Quantity theory of money

all your energy and focus. ### You Are Studying Theory Instead of Putting in the Reps In other words, stop reading blogs and just take action over and over again. There is a great story about a ceramics teacher who split his class into two groups, one that focused on quality and the other quantity. But, oddly enough, at the end of the year, the quantity group also produced the best quality pots. The other group was just stuck thinking of theories in their ivory tower. Taking action is the…

In this section, I briefly summarize macro-theory. According to Mankiw, buyers represent the demand curve (downward slope) and sellers represent the supply curve (upward slope). Besides these two basic economic concepts, chapter twelve focuses on the production function and the growth. Where an economy’s…

justice. In Question Seventy-seven (77) of the Second Part of the Second Part of Summa Theologica, sins committed when buying or selling is discussed. From here, along with other sections of the Summa Theologica one will be able to grasp the economic theory of Thomas Aquinas of the just price. Firstly, it must be established that Aquinas is in favor of the ownership of properties, and even states that private properties are necessary in one’s life for three reasons. First, Aquinas argues that…

divide tasks down into small several steps, and focuses on dividing tasks among the workers based on their efficiency and who perform best. Informal/collaborative groups increase the independence of employees and promote workplace democracy. ( Based on theory of Mary Parker Follet).it develops workers minds and work performance Today’s methodologies focus on examining work systems more holistically for evaluate efficiency and maximize productivity. The extreme specialization that Taylor’s…

If all consumers find sugary drinks an addictive good, the price elasticity of demand is perfectly inelastic (it equals zero), so any change in price would not affect the quantity demanded as the demand curve is vertical. Consumers mostly find sugar an addictive good, so an inelastic price elasticity of demand is feasible (or very close to perfectly inelastic). If prices rose, consumers would not substitute away from such…

The Wealth of Nations (WN) was a pioneering book exploring economic ideas which contradicted those that were in place at the time it was written. Many of the theories outlined are still relevant today. Adam Smith published the WN in 1776, by this time he already had gained a reputation as a notable writer following the publication of The Theory of Moral Sentiments in 1759. The plan of the work is logically structured and provides good summaries of the main themes which follow. The first four…

Human beings are driven by happiness. The goal is to reduce suffering and pain in life by following classic utilitarianism. Although, not everyone will adopt this moral judgement due to it being a theory. Philosophers Jeremy Bentham and John Mill started the theory of classical utilitarianism. The first ideas about happiness as pleasure and an absence of pain is the works of Bentham. Later on, Mills focused on Bentham’s original ideas and also attempted to improve them. In the excerpt, “Living…

way people vote and why I believe that the rational choice theory of voting specifically the altruistic theory of voting with a focus on a partisan form of altruistic voting offers a better explanation for why people vote the way that they do. I will achieve this goal by at first putting forth my reasoning and evidence for why I believe that the partisan altruistic theory of voting offers the best explanation then I…

A theory is defined as a set of statements or pinciples devised to explain a group of facts or phenomena, especially one that has been repeatedly tested or is widley accepted and can be used to make predictions about a natural phenomena. There many theories out there and especially in the business word where there are mutiply theories e.g Theory X and Theory Y. This is a very well known theory in the buesiness work, has been been put in place by many Managers. An exapmle of theory be definded…

believed that mankind was under two masters: pain and pleasure. As well, through the hedonistic perspective, Bentham said the greater good we should look for is happiness. The actions that increase happiness and diminish pain create utility. The quantity of happiness is determined by evaluating the consequence through 7 factors: Intensity, duration, certainty or uncertainty, propinquity or remoteness, fecundity, purity, and…