University Economics: MB113 Reflective Review Assignment

This assignment is a reflective review of ten economics articles, as required for the MB113 course. The student provides summaries and personal reflections on each article, covering a range of economic topics. The articles address healthcare reform from an economic perspective, analyzing the inefficiencies of the US healthcare system and the impact of Medicare. The review also examines inflation expectations in the US, discussing factors affecting long-term inflation and the role of the Federal Reserve. Further topics include the Australian housing market, focusing on rising property values in Sydney and Melbourne; money demand and hyperinflation in Zimbabwe, exploring the effects of dollarization; the natural rate of interest and its implications; determinants of economic growth across different time periods; the impact of bushfires on retail businesses; and the effects of trade tensions on Chinese businesses. The assignment demonstrates the student's critical engagement with economic theory and current events, connecting course concepts to real-world scenarios.

Running head: REFLECTIVE REVIEW
REFLECTIVE REVIEW
Name of the Student
Name of the University
Author Note
Course ID:

1REFLECTIVE REVIEW
Table of Contents
Healthcare reform from an economic point of view..................................................................3
Summarising the article: “Health capital accumulation, health insurance, and aggregate
outcomes: A neoclassical approach”......................................................................................3
Review: “Health capital accumulation, health insurance, and aggregate outcomes: A
neoclassical approach”...........................................................................................................3
The inflationary expectation in the United States......................................................................4
Summary: “Assessing the (de-) anchoring of households’ long-term inflation expectations
in the US”...............................................................................................................................4
Review: “Assessing the (de-) anchoring of households’ long-term inflation expectations in
the US”...................................................................................................................................5
Residential volatility in Australia in a low-interest rate.............................................................5
Summary: “Sydney and Melbourne house values surge on lower interest rates”..................5
Review: “Sydney and Melbourne house values surge on lower interest rates”.....................6
Money demand and Seignorage with Zimbabwean dollarization..............................................7
Summary: “Money Demand and Seignorage Maximization Before the End of the
Zimbabwean Dollar”..............................................................................................................7
Reflective review: “Money Demand and Seignorage Maximization Before the End of the
Zimbabwean Dollar”..............................................................................................................7
The low rate of interest and its natural rate................................................................................8
Summary: “Measuring the natural rate of interest redux”.....................................................8
Reflective review: “Measuring the natural rate of interest redux”.........................................9

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Determining the factors behind economic growth.....................................................................9
Summary: “Determinants of economic growth: Different time different answer”................9
Reflective review: “Determinants of economic growth: Different time different answer”. 10
Benefits of bushfires to Wesfarmers........................................................................................11
Summary: “Through the roof': Retailer flies in thousands of face masks as demand
rockets”................................................................................................................................11
Reflective review: “Through the roof': Retailer flies in thousands of face masks as demand
rockets”................................................................................................................................11
The outbreak of fire and its economic consequences...............................................................12
Summary: “Caution required when gauging economic impact of fires”.............................12
Reflective review: “Caution required when gauging economic impact of fires”................12
US-CHINA trade tensions affect Chinese business.................................................................13
Summary: “From automakers to manufacturers, Chinese businesses face a challenging
environment”........................................................................................................................13
Reflective review: “From automakers to manufacturers, Chinese businesses face a
challenging environment”....................................................................................................14
Relationship between globalization and growth......................................................................15
Summary: “Globalization and growth”................................................................................15
Reflective review: “Globalization and growth”...................................................................15
References................................................................................................................................17

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Healthcare reform from an economic point of view
Summarising the article: “Health capital accumulation, health insurance, and aggregate
outcomes: A neoclassical approach”
According to Mark Kelly, the healthcare and medical facilities in the United States are
characterised by several inefficiencies. The healthcare industry is profit-oriented and based
on the inequitable distribution of Medicare among various sections of the society. The author
concentrates on the unequal distribution of healthcare between the skilled and unskilled
residents. Additionally, there are wide disparities between the young and old populations.
This disparity is again due to the contribution of various generations to the economy (Kelly,
2017). The paper discloses the motive and functionalities of the insurance providers in the
healthcare industry. The data and the model developed by the author suggests that insurance
markets cause market distortions in the healthcare industry and the elimination of private
insurance can deduce such issues. The tax used to fund the increase in healthcare
expenditures can cause a downturn in the economy. Thus, the model used in this research
helps in assessing the benefit of MFA (medical financial assistance) to the population, using
healthcare.
Review: “Health capital accumulation, health insurance, and aggregate outcomes: A
neoclassical approach”
According to my knowledge, demand and elasticity of the healthcare industry are
inelastic. This is because no matter the cost of obtaining healthcare assistance, people
suffering from illness and health issues are required to consume healthcare benefits. I have
come across the fact that the author reflects on the uneven and inefficient healthcare services
in the United States. This issue has emerged due to the profit-oriented private insurance

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market in the country. I have seen privately owned organisations targets increasing their
profit levels. Thus, the author presents a model using aggregate United States data and
confers that more than 20 percent of the total income of GDP goes to the healthcare industry.
Although the author incorporates the loopholes of the Medicare system, my opinion suggests
that the paper fails to include several issues in the healthcare industry. This includes
providing appropriate healthcare services and following the ethics by doctors. I think that the
author only concentrates on the private insurance of the industry. However, it fails to address
the problem of unemployment, income distribution and profit motive of private or super
hospitals. Insurance is not the core problem in the healthcare industry of the United States.
Other factors adversely affect the mass population from attaining proper Medicare services.
The inflationary expectation in the United States
Summary: “Assessing the (de-) anchoring of households’ long-term inflation
expectations in the US”
The author presents the (de-)anchorage of the long-term inflation expectations in the
United States. Before the inception of the sub-prime mortgage crisis in 2007, the United
States had experienced a prolonged period of well-anchored expectations of inflation. The
author mentions that anticipation of future inflation rates can affect the anchored rate of
inflation. In addition to this, the author finds that uncertainty in policy designing and
implementations affects the long-run inflation anticipation of the households (Dash, Rohit &
Devaguptapu, 2020). In addition to this, the author mentions that the Federal Reserve Bank of
the United States completely focuses on the behaviour and anticipations of the households to
create and design beneficial policies. The authors use regression analysis with time-series
data to analyse the impact of households’ inflation expectations in the US economy. The

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research findings in the paper provide substantial efforts to the policymakers to develop
effective policies.
Review: “Assessing the (de-) anchoring of households’ long-term inflation expectations
in the US”
As per my knowledge, inflation is an important factor that helps in identifying the
purchasing power of the consumers in an economy. Moreover, well-managed inflation is
effective in determining the behaviour and anticipation of households, which in turn helps in
assessing the appropriate policies of the government. According to my viewpoint, the article
presents the impact of well-anchored inflation expectations on the policy stability of an
economy like the United States. The results obtained in the paper suggest that the anticipation
of the households has a substantial effect on price stability and market movements. The
policy designed or uncertainties in the policies affect the anticipation of the households as
well as the (de-)anchoring of inflation.
Moreover, policy uncertainties lead to an increase in (de-)anchorage. I have noticed
the fact that the article describes the anchoring of inflation and anticipation of households. In
addition to this, the authors suggest that central banks of any economy should decide policies
referring to the inflation perceptions of the households in that economy. The paper uses real-
time data for over 30 years. However, the article does not include the impact of this policy
effectiveness and inflation perceptions on the current or actual rate of inflation. Therefore, the
authors only concentrate on the relationship between the perception of inflation and
anchorage of policy but suggest including the impact on the actual rate of interest of an
economy.

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Residential volatility in Australia in a low-interest rate
Summary: “Sydney and Melbourne house values surge on lower interest rates”
The article presents the volatility in the Australian property market. It concentrates on
the increasing values of residential property, despite the falling interest rate and supply
shortage of houses in the country. More specifically, the article focuses on the rising values
of property in Sydney and Melbourne. As mentioned in the article, there is about a 3.1
percent increase in the average rates of houses in Sydney (smh.com.au, 2019). This sudden
increase is one of the most significant rises in prices of houses in Sydney since 1988. This
increase is due to the rise in the number of dwellers in Sydney. Similar to Sydney, Melbourne
has witnessed a 2.4 percent increase in the house values of the state of Australia. The article
presents several ways of removing the uncertainties possessed by the tax policy and election
in the region. Additionally, the article presents an unexpected situation in the Australian
housing market and revolves around the adjustments in the real estate market.
Review: “Sydney and Melbourne house values surge on lower interest rates”
As per my knowledge, the Australian property market is termed as a bubble due to its
wide fluctuations in property prices. I know that several factors affect the demand and supply
of residential property in Australia. The shortage of property is due to restrictions in the
market. The rising costs are to be curtailed by the low rates of interest. However, despite
falling interest rates, the house prices in Melbourne and Sydney are continuously increasing.
My research suggests that Sydney and Melbourne are the metro cities of Australia that are
high on demand among the dwellers. The demand for a rental apartment is high in these
metro cities. However, the article mainly concentrates on the housing rates of Sydney and
Melbourne and fails to address the issues regarding rental apartments in Australia. Apart from

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these two states in Australia, several other regions are witnessing a continuous surge in house
value. However, there are other regions where the house values are affected by falling interest
rates. I have found that Darwin is currently recording a fall in house values. Despite this, the
article revolves around the various consequences and its impact on the rising values of
residential property in Australia and fails to elaborate on falling house values in other
regions.
Money demand and Seignorage with Zimbabwean dollarization
Summary: “Money Demand and Seignorage Maximization Before the End of the
Zimbabwean Dollar”
The article revolves around the money demand and inflation rate in Zimbabwe. The
paper indicates that the administration and financial institutions of Zimbabwe are weak and
there is political instability. As a result, the article finds that monetary policy is dominant
over the fiscal operations of such fragile governmental countries like Zimbabwe. The poor
quality of fiscal authority in Zimbabwe led to the creation of hyperinflation in the country.
According to the authors, the Reserve Bank of Zimbabwe (RBZ) contributed to this
hyperinflationary situation by providing credit to the private sectors (Miller & Ndhlela,
2019).
Additionally, the research findings suggest that credit was growing in the non-
performing assets of Zimbabwe. However, the dollarization of Zimbabwe helped in
eliminating hyperinflation in the country. The article provides a brief overview of the
hyperinflation and political dominance in Zimbabwe and the dollarization effect over
monetary movements in the region.

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Reflective review: “Money Demand and Seignorage Maximization Before the End of the
Zimbabwean Dollar”
Analysing the article I have observed that an unstable government with political
turmoil characterises Zimbabwe. The political influence over the policy implementation of
the RBZ supported the growth of credit in private and non-performing assets of the country.
Increase in investment in non-performing assets can stagnate the growth of finances in a
country. This, in turn, induced hyperinflation to occur in Zimbabwe. Moreover, I have
acquired information regarding the dollarization of the exchange rate to eliminate the effect
of hyperinflation. Although, initially it helped in curtailing high prices of commodities and
services in the nation, yet in the long run it failed to completely eliminate inflationary
pressure from the economy. However, this can lead to extreme dominance of the US
economy over the monetary and fiscal institutions of Zimbabwe. The author also includes the
distortion of economic well-being due to the weak market activity and the influence of
hyperinflation in Zimbabwe. According to my view, the implementation of seignorage helped
in reviving the deteriorating economy of Zimbabwe. According to my judgement, the article
could have included the full effect of seignorage over the financial markets and private
business corporations of Zimbabwe. Additionally, the report fails to consider the impact and
contribution of these institutions on the hyperinflation of Zimbabwe.
The low rate of interest and its natural rate
Summary: “Measuring the natural rate of interest redux”
The article is based on the natural rate of interest prevalent in the United States and
analyses the effect and benefits of a low rate of interest. The author of the journal uses the
Laubach-Williams model to empirical analyse the natural rate of interest rate in the United

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States. To recover the situation possessed by the great recession of 2007-2008, the monetary
authority of the country introduced a lower interest rate (Laubach & Williams, 2016). The
author mentions that the US is recording a continuous fall in its natural rate of interest to
recover from the worse scenario. This low-interest rate helped in boosting business activity
and consumer purchases in the US. The author detects robust results for the lower bound of
interest rate in the United States. Despite the hurdles of the institutions to maintain a low-
interest rate, the large-scale asset purchases helped in maintaining a lower level of interest
after the mortgage crisis.
Reflective review: “Measuring the natural rate of interest redux”
I have noticed that several countries prefer using the lower bound of interest rate to
boost business confidence in a country. More specifically, the European Central Bank (ECB)
prefers negative or zero rates of interest to increase consumer spending and investment in the
region. To a certain extent, the ECB is successful in supporting business growth and inflation
in the area. This has been done by reducing interest rate to lower bound or turning it negative
to support business growth. The article that I have acknowledged focuses on the natural rate
of interest of the US, after the fall of the Great Recession of 2007-2008. This recession
devastated the economies in the Euro Area as well as large economies like China. The paper
concentrates on the factors and policies that maintained a low level of interest. The large-
scale asset purchase was implemented to reduce the interest rate in the US for three years to
recover the broken business scenario of the US. Although it took longer to recover from the
recession, yet the low-interest rate did help in curtailing the adverse effects of the crisis.
Removing all the obstacles of the institutions to reduce the nominal interest rate, it supported
the weak economic condition of the US.

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Determining the factors behind economic growth
Summary: “Determinants of economic growth: Different time different answer”
The article is based on the factors that determine and affect the growth rate of an
economy. The Bayesian model is used to identify the determinants of the robust growth of an
economy. The author describes several factors such as demography, investment, trade,
education and business helps in determining a robust economic growth. However, the most
important factor that affects the growth in recent periods constitutes education and
demography. Factors such as investment, trade, education tend to affect the growth of an
economy for a period of 30 to 35 years (Bruns & Ioannidis, 2020). Whereas, religion starts
affecting economic growth within the range of 20 years. However, demographic factors such
as mortality, income and births, and education are the crucial factors that affect the economic
growth of any area. Additionally, the article incorporates a cross-country comparison of data.
However, due to the fragile quality of data, the results are unsuitable.
Reflective review: “Determinants of economic growth: Different time different answer”
According to my opinion, the article focuses on the basic determinants of growth,
which include trade, investment, demography, religion and education. The author indicates
that education and demography are the crucial factors that determine the economic growth of
an economy. However, the author does not segregate the demographic factors and fails to
assess the individual contribution of income, mortality and birth rates. All these individual
demographic factors helps in assessing the true growth of an economy. Additionally, the
different components included in demography are crucial for identifying the contribution of
individual components on growth of the population that can assess the living conditions. The
cross-country comparison of economic growth does not include all the factors as per my

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viewpoint. Various reasons can affect the growth rate of different economies. Factors that
affect a developed country does not necessarily affect the economic growth of an emerging
nation. Therefore, it is essential to segregate the two lists and analyse the determinants of
economic growth. Moreover, I think that religion does not always affect the economic growth
of certain nations because they tend to integrate with the different cultures to ensure
economic stability. Not all these factors are incorporated into the research study.
Benefits of bushfires to Wesfarmers
Summary: “Through the roof': Retailer flies in thousands of face masks as demand
rockets”
The article in the Sydney morning herald portrays the benefits that the Australian
bushfires are donating to the retailers such as the Wesfarmers. The toxic gasses influenced
and ignited by the climatic changes in Australia has increased the sales of the products
produced and sold by Wesfarmers (smh.com.au, 2020). The company is a manufacturer of
facemasks, respirators and other hardware retailers. The article portrays the constant rise in
demand for such items to tackle the toxic gasses emitted from the bush fires of Australia.
This increase in sales revenue has induced the retailers to import capital and other stocks to
cope up with the increase in demand. Despite the donations of facemasks from international
states, there is an increasing demand for respiratory items among the domestic inhabitants as
well as the surroundings of bushfires. The article focuses on the profits that are being
provided by the fires to the Australian hardware retailers.
Reflective review: “Through the roof': Retailer flies in thousands of face masks as
demand rockets”

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According to me, the article focuses on the economic perspective of the nation rather
than concentrating on the environmental anticipations of the country. The retailers selling
respiratory masks and other forms of air purifiers are experiencing a boost in their sales
revenue. This is supporting the Australian government to earn a substantial amount of
revenue. Moreover, the increase in demand is inducing productivity and inward flow of
international finances in the country. The increase in demand and supply can boost economic
growth in the upcoming years. However, bush fires are extremely harmful to the environment
and the health of the residents surrounding the region. The health of the population is at stake
and in the long-run, can reflect in the labour market of Australia. Vulnerable health
conditions can deteriorate the participation of the labour force in the labour market of
Australia. This can lead to a slowdown in productivity and growth. According to me, the
rapid emission of carbon dioxide can generate indirect effects over the different
macroeconomic and microeconomic factors of the Australia economy. Moreover, it is
capable of affecting the world economy as well. However, the article presents that recently
retailers are benefiting from an increase in demand for facemasks.
The outbreak of fire and its economic consequences
Summary: “Caution required when gauging economic impact of fires”
The article is based on the recent bush-fires that devastated the climate and health of
the Australian economy. Apart from affecting the environment of the country, it is targeting
economic growth and several other macroeconomic factors of Australia. Economists are
considerate regarding the effects the fire can generate over the different sectors of Australia
(smh.com.au, 2020). However, it can benefit the economy as well. Australia is well known
for its attractive tourist destinations. Apart from limiting tourist activities, the already affected
agriculture of Australia is going to suffer further from climatic fluctuations. The article

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mentions that these changes can affect the volume of consumer spending as well. This can
affect the budget of the government. The article indicates that though in the short run, it can
generate substantial shocks, in the long run, it can add up to the economic value of the
country. This is because of the increase in government spending that raises economic demand
and growth.
Reflective review: “Caution required when gauging economic impact of fires”
The article reflects on the economic consequences that Australia is going to face from
the outbreak of the fire. According to my knowledge, the high temperatures acted as a
catalyst in activating the bush-fires in Australia. This increase in fire has devastated both the
Australian retail business as well as the health of the public. The article is drawn from an
economist’s point of view that indicates different effects of the fire over the prosperous
industries of Australia. Moreover, it is liable that fire can affect the number of visitors in the
region and the productivity of the Australian agricultural sector. Agriculture in Australia is
already affected by the changing climatic conditions and the fires are adding to this downfall.
Thus, the tourism industry is at the target of the growing fire. The article tries to present both
the positive and negative aspects of the fires of the GDP of the economy. Economists point
out that it can benefit the country by raising the consumers’ expenditure in the long run,
which is initiated by the increase in government expenditures. The author also highlights the
increase in revenue of the funeral and healthcare industry. The article tries to incorporate all
the domains that can be affected by the Australian bush-fires.
US-CHINA trade tensions affect Chinese business
Summary: “From automakers to manufacturers, Chinese businesses face a challenging
environment”

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The article presents the effect of the US-China trade war over the manufacturers and
businesses of China. The article portrays the fall in growth of the Chinese economy due to a
fall in the productivity of the business sector in China (cnbc.com, 2019). Apart from the
privately owned enterprises of the economy, the state-owned industries are also affected by
the turmoil created. The profits of the enterprises are less than the usual rates. There are
several domestic changes in the economy both structural and economical. The authorities are
designing policies to tackle the uncertain situation of the country’s business sector. The
article indicates the effects are over the finance sector that is transferring its negative aura in
the economic growth of China. The increased tariffs are lowering the profitability of the
producers, which is affecting their interest in business expansion and operation in the current
period. Apart from highlighting negative aspects, the article highlights that there is an
increase in demand for credit among the micro-enterprises of China.
Reflective review: “From automakers to manufacturers, Chinese businesses face a
challenging environment”
Going through the article, I have noticed the fact that China’s business is affected by
the harsh tariff structure of the United States. There is about a 3.2 percent fall in the exports,
which is harming the revenue of the domestic producers. Despite the random cuts in taxation
rates, China is unable to boost business activity. There is a fall in import demand to curtail
the adverse effect of declining exports. The demand for automobiles like Ford cars are
continuously declining. Apart from the automotive industries, appliance-manufacturing
organisations are expected to record a decline growth rate. There is a random fall in price
levels due to a continuous loss in the profitability of the organizations. According to my
knowledge, China is planning to diversify to maintain the demand for its export
manufacturing. This diversifying policy aims at increasing trade relationships with other

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nations. Moreover, the technological sector is prospering and heading towards expansion.
The article indicates a fall in the growth of China due to the tariff war between the two
dominant economies of the world. However, the state-led government of China can prosper
by designing appropriate policies. This is because China is endowed with a cheap labour
force that attracts huge amounts of FDI and capital inflows.
Relationship between globalization and growth
Summary: “Globalization and growth”
The article provides a relationship between the growth of a country and the
globalization phenomenon. There are both positive and negative links between the two
economic concepts. The article uses different empirical analysis from different research
papers that indicate the relationship between trade and growth. From the perspective of
individual growth, if only a country focuses on increasing exports, it can foster and increase
its overall growth rate. This is because imports can bring a deficit in the current account of
the country. Globalization brings not only an increase in trade but also cultural integration.
The paper uses a theoretical basis to analyse the links between the aspects of the economic
literature. It also highlights the positive impact of knowledge spillovers on growth (Grossman
& Helpman, 2015). This factor has an indirect effect on the growth rate of the economy.
Moreover, the article indicates that globalization is not the only factor that determines
growth; several other factors affect the GDP of a country.
Reflective review: “Globalization and growth”
My perspective implies that an article is a theoretical approach towards describing the
relationship between globalization and GDP growth. Globalization is about fostering trade
and economic integration of nations. This phenomenon leads to integration of knowledge and

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culture, which is for the growth of the world economy. Additionally, this concept highlights
the importance of comparative advantage between countries. On the other hand, growth is
about an increase in the wealth of a country, which is not always achieved through fostering
or supporting globalization. Cultural differences bring obstacles to FDI operations in a value-
based economy. This is prominent in China, which completely follows and obeys values in
countries. This limits the growth of FDIs and other multinational organisations that plans to
expand in the country. Even if globalization fosters knowledge spillovers, it can limit growth
by empowering large economies and de-scaling emerging ones. Therefore, my view implies
that the article fails to address the negative dynamics created by globalization over the growth
rates of an economy. Additionally, globalization cannot bring improvement in growth rate by
increasing trade. Factors such as dominant developed economies and poor emerging
economies do not always benefit from globalization. Thus, the paper could have included a
detailed explanation regarding various other domains of cross-country factors.

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References
Bruns, S. B., & Ioannidis, J. P. (2020). Determinants of economic growth: Different time
different answer?. Journal of Macroeconomics, 63, 103185.
cnbc.com, (2019). Cheng, E. From automakers to manufacturers, Chinese businesses face a
challenging environment. CNBC. Retrieved 15 January 2020, from
https://www.cnbc.com/2019/10/18/us-china-trade-war-chinese-companies-face-a-
challenging-environment.html
Dash, P., Rohit, A. K., & Devaguptapu, A. (2020). Assessing the (de-) anchoring of
households’ long-term inflation expectations in the US. Journal of
Macroeconomics, 63, 103183.
Grossman, G. M., & Helpman, E. (2015). Globalization and growth. American Economic
Review, 105(5), 100-104.
https://scholar.harvard.edu/files/helpman/files/globalization_and_growth_aer.p20151068.pdf
Kelly, M. (2017). Health capital accumulation, health insurance, and aggregate outcomes: A
neoclassical approach. Journal of Macroeconomics, 52, 1-22.
Laubach, T., & Williams, J. C. (2016). Measuring the natural rate of interest redux. Business
Economics, 51(2), 57-67.
https://www.frbsf.org/economic-research/files/wp2015-16.pdf
Miller, S. M., & Ndhlela, T. (2019). Money Demand and Seignorage Maximization Before
the End of the Zimbabwean Dollar. Journal of Macroeconomics, Forthcoming.
https://www.mercatus.org/system/files/miller-money-demand-mercatus-working-paper-
v1_1.pdf

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smh.com.au, (2019). Wright, S. (2019). Sydney and Melbourne house values surge on lower
interest rates. The Sydney Morning Herald. Retrieved 9 January 2020, from
https://www.smh.com.au/business/the-economy/sydney-and-melbourne-house-values-
surge-on-lower-interest-rates-20191202-p53fwy.html
smh.com.au, (2020). Powell, D. (2020). 'Through the roof': Retailer flies in thousands of face
masks as demand rockets. The Sydney Morning Herald. Retrieved 9 January 2020,
from https://www.smh.com.au/business/companies/through-the-roof-retailer-flies-in-
thousands-of-face-masks-as-demand-rockets-20200109-p53q3s.html
smh.com.au, (2020). Irvine, J. Caution required when gauging economic impact of fires. The
Sydney Morning Herald. Retrieved 13 January 2020, from
https://www.smh.com.au/business/the-economy/caution-required-when-gauging-
economic-impact-of-fires-20200109-p53q6t.html