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Finals - Assignment Example

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Insert your name: Insert instructor name: Course: Date: Question 4. The idea of law of diminishing returns: the more one input of equal quality is increased in production while the quantity of all the input of equal quality remains unchanged the smaller will be the resulting addition output has smaller and smaller share the of the other inputs to work with…
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Download file to see previous pages... Malthus identified the substance wage, with foodstuff the workers’ wages is what workers eat. Rapid increase of food crops is not possible because supply of fertile land is limited and technical improvements do not come fast enough. To Ricardo, economic rent is paid to the owner of the land for the use original and indestructible power of the soil. This rent is not the same as returns derived from improvements made on the land that result to rise of the profit rather than rents. Malthus considered higher rents for landowners as salutary thing. Ricardo believed rent to be unearned income. Landowners who have to work longer hours for the bushel of wheat, sell it at same price as farmers who own the richest delta land. Rent does not determine the prices of grain rather than grain decides the amount of the rent. Answer to question 5. Both contemporary and modern critics have very often regarded Malthus, as an eminently inconsistent writer. Not only was he accused of not reasoning well (Ricardo himself wrote for instance, His arguments are not very cogent; indeed, I am often puzzled to find any connection between the premises and conclusions of his propositions’ Ricardo’s was highly influenced by sparked spare abstraction of English economy of parliamentary debate than proposed corn laws which prohibited importation of grain until the price of domestic grain increased to a specific amount. The central conflict arose from industrialist against landowners who had expanded cultivated acreage. Corns laws had favored only a few at expense of their own capital accumulation thus higher prices meant industrialists had to pay for higher wages. Since most of landowners were parliamentary, thus Corn Law passed easily, debate on these law defined interest of various economic units (groups).Malthus lavished praise on land lords and Ricardo attached the consequences, thus legislative issues become context in economic analysis and revelation of class conflict- how national income to be distributed among landlords manufacturer and workers. Malthus argued that taxation reduces disposable income thus are left worse off. Thus, Corns laws are unfavorable. Answer to question 6. Mill turns economics into a viable philosophical area of inquiry by exploring what people really want and what economics can measure and assess. Mill’s approach to economics is based on his belief in the superiority of socialism, in which economic production would be driven by cooperatives owned by the workers. To this end, Mill argues that the laws of production may be natural laws, but the laws of distribution are created and enacted by human beings. In other words, wealth is the natural product of labor, but the distribution of wealth is determined by the decisions and the will of actual people (the elite) and is not simply part of the order of nature. Mill carries this view quite far, maintaining that human laws and institutions can and should determine how wealth is distributed. Thus, for Mill, economics is closely tied to social philosophy and politics. Private property being assumed as a fact, we have next to enumerate the different classes of persons to whom it gives rise; whose concurrence, or at least whose permission, is necessary to production, and who are therefore able to stipulate for a share of the produce. We have to inquire, according to what laws the produce distributes itself among these classes, by the spontaneous ...Download file to see next pagesRead More
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