The Economist

Reflection on Analysis Government intervention is a crucial necessity to keeping an economy healthy. In the Businessweek article, “John Maynard Keynes Is the Economist the World Needs Now,” there is a great focus on the global economy’s downward spiral and the need to follow the teachings of John Maynard Keynes’ ideology on the government’s need to step in and help the economy stay afloat. In my analysis of that article, I strongly agreed with the author’s, Peter Coy; need to address a focus on…

In chapter II of the book New Ideas from Dead Economists, Todd G. Buchholz references Adam Smith and his idea about the “natural drives or ‘propensities’” (20) innate in every human being. These drives push us as humans to want to live better than we presently do. No matter our circumstances, we are somewhat dissatisfied and seek to improve upon them. This concept made me think of the idea of the “American Dream”. The American Dream is a concept related to the United States of American being a…

One of the Most Influential Economists of the 20th Century A Look into His Revolutionary Theories When people think of the economists from the 20th century, names like Joseph Schumpeter, or Fredrich Hayek come to mind. He was born and raised in Cambridge, England, to a middle-class family. Though he was not brought up in poverty, he experienced when the economy crashed during the Great Depression, which made his passion for economics even stronger. The late economist John Maynard Keynes works…

Review Content Vocabulary 1. Write a paragraph or two explaining how economists measure the U.S. economy. Use all of the following terms. The way economist usually measure the national economy’s performance is by using national income accounting (PG. 336), This area of economics deals with the overall economy’s output, or production, and its income. Five major statistics measure the national economy. These are gross domestic product (PG. 337), net domestic product (PG. 338), national income,…

In this essay we have decided to speak about Karl Marx, philosopher, economist and German political activist. We will speak about his ideas and his development of a philosophy based on the class struggle. Karl Marx is known to be the father of communism, and had a significant involvement with his theory in the establishment of communist political regimes. He is one of the most famous thinkers of the 20th century. He developed over time a revolutionary theory in order to understand the world in…

What did Keynesian economists believe in regard to government spending and the economy? Were they proven right or wrong during World War II? What were some of the effects WWII had on the American economy? The Keynesian economist believed that “government spending would spark economic growth” (Carnes and Garraty 602). It turned out that their prediction was found to be correct. The work of Roosevelt helped increase the gross domestic product by almost double within a span of about 6 years…

is to make sense of the economy are economists. An economist is someone who is essentially an expert in the field of economics. Throughout history, there have been various influential economists whose ideas have changed America. Names such as Adam Smith, John Maynard Keynes and Karl Marx have been forever etched in history as the most influential economists of all time, however it is important to realize that these men’s economic…

The economist is a world leading news magazine, and in recent years, it made a study that found “Developing economies account for 43% of global GDP but 65% of crony wealth.” (economist) ‘Crony capitalism’ is when businesses and policymakers have a mutual relationship, that allows each other to have a beneficial gain, for example, a policymaker might get compensated financially from the reciprocal business and equally the policymaker will do favor that might reduce certain regulations or give an…

Comparing the Tactics of Kaminer and The Economist The 21st century technology makes people live in a world full of monitors. Wherever we go, there is a various kind of surveillance system watching people. In the 2000s, two authors, Wendy Kaminer and The Economist brought the issue of surveillance system in their articles “Trading Liberty for Illusions” (2002) which is written by Wendy Kaminer and “If Looks Could Kill” (2008) by The Economist. Kaminer’s article focuses more on the negative sides…

Pareto optimality is a tool used by normative welfare economist who measures welfare in terms of preference satisfaction. This tool is used for assessing social welfare, resource allocation and to analyze public policy. It was a principle proposed by Italian economist and sociologist, Vilfredo Pareto in order to make high levels of inequality justifiable. An allocation is said to be a Pareto improvement if no alternative allocation could make at least one person better off while not making…