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Demerits of the history of economic thought
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Henry Hazlitt’s book, Economics in one lesson, brings to perspective numerous topics that are mainstream issues in the economy today. His book breaks down in detail specific concepts that have their effects on the economy. Hazlitt explains topics such as war and the expenses, the tariff system, and productivity and the minimum wage laws.
One concept Hazlitt emphasized on was how economics was viewed for temporary needs, versus more permanently viewed.
“In addition to theses endless pleading of self-interest, there is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences” (Hazlitt p15-16).
This simple fact that Hazlitt brought up is the dominating factor that separates good and bad economics. A good economist will look at the effects a certain policy will have on all groups, while a bad economist will only see the effects that a policy will have on a particular group. This ties in with the long-run effects because if a group is only looking at how a policy will affect itself then in the future another group that was affected could lose their business because of the way the first group viewed a policy. For example if a clothing company decides to increase revenues by selling more products at a lower price, it will cause the company that has to supply the materials for the shirt to have to increase the amount of materials they need to use in order to keep up with the sales the clothing company makes. If the shirt company acted in the best interest of all the groups they would make sure the company that is supplying the materials is able to increase production instead of making the decision on their own. The bad economist believes that tomorrow is not as important as what is at hand today. “Nine-tenths of the economic fallacies that are working such dreadful harm in the world today are the result of ignoring this lesson. Those fallacies are stem from one of two central fallacies or both: that of looking only at the immediate consequences of an actor o proposal, and that of looking at the consequences only for a particular g...
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... that were not as clear, and not as strong. The broken glass itself is not a blessing, but because it helps the economy overall, that can be a blessing. Hazlitt made a good point explaining this in great detail. He also thoroughly explained how war does increase production but only to the point where everything goes back to normal. Jobs do open up for people as long as there is war, but as soon as it is over the economy usually goes right back to where it started before the war. Hazlitt also made a good point about employment and how full employment does not exactly make the situation better for that person because there are many institutions that have full employment and there are no benefits for the employer. In dealing with credit system, Hazlitt pointed out how a person that is having trouble economically seems to have a better chance to get yet another loan that will most likely not get paid back, as opposed to a person that can pay it back immediately does not usually receive one at first glance. Overall Hazlitt did a great job, especially emphasizing on the long-run economics as the best way to handle things and not the short, quick, and temporary way of handling business.
Jonathan Kozol, an award winning writer, wrote the essay “Still separate, Still Equal” that focuses on primary and secondary school children from minority families that are living in poverty. There is a misconception in this modern age that historical events in the past have now almost abolished discrimination and segregation for the most part; however, “schools that were already deeply segregated
Through our class discussions of education we came across this quote by Joseph Sobran, an American journalist and writer who spent a great amount of his career working for the National Review Magazine, "In 100 years we have gone from teaching Latin and Greek in high school to teaching Remedial English in college." When asked to critically think about the meaning of this quote I concluded that our educational standards have been lowered over the years and that students in America are not as intelligent as they once were in previous years. These two thoughts brought me to the questions, what does it mean to be educated or intelligent and who gets to decide. When reflecting emotionally on how this quote made me feel I realized it made me feel
In some ways, Kellie’s depiction was entirely bias and unfair, as to the choice of footage used; there was no indication of the various charities that aim to alleviate poverty within Australia, including: Salvos, Anglicare and St Vincent de Paul. This is entirely symbolic of how the media falsely depicts those in poverty, with the pure aim of entertaining the audience, showing a complete lack of empathy. Similarly, the concept of disrespect was evident in tourists that we saw at the public restaurants we visited throughout the journey; some were excessively drinking, whilst others were littering or using obscene language at local Khmer people. From a personal perspective, a lack of understanding between any individuals, whether they are disadvantaged or advantaged, contradicts Christian values and ideals, making the producer and the other tourists somewhat disrespectful and uncompassionate towards the Mt Druitt and Cambodian community
Classical economists found that their original theories were problematic when the Great Depression hit the United States. They originally argued that the market was self-adjusting so with no government intervention they thought it would automatically correct itself. They thought that if there were a higher number ...
However, Parris also used pathos in his documentary by discussing the fear associated with developing nations, and poverty stricken communities. While visiting Belgrade, they met with one of Parris’s friends, Veda, and asked her to take them to see the Gypsies. Veda refused at first, saying that she was afraid of them because she did not “think [she could] help them enough for them to be nice to [her]” (What Matters). This same fear that Veda had is a wide spread cause for most people’s inaction. Jared White from Operation Invisible Children said that “everyone talks about the problems; no one likes to talk about the hope”, enforcing the idea that people are too afraid to go into these places; instead they write it off as hopeless (What Matters). After receiving a strong warning from a pastor prior to leaving for Africa, Parris summarizes the problem with fear saying “that’s why no one ever goes to Africa, that’s why nothing ever happens, because there is so much fear” (What
Next, Herbert J. Gans’ essay, “The Uses of Poverty: The Poor Pay All”, is extremely important in the analysis of the frontline documentary. Gans has a bit of a different approach on poverty and the poor. For example, he says, “Today, poverty is more maligned than the political machine ever was; yet it, too, is a persistent social phenomenon.” Basically, he argues that the poor are a very important part in society. He goes on to explain different functions of poverty. First, he states that the existence of poverty ensures that society’s dirty work will be done. Society in some ways forces the poor to do these jobs because they almost always don’t have the choice, and they make them do these at low wages. This was one of the hard things
Learning is defined as a permanent change in attitude or behaviour that occurs as a result of repeated experience (Sims & Sims, 1995). Understanding one’s learning style has many advantages as it can help one to identify the learning method or activities that can help to optimise the learning experience. It has been suggested that the importance of one’s learning style has been identified through studies and research on how one can maximise the potential for success and further learning development (Honey & Mumford, 2006). Learning styles are unique to each individual and are developed in childhood (Chase, 2001). We all have different personalities; therefore we all have preferred learning styles that suit us best. The way one learns depends on preference. Some learn by observing, listening and imitating others and draw conclusions from their experience. There are several factors that affect our learning style; for example, background, culture, religion and environment can have a major influence on one’s learning.
However, I believe that giving resources to an underperforming community, replaces a culture of poverty with a culture of dependency. Ultimately, a culture of dependency is worse than a culture of poverty because it strips the community of its identity. By changing the rules within the culture, dependency creates a limited mindset where people strive to only do the minimum. Therefore, the notion of bridging the gap between a culture of poverty and society becomes hazy, since there has to be a way to treat those that are apart of poverty and those that are apart of the larger society as equals. The preceding sparks the question of does the onlooker have to behave in some ways to change the culture’s people; that is – should the onlooker seek to improve the inhabitants’ work ethic, optimism, and the ability to follow the rules.
The first important concept I learned was the ‘goals of monetary policy’. The primary goal of a central bank is price stability (low and stable inflation). Some of the Feds (short for the Federal Reserve Bank) other concerns are:
Every individual is taught what is right and what is wrong from a young age. It becomes innate of people to know how to react in situations of killings, injuries, sicknesses, and more. Humans have naturally developed a sense of morality, the “beliefs about right and wrong actions and good and bad persons or character,” (Vaughn 123). There are general issues such as genocide, which is deemed immoral by all; however, there are other issues as simple as etiquette, which are seen as right by one culture, but wrong and offense by another. Thus, morals and ethics can vary among regions and cultures known as cultural relativism.
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.
Sullivan, A., & Steven M., (2003). Economics: Principles in action. Upper Saddle River, New Jersey : Pearson Prentice Hal
...ism, abortion, stealing and killing are morally wrong? Of course not, it is wrong to think that if we are not directed by norms, we will only act by selfishness or cruelty. We are instinctively influenced by self-interest and anger, but thanks to centuries of preparation of civilizations to respect others, we have developed sensitive and friendly personalities. As we begin our day, we normally follow laws and we rarely think about consequences or about what norm require us to act. Our daily decisions are made of our instincts, desires, habits, feelings, and beliefs. Selfishness and normative beliefs play a small part in this world but what we end up doing is the product of countless imperceptible reasons.
...y supply and this causes the collapse in the U.S. and elsewhere (Pinnell, Lecture notes, 3/23). Consequently, countries become very protectionist to protect firms at home and international trade collapses (Pinnell, Lecture notes, 3/23). Therefore, states must make decisions with reciprocity and consequences in mind (Pinnell, Lecture notes, 3/23).
Everyone has different learning styles. Learning styles are important because they help you better understand materials in classes. They are there to guide you and become a better student. Learning styles help you better grasp the material and better process it through your brain. When learning you want to do what is most beneficial for you. That is why there is many different learning styles to suit every person. There is three different types of learning styles categorized. The first learning style is auditory. Auditory is meant for individuals that enjoy asking questions, talking and listening, as well as like to read out loud. Visual learners are more interested in charts, graphs, neat surroundings, seeing rather than hearing, and are pictured to be timid as they read to themselves rather than out loud. Finally there is the kinesthetic learning style. Kinesthetic is to touch, to feel, and usually learn by doing.