经济学毕业论文译文

doing it right 在经济学中没有特殊含义，这是一个通用词组，就是“用正确的方法做事”的意思，例如：I don't think you are doing it right. 我觉得你没有用正确的方法去做。（我觉得你做的不对）

Macroeconomics is a sub-field of economics that examines the behavior of the economy as a whole, once all of the individual economic decisions of companies and industries have been summed. Economy-wide phenomena considered by macroeconomics include Gross Domestic Product (GDP) and how it is affected by changes in unemployment, national income, rate of growth, and price levels. In contrast, microeconomics is the study of the economic behaviour and decision-making of individual consumers, firms, and industries. Macroeconomics can be used to analyze how to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments. Macroeconomics is sometimes used to refer to a general approach to economic reasoning, which includes long term strategies and rational expectations in aggregate behavior. Until the 1930s most economic analysis did not separate out individual economics behavior from aggregate behavior. With the Great Depression of the 1930s, suffered throughout the developed world at the time, and the development of the concept of national income and product statistics, the field of macroeconomics began to expand. Particularly influential were the ideas of John Maynard Keynes, who formulated theories to try to explain the Great Depression. Before that time, comprehensive national accounts, as we know them today, did not exist . One of the challenges of economics has been a struggle to reconcile macroeconomic and microeconomic models. Starting in the 1950s, macroeconomists developed micro-based models of macroeconomic behavior (such as the consumption function). Dutch economist Jan Tinbergen developed the first comprehensive national macroeconomic model, which he first built for the Netherlands and later applied to the United States and the United Kingdom after World War II. The first global macroeconomic model, Wharton Econometric Forecasting Associates LINK project, was initiated by Lawrence Klein and was mentioned in his citation for the Nobel Memorial Prize in Economics in 1980. Theorists such as Robert Lucas Jr suggested (in the 1970s) that at least some traditional Keynesian (after British economist John Maynard Keynes) macroeconomic models were questionable as they were not derived from assumptions about individual behavior, although it was not clear whether the failures were in microeconomic assumptions or in macroeconomic models. However, New Keynesian macroeconomics has generally presented microeconomic models to shore up their macroeconomic theorizing, and some Keynesians have contested the idea that microeconomic foundations are essential, if the model is analytically useful. An analogy might be that the fact that quantum phisics is not fully consistent with relativity theory doesn´t mean that realtivity is false. Many important microeconomic assumptions have never been proved, and some have proved wrong. The various schools of thought are not always in direct competition with one another - even though they sometimes reach differing conclusions. Macroeconomics is an ever evolving area of research. The goal of economic research is not to be "right," but rather to be accurate. It is likely that none of the current schools of economic thought perfectly capture the workings of the economy. They do, however, each contribute a small piece of the overall puzzle. As one learns more about each school of thought, it is possible to combine aspects of each in order to reach an informed synthesis. The traditional distinction is between two different approaches to economics: Keynesian economics, focusing on demand; and supply-side (or neo-classical) economics, focusing on supply. Neither view is typically endorsed to the complete exclusion of the other, but most schools do tend clearly to emphasize one or the other as a theoretical foundation. • Keynesian economics focuses on aggregate demand to explain levels of unemployment and the business cycle. That is, business cycle fluctuations should be reduced through fiscal policy (the government spends more or less depending on the situation) and monetary policy. Early Keynesian macroeconomics was "activist," calling for regular use of policy to stabilize the capitalist economy, while some Keynesians called for the use of incomes policies. • Supply-side economics delineates quite clearly the roles of monetary policy and fiscal policy. The focus for monetary policy should be purely on the price of money as determined by the supply of money and the demand for money. It advocates a monetary policy that directly targets the value of money and does not target interest rates at all. Typically the value of money is measured by reference to gold or some other reference. The focus of fiscal policy is to raise revenue for worthy government investments with a clear recognition of the impact that taxation has on domestic trade. It places heavy emphasis on Say's law, which states that recessions do not occur because of failure in demand or lack of money. • Monetarism, led by Milton Friedman, which holds that inflation is always and everywhere a monetary phenomenon. It rejects fiscal policy because it leads to "crowding out" of the private sector. Further, it does not wish to combat inflation or deflation by means of active demand management as in Keynesian economics, but by means of monetary policy rules, such as keeping the rate of growth of the money supply constant over time. • New Keynesian economics, which developed partly in response to new classical economics, strives to provide microeconomic foundations to Keynesian economics by showing how imperfect markets can justify demand management. • Austrian economics is a laissez-faire school of macroeconomics. It focuses on the business cycle that arises from government or central-bank interference that leads to deviations from the natural rate of interest. • Post-Keynesian economics represents a dissent from mainstream Keynesian economics, emphasizing the role of uncertainty and the historical process in macroeconomics. • New classical economics. The original theoretical impetus was the charge that Keynesian economics lacks microeconomic foundations -- . its assertions are not founded in basic economic theory. This school emerged during the 1970s. This school asserts that it does not make sense to claim that the economy at any time might be "out-of-equilibrium". Fluctuations in aggregate variables follow from the individuals in the society continuously re-optimizing as new information on the state of the world is revealed. Later yielded an explicit school which argued that macro-economics does not have micro-economic foundations, but is instead the tool of studying economic systems at equilibrium. 宏观经济学是一种分场经济学的行为,研究是在整个经济中,一旦所有的个人的经济决策,为公司和产业被。宏观经济学认为经济现象包括国内生产总值(GDP)以及它是如何变化影响失业的国民收入的)经济成长率、价格水平。相反,微观经济学研究的就是经济行为和决策的个体消费者,公司和行业。宏观经济学可以用来分析如何影响政府的政策的目标,比如经济增长,价格稳定,充分就业和获取可持续国际收支差额。宏观经济学有时用来指一个经济理论的主要途径,包括长期战略的期望和理性综合行为。直到30年代为止,大部分的经济分析没有独立的个人经济综合行为举止。与1930年代的经济大萧条,遭受了在所有发达国家,发展国民收入的概念和产品的统计数据,但是研究领域的宏观经济学开始扩展。具有特殊影响力的想法是,约翰•梅纳德凯恩斯理论,努力向他们解释制定了经济大萧条。在那时候,综合国民经济核算,如同我们知道他们今天,是不存在的。经济学的一个挑战是一场斗争调和宏观经济政策和微观经济政策,模型。开始于20世纪50年代,macroeconomists发达micro-based模型的宏观经济行为(如消费函数)。1月Tinbergen荷兰经济学家第一个全面发展国家宏观经济模型,该模型他第一次建成为荷兰和后应用于美国和英国二战之后。第一个全球宏观经济模型,沃顿计量预测伙伴联系工程项目,发生在劳伦斯发起克莱恩和被提及他的嘉奖经济学诺贝尔经济学奖1980年。理论家如罗伯特·卢卡斯认为(是在上世纪70年代),认为至少有一些传统的凯恩斯(英国经济学家约翰梅纳德凯恩斯)宏观经济模型都是可疑的,因为他们不是来源于假设的个人行为,虽然现在还不清楚这些失败在微观经济的假定,或是对宏观经济模型。然而,最新凯恩斯主义的宏观微观模型提出了大致以支持他们的宏观经济理论有争议,一些凯恩斯主义者的想法,微观经济基础是必要的,如果模型是分析有用的。打个比方可能是,这样的事实,即量子phisics并不完全符合相对论´,并不代表没有realtivity是假的。许多重要的微观经济假设从来没有被证明,而有些人的证明是错误的。各种各样的思想学派并不总是在彼此的直接竞争,尽管他们有时会达到不同的结论。宏观经济学是一种前所未有的领域的研究。研究经济学的目标不是"正确",而是是精确的。很有可能是学校目前尚无一个经济思想完全捕捉运作方式的经济。不过,他们的贡献每一小块整体难题。当你学会更多关于每个思想学派,它能把方面的每一个为了达到一个通知的合成。传统的区别是留给经济学两种不同的方法,重点凯恩斯经济学和供方需求;(或古典)经济学、关注供应。也都是典型的观点完全排除其他,但大多数学校都往往清晰地强调一个或另一个是的理论基础。•凯恩斯经济学交融在总需求,以解释失业率和商业周期。商业周期波动,应减少通过财政政策(政府花费或多或少根据实际情况)和货币政策。早期凯恩斯主义的宏观经济学是“活动家,定期使用《召唤的政策稳定资本主义经济,虽然有些凯恩斯主义要求使用收入政策。•供给的经济学的作用很明显地在当前货币政策与财政政策。关注于货币政策应该是完全对价格的钱所确定的货币供应的需求的特点,为了金钱。它提倡货币政策,直接目标钱的价值,不目标利率。典型的钱的价值在于用参考金或其他参考。财政政策的重点是提高政府农业投资价值的收入为一个明确的认识税收的影响在国内贸易。它设置了过度强调了说的法律,它表明不会发生经济衰退需求下降、因为没有缺钱。•货币主义的带领下,由弗里德曼,认为始终通货膨胀是一种货币现象。财政政策拒绝,因为会导致“挤退”的私人生活。此外,它不希望对抗通货膨胀或通货紧缩采用主动需求管理在凯恩斯经济学,通过货币政策规则,即坚持的增长速度恒定的钱。凯恩斯•新经济发达的部分原因是为了适应新古典经济学、致力于提供凯恩斯现代经济学的微观经济基础显示出了市场的不完善就能名正言顺的需求管理等。•奥地利经济学是个自由放任主义的学校的宏观经济。它侧重于商业周期,而政府或中央银行的干扰导致偏离自然失业率的兴趣。•Post-Keynesian经济学所代表了凯恩斯经济学主流的作用,强调历史过程中不确定性和宏观经济。•新古典经济学。原理论动力的费用是凯恩斯经济学缺乏有效的微观经济基础——亦即其断言不成立于基本经济理论。这所学校出现在20世纪70年代。这所学校断言它是没有道理的主张经济会随时out-of-equilibrium”。波动的总变量遵从的在这个社会的个人不断re-optimizing新信息的状态的世界就会显现出来。后来取得了一个显式学校一样,认为宏观经济学没有微观经济基础,反而学习经济系统的工具在平衡。

The Chinese economy continually growth and the world economics growth asthenia as well as US dollar unceasing depreciation, specially American Government in the situation which the domestic unemployment rate and the international trade trade deficit rise unceasingly, American some people the American manufacturing industry worker will be unemployed with the China and America trade deficit reason sums up as the Renminbi exchange rate First, the Renminbi exchange rate is not the China and America trade deficit principal factor 1st, China and America balance of trade series analysis The China and America statistical figure difference so greatly mainly has two aspect reasons: (1)th, when American statistics China through Hong Kong partial transit trade repetition computation in China to US's exportation aspect. (2)th, American trade data collection process existence very many questions. 2nd, the China and America trade deficit is any reason creates (1)th, American Government to the high-tech product exportation control policy, is the Chinese and American trade not balanced important reason. (2)th, US the multinational corporation which invests in China is a balance of trade important China has the high trade surplus to US, but these trade surplus very major part comes from US in China's multinational corporation, demonstrated according to China's statistical data: In the Chinese import and export volume 56% is realizes by the overseas-funded enterprise, China is becoming US's multinational corporation to reduce the production cost, one of increase profit main channels. (3)th, US's trade statistics report has not collected the multinational corporation the American domestic investment income computation 3rd, tucks up the American foreign trade deficit the veil US's import comes from massively our country company in the production line which overseas sets up, in other words, American Multinational corporation from the overseas subsidiary company input cargo, the realistic trade many all is the company and the company, but non-country and country single card trade. English economist Julius on once to American trade revenue and expenditure statistics in, if adds on its overseas subsidiary company in the local repetition computation, that, in 1986 US's trade revenue and expenditure on became 57,000,000,000 US dollars earnings from 144,000,000,000 US dollars trade according to the American Department of commercial affairs statistics, in 1995 the American Multinational corporation subsidiary company sales volume surpassed 210,000,000 US dollars, in addition commodity service export amount 794,000,000,000 US dollars, nearly amounted to 3 ten thousand hundred million US dollars in the same year, but the foreign country exports and the foreign corporation to US in US's subsidiary company internal sales volume sum total is 2,400,000,000,000 US dollars, today US is not the world biggest trade deficit country, but was in the world one of minority several big trade surplus countries. US to the overseas export amount and the American Multinational corporation's in foreign market sale, both sum 2002nd year amounted to 3,000,000,000,000 US time, US's import amount and the foreign multinational corporation's in American market sale, both the sum is 2,400,000,000,000 US dollars, thus has created US to various countries trade gross profit 600,000,000,000 US dollars, this is analyzes when the American foreign trade deficit should comprehensively grasp the question the essence to be at. 4th, US trade deficit true reason (1) 20th century 70's, because two petroleum crises cause the world oil price two large rises, in addition comes from Japanese and the developing nation strong economical competitive power and the US dollar exchange rate strong trend of, these all caused the American commodity, the service trade deficit to achieve 152,000,000,000 US dollars peaks in 1987. (2) US worsens the low savings ratio, US must raise the construction fund from the international money market, namely allows temporary credit the fund to carry on the massive investment construction. (3) American Multinational corporation “the person on one's own side” who acts in the American import trade the role, namely the partial trade deficit in fact is “the commodity backflow”. China and US are a supplementary economy, maintains the existing exchange rate system is the win-win situation

The cost of equity – determination methods Equity cost represents the rate of return required by shareholders is the company to pay for their investment in the company. If the rate of return is lower than the opportunity cost, then the business value decreases, and if the rate of return is higher than the opportunity cost, then the business value increases. The rate of return expected by shareholders is an opportunity cost based on expected return of investors to invest the same risk. In the absence of resale transactions of existing shares, shareholders will earn dividends only. If the future flow of dividends is known, the discount rate that equales the present value of dividends by the current price action will be the required rate of return for investors. The difficulty of the model lies in determining the exact level of future dividends. Therefore, research in the field tried to find ways of estimating this rate of return expected by investors, which the most significant are presented in the following 股权的成本 - 测定方法股权成本代表了股东要求的回报率是公司支付他们投资公司，如果回报率比的机会成本较低，则商业价值降低，并且如果回报率比的机会成本，再由上级商业价值增加。预期收益由股东率是一个机会成本的基础对投资者预期回报的投资同样的风险，在没有转售的交易现有股份，股东将获得唯一的分红。如果分红的未来现金流是已知的，贴现率由目前的价格走势equales股息的现值将是回报投资者要求的收益率，该模型的难点在於确定确切的水平未来的分红。因此，该领域的研究试图找到这个估算率的方法返回预期的投资者，其中最显著在下表中给出：