22 Jul WHAT SHOULD BE DONE TO CORRECT THE CURRENT SITUATION IF ANYTHING?
You are an economist and are asked to comment on the following.
Mr./Ms. Economist What is going on in the economy and how will this effect our business in our state of Ohio? What should be done to correct the current situation if anything?
Follow the following steps:
(1) Learning Objectives
Practice and experience in reflecting on a topic in the current economy.
Practice in analysis of economic trends.
Gaining of confidence about talking about the economy.
Ability to know and use the resources of economic commentary prior analysis and data.
(2) Background on the problem at hand lots to read first.
My aunt who is very savvy claims a depression is approaching. We have experienced a deep recession with a long recovery but what does the future portend? Is this country back on track or still well below the mark?
One thing is certain the immediate economic future is uncertain.
Your job is to write an essay on a proposition below about the current state of the economy and what it portrays for the future of business in Ohio.
First some definitions
What is a business cycle and what is a recession?
A business cycle is a mapping over time of the health of the economy whether the economy is in recession growing in an expansion at a peak or contracting.
http://economics.about.com/cs/studentresources/f/business_cycle.htm
What is the difference between recession and depression?
http://economics.about.com/cs/businesscycles/a/depressions.htm
Here is an article about the Great Depression from the CEE.
http://www.econlib.org/library/Enc/GreatDepression.html
Here is an article on Business Cycles written by Christine Romer from the CEE. (Who served in the the administration of President Obama?)
http://www.econlib.org/library/Enc/BusinessCycles.html
Some data sources for the United States can be found at the following. You will have to find Ohio data on your own.
Economic Indicators (for the US) main page http://www.gpoaccess.gov/indicators/index.html
Economic Report of the President
http://www.gpoaccess.gov/eop/index.html
Bureau of Labor Statistics Economy at a Glance
http://stats.bls.gov/eag/eag.us.htm
*updated* The last link used to be much easier to use and I am adding the next as a helpful data link. You will be able to use and customize graphs if you want at FRED.
Economic Data FRED (Federal Reserve Bank of St. Louis)
http://research.stlouisfed.org/fred2/
OK now that you have reviewed all of the above links you have havent you? If not go back and do that now.
Now that you have reviewed / read all of the above links the following is the Official National Bureau of Economic Research latest statement on the economy. http://www.nber.org/cycles/ Below is part of that statement and the rest of that webpage may be of interest to you as well.
CAMBRIDGE September 20 2010 The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. At its meeting the committee determined that a trough in business activity occurred in the U.S. economy in June 2009. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion. The recession lasted 18 months which makes it the longest of any recession since World War II. Previously the longest postwar recessions were those of 1973-75 and 1981-82 both of which lasted 16 months.
In determining that a trough occurred in June 2009 the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather the committee determined only that the recession ended and a recovery began in that month. A recession is a period of falling economic activity spread across the economy lasting more than a few months normally visible in real GDP real income employment industrial production and wholesale-retail sales. The trough marks the end of the declining phase and the start of the rising phase of the business cycle. Economic activity is typically below normal in the early stages of an expansion and it sometimes remains so well into the expansion.
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