I have submitted the first (of six) tutor marked assessments last week. In it I was asked to explain a few economics terms, and to draw graphs, to describe figures and tables given in the paper. I do not have the marked essay back yet, so do not have a lot to write about at this point. What I will say is that, as the module progresses, I should have much more to write/rant/comment about. There are some aspects of the first essay which I will probably refer back to in the coming entries to this blog.
Aspects, such as demand, factors of production (overheads), short and long term demand curves. The first two terms are self explanatory. Short and long term demand curves are about how much control a firm has to alter factors of production. If on a short term demand curve, then the firm has no way to alter any of its factors of productions, such as staffing levels, workspace, etc. In a long term demand curve, the firm is in a position to alter any of its given factors of production. This last term is one to which I will very likely be returning to in future entries, as I explore the idea of a firm being able to make profits ethically. I should say now that, although I am to the left of left when it comes to many things, I am not against a firm turning a profit. What I am against is the level to which firms are willing to go to to maximise these profits, be it through worker exploitation or tax avoidance.
Part of my drive to study economics is the importance of "knowing your enemy". If you want to fight against something, it makes sense to know what it is you are fighting against. Is it possible for someone to become a socialist version of Adam Smith? The only way I can think of is for a socialist to become an economist. This blog will allow for people to follow this process and my progress, and will give them the opportunity to question, or open debate on anything they see written here. So, feel free to do just this. Questions and debate are entirely welcome, nay, positively encouraged.
Aspects, such as demand, factors of production (overheads), short and long term demand curves. The first two terms are self explanatory. Short and long term demand curves are about how much control a firm has to alter factors of production. If on a short term demand curve, then the firm has no way to alter any of its factors of productions, such as staffing levels, workspace, etc. In a long term demand curve, the firm is in a position to alter any of its given factors of production. This last term is one to which I will very likely be returning to in future entries, as I explore the idea of a firm being able to make profits ethically. I should say now that, although I am to the left of left when it comes to many things, I am not against a firm turning a profit. What I am against is the level to which firms are willing to go to to maximise these profits, be it through worker exploitation or tax avoidance.
Part of my drive to study economics is the importance of "knowing your enemy". If you want to fight against something, it makes sense to know what it is you are fighting against. Is it possible for someone to become a socialist version of Adam Smith? The only way I can think of is for a socialist to become an economist. This blog will allow for people to follow this process and my progress, and will give them the opportunity to question, or open debate on anything they see written here. So, feel free to do just this. Questions and debate are entirely welcome, nay, positively encouraged.
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