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▪ American Literature ▪ Argumentative Topics ▪ Art ▪ British Literature ▪ Business ▪ Case Studies ▪ Communication & Media ▪ Computer Technologies ▪ Culture ▪ Economics Adam Smith Division of Labor Economic Growth Economics and Natural Resources Economy of Learning and Motion Foundations of Economics Freedom of Competition Geographic Specialization of Economic Activities Governmental Monopoly Japanese Economics Keynesian Economics Marxist Economics Money, Gold and Inflation Monopolism Political Economy and State Security Procapitalist Economics The Role of Wealth ▪ Education ▪ Environmental Issues ▪ Finance ▪ Geography ▪ Health ▪ History ▪ Internet ▪ Media ▪ Politics ▪ Psychology ▪ Sociology ▪ Technology ▪ World Literature ▪  Whistleblowers ▪  Changing Roles of Women in American Society ▪  Free Speech Regulation ▪  The Economic Dimension of Globalization ▪  The Early Iron Age ▪  Early Textile Production ▪  Drugs Legalization Debate ▪  Social Responsibility and the Corporation ▪  Modern Biotechnology ▪  The Purpose of Genetic Engineering ▪  Controversy over Stem Cell Research ▪  Medical and Surgical Education in the Developing World ▪  The Decline of Leisure ▪  Health Psychology: Stress and Breast Cancer ▪  Cocaine Addiction ▪  Depression and Suicide in Adolescence ▪  Alfred Kinsey's Works on Sexual Behavior ▪  Art and Authenticity ▪  Robert Burns ▪  John Milton's Christian Doctrine ▪  Euthanasia ▪  Labeling Theory ▪  All Quiet on the Western Front ▪  Drug Abuse ▪  Joan of Arc ▪  Jack London ▪  Henry Wadsworth Longfellow ▪  Washington Irving ▪  Frederick Douglass ▪  Fertile Crescent ▪  Business and Politics ▪  Economics and Natural Resources ▪  Freedom of Competition ▪  Keynesian Economics ▪  Precapitalist Economics ▪  Stone Age Art ▪  Carolingian Art ▪  United States Containment Policy ▪  Politics and Media ▪  Environment and Health ▪  American Education Reform ▪  Nonverbal Communication ▪  Affirmative Action Economics ▪   Adam Smith Adam Smith ...Adam Smith will always be called the father of economics, and no one can take his place. This is due to the great efforts he exerted in order to enrich the field of economics. He was trying his best to talk about most of the aspects that is controlling the economic land. Wages, profits, and savings are three areas that Adam Smith gave great attention to. It is stated in "Adam Smith" which was written by Campbell and Skinner that Adam smith Defined wages "as a form of return which accrued to those who must earn subsistence through the scale of their labor power arguing that this is a particular type of monetary reward is payable by those who require the factor" in other words, wages is what is paid by the owner to those who work, and this payment is through money. full text »  ▪   Division of Labor Division of Labor Human life and well-being depend on the production of wealth. The production of wealth vitally depends on the division of labor, that is, a system of production in which the labor required to support human life and well-being is broken down into separate, distinct occupations. As we have seen, under a system of division of labor, the individual lives by producing, or helping to produce, just one thing or at most a very few things, and is supplied by the labor of others for the far greater part of his needs. full text »  ▪   Economic Growth Economic Growth Economic growth can come from a number of sources. It can occur as a consequence of rising population, as has been common throughout recorded history, although increasing output in this way does not necessarily result in any improvement in living standards. The kind of growth which is of much greater importance economically is the sort which leads to higher output per head, or increasing productivity. This is the only way in which rising standards of living can be achieved. full text »  ▪   Economics and Natural Resources Economics and Natural Resources The potential for economic progress is in no way limited by any fundamental lack of natural resources. Despite the claims so often made that we are in danger of running out of natural resources, the fact is that the world is made out of natural resources – out of solidly packed natural resources, extending from the upper limits of its atmosphere to its very center, four thousand miles down. This is so because the entire mass of the earth is made of nothing but chemical elements, all of which are natural resources. For example, the earth's core is composed mainly of iron and nickel – millions of cubic miles of iron and nickel. Its oceans and atmosphere are composed of millions of cubic miles of oxygen, hydrogen, nitrogen, and carbon, and of lesser, but still enormous, quantities of practically every other element. full text »  ▪   Economy of Learning and Motion Economy of Learning and Motion The division of labor increases the efficiency of the processes of learning and motion that are entailed in production. First, under the division of labor, the individual who learns an occupation is able to apply his learning repeatedly, because he devotes his full working time to that occupation. The effect of this repetition is that he becomes extremely proficient in the use of his knowledge. In effect, he subconsciously automatizes the knowledge-he learns it so well that he no longer has to think things out step by step, as one does before one has the necessary experience or after one has been away from a field for a long time. A worker who is constantly practiced in his work can obviously accomplish a great deal more in the same time than one who is not. Outside the division of labor, on the other hand, even in cases in which people might be able to acquire sufficient knowledge to accomplish something, they would most likely not have sufficient occasion to use that knowledge to become proficient in its use. full text »  ▪   Foundations of Economics Foundations of Economics Economics has been defined in a variety of ways. In the nineteenth century it was typically defined as the science of wealth or of exchangeable wealth. In the twentieth century, it has typically been defined as the science that studies the allocation of scarce means among competing ends. The importance of economics derives from the specific importance of wealth – of material goods – to human life and well-being. Obviously, human life depends on food, clothing, and shelter. Moreover, experience shows that there is no limit to the amount of wealth that practically all civilized men and women desire, and that the greatest part of their waking hours is actually spent in efforts to acquire it – namely, in efforts to earn a living. full text »  ▪   Freedom of Competition Freedom of Competition If there is anything for which capitalism is more strongly denounced than its competition, it is its alleged lack of competition and tendencies toward monopoly. These denunciations stem in large part from a failure properly to understand the meaning of freedom of competition and of monopoly. The terms are usually understood in the light of the anarchic rather than of the rational concept of freedom. According to the rational concept of freedom, of course, freedom means the absence of the initiation of physical force - in particular, on the part of the government. Viewed in a positive light, freedom is the freedom to do whatever one is otherwise capable of doing, unconstrained by the initiation of physical force. full text »  ▪   Geographic Specialization of Economic Activities Geographic Specialization A special aspect of individuals concentrating on what they do best is the more efficient utilization of land and natural resources. What an individual does best depends not only on his intellectual and bodily endowments, but also on the external conditions of nature that confront him. An individual living in a tropical climate, say, is able to grow tropical fruits or vegetables far more easily than someone living in a temperate climate, if the latter can grow them at all. An individual living close to rich deposits of iron ore, say, is able to mine such ore far more easily than someone not living close to such deposits, if the latter can mine iron ore at all. full text »  ▪   Governmental Monopoly Govermental Monopoly Government-owned and government-subsidized enterprises represent monopoly, in that markets or parts of markets are reserved to their exclusive possession by means of the initiation of physical force. Government-subsidized enterprises, of course, are a category which includes all government-owned enterprises, inasmuch as the initial resources of government-owned enterprises are provided by the government and their subsequent losses are covered by the government. full text »  ▪   Japanese Economics Japanese Economics Japanese economists could not continue societal activities during the closing years of the Asian and Pacific War (1937-45) and the chaotic period right after Japan lost the war. After this period, Japanese scholars gradually built up the domestic system of scientific research accommodated to the new post-war environment, including the Science Council of Japan (JSC) and the Union of National Economic Associations in Japan (UNEAJ). full text »  ▪   Keynesian Economics Keynesian Economics Lord Keynes was born in 1883 and died in 1946. This volume was conceived as a tribute to the man and the economist. But it is more than that. We intend to appraise Keynes' contributions to economics: to add up the gains and to explore the weaknesses. A volume on Keynesian economics, written mainly by Keynes' followers, naturally would be largely panegyric. But there is criticism also--both by the followers and by the minority of writers in this volume who might not be classed as Keynesian. These critics, however, unlike many of the detractors of Keynes, have read and absorbed the General Theory. Even the most enthusiastic imbibers at the Keynesian fountain will find impurities and indigestible and incongruous substances - examine the essays by Messrs. Colm, Smithies, and Samuelson in this volume, for example. full text »  ▪   Marxist Economics Marxist Economics ...Within a short time Marx became editor of the paper. In his writings Marx, criticized political and social conditions. This caused controversy with the authorities, and in 1843 Marx was forced to resign his, and soon afterward the Rheinische Zeitung was forced to discontinue publication and Marx went to Paris (Ollman, B. 469). In Paris, Marx extended his studies in philosophy, history, and political science, and this is where Marx adopted his adopted communist beliefs (Rader, M. 132). In Paris he met a man who shared his same views and they began collaboration to clarify systematically the theoretical principles of communism and to organize an international working-class movement dedicated to those principles. This man was Fredrich Englels. Marx was later ordered to leave Paris because of revolutionary activities and settled in Brussels. This collaboration leads to the writing on the Communist Manifesto (Rader, M. 134). This writing leads too many Marxist revolutions throughout Europe. full text »  ▪   Money, Gold and Inflation Money, Gold and Inflation The quantity theory of money, as developed earlier in this book, shows that the cause of generally rising prices is an increase in the quantity of money. More specifically, it shows that the cause is an increase in the quantity of money at a rate more rapid than the increase in the supply of gold and silver. The increase in the supply of gold and silver, being itself a by-product of the general increase in the ability to produce, would show no tendency regularly or significantly to outstrip the increase in the supply of the mass of ordinary commodities, and to that extent would be incapable of causing a sustained significant rise in prices. In addition, since government intervention into the monetary system is what has been responsible for the quantity of money being able to increase more rapidly than the increase in the supply of gold and silver, the quantity theory of money implies that what is responsible for the problem of a persistent significant rise in prices is an increase in the quantity of money caused by the government. full text »  ▪   Monopolism Monopolism Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without - by the government. full text »  ▪   Political Economy and State Security Political Economy Classical political economy was forged on the anvil of war. The Seven Years' War had barely ended when Smith published The Wealth of Nations, and the Napoleonic Wars were the backdrop of discussion in Malthus's Essay and Ricardo's Principles, Only John Stuart Mill and the later classicals had the luxury of reflecting on international conflict with the detachment born of the nineteenth-century Pax Britannica. full text »  ▪   Procapitalist Economics Precapitalist Economics It should not be surprising that such a large number of those who are recognized as important economists are, at the same time, leading advocates of capitalism. To the extent that an economist really understands the principles governing economic life, and desires that human beings live and prosper, he can hardly fail to be an advocate of capitalism. full text »  ▪   The Role of Wealth The Role of Wealth Wealth is material goods made by man. It is houses and automobiles, piles of lumber and bars of copper, steel mills and pipelines, foodstuffs and clothing. It is also land and natural resources in the ground insofar as man has made them useable and accessible. Man, of course, does not make the material stuff of land and natural resources, but he certainly does create their character as wealth. full text »  Don't hesitate! 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