The Accumulation of Capital Essay Example for Free

The Accumulation of Capital Essay Joan Robinson (1903-83) is one of the leading economists of the 20th century and the only woman among the great economists. Her writings on economic development show a strong sense of the historical context of social change and a concern with economic organization and institutions rather than resource allocation. The existence of al living beings has the character of certain economic relationships. For example, in her work The Accumulation of Capital (1956) Robinson shows how from the economy’s point of view a human being can practice the behavior of an ordinary robin, and proceeding from this comparison she notes that economic life of humans is incomparably more complicated and needs very profound analysis. According to Robinson a group of people who specialize and co-operate are more likely to produce far greater results than the sum of their independent efforts. Basing on this simple fact, she continues, human economies develop into very intricate complexes of specialized activities. The method of distribu ¬tion of the product of interlocking activities then becomes important. After the distribution of the products the notion PROPERTY comes to light. There are a great number of societies on the planet, which live in accord with different types of economies. For example, there is slave economy, capitalist economy, socialist economy, etc. The methods of distribu ¬tion of the product of interlocking activities in each of these economies are cardinally different. Robinson claims that no actual economy conforms to a pure type. For example when she speaks about the economies, which are predominantly capitalist, she states that they contain many elements of production for home consumption, many elements of artisan production and many elements of socialism. This book deals predominantly with capitalist economy. It explicates certain capitalist rules, under which anyone who has suffi ¬cient purchasing power, or finance, and knows how to set about it, can become an employer of labor or entrepreneur. Then on the explanation of what entrepreneur is and how entrepreneurship developed is provided. For example, she compares the historical and modern notion of entrepreneur – in the early days of capitalism the typical entrepreneur was an individual who had invested his own finance in a business which he managed himself and bequeathed to his heirs as a going concern. The entrepreneur in modern conditions is a very amorphous conception; in brief, it is decision-taking entity, embodying the policy of a firm. The capitalist rules of the economy encourage large-scale produc ¬tion and the use of elaborate techniques. This raises output per man much above what an artisan can achieve. Thus, one of the tasks of entrepreneur is, in fact, to organize his employees in such a way to reach the highest possible output. In the following chapters Robinson presents the traditional categories in which the sources of income are usually divided like wages, rent, interest and profits. She also provides very clear and complete explanation of each of these categories. According to Broadly, economic wealth is the command over goods and services that are desired, or consuming power for short. The significance of production lies in the consumption, which it makes possible. The motive of each individual is to get command over money, and a flow of goods and services suitable to meet human wants emerges as a by ¬product of their efforts to do so. Thus the purchasing power of individuals and groups is the major influence on their consuming power. The purchasing power in real terms of a sum of money consists in a list of all the possible goods and services that it might buy. Purchasing power must be examined, so to say, in two layers the command of an individual or group over money, and the command given by a unit of money over goods and services. She states her position that the marginal productivity theory is not appropriate to explain the distribution of the national income between capital and labor, because, as she explains it is impossible to measure capital independently of labor. When assessing purchasing power we cannot do without such notion as money. Generally, money and its function is one of the central notions of economy. The economy is monetary, because there is specialization and exchange between different groups. Robinson underlies the importance of presenting the price level in terms of money, but she does not leave aside the importance of labor invested in the product. As she observes, many contracts besides the wage bargain are made in terms of money, and changes in the purchasing power of money bring about opposite changes in the real benefit and the real cost of the payments concerned so long as the contract holds. But in the long run all contracts are revised, so that a change in the real value of money becomes just a change in words. Over the long run the important price level is the price level in terms of labor time, for this expresses the distribution of the total product of the economy between work and property. Robinson concludes her book with the chapter which deals with the importance of equilibrium in economic relations. She presents different models of economic cooperation and comes to conclusion that an economy, which existed in a state of tranquility, lucidity and harmony, would be devoted to the production and con ¬sumption of wealth in a rational manner. She emphasizes the necessity to describe these conditions to see how remote they are from the states in which actual economies dwell. Traditionally she resorts to the showing the real example on capitalist model, which could never have come into existence in such conditions, for the divorce between work and property, which makes large-scale enterprise possible, entails conflict; and the rules of the game have been developed precisely to make accumulation and technical progress possible in conditions of uncertainty and imperfect knowledge. Yet too much disturbance, deception and conflict would break an economy to pieces. The persistence of capitalism till to day is evidence that certain principles of coherence are imbedded in its confusion, concludes Robinson in her work. The models of economic concepts in Joan Robinsons The Accumulation of Capital are very easy to understand and provide insight into the fundamental elements of an extremely complex process of economies. By concentrating on the purely economic strands in the process of development we can provide a practical guide to understanding history, and indicate to people how best they might set about their task. The Accumulation of Capital deals with money, credit, finance, interest rates, and banks. Joan Robinson exhibits her clear comprehension of the complexities of the financial world. Moreover, she appears to be able to provide a novelty of comprehensive view of the relations between the financial system and the macroeconomy. This book is a perfect source of valuable information on money, credit and finance. Reference: Robinson, Joan (1956), The Accumulation of Capital, Macmillan, London.

Essay --

Budgetary shortfalls have become a part of everyday news and a grim reality for both public and private sectors. Negotiating a win-win scenario for all vested parties sometimes can seem like an insurmountable and daunting task. In order to run a successful municipality, all vested parties must collaborate and be solution based. Transparency plays a huge role in establishing trust, credibility and facilitating an agreeable end result. Every financial organization must create a budget. In simple terms, the budget is a plan that outlines how resources will be utilized during a specific period of time. A balanced budget generally translates into an organization demonstrating financial health and or responsibility, (Kennon, 2014). When the amount of goods or services exceeds the amount of revenue being generated, budgets then need to be revised so that they are in line. This generally means that concessions need to be made by governmental officials, union groups, employe es, constituents or all of the aforementioned stakeholders in the community. Due to a drop in revenue, a slight increase in contracted services and an increase in post employment expenditures for the current fiscal year, the mayor of my jurisdiction has asked all department heads to analyze, revise and submit a budget reflecting a 2% decrease in expenditures for the following year. This will allow for the government to remain solvent without raising the tax rate. As the department head of the public safety division, I oversee the budgets for the police and fire departments. This includes 44 full time police officer, 16 full time fire fighters and 10 part time fire fighters. Total yearly expense for the public safety division is $9,460,000 or 72% o... ... this would reduce the number of calls and offset the expense by 25% or $18,750. Each year the police and fire departments are involved in community outreach efforts. Costs in excess of $31,500 for events like the national fire safety week, national night out, crime stoppers, DARE, personal safety seminars and workshops, etcetera are typically absorbed by the public safety department and provided to the community free of charge. Being strategic as to what educational programs are offered and limiting the events to quarterly rather than monthly would save the jurisdiction approximately $7,000 annually without completely eliminating the programs that the community has come to expect. All told with the strategic approach to budget allocation and the implementation of targeted increases for those who violate the law, the proposed savings is $190,250. Essay -- Budgetary shortfalls have become a part of everyday news and a grim reality for both public and private sectors. Negotiating a win-win scenario for all vested parties sometimes can seem like an insurmountable and daunting task. In order to run a successful municipality, all vested parties must collaborate and be solution based. Transparency plays a huge role in establishing trust, credibility and facilitating an agreeable end result. Every financial organization must create a budget. In simple terms, the budget is a plan that outlines how resources will be utilized during a specific period of time. A balanced budget generally translates into an organization demonstrating financial health and or responsibility, (Kennon, 2014). When the amount of goods or services exceeds the amount of revenue being generated, budgets then need to be revised so that they are in line. This generally means that concessions need to be made by governmental officials, union groups, employe es, constituents or all of the aforementioned stakeholders in the community. Due to a drop in revenue, a slight increase in contracted services and an increase in post employment expenditures for the current fiscal year, the mayor of my jurisdiction has asked all department heads to analyze, revise and submit a budget reflecting a 2% decrease in expenditures for the following year. This will allow for the government to remain solvent without raising the tax rate. As the department head of the public safety division, I oversee the budgets for the police and fire departments. This includes 44 full time police officer, 16 full time fire fighters and 10 part time fire fighters. Total yearly expense for the public safety division is $9,460,000 or 72% o... ... this would reduce the number of calls and offset the expense by 25% or $18,750. Each year the police and fire departments are involved in community outreach efforts. Costs in excess of $31,500 for events like the national fire safety week, national night out, crime stoppers, DARE, personal safety seminars and workshops, etcetera are typically absorbed by the public safety department and provided to the community free of charge. Being strategic as to what educational programs are offered and limiting the events to quarterly rather than monthly would save the jurisdiction approximately $7,000 annually without completely eliminating the programs that the community has come to expect. All told with the strategic approach to budget allocation and the implementation of targeted increases for those who violate the law, the proposed savings is $190,250.

Georgia’s Water Supply Essay

Over the years, Georgia’s water resources have been abundant. Without appropriate foresight, there is now a serious water crisis that Georgians are facing. Coming up with solid solutions is urgently needed and are being discussed. One of these is desalination — process of taking salt water and converting it to fresh water. There are several problems with this. One is that since the ocean’s supply is tremendous, it could discourage water conservation. Also, this could tremendously hurt coastal habitats. Another dilemma is that it is expensive. It costs $3 to produce 1,000 gallons of desalinated water, compared to $1. 25 for surface water and $. 50 for groundwater. A big budget would be needed and where it will come from is also a determining factor. Another solution currently in use on a much smaller scale during drought seasons, is interbasin water transfers — removal of water from a plentiful river basin and releasing it into a basin in need. A highly emotional solution since every city/county wants to maintain control over its own natural water supply. For example: when Augusta was asked about sharing its water with Atlanta, the answer was â€Å"no way. † If Augusta is unwilling to help Atlanta, then it will be a challenge to work out a solution with Tennessee, Alabama or Florida. Without the cooperation of needed parties, this would not be feasible and would not serve its main goal in the long run. A third solution is conservation. Its implementation is the main problem of not being embraced by many local jurisdictions, like in North Georgia’s water planning district. Also, Atlanta has relied on interbasin transfers. Not only is the survival during Georgia’s water crisis dependent on solutions, but implementation of them and adherence with complete participation by every community member is badly required.

Essay on Argument for Legalization of Marijuana - 1455 Words

Marijuana has become one of the most controversial drugs in America. Ever since its cultivation began around 1611, marijuana has puzzled people with its effects. Many question marijuana?s classification as a schedule one drug. A schedule one drug is one that has a high potential for abuse and no medicinal value. Some argue that the war on drugs, in particular marijuana, has cost taxpayers billions and is wasting funds that could be used on more important tasks such as improving transportation or education. As drug arrests rise, so do the populations in state prisons. This has become an immediate problem with no real solution. The legalization of possessing small amounts of marijuana can contribute positively to the medical and†¦show more content†¦This organization was the first in the country to be granted non-profit status. By 1937, marijuana had been classified as a narcotic by all states. It wasn?t until 1972 that there was a call for the decriminalization of mari juana by the government. The American Medical Association and the National Council of Churches endorsed the decriminalization of marijuana. One must believe that support from an organization with such influence in the medical field that marijuana must have some medicinal purpose. In 1996, California passed Proposition 215, which legalized possession of marijuana for patients with a doctor?s recommendation who are suffering from AIDS, cancer, Glaucoma, and other illnesses. In September of 2000, federal Judge William Alsup of the Ninth Circuit Court in San Francisco ruled that the government could not punish doctors who recommend the benefits of marijuana to their patients. This verdict gave ill people a sign of hope that they will be able to take whatever medication necessary, even marijuana, to treat their sicknesses. Even though marijuana has many ways in which it may help an ill person, it is like other drugs in which it has side effects also. Smoked marijuana has the same affects on the body as tobacco, which is a legal and tolerated substance. Chronic smokers of marijuana are at risk for chronic obstructive lung disease and lungShow MoreRelated Argument for the Legalization of Marijuana Essays1018 Words   |  5 Pages Argument for the Legalization of Marijuana Is cannabis a danger to the public? – I think not. Should cannabis be legalised? I think so. If you agree with me then read this article. If you don’t, then read it anyway. It might teach you a thing, or two, about reality. Cannabis, weed, grass, hemp, shit, ganga, bhang, marijuana; they are all the same: completely harmless, and completely misunderstood. 260 million people worldwide use it for its potential advantages. Those who don’t useRead More Economical Argument for the Legalization of Marijuana Essay517 Words   |  3 Pagessubject. What would happen if marijuana or other illegal drugs were legalized? First, the billions of dollars that the government is spending trying to abolish illegal drugs would be put to better use and the government would be able to tax the â€Å"new drugs† just as they do alcohol and tobacco. These monies could then be spent to provide better education on the affects of drugs and drug abuse, better healthcare, and research on medical uses of drugs such as marijuana. Also, the government would beRead MoreArgumentative Essay On Legalization Of Marijuana1072 Words   |  5 PagesThe subject of marijuana legalization has been an exceedingly popular discussion topic in recent years and, as time goes on, only seems to grow more popular. This discussion has resulted in many arguments that support marijuana’s legalization. One popular argument says that since alcohol is worse for you, and alcohol is legal, marijuana should be legalized. 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