Opinions about Economics: Capitalism, Political Economy, and Market Equilibrium Essay

Opinions about Economics

Economics focuses on understanding processes that are involved in producing, distributing, and consuming goods and services (Stiglitz et al. 3). Several opinions can be adopted about various aspects of economics. First, capitalism is aimed at making the rich richer and the poor poorer. The parts that could be ideological in the opinion are the wages of workers and levels of production. The assertion is not in line with Marx’s scheme of thinking about capitalism (Larrain 34; Robinson 1). For example, although he agrees that workers receive low wages while capitalistic investors enjoy excellent profits, he states that capitalistic investors are not focused on achieving excellent living standards (Robinson 2). The assertion could be disputed because investors in capitalistic markets do not raise workers’ salaries even though the costs of living keep on increasing. A second opinion is that investors in a capitalistic nation save because they would want to invest more funds in more business activities, which could be utilized to achieve more returns.

About the opinion, it is prudent to appreciate that investments are a critical ideology (Larrain 10). A third opinion is based on political economy, which concentrates on various issues, such as sociology matters, political happenings, and economic performances of nations (Gilpin 24). Gilpin (13) argues that those political institutions play critical roles in the extent to which economies thrive. A fourth opinion is about motivation and scientific platforms that influence market equilibrium. Market equilibrium occurs when the level of demand equals the level of supply (Robinson 10; Stiglitz et al. 45). Various scholars have focused on understanding the aspect, and it has been shown to have great impacts on the behaviors of customers and inflation (Robinson 13).

Ideology and Emotion in Forming Economic Views

I am unsure about measuring uncertainty in economics while I have confidence in how inflation trends and monetary policy affect performances of economies. I would want to understand how uncertainty in economics could be predetermined. For example, it would be crucial to assess the chances of negative impacts that could have long-term impacts on multinational firms. As assessment could involve an analysis of both past and current factors that could offer important highlights about outcomes in the future (Stiglitz et al. 34). To decide that a factor is true, it would be critical to conduct hypothesis testing, which would involve null and alternative hypotheses. For example, factors about uncertainty in economics that would not be supported by hypothesis testing would be concluded as being trivial in influencing performances of business establishments. However, ideology and emotions could make it difficult to arrive at dependable conclusions. For instance, the political economy ideology would lead to wrong conclusions because it relies so much on political inclinations (Gilpin 76; Robinson 3). Also, emotions about mathematical modeling of market uncertainty would negatively impact such an assessment.

Formation of Economic Views

The formation of my opinions is exemplified by both ideological and scientific considerations. It is important to note that some persons in society support various ideologies in the field of economics, while others oppose them. I have adopted aspects that are related to economics by reading ideas expressed by various people. After that, I subject their thoughts to scientific assessments, whereby I analyze various studies dealing with particular ideas.

Scientific Approaches in Economic and Social problems

Scientific approaches that deal with economic and/or social problems are typified by some difficulties (Robinson 1). First, it is difficult to select valid data that support dependable conclusions. Many conclusions are expressed by a good number of people are subjective rather than objective. Second, scientific assessments take relatively long periods and could involve huge costs. Although the use of science in solving economic and social problems has demerits, it is also important to state that it has some merits. For example, science ensures that both short-term and long-term solutions to problems are identified. Also, objective conclusions that characterize scientific assessments are essential in arriving at permanent solutions in society, which aim at ensuring that all members obtain equal benefits (Stiglitz et al. 39).

Ideological Approaches in Economic and Social Problems

About understanding economics, it is relevant to underscore the difficulty of not being ideological because a significant number of observations is based on ideologies of economists and other players in the field of economics (Robinson 17 Stiglitz et al. 103). People give their ideas about various topics that can be critiqued (Larrain 58). However, it would also be important to be aware of the dangers of not being ideological. Failing to adopt other persons’ views in economics would imply that an individual would not have a platform to base his or her assertions. For example, the economic base that involves production dynamics is critical in advancing ideas in terms of how production levels and factors impact economies (Stiglitz et al. 14). Lack of such a platform would require one to use other approaches that might not be supported by scholars. Another danger of not being ideological is that there is a relatively high probability of subjectivity about opinions that are not addressed using established ideas (Larrain 98). Also, it has been shown that persons who do not adopt unconscious ideas may be exemplified by a lack of expectations and actions, which may have negative impacts on approaches to economic issues.

Joan Robinson: Pick Out Scientific and Ignore the Ideological

Robinson notes that it is essential for people to learn from renowned economists by adopting what is scientific, but ignoring ideological statements (Robinson 11). The assertion could also say something about how we should think on our own. It demonstrates that other people could influence us, but we should not implement what they propose without subjecting their views on important considerations. This would be vital because individuals are unique, and they would require unique approaches to various issues in their lives.

Joan Robinson: System of Beliefs

The assertion by Robinson may also be applied about how people reflect upon their systems of beliefs. For example, some belief systems may affect career and personal growth trends because they are intended to impact some individuals in society negatively. Thus, people should focus on adopting some belief systems while doing away with others that seem retrogressive.

Joan Robinson: Creating Better World

Robinson’s view may also be utilized in the creation of a better world. In this context, it is prudent to state that the world is typified by numerous problems that require inimitable solutions. Great economists indeed provide some resolutions that are based on science and/or ideologies. Many scholars argue that scientific strategies would go a long way in finding short-term and long-term solutions to problems that affect the world (Robinson 9). If nations across the world would take up solutions that are verified by scientific assessments, then the world would be better. A better world would be conducive for economies to thrive, and human beings would have relatively long and healthy lives.

Works Cited

Gilpin, Robert. Global political economy: Understanding the international economic order. Princeon, NJ: Princeton University Press, 2011. Print.

Larrain, Jorge. Ideology and cultural identity: Modernity and the third world presence. Hoboken, NJ: John Wiley & Sons, 2013. Print.

Robinson, Joan. “Three Views of Capitalism”. Collected Economic Papers. Ed. Robinson Joan. Oxford, England: Basil Blackwell, 1960. 1-17. Print.

Stiglitz, Joseph , Carl Walsh, Jeffrey Gow, Ross Guest, William Richmond, and Max Tani. Principles of economics. Hoboken, NJ: John Wiley & Sons, 2013. Print.