Classical Theory of Employment - 5251 Words

Project The Classical Theory Of Employment amd output The fundamental principle of the classical theory is that the economy is self-regulating. Classical economists maintain that the economy is always capable of achieving the natural level of real GDP or output, which is the level of real GDP that is obtained when the economys resources are fully employed. While circumstances arise from time to time that cause the economy to fall below or to exceed the natural level of real GDP, self-adjustment mechanisms exist within†¦show more content†¦Some workers will be rendered superfluous and will remain unemployed. The classical answer to the problem is that like all other goods and their prices workers’ wage rate should be cut or lowered so that the employers will be induced to employ more number of workers. The condition of full employment can then be restored if workers are agreed upon the wage cut solution. Thus flexible rate of wages is a classical approach to solve the problem of unemployment. It is possible that some workers may resist a cut in the wage rate and may remain unemployed. But according to the classical viewpoint such unemployment is only voluntary in nature. Moreover individual employers face excess supply of labor conditions. Therefore such unemployment is only temporary and partial in nature. With the acceptance of the law: Supply creates its own demand, there cannot be any prolonged, involuntary and general unemployment situation in the economy. The classical theory therefore rules out any general or widespread kind of unemployment. This sort of classical assertion is a result of the typical approach of the classicists to the capitalist free enterprise system. They believed in the self-equilibrating nature of such an economy. Even if there are any disturbances in the initial equilibrium conditions these are temporary and minor. Moreover, these can be cured automatically and spontaneously. There is an in-built flexibility in the supply and demand forces whi ch leads the economyShow MoreRelatedMacroeconomic Theories Of Macroeconomics And Classical Economics999 Words   |  4 Pagesthe two most general fields in economics. There are two major macroeconomic theories that economists use to describe the economy. Those theories are Keynesian and Classical. Each theory has a different approach to the economic study of monetary policies, consumer behaviors, and government spending. A few distinctions separate the two theories. Classical economics is the theory that free markets will restore full employment without government intervention. They believe that the markets function bestRead MoreThe Theory Of The Classical School1694 Words   |  7 Pages The classical school is one of the economic thoughts; the key assumption of this school is that the market system is the most efficient system in the sense that the unencumbered market mechanism ensures the optimal allocation and utilisation of scarce resources. They also believed that â€Å"Supply creates its own demand.† (The early debate on policy atavism) In other words, in the process of producing output, businesses would also create enough income to ensure that all of the output will be sold.Read MoreIntroduction. The Rising Unemployment Has Generated Challenges1381 Words   |  6 Pagescommunities. Unemployment involves a situation where people in a particular community are actively seeking employment but the employment rates are low. The increased rates of unemployment are contributed to by factors such as recession periods that adversely affects the economy. Impacts on the economy in turn affect the labor force leading to loss of employment and reducing the rates of employment opportunities in the country. The United States has experienced cases of recession periods and has causedRead MoreEconomics : Classical Economics And Keynesian Economics1665 Words   |  7 Pagesattempt to highlight the key factors of the two theories of economics: classical economics and Keynesian economics. Since Classical Economics is considered to be the first school of economics. I will start to explain this concept first. In the 18th and 19th centuries, there was a group of economists that worked together to develop theories to explain how market to market relationship work between each other. The most important contributor to the classical school of economics was the great economistRead 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 MoreEconomic Advisement Paper1634 Words   |  7 Pages372 July 11, 2013 Dr. Samuel Imarhiagbe Two Economic Theories Modernizing over the decades, two main theories support economists, proposals, arguments, and predictions. The first theory is the Classical model perspective and the second theory is the Keynesian model perspective. The first theory promotes a hands-off approach and the second a government intervention approach. The first theory believes that if left alone, the natural market forces would right themselvesRead MoreThe Keynesian Era During The Middle Of The Nineteenth Century1720 Words   |  7 PagesThomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. Some of the main concepts covered during this time included the division of labor, theories of rent, value, and distribution, theories of market â€Å"gluts† and population, and opportunity cost, competition, and trade. These classical economists believed capitalism was the foundation for an efficient economy where little to no government intervention was recognized. Alth ough they disagreed on some issues, economicsRead MoreNew Classical Macroeconomics And Macroeconomics Essay1555 Words   |  7 PagesIntroduction New classical Macroeconomics is an important school of macroeconomics development since 1970s. New Classical Macroeconomics is originally evolved from the school of Rational Expectations and monetarism. New classical Macroeconomics is also referred to the Macroeconomics of the rational expectations, or equilibrium method for Macroeconomics. New classical Macroeconomics abides by traditions of the classical economics and believes in the effectiveness of market forces. New classical MacroeconomicsRead MoreEconomic Studies: Quantitative and Qualitative Analysis793 Words   |  3 Pagesdifferent materials such as the government. Two very important economic theories include classical and Keynesian economics. They each have a specific approach on studying consumer behavior, monetary policy, and government spending. Classical economics began during and after the industrialization and was founded by David Ricardo where Friedrich von Hayek became a strong defender of this theory. The classical economic theory is known as free market also referred to as laissez-faire. This means itRead MoreThe Classical Economists and Keynes: the Debate on Government Policy Activism1189 Words   |  5 Pageseconomist 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 market economies automatically

Postmodernism and Connection to Society Free Essays

Post-Modernism and Connection to Society In a world that is constantly changing and developing, art can fluctuate throughout time. Postmodernism, is commonly referred to the movement of art, architecture, and criticism in the late 20th century. Various interpretations of culture, art, philosophy, history, economics, and fiction are widely pronounced themes and topics found in art during this era. We will write a custom essay sample on Postmodernism and Connection to Society or any similar topic only for you Order Now In history, many different societies have emerged throughout time. In many third world and developing countries, as well as historical eras, Authoritarianism, or commonly known as a closed society, corruption and pluralism have been influenced into art. Political history and society is widely influenced and depicted in the art we see today. The shift during mid to late sass abstract impressionism and conceptuality, new styles showing an unprecedented degree of self-awareness on the part of the artists, as well as a rejection of Modern art’s emotional and spiritual detachment from society arose. Postmodernism is largely a psychological reaction against assumptions and values of western history. There are o hard distinctions between what is real and what is unreal, nor between what is true and what is false. A thing is not necessarily either true or false; it can be both true and false. † – Harold Painter Harold Painter states a postmodern reality can be perceived differently, that there may not be only one way of viewing things. Postmodernism begins in 1968 in Paris, when college students and professors Joined workers and revolted against repressive French institutions. Artworks during this time usually feature a reality whose existence and properties are logically independent of human nines. Larry MacAfee states that postmodernists are, â€Å"Consuming themselves in the form of images and abstractions through which their desires, sense of identity, and memories are replicated and then sold back to them as products† Postmodernist art is a visual representation of this â€Å"reality’. Notable postmodern artists include Barbara Kruger, Jenny Holler, Christi and Jeanne-Claude, Jeff Soon, Attacks Murrain, and Nan Golden. An Authoritarianism is a society that blindly obeys authority. Represented by no individual freedom and unquestioning obedience. Egg. Engineers Dollhouse’s chancellorship in Austria contained many authoritarian elements. â€Å"limited, not responsible, political pluralism† that is, constraints on political institutions and groups such as legislatures, political parties and interest groups, a basis for legitimacy based on emotion, especially the identification of the regime as a necessary evil to combat â€Å"easily recognizable societal problems† such as underdevelopment or insurgency. Neither â€Å"intensive nor extensive political manipulation† – Juan Line Line specifies forms of authoritarianism room dictatorship states as well as totalitarian experiences. The three pieces incorporates postmodernism and authoritarianism. â€Å"Melting Reality’ is set in an empty downtown city street. Billboards and advertisements that line the sides of the buildings seem to melt and mix in with the world around it. This piece deals with the media advertising part of a â€Å"corrupt society’ theme. Society and the people in it are heavily influenced by what the media tells us. The media imposes standards for body image, beauty, and a certain physical ideal. â€Å"Melting Reality’ takes tales from contemporary art and is the base piece in which the other two artworks are connected to. Inspired by the artist this painting an acrylic on canvas shows what a general overview of a â€Å"corrupt society’ looks like. Media, often referred to as the fourth pillar in democracy, plays a key role in monitoring and investigating the actions of those in power and informing citizens about them. When the media however is forced to hide a story by the government as to what to report, the media becomes corrupted. Types of corruption in the media vary from bribery in the form f cash for news, staged or fake news, gift giving, concealed advertisement and advertisements to nepotism and media capture by vested private or political interests. The piece â€Å"Blurred News† is a small section taken from one of the walls in â€Å"Melting Reality’. The color contrast in â€Å"Blurred News† can be clearly analyzed as an off-cut of the first piece. Mixed medium on canvas helps the audience perceive how the newspaper can be manipulated or destroyed at will by authorities. Measles Hierarchy of Needs is the main subject of the piece â€Å"Before All†. What separates this ice, and a normal Measles Hierarchy of Needs, is the additional layer on the bottom of the pyramid representing wealth. Measles Hierarchy of Needs was made to show what a majority of society valued in life. The bottom layers are meant to be most important. While the top layers are meant to be least important when considering what you need to live. By adding an additional layer at the bottom of the pyramid, this shows that the position society is in today values wealth and power more than anything else. The work â€Å"Before All† is a mixed medium on canvas. 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Compare the Ways the Distinctively Visual Is Created in Run free essay sample

Compare the ways the distinctively visual is created in Run Lola Run and in one other related text of your choosing. Distinctively visual texts aim to manipulate the way we explore and interpret the images we see. Critically affecting the way we make interpretations of the experiences we encounter in the world. The distinctively visual represented in Run Lola Run by Tom Tykwer and the Dove Artificial Time Lapse are similar in some elements.Run Lola Run has multiple distinctively visual features throughout the film, but the Dove ad on the overhand has a few techniques or elements thrown into a 2minute short film. Through Tom Tykwer 1998 film Run Lola Run, he presents visual images and reflects the dominance of post modernism in popular culture at the same time. He has included in the film a set of themes/ideas, which characterise the cultural context: e. g. is Fate versus freewill. We will write a custom essay sample on Compare the Ways the Distinctively Visual Is Created in Run or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The colour red appears throughout the film, as a motif representative of different emotions and ideas central to the film’s core message.Red suggests a sense of passion and freedom from inhibition, quintessentially by Lola’s vivid hair. The colour of Lola’s hair makes her distinctive as the protagonist of the film, as well as symbolising her attitude of defiance towards authority and her individualism. Another motif is circles and spirals in the film, they have been incorporated throughout the film, from the various extreme close ups of clocks to the logos upon buildings and personnel uniforms. Further examples include: the Mercedes benz insignia, the various rings that Lola wears around her fingers, the Bolle sign on the wall behind the phone booth where Manni waits for Lola and the spinning spiral at the Spirale Bar. These circles all symbolises the film’s central message that life is circular and cylical; endings are new beginnings and beginnings mark the end of that which came prior. The image of the spiral is used in the film to represent confusion and desperation as well as the interplay between Fate and our own Free will.For instance, a spiral is used to convey Manni’s confusion about the events of the day prior the call to Lola while he is outside the Spirale Bar. This function as a visual metaphor for the idiom â€Å"his life is spiralling out of control†, a potent reminder of the consequences born of bad decision making or apathy about the outcome of one’s existence. In my related text the Dove Artificial Time Lapse it looks our how the media and we deceive beauty. The ad shows a girl who just looks normal nothing special but is turned into a model by the use of different techniques. Lighting is a key element used during the ad. The beginning when the girl comes in and takes a seat they have used low-key lighting to introduce the subject to the viewer. Once the change begins to the girl the lighting changes, high-key lighting is used to highlight the subject as the transformation happens. Another technique used is movement; this refers to the movement of actors or objects known as kinetics, the movement of the camera and the mechanical distortion of movement.The ad has included mechanical distortion and multiple freeze frames or snap shots of a change in appearance to the girl. They have created this by taking multiple photos to show the motion of the clip at a faster pace. By looking at these two texts you can point out the distinctively visuals created by the themes and motifs found in Run Lola Run and The Dove Artificial Time Lapse. They have incorporated many visual techniques to show both these films; although they are two completely different films you can see the similarities between them.