Assume an economy has a budget surplus of 1,000, private savings of 4,000, and investment of 5,000. a. Write out a national saving and investment identity for this economy. b. What will be the balance of trade in this economy? c. If the budget surplus changes to a budget deficit of 1000, with private saving and investment unchanged, what is the new balance of trade in this economy?
History 225 LECTURE Notes The Four Ghosts that Haunt Constitution Hall 1. Constitutional Convention: -Who were the delegates (55) Wealthiest merchants, slaveholding planters, lawyers, businessmen, men of property, men of property, college grads, “money men” -Could elites draft a constitution that serves their own material interests Or will they create a constitution that incorporates the wishes of the people How do these rich men define the public interest -Alexander Hamilton’s 6-hour speech: (July) To convention: this is what we need to create; hierarchical proposal for a new constitution People are changing, can’t be trusted, don’t have property or knowledge to know what’s right for the country Protect new government