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Eco 353 lecture 3a - The Colonial Economy Theory Please...

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The Colonial Economy Theory
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Please read http://blogs.wsj.com/economics/2010/01/29/a Economic growth rate in 4 th quarter was 5.7% (on an annualized basis). Final sales to domestic customers rose at a 3.9% annual rate. This is good news.
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US Budget Obama’s budget: $3.834 trillion in expenditures $2.5676 trillion in receipts $1.267 trillion in borrowing
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What Cost More? Medicare and Medicaid or Social Security? Defense or all nondefense except Medicare, Medicaid, Social Security?
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US Budget Medicare and Medicaid outlay $1.435 trillion Social Security outlay $0.730 trillion Social Security and Medicare receipts $0.935 trillion Deficit on Medicare and Social Security $1.230 trillion
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US Budget Defense $0.744 trillion Non-defense $0.671 trillion Net Interest 0.250 trillion
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Mercantilism Money is power. Gold and silver are money. The larger your gold and silver stocks, the more powerful is your country.
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Mercantilism What countries today have a Mercantilist economic policy? Is it working for them? Can you have Mercantilism today without the hoarding of gold and silver?
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Mercantilism What do we think generates power today? Roughly, we often think that power is associated with the size of a country’s GDP. The size of a country’s GDP is very different from the size of its holdings of gold and silver.
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Mercantilism Why concentrate on the size of gold and silver holdings? In the 1600s in Europe, countries were just making a transition out of feudalism. Kings, Emperors, and Nobility ruled and largely could do whatever they wanted within their territories.
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