Economic growth depends on several services and goods that are produced by an economy. This increases wages and better living conditions for the people and allows the society to raise the utilization of services and goods. Distributing assets in an equitable manner is a good way to ensure the greater production of services and goods. The capacity of production, or the potential output of an economy, determines the economic growth and development (Borio, Disyatat & Juselius, 2017). While economists study the reasons that constitute financial growth and approaches for progressing development, they look further beyond the financial strategies designed to steer the economy during a downturn to the situations that aid with long-term growth and development. During a downturn, an economy might be dealing with a higher-than-normal amount of unemployed assets. Therefore, the economy is operating at a lower level of productivity. Along these grounds, the government’s strategy aims to promote the economy back to reach its useful limit. For instance, during a financial sump, increasing the pace of monetary operations can be used to promote the economy back to its full potential. Expansion is the term that describes the progress of the economy towards its full capacity. Three aspects create growth in the economy: more work, more capital and proper utilization of the labor and capital.
The stimulation of economic development is mainly dependent on three factors which are the accretion of capital stock, increased input of labor, and evolution in technology. Per capita development for every country is initially divided into individual contributions of labor inputs, capital stock and innovative breakthroughs. It is proven, factually and hypothetically, that technological advancements are the major provocation for long-term economic development (Dahlman & Westphal, 2019). If the other aspects are steady, the output gained by adding an excess unit of labor or capital will reduce, as stipulated by the patterns of predictable and consistent losses. Consequently, it is not possible for a nation to keep up with the development for a while, running only by accumulating more labor or capital. Hence, the momentum for long-run economic growth is indicated to be technological and innovative advancement. In economic matters, technological advancements are a crucial catalyst in monetary growth in nations, urban communities and districts. Technological advancements permit the creation of effective services and goods that a thriving economy depends upon.
Monetary productivity can also increase when companies and individuals spend a substantial amount of time in different exercises, indicating that improvement is connected to the increase in the amount of individual exercises and the complexity arising from the connections (Hidalgo, 2021). In this regard, a perspective on monetary development is fostered by placing a focus on the intricacy of the economy of a nation by finding exchanged data as an organization that is bipartite, in which countries are interconnected to the products produced by them, demonstrating the possibility of assessing the intricacy of a nation’s economy by presenting the structure of the organization.
Daly (2018) suggests that there are two argument types for a stable economy; the ethical desirability and the biophysical necessity. His first argument rests on the finitude, entropy and the requirements of the physical maintenance of the volatile structure such as the human population and the exosomatic adjunct. The second argues that the human evolution is not random but purpose-driven. Purpose includes the judgments and values pertaining to what is right and wrong regarding the relation between the economy and the rest of the world. He argues that economy is a subsystem of the planet. Economists and business analysts make use of a few strategies for tracking financial development. The gross domestic product (GDP) is the most notable statistics that they follow. However, after a while, financial analysts have found that constraints and tendencies in GDP computation. According to Dell, Nestoriak & Marlar (2020), to examine financial potential, organizations like the Organization for Economic Co-operation and Development (OECD) and Bureau of Labor Statistics (BLS) maintain relative efficiency statistics. Some economist suggest that financial development can be assessed by visualizing at changes in one’s way of living; however, this can be difficult to measure. Different strategies such as GDP and gross national product (GNP) can be adopted to assess economic development. GDP assesses the worth of services, products and labor delivered by a nation (Dr?goi, 2020). GNP calculated the value of services, products and labor produced by a nation and the worth of its currency based on uncertain speculations. Some financial analysts consider this spending a result of useful outcomes. However, using GDP is one of many ways to govern the welfare of the economy. The relationship between spending and production is an age-old debate among the financial experts. Most financial experts consider that absolute spending, a result of expansion, is adapted to productive outcome. However, they will disagree that increased spending is an indicator of development. Hence although GDP and GNP are important in estimating the growth of a company, they may not be the only determinants.
Various definitions of economic development apply to the total production of services and commodities. This overlooks an important aspect of its definition. Economic growth does not concern services and goods but rather with their development. According to Biswas (2019), individuals produce economic service and goods as a response to a problem, implying that the goods and commodities are considered a necessity by the person who seeks them. Human effort is necessary to produce economic services since they are scarce as per interest. A more restricted definition of development is an increase in the creation of goods and services that individuals produce for each other’s consumption. Economic development is defined as an expansion in the value of the commodities and services in an economy creating more advantages and benefits for businesses (Radetzki & Wårell, 2020). As a result, stock prices climb allowing businesses to contribute more money and employ more representatives. Salaries soar as the number of positions held rises. Purchasers have more options in purchasing additional commodities and services, and they help to drive growth. Therefore, all countries desire a positive increase in economy. The economy of a nation is denoted by its strength and having an immediate and long-term effect on every citizen (Felber, 2019). The necessity for an economy to grow and develop, the currency maintains its position on the global front; the exports and imports continue to be economically viable, to strive for employment for all, and to possess an annual financial strategy that considers for everyone’s requirements (Gilpin, 2018). These aspects are important for ensuring future generations’ sustainable presence, among other factors. While there are many discussions around the ways economy can prosper genuinely, there are five ways outlining ventures towards the development of economy. As suggested by Harper (2018), major building blocks in attaining a strong economy are keeping the manufacturing units inside the nation, the strength and power of entrepreneurs and innovators, fair and free trade, bridging the space between environment and economic growth, and crowdfunding. According to Chad (2017), generally, economic development is driven by two principal factors: growth in the labor force size and growth in the utilization of the labor force. Both have the ability to raise the size of the economy, although utilization development can grow per capita GDP along with profits. Individuals can achieve a higher degree of comfort despite working for few hours and can live a similar lifestyle while working for fewer hours, with efficient development. Private interest and workforce development in increasing GDP can be supported by well-structured tax, public venture and administrative policies. They can also enjoy public benefits that are not always recognized by the GDP including distributional decency, security and wellbeing insurances. However, misguided strategies can impede progress and disrupt the public monetary assistance by the government.
In order to understand the factors that lead to a successful economy, and the constituents in making a good economy, the paper will use a qualitative research method. As elaborated by Aspers & Corte (2019), a qualitative research methodology is a study design suitable for assisting investigators to study and explore the values, beliefs, and perceptions towards specific matters by developing a systematic and therapeutic connection. Along these lines, since there are limited qualitative analysis on the factors of a successful economy and the building block of one, taking the path of a qualitative research approach will be effective in exploring the beliefs and perceptions of businessmen and industrialists regarding the issue. To identify and explore the factors constituting a successful economy, an interpretive and narrative or descriptive approach will be used. Therefore, research will pave the path in identifying the functions and role of the independent factors that influence the success of an economy. The perceived independent factors and building blocks of a successful economy will help in further developing theories that can be useful in supporting the economies.
To explore the research question, a semi-structured interview will be conducted. As discussed by Mannan & Afni (2020), semi-structured interview allows investigators and researchers to detect non-verbal behaviors and expressions of the participants and, therefore, would be an effective way to confirm the inquiry.
Participants for the interview will be selected randomly from business communities, finance sector and industrial sector. The number of participants will be 20 based on the criteria of inclusion. The inclusion criteria will be as follow: 1) interviewees must be established in any form of business or industry 2) Participants must have experience in running a business or experts in finance 3) They must have experience in accumulating labor, and dealing with business outputs 4) They must have fluency in English, for the sake of the interview. Apart from the aforementioned criteria, any other criteria will be excluded.
The rationale behind incorporating the inclusion and exclusion criteria in the research is that it will help condense the focus of the research by removing confounding aspects (Patino & Ferreira, 2018). The selection procedure of the participants will be through applications written and sent to the business and finance professionals along with an attached letter describing the purpose and objective of the research and place and time of the interview. An informed consent or the interview from each participant will be acquired after presenting them with detailed information regarding the research.
The questions would be open-ended and developed for exploring and recognizing their association, belief, values and perception of a thriving economy. Open-ended questionnaire will help create a channel for iterating personal beliefs, theories and underpinning factors behind the growth of an economy (Krosnick, 2018). The primary data collection will be focused and collected on the basis of the constituents of a successful economy and the secondary data collection will emphasize on the contributing aspects of the building blocks of a successful economy. The data collected will be noted down in separate files for each of the interviewees to obtain an idea of the contrast in perception among the participants. Each day two participants will be interviewed to acquire a response.
To assess the data gathered from the interview, the grounded theory method will be applied. Birks, Hoare & Mills (2019) suggests that analyzing data using grounded theory approach is an appropriate method because it assists the researchers to evaluate the data by establishing themes through reviewing and coding the data with signposts and keywords. The acquired thematic information would be constantly readdressed and refined after the initial coding process for ensuring that no similar themes arise. This coding process will help the researchers to identify the plausibility of the results. There are various computer application qualitative analysis software like NVIVO 10 that will assist in analyzing the data. The data will be evaluated by the researchers by developing and modifying the themes.
Strict ethical principles will be adhered to in order to gain accuracy in information from the participants. No interviewees will be coerced to participate involuntarily in the data collection process (Arifin, 2018). Therefore, to guarantee willingness of participation, each participant will sign a consent form. The researchers will provide the participants with the aim and the objectives of the study along with the diverse range of procedures they are adapting to ensure non-malfeasance and beneficence. Every participant would be made aware of every minute detail of the process. They are only expected to narrate their perception, theories and beliefs, not compromising their willingness and comfort to participate in the interview. Confidentiality must be ensured before beginning the interview process (Surmiak, 2018).
According to Holt & Chambers (2017), dissemination is a strategic operation that involves considering the target audiences and the target setting where the research findings can be obtained. In this research, dissemination will be conducted through a conference involving the participants, financial experts, researchers and economy professionals, where the findings of the study will be presented through a PowerPoint presentation. Interacting and communicating with financial experts, businessmen, CEOs of organizations and financial strategists will help facilitate the process of decision-making and practice. The final research findings can further be sent to various journals for publishing that can help other researchers to conduct future research.
|
Elements |
Details |
Amount |
|
Interview Location |
Payment |
$3500 |
|
Researchers collecting data, analysis and coding |
Supervision |
$7500 |
|
Resources for the interview |
Printing, data analysis software, article access. |
$9000 |
|
Fund allocated for researchers for using computer application software |
Payment |
$10000 |
|
Interview room preparation |
Tape recorder, soundproofing system, camera, microphone. |
$2500 |
|
Resources and Equipment |
tracking system, stationery, measurement equipment |
$2000 |
|
Miscellaneous |
$1500 |
|
|
Total |
$36000 |
|
Task And Time |
1st week |
(1nd-3th) week |
(4th-6th)Week |
(7th-12th) week |
(13th -18th) week |
(19th -23rd)week |
(24th -26th ) week |
27th week |
28th week |
29th Week |
|
Background Study |
· |
|||||||||
|
Literature Study |
· |
|||||||||
|
Research Methodology |
· |
|||||||||
|
Setting up Data Collection process |
· |
|||||||||
|
Collecting data |
· |
|||||||||
|
Data Analysis |
· |
|||||||||
|
Coding and Themes |
· |
|||||||||
|
Assessment of themes |
· |
|||||||||
|
First Draft |
· |
|||||||||
|
Dissemination and Publishing the findings |
· |
Reference
Arifin, S. R. M. (2018). Ethical considerations in qualitative study. International Journal of Care Scholars, 1(2), 30-33. https://journals.iium.edu.my/ijcs/index.php/ijcs/article/view/82/27
Aspers, P., & Corte, U. (2019). What is qualitative in qualitative research. Qualitative sociology, 42(2), 139-160. https://link.springer.com/article/10.1007/s11133-019-9413-7
Birks, M., Hoare, K., & Mills, J. (2019). Grounded theory: the FAQs. International Journal of Qualitative Methods, 18, 1609406919882535. https://journals.sagepub.com/doi/pdf/10.1177/1609406919882535
Biswas, B. (2019). Defense spending and economic growth in developing countries. In Defense spending and economic growth (pp. 223-235). Routledge. https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=1017&context=eri
Borio, C., Disyatat, P., & Juselius, M. (2017). Rethinking potential output: Embedding information about the financial cycle. Oxford Economic Papers, 69(3), 655-677. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.359.9497&rep=rep1&type=pdf
Broadberry, S., & Wallis, J. J. (2017). Growing, shrinking, and long run economic performance: historical perspectives on economic development (No. w23343). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w23343/w23343.pdf
Dahlman, C., & Westphal, L. (2019). Technological effort in industrial development–an interpretative survey of recent research (pp. 105-137). Routledge. https://documents1.worldbank.org/curated/en/797291467990024250/pdf/REP263000Techn0y0of0recent0research.pdf
Dalkin, S., Forster, N., Hodgson, P., Lhussier, M., & Carr, S. M. (2021). Using computer assisted qualitative data analysis software (CAQDAS; NVivo) to assist in the complex process of realist theory generation, refinement and testing. International Journal of Social Research Methodology, 24(1), 123-134. https://www.tandfonline.com/doi/pdf/10.1080/13645579.2020.1803528
Daly, H. (2018). Envisioning a successful steady-state economy. the journal of population and sustainability, 3(1), 21-33. file:///C:/Users/User/Downloads/630-Article%20Text-3241-1-10-20210614.pdf
Dell, K., Nestoriak, N., & Marlar, J. (2020). Assessing the Impact of New Technologies on the Labor Market: Key Constructs, Gaps, and Data Collection Strategies for the Bureau of Labor Statistics. https://www.bls.gov/bls/congressional-reports/assessing-the-impact-of-new-technologies-on-the-labor-market.pdf
Dr?goi, D. (2020) SYNTHETIC INDICATORS OF ECONOMIC GROWTH RESULTS IN THE CONTEXT OF ECONOMIC POLICIES. https://www.strategiimanageriale.ro/images/images_site/articole/article_4e0e3695eb4c911950558b2bbe6e68d2.pdf
Felber, C. (2019). Change everything: Creating an economy for the common good. Zed Books Ltd.. https://thenextsystem.org/sites/default/files/2017-08/FelberHagelberg.pdf
Gilpin, R. (2018). The challenge of global capitalism: The world economy in the 21st century. Princeton University Press. https://books.google.co.in/books?hl=en&lr=&id=Gf9ZDwAAQBAJ&oi=fnd&pg=PP1&dq=The+necessity+for+an+economy+to+grow+and+develop,+the+currency+maintains+its+position+on+the+global+front%3B+&ots=Mj4JsJsZtE&sig=LIYof0QB6bbJ4_HqWKt0j7o0VWI&redir_esc=y#v=onepage&q&f=false
Harper, D. A. (2018). Innovation and institutions from the bottom up: an introduction. Journal of Institutional Economics, 14(6), 975-1001. https://web.archive.org/web/20190501032059id_/https://www.cambridge.org/core/services/aop-cambridge-core/content/view/07A017350CC516E8C06433E6A7115596/S174413741800019Xa.pdf/div-class-title-innovation-and-institutions-from-the-bottom-up-an-introduction-div.pdf
Hidalgo, C. A. (2021). Economic complexity theory and applications. Nature Reviews Physics, 3(2), 92-113. https://www.researchgate.net/profile/Cesar-Hidalgo-2/publication/348762363_Economic_complexity_theory_and_applications/links/61a74b226864311d938f7e11/Economic-complexity-theory-and-applications.pdf
Holt, C. L., & Chambers, D. A. (2017). Opportunities and challenges in conducting community-engaged dissemination/implementation research. Translational behavioral medicine, 7(3), 389–392. https://doi.org/10.1007/s13142-017-0520-2
Krosnick, J. A. (2018). Questionnaire design. In The Palgrave handbook of survey research (pp. 439-455). Palgrave Macmillan, Cham. https://www3.nd.edu/~ggoertz/sgameth/krosnick_presser2009.pdf
Mannan, C. S., & AFNI, M. (2020). Best practices of Semi-structured interview method. Chittagong Port authority, 1-12. https://www.researchgate.net/profile/Capt-Mannan/publication/341232398_Best_practices_of_Semi-structured_interview_method/links/5eb4f70192851cd50da139bd/Best-practices-of-Semi-structured-interview-method.pdf
Patino, C. M., & Ferreira, J. C. (2018). Inclusion and exclusion criteria in research studies: definitions and why they matter. Jornal Brasileiro de Pneumologia, 44, 84-84. https://www.scielo.br/j/jbpneu/a/LV6rLNpPZsVFZ7mBqnzjkXD/?format=pdf&lang=en
Radetzki, M., & Wårell, L. (2020). A handbook of primary commodities in the global economy. Cambridge University Press. https://103.5.132.213:8080/jspui/bitstream/123456789/1277/1/5_6188268714928898333.pdf
Stone, C. (2017). Economic growth: causes, benefits and current limits. Population and Development Review, 38(2), 285-310. https://www.cbpp.org/research/economy/economic-growth-causes-benefits-and-current-limits
Surmiak, A. (2018, September). Confidentiality in qualitative research involving vulnerable participants: Researchers’ perspectives. In Forum: Qualitative Social Research (Vol. 19, No. 3, pp. 393-418). Freie Universität Berlin. https://www.qualitative-research.net/index.php/fqs/article/download/3099/4268?inline=1
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download