ECONOMY AND ITS PHILOSOPHY PART 13

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·??????Published on July 30, 2020

Published on September 10,2021

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To remind again that after Philosophy of Economy we will move first of all construction industry for which recently relief announced to move the cycle of economy at desired level in Pakistan. In this regard awareness across Pakistan required and Media houses electronic channels will have to change program discussion in education learning style as every person, national can understand that what is Economy.?However, after completion first part I will try as per my capability about the concern industry and its scope and how was it looted by the Governments and also what was the reason in come industry related to tourism because here peoples were not fair. Every country can’t adopt your demand.?So, one by one each industry practice, its positives /negatives for Pakistan SWOT Analysis to be shared as from figures you must know that what is our EXPORT & IMPORT and What is Trade deficit. The main sectors given below and their sub sectors will be added when one part for one industry will be covered & first industry will be

·??????CONSTRUCTION.

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a.???Mining

b.???Power Generation

c.????Textile Industries

d.???Chemical Industries

e.???Sugar Industry

f.?????Construction projects- Commercial, Resident, Major Projects Like Dams Dam, Road National Highways Motorways

g.???Transport

h.???Steel Industry

i.?????Government Sector (Wapda, KESC, Railways etc.)

j.?????Automobile sector

k.????OIL & GAS Sector-E & P

2.???Agriculture sector

a.???Cement Industry

b.???Rubber, Tyrese, Tubes,

c.????Rubber Crude Including Synthetic

d.???Food Industry

e.???Packaging Industry

f.?????Paper & Pulp Industry

g.???Bunkering

h.???Others

After completion of first 12 parts to explain philosophy of economics, now to change flavor the time has come in which the main terminologies can be explained to the target audience and other can also get benefit.

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A.??History of word Economy more specifically Pakistan Economy discussed by all who knows & who don’t know.

B.??Industrial Business Dynamics

& complete Cycle

C.??Construction Business? No doubt back bone but black money could be avoided with better scheme.

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ECONOMIC ACTIVITY, ECONOMY, ECONOMIST CHIEF ECONOMIST

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Economic activity?is spurred by production which uses natural resources, labor and capital. It has changed over time due to?technology?(automation, accelerator of process, reduction of cost functions),?innovation?(new products, services, processes, expanding markets, diversification of markets, niche markets, increases revenue functions) such as, that which produces intellectual property and changes in?industrial relations?(most notably?child labor?being replaced in some parts of the world with?universal access to education).

A given economy?is the result of a set of processes that involves its?culture, values, education, technological evolution, history, social organization, political structure and legal systems, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an?economy function. In other words, the economic domain is a social domain of human practices and transactions. It does not stand alone.

A?market-based economy?is one where?goods?and?services?are produced and exchanged according to?demand?and?supply?between participants (economic agents) by?barter?or a?medium of exchange?with a?credit?or?debit?value?accepted within the network, such as a unit of currency. A?command-based economy?is one where political agents directly control what is produced and how it is sold and distributed.

A?green economy?is?low-carbon, resource efficient and socially inclusive. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the?loss of biodiversity?and?ecosystem services.

A?gig economy?is one in which short-term jobs are assigned or chosen via online platforms.?New economy?is a term referred to the whole emerging ecosystem where new standards and practices were introduced, usually as a result of technological innovations then we can explain its contents as mentioned below. I don’t think that all detail to be included. Range, Etymology, History, Ancient times, Middle ages, Early modern times,?Industrial Revolution, Recognition of the concept of “the economy” Late 20th – beginning of 21st century Economic phases of precedence Economic measures GDP, Informal economy Economic research

AN ECONOMIST IS A PRACTITIONER IN THE?SOCIAL SCIENCE?DISCIPLINE OF?ECONOMICS.

The individual may also study, develop, and apply theories and concepts from economics and write about?economic policy. Within this field there are many sub-fields, ranging from the broad?philosophical?theories?to the focused study of minutiae within specific?markets,?macroeconomic?analysis,?micro economic?analysis or?financial statement analysis, involving analytical methods and tools such as?econometrics,?statistics,?economics computational models,?financial economics,?mathematical finance?and?mathematical economics.

CHIEF ECONOMIST?is a single-position job class having primary responsibility for the development, coordination, and production of?economic?and?financial?analysis. It is distinguished from the other?economist?positions by the broader scope of responsibility encompassing the planning, supervision, and coordination of the economic research.?Synopsis, Government positions. The chief economist is a supervisory and leading class with substantial responsibility for the exercise of independent judgement in employing, disciplining, or adjudicating grievances of subordinates.

Chief economists work primarily in?banks?and?government?institutions. They are also common in economic research units from university departments; economics, business, and finance publications; and other research bodies in economics.

Please note that by the 2010s, the chief economist position was established at large?internet companies?such as?Google?and?Microsoft. Further, a trend began in data and financial services companies to utilize chief economists in customer- and media-facing roles to help in placing data in a larger economic context.

GOVERNMENT OPPOSITIONS. I HAVE CHOSEN IDEAL COUNTRIES WHO HAVE STRONG ECONOMY FOLLOWED BY HEAVY. HOW ARE THEY USING THE POSITIONS IN DIFFERENT MINISTRIES AND DEPARTMENTS AND WHAT IS REPORTING LINE? BECAUSE IT IS NOT NECESSARY THAT EVERY COUNTRY WILL HAVE SAME INFRASTRUCTURE TO HANDLE ECONOMIC AFFAIRS BUT AFTER APPROXIMATELY 120 YEARS WORLD REALIZED THAT IT IS LINKED WITH EACH & EVERY DEPARTMENT AND HAS INFLUENCE IMPACT NOT ONLY THE ECONOMIC AFFAIR MINISTRY OR WHAT EVER INFRA STRUCTURE WE WERE USING FOR IT.

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The role of chief economist was expressed as "Chief Economist/Statistician and resided in the?Ministry of Planning and National Development, one responsibility of which was to lead "a planning department or the?Central Bureau of Statistics. (Actually, this depends upon the country Government Infrastructure, However I am referring here maximum ideal example and that country which is shaken by Corona I. United State of America.

There are several Offices of the Chief Economist for different departments. For instance, the Office of the Chief Economist within the?United States Department of State?was first, and the Office of the Chief Economist within the?United States Department of Agriculture, the Chief Economist for the US State Department

Chief Economist reports and advises on international trade and economic issues, including global, regional and sectoral trends and developments; and undertakes trade and economic research and analysis in support of Foreign Affairs, Trade and Development Canada's various functions: trade and investment policy, including negotiation of international agreements; international business development; and trade litigation. The post-holders are civil servants responsible to the?Minister of International Trade.?Export Development Canada?and?Business Development Canada?both have Chief Economists too.

The Chief Economist of the World Bank (full title: Senior Vice President, Development Economics, and Chief Economist) is the senior economist at the?World Bank Group, tasking with providing intellectual leadership and direction to the Bank’s overall?international development?strategy and economic research agenda, at global, regional and country levels.

As a member of the Bank’s?senior management?team the person advises the President and Bank’s management on economic issues.

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THE FREE ENCYCLOPEDIA THE INTERNATIONAL MONETARY FUND (IMF)?is an international organization headquartered in?Washington, D.C., consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce?poverty?around the world while periodically depending on the?World Bank?for its resources Formed in 1944 at the?Bretton Woods Conference?primarily by the ideas of?Harry Dexter White?and?John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the?international payment system. It now plays a central role in the management of?balance of payments?difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing?balance of payments?problems can borrow money.

?As of 2016[update], the fund had?XDR?477?billion (about US$ 667?billion)

Through the fund and other activities such as the gathering of statistics and analysis, surveillance of its members' economies, and the demand for particular policies, the IMF works to improve the economies of its member countries.[10]?The organization's objectives stated in the Articles of Agreement are to promote international monetary co-operation,?international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty. IMF funds come from two major sources: quotas and?loans. Quotas, which are pooled funds of member nations, generate most IMF funds. The size of a member's quota depends on its economic and financial importance in the world. Nations with larger economic importance have larger quotas. The quotas are increased periodically as a means of boosting the IMF's resources in the form of?special drawing rights.

SCANDALS PARTS OF THE BUSINESS AS YOU HEAR IN PAKISTAN MAY BE NOT OFTEN FRAUDULENT ACTIVITY BY THE EXECUTIVES ABOUT ANY FRAUDULENT ACTIVITY. THE SAME WAY IT MAY OCCURRED IN WORLD BANK AS WELL. (White COLOR Crime execution is not an easy thing and most of the people become successful in developing or poor countries but below examples reflect the code of conduct compliance of World Bank & IMF

• Pakistan at the time of Nuclear weapon testing Foreign Currency Accounts ceased but The Government officials and sharp businessmen withdraw USD and left empty lockers in main cities in which gold/silver jewelry and foreign currency present.
• Then in early period of 1985 democracy, the financing was done to establish industry by all leading bank and in cases banks collateral was not available and documents were not attached or fake. This happened in HBL where sometime major loan awarded to industrialist for manufacturing and trading just on one single page without any documents ore completion actually they show it is operational &?page of paper signed by the Prime minister and after that Punjab province was at same pace and the sharp, cunning businessmen showed losses in book keeping and in some case at some place fire burnt the whole industry actually they get loan in parts or some time complete followed by organized way insurance claim. However, at the same place Pakistan Old Families which are doing business and some others were doing compliance certainly little difference exist everywhere.
• Some more examples but for your undertraining?initially these?understanding
• Christine Lagarde?and her two predecessors Strauss-Kahn and Rato have been investigated by the authorities and have either faced trial or are scheduled to go on trial for a variety of offences.
• Lagarde has been convicted of giving preferential treatment to businessman-turned-politician Bernard Tapie as he pursued a legal challenge against the French government. At the time, Lagarde was the French economic minister Within hours of her conviction, in which she escaped any punishment, the fund's 24-member executive board put to rest any speculation that she might have to resign, praising her "outstanding leadership" and the "wide respect" she commands around the world
• Rate was arrested on 16 April 2015 for alleged?fraud,?embezzlement?and?money laundering.[153][154]?On 23 February 2017, the?Audiencia Nacional?found Rate guilty of embezzlement and sentenced to 4 1?2 years' imprisonment.[155]?In September 2018, the sentence was confirmed by the?Supreme Court of Spain.

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IMF FUNCTIONS: ONLY MAIN INTEGRAL PARTS OR UNITS WILL BE MENTIONED BELOW AS INTENT & MILLION OF BOOKS & LITERATURE SO JUST GO THROUGH BELOW MENTIONED TOPICS 1-12.

1.??Surveillance of the global economy, conditionality of loans

2.??Structural adjustment

3.??Benefits

4.??History,21st century

5.??Member countries, Qualifications, Benefits

6.??Leadership, Board of Governors, Executive Board, Managing Director, List of Managing Directors

7.???Voting power, Effects of the quota system, Inflexibility of voting power, Overcoming borrower/creditor divide

8.???Use, Exceptional Access Framework – sovereign debt

9.???Impact, ?Criticisms, Conditionality, Reform, Function and policies, US influence and voting reform, Support of dictatorships, Impact on access to food, Impact on public health, impact on environment

10.??IMF and globalization, Impact on gender equality

11.?Alternatives

12.?In the media

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Economics?graduates?are employable in varying degrees depending on the regional economic scenario and?labor market?conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to?communicate?and the capacity to grasp broad issues which the graduates acquire at the?university?or?college. Whilst only a few[ economics graduates may be expected to become professional economists, many find it a base for entry into a career in?finance?– including accounting, insurance, tax and banking, or?management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector for example, in the health and education sectors, or in?government?and?politics. Small numbers go on to undertake postgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.

Recessions and Depressions

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Simple relate or link it Previous 12 chapters and you will find many reasons that what is the reason of non -growing Economy or slow /negative growth Discuss with others and I don’t think so who are conducting program at TV Electronic media, there will be big difference. Between you and them and then you can easily understand that what is going on as Economy has direct link with your life. As Corona shaken the World.

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The Great Depression was a worldwide economic?depression?that lasted 10 years. It began on “Black Thursday," Oct. 24, 1929. Over the next four days, stock prices fell 22% in the?stock market crash of 1929.1 That crash?cost investors?$30 billion, the equivalent of?$396 billion today. That terrified the public because the crash cost more than?World War I.??The?Depression had begun earlier?in August when the economy contracted.

Key Takeaways

• The Great Depression was a worldwide economic?depression?that lasted 10 years.
• The depression was caused by?the stock market crash of 1929 and the Fed’s reluctance to increase the money supply?
• GDP during the Great Depression fell by half, limiting economic movement.
• A combination of the New Deal and World War II lifted the U.S. out of the Depression.

Unemployment Reached 25%

The?Great Depression affected?all aspects of society. By its height in 1933,?unemployment?had risen from 3% to 25% of the nation’s workforce.2 Wages for those who still had jobs fell.3 U.S.?gross domestic product?was cut in half, from $103 billion to $55 billion, due partly to?deflation.4 The?Consumer Price Index?fell 27% between November 1929 to March 1933, according to the?Bureau of Labor Statistics.5

Panicked government leaders passed the?Smoot-Hawley tariff?in 1930 to protect domestic industries and jobs, but it actually worsened the issue.6 7 World trade plummeted 66% as measured in U.S. dollars between 1929 and 1934.8

The Depression’s pain was felt worldwide, leading to World War II. Germans were already burdened with financial reparations from World War I. That caused hyperinflation. As a result, the people became desperate enough to elect Adolf Hitler’s Nazi party to a majority in 1933.

Life During the Depression

The Depression caused many farmers to lose their farms. At the same time, years of over-cultivation and?drought?created the “Dust Bowl” in the Midwest, destroying agricultural production in a previously fertile region. Thousands of these farmers and other unemployed workers migrated to California in search of work.9

Many ended up living as homeless “hobos.” Others moved to shantytowns called “Hooverville’s," named after then-President?Herbert Hoover.?

What Caused It

According to?Ben Bernanke, a past chairman of the?Federal Reserve, the?central bank?helped create the Depression. It used?tight monetary policies?when it should have done the opposite. According to Bernanke, these were the Fed's five critical mistakes:10

1.??The Fed began raising?the fed funds rate?in the spring of 1928. It kept increasing it through a?recession?that started in August 1929.?

2.??When the?stock market crashed, investors turned to the?currency markets. At that time, the?gold?standard supported the?value of the dollars?held by the U.S. government. Speculators began trading in their dollars for gold in September 1931. That created a run on the dollar.?

3.??The Fed raised?interest rates?again to preserve the dollar's value. That further restricted the availability of money for businesses. More bankruptcies followed.

4.??The Fed did not?increase the supply of money?to combat deflation.

5.??Investors withdrew all their deposits from?banks. The failure of the banks created more panic. The Fed ignored the banks' plight. This situation destroyed any of consumers’ remaining confidence in financial institutions. Most people withdrew their cash and put it under their mattresses. That further decreased the?money supply.

The Fed did not put enough money in circulation to get the economy going again. Instead, the Fed allowed the total supply of U.S. dollars to fall by a third. Later research has supported parts of Bernanke's assessment.11

What Ended the Great Depression?

In 1932, the country elected?Franklin D. Roosevelt?as president. He promised to create federal government programs to end the Great Depression.12 Within 100 days, he signed the?New Deal?into law, creating 42 new agencies throughout its lifetime.13 They were designed to create jobs, allow unionization, and provide unemployment insurance. Many of these programs still exist. They help safeguard the economy and prevent another depression.?

New Deal programs include?Social Security, the?Securities and Exchange Commission, and the?Federal Deposit Insurance Corporation.

Many argue that?World War II, not the New Deal, ended the Depression.14?Still, others contend that if FDR had spent as much on the New Deal as he did during the War, it would have ended the Depression. In the nine years between the launch of the New Deal and the attack on Pearl Harbor, FDR increased the debt by $3 billion. In 1942,?defense spending?added $23 billion to the debt. In 1943, it added another $64 billion.15

Reasons a Great Depression Could Not Happen Again

While anything is possible, it's unlikely to happen again. Central banks around the world, including the Federal Reserve, have learned from the past. There are better safeguards in place to protect against catastrophe, and developments in?monetary policy?help manage the economy. The Great Recession, for instance, had a significantly smaller impact.16

But monetary policy can't offset?fiscal policy. Some argue that the sizes of the?U.S. national debt?and the?current account?deficit could trigger an economic crisis. Experts also predict that climate change could cause profound losses.17

In Depth:?Could the Great Depression Happen Again??|?U.S. Debt by President?|?Timeline of the Great Depression

·????????Article Table of Contents Skip to section

·????????Expand

• Unemployment Reached 25%
• Life During The Depression
• What Caused It
• What Ended the Great Depression

Reasons It Could Not Happen Again To remind again that after Philosophy of Economy we will move first of all construction industry for which recently relief announced to move the cycle of economy at desired level in Pakistan. In this regard awareness across Pakistan required and Media houses electronic channels will have to change program discussion in education learning style as every person, national can understand that what is Economy.?However, after completion first part I will try as per my capability about the concern industry and its scope and how was it looted by the Governments and also what was the reason in come industry related to tourism because here peoples were not fair. Every country can’t adopt your demand.?So, one by one each industry practice, its positives /negatives for Pakistan Swat Analysis to be shared as from figures you must know that what is our EXPORT & IMPORT and What is Trade deficit. The main sectors given below and their subsectors will be added when one part for one industry will be covered & first industry will be CONSTRUUCTION.