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Economics

Schumpeter: Creative Destruction. 1942

The following excerpt is Chapter 7 of Joseph Schumpeter’s book “Capitalism, Socialism, Democracy, originally written in 1942. It describes Capitalism as an evolutionary process, with continuous creative destruction of old structures. The theories of monopolistic and oligopolistic competition and their...

/ April 18, 2017

Market Mechanism Explained

It seems to be fairly simple, but it raises many questions. To start with: Did Adam Smith describe a law of economics akin to a natural law, or is the market mechanism only a model or idealization that describes an...

/ April 27, 2014

Milton Friedman: Stockholder Theory.

The Social Responsibility of Business is to Increase its Profits Article by Milton Friedman (Quoted from: The New York Times Magazine, September 13, 1970.) When I hear businessmen speak eloquently about the “social responsibilities of business in a free-enterprise system,” I...

/ December 31, 2013

World Economy, 2012

I am preparing a class on Business and Philosophy, and in this context I am surveying key statistics of the world economy. Our world is shaped by economic trends and developments, and some of these numbers are really interesting. The...

/ November 12, 2013

China

China is one of the most dynamic and interesting countries today; it’s emerging power will shape the 21st century. Here are some facts about the country that I find useful to understand it better. Population China is the largest country...

/ November 5, 2013

Economics

Economics is a social science that analyzes the production, distribution, and consumption of goods and services. In this definition, Economics is one of the more fundamental sciences, because it examines the material reproduction of societies. Since it’s object is very...

/ October 31, 2013

Russia

Russia has an estimated population of 142 Million in mid-2013, with a slightly negative growth rate. It is geographically the largest country in the world, with 1.8 times the size of the US. This means that it is very sparsely...

/ October 28, 2013

Marx: Commodity Fetishism

The Fetishism of commodities is explained in Section 4. of Chapter 1 of Capital: A commodity appears, at first sight, a very trivial thing, and easily understood. Its analysis shows that it is, in reality, a very queer thing, abounding...

/ November 17, 2011