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Institutional economics - Term Paper Example

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Since the time when the world came into existence, the concept of economy resides. It was a momentous time in history, when man first decided to abandon the system of barter in favor of a new invention in the world of economics that is capital. The emergence of currency, all those centuries ago, was just an indication of the mammoth shape money would take in the future. …
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Institutional economics
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Download file to see previous pages Economics is a part of every aspect of human life, whether it is social, financial, political or institutional. Economics comes under classification into several components, where one of its components focuses on evaluation of institutions’ social and political framework in order to understand their performance that leads to the progress of the nation’s economy (McConnell & Brue, 2007). Institutional economics is the name given to this branch of economics. The aspects of social, political and commercial institutions can come under enlightenment in the context with institutional economics as it integrates the fields of economics, political science, sociology, law, organization theory and anthropology. Due to ever-rising competition in the commercial world, the institutional economics is becoming a source of interest for many because it observes the current market trends, so that they can keep an eye on the institutions and their activities (Groenewegen et al., 2009). The system of economics has many facets, out of which capitalism is one of it. Capitalism is a method in which an individual or a private organization manufactures the products and services with an objective to generate profit. Profit and wages are the two common forms of income in a capitalist system. As different people have different mindsets, therefore, different viewpoints by economist, political economist and historians have come under consideration when capitalism is under allocution. The elements that are the result of the development from capitalist economies include a product, money and labor. A product, commonly known as a commodity, is a good that comes under production for trade in the marketplace. Products are of two types; capital goods and consumer goods. Consumer goods that are the finished product is the result that comes from capital goods, which are the sources such as raw materials, machines, transport means and factories. On the other hand, currency that is the mode of payment, determines the worth of the goods, which always comes under measurement with a standard set of values and this is worth (Lippit, 2005). The forms of currencies have evolved through years and so has the meaning of producing/making goods. In addition, improvement and advancement in capital has come under a major affection by imposing of taxes, tax collection and the concept of banking. With the advancement of technologies and growing demands of tax payments, economies were becoming multifaceted as it endured the currency to progress and made its role more vital and crucial for the whole world. Regardless of all the factors of the past, the fact still exists, that money emblematizes significance. Through ages, the role of money has not changed and today still, money has the same functionality, but nowadays it not only exemplifies material goods but services are also charged. ”Acquiring money is not the same thing as creating value” (Lau, 2000). This statement gives a clear view that money and finished goods are directly proportionate to each other. It means that profit generation cannot always lead to the production of goods in a valuable manner. The best example that explains the statement is currency traders. These people make money by bartering of currencies ...Download file to see next pagesRead More
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