Supply-side economics

welfare of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer” [Adam Smith, The Wealth of Nations, 1937 Modern Library Edition, p.625]. This indicated that consumers are the justification for economic activity and implies that the demand to consume is based on the wants and needs of consumers are representative [REF]. Producers however, need consumers to hold an income to afford their products. Employment– or lack thereof – can be seen to…

The late 16th and 17th century experienced one of the most rapid spikes in not only population, but economic growth. In Economics, trade is king and global trade became a major aspect in the 17th century. There is little micro history on trade in terms of port cities. As a collective group we view port cities in terms of a trading epicenter, yet socially why did some port cities hinder at acquiring certain items more than others. These port cities formed one of the biggest foundations for major…

the enormous production and increased products in the market. In the USA, consumerism was experienced in the 20th century. Technological advancement enabled massive production making the supply exceed the demand in the market (Morrow, 2010). The Americans were eager to try out new things hence boosted the supply of the goods. With this, the advertising firms were positively benefitted. They always insisted on comfort and luxury while marketing to attract more Americans. The commonly used methods…

China has so many advancements and higher technology Alexander Graham says that ¨it makes us look like we’re back in the 1870’s when the first phone was invented.¨ We can use China on our side, and now that we’re beginning to be on good terms this really gives us a chance to improve. If we have China on our side then we can exchange ideas, products, food, anything that could lend a shoulder. People don’t understand that we need this, our surplus value is going down and the only country…

within the economic community for years. In the article, Capitalism or Socialism? Another Two-Pole Solutions from the “Journal of Global Economics”, Paul Cusack suggests that the best option is somewhere in the middle. He uses the two-pole technique to understand what the best amount of government spending is within an economy. The two-pole technique is a mathematical way of comparing two contrasting ideologies. In this case the two ideologies, capitalism and socialism, are on either side of the…

PEAR Assignment #1 Cocktail Party Economics by Eveline J. Adomait and Richard G. Maranta discusses the main concepts behind economics using simple language and real life examples. Cocktail Party Economics is divided into twelve chapters, each discussing a different topic related to the subject of economics. This essay will focus on Chapter 7- Demanding Clients (A Venti Chapter) and it’s relation to the recent minimum wage increase in five Canadian provinces. Chapter 7- demanding Clients (A Venti…

According to Abramovitz (2014), the post-World War II welfare state was the “golden age of capitalism” (p.4). During this period actual income and living standard rose for everyone, the inequality gap between poor and rich become narrower, the middle-class dream of a good job and a good home became more of a reality, more employment and equal opportunity were created, better wage and good benefits were introduced for the workers and sexual equality and civil rights movements were steady. “The…

named Thomas Malthus. He is known for his world acclaimed book, “An Essay on the Principle of Population”. He believed that population is geometrically doubling as it grows, while the food supply is increasing arithmetically. This eerie thought implies that if the world continues to grow at this rate, our food supply will eventually vanish. There are two groups with arguments to this observation. The first group is called the New Malthusians. This group concurs with Malthus and stand by the…

thing, in fact, it was released when the Ming Dynasty decreed that all taxes and trade fees be paid in silver in the 1570’s, the scarcity of silver coin harmed the economy since people could not pay for their taxes and had to go through middlemen who supplies them with silver, decreasing the value of their produce (Doc2). This problem, presented by Wang Xijue, being a court official, probably sees that a declining economy by this issues will cause public grumbling, maybe even cause rebellions…

Chad Broughton in his book Boom, Bust, Exodus tediously goes through the ramifications of a constantly-evolving global supply chain buoyed by a relatively stable world, international trade, and freer capital in the towns of Galesburg, Illinois and Reynosa, Mexico. On the American side, workers attempted to navigate this tumultuous economic landscape by scraping together the resources they could obtain, including corporate severance packages, Trade Adjustment Assistance (TAA), and other benefits…