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Respecting diversity is a cornerstone of a harmonious society.In an increasingly globalized world,it is crucial to embrace and appreciate the differences that make each culture and individual unique.Here are some key points to consider when discussing the importance of respecting differences in an English composition:1.Cultural Diversity:Every culture has its own set of values,traditions,and practices. Recognizing and respecting these differences can lead to a richer understanding of the world and foster a sense of global unity.2.Linguistic Diversity:Language is a fundamental aspect of identity.By respecting linguistic diversity,we acknowledge the right of individuals to communicate in their mother tongue and promote multilingualism.3.Religious Diversity:With numerous religions practiced around the world,respecting religious diversity means acknowledging the freedom of belief and the importance of religious tolerance.4.Ethnic Diversity:Ethnic diversity enriches a society with a variety of perspectives and experiences.It is essential to combat racism and discrimination and to celebrate the contributions of all ethnic groups.5.Gender and Sexual Diversity:Recognizing and respecting gender and sexual diversity involves understanding and accepting the spectrum of gender identities and sexual orientations.This includes promoting equal rights and opportunities for all,regardless of gender or sexual orientation.6.Age Diversity:Respecting age diversity means valuing the wisdom of the elderly and the energy of the young,and ensuring that opportunities are available to people of all ages.7.Disability Diversity:It is important to recognize the abilities of people with disabilities and to provide equal access to opportunities and resources.This includes making accommodations and removing barriers that may hinder their participation in society.8.Economic Diversity:Respecting economic diversity involves acknowledging the different levels of wealth and poverty within a society and working towards reducing economic disparities.cational Diversity:Different educational backgrounds and learning styles should be respected and accommodated to ensure that everyone has the opportunity to learn andgrow.10.Political Diversity:In a democratic society,it is important to respect the diversity of political opinions and to engage in constructive dialogue rather than shutting down differing viewpoints.In conclusion,respecting differences is not just about tolerating what is different it is about valuing and learning from those differences.It is through this mutual respect that we can build a more inclusive,understanding,and peaceful world.。
![[美]R·格伦·哈伯德《宏观经济学》R.GlennHubbard,AnthonyP](https://img.taocdn.com/s1/m/c5cc42cdd05abe23482fb4daa58da0116c171f30.png)
Macroeconomics R. GLENN HUBBARD COLUMBIA UNIVERSITY ANTHONY PATRICK O’BRIEN LEHIGH UNIVERSITY MATTHEW RAFFERTY QUINNIPIAC UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle RiverAmsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City So Paulo Sydney Hong Kong Seoul Singapore Taipei TokyoAbout the AuthorsGlenn Hubbard Professor Researcher and Policymaker R. Glenn Hubbard is the dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing Black Rock Closed- End Funds KKR Financial Corporation and MetLife. Professor Hubbard received his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003 he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economy Policy Commit- tee and from 1991 to 1993 he was deputy assistant secretary of the U.S. Treasury Department. He currently serves as co-chair of the nonpar-tisan Committee on Capital Markets Regulation and the Corporate Boards Study Group. ProfessorHubbard is the author of more than 100 articles in leading journals including American EconomicReview Brookings Papers on Economic Activity Journal of Finance Journal of Financial EconomicsJournal of Money Credit and Banking Journal of Political Economy Journal of Public EconomicsQuarterly Journal of Economics RAND Journal of Economics and Review of Economics and Statistics.Tony O’Brien Award-Winning Professor and Researcher Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a Ph.D. from the University of California Berkeley in 1987. He has taught principles of economics money and banking and interme- diate macroeconomics for more than 20 years in both large sections and small honors classes. He received the Lehigh University Award for Distin- guished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fel- low and Lehigh Class of 1961 Professor of Economics. He has been a visit- ing professor at the University of California Santa Barbara and Carnegie Mellon University. Professor O’Brien’s research has dealt with such issues as the evolution of the U.S. automobile industry sources of U.S. economiccompetitiveness the development of U.S. trade policy the causes of the Great Depression and thecauses of black–white income differences. His research has been published in leading journals in-cluding American Economic Review Quarterly Journal of Economics Journal of Money Credit andBanking Industrial Relations Journal of Economic History Explorations in Economic History andJournal of PolicyHistory.Matthew Rafferty Professor and Researcher Matthew Christopher Rafferty is a professor of economics and department chairperson at Quinnipiac University. He has also been a visiting professor at Union College. He received a Ph.D. from the University of California Davis in 1997 and has taught intermediate macroeconomics for 15 years in both large and small sections. Professor Rafferty’s research has f ocused on university and firm-financed research and development activities. In particular he is interested in understanding how corporate governance and equity compensation influence firm research and development. His research has been published in leading journals including the Journal of Financial and Quantitative Analysis Journal of Corporate Finance Research Policy and the Southern Economic Journal. He has worked as a consultantfor theConnecticut Petroleum Council on issues before the Connecticut state legislature. He has alsowritten op-ed pieces that have appeared in several newspapers including the New York Times. iii Brief Contents Part 1: Introduction Chapter 1 The Long and Short of Macroeconomics 1 Chapter 2 Measuring the Macroeconomy 23 Chapter 3 The Financial System 59 Part 2: Macroeconomics in the Long Run: Economic Growth Chapter 4 Determining Aggregate Production 105 Chapter 5 Long-Run Economic Growth 143 Chapter 6 Money and Inflation 188 Chapter 7 The Labor Market 231 Part 3: Macroeconomics in the Short Run: Theory and Policy Chapter 8 Business Cycles 271 Chapter 9 IS–MP: A Short-Run Macroeconomic Model 302 Chapter 10 Monetary Policy in the Short Run 363 Chapter 11 Fiscal Policy in the Short Run 407 Chapter 12 Aggregate Demand Aggregate Supply and Monetary Policy 448 Part 4: Extensions Chapter 13 Fiscal Policy and the Government Budget in the Long Run 486 Chapter 14 Consumption and Investment 521 Chapter 15 The Balance of Payments Exchange Rates and Macroeconomic Policy 559 Glossary G-1 Index I-1ivContentsChapter 1 The Long and Short of Macroeconomics 1WHEN YOU ENTER THE JOB MARKET CAN MATTER A LOT ........................................................ 11.1 What Macroeconomics Is About........................................................................... 2 Macroeconomics in the Short Run and in the Long Run .................................................... 2 Long-Run Growth in the United States ............................................................................. 3 Some Countries Have Not Experienced Significant Long-Run Growth ............................... 4 Aging Populations Pose a Challenge to Governments Around the World .......................... 5 Unemployment in the United States ................................................................................. 6 How Unemployment Rates Differ Across Developed Countries ......................................... 7 Inflation Rates Fluctuate Over Time and Across Countries................................................. 7 Econo mic Policy Can Help Stabilize the Economy .. (8)International Factors Have Become Increasingly Important in Explaining Macroeconomic Events................................................................................. 91.2 How Economists Think About Macroeconomics ............................................. 11 What Is the Best Way to Analyze Macroeconomic Issues .............................................. 11 Macroeconomic Models.................................................................................................. 12Solved Problem 1.2: Do Rising Imports Lead to a Permanent Reductionin U.S. Employment. (12)Assumptions Endogenous Variables and Exogenous Variables in EconomicModels ........................................................................................................ 13 Forming and Testing Hypotheses in Economic Models .................................................... 14Making the Connection: What Do People Know About Macroeconomicsand How Do They KnowIt .............................................................................................. 151.3 Key Issues and Questions of Macroeconomics ............................................... 16An Inside Look: Will Consumer Spending Nudge Employers to Hire................................ 18Chapter Summary and Problems ............................................................................. 20 Key Terms and Concepts Review Questions Problems and Applications Data Exercise Theseend-of-chapter resource materials repeat in all chapters.Chapter 2 Measuring the Macroeconomy 23HOW DO WE KNOW WHEN WE ARE IN ARECESSION ........................................................... 23Key Issue andQuestion .................................................................................................... 232.1 GDP: Measuring Total Production and Total Income ..................................... 25 How theGovernment Calculates GDP (25)Production and Income (26)The Circular Flow of Income (27)An Example of Measuring GDP (29)National Income Identities and the Components of GDP (29)vvi CONTENTS Making the Connection: Will Public Employee Pensions Wreck State and Local Government Budgets.................................................................... 31 The Relationship Between GDP and GNP........................................................................ 33 2.2 Real GDP Nominal GDP and the GDP Deflator.............................................. 33 Solved Problem 2.2a: Calculating Real GDP . (34)Price Indexes and the GDP Deflator (35)Solved Problem 2.2b: Calculating the Inflation Rate ..........................................................36 The Chain-Weighted Measure of Real GDP ....................................................................37 Making the Connection: Trying to Hit a Moving Target: Forecasting with “Real-Time Data” .................................................................................. 37 Comparing GDP Across Countries................................................................................... 38 Making the Connection: The Incredible Shrinking Chinese Economy ................................ 39 GDP and National Income .............................................................................................. 40 2.3 Inflation Rates and Interest Rates ....................................................................... 41 The Consumer Price Index .............................................................................................. 42 Making the Connection: Does Indexing Preserve the Purchasing Power of Social Security Payments ................................................................ 43 How Accurate Is theCPI ............................................................................................... 44 The Way the Federal Reserve Measures Inflation ............................................................ 44 InterestRates .................................................................................................................. 45 2.4 Measuring Employment and Unemployment .. (47)Answering the Key Question ............................................................................................ 49 An Inside Look: Weak Construction Market Persists.......................................................... 50 Chapter 3 The Financial System 59 THE WONDERFUL WORLD OFCREDIT ................................................................................... 59 Key Issue and Question .................................................................................................... 59 3.1 Overview of the Financial System ...................................................................... 60 Financial Markets and Financial Intermediaries ................................................................ 61 Making the Connection: Is General Motors Making Cars or Making Loans .................... 62 Making the Connection: Investing in the Worldwide Stock Market . (64)Banking and Securitization (67)The Mortgage Market and the Subprime Lending Disaster (67)Asymmetric Information and Principal–Agent Problems in Financial Markets...................68 3.2 The Role of the Central Bank in the Financial System (69)Central Banks as Lenders of Last Resort ..........................................................................69 Bank Runs Contagion and Asset Deflation ....................................................................70 Making the Connection: Panics Then and Now: The Collapse of the Bank of United States in 1930 and the Collapse of Lehman Brothers in2008 (71)3.3 Determining Interest Rates: The Market for Loanable Funds and the Market forMoney .......................................................................................... 76 Saving and Supply in the Loanable Funds Market ........................................................... 76 Investment and the Demand for Loanable Funds ............................................................ 77 Explaining Movements in Saving Investment and the Real Interest Rate (78)CONTENTS .。
经济学期末英语作文范文In the contemporary era, globalization has emerged as a dominant force, shaping the economic landscape of nations across the globe. This essay aims to explore the multifaceted impact of globalization on economic development, examining both its advantages and challenges.Firstly, globalization has facilitated the exchange of goods, services, and capital across borders, leading to increased trade and investment. The reduction of trade barriers and the establishment of international trade agreements have allowed companies to access new markets, thereby fostering economic growth. For instance, the European Union's single market has significantly boosted trade among member states, contributing to the region's economic prosperity.Secondly, the spread of technology and information has been accelerated through globalization. This has led to the diffusion of knowledge and innovation, which are crucial for economic development. Developing countries, in particular, have benefited from the transfer of technology, which has improved their productivity and competitiveness.However, globalization also presents several challenges. One of the most significant is the increased vulnerability of economies to global economic fluctuations. The 2008 global financial crisis, for example, demonstrated how interconnected economies can amplify and spread economicdownturns.Additionally, the process of globalization has led to job displacement and wage stagnation in some sectors,particularly in developed countries. As companies seek to reduce costs, they often outsource labor to countries where wages are lower, which can lead to unemployment and social unrest.Another concern is the potential for increased income inequality. While globalization can lift millions out of poverty, it also tends to benefit the skilled and educated more than the unskilled labor force. This can exacerbate existing social divisions and lead to political instability.In conclusion, globalization is a complex phenomenon withfar-reaching implications for economic development. While it offers opportunities for growth and innovation, it also poses risks that need to be managed carefully. Policymakers must strive to create a balanced approach that maximizes the benefits of globalization while mitigating its negative effects. This includes implementing policies that protect the environment, support social welfare, and ensure that the gains from globalization are distributed equitably among all segments of society.。
暑期原汁原味赏析报刊特训专辑day5：Scientific American：Nature's Goods and Services Get Priced经济衡量新指标（GEP）关注经济的可持续发展课前导读：在发展经济的过程中，我们无意识地破坏了自然的某些部分，那是一些对人类的福祉也很重要的部分。
明尼苏达大学环境经济学家斯蒂芬.波拉斯基和他的同事们创造了一种新的测量方法：生态系统生产总值（GEP）。
Gross domestic product, the GDP, is a simple way to describe the health of big, complicated economies. And for the last century, the goal of many countries has been to make their GDP go up.But concentrating only on GDP has had some downsides.“”In growing the economy, we have, as an unintended conse quence, destroyed parts of nature, which are also important for our well-being." said Stephen Polasky, an environmental economist at the University of Minnesota. He and his colleagues have created a new measurement: the gross ecosystem product, or GEP."So that we actually have metrics that say how are we doing on ecosystems management, managing nature—and not just for nature's sake but how is that coming back and influencing our own well-being?So really, GEP is trying to say, What is the contribution of nature to the economy? So in a parallel way to what GDP does in measuring economic performance."Evaluating up the economic value of timber and fisheries is fairly straightforward. But other benefits of a healthy environment can be less obvious.Insects pollinate crops. Intact rivers improve water quality and buffer downstream cities from floods. Thriving ecosystems draw tourists, who spend money."And part of the issue here is that it is difficult to price some of these things.Some people even say, Well, they are priceless. Unfortunately, what it means inZero value in the GDP but not in the GEP.For example, Polasky and his colleagues calculated the figure for Qinghai, a province in western China.They found that the gross ecosystem product exceeded GDP in the year 2000 and equaled three quarters of GDP in 2015.Over that period, GEP rose by 127 percent, thanks to major restoration efforts and the increasing value of water. The results are in the Proceedings of the National Academy of Science. The researchers focused on Qinghai because it's one of several provinces where the Chinese government is experimenting with using GEP as part of its formal decision-making process. For instance, GEP can help officials weigh the pros and cons of potential projects like dams. Or it can be used to show whether local leaders are taking care of the environment and not just expanding the economy.GEP could also serve as the basis for programs that pay residents to be good stewards of natural resources that benefit themselves and others.In Qinghai, such a program could work for water—the province is where the Yellow, Yangtze and Mekong rivers originate, and their waters sustain cities and farms across Asia.Polasky says their work is just a first step, and he expects GEP to be refined over time. But he says we have to start somewhere."If we are actually going to have a sustainable civilization, then we have to pay attention to, kind of, the infrastructure, basically—the essential things that nature does for us—and not continue to just take them for granted."基础知识板块：长句子析练破1. So that we actually have metrics that say how are we doing on ecosystems management, managingnature—and not just for nature's sake but how is that coming back and influencing our own well-being?【翻译】：因此，我们实际上有了衡量指标，_________________________________________________________，而是这对我们自己的福祉有何影响？【剖析】：本句的主句部分：___________________________________.本句的枝叶：that say how are we doing on ecosystems management, managing nature—and not just for nature's sake but how is that coming back and influencing our own well-being为_______________修饰__________________.其中not….but….___________________;破折号进一步解释：how are we doing on ecosystems management, managing nature.2. The researchers focused on Qinghai because it's one of several provinces where the Chinese government is experimenting with using GEP as part of its formal decision-making process.【翻译】：研究人员把重点放在青海省，_______________________________________________________________________________。
计量经济学课程的英语Econometrics is a course that marries economics with statistical methods to analyze economic data. It's like a compass for economists, guiding them through the sea of data to find the hidden treasures of economic relationships.In this course, we learn to use mathematical models to test theories and make predictions. It's not just about crunching numbers; it's about understanding the stories behind them. Each model we construct is like a puzzle piece that helps us see the bigger picture of the economy.One of the most exciting aspects of econometrics is its practicality. We don't just learn theories; we apply them to real-world problems. Whether it's predicting the stock market or analyzing the impact of a new policy, econometrics gives us the tools to make informed decisions.But this course isn't just about the destination; it's about the journey. The process of learning econometrics is a journey of discovery. Each new concept or technique we learn opens up a new way of looking at the world, and each problem we solve is a step forward in our understanding.The language of econometrics is English, but the lessons are universal. Students from all over the world come together in this course, united by a common goal: to understand the complex interactions of the economy and to use thatunderstanding to make a difference.As we progress through the course, we learn not onlyabout econometrics but also about ourselves. We discover our strengths and weaknesses, our passions and interests. And in the end, we come out not just as better economists, but as better thinkers, ready to tackle any challenge that comes our way.In conclusion, the econometrics course is more than justa class; it's an adventure into the heart of the economy.It's a journey that challenges us, teaches us, and ultimately, transforms us. And for those who embrace it, it's a journey that will last a lifetime.。
In todays rapidly evolving world,the concept of a harmonious society has become increasingly important.A harmonious society is one where differences are not only acknowledged but also embraced,leading to a culture of unity in diversity.This essay will explore the significance of embracing differences in creating a harmonious society and the benefits that such a society can offer.Title:Embracing Differences for a Harmonious SocietyIntroductionA harmonious society is not one where everyone is the same,but rather one where each individuals unique qualities are celebrated.This essay will delve into the importance of recognizing and valuing differences in society,and how this can lead to a more cohesive and peaceful community.The Importance of DiversityDiversity is the spice of life,and it is what makes our world vibrant and dynamic.In a harmonious society,diversity is not just tolerated it is celebrated.People of different races,religions,cultures,and backgrounds come together,enriching the community with their unique perspectives and experiences.Cultural Exchange and UnderstandingCultural exchange is a vital aspect of a harmonious society.When people from different cultures interact,they learn about each others traditions,values,and beliefs.This fosters understanding and respect,which are essential for social cohesion.Economic BenefitsA society that embraces diversity often reaps economic benefits.A diverse workforce brings a range of skills and ideas,which can lead to innovation and increased productivity.Moreover,a society that is open to different cultures can attract international businesses and investments,boosting the economy.Social CohesionSocial cohesion is strengthened when differences are embraced.When people feel that their unique identities are valued,they are more likely to contribute positively to society. This leads to a sense of belonging and a willingness to work together for the commongood.Challenges and SolutionsWhile embracing differences is essential for a harmonious society,it is not without challenges.Prejudice,discrimination,and misunderstandings can arise.However,these can be addressed through education,open dialogue,and the promotion of inclusive policies.Education and AwarenessEducation plays a crucial role in fostering a harmonious society.By teaching children about different cultures and promoting respect for diversity from an early age,we can create a foundation for a more inclusive society.Inclusive PoliciesGovernments and organizations should implement policies that promote inclusivity and equal opportunities for all,regardless of their background.This includes policies that support minority groups and ensure that everyone has access to education,healthcare,and other essential services.ConclusionIn conclusion,embracing differences is key to creating a harmonious society.By valuing diversity,we can foster understanding,promote economic growth,and strengthen social cohesion.It is through recognizing and celebrating our differences that we can build a society where everyone feels valued and included.。
In todays globalized world,the concept of diversity and inclusiveness has become increasingly important.Embracing differences and promoting a harmonious coexistence of various cultures,ideas,and perspectives is essential for fostering a progressive and innovative society.The following essay explores the significance of embracing diversity and the role it plays in the development of a new,dynamic,and inclusive society.Title:Embracing Diversity for Inclusive and Innovative DevelopmentIn an era where the world is more connected than ever,the importance of recognizing and valuing diversity cannot be overstated.Diversity,in its many forms,is the driving force behind the evolution of societies,economies,and cultures.It is the key to unlocking new ideas,fostering creativity,and promoting a more inclusive environment where everyone can thrive.Cultural Diversity and Its BenefitsCultural diversity is a rich tapestry that weaves together various traditions,languages,and beliefs.It enriches our lives by exposing us to different ways of thinking and living. When we embrace cultural diversity,we open ourselves to new experiences and perspectives that can challenge our preconceived notions and broaden our understanding of the world.This,in turn,leads to a more tolerant and accepting society where people from all walks of life can contribute their unique talents and ideas.The Role of Education in Promoting DiversityEducation is a critical component in fostering diversity and inclusiveness.By teaching students about different cultures,histories,and perspectives,we can instill a sense of respect and appreciation for the differences that make our world so cational institutions should strive to create an environment where students feel comfortable expressing their individuality and are encouraged to learn from one another.Workplace Diversity and InnovationIn the professional realm,diversity is a catalyst for innovation.A diverse workforce brings together a variety of skills,experiences,and ideas,which can lead to the development of new products,services,and panies that embrace diversity are more likely to be successful in todays competitive global market,as they can better understand and cater to the needs of a diverse customer base.Challenges and SolutionsWhile the benefits of diversity are clear,there are challenges that come with it.Prejudice, discrimination,and a lack of understanding can sometimes hinder the integration of diverse groups.To overcome these challenges,it is essential to promote open dialogue, education,and awareness.Policies that support equal opportunities and protect against discrimination are also vital in creating a more inclusive society.The Future of Inclusive DevelopmentAs we look to the future,the importance of diversity and inclusiveness will only grow. With the rapid pace of technological advancement and globalization,our world is becoming increasingly interconnected.Embracing diversity will be crucial in ensuring that all members of society can participate in and benefit from this interconnectedness. In conclusion,the embrace of diversity is not just a moral imperative it is a practical necessity for the continued development and progress of our society.By recognizing and valuing our differences,we can create a more inclusive,innovative,and prosperous world for all.It is through our collective efforts to understand,respect,and celebrate diversity that we will truly unlock the potential of our global community.。
论经济与可持续发展的平衡英语作文高中Title: The Delicate Dance Between Economic Growth and Sustainable DevelopmentIn the tapestry of modern society, economic growth and sustainable development are often perceived as rivals in a delicate dance, each vying for supremacy. However, striking a harmonious balance between these two forces is not only possible but essential for our future prosperity.The allure of economic growth is undeniable. It promises more jobs, higher standards of living, and increased resources for public services such as education and healthcare. Yet, this path to prosperity comes with a caveat. The relentless pursuit of economic advancement has, time and again, led to environmental degradation, depletion of natural resources, and social inequalities. It begs the question: can we truly thrive if our prosperity is built on an unsustainable foundation?Sustainable development offers an alternative narrative. By advocating for practices that meet our current needs without compromising the ability of future generations to meet their own, it promises a vision of long-term ecological and social well-being. But herein lies a dilemma: achieving sustainability often requires upfront costs and adjustmentsthat may initially seem at odds with rapid economic growth.However, the notion that economic growth and sustainability are inherently contradictory is a misconception. The true challenge lies in aligning our economic models with sustainable principles, crafting a framework where profit and purpose go hand in hand. Take, for instance, the concept of a circular economy. By redesigning products and processes to minimize waste and maximize resource use, we can foster economic activities that are renewable and restorative by nature. This not only benefits the environment but also unlocks innovation and economic opportunities.Consider the success stories like Denmark's transition to wind energy or Singapore's vision of a 'Garden City'. These examples illustrate how embracing sustainable practices can spur economic growth through innovation, job creation, and new industries. They show us that when we prioritize sustainability, we are not sacrificing economic vigor but rather planting seeds for a thriving and resilient economy.Yet, achieving this balance is a complex endeavor that requires collective effort and smart policy-making. Governments, businesses, and citizens alike must work together to embrace sustainable practices, support greentechnologies, and encourage responsible consumption. Education plays a pivotal role in shaping a culture that values sustainability. By informing and inspiring future generations to appreciate the symbiosis between economic growth and environmental stewardship, we empower them to make conscientious choices.In conclusion, while the relationship between economic growth and sustainable development is complex, it is far from irreconcilable. By viewing these two objectives through the lens of synergy rather than trade-off, we open doors to a future where economic flourishing is not just fleeting but enduring and inclusive. As we stand at the crossroads of our economic and ecological destinies, let us ask ourselves: what kind of prosperity do we truly seek, and how will our choices today shape the tomorrow we leave behind?。
生态和经济学英语作文模板Title: The Interplay of Ecology and Economics。
Introduction。
The relationship between ecology and economics is a complex and often contentious one. On one hand, ecological concerns often clash with economic interests, leading to debates about the trade-offs between environmental protection and economic growth. On the other hand, there is an increasing recognition that a healthy environment is essential for sustainable economic development. In this essay, we will explore the interplay between ecology and economics, and examine how these two fields can work together to create a more sustainable and prosperous future.The Economic Value of Ecosystem Services。
One of the key ways in which ecology and economics intersect is through the concept of ecosystem services. Ecosystem services are the benefits that humans derive from natural ecosystems, such as clean air and water, fertile soil, and climate regulation. These services are often taken for granted, but they are essential for human well-being and economic prosperity. For example, healthy ecosystems provide the raw materials for industries such as agriculture, forestry, and fisheries, and they also play a crucial role in regulating the Earth's climate and providing natural disaster protection. In economic terms, the value of these ecosystem services is often immense, and their loss can have significant negative impacts on human welfare and economic development.The Costs of Environmental Degradation。
Diversity Matters*The Economic Geography of Industry Location in IndiaSomik V. LallDevelopment Research GroupWorld Bank, Washington, DC, USAslall1@Jun KooDevelopment Research GroupWorld Bank, Washington, DC, USAkkyojun@Sanjoy ChakravortyDepartment of Geography and Urban StudiesTemple University, Philadelphia, PA, USAsanjoy@AbstractHow does economic geography influence industrial production, and thereby affect industrial loca-tion decisions and the spatial distribution of development? For manufacturing industry, what arethe externalities that matter, and to what extent? Are these externalities spatially localized? We an-swer these questions by analyzing the influence of economic geography on the cost structure ofmanufacturing firms by firm size for eight industry sectors in India. The economic geography fac-tors include market access, and local/urban externalities, which are concentration of own industryfirms, concentration of buyer-supplier linkages and industrial diversity at the district (i.e., local)level. We find that industrial diversity is the only economic geography variable that has a signifi-cant, consistent, and substantial cost-reducing effect for firms, particularly small firms. This find-ing calls into question the fundamental assumptions regarding localization economies, and raisesfurther concerns on the industrial development prospects of lagging regions in developing coun-tries.JEL Classification: R120, R340, L600World Bank Policy Research Working Paper 3072, June 2003The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presenta-tions are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not nec-essarily represent the view of the World Bank, its Executive Directors, or the countries they represent. Policy Re-search Working Papers are available online at .* This paper has been funded by a World Bank Research Grant 77960, “The Economic Geography and Political Economy of Industrial Location.” We are grateful to the Central Statistical Organization (CSO), Government of India, for making the firm level data available for this study. We would like to thank Zmarak Shalizi, Anthony Venables, and participants of the 2003 UNU/WIDER Tokyo conference on “Spatial Inequality in Asia” for useful comments and suggestions.Diversity MattersWhere do different industries locate? What factors influence the spatial distribution of economic activity within countries? Finding answers to these questions is important for understanding the development potential of sub national regions. This is particularly important for developing countries as they have relatively lower levels of overall investment and economic activity is con-centrated in one or a few growth centers. Thus, regions that do not attract dynamic industries are not only characterized by low productivity, but also by lower relative incomes and standards of living. These questions on industry location and their implications are not new. Examining the locational aspects of economic activity has long been of interest to geographers, planners, and regional scientists (Weber, 1929; Lösch, 1956; Hotelling, 1929; Greenhut and Greenhut, 1975, Isard 1956, Von Thunen, 1966). However, analytic difficulties in modeling increasing returns to scale marginalized the analysis of geographic aspects in mainstream economic analysis (Krug-man 1991a). Recent research on externalities, increasing returns to scale, and imperfect spatial competition (Dixit and Stiglitz 1977; Fujita, et al. 1999; Krugman 1991b) has led to renewed interest in analyzing the spatial organization of economic activity. This is especially true in the case of geographic concentration or clustering.Models in the ‘New Economic Geography’ literature (see review in Fujita, Krugman, and Venables, 1999) allow us to move from the question ‘Where will manufacturing concentrate (if it does)?’ to the question ‘What manufacturing will concentrate where?’ These insightful theoreti-cal models provide, for the most part, renewed analytical support for the “cumulative causation” arguments made in earlier decades on the core-periphery relationship, on agglomeration econo-mies, and on industrial clustering. We are interested in finding empirical answers to these (very old) questions, and to go beyond, to ask, “What manufacturing will locate where and why”?To understand the process of industrial location and concentration, it is important to first analyze the location decisions of firms in particular industries. The location decision of the indi-vidual firm may be influenced by several factors. These include (a) availability of infrastructure, and the external economies provided by localization and urbanization, i.e., the “economic geog-raphy”, (b) local wages, taxes, subsidies, and incentives, i.e., the “political economy”, and (c) history, being “accidental”. Here we focus on the economic geography characteristics. We de-velop and estimate an economic model to assess the impacts of region specific characteristics on location choices of firms in well defined industries. For the empirical application, we use micro level establishment data for Indian industry to examine the contribution of regional characteris-tics on location choices. Our concept of regional characteristics extends beyond its natural geog-raphy. Rather than focusing on inherent characteristics such as climate and physical distance to the coast and market areas, we analyze the economic geography of the region. Economic geogra-phy characteristics include two elements: market access, represented by the transport network linking a location to market centers; and spatial externalities, represented by the local presence of buyers and suppliers to facilitate inter-industry transfers, the local presence of firms in the same industry to facilitate intra-industry transfers, and the diversity of the local industrial base. Drawing on testable hypotheses from the New Economic Geography (NEG) literature, this analysis provides the micro-foundation for understanding whether a region’s economic geogra-phy influences location decisions at the firm level. Only by first explaining these decisions, will it be possible to build a general framework for evaluating the overall spatial distribution of eco-nomic activity and employment.Using plant or “factory” level data for 1998-99, from the Indian Annual Survey of Indus-tries (ASI), we examine location choices in eight manufacturing industries.1 These are (with Na-tional Industrial Classification [NIC] codes in parenthesis):1. Food Processing (151, 152, 153, 154, 155)2. Textiles and Textile products, including wearing apparel (171, 172, 173, 181)3. Leather and leather products (191, 192)4. Paper products, printing and publishing (210, 221, 222)5. Chemical, chemical products, rubber and plastic products (241, 242, 243, 251, 252)6. Basic Metals and Metal Products (271, 272, 273, 281, 289)7. Mechanical Machinery and Equipment (291, 292)8. Electrical and Electronics (including computer) Equipment (292, 300, 31, 32)These plant level data are supplemented by district and urban demographic and amenities data from the 1991 Census of India and detailed, geographically referenced information on the availability and quality of transport infrastructure linking urban areas (CMIE, 1998; ML In-fomap, 1998).The Annual Survey of Industries (ASI) data allow us to identify each plant at the district level spatially and at the four digit SIC level sectorally.This paper is organized in three parts. In Part I, we present the analytic framework and specify the econometric model to examine location decisions at the firm level.2 In Part II, we discuss results from the econometric analysis. Part III briefly summarizes the contributions and1By grouping firms into carefully defined sectors (rather than examining all manufacturing together), we can iden-tify the differential impact of regional characteristics or geographic externalities across industries. For example, in comparison to Food Processing, which is closely linked to the traditional rural industrial base, industries such as Machinery, Metals, and Computers and Electronics are relatively footloose urban industries subject to considerable agglomeration economies.2The ASI provides information on plants or factories, which are the units of production. These are roughly equiva-lent to the use of establishment level data. The industry survey does not allow us to identify enterprises to whom individual establishments may be linked.implications of the findings. The principal conclusion is that only one economic geography vari-able—local economic diversity—has significant, consistent, and substantial cost-reduction ef-fects. Hence, diversity matters.I. M ODEL OF I NDUSTRY L OCATION1.1 Analytic FrameworkThe analytic framework to examine location of manufacturing industry primarily draws on recent findings from the NEG literature. In the ‘new economic geography’ literature Krugman (1991a, 1991b) and Fujita et al. (1999) analytically model increasing returns, which stem from mostly pecuniary externalities.3 They emphasized the importance of supplier and demand linkages and transportation costs. Firms prefer to produce each product in a single location given fixed pro-duction costs, and firms also prefer to locate their production facilities near large markets to minimize transportation costs.Drawing upon Fujita and Thisse (1996) and Fujita (1989), we model firms to benefit from externalities arising from being co-located with other firms. If a(x, y) is the benefit to a firm at x obtained from a firm at y, and f(y) denotes the density of firms at each location y∈X then,∫≡XdyyfyxaxA)(),()( (1)3NEG’s approach bears a strong resemblance to Marshall (1890) and Weber (1929) in many ways. However, unlike its predecessors, new economic geographers place less emphasis on technology spillovers as a source of ex-ternalities than on labor pooling and specialized suppliers. Krugman (1991) argued that externalities from technol-ogy spillovers are difficult to measure, and therefore, cannot be modeled. Instead, he argued that under increasing returns to scale and imperfect competition, pecuniary externalities have clear welfare effects due to the variety of market size effects (i.e., each firm’s monopoly power can affect the production function of other firms through buy-ing and selling in the market) (Krugman, 1993). By focusing on pecuniary externalities (or rent spillovers) rather than technology spillovers, NEG tries to focus the general discussion on externalities.Thus, A(x ) represents the aggregate benefit accrued to a firm at x from the externalities created in location X . Assuming that production utilizes land (S f ) and labor (L f ) with rents of R(x ) and W(x ) respectively at x , a firm located at x ∈ X would maximize profits subject to:f f L x W S x R x A x )()()()(−−=Π (2)Note that, as an aggregate term, the density of firms at each location, f(y), can represent regional economic attributes based on inter-firm relationships (in other words economic geogra-phy). Specifying types of such attributes unpacks the sources of spatial externalities, which have been often treated as a black box in neoclassical urban system models (Henderson 1974, 1977, 1988). First, a large geographic concentration of similar firms can provide scale economies in the production of shared inputs. Besides, firms that utilize similar technologies and face com-mon issues are more likely to collaborate with one another to share information on a variety of issues from problem solving to the development of new production technologies. Second, the benefits from locating near own industry concentrations can be augmented by the presence of inter related industries. To a large extent, the work on inter-industry externalities have been mo-tivated by research on industry clusters. Clusters can be defined as a geographically concentrated and interdependent network of firms linked through buyer-supplier chains or shared factors. The success of an industry cluster hinges on how well such local linkages among firms, education and research institutions, and business associations can be developed. The ‘cluster’ concept par-ticularly emphasizes interfirm relations that reduce the cost of production by lowering transac-tion costs among firms (Porter 1990). Interrelated firms located in proximity can reduce their transportation cost for intermediate goods and can share valuable information on their products more easily. Therefore, for profit maximizing firms, the presence of a well-developed network of suppliers in a region is an important factor for their location decision. Lastly, economic diver-sity of a region is another important source of spatial or location based externalities. Firms lo-cated in larger metro area are more likely to benefit not only from inter-industry technology spillovers but also from easier access to producer services such as legal services or banking.Transport costs are also important in determining the location choice of firms. Krugman (1991b) shows that manufacturing firms tend to locate in regions with larger market demand to realize scale economies and minimize transportation cost. If transport costs are very high, then activity is dispersed. In the extreme case, under autarky, every location must have its own indus-try to meet final demand. On the other hand, if transport costs are negligible, firms may be ran-domly distributed as proximity to markets or suppliers will not matter. Agglomeration would occur at intermediate transport costs when the spatial mobility of labor is low (Fujita and Thisse 1996). We therefore expect a bell shaped (inverted U shaped) relationship between the extent of spatial concentration and transport costs.To include transport costs in a firm's location decision, we modify equation (2) as:)()()()()(x TC L x W S x R x A x f f −−−=Π (3)where TC(x) represents the transport costs of the firm at location x . With a decline in transport costs, firms have an incentive to concentrate production in a few locations to reduce fixed costs. Transport costs can be reduced by locating in areas with good access to input and output mar-kets. Thus, access to markets is a strong driver of agglomeration towards locations where trans-port costs are low enough that it is relatively cheap to supply markets. In addition to the pure benefits on minimizing transport costs, the availability of high quality infrastructure linking firms to urban market centers increases the probability of technology diffusion through interac-tion and knowledge spillovers among firms, and also increases the potential for input diversity (Lall et al., forthcoming). Analytical models of monopolistic competition generally show thatactivities with increasing returns at the plant level are pulled disproportionately towards loca-tions with good market access.The analytic framework in this section highlights the importance of economic geography in influencing location and agglomeration at the firm level. Insights from NEG and regional sci-ence models suggest that own and inter-related industry concentrations, availability of reliable infrastructure to reduce transport costs and enhance market access, regional amenities and eco-nomic diversity are important for reducing costs, thereby influencing location and agglomeration of industry. In Section 1.2, we describe the economic geography variables that are used in this analysis. The econometric specification to evaluate the importance of these variables is described in Section 1.3. The empirical strategy is to estimate a cost function to see how costs (thereby profits) are affected by the economic geography of the region where the firm is located. If spe-cific factors related to the local economic geography have cost reducing impacts, then firms are likely to choose regions with disproportionately higher levels of these factors.1.2 Economic Geography VariablesOwn industry concentration:The co-location of firms in the same industry (localization economies) generates exter-nalities that enhance productivity of all firms in that industry. These benefits include sharing of sector specific inputs, skilled labor, and knowledge, intra-industry linkages, and opportunities for efficient subcontracting. Firms that share specialized inputs and production technologies are more likely to cooperate in a variety of ways. In many industries, it is common for competitors in the market to launch joint projects for new product and process development. Further, a dis-proportionately high concentration of firms within the same industry increases possibilities for collective action to lobby regulators or bid-prices of intermediate products.There is considerable theorizing on localization economies in the works of Marshall (1890), Arrow (1962), and Romer (1986). They argue that cost-saving externalities are maxi-mized when a local industry is specialized (often called MAR externalities), and their models predict that externalities predominantly occur within the same industry. Therefore, if an industry is subject to MAR externalities, firms are likely to locate in a few cities where producers of that industry are already clustered. Examples of highly localized industries are ubiquitous. Semi-conductor and software in Silicon Valley and automobile in Detroit are classic cases in point. Later, Porter (1990) also emphasized the importance of dynamic externalities created in special-ized and geographically concentrated industries.There is an extensive empirical literature supporting the positive effects of localization economies (Henderson 1988, and Ciccone and Hall 1995). In a recent study of Korean industry, Henderson et al. (1999) estimate scale economies using city level industry data for 1983, 1989, and 1991-93, and find localization economies of about 6 to 8 percent. However, while industry concentration provides many benefits, some of these may be offset by costs from enhanced com-petition between firms for labor and land causing wages and rents to rise, as well as higher trans-port costs due to congestion. Therefore, the net benefits of own industry concentration may be marginal for sectors with low skilled labor and standardized technologies.There are several ways of measuring localization economies. These include own industry employment in the region, own industry establishments in the region, or an index of concentra-tion, which reflects disproportionately high concentration of the industry in the region in com-parison to the nation. We use own industry employment in the district to measure localizationeconomies. This measure is consistent with the type of benefit spillovers specified in equation (1), where localization economies come from the absolute volume of other activity in the district. Own industry employment is calculated from employment statistics provided in the 1998-99 sampling frame of the ASI, which provides employment data on the universe of registered indus-trial establishments in India. The sample data used for the cost function estimation are drawn from this sampling frame.Inter-Industry LinkagesIn addition to intra-industry externality effects, we also include a measure to evaluate the importance of inter-industry linkages in explaining firm level profitability, and thereby location decisions. The importance of inter-industry linkages as a major agglomerative force was first in-troduced by Marshall (1890, 1919). Venables (1996) recently demonstrated that agglomeration could occur through the combination of firm location decisions and buyer-supplier linkages even without high factor mobility. The presence of local suppliers can reduce transaction costs and therefore increase productivity. Inter-industry linkages can also serve as a channel for vital in-formation transfers. Firms that are linked through stable buyer-supplier chains often exchange ideas on how to improve the quality of their products or on how to save production costs. It is such on-going interactions that make the dynamics of inter-industry externalities so vibrant. Therefore, if the performance of an industry is highly dependent upon the supply of high-quality intermediate goods (e.g., automobile manufacturing), firms are likely to locate in regions with a strong presence of local suppliers. The presence of local supplier linkages makes buyer industries more efficient and reinforces the localization process.There are several approaches for defining inter-industry linkages: input-output based, la-bor skill based, and technology flow based. Although these approaches represent different as-pects of industry linkages and the structure of a regional economy, the most common approach is to use the national level input-output accounts as templates for identifying strengths and weak-nesses in regional buyer-supplier linkages (Feser and Bergman 2000). The strong presence or lack of nationally identified buyer-supplier linkages at the local level can be a good indicator of the probability that a firm is located in that region.To evaluate the strength of buyer-supplier linkages for each industry, we use the summa-tion of regional industry employment weighted by the industry’s input-output coefficient col-umn vector from the national input-output account:ir i n i ir e L ω1=∑= (4)where L ir is the strength of the buyer supplier linkage, ωi is industry i ’s national input-output co-efficient column vector and e ir is total employment for industry i in district r . This is similar to the measure used in Koo (2002) to define the strength of buyer-supplier chains. The measure examines local level inter-industry linkages based on the national input-output accounts. The national I-O coefficient column vectors describe intermediate goods requirements for each indus-try (i.e., inter-industry linkages). Assuming that local industries follow the national average in terms of their purchasing patterns of intermediate goods, national level linkages can be imposed to the local level industry structure for examining whether region r has a right mix of supplier industries for industry -i . By multiplying the national input-output coefficient column vector for industry i and the employment size of each sector in region r (a district is used as a geographical unit for buyer-supplier linkage analysis), simple local employment numbers can be weighted based on what industry i purchases nationally.Indeed, the importance of local linkages is determined by the size of its industrial base (e.g., employment in each industry) and the extent to which local industries can provide interme-diate goods for local firms (from the IO coefficient vector). In this case, our measure takes two important aspects of buyer-supplier linkages into account--fit and size. While computing the in-dicator, we noticed that the industry categories in the NIC system and in IO accounts do not have an exact match. Therefore, we first developed a concordance table between them before multi-plying w i and e ir. Data on input output transactions are from the Input Output Transactions Table 1993-94, Ministry of Statistics and Programme Implementation.Economic DiversityIn addition to buyer-supplier linkages, there are other sources of inter-industry external-ities. Prominent among these is the classic Chinitz-Jacobs diversity. The diversity measure pro-vides a summary measure of urbanization economies, which accrue across industry sectors and provide benefits to all firms in the agglomeration. Chinitz (1961) and Jacobs (1969) proposed that important knowledge transfers primarily occur across industries and the diversity of local industry mix is important for these externality benefits. They argue that cities are breeding grounds for new ideas and innovations due to the diversity of knowledge sources concentrated and shared in cities. The diversity of cities facilitates innovative experiments with an array of processes, and therefore new products are more likely to be developed in diversified cities. Therefore, industries with Jacobs type externalities tend to cluster in more diverse and larger metro areas. (Recently, Duranton and Puga (1999) designed a model providing the micro-foundations of a Jacobs-type model.) The benefits of locating in a large diverse area go beyond the technology spillovers argument. Firms in large cities have relatively better access to businessservices, such as banking, advertising, and legal services. Particularly important in the diversity argument is the heterogeneity of economic activity. On the consumption side, increasing the range of local goods that are available enhances the utility level of consumers. At the same time, on the production side, the output variety in the local economy can affect the level of output (Abdel-Rehman 1988, Fujita 1988, Rivera Batiz 1988). That is, urban diversity can yield exter-nal scale economies through the variety of consumer and producer goods. Recent empirical studies by Bostic et al. (1997) and Garcia-Mila and McGuire (1993) show that diversity in eco-nomic activity has considerable bearing on the levels of regional economic growth. The later type of benefit is particularly important in developing countries, where most manufacturing in-dustries are based on low skills and low wages but abundant local labor forces.In this study, we use the well-known Herfindahl measure to examine the degree of eco-nomic diversity in each district. The Herfindahl index of a region r (H r ) is the sum of squares of employment shares of all industries in region r :2)(r jrj r E E H ∑= (5)Unlike measures of specialization, which focus on one industry, the diversity index con-siders the industry mix of the entire regional economy. The largest value for H r is one when the entire regional economy is dominated by a single industry. Thus a higher value signifies lower level of economic diversity. Therefore, for more intuitive interpretation of the measure, for the diversity index in our model, H r is subtracted from unity. Therefore, DV r =1-H r . A higher value of DV r signifies that the regional economy is relatively more diversified.The results from empirical studies on the relative importance of specialization and diver-sity are mixed. Glaeser et al . (1992) find evidence only in favor of diversity. On the other hand, Miracky (1995) finds little evidence to support the diversity argument. Henderson et al . (1995)show that the relative importance depends on the choice of industry. They find evidence of spe-cialization externalities in mature capital goods industries and of diversity externalities in new high-tech industries. These findings are consistent with the product cycle theory (Vernon 1966) which predicts that new industries tend to prosper in large and diverse urban area, but with ma-turity, their production facilities move to smaller and more specialized cities.Market Access (MA)In principle, improved access to consumer markets (including inter-industry buyers and suppliers) will increase the demand for a firm's products, thereby providing the incentive to in-crease scale and invest in cost reducing technologies. The distance from and the size and density of market centers in the vicinity of the firm determine access to markets. The classic gravity model, which is commonly used in the analysis of trade between regions and countries (Evennet and Keller 2002), states that the interaction between two places is proportional to the size of the two places as measured by population, employment or some other index of social or economic activity, and inversely proportional to some measure of separation such as distance. Following Hansen (1959):∑=j b ij j c i d S I (6)where I i c is the ‘classical’ accessibility indicator estimated for location i , S j is a size indicator at destination j (for example, population, purchasing power or employment), d ij is a measure of dis-tance (or more generally, friction ) between origin i and destination j , and b describes how in-creasing distance reduces the expected level of interaction. Empirical research suggests that sim-ple inverse distance weighting describes a more rapid decline of interaction with increasing dis-。
