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During the long development of economic science, many doctrines appeared which very often explained economic processes and connections in different ways. This created basis for development of different economic systems. Crisis of one economic system demands the thorough study of its' qualitative and quantitative parameters to effectively implement this experience in the future. That is why time-proven theories and models of economic development are looked from different angles at different points of times. In this essay I shall try to discuss the relevance of the views of major economics thinkers and criticism that might occur.
Adam Smith himself would be probably surprised, if in his time he would be called an economist: in the era of Enlightenment intellectuals, as it is known, always had very wide scientific interests and encyclopaedical knowledge with philosophy as the base for it. His research was possible only thanks to the sociological-political and economical changes that were happening in Europe in the 18th century and were connected with the development of market production and exchange relationships. Some of Smith's ideas are very relevant to our time. For example, his idea of labour division was one of the progressive circumstances after domestic boundaries were eliminated, which led to automatic increase in the commodity market and the ability to increase the volume of production. Right now we see immense movements of production to the countries where production is more efficient technically or economically. Smith was also developing the idea of economic freedom, laissez faire and supported the view that different restrictions are in the way of natural and most efficient capital flows. The main economic principle now is to provide as much freedom to the markets as possible so that the natural market forces bring the markets into equilibrium. Smith was the first to try to find laws of production within the goods exchange, prices movements and money circulation; to separate and even contradict the use and exchange values, cost and price. He considered labour the main substance of the cost, and it is still so in our days, when labour costs are the biggest in the overall cost of the products. He developed the concepts of fixed and operational capital, profit, wage and rent.
One of the most accurate Smith's ideas is the relationship of government and monopolies, relationship to principles of laissez faire and policy of mercantilism. One of the basic ideas discussed in Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations" is the development of such a society where a person trying to satisfy own interest will inevitably take care about well-being and satisfaction of interests of the whole society. So, the relevance of Smith's ideas is based on the development of economic theory, especially, the problems of monopolistic and governmental subsidies and the probability of centralized economic planning. Smith supports the thesis that the country which really takes care of increasing own wealth must create such laws that would provide conditions for maximal economic freedom for every person and any producer. It is the personal interest that must inspire the person's participation in exchange relations and thus promote the overall progress of market relations.
A very bright and unique impact on economic science was made by the representative of the classical school of England Thomas Malthus. His work "Essay on the Principle of Population," published in 1798, made and still makes a very powerful influence on the readers so that there are still discussions about it going on. The diapason of comments on this work ranges from "genius prevision" till "antiscientific nonsense." His theory of laws affecting changes in population became so popular because he was the first to contradict the widely spread thesis that by the means of social reforms of humanity, the society can be perfected. He states that there is a contradiction between the reproduction instinct and the limited space useful for agriculture. Instincts make people multiply with geometrical progression, but the products necessary for living produced by agriculture, can be cultivated only with arithmetical progression. Thus, the reason for poverty is the faster increase in population than the wealth accumulation tempo. Any try to improve the life conditions by social reforms will be offset by the growing population. Thus, giving people ability to limitlessly multiply, nature through economic processes puts limits (moral, health, poverty, sins that lead to death rates increase) on humanity, which regulates the population growth. Nowadays his theory approves itself; when, for example, Chinese government must...
Home Exam Explore the economic, social, and political consequences of an enforceable decision to halt the development of new technology. (We can assume this decision is made to protect the environment.) There are many ramifications to new technological advances, and therefore it seems logical that ending these advances would also have issues and problems that should be addressed. Some technology can be harmful to the environment, and when an enforceable decision
Home Exam Globalization refers to the ease and ability of businesses to acquire sources of raw material, manufacturing facilities, services and markets for their goods and services anywhere in the world. This ease has been brought about by the developments in transportation and communication technologies that have made instantaneous sharing of information and material over large geographical distances possible. Along with these developments, political changes have made markets less defined
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