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Essay / Research Paper Abstract
This 5 page paper provides an overview of the U.S. economy in 2002 with the use of a variety of economic indicators. GDP is discussed along with the inflation and unemployment rates. Many aspects are included that look at a ten year period (1992-2002). Three charts are provided. Bibliography lists 11 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA214GNP.rtf
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Unformatted sample text from the term paper:
11th attack was just a catalyst in what has been a declining economy in the United States. Still, in looking at the economy from 1992--just after the mini-recession--to 2002, when
recession is back, what may be gleaned? First, inflation is an important focal point. Some economists say that inflation, as well as the fear of it, affects economic decisions,
reduces efficiency and raises the cost of capital goods but today, many economists concur that zero inflation is ideal (Kuttner, 1996). What has been the inflation rate over the past
ten years? The Consumer Price Index (CPI) is actually the most watched barometer of inflation and when it starts rising, that is when the Federal government will usually step
in (Smith, 1998). In looking at the chart ("Consumer," 2002) of CPI rates over the past ten years, much information is derived. Clearly, inflation
has been inching up and this has probably contributed to the vulnerable economy. Unemployment is another important indicator. Unemployment has only recently been a problem. The last time unemployment
was relatively high was in the 1980s. In 1987, unemployment was 6.7% (Nasar, 1987,p. 64). At the time, this economic indicator was at its lowest in years, but many economists
were frightened by it (1987). Something called the "natural rate of unemployment" was what had economists worried (1987). Milton Friedman, as well as some other theorists, argued that government should
not try to influence the natural rate of unemployment, because it reflects market forces. The eighties debate focused on whether or not to do something about the almost 7% (1987)
unemployment figure that showed signs of going down, but was still not good enough. Some argued that the government should step in. Others believed it should naturally take its course.
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