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W8 - Assignment Example

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The model remains static and predictable, never changing or expanding just like a toy train maneuvering around a hearthside track and declared that capitalism grounded in inertia…
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W8 Part Schumpeter gives an assuming overview of a capitalist economic growth without capital accumulation. The model remains static and predictable, never changing or expanding just like a toy train maneuvering around a hearthside track and declared that capitalism grounded in inertia and lacks momentum. He argues that capitalists obtain nothing but their wages as managers while workers would receive full remuneration for their work. Owners would receive only an equivalent of their investment while on profits, he said will only be realized if the static economy fails to follow its traditional path resulting from the introduction of innovative technology or organizational dynamics.
The author further asserts that such profits disappear after the competitors copy the innovations. The system swallows up ideas and changes them into a well-digested fodder for everyday productivity. He therefore, calls the introducers of these changes entrepreneurs, the business trailblazers or risk takers. He also noted that competition always forced down the prices leading to the ultimate disappearance of profits. He describes entrepreneurs as talented specialists who differ from politicians or military leaders as the society treats them as social pariahs or upstarts. They, therefore, reside outside the limelight, fond of dynasties and are not motivated by riches or titles.
As the economy grows to complexity, senior managers are faced with uncertainties. Frank Knight pointed out that risk and uncertainties are different. His thesis stated that entrepreneurs are better at peering into the improbability that does not mean that they are efficient since it can neither be observed nor quantified. His argument rested in uncertainty, not efficiency. Knight argues from an abstract concept of uncertainty. His theory could be improved by minimizing contracting and supervisory cost to create efficacy.
Part 2
Schumpeter’s driving force is his accolade to the talented few. Another intriguing possibility is that he imbued with elitist notions that have created this paradigm as a means of self-glorification. He sees himself as the swami of elitism. He begs the question of economics by reducing it to one quibble: Do economists merely compartmentalize the facts about life the way we know it, or they serve as visionaries? Is economic function analytical or predictive? He opted to lay out a vision for the future generations rather than being mundane with money matters. He produced a passionate interest in the captains of industries.
Part 3
Schumpeter’s argues that capitalism is a good cold shower. His views regarding this statement attributes to the painful economic and social costs of recession such as unemployment, lower wages, profits and bankruptcy. He argues that recessions are a creative destruction process in which inefficient firms are weeded out. When these winds of creative destruction flow freely, capital could be released from dying companies to the thriving industries. The recession also purges the excesses of the previous boom leaving an economy in a healthier state.
Heilbroner describes how societies balance scarce resources with their unlimited needs. He believes that the economic study must apply in the society to the context of an individual’s vision that includes socialized beliefs that come from the environment. Economists attempts to be objective lead to erroneous research because social understanding requires interpretation and judgment based on individual vision or analytical cognitive act. Contradictions to contemporary economics assert that it awards objective validity falsely to conclusions that follow arbitrary and value-laden assumptions. Heilbroner argues for the economic aspects of virtue necessity making it possible for opinion diversity to help us make correct conclusions.
References
Adelman, J. (2013). Worldly Philosopher: The Odyssey of Albert O. Hirschman.
Breit, W., & Ransom, R. L. (2014). The Academic Scribblers. Princeton: Princeton University Press. Read More
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