Pessimism is ubiquitous throughout the Western world today.
Whether today’s anxiety stems from the inability of politicians in
Washington, DC, to fund the U.S. welfare state, or from the intractable
euro crisis in Europe, there is a rising sense of gloom and helplessness
on both sides of the Atlantic. I am an optimist, and this book is offered
as an antidote to this contagion of gloom. It proposes solutions to
many seemingly insoluble problems, for example, the prospect of a
Lost Decade, and ballooning U.S. health-care spending.
The spokes depicted in the diagram are only examples of possible specialty
capabilities that may be needed.
Spokes are not limited only to specialty areas. If core internal audit resources
are required in various geographies or to team with an existing audit unit, a
hub and spokes model ensures responsiveness, quality and consistency while
eliminating or controlling audit costs.
The Hub and Spokes Resource Model, combined with the Flexible Spending
Account previously discussed, provide internal audit access to the right skill sets
on an as needed basis.
Most of the attention in the literature has been focused on the initial
decentralization. Tsui and Wang (2004) call fiscal decentralization a “handmaiden” to
China’s growth. Chen (2004) argues that regional and local governments have better
information, and so more control over expenditures, leading to improved efficiency in
government spending, and thus led to more growth.
In this paper, we also build on existing research by quantifying the impact that the ECE industry has
on California’s economy in terms of parents’ purchasing power, economic output, jobs, and tax rev-
enue. We found that parents who rely on paid ECE services have purchasing power of $26.4 billion,
based on their annual earnings. We also found that every dollar spent on the ECE industry yields two
dollars in economic output for the entire California economy. This is because ECE spending creates
demand for suppliers and at the businesses where ECE workers and their families shop.
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In dealing with knotty issues, a rampant mistake involves a mix-up between the destination and the journey.
Chapter 11 - Fiscal policy. After reading the material in this chapter, you should be able to: Identify key differences between the private sector and government, describe the short-term impacts of increased government spending and use the multiplier effect to calculate the effect of fiscal stimulus, summarize the limitations of using increased government spending to stimulate growth, discuss the ways that changes in tax rates affect the economy,...
Korea’s experience also illustrates how good crisis management can accelerate structural adjustment. The Asian financial
crisis of the late 1990s led to significant down-sizing among large firms in Korea. This process was characterized by mass
lay-offs of highly-skilled personnel, and large reductions in corporate R&D spending. The response of the Korean
government, in addition to boosting education expenditure, was to increase its R&D budget, to offset the decline in
corporate R&D spending.
- unable to do something by the time on the schedule, after the time on a schedule The trains were behind schedule because of the accident early in the morning.
behind (someone`s) back
- without someone`s knowledge, secretly The man is very angry because his friend borrowed his car behind his back.
behind the scenes
- privately, out of public view The diplomats worked behind the scenes to try and solve the crisis.
behind the times
- to be old-fashioned My aunt is behind the times.
The program must be simple. Anything that requires the participants to constantly refer back to a
complicated program methodology to decipher the process, will not work because people will not take
the time to study and review the materials. Sadly, these are the new time constraint realities that
most management teams don’t understand. Your people, and those whom they lead, are
experiencing a time management crisis; this is a fact most fail to consider. Working harder is not the
answer. That’s why we spend so much time on proven “high-leverage, high-impact activities.
The crisis can, however, magnify the competitive advantage of research-intense firms who seize
the opportunity to reinforce market leadership through increased spending on innovation and R&D.
Many of today’s leading firms such as Microsoft or Nokia were born or transformed in the “creative
destruction” of economic downturns. And several of today's leading technology firms such as
Samsung Electronics, or Google strongly increased their R&D expenditures during and after the “new
economy” bust of 2001. ...
Finland experienced an exceptionally deep economic crisis during the first half of the 1990s. Within four years, output was
reduced by more than 10% and the unemployment rate quadrupled to almost 17%. External shocks (the collapse of trade
with the former Soviet Union in 1991, but also a sharp downturn in the OECD area), combined with a domestic banking
crisis, led to a collapse of consumption and investment spending.
The recession was intertwined with a major financial crisis that exacerbated the negative effects
on the economy. Falling stock and house prices led to a large decline in household wealth (net
worth), which plummeted by over $16 trillion or about 24% during 2008 and 2009. In addition,
the financial panic led to an explosion of risk premiums (i.e., compensation to investors for
accepting extra risk over relatively risk-free investments such as U.S.
In the business sector, real investment in equipment and software rose at an
annual rate of more than 20 percent over the first half of the year. Some of these gains no
doubt reflected spending that had been deferred during the crisis, including investments
to replace or update existing equipment. Consequently, investment in equipment and
software will almost certainly increase more slowly over the remainder of this year,
though it should continue to advance at a solid pace. In contrast, outside of a few areas
such as drilling and mining, business investment in structures has...
Unsustainable growth in medical spending has sparked interest in the question of whether
prevention saves money and could be the answer to the health care crisis. But the question
misses the point. What should matter (for both prevention and treatment services) is value -- the
health benefit per dollar invested. We discuss a package of effective clinical preventive services
that improves health at a relatively low cost. Cost-effectiveness should also be examined for
disease care, the major driver of health spending.