The study gives a brief overview of economics and how the study of economics enhances the performance of the country. The paper also includes the available levers of economics which come under the umbrella of macroeconomics but are not being utilized. In the end, the study manifests how these levers can play a vital role to direct the UK economy from deeper recession.
Adam Smith represents classical, Alfred Marshal represents the neo-classical school of thoughts and the moderns are represented by Lionel Robbins.
Adam smith (1723-1790) who is known as a father of economics, in his work "An enquiry into the causes and nature of wealth of nations" defined economics first time in 1776. He, defining economics said that:
The above mentioned book of Smith has been divided into four parts; Consumption, production, exchange and distribution of wealth. He came up with an opinion that the wealth, goods and services are produced in every country in accordance with the laws. Concerning the exchange and with regard to distribution of wealth, he developed some laws for mutual exchange and with regard to distribution of wealth. The concept of wealth given by Smith was misinterpreted as well as misunderstood therefore, Ruskin and Carlyle, the renowned social reformers of their own time, declared economics a dismal (negative) branch of knowledge. They said that Smith's definition motivates the people for "wealth worship and make them selfish". Wealth is the mean to reach the end not the end in itself. After the criticism of Ruskin and Carlyle on Smith's theory Alfred Marshall came into play and rectifying many faults and defined economics in a different way. He said: "Economy is the study of man's action in the ordinary business of life. It enquires, how does he get his income and how does he use it. More precisely, "Economics tells how to earn money and how to consume it" (Heather, 2000)
Prof. Robbins developed a new definition of economics. As per him:
"Economics is the study of human behavior as a relationship between ends and scarce means which have alternative uses". There are three pillars of Robin's theory which help it to sustain and be considered. These pillars are mentioned below.
Wants are unlimited and so they compel us to select very urgent wants for having maximum satisfaction.
The means, to satisfy these unlimited wants, are limited and create the problem of scarcity.
As the means can be used alternatively, a new problem of choice is created. Let's understand this concept with an example: suppose a buyer reaches the market with limited money in his pocket to purchase, then he faces the problem of choice. In other words, he has to take a decision what to purchase and what not to (Harvey 1996)
There are a number of economic levers which can be used to keep the economy back on track. We will discuss some of them and analyze that how it helps to aid the economy (Alois & Perelman, 1994).
3. Price Trend
5. Liquidity Preference
6. Fiscal policy
7. Rate of interest
8. Employment rate
9. Global Trade.
When a decrease in the prices of the commodities and goods occur then we can ...
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“ECONOMOC LEVERS. A TOOL TO SAVE THE SHRINKING ECONOMY Essay”, n.d. https://studentshare.net/miscellaneous/292810-economoc-levers-a-tool-to-save-the-shrinking-economy.
My goal is to present my own strategy that to my mind can prevent the downfall. During my reign Rome experienced downfalls and upheavals and thus I would like to stay an anonymous emperor. Just to give an unprejudiced look at the way events could happen in the Roman Empire… The collapse of Roman Empire is a complex challenge and it should be solved at different levels.
The reform is driven by the Standard based education reform movement which requires that there be standard education curriculum and clear, elaborate and measurable standards for all the students in American schools. Standards are formulated through political deliberations on what is important to be taught in schools and for students to know in order to suit the requirements of the job market.
Endangered species are those considered to be at a higher risk of extinction or facing removal from the earth surface as a result of a number of activities. Panda also known as Ailuropoda melanoleuca is one of the animals currently classified as facing the harsh pangs of extinction and is currently classified as endangered species (Gong & Donald 246).
The lock manufacturing industry is also a competitive and low profit industry for the following reasons. Firstly, Because of the tax policy difference, the companies in the North of China are less competitive than the companies in the south. This result in low profit in this industry.