Category: Economic

It is true that human beings are both rational and aware in all their undertakings; an assumption in economic policy. This means that, they will weigh all the options available at their disposal, and after gaining all the required information, they will make the right decision to suit their interests. This is very evident from…

Table of Contents Introduction Alfred Marshall’s School of Thought Contributions to the Field of Economics Conclusion References Introduction Alfred Marshall was born in July 1842, in Bermondsey, London. He was raised in a middle-class family to enter the clergy. Marshall studied at the Merchant Taylor School and had an extraordinary talent in mathematics. In 1865,…

Table of Contents Summary Nozick’s Objection Response to the Objection Reference Summary Rawls’s conception of economic justice is based on a well-ordered society where every person has equal basic rights and everyone’s fundamental needs are met. It assumes cooperation, empathy, profound understanding, respect, equal opportunities, and rewards for those who contribute to society the most.…

Table of Contents Introduction Analysis Conclusion Works Cited Introduction Since its transition to a market economy in the early 1990s, Mongolia has demonstrated impressive results in terms of economic development, displaying a steadily increasing GDP and a respective decrease in national poverty rates. Nevertheless, despite this progress, the country’s economic development remains unstable due to…

Table of Contents Key Points Application of an Economic Concept References Key Points The war on drugs is a critical issue for many countries, and it is often discussed from medical and legal perspectives. However, in his article, Wainwright (2016) addressed it from the economic point of view. The author focused on such key points…

At present time, taking into account the state of the business sphere development, the notion of the cost elements can be identified as indirect costs which are not connected with direct materials and jobs. All overhead cost elements in the sphere of economics and business are divided into: Mixed costs; Variable expenses; Fixed costs. This…

The latest demographic complexities as well as reduced returns from investments are posing a major threat to keeping employees who have reached their retirement age longer at their jobs. This realization has hit major first world governments. These governments have reacted swiftly and are proposing to increase the retirement age. Ironically, the retirement age is…

Introduction Even though Eastern European states in their development and reforms, as well as restructuring, are following the same guidelines that were unveiled centuries ago in Ibn Khaldun’s theory of Umran in terms of property rights, attempting to get rid of price controls on crucial goods and services, doing away with bureaucracy, and implementing a…

The video describes various historical stages that contributed to the development of the modern economy. There were a lot of changes and transformations before people formed the current economic system. The current market consists not only of trading enterprises but also services that occupy a significant share. Currently, people have reached the point of being…

Table of Contents Reasons for Japan’s economic stagnation Lessons other countries can learn from Japan’s economic deflationary spiral Measures Japan can put in place to revamp its economic growth The implications of Japan’s economic stagnation Whether to invest in Japan or India’s economies Reasons for Japan’s economic stagnation Japan’s economy, which was once an envy…