Assessment of Historical Growth in the US Economy Essay

Assessment of Historical Growth in the US Economy - Essay Example The Constant dollar GDP is also known as the 'Real GDP represents the quantity of economic output. Real GDP is always used in measuring the overall rate at which an economy is grown. The current dollar GDP represents the market value of goods and services produced in a period in a country. In order to solve our question of whether the USA is enjoying the longest continuous expansion of its economy since modern records began the best solution is to retrieve the GDP figures of the US economy over a period up to which the records are available. And compare them to check for the trend of the growth in the US economy expressed through the GDP figures. Usually such kinds of economic data can be obtained from the website of Bureau of Economic Analysis. (BEA) An analysis of the US GDP is expressed in chained dollars in the BEA Website for the period from 1929 to 2006 last quarter. An analysis of the historical GDP figures indicate that the US economy has been continuously showing an increasing trend only except for some years where it shows a negative trend. Especially in the years where there were recessions of the economy the GDP has been continuously growing. From the following Chart it can be observed that the growth of the US economy suffered slightly during the years 1974, 1982 and 1991. These are the known periods of recession where the US economy was recoding a negative growth of -0.51 percent, -1.97percetn, and -0.17percent respectively which are very negligible. Apart from these small deviations in the near past the US economy has been continuously doing well. The observed data is also produced below to show that in the real values also the GDP of the US economy is growing continuously except for intermittent reversals to negative figures. These negative figures are not significant except for certain years like 1932 and 1946 where the negative growth is showing high figures -14.94 percent in 1932 and -12.39 in the year 1946. Chart Showing the Growth in the US Economy From the chart it may also be observed that there has been continuous positive growth in the US GDP figures during the longest spell of year 1992 to year 2006. Thus by examining the growth of the GDP of United States over a period, the statement that "The USA is enjoying today the longest continuous expansion of its economy since modern records began" can be proved. Table Showing the US GDP figures over the years Year GDP Chained Year GDP Chained

Summative Written Assignment Example | Topics and Well Written Essays - 1500 words

Summative Written - Assignment Example The paper will explore the legal principles involved in the case with the aim of offering a legal advice to the employee. Facts of the case Mathew, an employee of pharmaceutical company, Medx ltd, was recently involved in an accident. He has worked as a warehouse operative for the pharmaceutical company for over 20 years. The company deals in and store heavy boxes containing its goods. Based on the scope of its operations, the company’s policy is that its employees are supposed to wear protective helmets while on duty. In December 2011, Mathew who was in good health and had never been involved in an accident leading to any injury was involved in an accident while on duty at the pharmaceutical company. A heavy box from an overhead wooden pallet rack fell and hit him to unconsciousness. He sustained several injuries including bruises on his face, a cut on his head, which left a permanent scar, dislocation of his right shoulder, and injuries to his leg. Mathew has been forced out of work for four months and medical report indicates that he may not be able to work for another six months. He also suffers continuous headache. He has a family with a running mortgage to finance. Legal issue Obligations under law of contract One of the essential legal elements in the case is the existence of a legal relationship between Mathew and MedX as defined by his employment contract. His relationship with MedX Ltd falls within the scope of an employment contract. Pozgar and Santucci defines an employment contract as an â€Å"agreement between an employee and an employer† in which special terms such as remuneration, the scope of work and working hours are defined (Pozgar and Santucci, 2009, p. 61). The agreement is therefore regulated by the law of contract under contract of service (Pozgar and Santucci, 2009, p. 61). A contract is an agreement, between parties, that legally enforces their rights and obligations. When parties enter into a contract, they expressly cre ate conditions and warranties that regulate their relationship by laying down responsibilities and obligation of each party. Essential elements of a valid contract as defined through agreement, consideration, and intention to create legal obligations further binds parties to a contract to implied conditions in their trade. Contracts are therefore subject to legislations such as labour law statutes (Goldman and Sigismond, 2010, p. 123). Employee’s safety at workplace Implied conditions in contracts of service impose a responsibility on employers to ensure safety of their employees while at the work place. The occupational safety and health act is an example of such legislations that aims at ensuring welfare of employees. One of the provisions of the act is that an employer has the duty to minimize and possibly mitigate any health hazard within the work place. These threats can either be biological leading to illnesses or physical, leading to injuries. Failure to take necessary measures makes an employer liable to his or her employee for any injury or sickness suffered because of conditions at the work place. The act , with this respect, empowers government agencies to facilitate its implementation as was observed in the case of Donovan v Dewey, 452 U.S 594, 101 s. Cr 2534 (1981) (Ullmann, 2004, p. 339). Further, employers are charged with the responsibility of not only ensuring safety of their