Nobody downloaded yet

Economics Project - Essay Example

Comments (0) Cite this document
Summary
Name: Class: Date: Micro and Macro Economics: Discussions on Great Economic Thinkers Discussions on Economic Thoughts of Marl Marx Personal history and concerns Karl Marx was a German philosopher, economist and journalist who lived between 1818 and 1883. He came from a wealthy middle class family and started his revolutionary life early in his career as a journalist where as early 1840s he had started to write controversial articles in newspapers in Germany…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
Economics Project
Read TextPreview

Extract of sample
"Economics Project"

Download file to see previous pages He started developing the ‘dialectical materialism’ which addresses the economic order efficiency and its inherent weaknesses and contractions that lead to its own decay/ collapse. The concept attempted to critic capitalism tenets and prediction of its own collapse. His constant revolt against the current rulers saw him exiled in Belguim, France and Britain where he eventually died in London (Heilbroner, 136 - 139). Economic Ideas and concepts Karl Marx is often referred to as the father of Socialism and Communism owing to his Marxist theories and The Communist Manifesto. He was a critique of capitalism which dominating Europe by them after overthrowing feudalism. According to Marx, current tenets of capitalism were not sustainable as they had little regard for laborers who are important in the production process. While critiquing the capitalism, Marx argued that while capitalism was revolutionary, industrializing and driven by universal qualities of development, it exploited and alienated laborer resulting to high unemployment rate. As a result, the system was subjects to depression shocks and the exploitation led to suffering of most laborer. These conditions were the recipes that would lead to class struggle, system decay and eventual collapse of capitalism. In essence therefore, what Marx was suggesting is a form of production process that would give decency to the working class. Such a method of production would be socialism or what is referred to as inexorable system of Karl Marx’ (Heilbroner 167). His assertions make sense when viewed in the light of modern capitalism as modern practices have come to recognize the importance of labor as a factor of production. Most companies are concerned about the welfare of their staff where business objectives are being driven by triple bottom line. Such an approach will most likely reduce tension between owners of capital and laborers. Karl Marx also contributed immensely to labor relations and industrial actions. He viewed the society as comprising of two classes i.e. the owners of capital and laborers who provided labor. According to him there exists a class struggle as each wants to maximize from each other. Unfortunately, the owners of capital who often forms part of the ruling class oppress the workers through long working hours and poor pay. Given the power of the ruling class and increased population, are able to maximize value at the expense of the laborers. Welfare of the workers is not a priority, maximizing surplus value and profit is. Heilbroner (32) noted that the English ruling class ‘failed to understand what fluid and mobile labour force would seek to achieve’. According to Marx, Capitalists optimize the discrepancy between labor markets and produce market to make surplus value. Surplus value is realized when input costs are lower than output price and the surplus according to Marx is taken away from laborer due the imbalance. The surplus value arises from unpaid work as they are only paid enough to keep the body and soul together i.e. to make laborers survive. He noted that in the long run as class struggle continues, the surplus value reduces considerably a situation which forces the owners of capital to rescue their capital. In labor relations, the argument makes sense in that most laborers will go on ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economics Project Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Economics Project Essay Example | Topics and Well Written Essays - 1000 words. Retrieved from https://studentshare.org/macro-microeconomics/1464039-economics-project
(Economics Project Essay Example | Topics and Well Written Essays - 1000 Words)
Economics Project Essay Example | Topics and Well Written Essays - 1000 Words. https://studentshare.org/macro-microeconomics/1464039-economics-project.
“Economics Project Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/macro-microeconomics/1464039-economics-project.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Econometrics 'A' project for MSc Economics degree course
...doctor's office or small firm, one could expect to discover a distinct salary gap. References Albrect, J. , Bjorklund, A. , and Vroman, S. Is there a glass ceiling in Sweden? Journal of Labor Economics vol. 21 no. (1) (2003). pp. 145–177. Atkinson, S. M. , Baird, S. B. , and Frye, M. B. Do female fund managers manage differently? Journal of Financial Research vol. 26 (2003). pp. 1–18. Blau, F. D. , ed. , Brinton, M. C. , ed. , & Grusky, D. B. (Eds.). (2006). The declining significance of gender. New York: Russell Sage. Dougherty C. (2006). Introduction to Econometrics. OUP Oxford; 3 edition. Glaser, B. G. (1963). Retreading Research materials: The use of secondary analysis by the independent researcher. American...
10 Pages(2500 words)Essay
Economics Project Assignment
...June 28, Economics Project Economic principles play a crucial role in the decision making of individuals, business firms and thus of society. The choices made by them are often influenced by these principles and this increases the scope of economics. “Economics is the study of allocation of scarce resources, choices, and opportunity costs” (Department of Economics: Description and Mission of Department par. 1). The choices are made mainly for two purposes- consumption and production. The major economic principles that influence the choice of a society with the view point of a consumer are utility analysis, indifference...
3 Pages(750 words)Assignment
Micro economics project about 4 articles (critical analysis)
...biggest competitor to be the market indexes. Over time, our clients expect us to beat them. These days, however, we’re facing another formidable foe. It’s called real estate. Investors (young and old) have a significant portion of their net worth invested in their homes, and we’re seeing more of them consider adding an income property to their portfolio. Canadian housing market to stay strong I wanted to see what we’re up against, so I put residential real estate through my usual research process. Just as I do with stocks and bonds, I looked at houses and condos from the perspective of economic fundamentals, valuation and market sentiment. Starting with the economics, it would appear the supply side of...
4 Pages(1000 words)Essay
Financial Economics 2012- Quantitative Methods II, Statistics Project
... cannot be made using treasury bills though, as they are relatively risk-free. Information on the beta value can also help investors in choosing a set of stocks or investments with the highest expected returns or that with the lowest risk, known as efficient frontier. Efficient frontier results into diversification hence resulting in a reduction of unsystematic risks. Reference Perold, A. F. (2004). The Capital Asset Pricing Model. Journal of Economic Perspectives, 18:3. 3–24.... Asset Pricing Model Introduction An essential question in finance is how the risk of an investment should affect its return. It is for this reason that the Capital Asset Pricing Model (CAPM) was devised. Capital Asset Pricing Model (CAPM), is a theory that explains...
4 Pages(1000 words)Essay
Economics tuesday project
...Answer to Chapter 12 6. When government spending rises, it leads to a rise in real GDP as a first step and then leading to a rise in income. The extra amount of tax is deducted from this increased income only at the second stage and that is why the effect of the rise in real GDP for a rise in government expenses persists. 7. When government deficit rises, the government takes loans from banks leading to a shortage in the credit availability in the nation and thus a rise in interest rates. This rise in the rate of interest leads to a rise in the value of the national currency and thus a rise in the national price level in terms of foreign currency. Hence, exports drop leading to an international trade deficit. 8. During recessions... to...
1 Pages(250 words)Assignment
Micro economics individual project
...Historical Perspective US faced one of the most critical recessions of modern history and is also currently going through economic slow down. Due to the credit crunch which emerged in late 2007, not only the financial sector of the country suffered but also other sectors most notably the auto industry of the country suffered a lot. In order to help the auto industry to withstand the challenge and save it from complete collapse, government intervened and provided equity funding to large auto makers in the country. This article is about the role of government in intervening the free market to help organizations to overcome recessionary periods besides keeping demand and supply dynamics in equilibrium. Why this article is...
2 Pages(500 words)Essay
PROJECT ECONOMICS AND LAW
...Project Economics and Law: The Scottish Parliament Introduction All project managers always aim at implementing their projects within the required project management indices. These are idyllic benchmarks that ensure that the project meets and satisfies the entire needs of the clients. A successful project has distinct characteristics that range from effective and efficient cost, to good quality, and completion within the expected timeframe. A project that meets the abovementioned provisions always satisfies relative objectives as well as the expectations of the clients and is therefore regarded to be of...
16 Pages(4000 words)Coursework
Economics Final Project
...ECONOMICS FINAL PROJECT ECONOMICS FINAL PROJECT Introduction There are a number of reasons for which people would want to have health insurance coverage. Most commonly however, health insurance is used as an affordable payment model that seeks to ensure that people do not pay so much upfront money once they are taken ill (Chang et al., 2006). From a larger perspective, health insurance has been noted to be a modality for ensuring the delivery of quality service by service providers, as the premiums paid ensures that there will be a pre-determined investment for facilitating the running of healthcare (Henderson, 2012). These needs notwithstanding, health insurance...
2 Pages(500 words)Assignment
Economics Project
.... It is significant to understand that even though countries might be located in the same region, they may respond variously to financial crises and may have different capabilities to withstand their impacts. The section following the literature review will be dedicated to econometric results that will analyze the impacts of the financial crisis on key labour market performance indicators such as unemployment and employment rates. In investigating the severity of financial crises for economies at different levels of development, a re-estimation will be done on a model for sub-samples obtained from different income groups plus additional 15 transition countries (Griffith 2000). 1. Introduction Financial crisis is an...
32 Pages(8000 words)Essay
Applied Statistics for Finance and Economics Project report
...-integration model or CAPM. In this study we will investigate which of these models is efficient in investigating the pair trading of the stock. The study will investigate the stock of USA companies using there models; correlation matrix, co-integration model and CAPM model. Theoretical frame work Efficient markets are necessary prerequisite if it is desired that funds should be allocated to the highest valued projects. A stock market is termed as efficient if the price fully reflects all information in the markets. Market efficiency and the risk return behavior in a number of emerging stock market economies have been examined by Bekaert and Harvey 91997). Volatility is the tendency of assets prices fluctuating either up...
8 Pages(2000 words)Coursework
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 Economics Project for FREE!
Contact Us