Analyzing the intersection of supply and demand
A) the country selected is Bulgaria, a country that, despite the fact that it has joined the European Union in 2007, can economically still be considered to be a developing country. The country has had a Communist, command economy until 1989, when the Communist regime was overthrown and replaced with a democratic government that promoted market reform. Many of the former Communist enterprises had a significantly low productivity and high costs, especially in energy costs, so almost all of them were either sold to foreign investors or simply dismantled and put out of use.
With the accession to the European Union, Bulgaria has enjoyed the benefits of foreign investments, especially from many of the European partners. The standards of living have increased, as has the productivity levels, with the new management being brought into the country and Western expertise being put to work.
B) the country currently operates as a market economy, but there was a slow and painful transition from a command economy to the current market economy. As the country operates as a market economy, there are several things that go with this. The most important one is that prices are formed freely on the market, through the intersection of supply and demand.
The state intervention is supposed to be limited to a minimum. However, with the current global economic crisis and with the need for the government to supply work for its citizens, especially with many of the Western countries pulling out and reducing the work supply, the Bulgarian government has supplied some limited form of state financial assistance to some of the sectors in the economy, most notably the financial sector, which is believed to need revitalizing so that the businesses can start borrowing money to invest and restart the economy.
C) the first wheel of economic growth is human resources. The Bulgarian workforce is reasonably well-trained, mainly because the state university system is still financed by the government, which makes it accessible to most of the citizens. At the same time, after the fall of Communism, a series of private universities came into being to cover the additional demand for higher education in the country. The size of the workforce is not that large (the Bulgarian population is about 9 million in total), which can be counted as a deficiency.
The specialization of the Bulgarian workforce is more and more directed towards science and technology, including the it industry. Some of the companies present in the country include Hewlett-Packard, which is a positive aspect given the fact that these are also highly profitable sectors of the economy.
The second wheel of economic growth is natural resources. The country does not have significant resources of oil and gas, but it is a very important regional producer of electricity and it also boasts a specialized agriculture that includes niches in roses and cucumbers.
The third wheel is capital formation, where the Bulgarian economy still has many of the plants and factories built during the Communist period, but which have been properly equipped now, after being sold to Western companies that invested a significant amount of money to turn them around and make them efficient.
This is also the case with the fourth wheel, technology and entrepreneurship. Investment in science and technology, as well as technical equipment was significant in the last two decades and the contact with the Western economy has increased the level of innovation and the openness towards managerial know-how. This trend is likely to remain ascending in the next couple of years.
D) One of the macro actions that the government can offer is governmental incentives that can encourage companies to invest in research and development and in the improvement of their technological equipment. Such fiscal facilities could also be included to companies that provide training programs for their employees, all these measures thus targeting the fourth wheel, but also the first wheel, in the case of training for the employees.
Lowering the interest rates would also be a measure that would stimulate the fourth wheel, as well as, partially, the other three wheels. The explanation for this is simple: lower interest rates come to provide an easier and cheaper access to capital for companies, which will thus be able to invest the credits they obtain both into their human resource and in their capacities and equipment. Such measures are both fiscal (the previous paragraph) and monetary (the measure related to the interest rates).
1. Samuelson, Paul. 1997. Economics. McGraw-Hill/Irwin
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