Classical Vs Keynesian Economics - 1235 Words

Classical 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 based on the Great Depression. They were both capitalists and agreed on the basic tenet of capitalism- that a free market is more efficient in terms of allocating resources. Keynes, based on the Great Depression, addressed issues related to repairing†¦show more content†¦The Keynesian Economic theory relies on spending and aggregate demand to define the economic marketplace. Keynesians believe that aggregate demand is often influenced but public and private decisions. This theory stresses that unemployment is caused by the insufficient growth and low growth of aggregate demand. Keynes urged that the economy can be below full capacity for a considerable time without intervention and, hence, the market is not fully efficient as described by the Adam Smith. 2. Aggregate supply and aggregate demand The classical view suggests that real GDP is determined by supply side factors, that is the level of investment, capital, and productivity. This suggests that, in the long-term, an increase in aggregate demand resulting from faster growth in Long-run Aggregate Supply (LRAS) would cause inflation. Thus, the Long-run Aggregate Supply (LRAS) curve is inelastic. The theory also suggests that, in the short term, the economy will be able to reduce unemployment below the natural rate by increasing demand, but, in the long run, the wages adjust, unemployment returns to its natural rate and, consequently, inflation ensues. There is no trade-off in the long run. The Keynesian views the Long-run Aggregate Supply (LRAS) differently, purporting that an economy can be below full capacity in the long-run. This theory, on the other hand, places greaterShow MoreRelatedKayne 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 MoreTax the Rich Essay969 Words   |  4 Pagesa recession still). The Classical economics theory is based on the premise that free markets can regulate themselves if left alone, free of any human intervention (http://www.buzzle.com/articles/classical-economics-vs-keynesian-economics.html). I think that if free markets just regulated themselves and the governement couldnt do anything then things could get out of control. The government should have some restriction on what a state can or cannot.Keynesian Economics describes Inflexible Prices:Read MoreEssay on John Maynard Keynes Versus Friederich A. Hayek603 Words   |  3 PagesTwo major economic thinkers of the of the early twentieth century, John Maynard Keynes and Friedrich A. Hayek, hold very different economic viewpoints. Keynes is among the most famous economic philosophers. Keynes, whos theories gained a reputation during the Great Depression in the 1930s, focused mainly on an economys bust. It is where the economy declines and finally bottoms-out, that Keynesian economics believes the answers lie for its eventual recovery. On the other hand, Hayek believed thatRead MoreEssay about Divisions of The Field of Economics1407 Words   |  6 PagesEconomics is the science that permits you to assess your companys po sition in the business cycle as needed. Economics works hand-in-hand with corporate strategy. While strategy addresses the â€Å"how† and â€Å"why† of business decision-making, macroeconomics tries to pinpoint the â€Å"when† of strategic decisions. As a member of the management team in a growing business part of your responsibilities will be to analyze economic conditions and predict recessions and recoveries based on the business cycle. IfRead MoreClassical Vs. Keynesian Models Essay922 Words   |  4 PagesClassical vs Keynesian models Two economic models of thought are classical and Keynesian models. Each model takes a diverse approach to the economic education of financial policy, buyer behavior, and government spending. The classical model, which traces its origins to the 1770s, was the first systematic attempt to explain the determinants of the price level and the national levels of real GDP, employment, consumption, savings, and investments. Classical economist Adam Smith and others assumed thatRead MoreMonetary Vs. Fiscal Policy1012 Words   |  5 PagesMonetary Vs. Fiscal Policy, Which is best? There are two separate ways that the economy can be regulated; the two options are fiscal and monetary policy. Both of these policies main goal is to get the economy to be in economic equilibrium. Economic Equilibrium is a condition or state in which economic forces are completely balanced and allows for optimal use of the economy. Then we are faced with the question of if the economy in in an inflationary gap or a recessionary gap. This paper is goingRead MoreThe Classical Model Of Economics1431 Words   |  6 Pagesthrough recessions and expansions but fix itself. Recessions are periods in the economy in which unemployment goes up, while profits and spending goes down; a slowdown of the economy. An expansion is essentially the exact opposite. The classical model of economics states that the economy will continue to go through these fluctuations over time and will fix itself with no help, thus not needing a government to give influence. Eventually, however, The Great Depression happened, and there was no endRead MoreTaxes And The Economy : Maximizing Economic Growth2213 Words   |  9 Pages Taxes and the Economy - Maximizing Economic Growth Today the subject of taxes and economic growth has become a politically heated debate in the press, congress, and advocacy groups. These debates are created in part because there are many different theories about what drives economic growth. 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Theories of Aging Free Essays

Theories of aging The disengagement and the activity theory were the two major theories that outlined successful aging in the early 1960s. The disengagement theory was created by Cumming and Henry and the activity theory was developed by Robert J. Havighurst both in 1961 however these theory’s are very different. We will write a custom essay sample on Theories of Aging or any similar topic only for you Order Now The disengagement theory of aging states that people are more likely to withdraw from life as they get older because of their decrease in physical, intellectual, emotional and social skills and their abilities to do certain things, their interests and expectations of how they should behave lower. It suggests that they willingly retire from work, relationships and disengage from roles, preferring to follow an inactive life and freely give up their traditional, normal ways of behaving, becoming less and less friendly and companionable and sometimes hostile in their interactions. The theory claims that it is natural and acceptable for older adults to withdraw from society as they go through changes that will change their life, Retirement is an expected life event in everyone’s life and can effect the elderly very badly as they may not go out anymore or interact with anyone this will lower their social skills and could make them feel as though they don’t have anyone to talk to making them feel depressed and lonely, disengaging could lead to the individual developing dementia, depression or any other mental conditions. The Elderly may disengage because of their physical state they may be unable to get out of the house and meet people because of disability or mental condition, they could also be unhappy with the way they look as their appearance will change they may become more wrinkly and get grey hair making them feel older this could lower their self esteem The activity theory argues that older people need to stay mentally and socially active in order to limit the risk associated with disengagement and doing this will make the aging process delay and the quality of life will be enhanced, when old people remain socially active and keep busy with a full round of daily activities and preserve a positive attitude to life they will feel younger and more able. The activity theory is beneficial for your health and happiness as keeping active will keep you fit and staying social with people that make u happy will boost your mood, this is good for the older generation as they can become distant and this can make them fell lonely and depressed. They should do what best suits their age, things that are calming and not to active and maintaining their joy until death. However, as people become older, events such as retirement and bereavement lower their social life loosing a husband or wife who might have been the only social companion they have would lower their social skills so they might have to find new friends or join a club to keep their social life active. Older people should have roles and be occupied in order to maintain their physical, intellectual, emotional and social skills this will improve their quality of life. As they are older their physical development may decrease their chances of having an active lifestyle, things such as walking or moving could be a struggle for many old people making it hard for them to be successful in the activity theory, an example of an activity that could benefit older people with this theory is going to day centres this could help them because they will be doing other activities in the centre that could keep them active things such as fitness, day centres also help the elderly with their social skills as they would be meeting new people and communicating more, as they will be doing new activities within the centre things such as bingo, sudoku or quizzes this will widen their intellectual skills. In the day centre they may feel that because of their struggle to do certain activities that other people can do that they will feel different or be segregated from other people making their self esteem drop but on the other hand the other elderly people at the centre a re their for the same reasons. How to cite Theories of Aging, Essay examples Theories of Aging Free Essays For this part of the assignment I am going to be describing two theories of ageing. Firstly I will be describing the Disengagement theory and then the Activity theory. I will then be comparing the similarities and differences between the two, and also writing up two case studies of older people and explain the development that occurs in older life, relating back to the theories I will have discussed. We will write a custom essay sample on Theories of Aging or any similar topic only for you Order Now Firstly the theory of Social Disengagement, disengagement means a person’s withdrawal from involvement with anything. The theory was first put forward by two authors Cumming and Henry in 1961 who believed that it was natural for the elderly to withdraw from social involvement with others, due to having restricted opportunities to interact with other people. There are many issues that limit social interaction which results in disengagement. Some of these may be things like retirement, ill health, mobility, travel or technology. The theory of disengagement was widely accepted as other theorists such as Bromley (1974) agreed with the theory arguing that â€Å"although some individuals fight the process all the way, disengagement of some sort is bound to come, simply because old people have neither the physical not the mental resources they had when they were young. † Secondly the Activity theory, this theory argues that older people need to stay mentally and socially active to limit the risks of disengagement. Being active in older life can help people to overcome many of the problems and issues they will have to endure throughout the older lifestage. Being active can include taking part in sports and activities, joining clubs and groups to go on trips, outings, holidays and even simple things like continuing with hobbies such as gardening or walking the dog. Being active is very important for many reasons when a person is in the later years of life. It is believed that it’s not enough to simple provide facilities for older people they must be educated to make use of them and encouraged to abandon fixed habits. The main argument for the activity theory is that disengagement can ultimately result in loss of physical and mental skills due to lack of practice. My first case study is of a man named Howard Lane, he died aged 75 years old and had been diagnosed with Alzheimer’s 9 years earlier. Over the 9 years his condition seriously deteriorated. Howard had had a very active life with various jobs such as a Clerk of Works at Par Docks, a mental nurse and other physically demanding roles. He had been married for 52 years and had two grown up children, a daughter Jennie who had two children and a son Richard who had four children. Howard was a very involved grandparent throughout the whole of his grandchildren’s lives until his condition deteriorated so badly he couldn’t even tell who they were anymore. As Howard reached retirement he remained a very engaged active person despite the label he was now given as being ‘old. ’ He very much fitted the role within the activity theory, regularly exercising, seeing his family, keeping in contact with them in a number of ways. He and his wife had a particular passion for ballroom dancing†¦ they had won competitions! He had a very healthy appetite, and had never smoked or drank at all throughout his life. Although Howard had always been healthy and had no previous health issues and had stayed active throughout his final lifestage he still developed the disease Alzheimer’s. As the illness progressed Howard gradually changed as a person. He became forgetful, got confused easily, and as he began to seriously deteriorate he became violent at times, physically incapable of doing things for himself, he would forget things that had happened and who people were. Further into his illness Howard became more and more disengaged. His whole life had changed due to the process of ageing along with the unfortunate illness he had. Not only had the disengagement affected Howard as a person it was also affecting a lot around him. Firstly the most obvious effect it was having was on Howard’s family. They began to be constantly worry about him therefore would be constantly in contact asking him if he was ok. It also put a large amount of stress on his wife Vera, and because she was in her older age as well she found it very hard to deal with the stress she was under. By the time Howard was the age of 71 Vera had no other option but to put Howard in a nursing home so he could receive the care that he needed. Due to Howard’s illness Vera had now become disengaged, she had spent all of her time looking after her husband, worrying about him and visiting him constantly. Another major factor that affected Vera’s stress was the fees she had to pay at the nursing home. She was very worried about the scale of the costs and was worried about having to sell her home. She had gradually lost contact with her friends and had no time for any personal hobbies or even time to properly look after herself and because of this Vera had become stressed and run down and was finding caring for Howard very hard to cope with. Her biggest worry and fear constantly being how she would cope with it if Howard died. Bereavement is usually hard to cope with for the elderly especially disengaged people, they are likely to feel more isolated and alone and this is what Vera was frightened of. In actual fact Vera died suddenly in December 2003, shortly followed by Howard June 2004. By this time Howard had no understanding of anyone around him as he had little response to anything, therefore he did not grieve for his wife as he didn’t even understand that she was gone. Their family described it as a blessing because in this way Vera never had to cope with the bereavement of losing her partner and neither did he. Overall retirement did have a positive effect on Vera and Howard to begin with. They had more freedom to be active, pursue their hobbies, spend time together, and with their loved ones. However old age brought ill health which caused Vera and Howard to disengage and become isolated from others which continued to bring ill health and stress. My second case study is about a woman named Ruth Cohen. Ruth Cohen is an 84 year old woman, she had previously been a teacher for nearly 40 years. Ruth has one son of 60 who has two daughters Lisa and Issie, Lisa has a son of 17. Ruth is a very old woman and has a number of health problems including arthritis, high blood pressure, and sight and hearing problems. However Ruth has lead a very healthy and active retirement. Since Ruth has retired she has done voluntary work for a number of charities and her local church as she is a very religious woman. Even in her late 70’s Ruth attends church every Sunday and helped to run the local Sunday school. She regularly met her friends from church to go out for tea. She tries to visit her children and grandchild as much as she can however due to her eyesight she cannot drive anymore so her only way of seeing them is to get the bus. In her old age, Ruth despite still being so active has become quite frail and is frightened easily therefore tries to avoid going to places with people she doesn’t know, she tends to stay in her own village, go to the same shops and see the same people every day. Ruth was married for 60 years to James, unfortunately 14 years ago James passed away due to a heart attack. Ruth obviously had a hard time with the loss of her husband of 60 years however because of the lifestyle Ruth led she managed to carry on with her life and avoided becoming disengaged and easily accepted the support and help of ther whereas a lot of people cannot do so so easily. Because of Ruth’s personality and the way she was her family didn’t feel like they had to constantly worry about her and they knew she would be getting on fine without their constant care. However Ruth is getting rather old now so they do visit more frequently and her granddaughter Issie bought her a dog to keep her compan y and occupied. As Ruth entered her 80’s the physical ageing process could no longer be avoided and began to take over her life. She became very weak and could only walk with a Zimmer frame, she became increasingly isolated in her home due to mobility issues and although people did visit she began to feel lonely and depressed. This case study is perfect evidence of the disengagement theory. Although Ruth remained active and dealt with the bereavement she endured and her health issues it was inevitable that age caught up on her, she lead a fulfilling retirement and kept up all of her routines and hobbies as long as she physically could but eventually her mobility limited her life and effected her emotionally as well as physically. How to cite Theories of Aging, Papers

Social Etiquette and Personality Development †MyAssignmenthelp.com

Question: Discuss about the Social Etiquette and Personality Development Management. Answer: Introduction: The above-mentioned test result highlights the four qualities, namely extravert, sensing, feeling and judging. The four personality attributes that are enough to judge the personality of any human being, consists of the ESFJ. According to the given test result, I am 66% extrovert, with 1% of sensing, having 38% feeling and 62% judging ability. This highlights that I am extrovert in nature and like socialising with people. I find myself comfortable in social groups and never leave myself alone and isolated. Moreover, I prefer mixing with lot of people and make new friends. Moreover, I prefer to go out in a social function, rather than spending my leisure in isolation. Rather than reading a book all alone and spending the leisure time, I prefer to go outside. Thus, the personality test has rightly judged that I have distinct preference for extraversion over introversion. However, since at times, I also enjoy spending my time all by myself, in pursuing my hobbies; hence the percentage o f extraversion did not exceed 66%. According to the test result, I do not prefer sensing to intuition. This highlights the fact that I follow my intuition while taking various decisions management. However, this is not always correct, since I often use my judgemental power and rational thinking, rather than perceiving and relying on my intuition. Thus, using sensing or intuition depends on the situations that are faced. Thus, though I rely on my intuition more than my sensing, yet the result is not exactly correct. The test result highlights the fact that I have moderate preference of feeling, over thinking. This highlights the facts that I tend to follow the path of thinking, rather than going with the feeling. In any critical situation, the path I will follow, depends largely on the situation itself. Whether the path of thinking or feeling is followed, depends mainly on the critical situation that is faced. However, most of the time, preference is given to thinking, rather than the feeling. Hence, the result of the analysis is correct and justified. The result of the test highlights that I have high preference of judging, over perceiving. Thus, in any given situation I take the path of judgement over perceiving. Judgemental analysis is usually correct and helps in taking the actual decision, rather than perceiving. Thus, my overall tendency towards using my judgement rather than perceiving is correctly highlighted in the MBIT test. Thus, the results obtained from the test are correct and agreed upon by me. The overall analysis of the test result is correct and matches with my personality. Critique of the MBTI test The MBTI assessment is one of the best personality tests that are available. It is one of the most trusted personality assessment tools available (Salgado Turiz, 2014). While developing this test, the developers, Briggs and Myers highlighted four personality traits and its contrasts namely Extraversion and introversion, sensing and intuition, thinking and feeling, judging and perceiving (Diekmann Knig, 2015). The qualities and its contrasts are described in details: These two qualities in human beings distinguish among those who direct their energy towards the outside world, towards other people, from the people who direct their primary energy towards their inner experience and self-development (Prather Bates, 2015). These two qualities are effective in distinguishing between these two categories of people. These two contrasting personality tests are effective in distinguishing people who take information through the five senses and their own experience, from those people who prefer taking information through impressions and rely more on possibilities (Salgado Turiz, 2014). Thus, these qualities are essential part of the personality test. These qualities distinguish people who take decisions based on logic and objectivity from people who take decisions based on personal values (Tananchai, 2017). These two personality types are essential qualities in understanding the personality of various kinds of people. Judging and Perceiving These essential human qualities differentiate between who prefer planning and strict structure management, from the kind of people who are flexible and have open options (Wang, 2015). The test is reliable and widely used in various schools, universities, offices as well as by psychologists. Since the test results are more or less accurate, hence people rely on the MBTI test. Experts opine that the MBTI test is the most effective personality assessment test, having high reliability and validity (Wang, 2015). Since the results obtained are genuine, hence it is widely used. Many school counsellors also use this personality test, in order to determine the personality of the students and guide then to pursue a particular career option. Moreover, this test is taken up by the candidates in order to determine the leadership qualities in them. An ideal leader has certain leadership traits and hence similar traits highlight a prospective leader. Thus, most of the counsellors and teachers rely on the validity and reliability the MBTI test results. Alternatives to the MBTI test include the Big five personality test (Rice, 2015). However, the popularity and the reliability of the MBTI test is much more important and prominent, thus making it a popularly used personality test (Salgado Turiz, 2014). The other personality tests are not suitable enough to be an effective replacement. However, the other tests could be used as alternatives. Thus, the MBTI test is an effective one and the test highlights the personality of a person effectively. However, if the person taking the test fills in the answers randomly, without the actual and accurate response, then the test fails to analyse the personality of the person and gives a false result that cannot be relied upon. Hence, in order to ensure that the test and its results are genuine and determine the actual personality of the person taking the test, it is essential that the responses are filled in genuinely and are not random. References Diekmann, J., Knig, C. J. (2015). PERSONALITY Testing In PERSONNEL Selection.Employee recruitment, selection, and assessment: Contemporary issues for theory and practice, 117. Prather, Z., Bates, J. (2015). Personality Types and Physical Touch.Undergraduate Research Journal for the Human Sciences,14(1). Rice, J. W. (2015).Using Myers-Briggs Personality Type Indicators to Predict High School Student Performance in an Educational Video Game. University of North Texas. Salgado, J. F., Turiz, G. (2014). The Five-Factor Model, forced-choice personality inventories and performance: A comprehensive meta-analysis of academic and occupational validity studies.European Journal of Work and Organizational Psychology,23(1), 3-30. Tananchai, A. (2017). The Personality of Students Studying the Social Etiquette and Personality Development Course by Myers Briggs Type Indicators (MBTI) Theory.AJE,3(2). Wang, C. Y. (2015). Preference measures of rectangle ratio on MBTI personality types.Art and Design Review,3(03), 69.