This model was designed from the SIR
model(susceptible, infected, recovered) to determine the effect of the covid-19
outbreak on economic outcomes via government policy.
Assumptions:
The government policy is triggered when the
number of infected is more than ten.
The government policies will take a negative
effect on Covid-19 outbreaks and the financial system.
Parameters:
We set some fixed and adjusted variables.
Covid-19 outbreak's parameter
Fixed parameter: Background
disease.
Adjusted parameters: Infection rate, recovery rate. Immunity loss rate can be
changed from vaccination rate.
Government policy's parameters
Adjusted parameters: Testing rate(from 0.15
to 0.95), vaccination rate(from 0.3 to 1), travel ban(from 0 to 0.9), social
distancing(from 0.1 to 0.8), Quarantine(from 0.1 to 0.9)
Economic's parameters
Fixed parameter: Tourism
Adjusted parameter: Economic growth rate(from
0.3 to 0.5)
Interesting insight
An increased vaccination rate and testing
rate will decrease the number of infected cases and have a little
more negative effect on the economic system. However, the financial system
still needs a long time to recover in both cases.
BMA708_Assignment 3_Nguyen Dang Khoa Vo_520272_COVID-19 outbreak and Burnie economy
Added several versions of the model. Added a flow to make C increase. Added a factor to be able to change the value 0.5. Older version cloned at IM-46280
If private bond holdings are going down and the government is running a big deficit then the central bank has to monetize bonds equal to the deficit plus the decrease in private bond holdings. We don't show the details of the central bank buying bonds here, just the net results.
See blog at http://howfiatdies.blogspot.com for more on hyperinflation, including a hyperinflation FAQ.
The macroeconomic ruel: SPENDING = INCOME = OUTPUT, WHICH DRIVES EMPLOYMENT is presented here in a schematic form. Output can be taken to be equivalent to GDP. In order to maintain output it is necessary for all the income earned to be spent. If this is not the case, then companies find they have excess unsold stock on their hands and will cut back on production. This, in time, will lead to an increase in unemployment as companies need fewer employees. The shortfall in spending can be made up by any of the three sectors that contribute to total output. However, in cases where a country has a trade deficit and where the private sector is not spending or investing enough, the only option is for the government to Net Spend i.e. to spend more than it collected in taxes causing a fiscal deficit.
Theory of Structural Change for IAMO Research Group
The part-whole paradigm
Examples of
research issues addressed here include the path dependence of farm structures,
regime shifts in land-system change, as well as transitional processes in the
evolution of farm structures and innovation systems. All these issues feature
counter-intuitive systemic properties that could not have been predicted using
standard agricultural economics tools. The key strength of the research group
in regard to the part-whole paradigm is the internationally renowned expertise
in the agent-based modelling of agricultural policy. (More on what happened here until now / is happening now)
The system-environment paradigm
This paradigm is represented by conceptual
research drawing inspiration from Niklas Luhmann’s theory of “complexity-reducing”
and “operationally closed” social systems. The attributes of complexity
reduction and operational closure are shown to generate sustainability
problems, conflicts, social dilemmas, ethical issues, and divergent mental
models. The organizing idea explaining these phenomena is the
complexity-sustainability trade-off, i.e., the tendency of the operationally
closed systems to develop excessive internal complexity that overstrains the
carrying capacity of the environment. Until now, the conceptual work along
these lines has focused on developing the systems-theoretic principles of
ecological degradation and highlighted the sustainability-enhancing role of
nonprofit organizations and corporate social responsibility. Another overarching
topic has been the analysis of connections between Luhmann’s social systems
theory and the evolutionary economics approaches, such as those of Thorstein
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Social determinants of health are economic and social conditions that influence the health of people and communities. These conditions are shaped by the amount of money, power, and resources that people have, all of which are influenced by policy choices. Social determinants of health affect factors that are related to health outcomes. Factors related to health outcomes include:
How a person develops during the first few years of life (early childhood development)
How much education a persons obtains
Being able to get and keep a job
What kind of work a person does
Having food or being able to get food (food security)
Having access to health services and the quality of those services
Peak oil will occur when it is too expensive to
bring oil to the surface and not when reserves reach their limit. Companies
must make a profit to be able to extract oil and stay in the oil business. However, that endeavour is becoming more and
more difficult because of diminishing returns. They have to dig ever deeper to
get to the oil at ever increasing costs,
and the oil they find deep down is of a lesser quality. We have now reached a point where the price
needed by oil companies to make a profit and stay in business is far higher
than the price the market can bear. That
price is probably about $ 100 per barrel - and rising every year! A market
price o $ 100 will almost certainly cause a sharp recession and cause the price
of oil to fall back beyond the point of profitability. For example, the combined
profit of ExxonMobile, Chevron and Conocophillips fell from 80.4 billion in
2011 to only 3.7 billon in 2016 - see URL below. What the market can bear depends
on the spending power of the mass of non-elite workers. The CLD shows the negative
feedback loops that prevent oil prices to rise above the level of affordability. If non-elite workers cannot
afford the goods and services offered, then there will be no demand for them and by
extension for oil. In this situation the
market price will not the cover the cost that oil companies need to extract
oil. Oil supplies will decline and so will economic activity!
This page provides a structural analysis of POTUS Candidate Martin O'Malley based on the information at: https://martinomalley.com/vision/
The method used is Integrative Propositional Analysis (IPA)
available:
http://scipolicy.org/uploads/3/4/6/9/3469675/wallis_white_paper_-_the_ipa_answer_2014.12.11.pdf
