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Economics Essay Examples

Essays on Economics

Neoclassical economics and behavioral economics are generally at the center of economics teaching, however, these two views have different approaches to economics and how people respond to mistakes. Many leading figures in economics, such as Nobel prize winner Herbert A. Simon, have been recognized for innovative research and theories they have formed from their work in economics. The current state of mainstream economic teaching has chosen for the most part chosen to embrace behavioral economics, while still educating individuals on other views.

Vegetarian is the New Prius
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The post, "Vegetarian is the New Prius", written by Kathy Freston, goes over the quantity of contribution that animals actively plays in the most crucial and severe environmental problem, from a regional scale to worldwide scale. Freston composes that the amount of animals raised in United States soil is the main reason for air contamination, land degradation, water scarcity, water contamination, biodiversity, and particularly aids to worldwide warming. This post tries to convince readers to cut meat out of their…...
AgricultureBeing VegetarianBiologyEconomicsScienceVegan
What is meant by “industrialisation by invitation”
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What is meant by "industrialization by invitation" and did it lead to economic development in the region? BY unengaged Lewis' autobiographical statements show he was a a product of dying colonial order, and in turn was an intellectual contributor to the decentralization process. He was strongly against imperialism which lead to his interest in the problems of underdevelopment. Three seminal publications The first of these is the Industrialization of the West Indies . Lewis was averse to the ideas of…...
CapitalismEconomicsFamous PersonImperialismIndustrial RevolutionIndustry
Essay On The Industrial Revolution
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In this assignment I will be explaining why, by the 19th century, Britain was known as the 'workshop of the world'. This was clearly defined by the Great Exhibition of the Work of Industry opened in May 1851, held in the Crystal Palace in Hyde Park, London. This exhibition put on show to the world Britain's wealth and inventiveness, displaying consumer goods and machinery from its great manufacturing cities. It showed that she was a forerunner of industry and going…...
AgricultureIndustrial Revolution
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Economic effects of hurricane katrina
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Strain made landfall on the gulf coast of the United States, east of New Orleans,l with the storm's eye passing within 10 to 15 miles of the city. The effect on New Orleans, as well as on the entire coastal region, was devastating. In the aftermath of the storm, about 80 percent of the city (much of which is below sea level) was flooded. A recent article estimated damages in excess of $200 billion, making Strain one of the most…...
EconomicsHurricane KatrinaStorm
‘Economic development is a necessary and sufficient condition for democracy’
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The last thirty years has seen an unparalleled growth in the spread of democracy. The growth, identified by Huntington as the 'Third Wave' has driven academics to question what independent variables are required for successful democratisation. The concept of 'democracy' is inherently confusing, thus before we can contribute to the debate we must first define the key term democracy. Whilst political theorists disagree as to what constitutes a democracy this essay will follow Samuel Huntington's procedural definition that a society…...
Will Artificial Intelligence (AI) Reduce Human Employment?
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Specific Goal: I want to convince the audience that AI will reduce human employment. Introduction: How many of you are aware of the fact that software is disrupting some of the traditional industries and in the next 10 years will be the reason behind for most of them? Some of the industries that will be affected in the next 5 years are: Taxi and Hotel companies, insurance companies, energy companies, traditional car companies including Mercedes, BMW, Audi etc. Lawyers, nurses,…...
Artificial IntelligenceEmploymentHumanIntelligence
Agricultural and Industrial Revolution Essay
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Agricultural and Industrial Revolution The agricultural revolution occurred between 1750 and 1900. It was a drastic change in the methods of farming. Farmers changed the way they grew their crops and used land. In the beginning of the eighteenth century, farmers had stripes of land on which they grew their crops on. This system the farmers used had many disadvantages. There was some space wasted where the strips were divided, the drainage system was poor and farmers had to leave…...
AgricultureIndustrial RevolutionNatural resources
Major Causes of the Great Depression
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Introduction It all began, October 29th, 1929, the Stock Market come to a seizing halt and crisis began. America’s economy was sustaining itself on money that wasn’t there from the stock market and it finally broke them to the point, at what the time felt like, of no return. The Great Depression swept the country and very soon people started to lose everything. Margins, people not buying American goods, and overproduction were some of the major contributions to the Great…...
Al CaponeEconomyGovernment SurveillanceThe Great Depression
Macro Economic Factors Affecting the Video Game Console
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Demographic Factors: Age is the main demographic factor affecting the market for video game consoles although common misconceptions are that the market is mainly comprised of teenagers. Recent Studies shows that the largest market sector of video game console purchases are teenagers or young adults. ESA demographic data shows that America's average game player's age is 34 and the average age of game purchasers is 40 (see article x) Generational factors play a big role in the market sector of…...
BusinessDemandEconomicsEconomyIntellectual PropertyVideo Game
Money Issues in the World of College Athletes
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There are dozens of ongoing controversial debates in the world of college athletics, mostly related to money issues. A debatable factor falling into this topic is whether or not college athletes should get money for their involvement.. The National Collegiate Athletic Association is an organization headed by members dedicated to college athletes well-being and lifelong success. The main purpose of the NCAA is to control competition fairly, and safely to integrate athletics into higher education. As of today, student athletes…...
CollegeMoneyPaying College AthletesTeamWorld
Indian Economy: Overview, Market Size, Growth
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India has emerged as one of the fastest growing major economies and is expected to be one of the top three economic powers of the world in a little over a decade. Over the years, India has slowly formed into an open market economy which has propelled it as an economic powerhouse. For starters, India is the second most populated country in the world with a little more than 1.3 billion people, which is a lot of potential customers looking…...
EconomyInternational BusinessOur Country India
The Impact of Illegal Immigration on U.S. Economy
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The United States has always been perceived as the land of opportunity, a place where people can achieve prosperity and move up financially. People around the world have been attracted to that and would come here whether it was legally or illegally. People might of came to visit with a visa and overstayed their visit, came by boat, or crossed over. Both in the past and today, United States citizens have expressed concern that immigration lowers wages and that new…...
EconomyIllegal ImmigrationImmigrantsImmigration In The Us
Best Hiking Backpacks for under 100 Dollars
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Hiking in the great outdoors should be a fun and memorable experience. But there's nothing fun about spending a lot of money. Unfortunately, it can be tough finding well made hiking backpacks for less than $100. The good news is that high quality low-cost backpacks do exist, it just takes some digging around online. This guide has already done that for you, and will list the best hiking backpacks for under $100. It will also go over some of the…...
Seasonal Commodity: Year-Long Distribution
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Whether buying roses for an anniversary gift in May, as a congratulatory offering after a recital in October, or for a loved one on Valentine’s Day in February, roses are always available for purchase in stores across America. When buying roses, the thought of the consumer is most always on the recipient of the flowers themselves rather than how this seasonal commodity continues to be sold in stores throughout the U.S. regardless of the season. Although these flowers are easily…...
Influence of Microeconomics on Environment
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I think there is no worse blind than he who does not want to see. Many scientists are continually alerting about the situation that human life will face in the future. Well, it is thought that the world will face the sixth mass extinction. The noticeable negative changes that our planet earth is experiencing at accelerated levels are unusual. Millions of people live under total environmental ignorance. While people (the least) fight for humanity, many others (most) do not know…...
The Problem of Price Regulation in Oligopolistic Markets
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​The main problem of the Oligopoly issue, is that there is only recognition of the market being taken over by a few large firms that are working together to dominate an entire industry. ​When an industry is taken over by a few large firms and has only few sellers, it is called an Oligopoly. These come about when the larger firms change their prices, quantities, and/or qualities of their product and the other larger firms react to those changes. These…...
The Oligopoly Market: Characteristics and Features
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OM is also the main market in structures. These kind of market very rare to find because info and data not available and it’s really hard to find. It actually need a huge amount of capital to start a new business. Therefore whoever enter to this kind of markets earning huge amount of profits and their products and competition really high. It drives them for innovation. Because of that they are having power to set a price for their products.…...
Ford Motor Company Business Analysis
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Executive Summary Ford Motor Company is an American multinational automaker headquartered in Dearborn, Michigan. It was founded and incorporated by Henry Ford on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand and most luxury cars under the Lincoln brand. Ford also owns Brazilian SUV manufacturer Troller, an 8% stake in Aston Martin of the United Kingdom and a 32% stake in Jiangling Motors. It also has joint-ventures in China, Taiwan, Thailand, Turkey, and Russia.…...
Ford Motor Company Financial Ratio Analysis
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Ford Motor Company is an American automotive manufacturer headquartered in Detroit, Michigan. Ford is the second largest automobile company in the World and has R&D centers and manufacturing facilities in many continents across the globe. Henry Ford founded the Ford Motor Company and on June 16, 1903, it became incorporated. On January 17, 1956, Ford went public. Ford’s IPO was $63 per share and they agreed to sell 10.2 million shares. At the time, the initial offering represented 22 percent…...
BusinessCompanyFinanceFinancial Analysis
Big Bank Act
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On October 24, 1929, many investors started selling overpriced objects and traded sixteen million shares in a day, causing many banks to fail, sent millions of investors into a panic, and tore apart many people. Some people managed to remain employed, while wages fell and the power of buying decreased. The tragedy that is happening initially, is a time of disturbance and the need for survival. The Great Depression had a very strong negative impact on the economy and now…...
BankBankingHistoryThe Great Depression
Changing World Bank Stance of Social Policy in Developing Countries
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Background The pension policy of the recipient countries has been a key policy debate in the World Bank since 1981. There has been considerable debate, both internal and external, on the subject and the Bank has been periodically realigning its policy in line with the changing opinions and inputs from subject specialists. Prior to 1981, the WB had no real position on pension privatization. Pension privatization started when government of Chile replaced the pay-as-you-go (PAYG) pension system with one based…...
Pluralism in Economics
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Introduction Nobel Prize has been awarded since 1901 with one general instructive criterion in Alfred Nobel’s will. However, I would use the measurement of substantially solving real-world issues and achieving sustainability as the criteria for selecting laureates in Economics. Hence, in my perspective, I would honor Kate Raworth, another female economist, as a promising Nobel Prize winner for her exceptional research on Doughnut Economics. Criteria for awarding Nobel Prize Nobel Prize, which is established by Alfred Nobel who was a…...
Economics and Environmental Issues
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This paper will discuss the complex interface between economic forces and social responsibility, in particular emphasizing environmental issues that tie hand in hand with economics. As an economy, we must institute resources as products of value to the whole, as opposed to the individual. Businesses, like people, tend to only consider actions that directly impact their well­being, and have less interest in actions that don't directly affect them. By nature, self-interest often supersedes what is right for the greater good.…...
EconomicsEnvironmentEnvironmental Issues
Derivatives In Economics
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These days, the dynamic in financial matters has gotten increasingly scientific. Measurable and scientific standards are applied in settling on choices with respect to conceivable increase or misfortune in speculation. Faced with huge factual information, subject to loads of factors, there was a need of some device that could help the examiners. Here, math end up being helpful. It actualized the subsidiary ideas to foresee the consequences of various venture prospects. At last, this empowered the experts to choose the…...
EconomicsMathMathematics In Science
Calculus and Economics
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Calculus is a branch of Mathematics and is the study of the rate of changes. It helps us understand changes that happen between values and is used in a lot of different areas of studies such as physics, biology, engineering, economics, computer science, and many more! In this small report, I will be talking about calculus’s importance in economics. Calculus is widely used in economics and it can solve many crucial problems. In economics, calculus is used to record complex…...
China as Traveling and Living Place
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In this essay I will be talking about china. But mostly I am going to be pointing to their economy, population, ecosystem, and food. First, I am going to be talking about their economy. China is growing three times the rate of the 19 euro nations. All of Asia's economy surpasses all of the Americas. China is one of the riches places in the world. China is an economic powerhouse and they cannot be touched by anyone. We are in…...
Government Intervention in Canada and the United States
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The 1920s were a time for major change in social and political factors in the United States. More Americans were living in big cities rather than farms, the nation’s wealth doubled and more throughout the decade, and nationwide advertising made it possible for companies to boom; thus, leading to a boost in the nation’s economy as well. For the younger generation (those that listened to the same music, did the same dance moves, and talked with the same slang language)…...
Impact of Brexit on UK Future
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David Cameron, the man who will be formally recognized as prime minister of the UK from 2010-2016 and the face behind Brexit. For the 2015 election, Cameron based his campaign on the idea of a renegotiation amongst the UK and the EU relationship. Cameron also promised a referendum, whether the UK should leave the EU after the new negotiations have been established. Cameron was reelected as the Prime Minister of the UK for a second term, and the government was…...
Brexit: the Solution with the Potential Economic Impacts
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Introduction British people had voted for a leave in the Brexit referendum back in 2016. As time pass by, now in 2018, the deadline of the EU withdrawal is about to come. The UK government is made clear that the country will be leaving EU on 29 March 2019. And by now, UK and EU were not reaching any agreements on the arrangements for the UK’s withdrawal from the EU. (House of Lords, 2017) The UK is facing a situation…...
Native American Agriculture
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A topic that intrigued me the most is one that this course did not explore, which is the indigenous peoples of America’ agriculture. At one point, Natives in The Americas had a vibrant and rich agriculture compared to the rest of the world. Many of the crops that we consume today can be traced back to the Americas when they were first domesticated by natives. This is fascinating and interesting, especially being an agronomy major. It is important because natives…...
Negative Impact of Modern Agriculture
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Agriculture is the art and science of cultivating the soil, growing crops and raising livestock. Agriculture started about 11,500 years ago. By 2,000 years ago much of the population had become dependent on it. Thousand of years ago agricultural development was slow. Modern agriculture is a term that used to describe production practice that farmer used. More than ninety percent of farmer practice modern agriculture. The basic features of modern agricultural techniques are HYV seeds, irrigation, pesticides, and multiple cropping.…...
The Definition of Agriculture
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As we conclude the first semester of this school year and my last ever plant biology class it has occurred to me how important the origins of agriculture are to my existence. As a someone who's ancestors lived off the land it is important for me to take a look at how agriculture has impacted my life today as well as my ancestors lives in the past. Living off the land has been a way of life for centuries and…...
Old Money vs New Money Great Gatsby
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In the novel The Great Gatsby by F. Scott Fitzgerald social class is determined by how much money you have and by where you live. The novel describes East Egg, where the more prosperous people live, and West Egg, where the common people live, to separate the social classes. Even though Jay Gatsby does have a lot of money and lives in West Egg, most of the money he has earned was attained in an illegal way. If money was…...
MoneyThe Great Gatsby
Economy of Sex Industry: Prostitution
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The economy is an area of ideas that represent the production, distribution, and trade of agencies throughout the world. The economy lists numbers according to the consumption of goods and services around the world. For example, the economy lists the stock market, unemployment levels, capitalism, and other major groupings. The economy is a broad word to describe the many things that affect inflation and economic growth like pollution, capitalism, and even prostitution. Prostitution is said to be the occupation or…...
A Minimum Wage Job is a Starting Point
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According to the Bureau of Labor Statistics, almost half of all workers making minimum wage or less are less than 25 years old. At these ages, a large salary is not needed so why raise the minimum wage all the way to $15? Robert Reich of “Minimum Wage Should Be Increased to $15” argues that raising the wage will overall benefit America when in reality it hurts more than it helps. While it will put more money in low wage…...
EmploymentMinimum WageMinimum Wage IncreasePersuasive Speech
Essentials of Accounting Finance and Economics
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When it comes to Morgan Stanley (Stanley, 2017) their financial success comes from the great numbers that they manage. You have to understand that when numbers are being crunched up to visualize the revenue of a company/business everything has to line up correctly so that the math adds up and the numbers make sense regarding the gross percentage or even the EBIT percentage. This is how they benefit from making all this revenue add up correctly. The main reason is…...
CorporationEconomyFinanceGreece Economic Crisis
International Trade in Microeconomics
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What is international trade? International trade is “The practice, in a market economy, in which individuals provide goods and services to others and receive goods and services in return.” (Microeconomics textbook G-8). One controversial topic that is relevant today dealing with international trade is Trump hitting China with tariffs. Trump has tried to negotiate with China to make trades “fair” for the U.S. when China didn’t agree with changing the trade policy, Trump decided to start a trade war with…...
International TradeMicroeconomics
Life of Scientist George Washington Carver
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George W.C occupation as an agricultural scientist wasn’t easy as it was not a popular occupation and the people didn’t believe in them. Many people that his research targeted, such as farmers, didn’t think he was right since they believed the experience they have. It took time for people to start believing him when he taught farmers how to farm more efficiently and cheaper ways of feeding their animals. He also improved the crops rotation system which made soil richer…...
Security Issue of Chase Bank
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The focal organization that I chose for this paper is Chase Bank. To begin with, chase bank is a financial institution that accepts deposits from the public and creates credits (Blossom, 2007). It also performs lending alongside other activities conducted by a common bank. Due to the development in the technology, there have been so many cases of security when dealing with financial matters, which public issue addressed is security. In this case, as a holder of the Chase debit…...
A Fusion of Behavioral Economics and Monetary Policy
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Abstract Does the Federal Reserve Bank and FOMC fall victim to cognitive (decision) biases while conducting monetary policy? While there are many different decision biases, this paper will focus on a select few that are relevant for monetary policy. The paper will discuss scenarios in which the Federal Reserve may have shown a lapse in rational decision making. I will offer potential ways the Federal Reserve Bank can attempt to limit or eliminate these biases. Additionally, ways in which the…...
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Neoclassical Economics vs Behavioural Economics

Neoclassical economics and behavioral economics each seek to explore and explain human choice behavior. Neoclassical economics is the more conventional viewpoint. It does make correct forecasts, especially when it is addressing how consumers and businesses react to shifting prices, however, it does have shortfalls. One of the biggest is deficits is that it views people as being fundamentally rational. The Canadian Center of Science and Education explained what this belief would look like, “In neoclassical theory, the concept of rationality is associated with maximizing net revenue, for example, a total gain. Entities thus act on the basis of their preferences which are given exogenously, whatever they may be. The characteristics of their behavior are thus inferred from the concept of benefits and preferences. The preferences are abstracted from the cultural and social framework and the maximizing entity is understood to be lonely yet having perfect information and the ability of logical calculation. A model of a perfectly calculating and selfish entity is suitable for mathematical modelling. “

Systematic Errors

Neoclassical economics operates under the stance that while individuals might make initial mistakes when faced with a new situation, the next time they face the situation they will have learned. The result of this should be that mistakes should be rare. Obviously, this is not the case. Systematic errors are rampant. Microeconomics: Principles, Problems and Policies explained behavioral economics approach to systematic errors, “Behavioral economics developed as a separate field of study because neoclassical economics could not explain why people make so many systematic errors… …Behavioral economists err on the side of being messy and vaguely right. As a result, behavioral economics replaces the simplifying assumptions made by neoclassical economics with much more realistic and complex models of human capabilities, motivations, and mental processes.” (Campbell McConnell) Behavioral economics fills the gap of neoclassical economics by choosing to take into account systematic human error.

Herbert A. Simon’s Theories

A leading figure in the school of thought, particularly pertaining to economics, is Herbert A. Simon. Simon was awarded the Nobel Prize in economics in 1978 for his work in economics, particularly how it explored statements that many economists made about how consumers and businesses behave. The Washington Post illuminated his stance when it said, “Simon, using a more psychological approach, postulated that individuals and companies cannot know what actions will maximize their profits or their satisfaction. Instead, he said, they set goals that represent reasonable levels of achievement and try to reach those goals. But such “satisficing” behavior, as Simon called it, does not guarantee that by acting in their own best interests individuals and firms will leave the economy in its best possible position.” (Jr.) Looking back to the previous point discussed, Simon clearly had more of a behavioral view to economics, rather, than a neoclassical view. He did not hold the belief that individuals would be perfectly rational, learning from mistakes, and making the best decision for the entire economy. Instead, he believed that individual’s decisions will not always leave the economy in the greatest conceivable situation.

The current state of behavioral economics within the realm of mainstream economic teaching is that is has been all but one-hundred percent accepted as part of standard economics teaching. It is pivotal to teach both neoclassical and behavioral economics in order for students to have a well-rounded economics education. Some have argued that behavioral economics places too much emphasis on understanding human behavior and using it to justify actions, however, it should be used to understand decisions. The Department of Economics and Business at Aarhus University discussed this intention when it said, “We need reference to self-control problems (time-inconsistent preferences) or self-confidence in order to better understand why many people invest too little in education… …We need reference to behavioral theories of motivation to better understand why relative rank in academic achievement within a class often influences academic outcomes independently from ability” (Alexander Koch) The article later goes on to support the combined teaching of neoclassical and behavioral economics.

Conclusion: Neoclassical and Behavioral Economic Theory

In conclusion, the substantial difference between neoclassical and behavioral economic theory is their views on systematic error. Herbert A. Simon’s research led him to be more in favor of the stance of behavioral economics. At the end of the day, both views should be taught in mainstream economic teaching, as further theories and research are being done on both views every day.

FAQ about Economics

What is meant by “industrialisation by invitation”
...This provision was important in that foreign goods, if not restricted, could easily penetrate and take control of the market, leaving no opportunity for local goods. State-supported training facilities for the local workforce in the form of technical...

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