How does the achievement of one of the economic goals impact/interfere with the success of other economic goals?
The achievement of economic equity allows success of economic freedom, security and predictability, and growth and innovation. Because everyone is given the same opportunity despite their race, religion, and gender, nothing is holding them back from choosing what they want to do with their lives. This leads to economic freedom where people are given the opportunity to choose their job and ultimately their standard of living. Economic freedom leads to economic security and predictability. By choosing a career, people get to choose a general idea of their salary and what their way of life will be. Economic freedom also leads to economic growth and innovation. With the freedom for a person to choose their own job, people have the freedom to come up with new ideas and create products that will benefit their way of life.
Norway vs. Madagascar Economic Efficiency
The amount of imports vs. exports in Norway is 90.7B vs. 149B. The amount of imports vs. exports in Madagascar is 3.26B vs. 2.51B. This shows that Norway is more economically efficient because they had a positive trade balance of 59.1B whereas Madagascar had a negative trade balance of 750M. The positive trade balance shows that Norway can use their own resources for trade rather than rely more on other countries to produce for them. Madagascar on the other hand relies more on other countries to provide them with goods.
Norway vs. Madagascar Economic Freedom
The employment rate in Norway is 62.6%. The employment rate in Madagascar is 85.4%. This may seem like Madagascar values economic freedom more than Norway. But when you break down the category of employment to people with jobs in agriculture vs. services, you find that economic freedom in Madagascar may not be as valued as you would think. In Madagascar the percent of people who are employed in agriculture is 80.4 whereas the percent of people employed in services is 15.8. The numbers for Norway are 2.2 and 77.4. This shows that most of the jobs in Madagascar come from agriculture. Many would infer that no economic freedom is involved here. Most likely, there are so many people who work in agriculture because there are no other jobs available.
Norway vs. Madagascar Economic Security and Predictability
The homicide rate per 1,000 people in Norway is 2.2. The homicide rate per 1,000 people in Madagascar is 11.1. This shows that Norway has a more stable economic security and predictability. The police force in Norway is more influential in the lives of the general public than Madagascar because there are 222 policemen per 1,000 people in Norway and 3 per 1,000 people in Madagascar. The increased amount of police force in Norway allows the country to be more efficient in keeping safety a priority.
Norway vs. Madagascar Economic Equity
The inequality of income in Norway is 10.2%. The inequality of income in Madagascar is 20.4%. This shows that Norway values economic equity more than Madagascar. However, this might be because the same job is located in two different parts of the country or the same job is employed by two different companies. These factors could affect the inequality income because they might pay differently. Different cultures, religions, or genders may not have a role in this.
Norway vs. Madagascar Economic Growth and Innovation
The number of people (per 100) in Norway who have internet access is 96.3. The number of people (per 100) in Madagascar that has internet access is 3.7. This shows that Norway values economic growth and innovation a significant amount more than Madagascar. This might be because things like computers and TVs are more easily accessible in Norway. Madagascar is an island so it might be difficult to obtain these items on a regular basis.