Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Fixing Responsibility for Economic Blunders - Essay Example

Comments (0) Cite this document
An essay "Fixing Responsibility for Economic Blunders" discusses that the professionals claim to be scientists and also claim to have mastered the science of scarce resource allocation to satisfy the unlimited needs of humanity. These professionals also claim to have mastered human behavior…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
Fixing Responsibility for Economic Blunders
Read TextPreview

Extract of sample "Fixing Responsibility for Economic Blunders"

Download file to see previous pages Economics was defined as “Science of Wealth Creation” by Adam Smith, the father of economics as well as the economics of early days like J.E. Cairnes, J. B. Say, and F. A. Walker ( According to these economists, economics was science that dealt with the ways in which a nation acquires wealth. This definition placed economics as a stream of knowledge devoid of any human face. To provide a social and moral face to this stream of knowledge the next generation of economists like Marshall, Robbins, and Samuelson gave a more comprehensive and humane definition of economics. They defined economics as a branch of knowledge which is “on the one side a study of wealth; and on the other, and more important side, a part of the study of man.” ( Another very famous definition of economics comes from a very popular economist of the modern age – Robbins. He defined economics as the science of optimum allocation of scarce resources to satisfy infinite needs. His definition of economics tried to distance it from the moral or ethical issues to make it a scientific discipline. Today, his definition is the most acceptable definition of economics and modern-day economists do not consider it anything but a scientific subject. They have learned and applied much exotic mathematics, be it differential equations in many variables or abstract concepts of set theory and linear algebra into different problems and situations of economic sense.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Fixing Responsibility for Economic Blunders Essay - 1”, n.d.)
Fixing Responsibility for Economic Blunders Essay - 1. Retrieved from
(Fixing Responsibility for Economic Blunders Essay - 1)
Fixing Responsibility for Economic Blunders Essay - 1.
“Fixing Responsibility for Economic Blunders Essay - 1”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Fixing Responsibility for Economic Blunders

Fixing the National Debt

...? Final draft Fixing USA’s Public Debt The United s of America has a public debt valued slightly above 15 trillion dollars (, 2011). Because the population of USA is estimated to be 311,770,570, the national public debt translates to approximately $48,000 per citizen. Since 2010, US public debt has been nearly 100 % of the gross domestic product. This ratio was 51% in 1998 (Amadeo, 2011). Therefore, U.S.A has the largest debt in the world. The public debt level needs an urgent fix and hence solutions need to be formulated to avert the impending crisis. Effects of the High Public Debt The level of US debt has adverse effects to the economy. In the next 20 years or so, the government will be obliged to pay retirees (Amadeo, 2011...
3 Pages(750 words)Essay

Fixing Pubic Education in the United States

... citizens too. The US education system trains students to be employees and consumers. The system is unable to give rise to critical thinkers and aggressive entrepreneurs in US. If the system is not fixed, there will be no room for inventors and innovative citizens in the future to solve future challenges. To change the trend above, the government should implement a system where talent of individuals is nurture from a tender age thus enables development and specialization of an individual in his field of study. With such a system, there will inventions in the country thus economic growth. The system will also encourage entrepreneurship; thus this will lead to job creations and reduce pressure on the few available jobs hence decline...
4 Pages(1000 words)Essay

Fixing Urban Schools

This project concluded that members of the school board, mayors, foundation leaders and city council need to have an idea on how to improve school systems. One of the vital elements of reform policies that can transform performance in schools is giving responsibility to other school members other than just superintendents. Most superintendents maintain their jobs for approximately three years. The school officials normally hire a different superintendent serious and confident enough to advance a school and raise the performance of students. Three years is not enough to achieve set goals. When a superintendent leaves, he or she leaves behind partially implemented plans and unfulfilled goals.
This report declares that big city l...
5 Pages(1250 words)Essay

Price Fixing Study: Recent FTC Ruling

...RUNNING HEAD: PRICE FIXING STUDY Price Fixing Study: Recent FTC Ruling School Price Fixing Study: A Recent FTC Ruling In reviewing recent FTC rulings, a case similar to the situation in which we find ourselves, was reviewed. In this case, in particular, Nine West Group Inc.(here after NWG), who as you know is a leading supplier of women's footwear in the United States, recently settled a $34 million dollar overcharges complaint that it engaged in a retail price fixing scheme with retailers in certain sectors of the market. This widespread case resulted in settlement both at the federal level with the FTC, but also on 56 individual states' charges lodged by their respective Attorney Generals. According to the FTC Report...
2 Pages(500 words)Essay

Policy paper-fixing health care (Zoonotic disease)

...Policy Paper-fixing Health Care (Zoonotic disease) Zoonoses Burden in the Caribbean The Neglected Tropical Diseases (NTDs) make up the most common infections affecting the people in Latin America and the Caribbean (Hotez et al, 2008). Figure 1 shows the extent of infection of NTDs including the helminths in comparison to some of the other communicable diseases Figure – 1 Extent of NTDs in Comparison with Other Communicable Diseases (Source PAHO, 2009) In the communities in the Caribbean infection of Tricuris tricuria is found to be as prevalent as Ascaris lumbricoides and pose a severe health issue through significant morbidity (Bundy, 1986). The most frequently observed parasite in the Caribbean islands- is the Ancylostoma species...
2 Pages(500 words)Research Paper

Diffused Responsibility

...I specifically remember a situation in which several of my friends and I witnessed what appeared to be someone breaking into a car. The situation itself acts as an example of what this assignment refers to as “diffused responsibility”; or the means by which an individual or group of individuals disregard taking a certain action or set of actions due to the fact that they do not feel a strong compunction on their own to do it and can merely pass off this burden to one of many other individuals or bystanders (Mullin 2012). Such was very much the case with the example I have listed. Rather than any one individual feeling responsible for reporting what was going on, seeking to stop it, or seeking to ascertain whether the action that appeared...
1 Pages(250 words)Essay

Fixing the immigration system (international student and tourism)

... Fixing the Immigration System: An Annotated Bibliography "Institute of International Education."Economic Impact of International Students.N.p., n.d. Web. 22 Apr. 2014. Economic-Impact-of-International-Students>. This website gives a detailed analysis of the economic impact of foreign students in America. It highlights the Open Doors Report on its findings on exactly how much do foreign students inject in the American economy. The findings of the statistics on this site are actually an eye opener to the economic significance of international students since they pump in billions into the American economy. In essence, it is an eye opener to the kind of losses that the American...
6 Pages(1500 words)Essay

Social Responsibility

...1. Smith Benefits of the Profit Motive) himself s that he has “never known much good done by those who affected to trade for the public good” and calls it an “affectation [indeed] not very common among merchants” (159). Is Smith stating that it is okay for companies to ignore the greater good…to ignore responsibility to their common man in order for the profit motive to be increased? Why or why not? I believe that Smith is saying that doing business is not the same as doing charity, but I think he means to say too that it is possible to do business without harming the public good, because this is also bad for business. When Smith says, he has “never known much good done by those who affected to trade for the public good” and calls...
1 Pages(250 words)Essay

The Economic Impact of the Emergence of China and India

... that costs a lot to operate, gives way to a demand in cost-efficient and environmentally-friendly automobiles. Growing concerns in the environment which include concerns about the thinning of the ozone layer, the global warming, depletion of non-renewable natural resources, etc have been the driving force in this change of attitude of consumers. The rise in environmental activism, as supported by the media, has made these times a more demanding time for corporations to act responsibly and come up with more environmentally-friendly products. Never in our time has consumers been more aware than these times about their actions in relation to environment. Similarly, due to economic concerns about the rising fuel prices, the choice of owning...
10 Pages(2500 words)Assignment

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

Bernard Madoff : A Scapegoat of the Economic Crisis

Darwin was condemned and treated with contempt by the Church for proposing the theory of evolution that linked all living matter in the earth, including humans. In the case of Bertrand Russell, he was imprisoned as a conscientious objector, for expressing his opposition to British participation in the First World War. These are typical examples of people being wrongfully punished when they were guilty of no crime or fraud or misdoing. It would be highly improper to associate Bernard Madoff with the aforementioned luminaries, for he was truly guilty of carrying out the biggest financial fraud in modern history. At the same time, it would be simplistic to classify him as a victim of the contemporary judicial system. The truth, in fa...
6 Pages(1500 words)Assignment

Economic Models: The Free Market and The State Owned System

The free market concept is mainly a theoretical concept as every country, even capitalist ones place some restrictions on the ownership and exchange of commodities (Free market economy). Therefore, the term free-market economy primarily means a system where the buyers and sellers are solely responsible for the choices they make. It gives the buyers and sellers the power to do business without being afraid of any regulations and intervention by the state. Hence, a free market gives the absolute power to prices to determine the allocation and distribution of goods and services (Free Market Economy). The pricing mechanism is in turn, driven by the forces of demand and supply of goods and services. Demand and supply of...
9 Pages(2250 words)Case Study

Economic Analysis on BMW Cars in the US Car Industry

Mini and the 1-series rapidly grew at a much higher rate through 2008. Since the early days of the new millennium, BMW has been one of the first automakers to utilize flexible factories in which more than one vehicle model could be produced at the same time. This enabled the company to meet shifts in market demand more effectively than BMW’s competitors could. BMW challenges to retain its market position in the international market for luxury cars. Many automakers, such as Hyundai with its Genesis sedan or Nissan's Infiniti brand are increasingly successful in realizing higher margins earned on luxury vehicles. BMW is rated behind luxury brands such as Lexus, Porsche, Mercedes, and Infiniti for these reasons

1. Th...
7 Pages(1750 words)Case Study

Multiculturalism: Socio-economic Impacts on Modern States

This paper tends to argue that multicultural policies have promoted social segregation and economic insecurity in modern states. As the most relevant example, it will also evaluate how multicultural policies have evolved to be the most recent threat to the nationality and cohesion of Australia and the United Kingdom.

To begin with, many of the policies enacted on citizenship and immigration have brought about incessant controversy in Australia. In addition, the exceeding emphasis put on the multicultural policy has given rather unfavorable outcomes to both Australia and the UK. Policies that are intended to ensure equal representation and opportunities often create frustration and disappointment among certain interest g...
6 Pages(1500 words)Case Study

Globalization and World Economic Forum at Davos 2010

The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment, and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and academia. Some markets are highly globalized, while some are not. The scale of market globalization is determined by the extent of globalization of customers, customer needs, distribution channels and marketing strategies of the players in the industry (Stonehouse et al, 2004).

The phenomenon of globalization of markets has resulted in both advantages and disadvantages. It has resulted in the convergence in the requirement of features in a product and augmentation of the intensity of B2B and B2C communica...
7 Pages(1750 words)Coursework

Corporate Social Responsibility

Corporate social responsibility refers to the responsibility of an organization that focuses not only on optimum utilization of available resources, but also on ensuring its resources, processes, and products are not causing harm to the society at large, and also try to add greater value. However, the explanation of CSR is not limited to this thought and is perceived differently by different organizations, different groups of population and different regions of the world (Karake-Shalhoub & Karake, 1999).

A holistic understanding why organizations can have such lasting effect on the society may be drawn from Dawe’s (1970; p.214) explanation of sociology that identifies two distinct aspects, sociology of social...
8 Pages(2000 words)Assignment

The 1846 Invasion into Mexico by the U. S.: The Political and Economic Forces that Brought about the Invasion

Some of the territories led to a war with Mexico from which the United States emerged victorious, expanding its territories and decisively establishing its dominance in North America.

President Andrew Jackson led an example of an administration that set the stage for the way in which James Polk would lead. In 1817, as a still yet military leader, Jackson led the United States into the first of three conflicts with the Seminole Indians from which the acquisition of Florida from Spain would be negotiated and finalized. The situation with Spain was tenuous and should have been dealt with in a diplomatic and cautious manner, but in 1817 President Monroe wrote a letter to General Jackson stating that “Great interests...
8 Pages(2000 words)Article

Economic and Social Impact of Globalization

Global corporations are heightening their awareness of the nature of their business relationships with diverse governments considered of primary importance to manage factors influencing their performance. From among the elements that global organizations closely and continuously evaluate, the social and economic impacts are considered of significant importance. As the components and diverse perspectives of globalization affect both the host organizations and those nations they do business with, this research aims to proffer significant social and economic issues that impact global strategies.

The concept of globalization encompasses theories beyond the traditional view that global corporations merely do business abroad....
7 Pages(1750 words)Coursework

Corporate Economic Responsibility: Olympics 2012

The Olympics Game provides both opportunities for the country and also points out that when the economy falls it could badly affect the people of UK and the government. With a rising alarm of economic slowdown the government is trying to cut its cost short but at the peak, a moment is not possible for the government as well as the members of the Olympics committee. Also, the essay put lights on the Olympic activities such as the construction of the Olympic Park which is criticized as it did not follow the rules provided by the Green Party about keeping the environment greener. The posters and the mascot of the Olympics have been reviled recently and too much surprise they were also not free from critics. Finally, the essay points...
10 Pages(2500 words)Case Study

Fixing Suicide in the Military

... to improve their skills. b) Support centers The support centers need to be more friendly and responsive to the psychosocial needs of the soldiers. The support centers additionally should widen their scope to provide soldiers with other support such as economic. Conclusion The increasing cases of suicide in the military are an indication of the poor implementation of policies and strategies that could save the servicemen from self-destruction. Considering the military has a special role where they encounter serious violent confrontations and its effects, exposure to such violence leaves them vulnerable to mental related problems. As such, the best solution in observing the welfare of the servicemen would be to put in place and implement...
12 Pages(3000 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 Fixing Responsibility for Economic Blunders for FREE!

Contact Us