Relationships between conceptual dimensions of economic development, based on the International Economic Development Council’s definition for economic development which states:

This Model was developed from the SEIR model (Susceptible, Enposed, Infected, Recovered). It was designed to explore relationships between the government policies regarding the COVID-19 and its impact upon the economy as well as well-being of residents. 

Assumptions:

Government policies will be triggered when reported COVID-19 case are 10 or less;

Government Policies affect the economy and the COV-19 infection negatively at the same time;

Government Policies can be divided as 4 categories, which are Social Distancing, Business Restrictions, Lock Down, Travel Ban, and Hygiene Level, and they represented strength of different aspects;

 

Parameters:

Policies like Social Distancing, Business Restrictions, Lock Down, Travel Ban all have different weights and caps, and they add up to 1 in total;

 

There are 4 cases on March 9th; 

Ro= 5.7  Ro is the reproduction number, here it means one person with COVID-19 can potentially transmit the coronavirus to 5 to 6 people;

Interesting Insights:

Economy will grow at the beginning few weeks then becoming stagnant for a very long time;

Exposed people are significant, which requires early policies intervention such as social distancing.

Difficulties with formulae and links

Any activity  requires the use of energy. Economic activity is not possible without energy,  especially fossil fuels. An increase in economic activity necessarily leads to an increase in the use  fossil fuels and greenhouse gas emissions. In addition there will   be a commensurate increase in waste products, pollution and heat. This is dictated by the laws of physics and unavoidable.  A problem arise when the cost of this degeneration caused by continual economic growth surpasses the benefit society derives from it. The ecological economist Professor Herman Daly (2014) explained that when the impact on the ecosystem is correctly measured, global growth has reached a point where the total private and social costs of economic growth outweigh the private and social benefits. In other words, more economic growth is making global society worse off overall - growth has become uneconomic! The model shows that eventually pressures will build up that counteract the perennial belief that all social ills can be solved with economic growth. 

Explanation of the Model

Overview of Part C Ch 11 to 16 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

This model illustrates the current practice and consequences of government spending. Following the direction of the arrows from right to left the model shows the following sequence based on current practice:

Government Spending at a certain point leads to spending in excess of tax receipts. This will automatically lead to the issue of treasuries in the belief that the excess spending must be financed by borrowing (although the government has the capacity to create  money). This in turn will increase the national debt.

 Consequences that follow from this practice:

1) That national debt increases whenever the government spends in excess of tax receipts.

2) That the government must pay interest on the debt issued, which in turn increases and reinforces the need for government spending.

3) That the interest paid on treasuries will increase private sector income.

There is an alternative view, supported by Modern Monetary Theory, of how government spending can proceed. Please see this  Insight: 

https://insightmaker.com/insight/19954

An initial study of the economics of single use coffee pods.

Clusters of interacting methods for improving health services network design and delivery. Includes Forrester quotes on statistical vs SD methods and the Modeller's dilemma. Simplified version of IM-14982 combined with IM-17598 and IM-9773

first draft with forked supply demand example intact

This model simulates the economics of buying a home. It was created to compare buying a home against using investment returns to pay for rent.

Part 2 of Lab 1

Leprino represents the cheesemaking capacity of RCC. Any manufacturers beyond Leprino are explicitly implied to be included