Classical economics

currency. Most growing economies were faced either with the issue that trade flow was increasing faster than they could deal with, or the issue that there was little to no upsurge in productivity to accommodate the growing populations. Two of many economic philosophers at the time presented resonant ideas that helped to better infant industries. Adam Smith, who was a physiocrat and key figure in the Scottish Enlightenment, wrote his most famous work, “The Wealth of Nations.” A few years later,…

In the 21st century, a country’s success not only depends on the triumph of its army, but also measured by how attractive its story is (Nye, 2005). From this perspective, larger country may not necessarily generate more soft power if the country emphasizes on its hard power and doesn’t take advantage of its potential soft power resources to convince others in a soft way. As the largest country in the world in terms of different aspects, China and India are also similar in some aspects that they…

the most suitable determinant for considering the historical progress as the way how religion turns to be a law, heaven to the criticism of earth , infact Marx was an environmentalist too and his love for economics would have sprouted out of his concern for the…

Hard economic realities with little hope for a better future created a crime infested environment that sometimes seemed like the only way of surviving for Bed-Stuy’s youth. “The average 16-year-old dallying on Franklin Avenue in the shadow of the elevated train is either a dropout or has a good chance of becoming one (half of Bed-Stuy's students do not finish high school), and is probably unemployed and likely to stay so” (Douglass 1985). From this downward spiraling of economic uncertainty…

Externalitiy is a very common economic phenomena existing in the current market, and it is also one of the main reasons leading to market inefficiency as well as policy inefficiency. Despite the history of this concept was not so long among other economic theory, it instead plays an very important role in the economy, especially in the field of environmental economy. It is worthwhile to say that internalization of externalities has been discussed by people many years and it is of significance to…

Whittington’s perspective about strategy: Richard Whittington classifies strategy into four different perspectives. They are classical, processual, evolutionary and systemic: Classical theory of management, it is prevalent in the first half of the 20th century tissue introduced in the 19th century, for example, specialized in solving industrial management issues, and seeking efficiency, improve quality, reduce staff and the relationship between the cost of administration. His other…

middle 1900s, focused primarily on many different economic topics and played an important role in the government's politics, influencing many economists viewpoints for years to come. Later on in his career, one of the economists he influenced, Milton Friedman arose to fame with his own economic theories partially based off of Friedrich Hayek’s theories. Although Friedman was influenced by Hayek, both economists have since diverged on many different economic topics, analyzing different types of…

we can control and thing we can't; for the things we can change is due to the change of the human needs. However the things we put into place may look like it's needed. But the question is it for better or worse? In 1973 Chile was overflowing with economic, social, and political problems. In response, they replace the democratic elected president Salvador Allende with General Augusto Pinochet. During his ruling he changed many aspects of the Chilean society. However, before acknowledging whether…

To validate the data, one of the main assumptions of the Classical Linear Regression Model i.e. Multicollinearity was checked by using the correlation matrix. Table 5.2.1 – Correlation Matrix 1 (Pearson, Kendall and Spearman) In the above matrix it can be observed that there is presence of Multicollinearity because of high correlation between, M3, Gold Price and WPI and Index of Industrial Production therefore as a remedial measure the above mentioned variables are removed from the analysis.…

Free trade Economic Philosophers have work extremely hard to make the world a better place by advocating for free trade policies, and also against any forms of trade restrictions. Free trade by simple definition means free movement of goods and services from one place or nation to another through buying and selling with no formal restrictions. Free movements of goods and services from one place to another should not be restricted if only resources are evenly distributed. In economics, it is…