Lewis and Rostow

What would a Legal Positivist have to say about the Dudley and Stephens’ Case and why would they say it?

Contemporary economics are best explained by comparing two foundational thinkers that have contributed to the better understanding of liberalism, one being its proponent Adam Smith and the other being its most significant critic, Karl Marx. Both thinkers are profoundly important in locating and investigating the roots of neoliberalism as well as exploring alternatives ways to challenge neoliberal economics in the face of its post-cold war expansion as the inevitable and only alternative to redistribution and economic justice. This essay traces the emerging ideas of classical liberalism as articulated by Smith and their subsequent deployment in the debates that produced neoliberalism. In this context, Marx and Marxism are utilized to expose and deconstruct the shortcomings of both liberalism and neoliberalism and their limits in providing solutions to the structural symptoms of liberal and neoliberal capitalism.

18. If the production function for an economy had constant returns to scale, the labour force doubled, and all other inputs stayed the same, what would happen to real GDP?

The early 1800s was an era of progressive action in regards to the Native populations of the United States - growing populations of western-bound individuals required that the already-present Natives be formally addressed. As Meriwether Lewis among others documented what the far-west was really like, Thomas Jefferson spoke of the ideals he held concerning the junction between Indians and Americans. Upon comparing Lewis’s discoveries and Jefferson’s wishes, we are able to discuss several things: the inconsistencies in Jefferson’s expectations versus reality, the two men’s thoughts on the potential for Native assimilation into American society, and the success (or lack thereof) of such assimilation.

During the late twentieth century, nations throughout the Western Hemisphere found themselves exhausted economically due to a combination of recessions which occurred from the late sixties to the early nineteen eighties-caused most in part due to energy crises and government regulations to combat inflation (due to counteract Cold War spending). Combined with growing economic interdependence, due to the need for foreign resources needed for the sustainable growth and expansion of consumer-based manufacturing markets in the developed world-beginning post World War Two, the United States and impactful developing states sought to create regional zones of economic integration that could provide solutions to internal economic concerns of employment, growth, and governmental sustainability, as well as provide a platform for prosperity in regards to capitalism, inter-market sustainability, and geo-economic authority within the region. In order to do this, beginning in the late nineteen seventies, pro-capitalistic states, such as Chile, Mexico, and most recognizably the United States- , and different economic institutions-such as the World Bank and the IMF- pushed for a new wave of liberalism, emphasizing revamped laissez-faire policies. This resurgence of classical economic liberal ideology, which is known as neoliberalism, emphasized growth

9. Review Klein, Chapters 2 and 3. She explains the influence of US economists, especially Milton Friedman, in designing development strategies, and of the US in installing or supporting governments that would carry them out in several countries that had been pursuing a ‘middle’ development path of ‘regulated’ capitalism in which the state played a large role in supporting social welfare and the development of local businesses. You can expect test questions on this material, including the role of the US in ‘regime change’ in these countries, the role of US-trained economists afterward, and the path that these countries were supposed to pursue.

3. In order for a country to progress from a less developed country (LDC) to a moderately developed country (MDC), the country would have to

John Komlos creditably about the topic is really high. He is a professor emeritus of economics and of economic history at the University of Munich and on top of that, he also taught at Harvard, Duke and the University of Vienna as well. Base on the author information from the article John Komlos is also the author of the new textbook, “What Every

Every movie is produced with a purpose. A movie can be sharing real life stories, giving people advice, to raise awareness, marking important history moments, and so much more. “Something the Lord Made,” which is based on the story of Vivien Thomas and Alfred Blalock has its own purpose like all other movies. It touches some sensitive issues that happen at the time of 1930-1980. Some of the issues are racial discrimination, an extraordinary partnership between a white man and a black man, and most importantly perseverance in chasing one’s dream.

19) Suppose productivity rises in a particular economy, but wages stay the same. Other things equal,

Suppose the marginal product of labor is 10 and the marginal product of capital is 8. If the wage rate is $5 and the price of capital is $2, then in order to minimize costs the firm should use

The introduction of minimum wage, or an increase in the minimum wage burdens the employer with increased costs, so the employer will seek to levy this burden onto the labor force to compensate for these additional costs. Veldhuis supports this by contending that minimum wage causes employers to “respond by reducing the number of workers they employ and/or the number of hours their employees work”. (1) This reaction is explained by theories of producer behavior. Economic theory states that firms are profit maximizers. Therefore, to maximize profits, the firm must minimize costs. A firm minimizes costs when the slope of the Marginal Rate of Technical Substitution is equal to the rate at which capital can be traded for labor in the market (-w/r). This is expressed by the equation = . As illustrated in

However, it can obviously see that labor surplus in Diagram 3 is greater than Diagram 2. The plan to set the minimum wage at $15 an hour will increase the rate of unemployment by higher proportion if compare to minimum wage at $7.25. According to the article, this increment of wage floor not only affects the employment rate of workers but also influences the business profit of the fast-food sectors. Although a higher minimum wage benefits the workers with the higher cost of living in New York, but it also bring negative impacts to them. The unskilled workers tend to compete with those skilled workers, because more people look for jobs in the labor market. Meanwhile, the employers tend to choose those skilled workers which lead to many unskilled

Taking into consideration the trickle-down theory of economics by Lewis, if the growth in economy is not sufficient to satisfy the needs and wants of the upper sections, nothing or very little shall trickle down to the lower sections in the hierarchy of society. Thus, the gap between the rich and poor widens and though economic growth has impacted a certain section of society, this cannot be considered development. Another example is an increase in the defence output of a nation, which accounts for an increased GDP but does not in any way contribute to economic development. Economic growth is not enough in itself to measure economic development as even if there has been a leap in the income of people in a particular nation,

All economic theories share common roots, they attempt to address the basic question of how an economy can, and should, be maintained. One of the most influential economic philosophies is Marxism. The fact that economic theories can share common roots is especially evident in Marxism; It even shares a basic premise of laissez-faire with capitalism, a philosophy it directly contradicts (Sowell 12). In studying Marxism, two basic necessities must be addressed; the nature of Marxism and its basis, and the political and economic implications of Marxism.