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Monthly Archives: July 2014

Middle Ages Economics as a product of moral and political dogma rather than economic thinking

The middle ages covered a period of about one thousand years. Although scholars tend to disagree on the exact dates it’s believed to have extended from the fall of the romans in AD 476 to about 1500. A lot of scholars have come to believe that economic thinking in the Middle Ages was highly dominated by moral and political dogma rather than economic thinking. This they said because of the so many doctrinal backgrounds upon which this particular school of thought and its disciples advocated. Discussing the reason for this believes we shall be focusing our discussion on Thomas Aquinas a major intellectual of this school of thought. He personally made contributions to just price with respect to selling and buying, profit making and loans. Aquinas particularly said all goods must be sold at just price; a price defined as sufficient to maintain the seller at his customary standard of living. he also spoke of wages basing his argument on the Christian principle that states a labourer as being worthy of his labour but the wage must also be the just wage which is simply the wage that can keep the worker healthy to maintain his standard of living and level of contribution to production.
This school of thought chaired by Aquinas saw poverty as a catalyst for sin and crimes, at such it’s obvious that they were maintaining peace and order in that era based on religious a dogma that anyone who commits sin was heading to hell. People coexisted purely with the church administration because they were given a reason to live which was the end of times i.e making it to heaven and not hell. These religious doctrines guided all their actions in this era.
In buying and selling for instance it was believed that bargaining may tend to the advantage of one party which may result to the disadvantage of the other part. This singular act was regarded as an abnormality in divine law. Its reckoned unlawful if the equality of justice is not observed in buying and selling as its stated that he who had received more than he ought to must compensate the person that suffers the loss. This just price ideology was actually problematic as a little addition or substitution will bring about deviation. Laws like making restitutions were made and strictly followed in this era so a deviation from the supposed just price does not only render a person guilty of fraudulent sales, it also meant the person must make restitution.
Profit making was also controversial in this era as it was regarded as a means for satisfying the human greed which was discovered to have no limit and at such tends to infinity. Any trade that brought about exchange of money for money or any good sold for money but are not regarded as a necessity of life was regarded evil. This meant a seller luxury goods for instance sinning against the divine laws.
Loan issues were not left out as the discussed the sin of usury. Usury is a religious term used when loans are given out on interest. Just as we have earlier pointed out money was invented for the purpose of exchange and not for making more money according to this school of thought so interest on loans was seeing as unlawful.
All this issues discussed above were certainly being discussed from a constrained circumstance of religious dogma and political autocracy as the church was the governing body of all forms of trade in that era. The church being so wealthy was able to implement their own laws on the national economy. The result of these result of this far reaching thought led to the development of a new economic order.

 
 

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ECONOMIC DEVELOPMENT AS A FUNCTION OF LABOUR DEVELOPMENT

The concept of economic development has
being the major pivot of every nation at
such they all use possible instruments at
their disposal to either boost their economy
or stabilize their economic position.
Unfortunately many nations focus on
developing the other components that
facilitates economic development without
putting adequate attention on the major
manager of the economy which is labour. Is it
possible for a car to move without a driver?
Labour development is a crucial necessity
that every developed or developing nation
need to either remain developed or attain
their desired level of development
respectively. As a matter of fact every other
factor of production which is the mother of
development is either created or managed by
labour.
Is it capital,land or entrepreneur. All these are
subject to labour control for effective
utilization and maximization. Labour is
entrepreneur,labour produces capital, labour
uses land for production so its obvious that
labour is the base of production hence
development base. At such the fastest way to
boost development is to develop labour

 
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Posted by on July 26, 2014 in Uncategorized

 

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AGRICULTURE AS A NECESSARY FACTOR FOR INDUSTRIAL DEVELOPMENT IN DEVELOPING COUNTRIES(NIGERIA)

The basic,reason why some developing
countries are still in the lower region of
development today is not necessarily because
they lack resources but that they fail to utilise
and maximise them. Amongst such resources
available to some developing countries is
agriculture.
Agriculture though limited to some developing
countries is the basis upon which a lot of
industries can evolve. First of all it starts with
the Agro-alied industries whose major raw
materials are from Agriculture. And as we
know the Agro-alied industries will require
machines which will necessitated the need for
mechanical industries. Its also obvious that
social amenities like Electricity,transport
mediums(good roads, airports,railways and
well dredged water bodies), Health amongst
others will find their way into the host society
either through the public sector or the private
sector.
The rising industries generate revenue for the
government due to taxation and the
companies exportation process helps bring
about a positive balance of payment
Security also becomes a priority in such an
area because of need for protection of the
companies machines and even private
properties
Employment is not left out as both skilled
(educated) and unskilled(uneducated) labour
are required by the companies for either
production,management,distribution and
maintenance
Talking about service industries,the media is
bound to improve to facilitate information to
the external societies. Hotels and restaurants
of international standards are built to meet
the demand of foreign investors who may visit
such areas and even education is bound to
improve.
All this owe their credit to agriculture but
how many countries are viewing agriculture
from this angle? Agriculture is a neccesity for
any developing country that supports it to
reach the level of being called developed.

 
 

MARKET STRUCTURES

Market in the first place is any arrangement
that provides a medium for exchange or trade
between buyers and seller.Market structure in
the same temple is simply the number
composition of either of the diffrnt market
agents(buyers and sellers) in the market and
their type of operations. They include;
* Oligopoly: here there are few firms in the
market dominating the market share majority
together.
*Oligopsony:here there are many producers
with relatively few consumers compared to
the number of producers. *Duopoly: is when
only two firms exist in the market and they
both control the market share together.
*Monopoly: here there is only one producer
of a particular product which gives the
producer opportunity to influence price at
will.
*Monopsony:its the opposite of monopoly,its
when there is only one buyer or consumer of
a particular product with many producers in
the market.
*Monopolistic competition: this is
synonymous with competitive market.there
are many firms in this type of market with
each having a small propotion of the market
share
* Natural monopoly: is when a firm in its
single capacity cam meet the demand of the
whole market at a minimal cost compared to
two or more markets meeting the same
demand.
* Perfect Competition: as the name implies,its
a market with all the best of human fantasies.
No barriers to information on both the sides
of the buyers and sellers. Free entry and
unlimited number of consumer and producers
exist. It has a perfectly elastic curve.
This type of market is actually on realistic. Its
theoretical. The above markets type are the
major market structure types attainable.

 
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Posted by on July 25, 2014 in Uncategorized

 

TURNING POINT

For every man that ever made or will make an
impact on the surface of this earth there is a
turning point. Considering the fact that no
man is born a hero,there exist a particular
point ín life where every human being comes
face to face with what i call the destiny jet
(pre-motion decision) and the action and
reaction you make at this point determines
your success or failure in life. You may have
being there or not but one thing is certain,
that after the official visit of this destiny jet
which everybody is entitled to it takes the
grace of God for it to come back to whoever
has failed to board the jet. In simple words,
life is well planned for you but there comes a
time where you choose to flow through the
well planned life for you or deviate to a
contrary life of undue hardship and failure at
different instances. Which decisions have you
made and which decisions are you making
now. There is still a place of grace to trace
you back to your right track should you have
made decisions amiss in the past. Turning
point exist in any situation that has to do with
time,find your turning point and maximize it
now for there your story changes.

 
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Posted by on July 21, 2014 in Social Articles, Uncategorized

 

Understanding The Concept of TIME!

A man who must ever become a wonder to his
world must be ready to acknowledge the worth
of time and efficiently maximise the little or
much available to him. Its only ignorance and
negligence that can make anybody feel that he
or she has got sufficient time at their
disposal. As a matter of fact if you don’t die
which is actually our desire, you will get old.
This means every existing human being is
subject to either of this constraint and at such
we must be ready to work at achieving the
best from which ever time is made available to
us. You must not wait for tomorrow to start
what you can do today. The earlier you start
Woking at achieving your dreams the better.
The shortage of time can be seeing in
situations such as the inability of a woman to
give birth after menopause, the fact that every
thing that start must end,the inability of man
to remain a child for a lifetime, the tenure
system in leadership positions amongst
others.
Considering this constraints we ought to
constantly reawaken the need for effectiveness
in any condition we find ourselves per time
else we will loose relevance in the place of
destiny and fulfilment.
Finally we need discipline,contiousness and
diligence to understand and work with time.
Time is short but can be effectively
maximised,start now!

 
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Posted by on July 21, 2014 in Uncategorized