Transitional Thai Economy

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์                Developed countries such as Thailand, Sub-Saharan Africa can catch up or converge the developed countries due to two main reasons. Firstly, it is technological transfer. The high level of technology is slightly available than now developed countries are used to undertake in the past. So, developing countries can grow faster than the developed countries’ s performance took place in the past. For example, Britain used 60 years first in industrial developed whereas Japan used merely 11 years. Secondly, due to the law of diminishing returns. The additional capital on output in production is expected to be smaller in the developed countries that have already a lot of capital in relation. As a result, there is higher level in investment in the developing countries contributing to grow in capital in the developing countries rapidly.       ...

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์  Part 1 Frontiers of Business Cycle Theories Chapter I: Introduction : Behaviour of output, unemployment, and price level in U.S.                 In 1930s when the Great Depression took place, economists try to find the answer about it. In soon, Keynesian model is very popular among the economists and socialists. But it is loss their popularity within the 1960s due to its failure of model relative to inflation and supply shocks. Although this model was skepticism, it’s notable in most of the economic books for long times.                 Purpose of this book is to show the method for analyzing real-world macroeconomic problem that we’ve to consider the historical record of its variables in U.S. Figure 1 : Real GDP from a year 1860 to 1999 in the Book page  i-2      ...

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์ THE TWIN BUBBLES: HOUSING AND OIL (Abridged from The New Golden Age written by Ravi Batra)             The year 1973 is turning point in the economic and social annuals of the U.S. At that time, the real wage began decline for the majority of American workers despite raising its productivity. Also, it’s the year that an Arab Cartel (OPEC) imposed an oil embargo on the U.S. and the rest of the world. As a result, the oil price jumped fourfold and never to fall back to the previous level again. So, it started a severe period of “asset-market bubbles” because it causes the economic chaos. From 1930, bubbles disappeared under the onslaught of economic reform by Pres. Roosevelt in the New Deal. However, the bubbles returned in 1973, they have been hopping from financial bubbles to another. Prices of variety of goods have surged, sunk and surged again. Also, oil, stock, bonds, gold, silver, platinum, and h...

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์             As people known, China is the most populous nation and also one of the largest countries with the third biggest landmass, after Russia and Canada. The Chinese economy is the most rapidly growing economy on earth within 25 years. Yet China is also struggling to problem of the poverty. Even though China’s GDP was high but when divided by population (real per capita GDP), it’s less than Thailand and many countries in Asia. The World Bank however promoted China from the “lower income” to “lower middle income”. China’s remarkable growth over 25 years since 1978 came with the burden of environmental degradation and has come at a step cost to the environment. Environment degradation has imposed a serious cost on the Chinese economy and reduced the serenity in living in society. We can divide the environmental problem into two groups. The first group refers to pollution. It composes of air pol...