Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely separate disciplines today.
History: Since ancient times, humans have contemplated basic economic problems. Many great minds have tried to master the subject. Aristotle and Plato were probably the first to document such studies. Both agreed that living by trade was ill fated. Influenced by Greek economic ideals the Romans built their wealth. After the fall of Rome, the Catholic Church would become the power behind most economic laws. They would condemn usury and regarded commerce as inferior to agriculture.
It wasn’t until 1776 that economics became a study of its own. Adam Smith is considered the father of economics. Through his work Inquiry into the Nature and Causes of the Wealth of Nations, he used mercantilism and physiocracy to develop classical economics. Smith emphasized consumption, rather than production to broaden the scope of economics. Modern thought still follows his examples for permitting self-interest in order to promote national prosperity. This is most evident when looking at today’s smaller business market.
Twenty years later, Malthus would write a discouraging, but very influential book, An Essay on the Principle of Population. Malthus believed that the human race would eventually be doomed by overpopulation. His theory was that food would increase in arithmetic ratio but population would double every generation. This theory is faulty because it does not account for disease, famine, war, etc. Malthus’ view of supply and demand left a permanent impression on generations to come. It would hence be know as “the dismal science.”
Next to revolutionize economics would be the Communist Manifesto in 1848. Karl Marx had the classical vision of capitalism, Marxism was in large measure a sharp rebuttal, but to some extent it embodied variations of classical themes. For Marx, the labor theory was a clue to the inner work...
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...oss the country at many prestigious universities for economics professors. As an economics major, graduates could work for the National Institute of Health as an Operations Research Analyst, as an accountant (anywhere), or in almost any research or marketing opening. The Centers for Disease Control even require economists; they currently have positions open for post-doctorate fellowships. These are just a sampling of the job opportunities in the field and related fields of economics. With very little research, anyone interested in economics could find a plethora of interesting and challenging careers pursuable within the realm of economics.
Works Cited
The Columbia Electronic Encyclopedia Copyright © 1994, 2000, Columbia University Press. Licensed from Columbia University Press.
http://www.careerbuilder.com searched (economics)
http://www.infoplease.com/ce6/bus/A0816721.html
http://www.whitehouse.gov/fsbr/employment.html
Microsoft® Encarta® Encyclopedia 2002. © 1993-2001 Microsoft Corporation. All rights reserved.
Understanding Business. Nickels, William G. McHugh, James M. McHugh, Susan M. Copyright 2002 The McGraw-Hill Companies, Inc. New York, New York.
In the Humanistic Tradition the author, Gloria Fiero introduces Adam smith as a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith also known as the Father of Political economy, is best known for one of his two classic works An Inquiry into the nature and causes of the Wealth of Nations. Fiero looks at Smith’s work because the division of labor is important. One thing Smith thinks is even more important for creating a wealthy nation, is to interact and have open trade with different countries. Fiero states,“It is necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter,
The police corruption is identified and categorize by Barker and Carter. They propose that police abuse of authority comes in three different
In the tragic play, Antigone, Sophocles warns his audience against defying the will of the gods. As a result of a clash between the laws of the state of Thebes and the unwritten laws of the gods, main characters Antigone and Creon experience downfalls characteristic of the Aristotelian tragic hero. Antigone meets her demise because of her decision to bury her brother and hold herself accountable for her actions. While her defiant actions may be characteristic of an ambitious tragic hero, Creon’s unwavering pride and series of offenses towards the gods lead him to an arguably more tragic downfall of his own. Through careful consideration of his personality, his actions, and the circumstances surrounding his downfall, Creon shows that he is
The conflict between Antigone and Creon arises when she decides she must honor her brother's death and gives him burial. (line 72) "I myself will bury him," she expressed to Ismene. Once Antigone has buried her brother, she is brought before King Creon to explain her actions. (p. 177) Sophocles presents the two sides of the conflict, moral law versus city law; Antigone expresses the side of moral law and Creon expresses his side with the laws of the city. Antigone begins by telling her sister Ismene it was her duty as a sister that she should bury her dead brother. It is a duty she owes to her family. She also expresses that the king will not "keep me from my own." In other words, duty to the family is above her duty to the city. Antigone also tells Ismene that she is willing to become a criminal and die for her beliefs. She believes her death will not be in vain, and it is honoring her family; and the gods, in turn, will recognize...
In conclusion, the gods and the love of her family rule Antigone's life. Creon's life is ruled by what he thinks is good for his country and pride. Creon did not change his mind to free Antigone until a prophet told him he would suffer horribly for his actions. However, because Creon was so stubborn for so long and did not take heed to anyone's advice sooner, he ultimately suffers in the end, as does everyone else in the play. This was all due to a man's lack of good judgment, selfish pride and stubbornness.
Even though Creon forbids a proper burial for Polynieces, Antigone defies him to bring honor and recognition to her brother. In Scene 1, Antigone suggests that her act of rebellion is acceptable by opposing Creon and supporting her brother. Antigone “den[ies] nothing” (i.ii.116), and is willing to die in respect of her brother. Her bold statement implies that family is a substantial reason to break the law. Despite the troubles her family has caused her, Antigone remains loyal to her family members. She makes impulsive actions to uphold her family’s honor. Antigone defends her actions by revealing how the law interferes with family matters. Her behavior clarifies her morals, which pertain to the idea that family is a legitimate reason to defy higher authorities, and her thoughts on family and its significance. Though Creon’s law may be seen as irrational, he believed that it was the right decision at the time. In order to maintain...
Although there is no concise definition of police corruption, many define it as the misuse of police authority for personal gain. The key element of corrupt behavior is that the conduct (1) is prohibited by law or rule, (2) involves misuse of position and (3) involves a reward or personnel gain for the officer (Hess, 2009,2006). The acknowledgment of police corruption did not come to the forefront until the 1970’s. The Knapp Commission formed in 1972 identified corrupt officers as “Grass Eaters” and “Meat Eaters”. The professionalism movement of the 1970’s aggressively addressed the issue of corruption by creating more vigilant hiring practices, internal investigations, upgrading standards, and quality management. By accepting a cup of coffee or small gratuity, this can trigger one’s downward spiral into police corruption. Once the officer compro...
The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.
Differential experiences of police corruption, (either as personal or vicarious) contributes in large for the police to either receive low or high levels of occupational prestige. Its worth noting that, the administration of the police is set-up to protect life and property, avoid and detecting crime, recognize crime and criminals, and keep up peace and maintain order (Newburn 1973, Sherman, Gottfredson, Mackenzie and Eck, 1997, Waddington 1999, Rawlings 2002, Wright 2002, Aning 2006). Hence, the offence(s), in this context, corruption practices of one officer can circulate among members of the society with, on most occasions, no capacity to relieve or accommodate the impact/harm on the part of the police.
Karl Marx’s critique of political economy provides a scientific understanding of the history of capitalism. Through Marx’s critique, the history of society is revealed. Capitalism is not just an economic system in Marx’s analysis. It’s a “specific social form of labor” that is strongly related to society. Marx’s critique of capitalism provides us a deep understanding of the system to predict its pattern and protect ourselves from its negative sides.
Economics can be a tricky subject to explain to the general public. People often view Economics as a broad scope of finance. While Economics does look at the financial industry quite a bit, it is not solely about stocks and bonds. As Merriam-Webster describes, Economics is “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” The important aspect to gain from this definition is that Economics is a social science, which means the discipline studies human behavior. Economists study human behavior regarding the
This chapter is about how our identity influences the communication we will use in an interaction
Economics is a diverse science that incorporates all aspects of life. Economics has the ability to explain social, cultural, political and religious behaviours and attitudes of people in an economic context that aims at maximising their welfare. Therefore, economics is inseparable from all other sciences and arts specially those that explain human behaviour. Economic forces cannot explicitly explain how the world operates, instead culture, tradition and social settings are very strong forces that have to be incorporated for a comprehensive realistic analysis of the issue at hand.
Therefore, the objective in this chapter is to indicate how the data would be collected and analysed. The process and methodology of research used to collect the data for this dissertation will be explained in detail in this chapter.
It seems as though no one has ever succeeded in neatly defining the scope of economics. Merriam-Webster online dictionary defines economics as a social science concerned chiefly with description and analysis the production, distribution, and consumption of goods and services (merriam-webster.com, 2015). Roger Arnold, states in his book “Economics,” writes “Economics is about the choices people and societies have to make. He further states more succinctly, that economics is the science of scarcity. More completely, economics is the science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants (Arnold, 2012).” The economist Alfred Marshall, used to say that economics is “A study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being” —ignoring the fact that sociologists, psychologists, and anthropologists frequently study exactly the same phenomena. Another economist, Lionel Robbins, has more recently defined economics as “The science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.” This definition states that economics is the science of economizing. It captures and points out one of the striking characteristics of the economist's way of thinking but leaves out the macroeconomic appr...