Recession and Booms in Alberta

Question: Describe about the Recession and Booms in Alberta. Answer: Selected News Article Mason, G. (Apr. 15, 2016). Why Albertas Economic Downturn Looks Different This Time . The Globe and Mail, 1-5. https://www.theglobeandmail.com/news/alberta/why-albertas-economic-downturn-looks-different-this-time/article29652011/ Key Points of the Article Recovery is expected to last longer than has been during the past recessions Mr. Peter Tertzakian (energy economist) has recognized the alarming insecurity surrounding energy future in Alberta No meaningful cash is expected to trickle again into gas and oil sector till crude gas surpasses $50 per barrel The initial dollars to be infused will be used to repay loans owned to banks rather than developing the economy There is much uncertainty regarding the much the business will generate given the energy sector facing a future with transforming individuals patterns of consumption Fuel demand expected to be significantly affected by the influx of electric cars Alberta may be lucky due to its relatively small liability and hence could offset certain recession reprimand through borrowing The choices for Alberta are only getting more complicated looking ahead Article Summation The concept I am trying to apply in this article circumvents how to address the punishment delivered by recession on Alberta province, Canada. From the article, it is evident that this recession is a unique one and has been projected to last longer than ever imagined. It has been seen that Ms. Notley together with her government have done all they could to address the alarming insecurity caused by this unique recession. Surprisingly, the options for Alberta are getting worse day by day (Mason, 2016). Even though the province has an option of borrowing to restore the situation, it is expected that no significant cash will trickle that could support any development but rather directly go to the payment of banks debts (Mason, 2016). I sought out to indicate that the Alberta province is at a point of no return because the government is taken loans for the payment of expenses incurred during the operations and it presenting huge budgets yearly yet still provide increases to federal employ ees. This information and argument has also been noted by several other articles and hence it is true that this Alberta province must act in time to curb the punishment delivered by the recession (Jones, 2015). Analyzing the Article Material The material presented in the article gives a rich and comprehensive information essential to understanding the effects of oil prices recession in Alberta province. It has painted the strengths and weaknesses as well as opportunities that Alberta province has in tackling this unprecedented recession. For example, it has shown that some of the plans taken by government such are not right and will only complete the issues since they are more self-interest focused rather than social (Mason, 2016). It has shown that Ms. Notley only acknowledged the necessity to alter the bust and boom undercurrents innate in Albertas product-focused economies but have nothing tangible done to demonstrate its legitimacy in the budget that can diversify the issue. Article Interest The information from this article is of great interest me based on various dimensions. One, I am personally affected by the oil price recession that has caused mayhem in our province (Alberta). Secondly, I know of several people, institutions as well as an organization including a business that has been adversely affected (Mason, 2016). The article also relates to my career goals and hence I am more than worried about the recession. The teachers, nurses and a host of government employees have been significantly affected since it remains unknown when they will ever again see a rise in wage. In this regard, I am concerned since I have ever been longing to work for the government and get an excellent compensation. Articles Relation to Social- and Self-Interest Tension The article relates closely to this tension in my opinion. For example, Ms. Notley has communicated regarding the necessity to alter the bust and boom subtleties intrinsic in Albertas product-oriented economies (Schaefer, 2003). However, her governments budget entailed nothing which propose genuine strategies are being implemented for diversification. Indeed, if something was outward, it could be that a method or plan for reviving the economy relies upon a single item (Rahman Serletis, 2012). This is a recovery in the prices of oil and would be Plan A, Plan B and Plan C. From this revelation, it is unclear the beneficiary of the proposal by Ms. Notley, and it begs the question of tension between self-interests and social interest (Jones, 2015). Another instance of that manifests this tension is where it is evident from the article that it is unknown when nurses, teachers as well as a mammoth of government employees will gain upsurges in wage over again (Mason, 2016). This revelation indicates the existence of this tension in my view since only when these people benefit as a whole shall we say that the strategies to curb the recession are socially and not self-serving. References Baffes, J., Kose, M. A., Ohnsorge, F., Stocker, M. (2015). The great plunge in oil prices: Causes, consequences, and policy responses. Consequences, and Policy Responses (June 2015). Elder, J., Serletis, A. (2009). Oil price uncertainty in Canada. Energy Economics, 31(6), 852-856. Jones, S. (2015). Why Inequality Still Matters in a Boom: A Portrait of Intraprovincial Disparity in Alberta. PUBLIC POLICY GOVERNANCE, 63. Mason, G. (Apr. 15, 2016). Why Albertas Economic Downturn Looks Different This Time . The Globe and Mail, 1-5. https://www.theglobeandmail.com/news/alberta/why-albertas-economic-downturn-looks-different-this-time/article29652011/ Rahman, S., Serletis, A. (2012). Oil price uncertainty and the Canadian economy: Evidence from a VARMA, GARCH-in-Mean, asymmetric BEKK model. Energy Economics, 34(2), 603-610. Schaefer, J. A. (2003). Long?term range recession and the persistence of caribou in the Taiga. Conservation Biology, 17(5), 1435-1439.