Economics versus Politics - Assignment Example

It explains how the governing political body and its directives affect the collective behavior of the players in society Economics' parameters are set on scarcity, the use of incentives, the application of efficient economic tools and models, all to satisfy and suffice human's current and future wants and needs. Economics lies in maximizing and making sound decisions to make efficient use of existing scarce resources. Nothing in life is free, as explained by the concept of opportunity cost. Opportunity cost is the value foregone in the pursuit of another activity or the good of interest.

Everything individuals do have a tradeoff. An individual's Economic decisions are motivated by incentives, a mechanism that motivates decisions and activities. Economics is different from political systems in the sense that, economics could go on forever without laying a hand on it to make it work; and in its continuity, it is only susceptible to its own natural dynamics. Politics now depends on the intervention and control of men. While economics seeks to explain occurrences through long-wearing principles, politics is just mainly an experimental, temporary tool in human affairs.

"One (economics) is amoral, the other (politics) is moral" ("Economics versus Politics"). Both political science and economics acknowledge the participants in the society's selfish interests, that, control of which is delivered by-laws and punishment in lieu of political science, and motivated by incentives and disincentives in lieu of economics. Economics, unlike political science though, is tackled like one of the exact sciences through the use of models, equations and numerical treatment to explain or forecast the situations governing and a society.

("Economics versus Politics")The book chapter is posing the challenges of the economic environment, and such may be seen as problems to solve, to outwit. QUESTION 2: Feudalism is a socio-political system wherein land and land-based assets determine an individual's social status. Land ownership entitles the owners of the manors-now equivalent to villages-exclusive rights to their lands, spending decisions with their money and other assets and administering homage for their serfs and vassals ("Feudalism and Medieval Life").

Serfs, peasants, vassals, and landlords are the primary movers in the social structure and the king played only a representative role in the society. Serfs are the tenants sustained by the landowners. They are at the foot of the social structure. They serve their landowners who are responsible for their sustenance. He's devoid of tangible property and his marriage is subject to the landowner's permission ("Feudalism and Medieval Life"). Vassals are more privileged than serfs. They have a certain amount of freedom although they live poor lives.

They comprise 10-60 families living in a community. Landlords or barons ruled the manors, which pertains to the villages during the Middle Ages. The landlords serve as the local administrator of their lands and numerous serfs and vassals serve and protect him, as he is also accountable to them.