Economic Theory Essay Example for Free

Economic Theory Essay The word economics is derived from oikonomikos, which means skilled in household management. The society is faced with the following economic problems a). How to what to produce with limited resources? b). How to ensure stable prices and full employment of resources? c). How to provide a rising standard of living both for now and future. The Classical School of economic theory began with the publication in 1776 of Adam Smiths monumental work, The Wealth of Nations. The book identified land, labor, and capital as the three factors of production and the major contributors to a nations wealth. In Smiths view, the ideal economy is a self-regulating market system that automatically satisfies the economic needs of the population. He described the market mechanism as an invisible hand that leads all individuals, in pursuit of their own self-interests, to produce the greatest benefit for society as a whole. While Adam Smith emphasized the production of income, David Ricardo focused on the distribution of income among landowners, workers, and capitalists. Ricardo saw a conflict between landowners on the one hand and labor and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Thomas Robert Malthus used the idea of diminishing returns to explain low living standards. Population, he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing returns to labor. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Malthus also questioned the automatic tendency of a market economy to produce full employment. He blamed unemployment upon the economys tendency to limit its spending by saving too much. . Classical economists theorized that prices are determined by the costs of production. Marginalist economists emphasized that prices also depend upon the level of demand, which in turn depends upon the amount of consumer satisfaction provided by individual goods and services. Marginalists provided modern macroeconomics with the basic analytic tools of demand and supply, consumer utility, and a mathematical framework for using those tools. Marginalists also showed that in a free market economy, the factors of production land, labor, and capital receive returns equal to their contributions to production. This principle was sometimes used to justify the existing distribution of income: that people earned exactly what they or their property contributed to production An advocate of a labor theory of value, Marx believed that all production belongs to labor because workers produce all value within society. He believed that the market system allows capitalists, the owners of machinery and factories, to exploit workers by denying them a fair share of what they produce. Marx predicted that capitalism would produce growing misery for workers as competition for profit led capitalists to adopt labor-saving machinery, creating a reserve army of the unemployed who would eventually rise up and seize the means of production. Institutionalist economists regard individual economic behavior as part of a larger social pattern influenced by current ways of living and modes of thought. They rejected the narrow Classical view that people are primarily motivated by economic self-interest. Opposing the laissez-faire attitude towards governments role in the economy, the Reacting to the severity of the worldwide depression, John Maynard Keynes in 1936 broke from the Classical tradition with the publication of the General Theory of Employment, Interest, and Money. The Classical view assumed that in a recession, wages and prices would decline to restore full employment. Keynes held that the opposite was true. Falling prices and wages, by depressing peoples incomes, would prevent a revival of spending. Summary Economic theories are constantly changing. Keynesian theory, with its emphasis on activist government policies to promote high employment, dominated economic policymaking in the early post-war period. But, starting in the late 1960s, troubling inflation and lagging productivity prodded economists to look for new solutions. Supply-side Economics recalls the Classical Schools concern with economic growth as a fundamental prerequisite for improving societys material well-being. It emphasizes the need for incentives to save and invest if the nations economy is to grow A Production Function and Labor Market Model Graph and the Date Production theory refers to the knowledge of what is permanent and normal in industrial production. There are two main types of production theories i. e. descriptive theory and normative theory. Descriptive theory has the knowledge about past or present production but does not much help for modifying it to correspond better to latest requirements. Examples are the academic and historical stud types. They are sometimes categorized in two types: extensive studies of a large number of cases, and intensive studies of one or a few cases. Normative theory of production consists of generally applicable knowledge and tools that can be used in the management of production, especially for optimizing existing production and planning new production.

Marriage in 18th Century Europe Essays -- European History

Marriage in 18th Century Europe The major movement regarding marriage in the eighteenth century was from church to state. Marital laws and customs, once administered and governed by the church, increasingly came to be controlled by legislators who passed many laws restricting the circumstances and legality of marriages. These restrictions tended to represent the interests of the wealthy and uphold patriarchal tradition. Backlash to these restrictions produced a number of undesirable practices, including promiscuity, wife-sale, and divorce. Before the eighteenth century, marriage was far less complicated. Verbal consent and consumation constituted legal marriage: "once the knot was tied by such verbal exchanges it could not be undone: a valid marriage was technically indissoluble. Such vows could be made, moreover, by boys the age of fourteen and girls of twelve" (Outhwaite xiii). The laws that began to be passed in the 1700's were decidedly un-religious, designed mostly to protect patriarchy and wealth. Much of the marriage laws passed during this period reflect the prevailing opinion of women as childlike, frivolous, and simpleminded. As Rousseau put it, "little girls always dislike learning to read and write, but they are always ready to learn to sew." Custom made man "undisputed lord of the home" (Murstein 220) and laws were passed to solidify this position: "Upon marriage, husband and wife became one- and that one was the man. Her land became his, as did her debts." The structure of eighteenth century society made this necessary, especially for the lower classes; a family's income would be totally based on the earning power of the man. Thus, logic dictated that he control all the finances. Even so, some of the l... ...who could not afford several licences, and a big wedding or dowry. "Fleet marriages" were very common in the first half of the eighteenth century. These were marriages performed by "defrocked and disreputable" ministers for cash, often through the bars of a debtors prison on Fleet street. One such minister was so successful that "in the same one-year period that he performed 6000 marriages, only fifty regular contracts were solemnized in the neighboring St. Annes's church. Although this practice was banned by the Marriage Act of 1753, it just goes to show that marriage and love cannot be regulated by monetary concerns. Works Cited Murstein, Bernard I. Love, Sex, and Marriage Through the Ages. ???? Outhwaite, R.B. Clandestine Marriage in England 1560-1850. Hambledon Press, NY: 1995. Stone, Lawrence. Road to Divorce Oxford University Press, Oxford: l990.

Coming of age is a prominent theme in Her First Ball by Katherine Mansfield Essay

Coming of age is a prominent theme in ‘Her First Ball’ by Katherine Mansfield. It is expressed in the plot, wherein an adolescent girl attends her first ball and is fascinated and thrilled by it all. Her hopes are then let down by an older gentleman who cruelly reminds her that she will soon be an old lady with no happiness and excitement left in her life. Mansfield depicts the theme of growing up in title, language, literary devices and characterization. The title, ‘Her First Ball’, clearly states the subject of the story while maintaining the implications of growth and ageing. The use of the pronoun, ‘her’, instead of the name, Leila, shows how ubiquitous this process- how every woman has had a first ball that is a milestone in their journey to adulthood. This reiterates the notion that Leila, like everyone else will grow up and will no longer be the ecstatic young girl in awe of everything, whether it be for better or worse. The word ‘first’ implies youth and the change that comes with ageing. It suggests many more balls and experiences to come and marks this incident as a milestone in her life. Another technique Mansfield uses to express the theme of growing up in the story is the language. The language in ‘Her First Ball’ is extremely descriptive and ornate. She uses irony in ‘I can’t see a single invisible hairpin!’. This adds to the humor of the story. This also suggests the idiocy and stupidity of the youth, lost in the thrilling chaos of the ball. Mansfield also uses elaborate phrases to capture the magnificence of the ball and how Leila feels about it such as the alliterative phrase, ‘gleaming golden floor’. The words ‘gleaming’ and ‘golden’ both represent an epitome of beauty and splendor that is contrasted with descriptions from Leila’s school. The phrase ‘ dusty smelling hall- with calico texts on the wall’ provides a juxtaposition between Leila’s past and her present to show beyond doubt the changes in her life as she ages. An additional aspect of language that brings out the significant experience of the ball is the register used in ‘Her First Ball’. It is one of informal 18th century British English. Mansfield uses words and phrases such as ‘Twig’, ‘Oh, I say’ and ‘Pardon’. This adds to the authenticity of he story and emphasizes the setting and time. The tone used in ‘Her First Ball’ changes often in the story, which adds to the notion of change and growth. Although, it’s a third person narrative, it captures Leila’s feeling very effectively in the tone. At the start of the story, the tone is one of excitement and anxiety. Leila feels unsure yet thrilled about how the ball will be and also feels slightly out of place being a country girl. She expresses her doubts and the tone is also one of wistfulness and longing to be like everyone else. As the story progresses, the tone becomes more ecstatic and admiring of the ball. The hall, the people and the experience is absolutely thrilling to Leila. This excitement is represented in the tone until she converses with the fat, old man. He reminds her that this is only temporary and this happiness will soon be replaced with a feeling of sadness and longing to be youthful once again. This brings upon a new tone into the story- one of dismay and dread. Leila knows it’s inevitable and her visions of a life of joy and come crashing down. However, the tone soon changes to one of renewed happiness and everlasting joy. The music changes to something better and she loses herself in the dance, forgetting the words of the fat man; forgetting him altogether. The frequent changes in tone conceivably represent the changes in life that come with ageing and development. The music plays an important part in the story, mirroring the feelings of Leila. ‘with rabbit ears thumping the cold piano’ is a description of Leila’s boarding school dance lessons that were uncomfortable and a drag to her. This contrasts with ‘a soft, melting, ravishing tune’. The words chosen describe the music as an art or even as a food- ‘soft’, ‘melting’. This shows the overwhelming joy Leila feels in the fantastic ball. However, after the fat old man reminds Leila of her fate, ‘the music seemed to change; it sounded sad, sad’. The music that once ‘rose upon a wave’ now ‘rose upon a sigh’. This illustrates the quick changes in mood symptomatic of the youth, the gullibility and naivety as well. Even more so, Leila doesn’t even recognize him with the advent of another dance and has forgotten her dreadful encounter, which adds to the notion of the growing up and the mercurial c hanges in adolescence. Perhaps the most potent techniques to show the theme of ageing are the literary devices used. Mansfield uses an array of similes, metaphors and imagery to capture the scene and Leila’s emotions. The metaphor ‘all became one beautiful flying wheel’ expresses Leila’s intense happiness and high spirits. The old man, the antagonist, is described with the simile ‘ his coat looked as if it was dusty with French chalk’. It shows his lack of involvement in the ball and in it’s customs that comes with age. Another sign of this is when Leila’s partners ‘were not more interested’ and joyful about the ball as she was. This shows the inevitable mellowing down that Leila will, like everybody else, achieve. The author also uses visual imagery at the end of the story to show how the reminder of the inexorable affects Leila. Although she is initially dissatisfied, she soon notices that ‘the stars they had long beams like windâ⠂¬â„¢. This phrase with striking visual imagery marks the end of her short period of unhappiness and signifies her change in mood to once again being delighted. This leads to an important idea in the story, that adds to the characterization of Leila. The old man’s attempt to remind her of her destiny, however cruelly done, is quite true. Leila remembers this for only a short period of time before returning to her admiring self. This shows that the reminder of her future has fallen on deaf ears and that Leila is so intent on having a good time she forgets her worries and perhaps that she simply doesn’t consider the advisory anything more than a bitter man’s negative opinion. Her lack of heed to her wake up call indicates the naivety of the youth. She is quick to forget unpleasant experiences rather than to learn from them and ignores the prospect of growing up entirely as it upsets her. An important idea in the story is one of symbolism. There are many symbols in the story, Leila being on of youth. She represents the curiosity and happiness of adolescence along with the gullibility and inanity. She lives in the present, which is seen both positively and negatively in the story. Her ability to concentrate on the current happenings result in her extreme joy and thrill from the dancing and fun of the ball but also result in her sadness on meeting the fat man. The ball changes from her heaven to a place where she must face her inexorable depressing fate. However, it is this quality of hers that leads her to forget her bad memory and move on to the pleasures of life, even if they are short lived. The Old man on the other hand, could be a symbol of wisdom. When he first meets her he says ‘ Do I remember this bright little face’ although he’s obviously never seen her before. This creates an atmosphere of eerie knowledge around him. His shabby appearance and the fact that he dances with the youth despite his age sets him apart from the rest of the gentlemen and marks him as different. His age, his correct conjecture that it’s Leila’s first ball and his accurate prediction of her future signifies that he perhaps plays the role of a symbol of wisdom and knowledge. The fact that Leila forgets him suggests her immaturity and her inability to see past the present. Thus, Mansfield perhaps tries to achieve the notion of the pettiness and fatuity as well as happiness and celebration of the youth in the story and its contents. She uses the plot to describe an incident where Leila is at her most happy and later, probably her least. The ending of the story shows Leila’s resilience, or rather, her ignorance. While centered on the theme of coming of age, I feel that Mansfield used the many effective literary techniques and the conclusion of the story to show that Leila has, essentially, not matured.

Essay about Information and opinions about Gandhis death

â€Å"The future generations will scarcely believe that such a man in flesh and blood, had tread this earth.† Albert Einstein Mahatma Gandhi’s real name was Mohandas Karamchand Gandhi. He was born in 1869 at Porbandar in the state of Gujarat in INDIA. His father’s name was Karamchand Gandhi and his mother’s name was Putlibai. He was the youngest in the family of one sister and three brothers. His father belonged to the family of grocers but himself was a minister in the court of a local ruler. He was not very educated but his rich experience of practical affairs stood him in good stead in the solution of the most intricate questions. Both the parents were deeply religious and frequently visited temples and took their meals only†¦show more content†¦In London, Gandhi joined The University of London to study law. He passed the London Matriculation at the second attempt. He was unknown of any English Laws. He bought many books and tried to understand them but it was beyond him. At last he sailed back for India on the 12th of June 1891, a day after he was enrolled into the English High Court. While in India, he went to Bombay to study Indian Laws. But even this was difficult for him. Eventually he got a case, but in the court he became so nervous that he left during the case and never went to another one until going to South Africa. Gandhi sailed for South Africa in April 1893 and reached Natal at the close of May. It was in South Africa that Gandhi had a lot of experience in laws, handling cases and many other fields. He observed the pitiful conditions of the Indians and other colored people and also experienced it when on his way to Pretoria from Natal, he was thrown out of a train because he was the only colored person in the first class compartment. The case for which Gandhi had come to South Africa was between two businessmen, Abdullah Seth and Tyeb Seth, concerning a huge amount of money. Gandhi had to defend Abdullah Seth. 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