When we think of the economy, we usual envision money, images of graphs, and old white men in suits. In reality economics simply refers to how we manage our resources. Economics has therefore always been a part of every day life. Throughout history humans have used economics to facilitate their well being. Economies evolved to suit the needs of the societies they served. Until very recently the evolution of economics was slow, little changed for tens of thousand of years. The economic system we use today, is just a blip on the chart of human history. It has served humanity well in the sense that it has brought us comforts unthinkable to our fore bearers. Humanity has flourished and spread. The world feels much smaller now than it did just two hundred years ago. And, the technological capabilities of today have eclipsed the wildest dreams of past generations. But, the prosperity brought by this economic system has come at a terrible cost. The world is facing rapid species extinction and destruction of biodiversity that threatens humanity itself. The negative implications of this economic system are not limited to the environment. The impact of modern economics on the social fabric of communities around the world has become apparent as globalization broadcasts unrealistic economic expectations and consumer ideals.
It it undeniable that modern economics has brought about a huge rise in the global standard of living. But, it's price in terms of the long term quality of life of the earth and all of it's inhabitants demands that our economic system change.
To understand today's economy we must take a step back in time. For most of human history hunter gatherer groups wandered the planet, following the migrations of game...
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Sallies McFague’s discussion of ecological and neo-classical economics from the Christian perspective is an eye-opening experience because it demonstrates the two possible dynamics of our world’s economy. The neo-classical economic dynamic “sees human beings on the planet as a collection of individuals drawn together to benefit each other by fully exploiting natural resources” while the ecological economic dynamic “sees the planet as a community that survives and prospers only through the interdependence of all its parts, human and nonhuman” (McFague 127). McFague states that the current global economy is neo-classical which is a detrimental system to ...
Alfred A Knopf, of New York publishing house fame, once stated “An economist is a man who states the obvious in terms of the incomprehensible”. For being someone who is just learning the basics of economics, this elucidation speaks volumes to this branch of the social sciences. From my basic understanding, economics is the study of scare resources that determine the supply, demand, and consumption for a said good. Wherein the simplification of multifaceted issues is used to make predictions that can be used to serve a society’s needs. Although this may seem like a simple concept, Knopf’s comment illustrates the complexity and involvedness of economics within a given society. Ultimately, from this definition, economics is a tool that aims to
In the book “Collapse” written and theorized by Jared Diamond, historical societies known for their peril due to environmental and human catastrophes. Jared Diamond analyzes the root causes of failed societies and uses his knowledge to depict today’s warning signs. The main focus of this book is to present clear and undeniable evidence that human activities corrupted the environment. To prove this Diamon used past societies, modern societies, and social business societies as a foundation. The most specific and beneficial theories that Diamond analyzes would be the decline of biodiversity on Easter Island, the deforestation of the Greenland Norse, the mining mismanagements in Australia and big businesses.
However, economics is relative to everyone’s life. We can still feel the wound of financial crisis up to today. It’s useful for everyone to learn something about economics.
Globalization, which is specifically the expansion of trade, encourages worldwide consumption and makes the world become a ‘global village’ (Chanda, 2007). However, it also leads to many serious environmental and social problems such as the collapse in biodiversity, climate change, financial crisis and inequality (Goldin, 2009). Among all the problems, income inequality is the most serious one and two widely used methods to soften its impacts are raising the minimum wage and taxing the rich.
One way that globalization limits sustainable prosperity is the amount of environmental destruction that occurs in our growing world. For example, a process called shipwrecking is the deconstruction of ships that are no longer able to function properly. The ships are pulled up onto beaches in Bangladesh and are taken apart by workers with blow torches. The ships tend to rust leaving the beaches a reddish orange color. This rust can get into the ocean affecting many other parts of our world. Also, gasses that are produced and released into the environment from the blowtorches help contribute to the already occurring global warming. Another scary fact is that there is nearly one death per day in ship breaking yards, and nearly one quarter of them get some form of cancer due to the harsh chemicals. Ship breaking is a very dangerous job and puts many lives at risk. A big factor that helps wreck the environment is the large manufacturing plants that are located in many different countri...
Fewer people are becoming increasingly 'successful' and wealthy while a disproportionately larger population are also becoming even poorer. The developed nations, by systematic spoliation of the non-renewable resources of the world, are also destroying the ecosystem. Around the world, inequality is increasing, while the rest of the world is further globalising. In many cases, political interests have led to a diversion of available resources from domestic needs to western markets. Historically, politics and power play by the elite leaders and rulers has meant that people and their land can be controlled, which has further increased poverty and dependency.
John McNeill, in his informative book, Something New Under the Sun, he discusses how the twentieth century brought the world into a steady decline. Although the world has improved technology-wise, it has also had a decline that overshadows the improvement we have seen. McNeil goes on to prove that it is humans, with our new technology are the reason behind this fateful decline. The world’s population has positively and negatively affected the twentieth century world by bringing “ecological changes” that will forever change the world(4).
Qs 3: A number of writers suggest that the capitalism of the middle to late twentieth century is markedly different from previous phases. How do they describe this particular iteration of the mode of production? What role, if any, do images, spectacle, ideology, machines, or computers play?
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
Economic growth and social development are complementary and they have a close but complex relationship. With the economic growth, it is clear that there are many environmental concerns in today’s society. Air, water, and land pollution have worsened; the environment of wild animals and plants has been seriously damaged; many species are threatened with extinction, deforestation and over-exploitation of mineral resources.
Technology has changed global commerce. The question is to what extent has it changed commerce, and how has it changed commerce. What are the repercussions of global commerce and commercial patterns on the natural environment? This paper will strive to answer some of these questions, as well as, delve into other areas of global commerce.
Economics is basically the understanding of how different economies function. Economics is the study of how to best allocate scarce resources among competing uses. Scarcity in the economy is the main problem. There are not enough resources to keep up with the demand for them. Within the discipline of economics, there are two areas of study: Micro and Macro Economics.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
Sustainability Revolution: Earth, the planet we call home, is a complex system made of interdependent parts and pieces of life that are constantly changing. Earth’s planetary system has maintained a balance of dynamic equilibrium—it has been sustainable— since its beginnings about 4.5 billion years ago. This balance, however, has been progressively disrupted by us—humans— especially during the last few decades. Mother Nature has provided us with natural resources and the habitat for all species to sustain life on our planet. Since the industrial revolution, we have maintained a belief that these resources are infinite, and that economic growth and our attempts to improve our standards of living can continue forever. All forms of human economic