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FISCAL POLICY of INDIA

Question 1: Macroeconomic snapshot ( 8 marks – 100 words excluding the tables and graphs)
Collect data on the following
a. 2009-2019 (whichever LATEST data are available on GDP growth rate, inflation rate,
and unemployment rate) which will be used as the “pre-COVID-19” period.
b. Gather estimates of the same macroeconomic indicators in 2020 under
the pandemic
c. Projections for 2021 and later as post-COVID-19 conditions
Notes: Given word limit, you don’t need to analyse the fluctuation of data in details.
Graphs and tables, with maximum 100 word explanation is enough.
Suggested sources: international organizations like WB, IMF, OECD and national
statistics offices of countries. You may use newspaper articles as data sources for these
estimates.
Question 2: Analysis of Policy Changes in the Pandemic – 14 marks ( 700- 1000 words)
Version 2 – 2B – Fiscal Policy
a. Investigate the following key data during the 3-5 year period before Covid and in 2020:
i. its recent tax and government spending
ii. the budget situation (in surplus/deficit)
iii. the importance of general government expenditure in GDP (measured as % of the GDP)
iv. the ratio of government debt to GDP
Highlighting changes in 2020 with the previous years as a response to the COVID-19
outbreak.
b. Assess impacts of the policy change, if any. Use the AS/AD diagram to highlight the
theoretical impacts of the policy to the economy. Use the real data from your
observations/data set to highlight and analyze significant changes in the AD and/or SRAS
as a result of the policy change.
c. In reality, what can possibly reduce the multiplier impact of fiscal policy? What can
increase the crowding out effect? Discuss the effectiveness of fiscal policy in your
country based on these.
Page 3 of 4
Question 3 : Effect of the pandemic on the inflation (8 marks – max 150 words)
Discuss possible impacts of the Covid-19 and policy changes on inflation in the country. Is there
any risk of inflation or deflation? Illustrate these with AS-AD diagram.
Provide updated data on inflation rates over recent months/quarters and forecast in the
economy. Do your data support the findings of the above discussion and the AS AD diagram?
Notes: the key differences between Question 2 and Question 3 is while Question 2 focus on the
analysis of policy changes (either fiscal policy or monetary policy depending on each version),
Question 3 is focused on inflation, requiring you to evaluate the impact of all possible combined
variables on the price level in the economy and to provide some forecast. You can utilize some
key ideas developed from question 2.
Part 4: The open – economy macroeconomics (5 marks – 150 words)
Collect data about the Current Account Balance of the country and its components during the
last five years. Discuss the effect of Covid -19 on each component and the total Current Account
Balance.
Part 5: Industry Engagement Reflection (5 marks – 150 words)
Write a reflection highlighting the key points discussed by our industry partner, Mr. Pham Luu
Hung, Economist of SSI. How does the industry talk help you understand more about the real
fiscal policy and/or monetary policy implementation in Vietnam, including both advantages and
difficulties?

Sample Solution

Critical criminology has gained traction in recent years, with its devotion to questioning the definitions of crime and measurements of official statistics, its critical view of agents, systems, and institutions of social control, and the connections with social justice and policy change (Carrington & Hogg, 2002). Theories of critical criminology are rooted in the structure of society, focusing on power systems and inequality. This paper will focus on labeling theory and crimes of the powerful, as they have a certain dichotomy regarding public vs. private criminality. With labeling theory, those in power have the authority to decide what is the “norm” and what is the “other,” ostracizing the “other” from the rest of society. The stigmatization of public shaming for the common citizen is carried out in all aspects of public life – the labeled individual is looked down on by family, peers, community, and employers, and it is very hard for them to shake the label (Denver et al., 2017; Kroska et al., 2016). Regarding crimes of the powerful, those in power have the privilege to escape stigmatization and consequences of illegal actions. Those in power protect their own through deciding what is illegal or not, and deciding the consequences for illegal actions. These crimes occur in private and are often underreported and under prosecuted, allowing the powerful to escape consequences. Critical analysis will address these dichotomies, challenging theoretical assumptions and criminal justice practices to advocate for structural change. Labeling Theory ​Background Labeling theory discusses the structural inequalities within society that explain criminality. It can be traced back to Mead’s theory of symbolic interactionism in 1934, which discusses the importance of language regarding informing social action through processes of constructing, interpreting, and transmitting meaning (Denver et al., 2017, p. 666). From there, labeling theory was further developed with Lemert’s distinction between primary and secondary deviance in 1951, which explained how deviance of an individual begins and continues (Thompson, 2014). Finally, and perhaps most influentially, we have Becker’s labeling theory of deviance in 1963, which is the version of the theory that will be guiding this discussion in the essay (Paternoster & Bachman, 2017). In Becker’s labeling theory, he describes crime as a social construct:
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