Neoclassical economics

The theory of the leisure class, which was proposed by Thorstein Veblen in 1899, rationalizes the evolutionary development of human institutions (social and economic) that forms society, such as how citizens earn their livelihoods, wherein technology and the industrial arts are the creative forces of economic production. The production of goods and services was not intended to merely reach the material needs of society, but to earn profits for the owners of this production. The industrial…

Humanizing Trade: Economic Growth and its implications on Poverty. Mahatma Gandhi once wrote, “Poverty is the worst form of violence.” Few would disagree. Rural poverty, low-wage jobs, poor labor rights and lopsided trade policies are fast killers of human capability and encourage extremist behavior. To reduce poverty, neoclassical economists & neoliberal politicians argue that trade liberalization contributes to overall growth, however, growth is simply not enough, trade should only be…

Tim Harben History of Economic Thought Feelin’ the Hayek When contemplating the philosophies of macroeconomics, two names may come to mind, John Maynard Keynes and Friedrich Hayek. The intellectual differences between their two ideas are still being debated today. Keynes may have received a Nobel Prize for economics but he died before the Nobel prize in economics was created in 1969. Because of this fact, I have chosen to focus my attention on the intellectual competitor and…

The neoclassical economic approach assumes that working time is perceived in terms of time allocation and related choices taken by a rational actor with regards to the consumption of time. Thereby, time is considered as a scarce resource, as a day is limited to 24 hours and therefore the main aim of the rational actors is to achieve a maximization of personal time utility (Sirianny & Negrey, 2000). This implies that the actors act in order to achieve their individual preferences and this…

Globalization is an economic, technological, social and cultural planetary scale process of increasing communication and interdependence among countries of the world uniting their markets, societies and cultures, through a series of social, economic change and policies that give them global perspective. Globalization is often identified as a dynamic process mainly caused by the societies living under democratic capitalism and liberal democracy, and have opened their doors to the information…

Assignment: Monetary Economics Discipline: M.S Economics Semester: 4th Topic : Neutrality Vs Non-Neutrality Money…

foreign trade as a nation’s angle of view, and it come from social productive forces and state formation. Besides, international trade is very important and necessary to a country’s development. For example, the exports of trade can produce additional economic activity in the domestic economy, such as create more jobs in the local, increase income for the labor. The pressure of import can force local supplier decrease the price of goods and increase the…

The current economic system within majority of the world is impeded through social and financial injustices. Many nations suffer with sufficient economic wealth to take care of its people and their basic needs. Unequal distribution of wealth negatively impacts many people with attaining financial security. Religion is one doctrine that inadvertently directs our economic attitudes. Humanity and the well being of the universe is a main objective that also aligns with economics. Authors Sallie…

To augment the total stock of capital, countries need to save and invest in order to accelerate on the path of development. Large stock of physical capital per worker will increase the viable level of income by increasing the productivity of each worker as a result the worker will have extra physical capital to work with. It was realized that the poor nations face trouble in accumulation of this capital as their low level of income signifies limited savings which is not enough to finance new…

observe FL’s role in Global Development in action by answering three key questions: Who benefits and why from the way financial crises are resolved? What is the nature and source of power? How is the tension between the pursuit of FL and the socio-economic effects of crises resolved?This paper will argue that FL is present in the PWCR despite the controversies because the power lies with the IMF which is heavily influenced by the Wall St Treasury Complex (WSTC) and lastly because it ensures the…