Essays on Economic Issues

One of the most important commodities worldwide is crude oil. It is a main chief source of energy, contributing to a staggering 56% of total energy consumption.[footnoteRef:1] Oil is a major source of energy because, unlike other sources, it is much cheaper. Much of the oil that a country consumes is imported from OPEC countries,...

Introduction Article Summary The Financial time (McCormick et al. 2019), released a news article on the September 16th this year titled “Oil rallies 10%; Saudi production may take months to recover- as it happened.” This article, describes the Saudi Arabia Oil crises that has caused an increase to the prices of oil by 20%, which...

In response to the 2019/20 Annual Wage Review on the minimum wage regulations, the minimum wage should neither be increased nor decreased. A rise in minimum wage can do more harm than good, as it can negatively impact small and family-run businesses, as well as negatively affect the economy as a whole as it may...

Introduction Australian industry and our community have enjoyed the benefits of relatively low electricity and gas prices for many decades, without suffering any significant price shocks. Competition policy reform brought significant benefits to the energy sector in terms of productivity gains. This relative energy price stability underpinned the international competitiveness of many of our industries,...

Explain what has been happening to the price of gas in Australia over the last ten years? Introduction The energy sector is a significant part of the Australian economy. Australia’s energy production and exports have grown strongly during the past 30 years, especially in recent years in response to strong global demand for energy. Australia’s...

Is increasing the minimum wage a risk-free alternative for helping out low-income earners? To answer this question which has always been a contentious issue around the world, particularly in well-developed countries, we have studied some countries’ policies and got inspired by the United States of America. Within this context, beyond the misperception that such a...

Economic inequality is a term that has been used interchangeably with the term income disparity; in the real sense, it is the disparity that exists in our income, assets, and wealth is distributed among a given population. Economies across the world have witnessed a sudden increase in income and wage inequality for the last many...

Extraordinary innovations in technology promise to transform the world, but will Artificial Intelligence (AI) result in a more significant economic burden on the world, or change our lives for the better? Over the last few years, people have been overwhelmed by accounts of the impending shock to the economy and society from the development of...

With the rapid development of science and technology and economic standards, international trade, investment and cooperation, and the rapid expansion of the Internet, economic globalisation has intensified and become the mainstream of world economic development, optimising the industrial structure, promoting the competitiveness of the world market, facilitating the restructuring of the world economy, increasing international...

Introduction The following essay takes as a departure point the article “The path to economic development is growing more treacherous, again”, published on The Economist, to analyse whether the way to economic development is, in fact, becoming more “treacherous”, i.e. more difficult, unpredictable or even deceptive. So, what is economic development? It is “the process...