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Give the point of view of Marx and Engels on economic development. Explain the pros and cons.
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- Marx and Engels ([1848] 1967) argued that market-based capitalism was the most dynamic force in the world. Originating in Western Europe, this economic system was based on capital accumulation, the spread of markets, and the exploitation of labor. This latter idea was based on the notion that labor is the source of all value in the production process, but labor is only recompensed part of that value, in the form of wages; the rest goes to the owner of the capital as profit Under the capitalist mode of production, profit comes from the exploitation of human labor. Under the capitalist mode of production, profit comes from the exploitation of human labor. However, the accumulation of capital and new technology displaces labor. Joseph A. Schumpeter (1939, 1942, 1991) argued that growth was supply driven by the factors of production, with entrepreneurial innovation the most important of these. He believed in a “raw instinct” that drove entrepreneurs. He saw development as being driven by…Suppose you have a team of two workers: one is a baker and one is a chef. Explain why thekitchen can produce more meals in a given period of time if each worker specializes in what they do bestthan if each worker tries to do everything from appetizer to dessert.According to Marx, which of the following is true? O capitalism causes one social class to conflict with the other. O economic evolution is the result of a superstructure determined by the Proletariat. rolestial O the state becomes a means through which the political class confiscate the wealth of the social class. O the forces of production will eventually block the relations of productions.
- What's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each ofthe scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship S. the product: good OR service 1. Rouhaanhas his own business selling shawama at a standin a Mall. For his shawama stand, he gows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. A shawama Rouhaan sells at his standis aPer Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective? Would Adam Smith be in favor of the government managing electricity services? Define mixed economic system. Karl Marx predicted that a capitalist economy would have what consequences?In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?
- Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?What is the purpose of an economic system? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a b C To make choices about what to produce. e To make as much profit as possible. To make choices about how to produce the goods and services chosen. d To make choices about for whom to produce the goods and services. To make choices about when to produce the goods and services.What is the function of an economic system * to coordinate production and distribution of goods and services to make sure people are paid for their labor to make sure all people have equal access to goods to give all producers the same access to consumers What does Adam Smith's idea of an "invisible hand" represent? *
- Economics What were the two principal class conflicts during Matlhus' lifetime (1766 – 1834)? 2.Hunt & Lautzenheiser point out that the working- class suffered the real costs of the industrial revolution. In what ways did workers suffer during the industrial revolution? How did the development of industrial capitalism alter the conditions of work for normal working people? What does it mean to say that "the worker became an appendage to the...machine?" What was the Combination Act of 1799? According to Hunt & Lautzenheiser, what prompted its creation? What was its purpose and whose interests did it serve? What were the Corn Laws? Explain their role in the conflict between capitalists and landlords.Revenue NaS pue spoos services expenc Saved Help PRODUCT MARKET and Goods • Businesses sell • Households buy Consumption Instructions: Enter your answers as whole numbers. a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $55 billion on goods and $45 billion on services, how much in revenues do businesses receive in the product market? billion ( Prev 2 of 12 Next >In the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Google, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?