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Final review - Assignment Example

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Name Instructor Course Date Macro and Microeconomics The paper requires a detailed explanation of how David Ricardo used the idea of diminishing marginal productivity in to economics through the theory of rent to show that the increasing rents that are caused by renewing the Corn Laws must come at the expense of decreasing profit…
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Download file to see previous pages... In a situation whereby a third quality land is cultivated, the rent commences on the second land quality with an immediate effect. However, the rent can be regulated by the difference in their productive powers as the rent of the first quality land increases since it must always be slightly above the second class. Naturally, the aspect of rising rents would directly take more of the national income (page 91) The paper also reflects on the T. Malthus` objections to Ricardo`s attack on the Corn Laws 1895 and how he responded to these objections in his principle of political economy and taxation. In addition to that, it also discusses how his response strengthened his conclusions about the Corn Laws in 1985. Malthus was a personal friend to Ricardo as well as his opponent on the matters to do with rent whereby Ricardo went on to write a letter to Malthus suggesting that every person to retain his own opinion without terminating the friendship (page 92). According to Ricardo, he referred to the economic rent as a surplus of the personal paper profit over the social gain whereby its value is in control over the resources instead of being directly to the resources. Moreover, there is no representation of gain but a transfer of wealth that was unearned. On the other hand, Malthus objected this opinion by stating that a material gain is stated when the rent is re-invested though the gain is in excess of the social unity. According to John Stuart Mill, the nature of the laws that regulates how we produce products is different from the laws that regulate how we distribute the fruits of that production. Therefore, details on specific examples from the 19th century English labor movement of how the laws of distribution were undergoing change, is also provided in this paper. The existing differences between the laws of regulation in production and distribution come in to nature because both of them undergoes through different processes. However, countries that export products on a large quantity ought to trade perfectly well on a special way, without restrictions for them to gain great advantages. In the context of the quote from Marx`s capital, an explanation of how labor is so important to Marx`s understanding of human self-realization has also been reflected upon. Moreover, a discussion of the role of history among the German philosophical ideas in shaping the Marks idea of human-self realization through labor has also been reflected upon in the discussion. According to Mark, alienation reaches at the peak when labor changes to become wage labor. Out of labor, capitalists are able to higher workers so as to convert the capital goods to final goods. Labor enables the workers to obtain wages that re later used to sustain their families. The more the workers are specialized in their specific areas of labor provision the more alienated they become in reference to the production of products. The employees tend to become more dependent on the production of products as well as the employee when they have set their goals. However the presence of Marx`s differences between the value of labor power also emerged. A provision of detailed explanation on the origin of profits according to Marx is also in this paper. The explanation begins with a discussion of how value is transformed in the production process including the relationship that has been discussed by Marx in the quote. Moreover, it is explained in to details as to why the ...Download file to see next pagesRead More
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