https://www.jstor.org/stable/10.1017/s002238161100048x?searchText=economic+inequality+around+the+world&searchUri=%2Faction%2FdoBasicSearch%3FQuery%3Deconomic%2Binequality%2Baround%2Bthe%2Bworld&ab_segments=0%2Fbasic_search_gsv2%2Fcontrol&refreqid=fastly-default%3Afca0388c25d5ac6de7644a4ddf1f06cf

This journal article brings in another perspective on economic inequality, discussing the representation of poor and rich citizens in different nations. For instance, in places where we may consider economically unequal, the poor will most likely lack representation in the political realm, and their voices are often suppressed in governmental policy decisions. This is exactly the opposite for the rich. Moreover, the authors explain the mechanisms that contribute to this inequality, such as political institutions, party systems, and welfare state.

In response to today's inquiry question, the increase in economic growth/development is often caused by free trade agreements, as there is a lowering of barriers (to trade), meaning a rise in imports/exports between different nations' economies. Nevertheless, it is essential to consider some of the stakeholders of these trade agreements, as certain industries and workers may be negatively impacted. Another important thing to note would be the influence of migration on human capital, as migrants often bring in new ideas to a country, in addition to remittances that could potentially aid local economies. This, however, could result in social tensions and what people often call "brain drain". Therefore, we must examine the context of the situation before reaching a conclusion as to whether these agreements are "good" or "bad".

Nevertheless, the Ukrainian government and much of the international media have fixated on cutting Russia off from SWIFT.

https://www.bbc.com/news/business-60521822

I wanted to investigate the SWIFT global financial artery even further and the impact of cutting Russian banks off this system. This system allows for the rapid transfer of money across borders, and seven Russian banks were removed from it as of March of last year. Though SWIFT's purpose it to enable secure international trade (and is not supposed to take sides in the face of dispute), this action was necessary.

In regard to today's inquiry question, the economic sanctions that the US has imposed on Russia as a result of the invasion in Ukraine has greatly impacted Russia's economy. Many nations have contributed to this, imposing costs on the Kremlin long as the aggression continues. A major component of this would be the restriction of access to advanced technologies to prevent Russia from receiving more weapons. Ultimately, the international financial market has been addressing this issue together, aiming to stop Russia from its continued invasion.

In response to today's inquiry question, economic growth and development are completely connected, as it enables countries to specialise in the production of certain goods. This touches on concepts we've learned in class such as comparative advantage, making numerous nations much more productive. With increased imports and exports, countries earn foreign exchange, increasing development concurrently.

Source: https://www.cnbc.com/2020/07/15/will-the-coronavirus-end-globalization-as-we-know-it.html

The article above mentions how globalization will continually be an essential part of the global economy, as the virus has revealed that nations' economies are more interconnected than we believe. The author mentions how there is a necessity for cooperation since economies have to battle this public health issue together. So to strengthen the claim made in the second paragraph, the article agrees that the coronavirus will not end, but rather, overall, strengthen globalisation.

https://www.sciencedirect.com/science/article/pii/B9780128128855000068

This article gave great insight into the various types of abatement costs there are, and how they must factor into the cost-benefit analysis for environmental prevention. The article mentions how abatement cost is sectored into four subcategories. The first is treatment, where the costs are spent on developing technologies that remove pollution after it's already been generated (such as an air pollution filter). Secondly would be recycling cost, or how businesses may spend money transforming waste for alternative usage. There is also disposal cost, which is how to destroy waste produced during production. The last one, arguably the hardest, is the prevention cost—how we can discover methods to reduce our production of waste/pollution in the initial stage.

In figure 20.6, it shows a graph of the increase in carbon dioxide emissions in the last few centuries. This sums up an aspect of the impact of economic growth on the environment, which is exemplified in this model. While the creation of industries has led to numerous technological advancements as well as increased wealth among nations, the repercussions have escalated (almost exponentially). The increases in production for the sake of business has generated negative externalities such as pollution as exhibited here, and may ultimately have irreversible effects.

In response to today's inquiry question, I would like to zoom in on Singapore, a nation which experienced a huge economic boom in just mere decades. To start off, we may refer to the cultural values discussed in this text. In Singapore, there is an emphasis on education, undoubtedly leading to a highly skilled and productive workforce. Another interesting aspect to note is the culture of thrift and savings, resulting in low debt levels and high savings rate, ultimately fueling the economy. To add on, what we discussed in class regarding trust is especially prominent here, as there is a strong sense of community and social cohesion, helping foster a business-friendly environment. And this not only influences this city-state, but the culture has played an integral role in defining Singapore as a global financial center. Its reputation for stability/efficiency attracts worldwide investments.

"One widely accepted theory of the causes of world inequality is the geography hypothesis, which claims that the great divide between rich and poor countries is created by geographical differences."

While the text discusses how there is a lack of correlation between geography and economic development, it is truly dependent on what aspects of geography we are referring to. In an article called "The Role of Geography in Economic Development" by Michael P. Todaro and Stephen C. Smith, the authors explain how geography can actually shape economic development, since factors such as transportation and communication costs, access to resources, and the spread of information and technology are essential to the growth of an economy.

https://www.pearson.com/en-us/search.html?aq=Todaro%20Economic-Development-11th-Edition

"Individuals are social animals who are influenced by social preferences, social networks, social identities, and social norms: most people care about what those around them are doing and how they fit into their groups..."

https://www.theguardian.com/global/2019/nov/24/fear-of-missing-out-fomo-making-decision-biology-fobo-christmas-turkey#:~:text=Indecision%20when%20the%20decision%20is,or%20fear%20of%20missing%20out.

This idea is one which we are all familiar with: the fear of missing out, more commonly known as FOMO. The referenced article extends this idea beyond to FOBO, or the fear of better options. This is a great example exhibiting the rationale behind why many of us tend to think socially, as we are afraid of missing out on the better choices that may be presented to us. Consequentially, in decision-making, we may rely on others' decisions, as we are all aware, whether consciously or subconsciously, that collective thinking is "smarter".

"In the simplifying assumptions employed in a number of economic models, economic actors consider the full universe of information and environmental cues and look far into the future to make thoughtful decisions in the present that will advance their fixed, long-term goals. Of course, actual human decision making is almost never like this..."

Regarding today's inquiry question, How does poverty shape individual economic choices? individuals who are part of the poverty cycle tend to have a pessimistic outlook on life, due to their current lack of income and basic needs. As a result, when making economic decisions such as whether to send their children to school, the pessimistic and sometimes overwhelming perspective on the future may inhibit individuals from making decisions with actual long-term benefits. This is essentially what we discussed in class in relation to what appears to make a "dent" in a stack.