The world of economics is a young and not well-explored terra incognita. There is an abundance of thesis topics for economics among which the student can select the most appealing one. It is possible to conduct a full-fledged investigation with the high practical value. Economics dissertations are among the most required ones, and writing one will surely bring you a decent reputation regardless of its potential difficulty.
Continue reading below to get acquainted with 10 fascinating facts from the world of economics.
- The practice of full-life hiring in Japan. The system of full-life hiring in Japan, when the worker stays at the same company from the first day of hiring until the last was established starting with the last century when large economical conglomerates emerged out of small manufactures. Such a type of work became totally new, and there were no similar economical models neither in Europe nor in the US. The hiring became possible due to socio mental peculiarities of the nation and the philosophy of paternalism within the corporation that is adaptable to all spheres of Japanese society.Such model contributed greatly to the development of the country as the corporation does everything possible to satisfy the needs of the workers and the employees, in return, do everything for the prosperity of the company. Such methodology is beneficial for both company and state due to the economic growth of the country.
- Pigou taxation implementation. In order to deal with the growing rate of environmental pollution, most economists offer to implement a so-called Pigou Tax on harmful emissions. The aim of this tax is to lower the negative factors from industrial activity of the companies. To avoid high taxes, companies from the entire world will develop more rational and cost-effective businesses.The companies have issued the limit for emissions quantity, and if the companies manage to fit into the limit, they can sell the remaining quota to other companies increasing their profit. However, the methodology of short-term implementation is currently in development but has a great potential.
- The Big Mac index. The economic level of the world can be estimated in hamburger, and that is not a joke. London Economist journal in the 1980s has used the term The Big Mac index as the means of purchasing capability of the world currencies. The product served as perfect indexation means due to its universality and presence in almost any country in the world. Basically, in 2001, the price was 2.5USD, and in Switzerland, it cost 3.7USD, while in Malaysia the price was only 1.2USD. As a result, in Malaysia, you can buy more burgers per dollar than in previous two countries as the country has the lowest currency rate among all.
- Shock-therapy. This is one of the numerous economic theories that is based on implementing the radical economic theories in order to take the country out of the crisis. The topic seems rather effective in terms of putting into practice as the government takes the leading part in this procedure. There is no equal position regarding its efficiency, and there are numerous groups of both opponents and supporters of the theory.
- The religion does matter. It is surprising, yet true that economics is composed not only of numbers and formulas. In some cases, even a joke can undermine the state of affairs as it happened after caricature case in Denmark when a joking picture of Muhammad was published in the magazine. The Muslim population disliked such a dishonorable treatment of the prophet so much that they started to ignore the Danish products. After half a year of such silent treatment, the gross export level of Denmark reduced by 15.5%. Until public excuses were made, the government has lost 134 million euros. The experts consider that losses were even greater as the potential investments and service sectors were not taken under thorough examination.
- The alternate labor shops existed. In 1827, there was a first alternate labor shop established in Cincinnati by the anarchist Josiah Warren. It was possible to purchase goods with 7% markup, and that was much cheaper than buying from the competitors. The customers paid for goods not with money but with an equivalent of physical labor. The standard rate was 5 kg of grain per working hour. People could pay not only for goods but also for some special services in this manner.
- The US is the prison nation. It is sad to admit, but 2.5 million of American citizens inhabit the prison cells. The number is greater than the population of Dallas, Philadelphia, and even New Mexico State. It has got 25% of the world’s imprisoned population. People have to pay the taxes for maintaining the lives of the criminals, and each of the incarcerates costs 60 thousand dollars for a year of captivity. That is the yearly salary of an average teacher.
- Being old is extremely expensive. 53% of the US population is afraid to retire as, by rough calculations, they will have to prepare quarter millions of dollars for medical expenses with all extra payments and prescriptions. People start to save money at a very early age of 40-45 years.
- Africa can become top grain producer of the world. 60% of African soil is not used for growing crops, and that is the greatest chance to invest in the horticulture sector. This approach will eliminate the unemployment as such a branch of industry will generate 8 million jobs until 2020. With proper reforms, the country can transform into the world agriculture leader.
- Beijing breaks all standards. At the moment, China is the world leader in consumption of cement and iron ore – 53% and 48% of the world resources respectively. With such a tempo of growth, till the end of 2025, China will create near 50 thousand skyscrapers that are a rough equivalent of 10 New York Cities.
The given information is only a peak of a giant iceberg that waits for the conquerors who will reveal all the secrets and bring them to the scientific society.
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- Jokn V. Van Sickle Professor of Economics, Wabash College. ECONOMICS. D. Van Nostrand Company, Inc. https://mises.org/sites/default/files/Introduction%20to%20Economics_5.pdf
- Kenichi Ohno. The Economic Development of Japan The Path Traveled by Japan as a Developing Country. National Graduate Institute for Policy Studies 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677, http://www.grips.ac.jp/forum/pdf06/EDJ.pdf
- Frederick Golooba-Mutebi. Africa Rising: The Rwanda Story. Perspectives. Issue 1 February 2014 20- https://www.boell.de/sites/default/files/2014_1_perspectives_africa.pdf
- Albert Keidel. China’s Economic Fluctuations Implications for Its Rural Economy. CARNEGIE ENDOWMENT FOR INTERNATIONAL PEACE https://carnegieendowment.org/files/keidel_china_fluctuations_final.pdf
- San Vicente Portes, Luis & Atal, Vidya. (2014). The Big Mac Index: A Shortcut To Inflation And Exchange Rate Dynamics? Price Tracking And Predictive Properties. International Business & Economics Research Journal (IBER). 13. 751. 10.19030/iber.v13i4.8683. https://www.researchgate.net/profile/Vidya_Atal/publication/297747002_The_Big_Mac_Index_A_Shortcut_To_Inflation_And_Exchange_Rate_Dynamics_Price_Tracking_And_Predictive_Properties/links/5728bc3f08ae2efbfdb7e321/The-Big-Mac-Index-A-Shortcut-To-Inflation-And-Exchange-Rate-Dynamics-Price-Tracking-And-Predictive-Properties.pdf?origin=publication_detail
- Davies, J.C.H. & Kuipers, Giselinde & Lewis, Paul & Martin, Rod & Oring, Elliott & Raskin, Victor. (2008). The Muhammad cartoons and humor research: A collection of essays. Humor – International Journal of Humor Research. 21. 10.1515/HUMOR.2008.001. http://dcpis.upf.edu/~ricard-zapata/~ricard-zapata/muhammad%20cartoons.pdf