LOVE - Essay Example

Comments (0) Cite this document
Economists have long used two assumptions—(a) that humans are highly rational and informed, and (b) that humans act in their own self interest—to design policies. What are the benefits of these assumptions and what are the limitations? Should we continue to approach…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Read TextPreview

Extract of sample "LOVE"

of the of the History & Political Science Submitted Answers to Essay Questions Economists have long used two assumptions—(a) that humans are highly rational and informed, and (b) that humans act in their own self interest—to design policies. What are the benefits of these assumptions and what are the limitations? Should we continue to approach policy using these two assumptions?
Both economics and philosophy have since the earliest times tried to prove that humans are highly rational and caring beings. The 20th century has been one of relative peace, with the decline of mercantilism and the spread of British style liberalism. The implementation of Adam Smith’s ideas of a free market economy, where the invisible hand would determine how, what and how much to produce in what quantities was a radical concept, as was his assertion that saving is better than consumption, giving rise to a capitalist economy. It was supported by David Ricardo’s Theory of Comparative Advantage as the basis for international trade and exchange. Modern societies depend on elected leaders and thinkers as they try to find solutions to our communal problems and bring a sense of order and belonging to our daily lives. This involves the formulation of policies that are in the public interest. In fact the degree of evolution of society can be traced to the quality of its laws, policies, procedures, ethics and morals that define and perpetuate its existence. A qualifying criticism that can be leveled against policy makers is that they tend to act in their own self interests rather than in the public interest. In other words, power tends to corrupt the best of individuals as they tend to seek what is best for them rather than society at large. F.A. Hayek saw these deficiencies in the mechanism of socialist economies as well as a capitalistic system. He argued that it was liberalism that needed to be included in the system to make it work better (Hayek, 23). Ronald Coase would interject that social costs would also enter into the equation of deciding the price of a good, as few entrepreneurs or capitalists have the capacity or talent to produce goods themselves (Coase, 12).
The answer to this quandary would therefore lie in public and private watchdogs, professional and private agencies that make it their duty to point out the good and bad points of evolving laws and policies- much like a Board of Governance in a modern organization. The only caveat is that they should be answerable to no one but society at large. If we truly acted principally in the public interest and not just our own, we would soon realize that working in the best interests of society will eventually elevate both our individual and national character. I for one would definitely agree that public policy should be approached in this way.
2. The price mechanism plays a key role in Friedman’s arguments about the benefits of capitalism. According to Friedman, the price mechanism is the best way to make economic decisions on the grounds of both efficiency and morality. Do any of the other theorists we have read this semester provide compelling arguments to the contrary? What are those arguments, and which—if any—do you find most convincing?
A basic premise of modern economics is that value is determined by the price we pay for a good or service. In other words, price is what determines value. Going deeper into the concept of value, we see that it emerges from the concept of scarcity. Free goods are those that are freely available in society, like the air we breathe, and therefore do not demand a price. Economic goods on the other hand are scarce and it is the demand for them which in turn derives from their possible uses that determines their price or value at a specific point in time.
In the aftermath of the Great Depression, the Gold Standard was abandoned. Modern economies though not always backed by gold, state that the issued currency is a thing of value because the Government has deemed it so. In other words, value is given by a social convention of general acceptability as much as by its marginal utility. Both Hayek and Bohm Bawerk have ridiculed the efficiency of Government in its efforts to maintain economic stability, evidenced by the financial crises we have seen ever since finance and capitalism has ruled economic activity.
While Friedman would argue that the price mechanism is the best determinant of value in a capitalist economy (Friedman, 39), Charles Lindblom would state that both politics and economics are inexorably linked and that one cannot be approached without stepping on the other. In other words, policy changes should be made in the public good through the evolutionary process of muddling through. Capitalists are hardly moralists- they cannot be trusted to make decisions in the best interests of society because they have their own interests at the uppermost- to get the best returns on their capital and entrepreneurship abilities at the lowest cost to themselves using labor, land, machinery and other technologies (Lindblom, 214). Both issues of morality and efficiency are controlled by Government watchdogs and interest groups lobbying for popular decisions. Thereby Lindblom contends that we are limited by our choices. Politics even in the so-called enlightened economies can best be regarded as a group of oligarchic elites that compete and bargain with each other for what is to be decided. Although the present market system has many failings, it is the only mechanism being allowed by the political system that decides how economic questions are to be answered in a democratic setup.
Works Cited
Coase, Ronald H. The Firm, the Market and the Law. University of Chicago Press, 2007. Print.
Hayek, Friedrich A. The Road to Serfdom. University of Chicago Press, 2007. Print.
Friedman, Milton. Capitalism and Freedom: Fortieth Anniversary Edition. University of Chicago Press, 2002. Print.
Lindblom, Charles. The Market System: What It Is, How It Works, and What to Make of It. Yale University Press, 2002. Print. Read More
Cite this document
  • APA
  • MLA
(“LOVE Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
LOVE Essay Example | Topics and Well Written Essays - 500 words. Retrieved from
(LOVE Essay Example | Topics and Well Written Essays - 500 Words)
LOVE Essay Example | Topics and Well Written Essays - 500 Words.
“LOVE Essay Example | Topics and Well Written Essays - 500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document



...?When I first went through the list of slides I felt it really hard for me to pick just one out. Even though there were only a few there, it was still enough to have something meaningful in them that I could not miss out on. At first the names of the slides challenged my mind a bit because they all seemed new to me but I stopped at ‘Plato: Symposium.’ And opening it just at the second page it was written; ‘Plato’s praise for Eros or Love’ and I knew I had found what I was looking for. I really didn’t know what Plato was all about, I wondered maybe he must be some kind of mythological God or creature but I surely knew the meaning of love. I had finally found an emotion to write about. In the text, the...
6 Pages(1500 words)Term Paper


... November Love Love has no definite meaning, and because of this, there are many ways through which it can be defined. It is one of the most universal emotions that are displayed by human beings, and it is found in all the cultures of the world. It can be said to be a feeling which is displayed through strong fondness as well as having a special attachment. It can be said to be a good value which encompasses other emotions such as compassion, empathy, and fondness. It can further be defined as a concern for one another which is based on loyalty and also unselfishness. It can be used to define the compassion and affection which is shown to other human beings, animals, or oneself. Love for people, or interpersonal love, is the love... that is...
4 Pages(1000 words)Essay


...The High Cost of Love: A Price Worth Paying Love is the most discussed, debated, talked bout, sought after, and heartfelt emotion on the planet, yetmankind still struggles to form even the simplest definition for this elusive emotion. Love is a noun, an adjective, and a verb. Love can be an abstract concept that demonstrates our deep and emotional attachment to one another, or can be a cold and quantified feeling, measured in a scientific laboratory using modern medical instruments. No other word has as many meanings, applications, aspects, or sides as love does. The very simplicity of love makes it a complex perception that is beyond all...
4 Pages(1000 words)Essay

Debate over Universal Healthcare

7 Pages(1750 words)Essay


... (for Case 4) Case study of “Making RIFD work: The worlds largest library RIFD implementation We are presented with the case regarding the University of Hong Kong and their project regarding radio frequency identification or RIFD. The first sets of things to consider are regarding the librarys existing issues. These issues, such as expanding its information, serving the users and empowering their staff. The implementation of the RIFD must co-exist with the librarys current issues, and it must match the librarys current goals. They must make use of all the available resources in order to pull this off. According to “Special – Manager Tools – Horstman’s Law of Project Management” this may not be as difficult as it seems since... (for Case 4)...
4 Pages(1000 words)Case Study

Love their genre, nature and structure. Even though both pieces have been appreciated by people, Mozart’s piece hold a far greater importance than B.O.B’s. Mozart has been revered as a true master of music and symphony by people who appreciate classical music. His work has been established as the ground roots of music. He gave the world a new sense of interpreting music. Fact is Mozart’s work cannot be compared with today’s hip hop music. Mozart’s work is about appreciating sounds and music. The love for music is evident in Mozart’s work. On the other hand B.O.B’s “Nothin’ on you” is a modern pop style music which is appreciated among today’s youth. This song was written by Bruno Mars as a musical depiction of a real life...
2 Pages(500 words)Assignment


...Definition of love; In Social, Physical and Religious Spheres of Life Unit , Semester ……, Academic Level…………….. ………. Date of Submission……………… Love is a word that has been used since time immemorial and it is very fundamental in people’s lives. Love affects everyone irrespective of their gender, age, race and religion other societal groupings. Attempts to understand and define love are very essential owing to its importance. Love is a feeling of affection or liking towards something or somebody. The feeling is often deep and emotional in nature, and one can go an extra mile for the sake of love. Though the definition of love is complex, the paper presents it as manifested in the social, physical and spiritual spheres of life... ...
1 Pages(250 words)Essay

Student Assistant Position

1 Pages(250 words)Admission/Application Essay


...Love The of love is ever intriguing when it comes to the human race. What is love? Love is an emotion. It represents a feeling of personal attachment and strong affection towards something. As a virtue, love shows compassion, kindness, and affection. This paper will look at the theme of love and how it gets displayed in; the memoir, ‘ninety days’ by Bill Clegg, ‘this our youth’, a play by Kenneth Lonergan, ‘sex without love’, a poem by Sharon Old, and in the ‘All-American’ poem by Matthew Dickman. ‘Ninety days’ is a memoir by Bill Clegg. It focuses on Clegg’s road towards recovery from cocaine and alcohol at the age of...
2 Pages(500 words)Essay


... The Definition and Forms of Love. Love is the noun referring to a variety of feelings, emotions, attitudes and s which range from affection to pleasures. The noun may be used in reference to a very strong emotional and personal attraction or the actions of compassion one shows to others, the self or animals. Love also refers to the virtue of being affectionate, kind and companionate or concerned about the welfare of other people. The emotions are usually special, complicated and not easily understandable; most people have the belief that the feeling of love takes place in ones heart but it actually occurs in ones brain. This is because the generation and interpretation of the various chemicals substances signaling our feeling... and...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic LOVE for FREE!

Contact Us