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ECONOMIC ISSUES FOR THE 21ST CENTURY
Key elements of the 21 Century Economy are:
- technological progress
- intellectual property protection
- green economics
- organization of work places
- providing high quality care (health services, child care, education, and services for the elderly)
- productive investments, mainly in the innovative sector
- free trade
- open immigration.
Intellectual property - an intangible asset, such as a copyright or patent.
Green economics - a methodology of economics that supports the harmonious interaction between humans and nature and attempts to meet the needs of both simultaneously.
Open immigration or free migration - the position that people should be able to migrate to whatever country they choose, free of substantial barriers.
Economic Challenges:
- loss in fiscal revenues (In advanced countries)
- large capital inflows (for emerging and developing countries)
- challenges concerned with international commerce (encompass logistics, communications, coping with security concerns and coping with different regulations in other economies).
The tasks facing economic policymakers over the next few years are:
- fiscal consolidation in advanced countries
- exchange rate adjustments
- a rebalancing of demand across the world.
Economic competitiveness in Belarus will depend on:
- efforts to restructure and modernize the industrial base,
- efficient allocation of capital and other resources,
- further reforms to liberalize prices,
- the commercialization of operations in the financial sector,
- streamlining taxation
- the introduction of other measures to improve the business environment.
Fiscal consolidation - a policy aimed at reducing government deficits and debt accumulation.
Electronic exchange of data - the electronic communication of business transactions, such as orders, confirmations and invoices, between organizations.
ECONOMICS AND ECOLOGY
Ecology is the scientific study of the relationships that living organisms have with each other and with their natural environment.
Ecosystem is a community of living organisms (plants, animals and microbes) in conjunction with the nonliving components of their environment (things like air, water and mineral soil), interacting as a system.
Eco-efficiency is management philosophy that aims at minimizing ecological damage while maximizing efficiency of the firm's production processes, such as through the lesser use of energy, material, and water, more recycling, and elimination of hazardous emissions of toxic substances.
Eco-efficiency is achieved through the pursuit of three core objectives:
- Increasing product or service value;
- Optimizing the use of resources;
- Reducing environmental impact.
The chief goals of eco-efficiency are:
- to reduce wasting resources
- to minimize overhead costs
- to lower energy uses and production waste.
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