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Behind stories about happiness of economic in proportion or inverse proportion of economic crisis - Essay Example

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Name Instructor Course Class date Workers, Industrialization, and Happiness Introduction Economics is a discipline that has much to do with the well-being of human beings. It emphases on the link between happiness and work that is more characterized with industrialization…
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Behind stories about happiness of economic in proportion or inverse proportion of economic crisis
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Workers, Industrialization, and Happiness Introduction Economics is a discipline that has much to do with the well-being of human beings. It emphases on the link between happiness and work that is more characterized with industrialization. Several economists have tried to determine the effects of micro and macro-economic conditions on the happiness of workers. Employment begins with the availability of jobs or with an opportunity for an income generating activity. Inflation and unemployment in a particular country is believed to nurture unhappiness. The most striking revelation by researchers is that, the more developed a democratic institution and the intensity of the local autonomy is the more happiness and satisfaction is found among the people. Typically, the financial measures o a nation, such as GNP and GDP are used as a measure of policy. There is an observable association between happiness and GDP, with individuals from wealthier states being happier than individuals from poorer states. Work is also very important to happiness since it creates a sense of purpose and a beneficial relationship with one’s co-workers. Inflation in an institution can be caused by advancements in the mode of productivity of commodities. While this also takes away happiness from consumers, it also entails advanced means of productivity which may follow the decline of human labor. This cuts off some job opportunities for workers. The independence state that provided the elements of satisfaction or personal happiness and of loyal citizenship vanished with industrialization. Body Industrial advancement expands an individual’s circle of dependencies and as a result created a certain amount of unhappiness and apprehension. Industrialization brought in the use of machinery which declined much satisfaction in the workplaces (Bernanke and Ben 67). Featuring a testimony by a certain man who spoke before a congressional committee, the industrial revolution has greatly changed the lives and working condition of local individuals. For example, the shoe makers are found to have enjoyed their work long before industrialization took place. These individuals could sit together as a group of shoe makers, with shoes on their laps and make them with no machinery. In this condition, there was absolute freedom of work and of sharing ideas. These individuals could naturally become more intelligent shoe makers than the present day shoe makers. Technological progress, increment of capital stock and education brought in much transformation in many countries. This transformation caused a sustained rise in real income per individual. Although some historians believed that industrial revolution was an important event, which made the rapid transition of the world to the modern age, many economists disagree to their view. Therefore, they embarked into discussions that industrial revolution greatly affected the ordinary people. Despite the increment in the real income for people, people had nothing to celebrate as this greatly affected the cost of living for the working class. Notably, Industrialization led to the rise of the cost of living. In addition to that, the use of machinery within the industries was introduced. Companies could use machines in the place of people since they were considered to be more efficient than the man power. The introduction and application of machines “led to immense unemployment among many individuals”(Troxell and John 89). Companies could suck the existing workers while many of the people looking for employment were left out. A machine could serve an entire sector with the operation of a single party. Happiness among workers was therefore decline with the introduction of machinery which was brought in as a result of industrialization. Happiness is described as the satisfaction of people in a rich country. The availability of jobs for all people leads to satisfaction whereby, this also leads to the economic growth. Citizens in richer countries are found to report the higher levels of satisfaction. Notably, it is noted that “… people from economically rich countries have more interesting work and more time for leisure and socialize or pursueotherhobbies (Hesse and Jan-Otmar 45)”. On the other hand, the economic policy makers in a country should pay much attention to the cohesion between family and the community. Good economic policies should encourage stable families and civic engagement. Policies should respect the autonomy of people and the community to make their own decisions in engagements that would contribute to their life satisfaction. Countries should not only recognize the GDP but also the happiness of its citizens. Conclusion Contemporary, according to economists, “…at least some part of the industrial revolution, the well-being and happiness of the lower classes is not rising” (Hesse 88). Although it had positive effects on the real income, its positive effects were offset by numerous negative effects of frequent crisis. Whereas there had been a time when people caused their own hand tools to forge out a living, the hand tools used during these times were eventually replaced by the industrial revolution’s machinery. The industrial revolution was once a proud age, which constituted of skilled artisans and substance farmers, was abandoned and the nature of work has been transformed. Works cited Bernanke, Ben S., “The Economics of Happiness” Speeches - Board of Governors of the Federal Reserve System, May 2010. Hesse, Jan-Otmar.Ungleichheit Und Glu?ck: WirtschaftshistorischePerspektiven = Inequality and Happiness : Perspectives from Economic History. Berlin: Akad.-Verl, 2013. Print. Troxell, John P. “Machinery and the Cigar Makers” Quarterly Journal of Economics Feb. 1934 v.48 n.2 pp. 338-353 Read More
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