Reflective blog Essay Example
RЕFLЕСTIVЕ BLОG 3
History of economic thought
I have conclusively come incline with the fact that economics has an history of its animation. The economy, the development of economic thought and the economics as a professional discipline and the subsequent historical account of that development are the artifacts with each constructed socially. In this regard I substantively perpetuate the history of economic thought by an understanding on what goes on in both the contemporary world and the intellectual conversation on what pertains to topics in economics. Economics is articulated as a social science. It pragmatically examines the problems that are faced by the societies due to the desire of individuals to consume more goods and services than they are available and subsequently creating a relative scarcity condition.
Many answers come to mind to create an understanding of why to study the evolution of the history of economics. First, such a study substantively enhances my understanding of the contemporary economic thought. The study pragmatically expresses the historical development of the various intricate concepts that cause the analysis on supply and demand that are traced. More specifically, I have a reflection on how such ideas as the diminishing returns and the returns to scale paves the way for the present short and long run supply analysis and how the emergence of the modern demand theory has been brought about by the marginal utility and the indifference curve models.
Second, the huge amount of analysis and evidence generalized over the years by the economists can provide a closer check on the incorrect generalization[ CITATION Bru12 l 1033 ]. Thus, this perspective enables me to make more limited errors than the past when personal decisions are made.
Finally, the study offers a perspective and understanding of the past, the changing ideas and the problems and the direction of movement. The understanding is that I can appreciate that no particular group has a monopoly on the truth and that many groups and individuals substantively contribute to the evolution of the history of economics.
Theorists in economics perceive that self-interest of the individual is dominant and subsequently guides the processes in economics. My study is concerned with the groups of people who have a common idea based partly on self-interest and also by other considerations that help shape the concept of how an economy should be organized and the direction to take.
Theory of value
In the past decade, economics have substantively passed through an impressive evolution. The principles that articulate economics haven’t changed by rather the application of the principles. I substantiate the perspective by three key features that encompass;
First, there is a refocused energy by economics on the huge questions of political economy and, closely related, an increase turns into insights from other social sciences with the aim of searching the answers that arise from the questions.
Second, I understand that economics has in overall abandoned the perspective of grand theorizing by taking into account more on projects that are empirically minded. Even though formalization in economic is important, this formalism is manifested via empirical techniques as opposed to the novel theory. This is primarily driven by the renewed importance that is attached to having a constructive understanding of institutions.
Finally, the modern economics face has been dramatically altered by the rise of the application of the principles of economics to issues articulated as unusual and unorthodox. The perspective is characterized not only by the provocative economics concepts applications but also by the impression it’s consumable by an audience that is increasingly exposed to the economic way of thinking.
Brue, S., & Grant, R. 2012. The evolution of economic thought. Cengage Learning.
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