Keynes and the Classical Economists - 6500 Words

Keynes and the Classical Economists: The Early Debate on Policy Activism LEAR N I NG OBJ ECTIVE S 1. Discuss why the classical economists believed that a market economy would automatically tend toward full employment. 2. Explain why Keynes rejected the views of the classical economists. 3. Compare the views of Keynes and the classical economists with regard to the proper role of government. s you discovered in Chapter 10, unemployment and inflation impose costs on our society. Today, many Americans assume that it is the federal government’s responsibility to reduce those costs by combating unemployment and inflation when they occur. But the issue of government intervention to combat macroeconomic problems provokes sharp disagreement†¦show more content†¦But the classical economists did not see saving as a problem. Saving would not cause a reduction in spending because businesses would borrow all Keynes and The Classical Economists: The Early Debate on Policy Activism 3 EXHIBIT 1 Say’s Law: Supply Creates Its Own Demand aid for resou 0 is p rce $10 s Businesses Households $1 00 is s pen t on goods and ser e vic s If all the income created in the act of producing output is spent by households, supply will have created its own demand, and all the output will be sold. the saved money for investment—the purchase of capital goods, such as factories and machinery. Why were the classical economists so sure that the amount households wished to save would equal the amount businesses wanted to invest? Because of interest rates. In the classical model the interest rate is determined by the demand for and supply of loanable funds, money available to be borrowed. If households desired to save more than investors wanted to borrow, the surplus of funds would drive down the interest rate. Because the interest rate is both the reward households receive for saving and the price businesses pay to finance investment, a declining interest rate would both discourage saving and encourage investment. The interest rate would continue to fall until the amount that households wanted to save once again equaled the amount businesses desired to invest. At this equilibrium interest rate there would be no uninvestedShow MoreRelatedThe Classical Economists and Keynes: t he Debate on Government Policy Activism1189 Words   |  5 Pagesago with the famous economist John Maynard Keynes, and the classical economists of his time, whose economic foundations lay in Alfred Marshall’s seminal work, the Principles of Economic. The purpose of this paper is to discuss the classical economist’s non-activist view on unemployment, and Keynes’s critical response to the classical economist and his belief the government should play an activist role in combating unemployment. One of the most important tenets of classical economics is that marketRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 Pagesrevolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer to the classical economists and the neoclassical economists. The two most influential economists that helped to shape ourRead MoreThe Keynesian Era During The Middle Of The Nineteenth Century1720 Words   |  7 PagesBefore the â€Å"Keynesian† era in the middle of the nineteenth century, economists Adam Smith, David Ricardo, Thomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. 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Says law isRead MoreKayne vs Hayek1370 Words   |  6 PagesChanya Udomphorn ID# 5380040 Macroeconomics Mr. Rattakarn Komonrat Keynes vs. Hayek Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. They develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflationRead MoreThe Classical View Of Employment And Income1523 Words   |  7 Pageswill be going into detail on the classical view of full employment, and the Keynesian view of full employment to help you understand better how each school viewed full employment, and how to achieve it. The classical view gives you a look into the supply side of the economy using Say’s law and the Say’s law flow diagram. Most economists followed the classical view up until the 1930’s. Then John Maynard Keynes influenced the world with the Keynesian Revolution. Keynes believed that de mand is what shouldRead MoreClassical Vs Keynesian Economics1235 Words   |  5 PagesClassical and Keynesian economics are both accepted schools of thought in economics, but each had a different approach to defining economics. The Classical economic theory was developed by Adam Smith while Keynesian theory was developed by John Maynard Keynes. Similarities: One of the most surprising similarities between the two theories is that John Keynes developed his theory based on the Adam Smith’s theory. Keynes did not entirely disagree with Adam Smith but rather, expanded the theory basedRead MoreKeynes Versus Friedman745 Words   |  3 PagesKeynes versus Friedman To begin with, I would like to say that these to economists made perhaps the greatest and the most significant contribution to economy in the twentieth century. They are beyond any doubt among most powerful intellectuals that set their feet over the ground. Ideas they created, patterns they discovered and laws they introduced have become fundamental in political economy and macroeconomics. Still, these two brilliant minds did not share each others’ views over some basic economicsRead MoreEconomics Essay1090 Words   |  5 Pagesmany people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics. Adam Smith The â€Å"father of economics† was born in Scotland. HisRead MoreJohn Maynard Keynes Transformed Economics In The 20Th Century1507 Words   |  7 PagesJohn Maynard Keynes transformed economics in the 20th century by challenging traditionalist thinking and the postulates that underpinned their theories. Keynes disagreed with the laissez faire attitude of the classical thinkers, and argued for greater government intervention due to his belief that the focus should be on demand side macroeconomics rather than supply side. This belief transpired because of the Wall Street Crash of 1929 and the subsequent depression that highlighted the shortcomings

Business Communication Today Session 5 Final Paper Essay

Business Communication Today-Session 5: Final Paper Effective Business Communication requires order, accuracy, organization, and significance. When the Business Communication class began, I felt that I communicate effectively in my current job. I learned some new ideas and practices that I will incorporate into my work. I also discovered some new ideas that I will use in future positions I hope to attain. â€Å"No matter what job you have in life, your success will be determined 5% by your academic credentials, 15% by your professional experiences, and 80% by your communication skills.† -Author Unknown All messages, either written or verbal have a process through which it flows. â€Å"Viewing communication as a process helps identify steps to improve† (Bovee Thill, 2016, p.10) Understanding this process can help improve communication. First, a sender has an idea and computes the idea. Then they decide what avenue to use to transmit the idea. A few examples are email, text, letter, or in person. Once the sender transmits the idea, the audience receives the message. It must be interpreted and then responded to. Occasionally the receiver provides the sender feedback. â€Å"Considering the complexity of this process-and the barriers and distractions that often stand between sender and receiver-it should come as no surprise that communication efforts often fail to achieve the sender’s objective. Fortunately, the better you understand the process, the more successful you’ll be.†Show MoreRelatedDigital Indi Challenges Of Data Mining Essay1387 Words   |  6 PagesDigital india :- Challenges of Data Mining Implementation in E-Commerce in India Abstract: Data mining has drastically altered how businesses are being operated, especially in the online domain. This paper attempts to review the massive growth of data mining applications to improve the profitability of e-commerce ventures. 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Leg Ulcers Free Essays

Chapter One *A Brief Overview of a Venous Leg Ulcer *and the Assessment Process The nurse must have the skills and knowledge to identify a venous leg ulcer. Dowsett (2005) believes that it is important that nurses and other health care professionals look for the underlying cause of an ulcer. Whereas, the Royal College of Nursing (1998) has different views, and argues that, professionals who are fully trained in leg ulcer management should only be able to identify an underlying cause as it is easily mistaken that diagnosis of an arterial leg ulcer is made rather than venous which could cause serious treatment complications for the wound as well as the patient. We will write a custom essay sample on Leg Ulcers or any similar topic only for you Order Now There are major problems associated with a venous leg ulcer such as, pain, loss of mobility, financial implications and much more which will be discussed in chapter 3. Leg ulcers appear as shallow holes or craters in which the tissue underneath is exposed. They can vary in size, discolouration and depth (National Health Service Direct 2008) (NHS). The clinical factors of a venous leg ulcer are, lipodermatosclerosis (champagne bottle shaped leg) ,which is cellulites affecting the dermis and subcutaneous tissue (Finlay Chowdhery, 2007), hyperpigmentation, derived red blood cells extravagated from dilated, leaky capillaries which produces areas of brown discolouration (Brown Burns, 2007). Atrophic Blanche, where interspersed by visible engorged capillaries seen as tiny red dots just below the surface of the skin (Moffat et al, 2007). However before looking at the patients wound it is the nurses role to look at the patient holistically and find out past medical and family history as well as personal factor that could contribute to the condition (Moffat et al, 2007). There are essential details that the patient can tell the nurse about their ulcer and the factors that may contribute to this. Such factors are their full medical history these details should include varicose veins, diabetes, Deep Vein Thrombosis (DVT), previous leg surgery and any family history of leg ulceration (Dougherty and Lister 2004). The importance of this is that if a leg ulcer is diagnosed incorrectly, such as a venous ulcer being mistakenly diagnosed as an arterial one can have serious complications for the patient and causing further delays in the healing of the wound. Also the nurse must undertake baseline observations this includes, the patient’s weight, height, blood pressure (BP), oxygen saturations levels, temperature nd respiratory rate, and also the patient’s nutritional intake, urine samples and routine blood tests such as glucose and haemoglobin levels must be gained, as diabetes is present in approximately 5% of patients with leg ulcer (SIGN 1998). Murray (2004) also agrees with Dougherty Lister (2004) Bolton et al (2004) stating that that hyperglycaemia can have an eff ect in the wound healing process, as this can be linked with infection and decreased oxygen levels in the haemoglobin will slow down the healing process and go onto starve tissue. These factors are important to know as it plays a big part in the wound healing process. In clinical practice thesebasic observations are a vital part of information gained to ensure safer patient care and early recognition of deterioration. The key factor in order to gain a thorough assessment it is essential that the nurse must have is communication and listening skills not only for this purpose but also for a nurse patient relationship. Dealey, (1994) believes that fear is one of the most common experiences a human can feel and a patients illness release many fears, in which health care professionals are unable to identify when not allowing the patient to express their needs freely. If the patient has a full understanding of their condition they are more likely to comply with treatment regimes and have a more productive relationship with healthcare professional’s (Anderson 2006). The RCN (2008) states, that the nurse-patient relationship is founded on trust. The nurse patient relationship allows the conversation to flow easy in order to gain a holistic approach to the patients care. The Code (2008) also agrees that as nurses ‘we must listen to people in our care and respond to their concerns and preferences’. Much research has taken place regarding nurse patient relationships, McCabe (2002) carried out a study which aimed to explore and produce statements relating to the patients experiences of how nurses communicate. A qualitative phenomenological approach was used. This focuses on individual’s interpretations of experiences and ways in which they express them (Parahoo 1997), followed by unstructured questionnaires which were tape recorded and lasted for approximately thirty minutes. The results found that four themes emerged, these were, lack of communication, ‘attending’, empathy and friendly nurses. Therefore the conclusions were that in contrast to the literature, nurses are not good at communicating with patients, however nurses can communicate well if the task undertaken was a patient centred approach. Although research has taken place the limitations were that only eight patients participated, therefore this could reduce the validity and reliability of the study. Also with such a small sample the study could be used as a pilot study which could be replicated in the UK as this study was undertook in Ireland. How to cite Leg Ulcers, Essay examples

Contract between Mojo Beverages and Ben-Free-Samples for Students

Questions: 1.Advise Mojo Beverage, explaining applicable legal principles and citing relevant authorities. 2.Advise Livestock Brokers as to the rights and liabilities of the parties in the light of the commercial interactions taken place between them. 3.Advise Stuart, with reference to the relevant principles. Answers: 1.Issue Whether a contract was created between Mojo Beverages (MB) and Ben based on the things which transpired? Rule Andrews (2015) has defined contract in terms of a legally binding document which covers promise between the parties to such contract, and where each party has certain obligations, be it in terms of fulfilling the promised task, or paying the consideration value. The formation of any contract requires the presence of some key elements or the requisite elements, without which the contract does not hold legal validity in the eyes of law. These elements include offer, acceptance, consideration, intention, capacity and legality (Gibson Fraser, 2014). The first requisite in the creation of the contract is an offer to be made by one party to another party. The offer shows the terms which are offered and on which the contract is to be based. There is a need to point out at this stage that an offer is very different from an invitation to treat, which is not a part of contract formation. The reason for this is that invitation to treat just shows the negotiation phase of contract, which does not result in any binding or legal effect (Abbott, Pendlebury Wardman, 2007). To bring clarity to this issue, example of advertisements need to be cited. These in general, be it in newspaper or magazines, do not get the status of an offer, and instead are treated as invitation to treat and an example of this is Partridge v Crittenden [1968] 1 WLR 1204 (Swarb, 2016). However, when a unilateral offer is covered in the advertisement, the scenario is different and legal liabilities can be raised, as can be seen through Carlill v Carbolic Smoke Ball Company [1893] 1 QB 256. In this case, the terms of the advertisements were such that they created a binding effect on the parties (Bailii, 2018). The second step for creating a contract is to give acceptance to the offer which has been made. In order to accept the unilateral offer, simply the terms of the offer have to be performed. There is the requirement of showing reliance being made on the offer (Elliot, 2011). The next element is consideration, which needs to have an economic value, to be valid and it can be anything which is mutually decided between the parties (Trietel Peel, 2015). Three wrappers were deemed as valid consideration in Chappell and Co Ltd v Nestle Co Ltd [1960] AC 87 due to condition precedent (E-Law Resources, 2018). Application There is a similarity between the facts of the case study and the precent of Carlill v Carbolic Smoke Ball Company. There was uniformity in the advertisement being placed in the newspaper which resulted in a unilateral offer, due to the mentioned terms. The consideration held in the newspaper advertisement had validity due to it holding economic value. By the performance of the promise, an acceptance was given by Ben. Irrespective of the rumours he heard, he relied upon the advertisement and caught the fish. The other elements of contract formation are assumed to be present here. Conclusion Thus, due to the presence of unilateral offer, its performance resulting in acceptance and valid consideration, a contract was formed between MB and Ben 2.Issue Whether a contract was formed between Dorper Sheep Sellers Pty Ltd (DSSP) and Livestock Brokers (LB)? Rule The previous segment touched upon the requirement of essential elements for forming a contract. The offer is the first step in this regard, which needs to be accepted by the party to which the offer had been made. Where the terms of the offer are changed, the result is a counter offer instead of an acceptance. When this happens, the original offer is no longer valid as per Hyde v. Wrench (1840) 3 Beav 334 and is not open to be accepted afterwards (Marson Ferris, 2015). The date of acceptance, as per the instantaneous rules, is the date on which the communication is attained by the offering party. However, postal rules act as an exception of the instantaneous rules (Paterson, Robertson Duke, 2012). When the letter is posted to give the acceptance, the date of posting this letter is considered as the date on which the offer was acceptance. It does not matter on which date the letter actually reaches the offering party (Latimer, 2012). This is due to the precedent that the postal office is the agent of offeror and agency law determines the acceptance of agent as acceptance of principal. These rules apply over the fax and emails too (Gibson Fraser, 2013). Byrne v Van Tienhoven (1880) LR 5 CPD 344 was the precedent giving the status as agent to the postal office (Swarb, 2015). Where the offer made, has to be revoked, it can be done till the time the offer is not accepted by the other party and before the posting of the acceptance letter. Another important point was given in Tallerman Co Pty Ltd v Nathan's Merchandise (1957) 98 CLR 93, whereby the judges provided that the acceptance cannot be given through the postal rules till the time it is justified to the offering party that post is a valid manner of giving acceptance (Jade, 2018). In Harvey v Facey [1893] AC 552, it was provided that an acceptance is different from request for information (Poole, 2016). Amongst the other elements of contract formation is the intention of creating legal relations. The next requirement is for the terms of the contract to have legal validity and is not basically against any legislation or the common law. The last requirement in formation of a contract is for the parties to hold the legal capacity to get into a contract, which is usually in terms of the parties holding the legal age (Mulachy, 2008). When such happens that the terms or stipulations covered under the contract are not fulfilled by one of the parties, the contract is deemed to be ended through breach. Upon the termination of contract owing to its breach, the aggrieved party can seek remedies from the court of law, for instance monetary compensation (Latimer, 2012). Application The facts given in the case study highlight the presence of intent between the parties, owing to the different offers and counter offers being made to create a contract. The capacity and legality is deemed to be present. The communication dated June 01 by DSSP would be considered here as an offer as some terms were offered here to LB. On this, a request for information was made by LB where it was asked to finance the sale on general terms. With this, the original offer ended. Here, with no acceptance been given on this communication by DSSP, a contract was not created as an inquiry was made instead of acceptance. As a result of non-acceptance, the offer expired due to the time frame for which it was open ended. Where the June 06 communication is taken to be a counter offer, the same was again not accepted. In either the scenarios, where the June 06 communication is taken as counter offer or request for information, an acceptance was never given. This is because the fax had never been stated as a valid manner of giving the acceptance and based on Tallerman Co Pty Ltd v Nathan's Merchandise, fax would not be deemed as a valid mode of acceptance. DSSP had no reason to expect acceptance through fax. Till the contract was formed, a breach could not be claimed. The receipt or non-receipt of fax is not related to this due, due to the same not being a valid acceptance manner. Conclusion Hence, a contract was not formed between DSSP and LB, due to lack of acceptance. 3.Issue Whether Stuart has any rights in the given scenario? Rule Upon the creation of a contract, it becomes binding, and where any changes have to be brought afterwards, the contract needs to be drafted again to include the changed terms. This allows the amendments to be given a conclusive effect to and in applying these. Where the amendments are not made, the original contract continues to apply and the amendments have no legal validity. Under the contract law, estoppel helps in restricting a person from making assertions which are converse to the earlier position on the same issue (Waddams, 2011). A leading defensive principle is equitable estoppel which prohibits the parties from taking any unfair benefit of other party due to the false conduct or language. Through this concept, the individuals are restricted from inducing the other party which could harm the other party. Hence, the individual is precluded or stopped from taking such position which is varied from the earlier position, particularly where such variation would harm the other party (Blum, 2007). Promissory estoppel is a principle through which the person is stopped from acting so where the party promises not to do something, particularly when the other party has made reliance on such promise, and the first party attempts to defy such promise (Blum, 2007). To bring clarity to this concept, reference needs to be made to Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130. In the quoted scenario, two parties had gotten into an agreement for lowering the rent for the war period. Though, this promise did not have a consideration to support it. Upon the ending of war, the claimant asked for the rent to be brought back to the original rent in place of the reduced rent. The court ruled in the favour of the claimant. Though, the thing which makes this case interesting is the obiter given by Justice Denning. He stated that in such a scenario where the claimant would have asked for the reduced rent of the war period, when the promise had been made, the principle of p romissory estoppel would have to be put in play, and the claimant would have to be stopped from asking the reduced rent for the promised war period, despite the fact that the promise was not supported by consideration. The reason for the same was the reliance placed on the promise by defendant and this promise being accepted by claimant of the case (Stone Devenney, 2014). The other important concepts of contract law are unconscionable conduct, which refers to the conduct which is no reasonable and is against the good conduct (Vout, 2009). Misrepresentation is a vitiating factor in the contract, which renders the contract voidable. It refers to the false statement of fact or law (McKendrick, 2014). Application There is a stark similarity between the stated facts here and the quoted case of Central London Property Trust Ltd v High Trees House Ltd. As a result, here it can be stated that Stuart would be required to make payment of the entire rent from the period of December 2014 to Westphalia Marts. However, when it comes to the period for which the promise was made, i.e., from December 2013 till his business improved (which is assumed here to be December 2014), Westphalia Marts cannot ask for the reduced rent. This is due to the applicability of promissory estoppel and the quoted case. There would be no impact of absence of consideration due to promissory estoppel and Westphalia Marts cannot rely on this. This is due to the reliance placed by Stuart on the undertaken promise. Apart from this, the reasons of unconscionable conduct can also be cited in terms of Westphalia Marts doing against good conduct. Further, the presence of unconscionable conduct can be stated as Westphalia Marts breaching the promise in terms of their attempts to show the income of the mall being healthy. As a result of this being a false statement of fact, application of misrepresentation principle can be undertaken. Conclusion Hence, the application of promissory estoppel gives Stuart the right to restrict Westphalia Marts from claiming reduced rent. Along with this, claims of unconscionable conduct and misrepresentation can also be undertaken against Westphalia Marts References Abbott, K., Pendlebury, N., Wardman, K. (2007). Business law (8th ed.). London: Thompson Learning. Andrews, N. (2015). Contract Law (2nd ed.). UK: Cambridge University Press Bailii. (2018). Carlill v Carbolic Smoke Ball Company [1892] EWCA Civ 1 (07 December 1892). Retrieved from: https://www.bailii.org/ew/cases/EWCA/Civ/1892/1.html Blum, B.A. (2007). Contracts: Examples Explanations (4th ed.). New York: Aspen Publishers. E-Law Resources. (2018). Chappel v Nestle [1960] AC 87 House of Lords. Retrieved from: https://www.e-lawresources.co.uk/Chappel-v-Nestle.php Elliot, C. (2011) Contract Law (8th ed.). London: Pearson. Gibson, A., Fraser, D. (2014). Business Law 2014 (8th ed.). Melbourne, Pearson Education Australia. Jade. (2018). Tallerman and Co Pty Ltd v Nathan's Merchandise (Vic) Pty Ltd. Retrieved from: https://jade.io/j/?a=outlineid=65197 Latimer, P. (2012). Australian Business Law 2012 (31st ed.). Sydney, NSW: CCH Australia Limited. Marson, J., Ferris, K. (2015). Business Law (4th ed.). Oxford: Oxford University Press. McKendrick, E. (2014). Contract Law: Text, Cases, and Materials (6th ed.). Oxford: Oxford University Press. Mulcahy, L. (2008). Contract Law in Perspective (5th ed.). Oxon: Routledge. Paterson, J.M., Robertson, A., Duke, A. (2012). Principles of Contract Law (4th ed.). Rozelle, NSW: Thomson Reuters (Professional) Australia. Poole, J. (2016). Textbook on Contract Law (13th ed.). Oxford: Oxford University Press. Stone, R., Devenney, J. (2014). Text, Cases and Materials on Contract Law (3rd ed.). Oxon: Routledge. Swarb. (2015). Byrne v van Tienhoven and Co: 1880. Retrieved from: https://swarb.co.uk/byrne-v-van-tienhoven-1880/ Swarb. (2016). Partridge v Crittenden: QBD 1968. Retrieved from: https://swarb.co.uk/partridge-v-crittenden-qbd-1968/ Treitel, G H., Peel, E. (2015). The Law of Contract (14th ed.). London: Sweet Maxwell. Vout, P.T. (2009). Unconscionable Conduct: The Laws of Australia. Pyrmont, NSW: Thomson Reuters. Waddams, S. (2011). Principle and Policy in Contract Law: Competing or Complementary Concepts?. Cambridge: Cambridge University Press