Economics Essay Example for Free

Economics Essay 1. What did Keynes think some of the chief benefits and defects of capitalism were? Keynesian theory which was developed by Keynes advocates for a mixed economy where the government and private sector are important. In Keynesian model economy is assumed to be below full employment.   Keynesian argues that the aggregate demand for good which seek to increase employment of resources in the country is the driving force of an economy.   According to Keynes, the government’s role is to reduced unemployment rate and deflation level to enhance increased output in an economy (Baqliano and Bertola, 2003). Capitalism developed by Max argues that the poor in capitalistic society are so because of exploitation by the merchants who own the means of production and distribution.   The merchants are said to exploit the poor through low wages.   Marx argued that the value of any economic good should be determined by the labor used to manufacture.   Any cost that is higher than the cost of labor represents the surplus which is the profits the capitalists realize from exploitation of their laborers.   Marx believes that all means of production should be owned by the government or should control by the government.   Marx advocated for socialist government that owns the means of production or democratic administration that control them. Economists who include Keynes deny the claims of Marx that labor is the only measure for surplus.   According to Keynes who support capitalism, employers and employees are guided by the prevailing market wages hence employers offer employment to willing workers. John Keynes believes in capitalistic economy and called on the government to stimulate it but not eliminate it.   However, Keynes site defect in capitalism where he argues that capitalism does not promote full employment, wealth and incomes which the model seeks to achieve in the long run. Keynesian ideologies have been employed by politician but both abuse of the model, inflation has resulted.   This is evident with government manipulating policies to make economic conditions favorable during election which has led to high inflation in most state.   Action by government leads to reduce real wages and real incomes which do comply with Keynes model.   Capitalism has led to segregation of the society into strata according to income and wealth owned.   Most politician use Keynes ideologies by making promises that will earn them votes.   Implementations of the promises require higher taxation which reduces income of individuals (Baqliano and Bertola, 2003). Keynesian advocate for full employment which should be accompanied buy steady controlled inflation level as an effective means of guiding the economy in he interests of capital.   Keynes argue that real wages can be allowed to fall, government expenditure on schools, hospitals and infrastructure can be reduced as anti-inflationary measures and this inflationary measure should be continued until employment level desired is achieved. According to Keynes denied that unemployment is contributed by capitalism. However Keynes argued that unemployment in capitalism is brought by inadequate demand of personal articles of consumption and productive articles of consumption.   Keynes argue that inadequate demand is as a result of the workers tending to accumulate part of their incomes through savings and the inadequate demand   for productive consumption is brought by failure of people to invest their capital profitability which would lead to increase in output and hence reduced unemployment. Keynes advocates that employment can be increased by lowering real wages through inflation introduction and decreasing rate of interest.   Increased rate of interest will encourage investment of capital which will increase aggregate demand.   The government should then expand its budget to allow mass investment. Consumptive demand can be increased through increased extravagance of the ruling class; investing in war prone areas and increased non-productive expenses by the state.   The increased non-productive expenses to attain full employment of the population will actually lead to diminished living standards of laborers. Keynes in his support for capitalism argued that the workers should not be assisted to rise above the capitalists because capitalists who consist of intellectuals are the quality of life and they carry seed of achievement.   Keynes argued against socialism where the government owns the production. Keynes in support of capitalism advocates the governments to support monopoly.   The wage freezing policy by the federal government in Middle East helped increase the profits of the monopolies while lowering the living standards of the workers. Keynes argue that inflation bring about equilibrium position I n capitalism.   In Capitalism â€Å"Boom lead to increased profits and hence increased prices.   Production expands up to overproduction point where equilibrium is achieved through â€Å"boom bursting. 2. What is the `identification problem` in using econometric analysis? Identification problem in ecometrics involves solving unique values of the parameters of the structural model from the values of the parameters of the reduced form of the model.   Reduced form of a model presents a model where endogenous variables are expressed functions of exogenous variables. For example prices in a marker are determined by supply and demand, hence must establish the demand and supply functions.   However, the equation obtained by regressing quantity on market price cannot be identified specifically as either supply or demand function.   In special cases, we use regression to get demand function.   While holding supply function constant or vice versa, but cannot obtain regression while accommodating fluctuation changes in both (Baqliano and Bertola, 2003).

Aftircan American Progress in World War II Essay -- essays research pa

World War II, global military conflict that, in terms of lives lost and material destruction, was the most devastating war in human history. It began in 1939 as a European conflict between Germany and an Anglo-French coalition but eventually widened to include most of the nations of the world. It ended in 1945, leaving a new world order dominated by the United States and the USSR.   Ã‚  Ã‚  Ã‚  Ã‚  More than any previous war, World War II involved the commitment of nations' entire human and economic resources, the blurring of the distinction between combatant and noncombatant, and the expansion of the battlefield to include all of the enemy's territory. The most important determinants of its outcome were industrial capacity and personnel. In the last stages of the war, two radically new weapons were introduced: the long-range rocket and the atomic bomb. In the main, however, the war was fought with the same or improved weapons of the types used in World War I. The greatest advances were in aircraft and tanks.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"For African Americans, World War II was a fight on two fronts. It was a struggle to prevail over the nation’s external enemies and a battle against a familiar home-grown foe: bigotry† (Allen). When World War II began in Europe in 1939, blacks demanded better treatment than they had experienced during World War I. Black newspaper editors insisted during 1939 and 1940 that black support for this war effort would depend on fair treatment. They demanded that black soldiers be trained in all military roles and that black civilians have equal opportunities to work in war industries at home.   Ã‚  Ã‚  Ã‚  Ã‚  African Americans were some of the quickest and most energetic to condemn the risings of fascism in Europe. They instantly understood the risks Nazism and its Aryan doctrines imposed on the world. Some had read Hitler’s Mein Kampf and had taken offense to its unfavorable comments toward blacks. It was also claimed that in 1936 Hitler had refused to treat African American Olympic stars Jesse Owens and Ralph Metcalf with common decency in Berlin. Also the knockout of the black idol Joe Louis in 1936 by Max Schmeling had fueled some bitter emotions toward Nazism and it was fueled once again when Louis exacted his complete revenge in 1938.   Ã‚  Ã‚  Ã‚  Ã‚  At the beginning of the war Afri... ...seat at the back of the bus. Robinson refused. â€Å"He was arrested and court-martialed for â€Å"disrespectful† conduct and disobeying orders, he was acquitted, but the incident prevented him from going overseas with the 761st† (Allen). Robinson would go on to become the first black baseball player to integrate the major leagues. â€Å"The World War II experience was a watershed for African Americans. Jim Crow remained intact, but the ideological bases of white supremacy and colonialism were undermined by the horrors of the Holocaust† (Earle 87). The war experience gave about one million blacks the opportunity to fight racism in Europe and Asia, a fact that black veterans would remember during the struggle against racism at home after the war. Perhaps just as important, almost ten times that many white Americans witnessed the patriotic service of black Americans. Many of them would object to the continued denial of civil rights to the men and women beside whom they had fought. After World War II the momentum for racial change continued. Black soldiers returned home with determination to have full civil rights. President Harry Truman ordered the final desegregation of the armed forces in 1948.

Kant Categorical Imperative Essay

Kant’s Categorical Imperative is made up of two formulations, Formula of Universal Law and The Formula of the End in Itself. The first formulation is best described by the following statement, â€Å"Act only according to that maxim whereby you can at the same time will that it should become a universal law without contradiction. † (Kant, 1785, 1993). What does this mean? A maxim is the fundamental rule of conduct or your moral belief upon which you chose to act. A universal law is a law that everyone must follow regardless of the outcome. How do we determine if the maxim can become universal? One of the first things to do is to ask yourself if it would be acceptable that everyone do the same thing that you are considering doing in that situation. We were given several examples in The Elements of Moral Philosophy and the one that made the most impact was â€Å"suppose a man needs money, but no one will lend it to him unless he promises to pay it back-which he knows he won’t be able to do. Should he make a false promises to get the loan? † (Rachels, 2012). If this happened the maxim or universal rule would be anytime you need a loan tell a lie that you will repay it and you will get the loan. This is not something that everyone would be willing to do because you will no longer believe others when they tell you this statement and no one would be willing to make the loans. The second thing you should do to determine if the maxim can become universal is look at your answer to the first question. Did you say â€Å"yes, I think that everyone will do it? †. If so, then ask yourself if it makes rational sense to want everyone in the same situation to do what you are contemplating doing. If your answer was no to either question then your maxim cannot become universal law because it is not considered moral. Overall, based on Kant, an act is morally right only if the primary rule of behavior, which is how you decide to act morally, can constantly and universally relate to you and others. The second formulation is best described by the following statement, â€Å"Act in such a way that you treat humanity, whether in your own person or in the person of any other, never merely as a means to an end, but always at the same time as an end. † (Kant, 1785, 1993). Basically, this means that morality consists of doing your duty to treat people, including yourself, and an end, never as a means to an end. Kant combined the second formulation with the first because we have a perfect duty to not use the humanity of ourselves or others merely as a means to some other end. Most ends are somewhat subjective because they need only be pursued if they are in line with some particular hypothetical imperative that a person may choose to adopt. (Categorical Imperative Explained, 2012). The second formulation also leads to the imperfect duty to further the ends of ourselves and others. If any person desires perfection in themselves or others, it would be their moral duty to pursue that end for all people equally, so long as that end does not contradict perfect duty. The question of whether or not Kant adequately addresses the problems evident in comparison of the two formulations cannot be summed up with a simple yes or no answer. He makes a good argument for both sides just as he opposes both sides. The difference is whether or not we have the right moral sense to determine why and how our decisions affect ourselves and others. Kant shows that you have struggles when rationality and practicality are conveyed to cover the same matter. So after all this we ask the question, â€Å"How plausible is the theory? † I think that it is a logical theory that clearly assists in making decisions. It provides a plausible account of morality because you can look at others and have a tendency to complete your actions based on those of others. Kantianism is a more consistent theory because it can be universally applied to all. It is more believable because even if the penalties of carrying out an action aren’t necessarily the best, the individual is still obligated to perform the action because it is their duty to do so. Kant’s theory focuses on the motivation of actions and has a clear and distinctive set of universal rules, and is morally sound. Consequently, ethically and morally they are doing the right thing. Bibliography Categorical Imperative Explained. (2012, April 12). Retrieved from Everything Explained: http://everything. explained. at/categorical_imperative/ (1993). In J. W. Ellington, Grounding for the Metaphysics of Morals (p. 30). Hackett. Kant, I. (1785, 1993). Grounding for the Metaphysics of Morals 3rd ed.. . In J. W. Wllington. Hackett. Rachels, J. (2012). The Elements of Moral Philosophy. McGraw-Hill. Reason – Wikipedia, the free encyclopedia. (n. d. ). Retrieved from http://en. wikipedia. org/wiki/Reason Chicago: Reason – Wikipedia, the free encyclopedia, http://en. wikipedia. org/wiki/Reason (accessed April 17, 2012). The Elements of Moral Philosophy. (n. d. ). Retrieved from http://jamesrachels. org/78improvedsentences. htm Chicago: The Elements of Moral Philosophy, http://jamesrachels. org/78improvedsentences. htm (accessed April 17, 2012).

Patent Law And The Patent System - 1016 Words

Patent law provides the strongest monopoly rights of the intellectual property (formally known as IP) system (Kratz, 2010). Patents may be thought of as a statutory monopoly right granted to an individual for their specific invention (Kratz, 2010). Two observations about the patent system may be made clear; it is often times thought of as a race, and inventions are built on the work of others (Kratz, 2010). The idea of patenting is a largely controversial debate within the realm of research; as any dispute, there are both pros and cons to each side. This paper will first look at both sides of the argument regarding the patent system; however, by the end it will be made clear that the negatives outweigh the positives of the patent system. Benefits The most predominate benefit to the patent system is that it gives the inventor the right to stop others from taking credit for their work or ideas. By keeping the patent system, as a monopoly, companies and individuals are more likely to be motivated to become innovative which, in turn has the possibility of advancing the economy (Inventor Basics, 2011). Along with possibility of further innovation, the patent holder maintains exclusive rights to use the invention as they wish. Therefore, in some cases this leads to a higher profit for the inventor; which can balance out the costs of applying for a patent (Inventor Basics, 2011). One further positive for the patent holder maintaining all rights to their invention deals with theShow MoreRelatedPatent Indirect Infringement Of Patent Infringement1202 Words   |  5 Pages1.Introduction Patent indirect infringementï ¼Å'as the name impliesï ¼Å'is opposite to patent direct infringement. Generally, the conception of patent indirect infringement is to meet the need of pantent protection. It expands the protection domain of the patent right to the no-patented products, improves patent protection’s horizontal and provides sufficient legal protection for patentees. Nowadays, more and more countries ordain the system of indirect infringement in their patent laws in order to protectRead MoreThe Patent And Its Effect On The Improvement And Advancement Of Overall Technology1588 Words   |  7 PagesA patent is the right to individually protect intellectual property from others making, using, selling or importing the invention granted by the United States government. The patent was first seen in 1474 in Venice, when the statute allowed grants and restrictions of European monopolies. Similar to the modern patent, an explanation, description, and proof of the inventions usefulness was required in order to receive the patent. 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Diehr, Mackay Radio Telegraph Co. v. Radio Corp. of America, Bilski v. Kappos, and Parker v. Flook’s relationship with the case. This paper will ultimately conclude in favor of Mayo because Prometheus’ patents effectivelyRead MoreEssay On Patent Systems1342 Words   |  6 PagesLaw Regulations (ACE 592) Juhi Tomar 1. Patent systems allows inventors all around the world to file and claim some form of intellectual property as their invention which gives them exclusive rights to make use of this property for a certain period of time (usually 20 years), after which it is available for public use. The inventor must release all details regarding the invention which are needed to utilize the property by experts/professionals in the field. The patent system gives rise to manyRead MorePatent Laws And Its Legal Justifications1704 Words   |  7 Pagesof them being the patent system. 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It creates a class à ¶f speculative schemers whà ¶ make it their business tà ¶ watch the advancing wave à ¶f imprà ¶vement, and gather its fà ¶am