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Economic Theories Essay Examples and Topics

The Biohraphy of Ronald Coase

The essence of business firms' existence, as well as the functioning of the economy, was also highlighted in his explanation of the nature of the firm.
  • Pages: 9
  • Words: 2499

Free Level Market in the US: Discussion

A stratified society and economy refer to an arrangement of the society and economy in form of wealth and power present in the society ad economy. Hence, the US has achieved a market but elements [...]
  • Pages: 2
  • Words: 566

The Demand Curve and its Meaning

Either the price of the product will fall in order to create demand for the increased supply or the supply will the restricted in order to maintain the price level. The price paid is a [...]
  • Pages: 3
  • Words: 1147

Milton Friedman: Economic Theories and Their Importance

Friedman's monetary theory was largely influenced by the work that was performed by Irving Fisher on the quantitative theory of money, a theory proposing a view that there is a direct relation between a price [...]
  • Pages: 6
  • Words: 1658

Trygve Haavelmo in the Econometrics Field

He served as a Professor in Economics and Statistics at the University of Oslo from 1948 to 1979. He attended the University of Oslo and was a student of the renowned Ragnar Frisch.
  • Pages: 4
  • Words: 1164

Change in the Value of Money According to Keynes

To explain the effect of inflation on investors, Keynes delves into the history of inflation through the nineteenth century and tries to explain the complacency of investors at the beginning of the First World War [...]
  • Pages: 4
  • Words: 1054

Needs Model: Term Definition

Prior to discussing the effectiveness or ineffectiveness of the needs model under the conditions of globalization; it is of the crucial importance for us to define it and identify the major principles of this approach.
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  • Words: 590

The International Fisher Effect Theory

It is quite difficult to empirically prove International Fisher Effect due to the unobservable and immeasurable nature of the expected inflation rates and the expected real interest rates which are key factors in International Fisher [...]
  • Pages: 2
  • Words: 674

Microeconomics and Macroeconomics Differences

The perception of macroeconomics is in terms of a worldly view of resources while microeconomics entails a more individual feature of the economy. This makes the difference from macroeconomics, which appertains to the sum total [...]
  • Pages: 3
  • Words: 832

Economic Theory and Applications: Expected Utility

The concept of Expected Utility states that 'a person entitled to make a decision opts to choose among risky or unsure scenes by contrasting their expected utility value.' The expected utility value is the summation [...]
  • Pages: 4
  • Words: 1098

Economic Marginal Analysis and Choices

The marginal benefits of having a new model that would not face a recall out weighted the marginal cost of the quality control exercise and thus the delay of the vehicles into the market.
  • Pages: 5
  • Words: 1399

Will Bury’s Price Elasticity Scenario

In that regard, prior to taking vital decisions, such as raising the price of the book, Will should establish the marginal costs and the marginal benefit of such decision, and compare them in order to [...]
  • Pages: 2
  • Words: 566

Basics of Microeconomics and Macroeconomics

GDP is equal to all expenses of all goods and services produced in a country, equal to the total of value-added during the production of the goods and services by all industries within a country [...]
  • Pages: 4
  • Words: 1327

Economics and Its Meaning in Everyday Life

A market economy is buyers and sellers and is the state of trade as determined by prices, supply, and demand. The thing that distinguishes markets and money from other elements of the economy is that [...]
  • Pages: 10
  • Words: 3484

“The End of Oil” by Paul Roberts

He is also the author of the book "The End of Oil" which is a tour de force of the prevailing scenario with regards to the hydrocarbon economy and the future of oil and how [...]
  • Pages: 2
  • Words: 588

Marx and Weber in Relation to History

If modern capitalist societies' structure can be compared to the diamond, with rich and poor people on its extreme ends and with people representing a middle class in between, Marx's communism corresponds to the form [...]
  • Pages: 5
  • Words: 1560

Reductionist Effect in Macroeconomics

Coddington says that limiting the supply of a product or service in the market will pull down the performance of a firm since the firm will lose its market share to competitors.
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  • Words: 578

Development Economics: Theories and Models

While the phrase 'rule of law' has been repeated since the beginning of the transition process, until recently the meaning of the idea and its effective implementation received very little practical attention; for that reason, [...]
  • Pages: 7
  • Words: 1990

Government: The Cause or the Solution

S economy to a steady rise so as to be able to secure the investment and investors, and also the improved economy will improve the banking system, thus a decline in the withdrawal of some [...]
  • Pages: 4
  • Words: 1288

The Economic Endeavors of the Superpower

For several years now, the United States of America is among the first world countries in terms of industrialization, advancement in technology, and strength of the economy. The clock of the debt is ticking, and [...]
  • Pages: 6
  • Words: 1900

Consumer and Producer Surplus

Producer surplus refers to the price that the producer sells his product above the market price, this flow down to the owners of the factors used to produce the products, but in a purely competitive [...]
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  • Words: 631

Essentials of Economics Analysis

Once this happens to the helium market, the following will happen to the market for sugar. If this report was indeed credible and it had the effect of reducing the desire for sugar consumption then [...]
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  • Words: 681

Fiscal Policy Simulation

The increase in real GDP in the first half of 2007 was the same as that in the second half of 2006: at an annual rate of 2.25%.
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  • Words: 838

The US and World Economy Analysis

Alan Greenspan was the Chairman of the Federal Reserve from 1987 and 2006, and this book, The Age of Turbulence: Adventures in a New World is a combination of a personal memoir and a series [...]
  • Pages: 5
  • Words: 1438

Capitalist Modernity After Feudal Mode

The division of labor contributed immensely to the demise of feudalism and the rise of capitalism. Both lords and peasants sought to participate in the trade as a way of accessing markets for their products.
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  • Words: 2219

Minimum Wage According to Marxism

Analyzing the issue from the Marxist viewpoint, it can be concluded that increases in the minimum wage are beneficial to the working class but not to capitalists.
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  • Words: 582

Fisher’s View on Capital and Interest

Being considered one of the founders of the neoclassical school of economics, Fisher did contribute rather substantially towards promoting a holistic outlook on the significance of the capital, as the "fuel of economy", as well [...]
  • Pages: 15
  • Words: 4179

Alfred Marshall’s Economic Theories

Alfred Marshall is considered to be the founder of the neoclassical school of economics, the principles of which were described by him in Principles of Economics.
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  • Words: 993

Keynesianism and Monetarism in Canada

Monetarism economics, on the other hand, refers to economic measures taken by the government in order to affect business crediting and financial markets, in order to support businesses, and, as a result, create a stable [...]
  • Pages: 2
  • Words: 519

Free Market and Business Costs

Creating opportunities for economic growth is crucial to promote the further advancement of a state in the environment of the global economy.
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  • Words: 618

Karl Marx’s Economic Philosophy

The competitive price of the commodity-A, in the end, will be twice the price of the commodity-B irrespective of the physical input values1.
  • Pages: 10
  • Words: 1345

A Moral Code in the Economy: Video Review

According to the narrator, the root cause of poverty, inequality, and the recent financial crisis is none other than the separation of labor and capital. He added that it is difficult to acquire lands for [...]
  • Pages: 7
  • Words: 2027

“Economic Growth: International Edition” by David Weil

At the beginning of this chapter, David Weil discusses the role of technologies in increasing economic growth and productivity. This notion is used to describe a situation when the arrival of new technologies harms both [...]
  • Pages: 8
  • Words: 2305

Economics: Episode 6 of “Capitalism” Documentary

In the meantime, while Keynes simply rejects the potential of the invisible hand of the market, Polanyi develops this idea and comes to a conclusion that the liberalistic attempt to establish the self-regulating market system [...]
  • Pages: 1
  • Words: 352

Economics: Episode 5 of “Capitalism” Documentary

The pivot point of the Hayek's theory is the consideration of those factors that illustrate the market's failure to coordinate human's actions in an appropriate manner and the consequences of this failure such as unemployment.
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  • Words: 364

Labor Power: Adam Smith vs. David Ricardo

In the meantime, the key problem that exists in the modern market is that a laborer is no longer empowered to allocate the labor; as well as the cost of a commodity is no longer [...]
  • Pages: 2
  • Words: 391

Managerial Economics: Solving the Principal Agent Problem

The five forces framework is aimed to analyze the level of competition within a particular industry in order to draw conclusions about the profitability of this industry and, consequently, the profitability of organizations that operate [...]
  • Pages: 5
  • Words: 1379

Public Good Allocation

One of the solutions is to impose a tax; it is a Lindahl tax computable according to the citizens' limited benefit, and this has to be assessed "at the optimal level of the public good".
  • Pages: 40
  • Words: 11595

Chapter 1 of “Managerial Economics” by Davies & Lam

The scholars define Managerial Economics as the study that is focused on the application of economic theory, methods, and principles to the process of business and administrative decision-making so that the organizations can achieve their [...]
  • Pages: 1
  • Words: 281

Comparative Advantage Theory by Ricardo

The country with the relative abundance of labor will easily procure cheap labor for the production of labor-intensive products, while the other country will have to pay dearly to procure the same level of work [...]
  • Pages: 3
  • Words: 1131

Economic History: Ricardo, Mill, Marx and Keynes

However, the price of the output must increase so that the cultivation of the low-quality land can be profitable. Moreover, the increase in the misery of the workers will eventually lead to a revolution against [...]
  • Pages: 10
  • Words: 2766

Economic Crisis and Theories of Its Causes

As a result of this, Marx developed different and generally contradicting theories economic crisis namely; underconsumptionist approach, the theory of capital over accumulation and approach of tendentially falling profit rate.
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  • Words: 589

Knowledge-Based Economy

Active discussion of the importance of the knowledge-based model of economic development is related to the emergence of influential results in certain successful economies, among which the UAE is one of the best examples.
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  • Words: 698

Behavioral Economics in China

Behavioral economics can be defined as the study of the effects of psychological, cultural, emotional, and cognitive factors in the process of making economic decisions involving individuals and organizations.
  • Pages: 8
  • Words: 2232

Carl Menger’s Economics Theory

The massive numbers of the latter kind render the loss of a thousand uninteresting to the man, but the loss of even one of the ten fruit trees leads him to starve, and he is [...]
  • Pages: 15
  • Words: 4143

Saving Capitalism: Its Role in Modern World

This type of economic structure is called capitalistic, and one of its central conditions is the right to private property and free trade within the limits of the norms established by the law.
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  • Words: 555

David Ricardo’s Economic Theories

As revealed in this study, he developed the theory of rent, wages, and profit wrote about the Iron Law of Wages and the Theory of Comparative Advantage.
  • Pages: 10
  • Words: 1420

Optimum Currency Area Theory and Its Evidence

The theory of optimum currency area is difficult to maintain at a large scale based on the original theoretical framework since it leads to the creation of severe destabilizing effects on the economic region but [...]
  • Pages: 8
  • Words: 2221

David Ricardo’s Liberal Economic Theories

However, it is still worth noting that, at a comparatively young age, he experienced a change in environment as his family moved to Amsterdam, which was swarming with financial and economic opportunities, Credited as the [...]
  • Pages: 10
  • Words: 2758

“The Undercover Economist” by Tim Harford

One of the most prominent arguments in "The Undercover Economist" is the author's view that the pioneering economic concepts are still applicable to the modern economic environment.
  • Pages: 9
  • Words: 2562

Locke’s Work on Interest and Value of Money

Locke's "Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money" is one of his principal papers devoted to the analysis of the most actual economic issues of [...]
  • Pages: 4
  • Words: 1223

Commodity as Social Relations Between Producers

Thus, the commodity itself is more than just the outcome of labor; it is the embodiment of relations between members of society and, therefore, commodities are often identified with values and meanings, which are referred [...]
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  • Words: 826

Goods and Services Differences

In the chapter of 'The nature of services" Van, the authors stated that differences between services and goods lay in the intangible property.
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  • Words: 2332

Individualism and Economic Order

Nevertheless, starting the analysis of the main ideas of these authors, it is vital to outline the background and the main processes in society that triggered the growth of the interest towards these issues.
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  • Words: 849

What Are the Limitations of the Lewis Model?

The main limitation of the Lewis model is that there were two models: that of Lewis's original ideas and advocacy for the economic development of the tropical countries, and the Lewis model advocated by Fei [...]
  • Pages: 10
  • Words: 2758

The Coase Theorem: Key Economic Components

The essence of the Coase Theorem is rather hard to nail down; according to the existing definition, the Coase Theorem is traditionally referred to as the concept of economic efficiency achieved through the decrease of [...]
  • Pages: 6
  • Words: 1107

Common Property Resources’ Management

Similarly, using the findings of Cinner, through his investigations into the socioeconomic factors that influence customary marine tenure in the Indo-Pacific region, this paper shows that only a few socioeconomic changes support the common resource [...]
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  • Words: 1119

Economic Inequality and Colonialism

The participation of the European settlers in the development of these institutions played a significant role in the provocation of the economic weakness of the colonized countries.
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  • Words: 1398

Adam Smith’s Economic Relations

Smith looks into the development of sufficient products in the country, and the human factors that are integrated to meet the demands of every individual in the nation.
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  • Words: 882

Theories of Rent and Urban Economics

According to the early theories of economics established by Adam Smith that also relate to the concept of the World of Nations, the value of land and the actual rent charged for an office space [...]
  • Pages: 10
  • Words: 2868

XYZ Company

For instance, the marginal cost of the brand and association of the brand with the sports celebrities will double the effect of the appeal of the product to the customers.
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  • Words: 1781

Economic Theories of Amartya Sen and David Ricardo

It is therefore evident that each country has the potential to benefit through specialization in the production of goods which it has a comparative advantage and use the goods to trade for the goods it [...]
  • Pages: 12
  • Words: 3407

Theory of Individual Labor Supply

In other words, the marginal rate of substitution of leisure for income refers to the level of income an individual is willing to surrender to acquire an extra unit of leisure time.
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  • Words: 1398

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

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 leadership which determine whether a company performs well during difficult times.
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  • Words: 1134

Adam Smith Economic Theory

However, the interests of the agents involved in the process are not similar and therefore not coordinated by the outcome of the process, which the exchange of goods and services.
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  • Words: 1889

Development Theories after Second World War

Consequently, the rate of growth and development could be measured by the level of savings and investment in physical capital in the country. This theory has included changes in technology into the model of growth [...]
  • Pages: 3
  • Words: 810

Newspaper Article Review and Economic Theories

The article, "The State of Economics", is an article that discusses the turmoil between economists of the current age in trying to reconcile economic principles with both the classical and Keynesian economic theories of the [...]
  • Pages: 3
  • Words: 832

Literature Review: Are Small Businesses always under-funded?

Since globalization compels small business to expand and keep in tandem with business dynamics, insufficient capital becomes the greatest impediment that affects growth and development of small businesses relative to large businesses.
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  • Words: 1707

Convergence Theory

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.
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Schools of economic thought

Of all the schools of thought, the neoclassical school of thought has had the most influence in my way of thinking.
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  • Words: 576

Publishers are Shapers of History

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 [...]
  • Pages: 4
  • Words: 1234

Wisconsin’s Labor Unions

The bill has the support of Republican lawmakers who have the numbers in both the state Assembly and the Senate to pass it.
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  • Words: 818

Theory of Second Best

This theory will be useful in analyzing Turkey's integration into the EU because over the past few years, there have been increased concerns by some EU members of the country's ability to smoothly integrate with [...]
  • Pages: 7
  • Words: 1972

Judy Wicks’ Biography and Innovatives

The first reason for this reconstruction was the danger of destruction of the building. She was the first person who implied such business skills in Pennsylvania.
  • Pages: 2
  • Words: 658