Emerson and Economics by Alexander Kerns

Individuals seek to make themselves as marketable as possible. The second is that all firms attempt to amplify the amount of money that they make.The author states that “maximizing utility is not synonymous with acting selfishly” (pg.8). He uses the example of the 91-year-old woman who spent her life working as a laundress in Hattiesburg, Mississippi. She lived by herself and owned a black-and-white television with only one channel (pg.8). Before her death, the woman had given $150,000 to the University of Southern Mississippi to endow a scholarship for poor students. The woman derived more utility from saving money and giving it away than spending it on herself. The author talks about how the prices of goods affect everyday life. Most people probably do not realize the effects prices have on us. The author mentions the spike in gas prices in 2008. The high price of gas forced Americans to buy smaller cars. The high price also increased the use of public transportation. It also caused many Americans to switch from cars to motorcycle. This increase in the use of motorcycles in turn raised the number of motorcycle deaths in the U.S. This change in the price of a single item shows the significance that prices play in the lives of

The Gilded Age had many relevant people arguing about economy at that time. Three of the people that argued about economic issues in society are Sumner, Lloyd, and Carnegie. Sumner had a biased approached towards economy in favor of the powerful wealthy class. While Lloyd had a completely contradictory view from Sumner’s opposing most of Sumner’s ideas. On the other hand, Carnegie had a favorable argument for economic equality by offering help to the poor class in his way. Although these authors have opposing views on the economic inequality, they support their views with valid solutions and proposals.

Author Wheelan writes, "Life is about trade-offs, and so is economics." Indeed, so is Naked Economics. This book promises to be a good introduction to economics for the layman. Throughout the book, the author uses easy-to-understand language and vivid examples to illustrate his points in strategic places maintaining a sense of lightness with the readers in reading the material. Here is a summary of each of the 12 Chapters of the book Naked Economics: Undressing the Dismal Science by Charles Wheelan.

Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these

The bizarre economy that we live in has affected us in many ways than our simple mind can fathom. After World War II there was massive push in innovation. Human were gifted with inventions like the Airplane, color T.V., polyvinyl cups, and precooked dinners. Nevertheless, these “gifts” came at an enormous cost. That cost was pushed onto the environment and people living in that environment. “The Market Economy” by Marge Piercy illustrates the movement in American aimed at bring attention to a global problem as well as an effort to save the planet along with the people living on it.

“Money talks” is an expression many form as a simple analogy to the problem associated with wealth today. However, the value of money is not to be taken in vain as money does not always showcase the attributes of knowledge and power. At the same time, those who do possess money do, in some cases, possess the attributes commonly associated with the wealthier class. “Money and Class in America” wrote by Lewis Lapham in 1988, showcases the pessimistic feelings Lapham has towards the American faith in money. Lapham believes that Americans are at a loss to hold the majesty of money at bay. Though I agree with Lapham to a point, I also believe that the assumptions of Americans do apply to a point.

In the wake of the Market Revolution, transportation and industrial production hit an economic boom. Not only were goods cheaper to produce through mechanical processing, but they were also marketable for much longer distances. This stimulated the economy and also brought forth a general consensus known as “republicanism”. “Republicans thought that a free society and government depended on a citizenry with the strength, independence, and virtue to perpetuate liberty.” (Watson 255). It was thought that liberty would be created in abundance if the average citizen was to do his part in living a self – sufficient life style – free from governmental assistance or influence – and demonstrate strength in financial and political perseverance. And, last but not least, they were expected to display morally inclined discretion. Only when these three necessities were fulfilled would American liberty truly endure. On that note, social changes that threatened independence, usually by weakening the financial standing of farmers, irked politically active Americans. As liberty was threatened under corrupt governmental institutions, Americans recalled the very motivation behind the

Emerson’s “Self- Reliance” was written in a time where America was breaking away from the European norms and European control. America was used to thinking and conforming to the European way, but when we broke away we had learn how to think and do for ourselves. Emerson wrote on this topic of conformity and learning to think for ourselves because, he soon began to see a problem when we conform to society.

“Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them” (Paul,1). Despite Paul Samuelson’s accomplishments, his life growing up was not as ideal as a child would like. Paul was born in Gary, Indiana on May 15, 1915 to parents Frank and Ella Samuelson. Frank Samuelson was a pharmacist, who had financial difficulties after WWI. Thus, the family was forced to move to Chicago, Illinois. Enrolling at the early age of 16 to the University of Chicago, on his first day of college he claimed he was “Born as an

Adam Smith born the year 1723 was thought to be one of the world’s greatest economists. In Fact he was known as the father of economy. He was also known by the way he thought and the way he wrote about the country's economy and in this paper I will explain the way he described and the way he thought of the economy and why his thoughts have carried on for the last two hundred years.

Since the early days of the United States, the Founding Fathers and other brilliant minds sought ways to understand and make sense of the inner workings of society and the economic market. Out of the many thinkers and developers of that time period, perhaps none made so great an impact on American society as the Scottish contemporary philosopher and political economist, Adam Smith—who is most known for his influential work, An Inquiry into the Nature and Causes of the Wealth of Nations, By the early nineteenth century, other streams of economic theory emerged from various individuals who were also influenced by the ideas of Smith. Some of these individuals included David Ricardo, Karl Marx and later John Maynard Keynes and Milton Friedman—each of whom contributed their own ideas on economic activity. However, it was Smith’s ideas on capitalism and his laissez-faire approach to free markets that have transcended other economic theories and continue to impact American economic thought to this day.

Along with Samuel Hollander, two other economists were able to interpret Malthus’, Ricardo’s, and Keynes’ works. John Davis was one of the gentlemen who came with conclusion that “Malthus should be seen as being involved in setting the stage for Keynes.” Keeping this in mind that Keynes’ economics did arise until the twentieth century. Davis has every right to claim this since there tends to be overlap between the two economist’s’ ideas on separating the ideas of supply and demand. Although Davis does write his peace in response to Hollander’s novel, Davis states that Hollander is in fact “ambivalent” at times, but ends his writing stating, “Hollander’s standing as a great scholar of the subject.” Davis ultimately concludes that Hollander actually was able to complete his goal of clarifying the current controversies pertaining the ideologies of Ricardo and Malthus.

Benjamin Franklin is considered one of the most realistic and wisest men in the history of America. He is known for his stand on the necessity for the individual to work hard and to be frugal in order to reach success. In the presented essay, “The Way to Wealth”, he makes mention of various aphorisms and pieces of advice which express his views and opinions about morals, ethics, life, taxes, debts, etc. Among those pieces of advice that he offers his audience, we find the phrase “employ thy time well if thou meanest to gain leisure; and, since thou art not sure of a minute, throw not away an hour.” Although much of his work is devoted to the importance of industry and of frugality, here Franklin discusses the difference between being lazy and having leisure. He places emphasis on how without working hard and in a conscious way, the individual will never be able to have time for pastimes or leisure. Instead of viewing laziness and fun as the ultimate goal an individual must aim for, Franklin advices about using the time in a profitable way. To him, labor brings more comfort than idleness or laziness, as when the individual is idle or bored, he manages to commit mischief. Moreover, it is his belief that one cannot just be in a useless position the whole time, lest poverty and necessity strike. Therefore, Franklin argues, it is important to find useful things to do with one’s time, but things that bring enjoyment, in order for one to work hard at them. Once the

In Heilbroner’s book, “The Worldly Philosophers,” chapter 7 focuses on the Victorian world and the underworld of economics. It is during this age that the working class gained increased wages and the working days grew shorter—against what Marx predicted. The chapter then goes on to talk about Francis Edgeworth who worked with mathematical physics. His thesis was that every man, based on mathematical formulas, lives for leisure time, material goods, and pleasure. He theories are unique on his use of mathematical formulas to defend his philosophies and contentions. Though his use of science and economics was useful, much of his work is deemed useless. Frederic Bastiat, contrary to Edgeworth, wrote Economic Sophisms, which attacked socialists and defended free trade. Henry George, wrote Progress and Poverty, which discusses the true cause of poverty, which is land rent. He goes on to declare that this ultimately is the cause of depression.

In the early nineteenth century, America was undergoing profound changes in the political, economic, and social realms. The rise of international commerce and the development of industrialization displaced previous Republican ideologies that valued the community (Matthews 5). Instead, the market became the principal societal system. Significantly, the major agent driving this system was the individual. Thus, a new philosophy of liberal individualism was born that honored the rights and independence of the individual man. It maintained that the individual’s “drive for success” would naturally contribute to the overall good of the community (5). Indeed, “setting free the