Economic Theories Essay Examples and Topics

Adam Smith’s Economic Relations

Introduction When man introduced barter trade, the essence of the innovation was to enable every individual to attain his or her individual interests with reference to the acquisition of different goods and services. As revealed by Adam Smith, humans are naturally inclined to relate to each other in the quest of achieving personal interests, and […]

Theoretical Ideas of Marx, Weber, and Durkheim in “Practice Theory”

Introduction Put forth by Pierre Bourdieu, practise theory is a hypothesis whose agenda is to present people’s actions by way of using their actions or rather practices as the key elements of research. More precisely, the theory seeks “to liberate agency – the human ability to act upon and change the world –from the constrictions […]

Liquidity and Segmentation Theories, and Federal Reserve

Advances have been made in expounding and relating interest rates’ term structure and liquidity premium theory. Better and impressive returns are obtained from bonds that mature after a long period. However, it is crucial to mention that illiquidity is a form of risk in itself. There are also long term bonds that generate myriads of […]

Theories of Rent and Urban Economics

Introduction Modern urban areas can be defined and critically discussed from various perspectives. Diverse theories that define urban development do exist. The purpose of this study is to examine the various theories employed in urban economics and how the theories affect urban development in the United Kingdom. The approach used evaluates how policies that characterize […]

Summary: “The 2007 Nobel Prize in Economics: Mechanism Design Theory”

The article under consideration dwells upon the mechanism design theory, its development, implications and significance. The author notes that the developers of the theory, Leonid Hurwitz, Eric Maskin and Roger Myerson, were awarded the 2007 Nobel Prize in Economics, which can be seen as recognition of the importance of the mechanism design theory (Čihák 82). […]

XYZ Company

Introduction The effects of government policies on the functioning and a long-term plan of an enterprise are undisputable. The concept of free market economy is not devoid of a government mechanism that controls the operations from distance and in invisible ways. Government fiscal and monetary policies affect the operations of private organizations. On the one […]

Savings and Investment under the UK Cambridge Keynesian Approach, the Neoclassical Theory, and the Marxian Theory

Introduction Keynesian approach to savings and investment reveals that there exists an avalanche of equilibrium positions for income. The ingenious argument that ensues from this approach assumes equilibrium between intended saving and intended investment is disturbed after investors decide to spend more on equipment and plant (Harcourt 2012, 24). The neoclassical theory relates to the […]

Difference between Solow and Marx’s Theories in Relation to Technological Process Change

Introduction Research shows that technology and economic changes are related to each other. However, it is not clear on their causes and effects. Nevertheless, the results of such changes are not predicted that easily. A variety of authors have come up with different views relative to the process of technological change and they seem to […]

Economic Theories of Amartya Sen and David Ricardo

Introduction David Ricardo (1772-1823) was a political economist and a successful business man who is recognized for his organized economics ideology. In the early nineteenth century, Ricardo was considered to be one of the most influential economists. In addition to being an influential figure, David Ricardo was also a Member of Parliament, a strategic investor […]

Theory of Individual Labor Supply

Humans make different decisions with regard to the leisure and working time. Indifference curves are commonly used in work-leisure decisions to illustrate the different permutations of income and leisure time that will produce a given level of satisfaction. This is shown by curve I1 (see figure 1) where the vertical axis measures income level the […]

Friedman’s Defense of the Free Market Theory

Introduction The free market theory refers to the ethical perspective that the sole responsibility of business executives is to maximize profits by engaging in legal activities. A free market is an economy in which buyers and sellers engage in trade based on the forces of demand and supply with no government interference through taxation, subsidies, […]

‘Great by Choice’ by Jim Collins & Morten T. Hansen

In the book ‘Great by Choice’ co-authored by Jim Collins & Morten T. Hansen, the two consider the factors that cause some companies to significantly outperform others in economically turbulent times. In their analysis, they tend to discount the role of luck in this success concluding that it is the decisions taken by a company’s […]

Minsky’s Economic volatility theory as an evaluation of Financial Crisis

Introduction Apart from Keynes, no other economists seem to have gained greatly from the economic slowdown of 2007-2009 as Hyman Minsky. The fall down of the second largest market in 2007 has been unanimously referred to as “Minsky instant,” and majority see the succeeding impact of the monetary model and great financial crisis as attesting […]

Adam Smith Economic Theory

The Invisible Hand Theory According to this theory, Adam Smith points out his feeling about the operation of the economic society. He felt that each individual aimed at becoming rich with an intention of personal gain. However there must be sharing and exchange of commodities that one owns or what he produces. This leads to […]

Income Inequality in Marxism, Structuralism, Neoliberalism, and Dependency Theory

The peculiar features of every country’s development should be discussed from the point of the character of the economic relations within the country and from the point of the country’s position within the global economic environment. Thus, one of the main criteria according to which it is possible to analyze international relations theories in their […]

The Individual and Game Theory Criticisms and the Evolutionary Theory

Introduction The individual choice/game theory uses a very strict definition of individual rationality. On the contrary, the evolutionary game theory does not make any rationality assumptions. In this paper, the focus is going to be on commenting on whether the evolutionary approach is successful in addressing the criticism that, in neoclassical economics, the profile of […]

Development Theories after Second World War

Introduction Economic growth is a narrow concept that involves an increase in the nation’s output observed using the increment in resources. On the contrary, economic development encompasses the normative aspect of growth. This aspect involves the measurement of people’s morality. According to Todaro and Smith, economic development is the increase that a given society realizes […]

Newspaper Article Review and Economic Theories

Economic articles are usually written with basis on economic theories, most of which are usually unarticulated or completely explained or defined by the authors of the articles. However, with respect to the newspaper articles presented in this paper, it is evident that some news articles are based on sound economic theories which are accepted by […]

Literature Review: Are Small Businesses always under-funded?

Introduction Small businesses are always grappling with the challenge of insufficient capital, which has limited their growth and expansion amidst challenges of globalization. Mega companies have taken advantage of globalization factors that favor them and encroach into the remotest markets that favored survival of small businesses, hence offering stiffer competition. Since globalization compels small business […]

How might the Telecommunication Industry in Australia affect the Rollout of National Broadband Network in Australia in 2011?

Introduction The telecommunication industry in Australia is experiencing a massive and rapid economic boom with various reports showing a great value of performance orientation by its respondents in the industry. The industry is mainly made up of businesses that provide telecommunication services to the public either by cable, wire or radio. The major activities of […]

Convergence Theory

Convergence theory holds that the current world economic systems, capitalism and communism are converging to form a hybrid economic system. During the Cold War period, the United States and the Union of Soviet Socialist Republic had different economic systems of capitalism and communism respectively, but with time, the two economic systems have been merging. Characteristics […]

Studying the Government’s Anti-Smoking Measures

Executive Summary The purpose of the report is studying of how the economic theories work in the real-life setting, and how they can be applied in decision making. The focus of study is the essence and effectiveness of anti-tobacco policy of the Federal Government from the perspective of economic theories. The methodology of study includes […]

Schools of economic thought

Economic schools of thought can be defined as the systems of beliefs that some of the historical economists held about economics. The different schools of thought or rather doctrines differ in their methodologies and assumptions that are made to describe a certain economic phenomena. Among the major economic schools of thought include; Keynesian, Marxist, Neoclassical, […]

Publishers are Shapers of History

It is common knowledge that publishing firms employ people. They have a staff that includes editors and others who are responsible for the day-to-day operations of the publishing house.[1] This means that publishing is not only about books but also about the business of selling books to make a profit.[2] These areas of concern focus […]

Wisconsin’s Labor Unions

Introduction Many state employees including teachers and government employees are protesting against a proposed legislation that seeks to curtail the collective bargaining rights of workers unions. They are also opposed to a move spearheaded by the Republican Governor, Scott Walker of raising employee’s contribution towards the pension scheme from 0.2 percent to 6 percent and […]

McCloskey’s Economic Narrative and Literary Narrative

Describe McCloskey’s economic rhetoric and compare it with literary narrative Economics is one of the disciplines that changes all the time due to the presence of some new factors which may define its quality and impact. There are many people who tried to contribute to the sphere of economics, still, not all ideas may be […]

Theory of Second Best

Introduction The European Union (EU) integration has been a long process coming and so far, it has incorporated a lot of countries. EU integration is centered on political, legal and economic integration but some countries are seen to integrate even on a social and cultural front. European integration has majorly been forged on geographical regions […]

Judy Wicks’ Biography and Innovatives

Judy Wicks is an innovative businesswoman and an activist who has applied new techniques in business. She works with a great imagination and a great desire to cooperate with others to provide Pennsylvania with strong local economy. She is a graduate of Lake Erie College, BA English in 1969. When explaining her occupation in restaurant […]

Understanding Economics: the nature and logic of Capitalism

Introduction The word capitalism is derived from the word capitale which evolved from capital meaning “head’. Most economists are of the opinion that the word capital became common during the 12th century. The term was used to refer to a number of elements such as funds, interest on funds or a stock of various merchandises. […]

How the Information and System Assurance Theory and Methodology Impacted an Actual Company in the Last 10 Years

Abstract Any business entity requires proper management to avoid situations that would lead to its imminent collapse and eventually, loss of investment. For this reason, business owners should be very cautious when decided on the auditing firms to examine their books of accounts. A lot of business enterprises have collapsed due to poor management, inexperienced […]

Adam Smith And The Invisible Hand

Introduction Adam Smith, a Scottish philosopher and a moralist had a big impact on modern economics and concepts of individual freedom. He advanced various theories such as the moral sentiment theory which primarily entails the ethical conduct linking societies. In his book ‘An inquiry into the nature and causes of Wealth of Nations’ Adam Smith […]

Marxist Theory and Social Classes

Introduction The Marxist theory identifies that people are usually divided into different social classes depending on how they relate to the factors of production. The theory further notes that the different political views humans hold and the various ideological differences in the minds of many are all as a result of class differentials. According to […]

Economic Development, Labor Theory of Value and Role Of Government in an Economy

Introduction This reflective treatise attempts to review the thoughts of Karl Marx, David Ricardo, J.S. Mill and Bentham on the issue of economic development, labor theory of value and role of government in an economy. Malthus and Ricardo Ricardo and Malthus share similar views on the development of a country’s population. Malthus nicknamed economic crisis […]

Thom Friedman’s Position Speech

In his speech, Thom Friedman discusses the way in which globalization and technologies have changed the experiences of people who can live in different countries. At the beginning, the author discusses the reason why he became interested in the topic. His original intention was to investigate such a trend as outsourcing (Friedman). However, he chose […]

Economic Principles and Theories of Adam Smith: A Case for Free Markets and Capitalism

Introduction Over the years, history has recorded countless personalities whose contributions to economics, as a social science, remains significant even today. According to Button (2013), a significant number of such philosophers make up what is termed as classical economists in the society. Their opinions continue to shape contemporary world’s economic landscape. Their impact on the […]

Term Paper on Advanced Theories of Urban and Regional Planning

Planning Theory The meaning of planning theory depends on the context in which it is defined. There are two categories of planning theories namely, the procedural and the substantive theories. The procedural category encompasses the theories of planning, whereas the substantive consists of the theories in planning (Galloway & Mahayni, 1977, pp. 62-69). In the […]

Theories of economic growth

The White Mans Burden is an exceptional book. As a recognized economist, William Easterly filters each and every aspect of his decisive understanding and familiarity concerning the foreign aid into this controversial book, without diluting the aid subject which has been noted for its star handling and uncritical reflection. Considering how foreign aid has failed […]

Adam Smith’s Ideas

Teleology is a philosophical term that asserts that nature is the underlying and final cause of existence. Teleology plays a role in Adam Smith’s ideas about the wealth of nations. The nature of the ideas can be argued from a teleological point of view. With regards to division of labor, Adam Smith argues that human […]

The End of the Free Market by Ian Bremmer

The end of the free market by Ian Brimmer is an important book that explains economic concerns of the various global economies. The inexistence of cooperation between states has continued to prompt the increase in number of national and state conflicts. This fact necessitates the formulation of proper operational mechanisms aimed at enhancing a high […]