Economic Theories Essay Example | Topics and Well Written Essays - 2250 words

Economic Theories - Essay Example Keynes was the one who completely refuted Say's Law, so much so that he said that the opposite of the law was actually the truth. In this paper we will analyze the criticisms of all these three major economists in comparison with each other. J.B.Say believed that production causes consumption, that is, production is the main source of consumption. What, and how much a person demands depended on the income produced by their own acts of production. Say says that a person pays for goods and services through goods and services. This means that the demand for a commodity is a function of the supply of other commodities. Say's Law of Markets explains the process through which supplies in general are converted into demands in general. Say found that supply will be equal to the demand for other goods. For him, since demand results from the production of products, so there can never be excess supply over demand. Thus, Say believes that there cannot be general overproduction in an economy. He did say that it was possible to have a surplus or shortage of a particular commodity, but these gluts of production were not a result of general overproduction, but instead they were a result of overproduction of a certain good in comparison with other goods which were under produced. So he accepted that there could be short term gluts in an economy, but that it will right itself automatically through the mechanism of prices. He wrote in his "Treatise on Political Economy": "Garnier, in the notes he joins to his excellent translation of Adam Smith, says that in the old nations of Europe, where capital has accumulated for centuries, a superabundance of annual product would be an obstruction to circulation were it not absorbed by a proportionate consumption. I can see that circulation can be obstructed by superabundance of certain products, but that can only be a passing evil, for people will soon cease to engage in a line of production whose products exceed the need for them and lose their value, and they will turn to the production of goods more in demand. But I do not see how the products of a nation in general can ever be too abundant, for each such product provides the means for purchasing another." (Translated by Palmer 1997, p.76, Cottrell 1997, p.2) Thus, Say implies that an adjustment in production, prices or marketing strategies would lead to the removal of disequilibrium - arising from overproduction in a particular type of product - in a free market economy. This is the basic proposition of Say's Law of Markets. Say also believed that savings are beneficial for the economy and are a means of future growth. So they are even better than consumption. He said that savings are led immediately into investments in pursuit of profits, so there would be no deficiency of income, production or consumption. This means that income is always spent either on satisfying current wants through consumption or satisfying future wants through savings accumulation. Hence the market would automatically return to equilibrium even if some income is not devoted to consumption but rather goes to investment. So, general under consumption, just like general over production of a product was not possible, ever. He made an implicit assumption that prices and wages should be flexible. (Anderson) For him money was only a medium of exchange and not a store of wealth. As an inference, Say denounced government interference with the pricing

What is Asbestos? Essay -- Environment, Minerals

INTRODUCTION Asbestos has been used since prehistoric times and there is archaeological evidence from Finland, pottery containing asbestos fibres dating from 2500 BC (Mcculloch, 1986). Where asbestos fibres were mixed with clay to form stronger ceramic utensils and pots (Benarde, 1990), the ancient Greeks used it to make lamp wicks and other fireproof items. However, the romans wove asbestos fibres into fabrics to make towels, nets and even head coverings for women (Asbestos Diseases Society of Australia, 1995, p.10). The substance was known to be inextinguishable or unquenchable. Though, asbestos had been around for thousands of years, mass use of the product became popular in the 1800s (Mcculloch, 1986). It was made up of non-flammable fibres and was very sturdy. Also, it was used in homes, businesses, and schools. Asbestos is a dangerous fibre, because its fibres become airborne and can be inhaled or swallowed (Lu & Kacew, 2009). Over time, it can cause both chronic lung conditions and fatal f orms of asbestos cancer. (Benarde, 1990; Mcculloch, 1986). In the early 1900s to 1980s doctors in Europe discovered that workers were suffering from the respiratory diseases (Benarde, 1990), for the reason that they worked in heavily polluted asbestos containing atmospheres, excessive numbers of them became cases of asbestosis, lung cancer and mesothelioma, because the workers were exposed directly or indirectly in virtually any occupation, even those who worked in offices (Benarde, 1990; Mcculloch, 1986). Furthermore, employees who worked for asbestos ship building, construction, mining, and other factories whose products used asbestos were also getting ill (Mcculloch, 1986), asbestos fibres were also being brought home on employee's cl... ...ially in asbestos mining. A lot of the victims of the disease had worked directly with asbestos; nevertheless, these people got their exposures in the shipyard, construction trades, and buildings as well as from the contamination of their homes and communities. As a result it occurred that nearly the uncontrolled use of asbestos progressively increased the population at risk from few thousand asbestos workers to millions of people in the general population. The employers and employees who worked in the asbestos reduction industry continued to alert on the handling of the human carcinogen. However, the rules and regulations were put in place to ensure safety and protection of the workers. Sufficiency protective equipment and training were provided, medical surveillance programs by conducting routine examination of all the workers who worked with asbestos.

Holden Caulfield in “Catcher in the Rye” Essay

Holden Caulfield, in The Catcher in the Rye, is much like the typical teenager of today. Throughout the novel, Holden goes through problems that many modern teenagers can relate to. Holden is a lonely teenager who struggles to find direction in life. His actions are very similar to those of teenagers today. Some important characteristics Holden shares with modern teenagers are his longing to be free and independent, his struggle between childhood and adulthood, and the fact that he is lost and does not know what he wants to do in life. Also, like many teenagers today, he has to deal with things such as sex, violence, and alcohol. A big problem Holden goes through is his struggle between childhood and adulthood. He is sixteen years old, which is the age when a person is almost an adult, yet still a child. A child who is innocent, supported by his parents, and is not yet ready or possesses the maturity to go out into the world and fend for himself. This struggle is symbolized by Holden’s gray hair. This is something many teenagers face today. Like many modern teenagers, Holden wants to be independent. He wants to make his own decisions and live on his own. He has lived in schools most of his life, away from his parents. When Holden gets kicked out of Pencey, and he knows that his parents will find out, he decided to go back home after they do, in order for his parents to have dealt with the news. This shows how Holden does not look for help from his parents. He wants to deal with the problem himself by applying himself his next year in school. Another example of Holden’s need to be independent is when he suggests to Sally that they go away somewhere and live together. On page 132, Holden says â€Å"How would you like to get the hell out of here? Here’s my idea. I know this guy down in Greenwich Village that we can borrow his car for a couple of weeks. He used to go to the same school I did and he still owes me ten bucks. What we could do is, tomorrow morning we could drive up to Massachusetts and Vermont, and all around there, see. It’s beautiful as hell up there. It really is.†Ã¢â‚¬ ¦Ã¢â‚¬ We’ll stay in these cabin camps and stuff like that till the dough runs out. Then, when the dough runs out, I could get a job somewhere and we could live somewhere with a brook and all and, later on, we could get married or something. I could chop all our own wood in the wintertime and  all.† Holden longs to go away and be independent. Like teenagers today, Holder had to deal with alcohol, sex, and violence. Like any male teenager today, Holden thinks about sex. He wants to experience it and says that he had had many opportunities to do so, although he never had sex. Holden, wanting comfort and affection, invites a prostitute to his room, but never has sex with her. A big problem among teenagers nowadays is violence. This is a problem that is very difficult to solve and sometimes cannot be avoided. There are times in the novel when Holden faces violence, like when he gets in a fight with Stradlater. Throughout the novel, Holden turns to alcohol when he gets depressed. He obtains it very easily, and gets drunk at one point. This occurs frequently among teenagers today. They feel that alcohol will make them older and give them maturity. These are the ways in which Holden is very similar to the typical teenager of today. His characteristics, feelings, and actions are those that many teenagers can relate to. Problems that Holden deals with throughout the novel are problems that many teenagers face in their everyday lives. Feelings that Holden has are like those of modern teenagers, who are in many ways, just like Holden.

Roll of Thunder Hear My Cry Book Review and Summary

Mildred Taylor’s Newbery award-winning book Roll of Thunder, Hear My Cry chronicles the inspiring story of the Logan family in Depression-era Mississippi. Based on her own family’s history with slavery, Taylor’s story about one black family’s struggle to keep their land, their independence, and their pride amid racial discrimination create a compelling and emotionally rich experience for middle-grade readers. Summary of the Story Set amid the Great Depression and the racially charged South, the story of the Logan family is told through the eyes of 9-year-old Cassie. Proud of her heritage, Cassie is familiar with the oft-told tale of how her Grandpa Logan worked to acquire his own land. An anomaly among the tenant farming black families they know, the Logan family must work doubly hard to make their tax and mortgage payments. When Mr. Granger, a wealthy white businessman and a powerful voice in the community, makes it known he wants the Logans land, he sets into motion a series of events forcing the Logans to rally other Black families in the area to boycott the local mercantile shop. In an attempt to assuage their neighbors’ fear of retaliation, the Logans use their own credit and agree to purchase the goods needed. Problems for the Logans begin when Mama loses her teaching job and the bank suddenly calls due the remaining mortgage payment. Matters get worse when Papa and Mr. Morrison, the farm hand, are involved in a skirmish that results in a broken leg for Papa rendering him unable to work. In a climactic moment born of racial tension and fear for their lives, the Logan family learns that TJ, their young neighbor, is involved in a robbery with two local white boys. In a race to protect TJ and stop a tragedy, the Logans will have to be willing to sacrifice the possessions their family has worked generations to acquire. About the Author, Mildred D. Taylor Mildred D. Taylor loved listening to her grandfather’s stories of growing up in Mississippi. Proud of her family heritage Taylor began to write stories that reflected the troubled times of growing up black in the south during the Great Depression. Wanting to tell the black history she felt was missing in school textbooks, Taylor created the Logan family -- a hardworking, independent, loving family who owned land. Taylor, born in Jackson, Mississippi but raised in Toledo, Ohio grew up revering her grandfather’s stories of the South. Taylor graduated from the University of Toledo and then spent time in the Peace Corps teaching English and history in Ethiopia. Later she attended the School of Journalism at the University of Colorado. Believing that American history books didn’t portray the accomplishments of black people, Taylor strove to incorporate the values and principles her own family raised her with. Taylor said that when she was a student, what was in the textbooks and what she knew from her own upbringing represented a terrible contradiction. She sought in her books about the Logan family to counteract that. Awards and Accolades 1977 John Newbery MedalAmerican Book Award Honor BookALA Notable BookNCSS-CBC Notable Childrens Trade Book in the Field of Social StudiesBoston Globe-Horn Book Award Honor Book The Logan Family Series Mildred D. Taylor’s writings about the Logan family are presented  in the order that the Logan family stories unfold. Note that despite the story order listed below, the books were not written in sequence. The Land, Book One (2001)The Well, Book Two (1995)Mississippi Bridge, Book Three (1990)Song of the Trees, Book Four, illustrated by Jerry Pinkney (1975)The Friendship, Book Five (1987)Roll of Thunder, Hear My Cry, Book Six (1976)Let the Circle Be Unbroken, Book Seven (1981)The Road to Memphis, Book Eight (1990) Review and Recommendation The best historical stories are born from unique family histories, and Mildred D. Taylor has plenty. Taking the stories passed down to her from her grandfather, Taylor has given young readers an authentic story of a southern Black family not typically represented in historical fiction. The Logans are a hardworking, intelligent, loving, and independent family. As Taylor expresses in an author interview, it was important to her that Black children understand that they have people in their history who cherished these values. These values are passed down to Cassie and her brothers who see their parents exercise restraint and wise judgment in very difficult situations. The struggle, survival, and determination to do what’s right in the face of injustice make this story inspiring. In addition, Cassie as narrator brings an element of righteous indignation to her character that will make readers applaud her and yet worry for her at the same time. While Cassie is angry and resents the subservient apologies she is forced to admit to a white girl, she’s spunky enough to find more subtle means of getting her revenge. Cassie’s comic moments upset her older brother who knows that such childish antics could lead to physical harm to their family. The Logan children quickly learn that life isn’t all about school and games as they realize they are targets of racial hatred. Although this is Taylor’s second book about the Logan family, she has gone back over the years to write more books, creating an eight volume series. If readers enjoy reading richly detailed, emotionally moving stories about the human spirit, then they’ll enjoy this award-winning, unique story about the Logan family. Because of the historical value of this story and the opportunity it provides for middle-grade readers to learn more about the consequences of racial discrimination, this book is recommended for ages 10 and up. (Penguin, 2001. ISBN: 9780803726475) More African-American History Books for Children If you are looking for excellent childrens books, both fiction and nonfiction, about African American history, some excellent titles include: by Kadir Nelson, I Have a Dream by Dr. Martin Luther King, Jr, Ruth and the Green Book by Calvin Alexander Ramsey and One Crazy Summer by Rita Garcia-Williams. Source: Penguin Author Page, Award Annals, Logan Family Series