08 Jun Question Outline: The Day the Machines Went Off
Question
Outline: The Day the Machines Went Off
Mercedes Wilson
ECO 316
Harvey Criswell
September 7, 2015
Thesis: This paper is about the after effects of an unexpected shutdown of all the electronic equipment and financial activity due to an electromagnetic pulse.
Introduction:
– Without the machines operating and have electronics running, the economy would plummet. This paper goes through the idea of what would happen in present society and the economy if the machines took a day off.
Body:
1. It would have a drastic impact over the economy of the country because of the changes in the economic transactions frequency.
2. The major impact would be over the use of money and curbing down of the four functions of money like medium of exchange, store of value, unit of account.It leads to very high demand for money and people would like to hold money in their hands irrespective of the interest rate prevailing in the economy.
3. he distribution of goods would be much more inefficient because of the too large discrepancy of distribution of income and access of resources.
4. The employment level would fall drastically as most of the financial activities would come to a halt. People would not be able to find any work accept simple labor jobs but they would also be suffering in the form of non-payment of wages.
5. The demand for paper money would increase too much as people do not have access to banking facilities including non-withdrawal of cash through ATMs. (Ejiofor, 2012)
6. Demand for commodity money like Gold and other such kinds of money will fall because the function of money as unit of account will vanish away.
7. There would be fall in the overall production of goods and services in the economy as they would become insecure about their payments and also they would not be able to purchase raw materials and other inputs from the suppliers.
8. The banking system and Fed can take several emergency steps in order to resume the economy and to reduce the loss amount to its minimum by introducing another source of hard money so that people would have something in their hands to spend.
Conclusion:
Based on what I have researched “Machines” hypothetically take a day off would not be a good thing for the economy. We have turned money in to electronic devices that allow our economy to flow smoothly and without them our economy suffers.
Works Cited
AUTA, E. M. (2007). E-BANKING IN DEVELOPING ECONOMY: EMPIRICAL. journal of applied quantitative methods.
Edward J. Malecki, B. M. (2007). The Digital Economy: Business Organization, Production Processes and Regional Developments. Routledge.
Ejiofor, V. E. (2012). REALISING THE BENEFITS AND CHALLEGIES OF CASHLESS ECONOMY IN NIGERIA: IT PERSPECTIVE. International Journal of Advances in Computer Science and Technology.
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