EN 200-Reflective Journal #1

[Naida]

What is the best contribution of entrepreneurship in Nursing? Why?

Entrepreneurship had grown dramatically and became an inspiration to professionals and to the public with interest in business. Nursing is a challenging profession but un-employment is a major concern that needs to be addressed. But because of entrepreneurship, nurses used their innovation and creative skills as they are capable of doing much more than what is expected and venture into this economic opportunity. They became successful entrepreneurs achieving significant financial rewards be it in the field or outside nursing which contributed to the decrease rate of un-employment.

In discussing the different development and growth theories, what do you think is the best? Explain.

Development and growth theories are drivers for economic development. In my own view, New Classical theory ranks on top of all because of the free market approach."There is a broad consensus between New classical economists that free trade can help stimulate growth and development by encouraging inward investment and the application of economies of scale and economies of scope, increasing competition and breaking down domestic monopolies and creating a low inflation environment "(economies on line).New Classical Theory maintains economic growth, stimulate investment, higher output and high income, allowing entrepreneurship to have stability generating maximum welfare to a country's economy.

How can economic nationalism help our economy?

Economic Nationalism as defined by Wikipedia " is a body of policies that emphasize domestic control of the economy labor and capital formation even if this requires the impositionof tariffs and other restrictions on the movement of labor, goods and capital ".

It helps in the development and growth of existing and non- existing industries. Nationals patronize our own products and help our country to avoid being dependent to large companies from outside that concern only for their profit and might cause downfall to our economy. Economic Nationalism protects our economy at all cost.

What is the role of the government in economic development?

The government is considered as the prime agency to maintain the stability of our economy. The need of government actions and the execution of roles to maintain a balanced economic growth path is very important."Government increase the supply of factors by establishing removing legal barriers to mobility of labor among regions and sectors ; by establishing immigration laws ; and by setting the conditions for foreign investment and foreign capital inflows ; increasing the domestic supply of skills by fostering investment in education and where necessary , the import of foreign skilled workers " ( Adelman, May 1999). The government needs to boost up and support public and private enterprises, encourage income generating projects to rural areas by providing experts to teach the mechanics of starting these projects and promote the establishment of rural and investment banks which will naturally leads to economic growth and development.

Relate political stability to growth and entrepreneurship.

Politicians reign to their best and no doubt the country's economic condition will rise and developed. Others lead and rule abusing the authority vested in them, ignoring rules and laws of economy that benefit the land and the people causing economic downfall. Country's economic resources and strength that were lost and destroyed will take time and difficult to regain . A Country's political stability is important as it relate entrepreneurship growth with it. Nobody has the courage to start a business investing, risking money and wealth if there is instability.

Explain one program of the government for the development of micro or small business.

BMBEs Act of 2002 or the Baranggay Micro Business Enterprises encourages the formation and growth of Baranggay micro business enterprises by granting them incentives and other benefits. A BMBE is defined as any business enterprises engaged in production, processing of manufacturing of products, including agro-processing as well as trading and services with total assets of not more than three million pesos. Such assets shall include those arising from loans but not the land on which the plant and equipment are located. BMBEs are essential to the country's economic development since it effectively serve as seed of Filipino entrepreneurial talent. Its aims to integrate micro enterprises in the informal sector into the mainstream of the economy, strengthening BMBEs would mean more jobs and livelihood, and a better quality of life for Filipinos. Registered BMBEs can avail income tax exemption from income arising from the operations of the enterprise; exemption from the coverage of the Minimum Wage Law (BMBE employees will still receive the same Social Security and Health Care benefits as other employees); priority to special credit window set up specifically for the financing requirements of BMBEs and technology transfer, production and management training and marketing assistance program for BMBE beneficiaries.

References:

1. The Role of Government in Economic Development by Irma Adelman working Paper No.890; 1999.
   
2. Guide to R.A. 9178: Barangay Micro Business Enterprises Law (BMBEs)Act;2010 Edition.
   

3. http://www.economicsmicro.co.uk/Global economic/New_classical_theory.html

4. http://www.jstor.org/discover/10.2307/1815069?

[ellaalle]

Hi! Thanks for a great example of a reflective journal!

I'm gonna do it next year, and I'm wondering where these questions

"What is the best contribution of entrepreneurship in Nursing? Why?"

"In discussing the different development and growth theories, what do you think is the best? Explain."

'How can economic nationalism help our economy?"

and others are coming from?

And I've found out here some prompts. Do we come up with them by ourselves or are we provided with the prompts by someone else?

Thanks in advance!