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I will post it down 13 question to be answerd in 5 pages - Essay Example

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What theory of value represents your viewpoint? Where does value come from -through the process of exchange or through the production process? Do your views represent a mixed bag like Smith and Marshall?
The utility theory of value represents my viewpoint. This theory…
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I will post it down 13 question to be answerd in 5 pages

Download file to see previous pages... These views represent a mixed bag just as advocated for by Marshall and Smith. As such, values differ in range and manner depending on the user and the needs (Marron 94).
2. Likewise, how are wages and profits determined in your economic theory? By subsistence level like Malthus and are they mutually exclusive as they are for Ricardo? Or by social/historical determinants like Marx or by supply and demand in the market, like NC theorists?
The market forces of demand and supply are what determine wages and profits in an economic theory. These forces determine the costs of operations within the industry, thereby setting costs such as the cost of living, the costs of operations in the company, as well as determine the level of efficiency and effectiveness in the company. As such, a company sets the wages according to market levels, since very low wages will dismiss good and experienced workers, whilst on the other hand, very high wages will drain the company’s profits. The main goal under these conditions is to keep the level of costs at controllable measures in order to maintain high profits.
3. What is your theory of human behavior? i.e., do you see humans as profit-maximizing individualists, or as community-minded workers who get great satisfaction from their work (like Veblen’s idea of “workmanship”) or something else?
Human beings are profit-maximizing individualists who work hard to make them rich and comfortable. This is because most people think about satisfying their own needs and desires first before they look out for the welfare of others and of the community. For instance, an individual will go to school study hard to get the best grades, and then seek employment in the biggest corporation within his or her neighborhood. However, the first thing he or she will do with their paycheck is to buy a new car, or ...Download file to see next pagesRead More
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