Economics Scrapbook by Shangbie Du https://padlet.com/13137/1glcvq34lkix en-us 2017-01-04 00:50:40 UTC 2017-01-20 14:50:42 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Folder.png Vinyl Sales 'at all time high' - BBC News 13137 https://padlet.com/13137/1glcvq34lkix/wish/145888682 This video published by BBC News covers the recent increase of demand for vinyl records in England. Statistics have shown that over 3.2 million records were sold in 2016, peaking for the first time since 1991. Ever since digital downloads and streaming became the juggernauts of the music industry, demand for vinyls dropped drastically. Digital downloads were free, streaming was cheap, and there was no worry for scarcity. As the demand dropped to its lowest in the majority of the 21st century, supply for vinyl records also quickly decreased. However, things have begun to change. Speaking to Phil Barden, owner of Sister Ray Records in London, England, he said, "Ten years ago I would give you the keys to the shop and said look, you can't make any money out of this, so I didn't know that this stuff is still gonna be hanging around." As the world saw the passings of musical legends David Bowie and Prince last year, many purchased vinyl records of their albums as a commemoration to their work. However, a few who were interviewed had other opinions. A man said, "It's just a nicer feeling spending half an hour in a record store and finding your jam." Another young woman said that music in general just sounds better in the vinyl form. When asked about the recent increase in vinyl sales, a couple believed that the demand spike "is not a fad, if it is it would have died down already." Suppliers of vinyl records are now working overtime to keep up with consumer demand. It is estimated that over 4 million vinyls will be sold this year. Another article linked to the right displays the supply of more turntables to meet the newfound interest for vinyls. 

]]> 2017-01-09 00:41:10 UTC https://padlet.com/13137/1glcvq34lkix/wish/145888682 13137 https://padlet.com/13137/1glcvq34lkix/wish/145891063 2017-01-09 01:30:04 UTC https://padlet.com/13137/1glcvq34lkix/wish/145891063 13137 https://padlet.com/13137/1glcvq34lkix/wish/145891220  "Ten years ago I would give you the keys to the shop and said look, you can't make any money out of this, so I didn't know that this stuff is still gonna be hanging around."    

"It's just a nicer feeling spending half an hour in a record store and finding your jam."

"My parents used to listen to music on vinyl, and they said that you don't really know what music is unless you listen to it on vinyl. It's just really impressive how its all come back now."

"The first thing you look is all the records, (you) skim through them. It's like a conversational piece, really." 

"It's become more of a fad now. If it was a fad, it would have done out already."

"Music just sounds better on vinyl. I think its got a better effect to it."  
]]> 2017-01-09 01:34:38 UTC https://padlet.com/13137/1glcvq34lkix/wish/145891220 WELCOME TO MY SCRAPBOOK! Here is a compilation of articles, blogs, and videos that I have selected from various news sources. I hope you find my summaries informative! 13137 https://padlet.com/13137/1glcvq34lkix/wish/146145423 2017-01-10 00:49:36 UTC https://padlet.com/13137/1glcvq34lkix/wish/146145423 China Plans for 'Prudent' Monetary Policy for the New Year 13137 https://padlet.com/13137/1glcvq34lkix/wish/146147191 In a recent three-day Central Economic Work Conference in Beijing, policy makers stated to keep both currency and liquidity levels are kept basically stable. The top policy makers also stated to implement a prudent and neutral monetary policy and a proactive fiscal policy in the new year as they attempt to maintain a gradual expansion with leeway for reforms. These new policies and changes are mainly prioritised to avoid asset bubbles. This is due to  housing bubbles that have recently gotten out of hand due to consumer drive. Officials are seriously concerned with asset bubbles as a burst in the near future is very likely and will cause a collapse that will strangle the economy even more, perhaps much worse than the dot-com bubble that happened in the US from 1995 to 2001. However, overall optimism among the Chinese economy has been high. A recent Bloomberg survey showed that the full-year growth for 2017 has risen from 6.3 percent to 6.4 since September. According to Andrew Polk, a Beijing-based head of China research at Medley Global Advisors stated, "Like often occurs, they’re really describing in retrospect how monetary policy has already started adjusting since September." Chinese President Xi Jinping is confident that China will be able to achieve all of its economic and social objectives for the new year, as exports with a weaker Yuan and strong state-investments are doing exceptionally well. Economists surveyed by Bloomberg predict a 6.7 percent increase for the new year. ]]> 2017-01-10 01:09:38 UTC https://padlet.com/13137/1glcvq34lkix/wish/146147191 13137 https://padlet.com/13137/1glcvq34lkix/wish/146414128 2017-01-11 00:43:01 UTC https://padlet.com/13137/1glcvq34lkix/wish/146414128 13137 https://padlet.com/13137/1glcvq34lkix/wish/146414218 "Houses are built to be inhabited, not speculated."

"Like often occurs, they’re really describing in retrospect how monetary policy has already started adjusting since September."
]]> 2017-01-11 00:44:18 UTC https://padlet.com/13137/1glcvq34lkix/wish/146414218 How Parents Can Help Their Children Pay Off Their Student Loans 13137 https://padlet.com/13137/1glcvq34lkix/wish/146414848 Jillian Berman, the author of this article, suggests 4 ways for parents to help pay off their children's student loans. In an era of high rent and slow wage growth, most students are still in debt after graduating from college. This debt is mainly caused by loans to pay for textbooks, study material and stationery during college years. This is also simply called a 'student loan.' The 4 methods that Berman suggests not only help the child pay off their student loans quicker, but also help them build a better relationship with their parents. The first method the author suggests to parents is to initiate 'lump-sum payment'. This means to pay off a major part of the debt at once, as opposed to making small payments frequently. This can immediately relieve some stress off of the child, and can avoid the interest from growing. The second method is the opposite of the first, and it is to contribute to pay the loans monthly. This means the parent has to temporarily take over to help pay the loans while the child stabilises their finance inventory. Once they have stabilised their finances, they can take over and resume on paying the loans by themselves. The third method is to provide matching funds by offering a loan-payment match. This methods helps incentivise their children to pay off their loans quicker. The final method that the author suggests is to focus on private loans.  This means to help the child pay off their private debt first, then allow them to pay off their federal debts by themselves. Federal debts usually offer management options for their debts, including the option to cap their payments in percentages based on their income. On the other hand, private debts have high interest rates and offer little protection to crises,  so it would be difficult for students with low income to pay them off by themselves. ]]> 2017-01-11 00:53:47 UTC https://padlet.com/13137/1glcvq34lkix/wish/146414848 13137 https://padlet.com/13137/1glcvq34lkix/wish/146416117 2017-01-11 01:11:18 UTC https://padlet.com/13137/1glcvq34lkix/wish/146416117 How Sweden and Slovakia Are Beating Long-Term Unemployment 13137 https://padlet.com/13137/1glcvq34lkix/wish/146416771 Reports from Sweden and Slovakia looks at the fiscal drain that Europe's long-term unemployment puts on the children, families, and a country's finances. Half of Europe's unemployed has been out of the working sector for over a year, and two-thirds for over two years. To beat this growing concern, Euronews' crash course has several recommendations:  the unemployed should register with an employment service, and receive an individual assessment. With a job-integration agreement, mentoring, further training and education, support for housing, transportation, and child care will be provided. In Slovakia, 9.4 percent are unemployed, and 60 percent of that amount have been out of the work sector for over 2 years. This is because many of the older employees have been unable to adapt to the rapidly changing economy. Slovakia's government implemented several incentives to solve this issue: lowering taxes for low-income workers, granting in-work benefits for the long-term unemployed, and reorganising the their Central Labour Office; and creating sectoral councils that have over 1,000 human resource specialists with the common goal of helping to fill job vacancies. ]]> 2017-01-11 01:21:51 UTC https://padlet.com/13137/1glcvq34lkix/wish/146416771 13137 https://padlet.com/13137/1glcvq34lkix/wish/146417576 “As staff numbers decreased, technology advanced, so fewer workers were needed. So I was made redundant.”

“Unfortunately, my work is more male-oriented and most of the time the employer chooses a man who’s usually younger,” explained Eleonora Orbanova, another worker who is long-term unemployed.

“It is not possible to solve this problem without close cooperation of employers, because they are who are responsible for employment and therefore we have to listen to them, how should look, let me say, the ideal employee or what skills should this employee have.”
]]> 2017-01-11 01:36:38 UTC https://padlet.com/13137/1glcvq34lkix/wish/146417576 Will Fiscal Policy Really Be Expansionary? 13137 https://padlet.com/13137/1glcvq34lkix/wish/146418156 This blog by Paul Krugman of the New York Times talks about the Republican agenda being in force when they take over over the next few days. The Trump agenda looks to end Obamacare, privatising Medicare and sharp cuts to food stamps. These are considered to be spending cuts, which will reduce the disposable income of low to middle class Americans. Krugman believes that once Trump takes over the country, budget deficit is only going to increase. The author also states his uncertainty over whether or not the country will implement fiscal stimulus even if the deficit will inevitably increase under the Trump Administration, but Krugman was able to find Paul Ryan's budget for 2014 from CBPP (Center on Budget and Policy Priorities). On the budget, there was a $5.7 trillion tax cut over the course of 10 years, and $5 trillion in spending cuts. The spending cuts were on the poor and middle class programs, while tax cuts were geared towards the high-class. The author also states the advantages and disadvantages of this budget: cutting taxes in the high-class would have a low multiplier, because the wealthy are likely to be cash-constrained and save most of their income. Cutting discretionary spending, however, would have a high multiplier, because it directly affects the government's ability to purchase goods and services. Cutting programs for the poor would also have a large multiplier, because it reduces the income for people who are living in poverty. After evaluating these facts, the author gives his opinion on this plan, that it is contractionary, not expansionary. Finally, he states his doubts on whether or not Trump's ideas will be any different than Ryan's. ]]> 2017-01-11 01:45:49 UTC https://padlet.com/13137/1glcvq34lkix/wish/146418156 India: Leaping From a Strong Foundation 13137 https://padlet.com/13137/1glcvq34lkix/wish/146681757 In this column by Rana Kapoor, CEO of Yes Bank, he states his foresight on the success of India transitioning to a successful market economy in the near future. He believes that 2016 has laid a very stable foundation for the country to progress from. For example, the reduction in retail inflation and compression of the twin deficits are major accomplishments in the year. During the tail end of 2016, PM Modi delegalised the high denomination currency notes, because it opens up the opportunity of demonetisation. Demonetisation will help with structurally boosting household financial savings, and enhance the monetary policy transmission mechanism. Demonetisation will also incentivise financial inclusion, as a moderation of the currency in circulation will help lower the cost handling cash. Overall, these reforms will help India make more revolutionary transformations in the near future. ]]> 2017-01-12 01:16:48 UTC https://padlet.com/13137/1glcvq34lkix/wish/146681757 The Singapore Model of Economic Growth 13137 https://padlet.com/13137/1glcvq34lkix/wish/147217750 This short commentary article by Frank E. Lobrigo of China Post comments about the success of Singapore's economy due to reckless but yet intelligent risks Singapore's former leader Lee Kuan Yew took to transform the economy. Before Singapore became one of the largest free market economies in the world, it was merely a small island separated from its mother country, Malaysia. Immediately after separation, Singapore felt the newfound challenges of being an individual country, ranging from unemployment, poverty, to strikes and discrimination. To solve this issue, Singapore's then leader Lee Kuan Yew took matters to himself. Instead of trying to solve these issues by transforming into a command economy; establishing government-owned property, controlling production and a restricted trade sector, Lee chose to risk it all by choosing the free-market economy. He privatised property, loosened barriers to commerce, and encouraged trade. He established a deep connection with the corporate world, and especially the western's. He allowed the government to manage the factors of production, and all of these economic reforms allowed Singapore to transform to one of the biggest commercial centres in the world. Lee was truly a man with futuristic ideologies- he did not believe in the traditional economy as he saw no future in it. The degree of success in Singapore today is largely based on the risky decisions that Lee made 50 years ago. ]]> 2017-01-15 06:37:19 UTC https://padlet.com/13137/1glcvq34lkix/wish/147217750 China Announces Reforms to Salt Monopoly 13137 https://padlet.com/13137/1glcvq34lkix/wish/147218738 After over one millennium, the Chinese government has finally decided to ease the monopoly into decline. The State Council has decided to allow salt producers to add iodine in their salt and individually set prices and choose their distribution channels. This reform plan allows for more competition in the salt industry, encourage production efficiency and set lower prices for purchasers and consumers, as opposed to have just one monopoly dominate the whole industry for over 1,000 years. Throughout these 1,000 years, the salt monopoly restricted individual producers from coming in as they were quickly knocked out of business by the monopoly's power. Many years ago, salt acted as a sort of currency, as it was used to pay off debts from constructing the Great Wall. The salt monopoly has previously resisted reforms due to its insurmountable power, but the recent reform has allowed wider opportunities for state producers to distribute their products to purchasers around the country, and the world. However, this encouragement of competitiveness must be guaranteed of the reach of 90 percent of the market. 

]]> 2017-01-15 07:14:17 UTC https://padlet.com/13137/1glcvq34lkix/wish/147218738 Swiss court rejects labour unions’ claim against FIFA concerning Qatar 2022 13137 https://padlet.com/13137/1glcvq34lkix/wish/147219263 This addressing was released by the Football Governance section of the FIFA Official Website. In this short comment, FIFA states its partnership with the Commercial Court of Zurich to reject a claim filed by Dutch trade union FNV, Bangladeshi Free Trade Union Congress and  the Bangladesh Building and Wood Workers Federation concerning the violation of human rights during the construction of venues in preparation for the 2022 Qatar Football World Cup. The document by FIFA states that they are very concerned about human rights, and takes their workers' lives very seriously. They also pledge to address the Qatari authorities to ensure safe and decent work environments for workers working on the World Cup sites. The document ends by providing the readers with FIFA's human rights approach and the ongoing collaboration with the Supreme Committee for Delivery and Legacy on workers’ welfare.]]> 2017-01-15 07:39:46 UTC https://padlet.com/13137/1glcvq34lkix/wish/147219263 Fed minutes show faster pace of rate hikes, chances of faster GDP growth 13137 https://padlet.com/13137/1glcvq34lkix/wish/147219647 The release of minutes by the US Federal Reserve after the December 13-14 policy review hinted at future rate hikes. There were also signs that showed the US Dollar may strengthen over the coming months. The minutes also predict that expansionary fiscal policy could risk inflation, and policymakers see lower chances of inflation easing in the near future. The minutes also predict interest rates to rise, as well as the GDP. Policymakers predict that the pace in which the economy is growing could pick up speed in the new year. However, unemployment rates could rise slightly, even though the Fed minutes noted that the rate has dropped to 4.6 percent. The Fed minutes stated, "“Most participants viewed the cumulative progress in the labour market as having brought labour market conditions to or close to those consistent with the committee’s maximum employment objective.” 


]]> 2017-01-15 07:55:16 UTC https://padlet.com/13137/1glcvq34lkix/wish/147219647 China's demographic future has a big problem 13137 https://padlet.com/13137/1glcvq34lkix/wish/147220277 A recent research has found out that China will have a major demographic problem in the next 50 years. By 2050, China's population will decrease by about 60 million, while the working population will decline by about 212 million. That is the size of the population of Brazil; the world 5th most populated country. The decline in working class population is largely due to the rapid increase of over 65 citizens. As the world's second largest economy and biggest manufacturing country, China will find it difficult to maintain this title by 2050, when the working class is no longer at its peak, like current times. By 2050, the population of children will also decrease, largely due to China's one child policy- a policy to control rapid population growth. A recent projected population pyramid of China in 2050 shows a striking difference to the one now: the largest portion of the pyramid belongs to ages 65 and above, while the least is the working class: 25 years and above, and children. To combat this, China should rethink its one child policy and see if there are any other possible initiatives to attract more foreign workers to the country. ]]> 2017-01-15 08:21:51 UTC https://padlet.com/13137/1glcvq34lkix/wish/147220277 13137 https://padlet.com/13137/1glcvq34lkix/wish/147220471 2017-01-15 08:27:35 UTC https://padlet.com/13137/1glcvq34lkix/wish/147220471