Compare and contrast the economy of australia and japan free essay sample

In today society, in order to see and understand how the Australia’s economy develops and operates, economists often compare and contrast the Australian economy with other highly advanced industrialized economies around the world such as US, China, Korea, etc. In this essay, I will compare and contrast Australia and Japan’s economy to see how each system deal with specific issues such as economic growth, quality of life, employment and unemployment, distribution of income, environmental sustainability and the role of government. First of all, economic growth is generally thought of as the most significant single measurement of an economy’s performance. Economic growth is measured by the as the percentage increase in the value of goods and services an economy produces over a period of time, this also refers to the â€Å"Gross Domestic Product† GDP. The total GDP of Australia is 1. 52 trillion dollars in 2013, expanded 0. 80% in the fourth quarter of 2013 over the previous quarter. We will write a custom essay sample on Compare and contrast the economy of australia and japan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Whilst the total GDP of Japan is 4. 52 trillion dollars in 2013, expanded 0. 30% in the fourth quarter of 2013 over the previous quarter. From looking at the recent statistics in the year 2013, the economic growth of Japan is much more greater than Australia, the total GDP of Japan is four times greater than GDP of Australia, also Japan has a more sustainable growth, only 0. 30% increase from the previous quarter compared to Australia with 0. 80% increased from the previous quarter. In fact, Japan is the world’s third largest automobile manufacturing country, has the largest electronics goods industry and is ranked among the world’s most innovative country. Whilst Australia still primarily depends itself on the â€Å"mining boom†, resources and trade, however the recent statistics showed that the â€Å"mining boom† is significantly dropping and the falls of Quatas has caused Australia to face some serious problems. It is clear why Japan economy growth is stronger than Australia. Second of all, quality of life is the most elemental factor of every country and economy. Statistic showed that in Australia, the Human Development Index ( HDI ) is 0. 938, the life of expectancy is 91. 9 and the mean expected years of schooling is 12. 0. Similarly statistics also showed that, the HDI of Japan is 0. 912, the life expectancy is 83. 4 and the mean expected years of schooling is 11. 6. Because Japan and Australia are both developed countries and ranked top ten in the Asian economic region, members of the Group of 20, the quality of life in both countries are almost identical and worth living. Third of all, employment and unemployment is an issue that all economy is facing. The recent statistics showed that, in 2014 the unemployment rate in Australia increased to 6% in Jan 2014, historically the unemployment rate in Australia averaged 6. 93% from 1978 – 2014, the highest was 10. 90% in December of 1992 and lowest was 4% in February of 2008. Whereas unemployment rate in Japan remained unchanged at 3. 70% in Jan of 2014 from 3. 70 in December of 2013, historically unployment rate in Japan averaged 2. 70% from 1953-2014, the highest of all time was 5. 30 in july of 2009 and lowest was 1% in November of 2008. It is clearly that the unemployment rate in Australia is much more higher than Japan, almost twice bigger. Because Japan has the largest electronics goods industry and still in the process of industrialization compared to Astralia, the majority of people employed in services industries such as retail trade and real estate and industries like manufacturing and construction continue to provide a substantial number of jobs. Fourth of all, the distribution of income, it is very important how income is distributed within an economy. Statistics showed that the GINI index of Australia is 35 likewise the GINI index of Japan is 25. Both economies tend to have a relatively equal distribution of come, but Japan is slightly tend to have a more equal distribution of income than Australia. Both economies try balance income between those who has ownership of resources such as land, capital or enterprise and who doesn’t have access to these resources and has disability that they unable to contribute the economy market. Fifth of all, environmental sustainability has been an uncreasingly important part of modern economies. In Australia, persistent drought and resulting water restriction during the first decade of the twenty-first century are example of natural events caused climate change. Australia is in the top ten countries globally with respect to greenhouse gas emission per capita, also the major exported and consumer of coal. Australia is also the eight highest emitter of CO2 gasses per capita in the worl, 16. 5 tonnes per capita. As well as Japan, Japan is under treaty obligations to reduce its CO2 emission level by 6% less than the lvel in 1990 and to tale another step to comstraomt climate change. Japan is the fifth biggest emission emitter. Also Japan mains one third of its electric production from nuclear power plants. Treatment of radioactive waste also became a subject of discussion in Japan