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World Economy: Neoliberalism - Essay Example

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News around the globe always contains the headlines regarding the world economy and the presence of a crisis. Economic downturns, turmoil and collapse have been reported throughout history. As the world changes, economy also changes. It also depends upon resources and currencies and it is a complicated system that thorough studies and understanding are both needed to cope up with the situation…
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World Economy: Neoliberalism
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World Economy: Neoliberalism

Download file to see previous pages... It also depends upon resources and currencies and it is a complicated system that thorough studies and understanding are both needed to cope up with the situation. At the same time, several economic movements existed throughout time to ensure the survival and recovery of the economy but sometimes the clash of ideas leads to the downturn also. Learning about the basics of economics and later on the subjects of microeconomics and macroeconomics would give solid foundations for the understanding of the world economy. The specific issue to be tackled in the paper is neoliberalism and its impact in the world economy. Before going on to the concept of neoliberalism, a brief discussion on basic economics would help in the understanding. In appreciating and understanding economics, the question must be answered first: what is economics? Once the word economics is heard, ideas to answer the question sprout such as images of “manic stock traders on Wall Street, an economic summit meeting in a European capital, a somber television news anchor announcing good or bad news about the economy,” (Hall and Lieberman 2010, p. 1). Usually what people see and know about economics is just a small fraction of what economics is. The usual complete definition of economics is “the study of how people choose to allocate their scarce resources,” (Wessels 2006, p. 2). The keyword in the basic definition of economics is scarcity. Resources are scarce which means they are limited in terms of quantity. They are not considered to be free goods because resources have value and they are limited. Free goods are usually unlimited. Therefore economics tackles the concept of scarcity. The same concept allows economics to stand out from other social sciences like sociology, psychology and political science (Hall and Lieberman 2010, p. 1). The study of economics is then guided by three critical questions: what are the real desires of people? What limited resources are needed to reach the desires? What priorities are there to get the desire and up to what level should the resources be allocated? (Daly and Farley 2011, p. 3). The three critical questions that guide the study of economics are answerable by the concepts of cost, scarcity and marginal analysis (Wessels 2006, p. 2). The concept of cost is usually the “monetary measure of the resources sacrificed or forgone to achieve a specific objective, such as acquiring a good or service,” (Drury 2008, p. 27). Cost is the sacrifice to get what a person wants usually measured in terms of money but it can also be measured in terms of time and other things. For the sake of economics, the study limits the concept of cost in terms of money. The second concept to answer the critical question is scarcity and it is “people wanting more than can be satisfied with available resources,” (Wessels 2006, p. 3). As resources available are limited, and so the goods and services that people want are also limited. People need to choose which means there is a decision to make as people have choices and trade-offs are unavoidable. Another term for trade-off is opportunity cost which means the thing people must give-up when making choices (Hall and Lieberman 2010, p. 2). The last concept to answer the critical question is marginal analysis. The concept of marginal analysis can be understood as it: …forms the basis of economic reasoning. To aid in decision making, marginal analysis looks at the effects of a small change in the control variable. Each small change produces some good (its marginal benefit) and some bad (its marginal cost). As long as there is more “good” than “bad”, the control varia ...Download file to see next pagesRead More
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