B84334 - blog

I really like how the course of English for Economics 3 change in comparison with other two previous courses. I really like that this course material was more focus in Economics. The previous courses were more focused in review English grammar material, but this course was more focus in Economics aspects. 

We learnt about learnt about loans, retail banking, interest rate and other topic related to the Economy.  I really enjoy the group activities that put us in a position of Bank or a customer. Because we learnt about all theory in other courses, but we never think what are the worries of a bank or what is needed for a costumer to make a loan. It was very educative to try to simulate all this this process, so we can learn all this stuff that may not be important for the theory, but are really important or interesting in the reality. The Guest lecture were very interesting, because discuss and learnt about some topics in Economy, that we may never think of investigate or experience before. The Working Guides were very useful, because with the help of book program, some videos and audio material I feel more prepare in knowledge of the material were going to review in the next class.  

During the lecture we learnt about Pluralism in economics. We quickly review how different schools of economics develop during the time. We start from the classic theory, which has a classic con concern about accumulation and growth and support the Say’ s Law. The Say’s Law establish that all supply creates their own demand. Then we have the Marxian Theory, which don’t support the Say’s law. After that we have theories like Neoclassical Theory, Keynes Theory and more. It is important to mention that these theories are based on two schools. This schools are orthodox school and the Heterodox school. Some of the major difference in this schools are for example the method used to analyze. The Heterodox school use a method organicism that define individuals as social beings under the influence of the environment. In the other hand we have the Orthodox school method of Individualism, which focuses on analyzing the individuals and their preference. 

Answer A and B in the after watching in Unit 9 in the support material. 

A. 

Hyperinflation in Zimbabwe:  

The hyperinflation in Zimbabwe start in February 2007. It is hard to determine how big the inflation was, when the hyperinflation started, because the Government of Zimbabwe stop give official statistic of the inflation, but around November the inflation was in 79,600.000.00%. Some of the causes of this extremely high hyperinflation was the constant print of local money in answer to the high national debt and shortage of goods. In answer of the inflation people start to don’t use the local currency and start use goods as currency or start to use foreign currency. As a solution of this problem the government finally stop to print more local currency and start to use US dollars. 

Hyperinflation in South Sudan 

Just like Zimbabwe South Sudan has suffer a big impact thanks the hyperflexion. One of the main causes of this hyperinflation is the war. Thanks to that one of the biggest problems that South Sudan is suffering is Hunger. Around 70% of the population in 2007 suffer poverty. The inflation was around 550% in 2007. Thanks to the war and hyperinflation the production of goods hasn’t improve and thanks to the situation the Hunger and Poverty in South Sudan hasn’t improve. 

Hyperinflation in Venezuela  

The hyperinflation in Venezuela started in 2016, in the first year of power Nicolas Maduro. One of the main causes of the hyperinflation is the overproduction of local currency as response of the low value of the local currency. The reaction of printing more currency only cause more problems and cause the inflation to go higher as before. This situation causes the inflation to go higher every day, for example it was estimated that the monthly inflation rises more than 50%. In 2018 the inflation reaches around the tremendous number of 130,00%. This causes that a big part of population migrates outside of Venezuela to find better paid opportunities. 

B. 

Central Bank independence:  

The Central Bank of Costa Rica

The Central Bank of Costa Rica is an autonomous institution under public law. It has his own assets and is part of the National Banking System. The Central Bank of Costa Rica was established in response of the situation that suffering the country, which was after events of the first World War. The Country suffering a reduce of incomes and the Bank system, which was formed of private banks, refused to give a loan to the Government. In response of this situation, it was created the first independence Bank, which was call International Bank. 

One of the main roles of the Central Bank of Costa Rica is keep inflation low as possible. The Cental Bank of Costa Rica also the responsibility to interfere with the exchange rates to prevent big shocks in the exchange rates in short time period. Another role that the central Bank of Costa Rica has is providing Banking Services to the Government of Costa Rica and financial Institution. The Central Bank of Costa Rica is also in charge of providing economic advice to the Government.   

Some of the challenge that the Central Bank of Costa Rica is trying to face is the age of Digitalization. In answer of this the Central Bank of Costa Rica had been trying to promote any type of digital transaction to their customers. 

How does language, economics and the language of economics function as an instrument of power? 

Language can change the way the world sees us. Language is the way we communicate with the world, but also can be use to describe and categories the people. You can determine from where is a person base on their language. Also, you evaluate how is the education level of person base their language and their vocabulary. We can also use language in our favor, we can use language to give the world a perception us a intellectual, trustworthy person. You are going to be judge by your language, but you can use your language in your favor to implant the ideas you want in the population.  

Economics can also be instrument of power. Afterall if you understand the economic behaver of the world, you can predict how the economy may change in the future. With that information you can be prepare for the economic impacts that will affect our life in the future and plan how to make a profit of them or reduce the damage income they may produce. 

Before watching: 

1. What are Retail Banking top trends? 

Big data, Artificial Intelligence cognitive computing and minimizing inconvenience for the costumers. 

2. What do consumers want?    

More innovation, so they can receive a digital experience  

3. What is Retail Banking doing? 

They are improving customer's digital experience  

While Watching:  

Video:

Read the Preface and Chapter 1 in Economics: A User's Guide and write a short summary and your response/opinion. 

Summary:  

Most of the people, when heard the world economic, think in an extremely hard or impossible to understand subject. They can listen to expert Economist talking about a subject, but they don’t listen to arguments or explanation of the Economist. Because they think they wouldn't understand the reasoning or the arguments of the Economist, so they just want the conclusion on the simplest words possible.  But this doesn’t have to be this way. Economic can be explain in plain terms. This fear Economic usually happen because a lot tend relate to a science such physics or chemistry and like every other science the experts tend to complicated more than it has to be. Actually, in contrast with other science Economic tend to fail to predict the world because human factor can be unpredictable. Thanks to this unpredictable nature it is import that more people start to take in interest in economics topics, so they can start to interreact and discuss economics topics. 

Then the author tells us that according to some of the most popular books, economics is about everything. But then the author tells us two different difference definition of Economist. The first tells us that Economics is the study of the human rational choice, so economist can be the study of almost everything for example marriage, birth rate, crime or drugs addition. The second definition says that Economist is the study of the Economy. Then the Autor describe Economy as not only anything that has to do with money as for example jobs. Economy also refers as transaction not only of cash also of goods, the consumption of goods and services and last term that the Autor use to describe Economy is the production, which use labor and recourses. 

Response/Opinion: 

Why did you decide to study Economics? Why is it important in Costa Rica and the world? What type of economics interests you the most? Where would you like to work in the future?