Economic Theories

Macroeconomic and Microeconomics: Ubiquity and Popularity Essay

Macroeconomics is a concept extensively used in economic literature. However, despite its ubiquity and popularity, it is not uncommon to observe its misuse resulting from incomplete understanding. The following paper provides an extended definition of macroeconomics by contrasting it with a related concept of microeconomics. Macroeconomics is a branch of economics that deals with the …

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Optimum Currency Area Theory and Its Evidence Research Paper

International trade and economics is a complex mechanism which is meant to function at a carefully established balance. Widespread practices are based upon theoretical concepts that have been developed and adapted to macroeconomic realities over time. The purpose of this research paper is to investigate the theory of optimum currency area which is a controversial …

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“The Undercover Economist” by Tim Harford Proposal

Introduction In “The Undercover Economist”, the author attempts to explain the concept of microeconomics to ordinary readers. The book is authored by Tim Harford a British economist whose laid back method of explaining economics has made him popular among readers who are interested in the simplified ‘big picture’. The book gives readers a breakdown of …

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Mercantilism, Stamped Money, and Under-Consumption Essay

Introduction “Notes on Mercantilism, the Usury Laws, Stamped Money and Theories of Under-Consumption” is one of the chapters in John Maynard Keynes’s work “The General Theory of Employment, Interest, and Money” that was published in 1936. The author argues with the views of other scientists and mainly focused on aspects that are related to capitalism, …

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Locke’s Work on Interest and Value of Money Essay

John Locke is generally referred to as be a prominent physician and philosopher. Nevertheless, his contribution to the international economic environment cannot be underestimated. Locke’s “Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money” is one of his principal papers devoted to the analysis of the most …

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Keynesian Economics and Liquidity Preference Essay (Critical Writing)

Introduction Economics connects itself with economies all over the globe commencing from how the goods and services are produced in a society to how the consumption is done. Economics has also powered the global finance in a number of junctions in history and is an essential part of humankind’s day-to-day lives. In his research on …

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Commodity as Social Relations Between Producers Essay

Representing the commodity-form as social relations between producers expressed through the amount of labor spent on the actual production is logical because it allows assessing the usefulness and functionality of this commodity. Thus, the commodity itself is more than just the outcome of labor; it is the embodiment of relations between members of society and, …

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Varieties of Capitalism – Comparative Advantages Essay

Varieties of capitalism is the latest model for comprehending the organizational similarities and distinctions noted in the advanced economies because national political economies may be contrasted by referring to various means through which organizations determine how to coordinate various challenges they face (Hall and Soskice 7). In this respect, there are multiple actors, which seek …

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Time and Money in “Neptune’s Brood” by Charles Stross Essay (Critical Writing)

Since the day when the concept of money became an integral part of people’s lives, the connection between time and money was evident. From both the economic and the philosophical perspective, the synapse of time and money value is evident, as the former has a tangible influence on the latter. Charles Stross, in his novel …

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Smith’s vs. Marx’s Economic Value Theories Essay

Introduction In the world’s history of economic theories, both Karl Marx and Adam Smith emerge as the most influential contributors, particularly given their contributions towards their respective theories of economic value. Both of them are highly original thinkers, with their economic theories having a direct impact on the world’s economies for numerous generations now ever …

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Common Property Resources’ Management Essay

Introduction Managing a common pool resource is often a complicated task. Its complexity has interested conservationists, environmentalists and scholars alike. Particularly, the need for societies to adopt sustainable natural resource exploitation practices has emphasized this issue in social and economic studies. Before delving further into the details of this issue, it is crucial to understand …

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Theoretical Ideas of Marx, Weber, and Durkheim in “Practice Theory” Essay

Introduction Put forth by Pierre Bourdieu, practise theory is a hypothesis whose agenda is to present people’s actions by way of using their actions or rather practices as the key elements of research. More precisely, the theory seeks “to liberate agency – the human ability to act upon and change the world –from the constrictions …

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Liquidity and Segmentation Theories, and Federal Reserve Expository Essay

Advances have been made in expounding and relating interest rates’ term structure and liquidity premium theory. Better and impressive returns are obtained from bonds that mature after a long period. However, it is crucial to mention that illiquidity is a form of risk in itself. There are also long term bonds that generate myriads of …

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Theories of Rent and Urban Economics Explicatory Essay

Introduction Modern urban areas can be defined and critically discussed from various perspectives. Diverse theories that define urban development do exist. The purpose of this study is to examine the various theories employed in urban economics and how the theories affect urban development in the United Kingdom. The approach used evaluates how policies that characterize …

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Summary: “The 2007 Nobel Prize in Economics: Mechanism Design Theory” Critical Essay

The article under consideration dwells upon the mechanism design theory, its development, implications and significance. The author notes that the developers of the theory, Leonid Hurwitz, Eric Maskin and Roger Myerson, were awarded the 2007 Nobel Prize in Economics, which can be seen as recognition of the importance of the mechanism design theory (Čihák 82). …

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XYZ Company Evaluation Essay

Introduction The effects of government policies on the functioning and a long-term plan of an enterprise are undisputable. The concept of free market economy is not devoid of a government mechanism that controls the operations from distance and in invisible ways. Government fiscal and monetary policies affect the operations of private organizations. On the one …

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Savings and Investment under the UK Cambridge Keynesian Approach, the Neoclassical Theory, and the Marxian Theory Compare and Contrast Essay

Introduction Keynesian approach to savings and investment reveals that there exists an avalanche of equilibrium positions for income. The ingenious argument that ensues from this approach assumes equilibrium between intended saving and intended investment is disturbed after investors decide to spend more on equipment and plant (Harcourt 2012, 24). The neoclassical theory relates to the …

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Difference between Solow and Marx’s Theories in Relation to Technological Process Change Essay (Article)

Introduction Research shows that technology and economic changes are related to each other. However, it is not clear on their causes and effects. Nevertheless, the results of such changes are not predicted that easily. A variety of authors have come up with different views relative to the process of technological change and they seem to …

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Economic Theories of Amartya Sen and David Ricardo Research Paper

Introduction David Ricardo (1772-1823) was a political economist and a successful business man who is recognized for his organized economics ideology. In the early nineteenth century, Ricardo was considered to be one of the most influential economists. In addition to being an influential figure, David Ricardo was also a Member of Parliament, a strategic investor …

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‘Great by Choice’ by Jim Collins & Morten T. Hansen Essay (Book Review)

In the book ‘Great by Choice’ co-authored by Jim Collins & Morten T. Hansen, the two consider the factors that cause some companies to significantly outperform others in economically turbulent times. In their analysis, they tend to discount the role of luck in this success concluding that it is the decisions taken by a company’s …

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Minsky’s Economic volatility theory as an evaluation of Financial Crisis Essay

Introduction Apart from Keynes, no other economists seem to have gained greatly from the economic slowdown of 2007-2009 as Hyman Minsky. The fall down of the second largest market in 2007 has been unanimously referred to as “Minsky instant,” and majority see the succeeding impact of the monetary model and great financial crisis as attesting …

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Income Inequality in Marxism, Structuralism, Neoliberalism, and Dependency Theory Essay

The peculiar features of every country’s development should be discussed from the point of the character of the economic relations within the country and from the point of the country’s position within the global economic environment. Thus, one of the main criteria according to which it is possible to analyze international relations theories in their …

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The Individual and Game Theory Criticisms and the Evolutionary Theory Essay

Introduction The individual choice/game theory uses a very strict definition of individual rationality. On the contrary, the evolutionary game theory does not make any rationality assumptions. In this paper, the focus is going to be on commenting on whether the evolutionary approach is successful in addressing the criticism that, in neoclassical economics, the profile of …

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Development Theories after Second World War Expository Essay

Introduction Economic growth is a narrow concept that involves an increase in the nation’s output observed using the increment in resources. On the contrary, economic development encompasses the normative aspect of growth. This aspect involves the measurement of people’s morality. According to Todaro and Smith, economic development is the increase that a given society realizes …

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Newspaper Article Review and Economic Theories Analytical Essay

Economic articles are usually written with basis on economic theories, most of which are usually unarticulated or completely explained or defined by the authors of the articles. However, with respect to the newspaper articles presented in this paper, it is evident that some news articles are based on sound economic theories which are accepted by …

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Literature Review: Are Small Businesses always under-funded? Research Paper

Introduction Small businesses are always grappling with the challenge of insufficient capital, which has limited their growth and expansion amidst challenges of globalization. Mega companies have taken advantage of globalization factors that favor them and encroach into the remotest markets that favored survival of small businesses, hence offering stiffer competition. Since globalization compels small business …

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How might the Telecommunication Industry in Australia affect the Rollout of National Broadband Network in Australia in 2011? Essay

Introduction The telecommunication industry in Australia is experiencing a massive and rapid economic boom with various reports showing a great value of performance orientation by its respondents in the industry. The industry is mainly made up of businesses that provide telecommunication services to the public either by cable, wire or radio. The major activities of …

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Convergence Theory Essay

Convergence theory holds that the current world economic systems, capitalism and communism are converging to form a hybrid economic system. During the Cold War period, the United States and the Union of Soviet Socialist Republic had different economic systems of capitalism and communism respectively, but with time, the two economic systems have been merging. Characteristics …

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Wisconsin’s Labor Unions Essay

Introduction Many state employees including teachers and government employees are protesting against a proposed legislation that seeks to curtail the collective bargaining rights of workers unions. They are also opposed to a move spearheaded by the Republican Governor, Scott Walker of raising employee’s contribution towards the pension scheme from 0.2 percent to 6 percent and …

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