Video on demand

Class one. What characterises capitalism according to Marx and Engels? According to Marx and Engels, capitalism is a system that seeks to constantly increase profits. The capitalist system does so by keeping the cost of the production lower than the sales price, and if necessary by creating new or bigger markets. (For an example, a new market was created when body hair on women suddenly became a problem, so they then needed to go out and buy shavers.) Therefore, Marx sees the capitalist system…

It is generally agreed, that the cause of underdevelopment would be due to the lack of industrialization and therefore the industrialization of a society constitute the solution. Though as time passes by, it seems to indicate that this is not the solution and/or that there are many other causes that prevent industrialization, because development is not achieved by the vast majority of nations. The reasons that can cause and maintain levels of underdevelopment are many and there is no agreement…

Kuznets Hypothesis of income and inequality in context of Indian growth experience In economics, a Kuznets curve graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality. The hypothesis was first advanced by economist Simon Kuznets in the 1950s and '60s. One explanation of such a progression suggests that early in development, investment opportunities for those who have money multiply, while an influx of cheap rural labour to the…

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…

product and its extension need to be similar (Aaker, D. A., & Keller, K. L., 1990). Furthermore, the firms need to maintain same actors to fulfil this need for similarity. Thus, the supplier is able to use this circumstantial advantage to bargain and demand wages higher than the market…

In queuing theory, a discipline within the mathematical theory of probability, an M/D/1 queue represents the queue length in a system having a single server, where arrivals are determined by a Poisson process and job service times are fixed (deterministic). The model name is written in Kendall's notation.[1] Agner Krarup Erlang first published on this model in 1909, starting the subject of queuing theory.[2][3] An extension of this model with more than one server is the M/D/c queue An M/D/1…

This part presents the theories and conceptual issues as well as the empirical reviews that drive the study. With respect to the theories, cultural theory of poverty, the entitlement theory and human capital theory form the theoretical framework of the study; thus, laying the foundation for this research. The combination of these theories was necessary because each one of them alone is insufficient in explaining beneficiaries’ utilisation of social cash transfers. They, therefore, complemented…

1. Discuss three economic rationales for having a patent system. There are three economics rationales for having a patent system, they are market reward, Ex ante rationale, and Ex post rationale. All three play a critical role in driving innovation and technology development. Market rewards provide economic incentive for the invention. Ex ante rationale prevent other from duplicating the innovation. Ex post rationale incentive the efficient use of the patent after the patent has been issued…

Luxuries Versus Necessities In today’s generation, people mislead the value of their luxuries over their necessities, rather than vice versa. There is multitudinous amount of luxuries that people value more than their necessities. There are also many ways as to how this topic refers to transcendentalism. To begin, most luxuries that people uphold higher than their everyday necessities, are those of little importance. For example, a phone is the most common luxury that is held at a higher…

implies that an economy is self-regulating and that the supply of goods is proof of their demand. It is based on the idea that the market is always at, or near, real GDP and that the market itself will work to bring the economy back to the real level of GDP when it variates from the said level. One of the basic components of the Classical Model is Say’s Law. J.B. Say stated that supply is what created its own demand. It is the idea that if something is produced that in turn produces…