Neoclassical economics

In the scholarly journal article Bursting the Bubble: The Socio-Cultural Context of Ecotourism, researcher James G. Carrier and University of Glasgow lecturer Donald V.L. Macleod utilize two case studies about ecotourism in the village of Bayahibe in the Dominican Republic and the city of Montego Bay in Jamaica in order to argue that the main objectives of ecotourism do not align with the socio-cultural and environmental effects of ecotourism. While Carrier and Macleod maintain that the…

ADAM SMITH Popularly known as the father of free market economic theory in the 17th century. Smith was also a philosopher and invented the idea of division of labor during the Scottish enlightment period. He is best known for his two-classic works, “THE Theory OF Moral Sentiments and Causes of Wealth of Nations “Smith’s theory of wealth of nations has promoted competition in western civilization. Besides, his idea of division of labor has led to efficiency in the production of goods and…

Marx explained in chapter one what a commodity was and the difference between exchange value and use value. A commodity is used to in order exchange for another commodity, therefore keeping trade and the labor force alive. As Marx would say “A means to an end”. Marx says “commodities must be realized as values before they can be realized as use values” (179) which further supports his point. Then they split off into either use value or exchange value which separate the commodities. One must…

fast food workers demand an increase in hourly wages of up to $15, but it is unsuccessful. The minimum wages cannot give an acceptable standard of living in the US, and people are forced to resort to state aid. White House affirms that in today’s economic environment, the wage will be increased to $9 per hour for poor…

Summary of “Economic Profit vs. Accounting Profit” Robert L. Bartley writes about the about how the economic and accounting versions of profit differ. While economists are interested in what creates production and thus profit, while accountants focus on the money earned for the owner. Most CEO and CFOs are follow the accountants definition, however they should be looking at the economists way, as it show the driving force behind the company’s production rate and profit. Summary of “America’s…

Harvey Wiley & The Fight Against a Corrupt Market: Dr. Wiley is an important figure to introduce when discussing the rise of the Food and Drug Administration. Wiley was an Indiana farmer who decided to seek an education at Hanover College. While there, Wiley discovered an interest in the American market and how it was shaping the lives of the citizens whom he interacted with. He was quickly realizing the shift in the American demographic towards a more urbanized society, which allowed for more…

1. Demographic Transition (development/population): What is the Demographic Transition Model (DTM)? What are its stages, and what are its characteristics? How can the DTM inform policy makers and scholars regarding population pressures toward resource conservation? The Demographic Transition Model (DMT) is a graph that shows population (Y axis) change over time (X axis). There are three lines of information on the graph: birth rate, death rate and total population. It is useful because it shows…

Postcolonial, Why? Postcolonial is studied to help gain a better understanding of the consequences of having control and about the economic exploitation of native people and their lands have on the rest of the world or one selves. Two theories that is demonstrated is the control and exploitation of others are diaspora and oppression. These postcolonial themes are found in literature works like The Epic of Gilgamesh, The Tempest, and Heart of Darkness and they exemplify the interdependence…

Friedman and Social Responsibility of Business Introduction Milton Friedman believed and argued that business people take care of the responsibilities that affect them in their day to day life. However, they don't care the impact their businesses have on the society so long as their market is growing and increasing their profits. The main reason why he argued this is because believing in a reduced impact that the government has and a free-market. He found that government solutions to problems…

In Karen Ho’s article, “Biographies of Hegemony,” she highlights how The ‘Culture of Smartness’ is a central to understanding Wall Street’s financial agency, how investment bankers are personally and institutionally empowered to enact their worldview, (and how investment bankers must) export their practice and serve as models for far-reaching socioeconomic change” (Ho 167). In Susan Faludi’s, “The Naked Citadel,” she introduces the culture within The Citadel and how manliness is spoken to(about)…