...Mhd Anass Kazah Economic Thought Paper 1 Dr. Walid Akar [pic] Economics, study of how human beings allocate scarce resources to produce various Goods and services and how this production is distributed for consumption among the consumers (demanders) in the society. Economics is historical were it all started 800BC with the pre-classical economics (early pre-classical economics with the Greeks from 800 BC till the 1500s and then we have the late pre-classical economics which was from the 1500s till 1776). And in the later era we had 2 schools of economics, the Mercantilist and the Physicrats. Mercantilism was spread all over Europe and mean while physiocracy was a French school of economic thought which was in the period of time from 1750-1789. These two schools had different ways of thinking when it came to various things such as, wealth and growth, consumption and wages, trade, and money. The definition of wealth and money for the mercantilists was that the primary duty of the state is to enhance and maintain both national wealth and national power in order to defend the country and National Wealth consists solely or primarily in its supply of precious metals such as gold and silver. And the state or the government used to earn all this wealth by trade. Where the government encouraged exports and discouraged imports so that gold would be in the country which meant to them that they had more power since they are richer, and...
Words: 804 - Pages: 4
...History of Economic Thought September 6, 2012 The Mercantilist School 1. What Was the Historical Background of the School? Mercantilisms were a group of writers and thinkers who prevailed in Europe after the decline of feudalism in the early 15th century and the beginning of the Industrial revolution in 1780 (Mathur). The use of money expanded and trade increased within each country and between countries (Brue Grant 13). The focus was on the economic competition, they believed that politics must control economics. The Europeans explored and extended the sphere of commerce part due to the development of navigation (Brue Grant 13). The primary objective of the Mercantilism was to increase the power of the nation state. The more gold a nation had the richer and more powerful it became. Intense rivalry and competition among states began. Mercantilists believed the way for a nation to become rich and powerful was to export more than it imported. “The mercantilist school superseded feudal concepts, encouraged nationalism, gave new dignity and importance to the merchant, and justified a policy of economic and military expansion” (Brue Grant 13). 2. What Were the Major Tenets of the School? The main principles of the Mercantilism School are as follows: Wealth was power, and therefore the objective of the country was to maximize its wealth through the possession of gold and silver it possessed. (Brue Grant 14). Trade policy tended to be to import raw materials...
Words: 1373 - Pages: 6
...STRAYER UNIVERSITY ROCKVLLE CAMPUS YACINE FALL Sociology of Developing Countries---SOC 300 Spring 2013 2nd Assignment Subject: Can religion play a positive role in the improvement of social, economic, and political conditions of undeveloped societies? Elaborate your thought. Religion is usually defined as the belief of a supreme, invisible power that has absolute control over our fate as humans, the universe and everything surrounding it. This invisible power establishes symbols that relate humanity to spiritual and moral values. Religion is all about spirituality (nature of consciousness) and morality (the distinction between right and wrong or good or bad). Religion is present in every corner of the world but practiced very differently and it has different influences in our lives depending on the location where it is practiced. Therefore, it generates different outcomes. In some undeveloped societies, religion can play a positive role in the improvement of social conditions, but when it comes to economic and political conditions, it can be very devastating. Religion can sometime help improve and stabilize the social system in undeveloped countries through its teachings. In all of the four dominant religions practiced in the third world (Catholicism, Hinduism, Buddhism, and Islam), the teaching of promoting peaceful coexistence among humans are very popular. Religion also infuses social norms like honesty, morality and equality which will lessen social injustices, racism...
Words: 639 - Pages: 3
...The First School of Thought About the middle of the 18th century, a group of French thinkers called physiocrats evolved a system of economic thought which came to be known as Physiocracy. By physiocracy we mean the rule of nature. The physiocrats were the vehement critics of mercantilists. They were the believers in 'Natural Order' and were against the materialistic, rigid, restrictive and controlled merchant capitalism of the mercantilists. The physiocrats preferred to be called 'the economists'. They believed in some natural power which is responsible for human happiness and prosperity. In a sense, physiocracy was a political and social system. The system of economic thought of the physiocrats formed one of the important roots of modern economics. Though they were different types of people, like physicians, philosophers, men of letters and statesmen with different views, they had great unanimity of ideas. In the history of economic thought, physiocrats occupy an important place as they formed the first School of Thought. Unlike the mercantilists, the physiocrats were in close touch with each other, acknowledged a common leader, established organs of propaganda and presented a common doctrine Francis Quesnay, a physician and court doctor in France was the leader of this School of Thought. The physiocrats advocated returned to agriculture as the chief occupation. The restoration of natural justice and liberty was there aim. Hence Adam Smith considered physiocracy as a School...
Words: 1079 - Pages: 5
...Εθνικό και Καποδιστριακό Πανεπιστήμιο Αθηνών Τμήμα Οικονομικών Επιστημών «Φιλοσοφία των κοινωνικών επιστημών» «Η Αυστριακή οικονομική σκέψη του μεθοδολογικού ατομισμού για την θεωρία του χρήματος» Γάλλος Λάμπρος Α.Μ 270044 Τηλ. 6983799173 lam.gal@hotmail.com 2012 Σύνοψη: Με αυτή την εργασία γίνεται μια προσπάθεια να αναλυθεί η θεωρία του χρήματος στα πλαίσια της αυστριακής οικονομικής σκέψης και ειδικότερα στα πλαίσια του μεθοδολογικού ατομικισμού που αποτελεί κύριο σημείο της μεθοδολογίας τους. Αρχικά γίνεται αναφορά στις απαρχές και στην εξέλιξη της Αυστριακής σχολής καθώς και στους κύριους εκφραστές της. Στη συνέχεια αναλύονται οι πέντε κύριες εκφάνσεις της μεθοδολογίας τους καθώς και ο ορισμός της. Εφόσον αναλύθηκε η ιστορία και η μεθοδολογίας τους περνάμε στο κυρίως θέμα που αφορά την θεωρία του χρήματος. Πιο συγκεκριμένα γίνεται αναφορά στις ρίζες της οικονομικής και κοινωνικής εξουσίας του χρήματος. Αναφέρονται και αναλύονται οι βασικές λειτουργίες του, σύμφωνα με τη θεωρία του Weber. Τέλος γίνεται αναφορά στον κύριο εκφραστή της Αυστριακής σκέψης Mises και του έργου του «Human Action». Επιπρόσθετα αναφέρονται το κέρδος συναρτήσει του Χρόνου και πιο συγκεκριμένα ο τόκος καθώς και η σημασία του χρήματος για τους Αυστριακούς οικονομολόγους . Λέξεις Κλειδιά: 1. Αυστριακή Οικονομική Σχολή 2. Μεθοδολογικός ατομικισμός 3. Ανταλλαγή 4. Mises 5. Ορθολογικότητα...
Words: 2423 - Pages: 10
...EGAD bottling is a company that has decided to introduce a new line bottle of premium bottled water that would include several designers with different flavors. There as two managers namely Georgianna Mercer who is the marketing manager and Mark Mercer who is the production manager. They have both come up with forecasts to determine the cost of production of the product. I would highly recommend on the first plan by manager Georgianna Mercer. This is because the total cost for forecasting is $1092 while that of Mark mercer totals up to $2622. In business, the organizations min aim is to maximize on profits. In order to maximize on these profits, then the costs spent on production has to be minimal. The regular production cost is $1 per tank load while that of overtime production is $1.6. Hence for Georgianna’s forecast would be (420 tank loads x1) + (420x1.6) =1092. $ Opening stock 0 Regular production cost (1x60) 60 Overtime production cost (1.6x15) 24 Subcontracting cost (2x60x6) 18 Holding cost (2x60x6) 720 Back ordering cost (5x60x6) 1800 2622 Information about the new line has been shared to the supply chain managers. Some of the information that might be shared to them would include: supply capacity, delivery, payment and timeliness. It would be important for the EGAD...
Words: 373 - Pages: 2
...paper is broken into to three major parts. First section of the paper is to explain the concept of groupthink, what it is defined to be. The second part of the paper is an analysis of my personal experience with groupthink within a family trust. The third part of the paper proposes a remedy other than argument and debate which would act as a “group antihistamine” against this phenomenon called groupthink. Defining Groupthink Groupthink as defined by Irving Janis in his book entitled Victims of Groupthink, in it is stated to be “the tendency of a group to conform to ideas simply because the general sense of the group has moved in a particular direction and members of the group feel committed to continue in the same unchallenged line of thought.” Consequently it is the practice of thinking and making decisions in a group in a way that discourages creativity or individual responsibility. Groupthink is an occurrence where by a group comes to a unanimous decision about a possible action despite the existence of facts that points to another more fruitful corrective course of action. In groupthink the members of the group place emphasis on everyone agreeing therefore there is a threat when a member is not in consensus. Unfortunately it results in more optimum solutions not being fully considered because of intimidation tactics employed on those who don’t comply. Ultimately members can be ostracized from the group if they are noncompliant to the group’s unified position. The result...
Words: 2087 - Pages: 9
...traditional conservative ideology and emerging modern thoughts. Hence, the authors always wrote the stories about how individuals reacted to such social changes. Like three stories, Lu Xun’s “A Madman’s Diary,” Yu Dafu’s “Sinking,” Mao Dun’s “Spring Silkworm” which depict how the individuals’ respond when they face two totally different ideologies or moral codes. These three stories show three different conditions, three different choices, and lead to three different results. One common thing is that all protagonists are suffering in that old society. First, Lu Xun’s “A Madman’s Diary” describes a madman who is the first rebel in modern literary history. The madman was born in the feudal scholar-bureaucrat family, everyone lived around him was bound by the feudalism. However, he was not one of them, he had modern thoughts and yearn for a just society. Unfortunately, he could not find a person with a like-minded goal, and everyone else saw him as a madman. He thought that society was an “eat people” world. For example, he read history intently half the night until he saw the whole book was filled with the two words “eat people”. He thought the history were all wrote about how the powerful people oppress the poor. And he felt sorrow that such merciless history still continue in his world. The madman had dual image, “mad” and “not mad”. On the surface, the Madman was described as a mad person, for example, his words, lifestyle, and thoughts were all unacceptable by that society. But inner...
Words: 1355 - Pages: 6
...Thought Leadership Thought leadership seems to be an innovative way to motivate a team to do better. In a sense, you put the power into their hands and watch what transpires. Let’s start with the leader of a group or organization. The leader must be strong, organized and very knowledgeable. The leader is responsible for bring the collective minds together and making sure that no matter how many things are thrown in their way, that the focus remains the same. This new way to view leadership was very unlikely several years ago as there was always the clear cut chain of command. The traditional process made things become very uniform and predictable , which does not leave room for growth and innovation. By following the old way of leadership, several people would not be trained or knowledgeable of how to move up through companies. In business today, they still do have programs where they select a few people to be in a management type training program, where you pretty much move a long at the specified company pace but something changed. Did some of these programs start to become redundant, or meaningless? The old system was based off of seniority instead of qualification. This means that there were specified people who were designated as “next in line” for any promotions, regardless of what work had been done. This in turn led to people having to “wait their turn” in order to get a promotion. This was also the same process for how to release employees during economic down...
Words: 402 - Pages: 2
...Week Three Discussion Questions 1. According to the business dictionary (2012), “mental models are beliefs, ideas, images, and verbal descriptions that we consciously and unconsciously form from our experiences and which (when formed) guide our thoughts and actions with narrow channels” (p. 1). Social, political, and economic situations influence mental model/mindsets. Because of social, political, and economic situations and past experiences, I limit my decision making based on facts, proof, and careful considerations. I rarely make irrational decisions. 2. The four steps that change one’s mental model/mindset consist of: a. Power & limits of the models. b. Test the relevance of the mental models. c. Overcome inhibitors. d. Implement, assess, and strengthen the model. Some possible inhibitors are lack of trust, lack of information, other’s expectations, and set in old ways. I think I need to work on overcoming inhibitors. I tend to let past experiences and other people’s thoughts discourage me from doing or making certain decisions. 3. “Creative intelligence reflects how we perceive the world around us” (Rowe, 2012, p. 1). “The four styles of creative intelligence: Intuitive – focuses on results and relies on past experience to guide actions Innovative – concentrates on problem-solving, is systematic, and relies on data Imaginative – is able to visualize opportunities, is artistic, enjoys writing, and thinks “out of the box” Inspirational – focuses on social...
Words: 273 - Pages: 2
...that it has brought is the second step that I am yet taking. I am slowly, but surely transforming into a Free Thinking Woman. When I reread my first essay, I realized how much I changed. I am still positive that majoring in Economics is the right major for me, but now I want to do more. I still want to work in an office while managing financial records, but now I feel like I have a gift to teach as well. Over the next few years at Spelman, I would love to get certified to teach. I have always wanted to reach out to girls my age and help guide them in the right path; a big sister to them is what I would be. I have had a woman figure in my life ever since I can remember whether it was my sisters or my mother. Some girls do not have that I would love to give it to them. Because I want to be a prominent business woman, I would like to start an organization for young girls between the ages of twelve and eighteen to start and share a sisterhood with them and to let them know that they can always depend on me. There would be many activities from introducing ourselves to retreats. I know that I can do this because Spelman is preparing me at this very moment. We are supposed to lift our sisters up even if we are down and to be there for them no matter what. I thought that my classes were going to be a breeze, but reality settled in quick. I found myself studying more than I slept. I turned my work in on time and I went the extra mile by doing extra credit when my teachers provided me with...
Words: 827 - Pages: 4
...This week’s readings and video all explore the concept of “stuff” and the values with which we place in them. Each looks to different aspects of both the economic and non-economic value that specific objects and products can hold, and questions whether a price even should be placed on certain things of significance. This creates a dilemma that can only be resolved through changes in our own ways of thinking, and as such continues to vary a great deal. In Annie Leonard’s video, “The Story of Stuff,” we get to break down one of the aspects of this dilemma. Leonard analyzes the true costs of various goods, beyond the sticker price that we pay as consumers. She brings up the fact that people in other countries are having to pay “with the loss of their...
Words: 916 - Pages: 4
...all the world’s major languages ( Stiglitz, 2002).Yet, it lacks precise definition. Indeed, globalization is in danger of becoming, if it has not already become,the cliché of our times: the big idea which encompasses everything from global financial markets to theInternet but which delivers little substantive insight into the contemporary human condition.Clichés, nevertheless, often capture elements of the lived experience of an epoch. In this respect,globalization reflects a widespread perception that the world is rapidly being moulded into a shared socialspace by economic and technological forces and that development in one region of the world can haveprofound consequences for the life chances of individuals or communities on the other side of the globe. Formany, globalization is also associated with a sense of political fatalism and chronic insecurity in that thesheer scale of contemporary social and economic change appears to outstrip the capacity of nationalgovernments or citizens to control, contest or resist that change. The limits to national politics, in otherwords, are forcefully suggested by globalization.Although the popular rhetoric of globalization may capture aspects of the contemporary zeitgeist, there is aburgeoning academic debate as to whether globalization, as an analytical construct, delivers any addedvalue in the search for a coherent understanding of the historical forces which, at the dawn of the newmillennium, are shaping the socio-political realities...
Words: 506 - Pages: 3
...Architecture and the Environment Monica Diaz PSY/460 Carlos Guzman September 17, 2012 Architecture and the Environment Human beings respond to their environment in different ways. What is seen and perceived affects the behavior that is exuded. This is true for architectural design and physical structure. In fact, architectural design can control human behavior. Architects build structures and place them strategically in order to respond to human needs. For example, a playground or supermarket’s design is a direct layout of what the architect wants the individual to experience. Commercial and residential design plays a major role in a person’s life; therefore these structures are built with considerations of the general public. For example, an office building that has handicapped access and parking lot with handicapped spaces, are placed to provide convenience to those in need of it. With building and design it is also important to create sustainable development. Sustainable development now will promote better days for the future. It’s never too late to think ahead. Physical structure on human behavior "For architects and their buildings to be taken seriously, buildings must be imbued with the power to make a difference to their inhabitants" (Kraftl & Adey, 2008). The job of an architect is one of grave importance. Their creations create change. Buildings, homes, parks all create a mental effect on a person...
Words: 1205 - Pages: 5
...the literature; just write. Don't attempt to make sure that every page you write shows the full extent of your professional skills; just write. Don't write a well-organized, well-integrated, unified dissertation; just write. Don't think profound thoughts that shake the intellectual foundations of the discipline; just write. If you don't have a paper started by the spring of your third year, be alarmed. If you don't have a paper largely drafted by the fall of your fourth year, panic. Have three new ideas a week while you are getting started. Don't try to game the profession, work on what interests you. Good papers in economics have three characteristics: o A viewpoint. o A lever. o A result. Utpal Bhattacharya’s Views on What Constitutes a Good Paper in Financial Economics For me, a good paper in financial economics is really an essay that exposits an opinion that is substantiated with evidence. I look for five things: 1) The Research Question. Is it interesting and important? New question? Old question with no previous clear answers? Whether the research question is interesting and important is determined with respect to the literature (more objective judgment) and with respect to economic events around you (less objective judgment.) 2) The Research Design. Are the tests or the models relevant to the question being asked? Are they designed to provide clear answers? Are they novel or traditional? Is execution correct...
Words: 376 - Pages: 2
