Economic growth: The Asian Tigers

Introduction

The term Asian Tigers or Asian Dragon refers to Taiwan, South Korea, Hong Kong and Singapore, which are highly developed economically. These nations got this name as a result of their ability to maintain a high economic growth rate of about seven percent every year. The nations were also characterized by a rapid rate of industrialization between the year 1960s and 1990s. The four nations later developed to a status of fully developed economies and advanced in their income to be high income economies. These countries participated in various areas of the economy that were competitive. For instance, Taiwan and Korea established themselves as giants in the manufacture of information technology globally while Singapore and Hong Kong became the world’s leading country in terms of financial centers. Kim (1998) observes that this success in terms of the growth and development of the economies in the four countries served as indicators and examples to vary many countries that were and are in the verge of developing. The four countries referred to as the Asian Tigers underwent super changed growth in their economies over decades. This was mooted by the industrial policies that they had that had a lot of support for the exports to the industrialized nations which were rich. This fact was underlined by the World Bank when it acknowledged the role played by policies in the financial sector. The four economies therefore enjoyed a high rate of economic growth that they were able to sustain over decades. (Woo-Cumings, 1999)

The growth of the ‘Asian Tigers’ in the 1960’s

The growth of the Asian Tigers was at its peak in the 1960s. During this period, the four countries had invested highly in human capital and the physical development aspects more than all the other countries that had a similar development level as them. The effect of this investment ultimately led to the level of per capita income growing rapidly. In these countries, the human capital played a vital role in the growth of the economies just as well as the high levels of investments. Education was also instrumental in the growth of the economies and was cited as having an effect in the Asian miracle. During that period, the four Asian countries registered a very high level of enrollment in education that was even higher than the level that was predicted to be able to be accommodated by the income. The universal primary education was achieved by the four countries by the year 1965.

How they achieved the growth

The Asian Tigers’ economic growth is basically tied on their export policies. The approaches that they took differed in the four countries but had a great impact on the growth of their economies. Singapore and Hong Kong had neoliberal trade regimes introduced. This encouraged free trading hence the growth of the economies. Taiwan and South Korea on the other end had a mixture of regimes that accommodated the industries for their export. Singapore and Hong Kong had their domestic prices linked to the international markets due to their domestic market being small. There were introductions of incentives in exports by both Taiwan and South Korea especially for the sector of traded goods. The Taiwan, South Korea and Singapore governments also worked on the promotion of exporting industries specifically to foster a push as a strategy in exporting their countries’ strategies. These policies were instrumental in the achievement of the constant and stable 7.5 percent economic growth in the four countries throughout the decades. This therefore led to the achievement of the developed country status by each of the four Asian Tigers. (Sung, 2006)

The four countries followed a similar development path in the 1960s, with emphasis being laid on the import substitution. The four countries managed to raise the primary industry by placing very high taxes on imports. This had a positive impact on the economy as the local industry got a chance to flourish. These countries worked towards industrialization and the development that was aimed at penetrating into the markets of North America and Europe, which had very high industrialized economies. The countries’ political systems were also non democratic hence they could easily make plans and implement them. The labor force was sophisticated through education as primary and secondary school education was made compulsory to all the students. The countries extensively invested in university education and made the foreign university accessible to the students in the countries. The period of economic growth was further characterized by a discouragement of trade organizations as there was more reaffirmation on the security of jobs by the workers in the four countries. The land owners were also assured of security of tenure of the lands they owned, thus, the people were overtly encouraged to invest in their lands without fearing any negative consequences attributed to loss of land or land grabbing. Notably, all the tiger countries were influenced by China. For instance, South Korea had 65% Chinese influence, Singapore had 75% influence from China, Hong Kong had 95% while Taiwan was 98% influenced by China.

This period of growth in the Asian Tigers was referred to as the economic miracle period. The term economic miracle was used to refer to great change that conduits dramatic economic development and growth period especially that was undergone by the four Asian Tigers in the 1960s all the way to the 199s. This miracle in their economies was majorly driven by the shift to an economy that was more export driven that target the nations that were highly industrialized in America and Europe.

Criticism in the Asian Tigers’ growth model

There has been criticism directed on the model of growth of the tigers. This criticism has been based on the fact that the tigers have centralized on import substitution as a way of getting self sufficient. The policies of targeting the external market at the expense of satisfying their own customers’ markets have been criticized. This criticism was at its peak when there was loss of the neighboring markets which were competitive. This saw a loss of the Chinese, Indian and the South East Asian markets. This rapid growth in the economy led to the over valuation of the prices of products in the market. This eventually led to the crash and fall of most of the stock markets and shares. This eventually took a toll on their economies and was further fuelled by the economic crisis which forced most of the countries to lend from the International Monetary Fund. Environmental concerns were raised as characterized by the growth of industrialization. The educational opportunity and requirements led to the women pursuing careers, thus, leading to the decline of birth rate hence the population of the four countries were majorly comprised of the aging people.

Decline in the growth currently

The Asian Tigers are currently not growing as fast as they grew in the period between 1960s and 1990s. This can be attributed to several factors which took a toll on the economies of the countries. These factors are either internally or externally driven.

1997 Asian Crisis

The four Asian Tigers’ economies were hard hit by the 1997 Asian crisis. According to Ariff & Khalid (2000), the worst hit was South Korea, which led to a swelling of its financial debt burden. This led to a 35 percent to 50 percent fall in its currency. In the start of the year 1997, there was a fall in the stock markets of South Korea, Singapore and Hong Kong that led to a 60% loss in the countries in terms of dollars. The four Asian Tigers struggled to rise in order to recover from the crisis by increasing their saving rates. However, there was another crisis yet again.

The 2008 Financial Crisis

The economies of the four Tiger nations were highly dependent on the American consumption as they were exporting products to the Americans. The financial crisis of 2007 and 2008 therefore greatly disadvantaged the four countries. This led to the fall of the GDP of the four nations at a rate of 15% annually. The exports that came from the four countries also fell by a rate of 50%. The domestic demand in the four countries also fell, leading to a difficulty in the recovery of the effects of the recession. The two crises have taken a great toll on the economies of the four Asian Tigers. Despite the fact that the countries have struggled to recover fully, it has been a great challenge that they have not come over. This is the reason as to why that rapid development rate of economical growth in the four Asian Tigers has declined. (Boyes & Melvin, 2011)

Possible policy decisions undertaken to bring the economies out of the doldrums

The four Asian Tigers, just as other countries in the world, have strongly come out to pull themselves out of the recession effects. The respective governments have taken fiscal stimulus measures to see into it that the situation is salvaged. Through the fiscal stimulus, the countries’ GDP has been developing at a 4% rate. The countries also have bounced back as a result of modest corporate debts and household debts. (Lee, 1998)

Economy of South Korea verses China

South Korea, being among the Asian Tigers, is ranked 15^th in the nominal GDP in terms of its market economy. It is ranked at position twelve courtesy of the purchasing power parity. Subject to its economy, South Korea is included among the G 20 major global economies. It is the only developed country that has since been included into the category of countries referred to as the Next Eleven. South Korea was among the world’s fastest growing economies in between the 1960s and the 1990s and is still regarded as one of the fastest growing countries that are developed. On the other side, China boasts of being in the second position globally in terms of economy by the nominal GDP. Its purchasing power parity is second to that of the United States of America. Unlike South Korea, China is major economy that is currently the fastest growing with an average growth rate of approximately 10% in the last thirty years. China is ranked first in terms of exports and second as far as importation of goods is concerned. Its nominal GDP makes it be at the 90^thposition. (Sharma, 2003)

Work cited

Ariff, K. & Khalid, A. Liberalization, Growth, and the Asian Financial Crisis: Lessons for Developing and Transitional Economies in Asia. UK: Edward Elgar Publishing, 2000

Boyes, W. & Melvin, M. Fundamentals of Economics. New York: Cengage Learning, 2011

Kim, H. The Four Asian Tigers: Economic Development and the Global Political Economy. Academic Press, 1998 

Lee, E. The Asian Financial Crisis: The Challenge for Social Policy. Geneva: International Labour Organization, 1998

 Sharma, S. The Asian Financial Crisis: New International Financial Architecture: Crisis, Reform and Recovery. New York: Manchester University Press, Oct 3, 2003

Sung, J. Explaining the Economic Success of Singapore: The Developmental Worker As the Missing Link. Massachusetts: Edward Elgar Publishing, 2006

Woo-Cumings, M. The Developmental State. New York: Cornell University Press, 1999 

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Anthropological global warming

Introduction

Global warming is used to refer to the increase of the earth’s oceans and atmospheric temperatures which is said to have started in the 19^th century and is projected to be in constant increase since then. The mean temperature of the earth’s surface has since increased by approximately 0.8 degrees centigrade with the major change approximated at two thirds occurring after the year 1980. There have been constant warnings and alarms have been raised by scientists concerning the increase of this temperature which has been attributed greatly to the increase of the greenhouse gases concentration in the atmosphere. These greenhouse gases are said to be on the rise due to various human activities like deforestation and the burning of fossil fuels. The science academies in all the countries that are industrialized have confirmed these claims. The term ‘global warming’ inflicts a lot of sensation and emotion in the world especially because it is attributed to the increase of temperatures which is abnormal and dangerous to the lives of the living things on earth. Te earth is described to be entering a period characterized by warming. There have been arguments concerning the cause of global warming. Many people have believed the fact that global warming is caused as a result of anthropological factors of human and that it is the human being who is to blame for the effects. However, there are others who have stated that global warming is a natural thing and that it is a warming period of the earth that is independent from human activities. This has elicited debates among various quarters including companies and industries in various forums.

Projections

The global warming is projected to increase in the future, with changes and warming set to vary in various regions around the world. The effects of that increase in the temperature of the glob are set to affect the temperature of the sea to rise and lead to a precipitation pattern and amount change. The sub tropical deserts are also set to expand and to cover vast areas. At the Antarctic, the warming is expected to be higher and more intense and this is related to the glaciers’ retreat, the retreat of sea ice and the permafrost. Expected effects of global warming include weather that is extreme which include heavy rainfall, droughts, ocean acidification, and the extinction of certain species as a result of the shift in the temperatures and the increase of heat waves. These effects are also extensive and prone to affect the humanity as there is set to be lack of food

Human causing global warming

There have been raging debates as to the contributions of humans in the global warming scenario. This has been in several forums where carbon energy based companies and green companies have held arguments on the cause of the increasing global warming effect. According to various scientists, the earth experienced the cooling effect’s end in the 19 century. This was then followed by a shift in the trend and warming started taking effect. This sudden shift in the temperature trend cannot just be explained using the variability that is natural alone.

Civilization and global warming

The 18^th century and the 19^th century are said to have been cooler than the 20^thcentury. There have been arguments that these warming effects could have been caused by natural factors. However, there are some scientists who insist that this sudden and drastic change could not have been caused by natural factors alone but there must have been other human factors that contributed to this situation. The argument has been that if anything, those natural factors which led to the cooling of the earth are still present which is supposed to lead to the same cooling effect but the global temperatures are ironically rising. This has pointed out to civilizations a contributing factor to the global warming.

Temperature variations in different regions

There is a distinguishing feature on the temperatures across the globe with there being variations in different areas. The Medieval Warm Period was a period that there was a rise in the global temperature. This was later followed by the Little Ace Age in which there was a cooling effect on the earth in North America and in Europe. The Southern Hemisphere has less cooling effect at that time. This exhibits the nature of the regional reconstructions in the temperatures. It is also asserted that the regional variability is visible in a response to the global climate forces as a result of the human activities that involve the burning of fossil fuels and a number of volcanic eruptions. There has been a lot of efforts pt towards the mitigation of the global warming effects.

Hockey stick

The temperature reconstructions are in tandem with the records, exhibiting a lot of consistency in the records showing a reversal in the cooling that is long term and that coincides with the greenhouse gas emission acceleration due to various activities of the humans during the end of the 19^th century’s industrial revolution. The recent studies are in similarities to the consensus that is emerging on the cooling effect that was gradual between the years 1000 and 200. This was later followed by a process of warming which came abruptly after the year 1900. These findings from the ‘hockey stick’ paper fifteen years ago are corroborated every year with other new evidences. This has therefore left no doubt that the hockey stick paper was indeed correct in its assertions. In the ‘hockey sick’ paper, Michael Mann indicates that there is an unprecedented warming in the recent times which can be established further in the past times. The causality of the warming is not directly indicated in the study but a research points extensively to the fact that the warming effect in the recent years can only be attributed to various anthropological activities. These activities include the fossil fuels burning and the constant increase in the emission of greenhouse gases.

Other human activities

By driving the cars, voluminous fossil fuels are burnt during combustion. The emissions from these fuels have a carbon effect that accumulates and have great effects over the years, possibly thousands and millions of years. The burning of carbon results to the release of carbon dioxide into the atmosphere which in turn increases the effects of global warming. Buying of homes in the suburbs also has a contribution to the global warming. This is because trees which are instrumental in the storage of carbon dioxide are usually cleared to pave way for the building of such houses. The trees are burnt bringing a hault to the storage of carbon dioxide and causing them to release the carbon dioxide which they have stored for thousands of years.

Mitigating anthropological global warming

There are various mitigation measures that both my team and the public can take in order to reduce anthropological global warming. The biggest contributor to global warming is the release of carbon dioxide during the burning of the fossil fuels, like coal and oil, for energy. Reducing the emissions, adaptation and geo engineering are possible solutions to the challenge of global warming. There is need to enact laws that prevent the excessive emissions of the greenhouse gases causing the global warming effect.

Industries and the entire public should be engaged in the use of renewable energy. The public should pick on energy suppliers who have gone green and who generate their power from solar, wind and other clean energy sources, at easting contributing to half of its energy. The public should also support the renewable energy in a given way. Weatherizing the apartments and homes can also be a mitigation step. By heating and cooling, 40 percent of the energy is consumed. There is needed to be energy efficient. This can be done through sealing houses to ensure that there is saving of energy through insulation. The public should buy appliances that are energy efficient so as to save energy. People should also use public transport and avoid driving as much as possible. This will ensure that there is a reduction of the burning of the fossil fuels which eventually produce a lot of greenhouse gases.

Conclusion

These mitigation steps are supposed to be embraced by both the public and the industries. If the industries that deal with carbon based energy shift their sources of energy, there will be a great reduction in the greenhouse effect. The green energy companies should also intensify information passing and campaign for green energy. This should indeed be done with the support of the government.

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Marxist analysis of military and foreign policy of Kazakhstan

Marxist view

Marxism is a worldwide acknowledged method of inquiry of the socioeconomic aspects and is attached to the development of materialistic interpretation, class relation analysis within a certain society, viewing of social change in a dialectical perspective and critiquing the capitalism development. Friedrich Engels and Karl Marx were the two German philosophers who were the proponents of the Marxism. Through Marxist, there are analyses and the methodological layout that have influence the social movements and various political ideologies in history. Marxism entails views that are revolutionary, philosophical methods, sociological theory and economic theory as far as social change is concerned. The theory bases of materialistic parameters in establishing development in a society. Marxists believe that the class struggle is majorly based on the battles that are waged on the exploiters by the workers and that do have an impact on the centers of economy and the production in industries and this was the inception of revolution and war. Through Marxism, there is only the achievement of leading the working class to the struggles of peacetime and not to the horrors that were caused by militarism. (Bloch, 1975)

Marxists have rejected the absolute position of warring among nations. Instead, the policy of the Marxists is to examine all the wars separately and concretely through locating the different historical contexts distinctly. The Marxists believe that war is not immoral, bad or harmful to the people who engage in it.

Frunze’s analysis

Frunze observes that the current day contemporary military are keen on the unified military doctrine. This concern has been discussed and explored in various conferences for the military and there has been the need for shading of light on the idea of Red Army in which there have been practical and theoretical interests that have emerged from the issue. There has been an argument pitted on the reality of the military the a lot of people have various ideas and the relevance or probability of there being adequate skills in the military. The theories and framework that was used by the old military generals worked for them though they are currently being viewed as to have been passed with time and need improvements. Frunze further indicates that the general staff of the old military cannot be blamed for the  helplessness and confusion that led to a lot of questions but accounts to the fact that military strength is the key to establishment of a nation. In the analysis, there is the appreciation that there are new social relations that have cropped up and that need  to be taken into consideration by any country if there is going to be an effective foreign policy for the strong growth of the citizens.

It is notable that the operations of the military is now taking a broader space especially with the constant increase of the inhabitants of various territories. The military operations are further being affected by the struggles that are endlessly developing and becoming more and more complex to deal with. This is because there has been an advancement in the type of arms that are used, the specialties categories and other advancements. This has elicited for technicalities in the various demands of the military science and art, the achievement of coordination that are strong, general plans that are cohesive and the operations of various military. Frunze compares the earlier military operations to the currents set up and observes that in the previous times, commanders had direct leadership during wars on the individual units that was an overall formation. However, in his analysis, he states that currently, the situation has changed as there is need for agreement, wholeness and unity in the military not only in the periods of operations but from the preparation stages for the operations which amalgamates the roles played by the military and the state as a whole.

This is tied to the Marxist ideology as the state determines the general policy that is particularly the military policy. The military is strengthened throughout the creation of a unit that is compact and united from the bottom to the top, and all the armed departments are connected in their operations. The state generally takes it as its responsibility to achieve the strength in its armed forces.

Kazakhstan’s policy

The foreign policy of Kazakhstan has since its independence, avoided favors to any state in the multi-vectored approach in its foreign policy. The country’s defense ties currently are with the Russian country. This has further been intensified and deepened in a bilateral relationship and through the initiatives that are multilevel and that conform to the Shanghai Cooperation Organization and Collective Security Treaty Organization’s requirements. There has been a revolution of the armed forces of Kazakhstan. This has been to the effect of trying to achieve professionalism, combat capability and mobility within the armed forces. The defense forces of Kazakhstan have therefore been in close links with the NATO and the United States of America. The country has also been in constant pursuit to get cooperation from Moscow for its defense advancement. This cooperation saw Kazakhstan agree to be part of the defense forces that went to Iraq on a peace keeping mission. This went out to reaffirm the strength and capability of the Kazakhstan armed forces to contribute to the international Peace as well as America’s influence and cordial relationship with nations which were ready to offer good will whenever they were called upon by the United State of America.

After the alienation of Uzbekistan by the Western countries, Kazakhstan was willing to stand in temporarily as the security agent in the nation. Kazakhstan was even identified at some time as the anchor of the NATO in the region of Central Asia.

Kazakhstan Foreign Policy

Immediately after gaining independence, Kazakhstan started formulating its basic principles and concept on the foreign policy. This was in 16th December 1991. The then first president, being keen in attaining steady development in economic and political reforms, determined the country’s main strategies. In that verge of strategics, there were a lot of transformations that were based on the county’s main priorities on Kazakhstan foreign policy. This was further steered by the country’s aim of being fully and inclusively involved in the regional and international events. This elicited for the making of certain decisions by the government. These decisions were made on basis of economic, political and military convenience alongside considerations for achieving reforms that were democratically founded. The decisions were to be made in order to aid the smooth integration of Kazakhstan into the international community. The foreign policy of Kazakhstan is in harmony with the political trends of the world that are moving towards achievement of liberalization.

Marxist analysis

Just as the Marxists do have a softened stance as regarding war, Kazakhstan's main independence achievements and developments were based on the fact that it was to pursue a state that was free from nuclear and be a state that was non proliferation. The foreign policy of the country has led to the establishment of friendly and cordial relationships with most of its neighbors. This has led to lack of intense conflicts pitting the country and any other nations that are neighboring the Kazakhstan. This policy has ensured the Kazakhstan has what is termed by many as a security belt that surrounds its boarders. There have been external relations that are free from any frictions.

Military policy

Kazakhstan was the first country in Asia to host the OSCE meeting. This has been seen by the international community as an important role in achieving peace and security globally. The country has since strengthened its connecting with the NATO in an attempt to play a major role in fighting terror and war. Through pursuit of the United States in its defense, Kazakhstan has managed to build one of the strongest military in the globe. Kazakhstan has therefore managed to build the multi vectored model in its foreign and military policy. Nazarbayev successfully managed to strike a balance between the relations of security and Kazakhstan's own defense despite facing potential challenges based on its relations with the West and Russia especially after the Georgian war that took place in 2008 August for five days. This has led to a lot of tensions between Kazakhstan and these countries.

Kazakhstan has had a number of readjustments in its military policy since it acquired its independence. The country has been working towards unifying its defense forces for effective defense delivery and military strength. However, all the changes have been based on the initially adopted Soviet doctrine. Kazakhstan’s budget for the military has been taking around ten percent of the country’s GDP and has grown to be the highest in the central Asian countries. The armed forces of the country have been intensely reequipped and have been divided into for main divisions namely the Central, Eastern, Western and the Southern divisions which are known as Military Districts. The country has mobile forces and increased the contract servicemen to about twelve thousand. Kazakhstan has been sending military personnel to a number of states in the west specifically to develop and build good relations. The personnel were trained in the West though they had difficulties in blending into the Kazakhstan Forces due to the disparity in the types of equipment used.

Reference

Bloch, M. (1975). Marxist Analyses And Social Anthropology. New York: Routledge, 1975 

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Mathematical Economics - Alfred Marshall

Introduction

Born in 26th July 1842, Alfred Marshall stood out to be one of the economists who were influential during his days. This was later to be strengthened by his book, ‘The Principles of Economy’ which was published in the year 1890, and which became a prominent book that was widely used across England for several years. The main idea in Marshall’s book was the principles of demand and supply, costs of production and the marginal utility. He is among those referred to as being the founders of economy. After his inaugural book on economy, Marshall’s works further advanced when he wrote his second volume of the same book, this time dealing with matters of collectivism, taxation, trade fluctuations, money and foreign trade. However, this book was never published. Through his book, ‘Principles of Economy’, Marshal established a reputation globally as it appeared in eight different editions ranging from 752 to 870 pages. This book was instrumental in the shaping of economics across nations that spoke English. Other wide range issues that the book addressed include increasing and decreasing returns. A lot of these ideas were later developed by Jevons among other economists.

Marshall’s quest

Broadly, Marshall was interested in reconciling the modern and the classical value theories. Earlier, John Stuart Mill explored the relationship that exists between the cost of production of commodities and their values. This was based on the theory that the effort that is put on the manufacturing process affects the value of the commodity. Later, the Marginal Utility theorists like Jevons explored the theory that was founded on the relationship between value and maximizing of utility. Marshall in his work amalgamated both the two approaches but put more focus on the issue of cost. Marshall held onto the idea that supply cannot be altered and the market value is dependent on the demand. His main idea was that there is a possibility of expanding production through the facilities that are in existence. This can be done in an intermediate period of time. The facilities that can be used in this verge include machinery and the buildings but there is very little influence on the products’ sale price due to the fact that there is no need for renewing them in their costs intermediate time period. He further pointed out the fact that variable costs or prime costs recur constantly and influence the price of the sale in this period. The replacement costs of buildings and machines that wear out are usually replaced by high sale price of the product. Among Marshall’s main contributions towards the theory of economics was the classification of the costs into variables and fixed and the time element. In his work, the models of partial equilibrium were his commitment as opposed to the general equilibrium on the grounds that the former was more practical given the fact that economics is dynamic in nature. (Marshall, pg. 101-103)

Marshall and mathematics in economics

Marshall was keen in the improvement of the mathematical rigor in economic issues and in the transformation of economics into a more scientific discipline. This led to his writing about the protectionism and international trade tracts in the 1870s. These works were compiled in ‘The Theory of Foreign Trade and the ‘Economics of Industry’ together with his wife Paley. Despite the fact that Marshall viewed and contributed to the taking of economics to a level of rigorous mathematics, he was always keen to ensure that economics is not overshadowed by mathematics hence rendering economics an irrelevant discipline to the laymen. In most of his books, the mathematical contents were placed in the appendices and the footnotes for the professionals. This was further evident by a letter which he wrote to Bowley instructing him to apply shorthand while using mathematics and not to make it as an enquiry engine, to translate into English, to use illustrations from real life so as to make economics easier and to ultimately burn the mathematics.

Marshall’s contributions to economics

Marshall is far much accredited for the success he achieved in his books and teachings. These are overtly based on his successful use of diagrams, a fact that most economists emulated later in their various works globally. The development of the standard supply and demand graph is accredited to Marshall. He was the proponent of the graph in which he explicitly demonstrated various fundamental issues attributed to the aspects of supply and demand which includes the demand and supply curves too. In the same wake, Marshall also introduced the law of diminishing returns, producer and consumer surpluses and the marginal utility law. This contribution has led to a model that is widely used by several economists across the globe and the application of different forms by applying various variables in trying to demonstrate other several principles of economics. Through this model, Marshal proponed and made it possible for there to be a representation that is visual of the fundamentals of economics that were otherwise abstract and complex, making them a little bit more easier for anyone to understand. These models that he introduced have proven to be vital in the study and teaching of current economics as there is a concise and clear representation of the theories and the economic fundamentals that are explained. (Reisman, 199)

Microeconomics

The contribution of Marshall was vast and prominent. In the British economies, Marshall established himself as a force to reckon with as he ventured into the microeconomics. This was later to be his specialty. In this aspect, he was able to study and inherently analyze the industries and individual markets as opposed to studying economy as a whole. The concept of the elasticity of demand is accredited to Marshall.

His other contribution was the consumer surplus concept, in which he noted that he each unit of commodity typically has the same price that a consumer buys but there is a decline in the additional units and the value of the consumer. Further, this concept indicates the fact that the consumer is set to buy units again and again until that point when the value and the price will be at par. Therefore, among all the units that are previous to that last unit, the consumer is bound to reap a benefit by a payment that is lower than the original value of that good in question. It further asserts the fact that the difference that exists between the value of the consumer and all the units and amount paid is equal to the benefits therein. This is what Marshall referred to as consumer surplus. The product surplus concept was also a brain child of Marshall. This he said referred to that actual amount that the producer is paid less the amount that the producer would in normal circumstance accept. These concepts were used by Marshall in the measurement of the various well being changes in the government taxation. This approach by Marshall has since been refined by various economies and is currently referred to as welfare economies.

Marshall also made a contribution towards the understanding of how the markets adjust to the various changes in the demand or supply over a period of time. This culminated to his introduction of the three periods. These include the market period which is the time amount in which a commodity is fixed stock wise. His second period was the time period and is the shortest according to him. This refers to the period in which there can be an increase in the supply through the addition of inputs and labor but not the addition of capital. The third period according to Marshall was the amount of time that a capital takes before it is increased. (Marshall, 77)

Conclusion

In his work, Marshall always ensured that he expressed qualifications, used footnotes and exceptions before attempting a statement. He established himself as a prominent and accomplished astute mathematician having studied Math at the St. John’s College in Cambridge. However, he ensured that he was limited in the used of quantitative expressions so that he could appeal and be understood by the layman. There is no doubt that Marshall has been and will continue to be a key player in the field of economics. His neoclassical analysis of economics and veering of the usually classical economics path is a testimony to his acquaintance and deep understanding of economics issues. The current and the future economists have and shall continue to use a lot of Marshall’s works as references and foundation to the development and understanding of economics issues.

  

References

Marshall, A. (1996). The Correspondence of Alfred Marshall, Economist, Volume 3. UK: Cambridge University Press, Feb 23, 1996 pg.77

Marshall, A. (Principles of Economics: Abridged Edition). New York: Cosimo, Inc., Apr 30, 2010 –pg 101

Reisman, D. (2013). Alfred Marshall's Mission (Routledge Revivals). New York: Routledge, Jan 11, 2013 pg 199

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Benjamin Franklin: Experiment with Electricity

Benjamin Franklin: Experiment with Electricity

Abstract

            Franklin stood to be a major contributor in the field of science, especially physics and managed to bring forth a different dimension of lightning. He was instrumental in the enlightening of America and the shape of its science and innovation. The paper has two main sections; the first one dealing with Franklin’s general life and impact in America and the second part exclusively deals with his experiment with electricity.

Introduction

            Benjamin Franklin is among those ranked to have founded the United States of America. Franklin was a versatile player in shaping the human life which saw him get involved in various fields. He was a leading political theorist, author, politician, scientist, inventor, civic activist, statesman, and a diplomat among others. Franklin became a major personality in the quest to enlighten America and with his theories and discoveries in physics; he became a key player in the history of physics. As a scientist, he invented many things among them being a stove, an odometer carriage, the lightning rod, the glass 'armonica' and bifocals. In his lifetime, Franklin engaged in the facilitation of numerous civic organizations, a university and a fire department. In the verge of his campaigns for colonial unity, Franklin earned himself a title as, ‘The First American’. Due to his authorial prominence and being a spokesman for several London colonies, and then being an ambassador of France in America, he greatly contributed to the growth of America.

¹Brands, Harison (2010) The First American: The Life and Times of Benjamin Franklin. Random   House Digital. p. 390.

Franklin’s contributions and inventions

            Franklin was involved in the structuring of the ethos and morals of American such as issues pertaining to marriage, community spirit, education, opposition to authoritarianismin politics and religion. He created a lot of impact in self-governing institutions following his introduction of discoveries vis-à-vis his tolerant and scientific values of the enlightenment in America. Franklin was the most accomplished American during his age and had great influence in the inventions and shaping up the American societal stracture.² Franklin invented prodigiously in his lifetime. He invented a lot of things and had many creations among them being the urinary catheter that was deemed flexible. Franklin was always motivated to have his own inventions and believed that humans should not only rely on the inventions of others but should also seek to invent things that have never been invented. The experiment relating to electricity that Franklin undertook was famously referred to as the kite experiment. This scientific experiment was adopted by Benjamin Franklin and experiment's main purpose was to try and unearth the hidden facts about lightning’s and electricity’s nature. This experiment was mooted by the fact that in 1750, there were public discussions in France concerning the lightning bearing an electrical nature.² During that time, Franklin was interested in the subject and had listed a dozen concepts in relation to electricity and lightning in his notebooks. The experiment with electricity (Kite experiment)

            Franklin then decided to use a kite in his experiment with electricity having realized the dangers posed by using conductive rods. In making the kite, Franklin first made a small cross of cedar forming two light strips, ensuring that the arms were long reaching the four corners of the large thin silk

² Leo, Lemay. The Life of Benjamin Franklin: Soldier, Scientist, and Politician, 1748-1757.(Penysylvania: Pennsylvania Press,2008) p. 245

handkerchief he used. The edge of the handkerchief was tied to the ends of the cross to form the body of a kite, which was properly fitted and matched the tail, loop, and string, and was able to rise in the air just like the kites made using paper.  Franklin used silk majorly to allow it to bear the wetness of the rain and to avoid tearing in the thunder and wind. He then attached to it a pointed wire that was very sharp at the top of the stick that was upright, rising more than a foot above the wood. He then fastened the end of the twine. Franklin then raised the kite when a thunder-gust appeared to be coming on while standing within a door to avoid wetting the silk ribbon. He made sure that twine did not make any contact with the door frame. Thunder clouds soon come above the kite, the pointed wire on the kite then drew the electric fire and then the kite was electrified with all the twine. Consequently, the loose filaments attached to the twine stood out in every way and could be attracted by a finger or a close object. The kite then plentifully streamed outwards from the key following the approach of the knuckle once the rain had wetted the kite and the twine. This made it to freely conduct the electric fire. The phial was charged at the key and electric fire was obtained leading to the kindling of the spirits. This elaborated on the similarity as all the experiments relating to electricity are always performed using a glass object that is always rubbed and do bear the same results as  that of lightning. In that experiment, the kite was less to electrocute Franklin because he stayed on the ground as the kite flew higher. He ensured that the kite’ string was dry at the end he was holding for insulation while allowing rest of the string to be rained on to provide conductivity.³ Franklin assumed that the key attached to the string and then connected to a  jar was accumulating electricity from the bolt of the lightning, a fact that was correct. During the experiment, visible lightening did not strike the kite. However, Franklin observed that strings attached to the kite were repelling each other thus concluding that there was some charging of the Leyden jar. ³

³Vladimir, Rakov & Martin, Uman. Lightning: Physics and Effects. (London:Cambridge University Press, 2007)  656.

Conclusion

            At the end of his experiment, Franklin claimed to have received a shock that was mild afterwards when he moved his hand towards the key. He then deduced that the lightning had ultimately charged the Leyden jar and the key with negative charges. This was proof that lightning has an electric nature. Franklin feared that his experiment was bound to fail and thus be ridiculed. That is the reason as to why during the experiment he took his son only and his publishing of the results of his experiment is in third person.

 Bibliography

Brands. (2010) The First American: The Life and Times of Benjamin Franklin. Random House Digital. p. 390.

Leo, Lemay (2008). The Life of Benjamin Franklin: Soldier, Scientist, and Politician, 1748-1757.  Pennsylvania : Pennsylvania Press. p. 245

Vladimir, Rakov & Martin, Uman ( 2007). Lightning: Physics and Effects. London: Cambridge University Press. pp. 656.

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