Political Economics

| July 16, 2015

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I need an essay written, and these two books needs to be included as references. Also using things from the book like quoting things as proof or evidence for explaining your point would be very useful. These are the references Fusfeld (2002) and Heilbroner (1997 and 1999).
This is the essay question, please make sure to be very careful with this essay because my professor knows the book very well.
1. Using your own words, summarise the key insights of Adam Smith, David Ricardo and Thomas Malthus with respect to markets, economic growth and population? Use as your main references Fusfeld (2002) and Heilbroner (1997 and 1999).
* Teachings from the Worldly Philosophy
By Robert L. Heilbrone
* Fusfeld (2002)
Assessment Criteria for Essay
• Does it engage with the reading recommended by the tutors?
• Has the question posed been properly answered?
• Are key concepts clearly defined and essential ideas fairly summarised?
• Does the essay have a logical, balanced structure?
• Is there any irrelevant material included, especially from sources not recommended by the tutors?
• Is there evidence of editing and re-drafting?
• Does it have a clear introduction and summary?
• Are footnotes included when appropriate?
• Are all the relevant arguments properly cited?
• Are the references in the bibliography set out correctly?
Standard of writing an essay: the bold writing is my professor’s comments of things that need to be correcting. Also the paragraphs in bold are things that he is looking for. This is an essay I wrote which my professor did not like, what is in bold is an idea of what he’s looking for.
During the 18th and 19th century there was great thinkers who were educated in many things, and understood the world in a way where not anyone could understand it. People like Adam Smith, David Ricardo and Thomas Malthus were the dominant figures in the field of economics at the time, and they were very much concerned with the world that we live in today. ??This essay will look at the key insight of these three great economic thinkers with respect to markets, economic growth and population. The key insights of Adam Smith, David Ricardo and Thomas Malthus with respect to markets, economic growth and population; are satisfying people for self interest, solving the poverty in a great population, and how to keep both agriculture and industry.
Comment from professor: You introduction needs to tell the reader what the essay is going to be about , how answers the question (the essay structure and what it is going to conclude
Adam smith (1723-1799) was an economic liberal who believe in free market policy – free from the intervention of government. He advocated natural liberty meaning mankind is free at all times to follow their own interests, this as he argued would play a very important role in maximizing wealth for the individual and society. Smith knew how to play the game when it came to business, and the economy. The invisible hand was the best guide in the economy; it was a tactic to keep the rich wealthier. ?According to mercantilism advocating selfish interests of individuals would lead to less wealth unless and until we as human being are controlled by regulations that will govern pursue of individual self interests. ?? ?Smith argued this above argument as wrong and stated as follows that if you want to buy or exchange a product you have to give something in exchange to get product from the seller. This will satisfy both parties are happy in this said transaction and he argued that it is not from ?the kindnessof a butcher where we expect to get our food but from his own selfish interest. ?Nothing comes for free in life, every deal is made for owns own selfish need. It is not wrong to be selfish, but it wrong to rip some one off. ?As stated by Smith the greatest stumbling block to economist growth is the intervention of government regulations in a free market policy. He stated the government has three fundamental important task to play in society from the restoration of justice, national defense and maintaining public works and public institutions. The reason for him to state these three reasons is because the government is very important in a state but should not be involve in market policies. The market without the involvement of the government will regulate itself through the invisible hand of the market. ?If a certain commodity is raised to a certain price where the sellers cannot afford to buy this very commodity, the demand in the market will fall because buyers cannot afford to buy them and the sellers will not be in business and this will force them to bring their products down for consumers to buy or there will emerge another competitor making the same product and selling at a reasonable price. If the demand is high the price will rise and if the price is low the demand will be high. Without the involvement of the regulations the market will always regulate itself. ?? ?On division of labor he states that it is a positive effect for the industry and for the individual because the three fundaments are important factors. Not only does it save time for the industry, but it increases the skill of the individual by dwelling on one kind of task which becomes your field of specialisation and final the making of machines where an individual in his field of specialisation can produce more and finish goods in a sufficient amount of time. ?? ?Smith stated that economic growth lies on the division of labor as it is a?way to productivity, which instances the pin factory of his day like ten people specialising in various tasks and were able to produce 48,000 pins a day, compared with little pins they used to produce perhaps only one in a day an individual can make.
Comment from professor: This is not a great section as there is no sense of direction? what was the context in which Smith was writing? What were the questions that he posed and why? What werehis answers? Notice you have not used one reference in the section above?
David?Ricardo (1772-1823) the pioneer of capital accumulation and he argued the growth of capital was the great origin of economic expansion and every economic approach should work towards and promoting capital accumulation. ?He has a firm believe that?liberalism will lead to maximum gains.
Comment from professor: What was the context in which he was writing and what were the key questions he asked and what were his answers?
According to?David Ricardo, he believes in internationalspecialisation and the division of labor. Division of laboris a strong policy and has a major impact to all?states as free trade leads to economic expansion. He argued that as long as?in a given state it?costs less that the state to produce maize than tobacco, which means it is better for the nation to produce what it finds cheaper and export it to other nation. This is what he called as comparative advantage the sense that nations should engage on industries where they could?thrive?locally in the market and compete internationally for commodities that they cannot produce.
On comparative advantage he proved it to be validity by simply stating that yhe costs are low to make tea in the united states compared to the costs incurred in other countries to produce cloth. Obviously it is better for the States to dwell and concentrate to cloth manufacturing locally. Rather than exporting it to other parts of the world and importing tea from other countries.
Time is money, in other words this means that the longer it takes to produce something, the higher its value will be. if it takes a French worker a day to make hats and two days to produce coffee, then this simply means thatcoffee costs two times as much as hats. Lets suppose that it takes a German worker a day to make each of these products. It would be better to export the coffee because it will be cheaper. Both countries would benefit from the trade transaction and it take a day for the French to get coffee which would have taken two days to produce and twice as expensive than the hats they produce in a day.
George Bentinck entered the?corn law debate in around 1815 at the close of the Napoleonic industrial revolution,which had great political and social issues in England. The debate was about whether England should beindustrialized or should keep its??agricultural economy. The debate contested in parliament over the wheat laws which was about importing wheat in to the country.
Comment from professor: This section is too disjointed. What were his key contributions to the understanding of the source og growth and potential problems. Again no references?
Thomas Malthus ?(1766- 1834) he was very much concerned about the population at the time, one of a concern that erupted during the French wars was about the poor. A tax on landlords was introduced to provide relief funds for the poor and people who could not afford for themselves. It was a way that would help the government save its money, the method of the tax was to take a percentage of people’s money so that it would help others rather than the money coming directly from the government.?
During these wars as a result food prices increased and this made many people to leave their land and find a better place for them to live in. The industrial revolution, increasing cities and population created very serious impact on poverty. Farmers had to find work not on farms but in handy craft manufacture of cloth, which has been rural and industrialized. farmers became poorer and poorer, which means thy could not afford their land. This leads to starvation because less crops where being produced, and obviously factories could not produce these natural resources.
The solution to this above problem was provided by Malthus. He argued that it is not government regulation that has made the category of poor people increase?or developments amended by policy actions. He argued the problem of the poor was moral and the origin in?two fundamental?principles.
One food is necessity in people’s lives and the great passion between the sexes is necessary. He stated that the relief system?should be eliminated and the poor should stand on their feet so that each indivisual has the power to take care of themselves and family. Placing measures to control?the number of children they?produce could solve the issue with the increasing population. To do that a law should be made so that people would listen. People would not dare to break the law because they know that they cannot afford the consiquence.?He was on the business quarter of the debate and firmly believes the landlords will be the main achievers. Also, he argued if the price of wheat or corn was adjusted to certain tariff, because of this increase in price will extend to areas where cultivation will not be lucrative in former wheat cultivation areas, therefore, the cost of a plot of land for farming would be increased to seize the advantage farmers were getting. A large proportion of the income of the state will fall in the hands of land owners who would not use it effectively for national development or productive investments but on country house or thing that are of little importance to them and the state.
Comment from professor: You need to again set out more clealry the questions he was asking and you need a better explanation of his theory of population. What did he see as the threats to the growth?
The key insights of Adam Smith, David Ricardo and Thomas Malthus with respect to markets, economic growth and population; are satisfying people for self interest, solving the poverty in a great population, and how to keep both agriculture and industry. Finally these three dominant figures has made immense contributions to the development of our economy in many ways with their intellectual?insights. Their masterpiece of economic theory has contributed greatly one way or the other to the socio economic development of the whole world with respect to market, economic growth and population. All economic thinkers of today has read books of these great classical thinkers especially?Adam Smith. Ricardo and Malthus are his followers and he influenced them in the field of economics. They became great thinkers at their time through Adam Smith’s foot steps. This essay has illustrated and summarized their intellectual insights on how their viewes of society and a world of better standards of living from free market policy to capital accumulation. The solution on how to control and deal with the increasing population that the world is facing today.? They dealt with the main concern and worries of?economic thinkers that they were battling over for many? years. There theories will be aknowledge and appreciate by other great thinkers who are also concerned about the world today.
Comment from professor: You do not show in the conclusion how they differed and what their contributions to our understanding of growth were.
You must reference your essay by putting in citations in the text.
Fusfeld. D (2002). The Age of Economists. 9th ed . Boston: Addison Wesley. P1- P38
Fusfeld, D (1994). The Age of Economists. 7th e. New York: Harper Collins College. P23-p24
Heilbroner, L (1997). Teachings From the Worldly Philosophers. London: WW.Norton. P53- p106
Heilbroner, L (2002) The worldly Philosophers: The Lives Times And The Ideas of The Great Economic Thinkers. London: Penguin. P42-P104 ??
Essay Guidance
High and Low Involvement Strategies
Whatever essay you choose there is always a central problem you face. None of the authors that you have been recommended to read answer your essay question. This means that if you simply summarise what various authors argue, in the order in which they set out their arguments, you are by definition not answering the question posed. Such a strategy – let’s call it the low involvement strategy – never generates good marks.
A precondition for obtaining good essay marks requires that you engage with the learning process. The next step to achieving a good mark requires you to read around all the recommended authors and conduct a selective search for relevant materials; that is searching through the many notes taken from your reading of various materials and then selecting the relevant notes that are useful for answering the question posed.
You must think about, and reflect upon, the arguments put by the different authors, and most importantly the connections between these arguments. There is one final step required to obtain a good essay mark. You must think about how to structure the key arguments and how to express these arguments in their own words.
The student who follows these suggestions is pursuing a high involvement strategy, which opens up the possibility of a good mark being awarded.
Thinking is a precondition for gaining high marks. But thinking has two cognitive costs. The first occurs because humans think serially – that is one thought is followed by another – which means that thinking is time consuming. To solve a problem – how to write an essay awarded a good mark – you must give yourself sufficient thinking time, which of course requires good time management skills.
The second cognitive cost relates to the fact that thinking involves mental effort; to rephrase, thinking is hard work. The brain, like any other muscle of the body, tires when exercised. To avoid mental effort you might be tempted to use various so-called “cognitive short-cuts”; one short cut noted above being summarising the work of the different authors rather than answering the question posed. Excessive use of cognitive short cuts condemns you to a low mark. But, on the bright side, when you are prepared to invest in the mental effort of thinking you find that the brain becomes progressively better at this cognitive activity (Baddelely, 1999).
Writing a good essay is a creative process. There has been much research into creativity and it is generally accepted it has four stages. The stages are preparation, incubation, illumination and finally verification (Reisberg, 1997).
Let’s consider how these stages relate to the creation of a good essay.
Preparation. This requires that you examine the question posed and, with selective search, find and organise the relevant materials. Preparation will often involve much time consuming effort, sometimes it will be a little frustrating when progress seems slow. But without proper preparation the subsequent stages of creativity will not apply.
Incubation. This relates to the thinking time noted above. Thinking occurs both at the conscious level – reading a book and taking notes – and the non-conscious level. The latter is important because the human brain often works on a problem (i.e. how bring together different arguments into a cohesive whole) when it is not focusing on it. It seems that non-consciously the mind constantly works away in the background – defining categories more clearly, making new associations between arguments etc. The best analogy is the incubation of an egg. From the outside the egg seems the same but within things are developing rapidly. What is amazing is that the incubation stage is most effective when a person is engaged in something completely unrelated to the task at hand – walking, watching a film, driving a car, playing golf etc. But note once again the incubation stage takes time.
Illumination. This occurs when a problem – e.g. how to start an answer to an essay question – is either solved or an impasse to such a solution is overcome. Reisberg calls it an “aha” moment, when you can finally see the right path, or the best structure of an argument, or an optimal starting point etc. One crucial moment of illumination occurs when you are able to set out an essay plan – a logical structure for the content of the essay. But be warned, some “aha” moments are false dawns, which after further reflection are viewed as intellectual cul-de-sacs. When this happens a further period of incubation may ensue.
Verification. This involves actually writing out the first draft of the essay to see how the proposed content works. It is very rare for the first draft to be perfect. More likely the essay plan will need to be revised after further incubatory thinking and illumination and the first draft of the essay will require editing and redrafting. You should expect to conduct at least one or two further redrafts before a final polished draft of the essay, within the specified word limit, is ready for submission.
Some Other Points to Consider When Essay Writing.
The final polished essay must have a logical structure, with a balance between competing arguments. The essay should have a good introduction which signposts both the key arguments and the order of content. Moreover, the essay should include a summary, a way of concluding the essay which properly summarises its key points. The creator of an essay should always try to ensure that the reader of the essay thinks that the work has arrived at an answer to the question posed.
It is of the utmost importance that you cite the crucial arguments of key authors that you have expressed in your own words. Citation in the essay must follow the Harvard referencing system. Think carefully before including a quotation. Ask why are you including it? Can you summarise it in your own words? Are you including it because you do not have the confidence to summarise material in your own words? You must have a good and clear reason for including a quote (e.g. it is a famous quote, or it so well written it sums up a key point succinctly). Lots of quotes included for no apparent reason suggests a lack of confidence on the part of the writer, which means a lower mark. Finally, all quotations must be properly cited using the Harvard referencing system.
Footnotes should be included at the relevant time, referenced using the Harvard method. Footnotes allow material to be included which amplify or clarify points made in the main body of the essay, but which is not important enough to count towards the word limit. It also allows the writer to include a tangential point or aside of interest, which is not directly related to the question posed. Note, footnotes should NOT be used to cite references.
The bibliography should have references set out using the Harvard method. These references must be cited in the main body of the essay and/or footnotes. It is crucially important that you only include bibliographical references that you have consulted and read.
Avoid making the mistake of writing in the passive voice. Passive voice language avoids using specific names of the person or people involved in some action, event or situation. For example, statements like:
“Last week a memo was sent about productivity improvements.”
“Last week the Managing Director sent a memorandum about productivity improvements.”
“It is argued that there was a Golden Age of economic growth between 1950 and 1973.”
“According to Hobsbawm (2003) there was a Golden Age of economic growth between 1950 and 1973.”
Avoid using the passive voice in your essays.
Avoid wasting words in the essay. Wasted words can be defined as words that do not clarify, explain, interest or intrigue. In a word constrained essay wasting words is a serious error, as it crowds out words that could be used more effectively to attain a better mark. Examples of wasted words and suggested replacements are set out below.
each and every man and woman Everyone
few in number Few
and so as a result of and so
never at any time Never
the point is that we are already overstaffed we are over staffed
we have a problem with this media thing We have a problem with the media
REMEMBER ONLY YOUR OUTPUTS (e.g. the final submitted essay) ARE ASSESSED, NOT YOUR INPUTS (reading of materials, drafting and editing etc). If the final essay is not good enough, all your other efforts are wasted.
Baddelely, A. (1999) Essentials of Human Memory. Hove: Psychology Press
Hamilton, I. (1982) Koestler: a biography. London: Secker and Warburg
Reisberg, D. (1997) Cognition – Exploring the Science of the Mind. London: W.W. Norton and Co.
You should purchase a copy of the key Leeds Met booklet: Quote, Unquote: A guide to the Harvard referencing. It is also available electronically.
Another useful Leeds Met booklet is:
The Little Book of Plagiarism: What it is and how to avoid it. It is also available electronically.
The most important guidance that can be given is: engage with the readings recommended by the tutors. Independent research is not required. The second most important piece of advice is: answer the question posed (not the question you would have liked to answer). The most common cause of poor marks is that work submitted fails to address the question. Focus like a laser on the question and these problems are avoidable. Thirdly, note that the answer for question 6 answer will be enhanced by the inclusion of a relevant diagram(s).
Remember the assessment is designed to test your knowledge and understanding of the module’s content. Put bluntly, if you demonstrate a reasonable awareness of what you have been taught during this module you will pass. Including materials which are neither included in, nor relevant to, the module is very unlikely to be beneficial.
Do not exceed the word limit of 1750 words for each essay. Remember footnotes do NOT count towards the word limit. So in the final editing process you must decide if materials included in the main body of the work can instead feature in footnotes. If you don’t know what a footnote is…ASK!!!
Finally, make sure you include citations for the arguments you include in your essay. Moreover, you must include a complete bibliography at the end of the essay, which includes the full references for the works cited. Citations and references must be set-out using the Harvard system.
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