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The Open Market Economy cover

  • eBook Edition
    • 978-1-5255-8972-0
    • epub, mobi, pdf files
  • Paperback Edition
    • 978-1-5255-8970-6
    • 5.5 x 8.5 inches
    • Black & White interior
    • 258 pages
  • Hardcover Edition
    • 978-1-5255-8971-3
    • 5.5 x 8.5 inches
    • Black & White interior
    • 258 pages
  • Keywords
    • open trade,
    • unemployment,
    • macroeconomics,
    • economic growth,
    • economic policy,
    • inputs,
    • services

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The Open Market Economy
An Inquiry into the Factors that Determine the GDP, Unemployment and Economic Growth of a Country
by Yoon Wong Sin Wai

The Open Market Economy is an in-depth analysis of gross domestic product (GDP), unemployment and economic growth. It introduces a model of the economic system of a country with an open market economy, examines the factors that determine GDP, explains how unemployment arises and discusses the conditions under which an economy grows, proposing thereby a theory that combines macroeconomics and economic growth. It also looks at policies that could be used to ensure long-term economic growth and minimise unemployment level. The Open Market Economy introduces some new concepts and theories such as the force of convergence and the theory of exchange rate. Surprisingly, the book concludes that high productivity, high literacy rate, quality products and good infrastructures are signs, not the causes, of rapid economic development and high growth rates. The long term economic performance of a country depends almost entirely on the state of its currency. When its currency is undervalued, the country enjoys good economic performance; but when its currency is overvalued, the country suffers from poor economic performance.

Yoon Wong Sin Wai is an economist by training and profession. He was educated at the University of London and the London School of Economics and Political Science (LSE) in the UK. After his graduation, he worked as Programme Officer of the United Nations Development Programme (UNDP) and was stationed in Abidjan, Côte d’Ivoire. One of his tasks was to carry out studies to compare and contrast the economic development of Western African countries with that of the Far East Asian countries. He also worked as a freelance consultant on Free Trade Zones and carried out numerous missions for USAID and UNIDO.


Yoon Wong Sin Wai

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