1. Adam smith
As society grow to include more people, human tastes and preferences continually grow, creating an inevitable conflict between the magnitudes of human wants and the availability of resources for satisfying them. ... People are allowed to organise themselves into business units where they organise factors of production. ... As a result, the system allows the allocation of a society's limited land, labour, and financial resources toward the kinds of production that most nearly satisfy the tastes and preferences of its people. ... And as resource allocation in the free market economy depends...
Globalisation The word globalisation has become a buzzword since its inception at the beginning of the 1990s. A cottage industry on globalisation has emerged from which academics and intellectuals make a living by writing articles and travelling the world debating with others. The financial and business sections of broadsheet newspapers are continuously littered with issues concerning globalisation and meetings are frequently held by the superpowers to discuss the state of the global economy, such as the meetings in Doha in Qatar, Cancun in Mexico and the IMF summit in Dubai. As a result of...
Value is a central social reality for people; they constantly think and talk about it directly or indirectly; they want some way to transfer it directly among themselves, separate from particular commodities. ... Insofar as commodity relations are well developed, so that exchange of products is common and people are forced willy nilly to consider the value of products separately from their use values, the money form of value will also be present. ... They imply that the value referred to by the labor theory of value is ordinary money value which we use to buy and sell commodities, and which is...
This now includes basically everyone from the economic elite to ordinary consumers. ... However the primary intention, that government should take responsibility for making certain the flow of material goods to the people was quickly welcomed by the American people, which continues today whether the like to admit it or not. ... The main disadvantage of corporatism is that it gives political power to a group of people. This group of people of often tends to facilitate a large corporation. ... In recent history, these organizations have forced third-world governments to cut programs that hel...
He also believed that the wealth of a nation consists in the well being of the mass of ordinary citizens. "Smith tried to convince people that the wealth of a nation would be promoted with vastly greater effectiveness by the obvious and simple system of natural liberty than by national planning of the mercantilist sort" (Smith 391). ... Smith had a very negative view towards government and said, "There is no art which one government sooner learns of another than that of draining money from the pockets of people" (Kilcullen 3). ... In Wealth of Nations Smith tries to explain why people hav...
We have seen it in the Lone Star movie, which is a rich and rewarding exploration of the tensions and attractions between the people of this multi-racial community. ... I recall a part in the Lone Star movie in which the owner of the restaurant refuse to recognized her past (she came to United Stated, by crossing the river like many Mexican, and also she tries constantly to enforced the English) She was upset to her own people calling them wet back and making remarks about them been the same. ... There are several different varieties of political economy theory, but they all share two assumpt...