·What is Economics? (Discuss definitions of types, discuss definition of social science)
It’s a branch of knowledge that examines trade, the production, consumption, distribution, and transfer of wealth (goods and services transacted by money). Economics is more of a social science, meaning that it’s a scientific study of human society and social relationships. As Lionel Robbins defined economics: “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” There are different kinds of Economics, in fact, there 4 main types of economic systems, which are: 1) Traditional Economy. 2) Market Economy. 3) Command Economy. 4) Mixed Economy. Firstly, a traditional economic system is a family/community based system, it relies on traditions and rituals to make its choices. Secondly, a market economic system is an individual/consumer based system, it relies on the consumption choices of consumers. Thirdly, a command economic system is a centrally controlled system, all decision and regulations are made by the government. Lastly, a mixed economic system is a one that incorporates come governmental involvement into a market based economy.
·What are problems with economics as a field of study? (ceteris paribus, assumptions of the model, rational actors, maximizing benefits…)
When looking at economics as a field of study, it is so broad and wide, and a lot of the difficulties that economists face is that the field of economics is rapidly changing, and that’s why economist have to use ceteris paribus in making models. Ceteris Paribus is when they make hypothesis as if all conditions are remaining the same, which is never accurate and could never be because as I mentioned before the field of economics is always in rapid change. Also, when setting up these models, economists have to make assumptions, which are statements that are expected and accepted as true without a proof or any real basis, because the world of economics again is such a crazy world that is full of expectations because it studies the affects and effects (economic and social behavior) that deal with the near/far future.
·What are ways in which you can measure the development of a nation-state?
To measure how developed and advanced a country’s economy is, we look at global indexes that measure factors that make an economy strong and developed. According to these economic measures, countries would be described as “developed”, or “developing”. There lots of indexes that measure the development on economy, but there 3 main ones that cover them all, which are: 1) Gross Domestic Product. 2) Levels of Industrialization. 3) Human Development Index. Firstly, the GDP basically measures a country’s overall output (trade, production, services…). Secondly, the index that measures industrialization in country basically measure how advanced is it in terms of industries and production, how much products are being produced…etc. Thirdly, HDI measures national income, life expectancy and education. I honestly think that the HDI is the most essential one between all because it examines the people of that particular country. Also, there are other aspects to measure development, as Kofi Annan defined a developed country: “A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.” So looking at freedom, health, and the safety of a county could also measure development.
·What makes an economy strong?
As more economic activities happen in a country, the more its economy gets. To be more specific, I want to highlight several points that make an economy strong. First of all, Industrialization is really important in order for a country’s economy become strong and stabilized. Industrialization strengthens an economy by production, which brings more income. It also creates jobs for the citizens, which leads to more economic activity in the country. Next, the Infrastructure (political and economic systems) of a country is an important aspect for a strong and stable economy. Besides all, the Diversification of the economy is crucial to strengthen and in order for the economy not to collapse easily, even if is was a relatively strong one. Diversification is so invest in several products to reduce the risk of loss. So a diverse economy is a one that is not based on one “item” only, but more than one in order to make it more stabilized. On top of all, Trade is one of the most important “activities” to strengthen an economy, especially Global Trade, because they all bring economic growth.
·What are the different types of economies?
There are four main types of economic systems, which are: 1) Traditional Economy. 2) Market Economy. 3) Command Economy. 4) Mixed Economy. Firstly, a traditional economic system is a family/community based system, it relies on traditions and rituals to make its choices. Secondly, a market economic system is an individual/consumer based system, it relies on the consumption choices of consumers, and this kind of economic system is usually found in capitalist countries. Thirdly, a command economic system is a centrally controlled system, the government makes all decision and regulations, and this kind of economic system is usually found in communist and dictatorial countries. Lastly, a mixed economic system is a one that incorporates come governmental involvement into a market based economy, and this is usually found in most “modern” countries.
· Why is economics and trade important? How are they related?
·How can countries affect each other positively or negatively through economics or trade?
·How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth?
·How do governments and economies affect poverty whether in their own country or around the world?
·When did modern economics begin? What was necessary for this to occur?
·Who gets the benefits of economic interaction and trade?
·Are people naturally inclined to trade and create an economy? What is required for this to occur?
·How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society?
Globalization facilitates trade among nations regardless of any geographic boundaries. (Market expansions for goods and services, as well as man power). Globalization creates job opportunities, which strengthens an economy. Globalization enforces transparencies, which benefits economic development and growth.
Why Governments? What is the purpose?
As groups of people grow and population increases, some kind of order is needed, so chaos wouldn’t take over. Governments tend to provide stability, and are there to maintain order, control, provide safety, and protection to the citizens, and make rules and laws to maintain peace and grow as a civilization. When we say “Governments”, we are talking about a more complex form of some sort of system that regulates and organizes a group of people to maintain order, also establishes rules and laws (constitution) to give its citizens there rights. Back in the old days, even since the beginning of mankind and groups and tribes started to establish, order and organization was essential, also protecting them selves from foreign enemies was a concern too. So a leader would be elected, and by elected I don’t mean by the types of elections that happen today, elected as if the individual just becomes the one with the strongest voice and everyone obeys this individual naturally; and this individual has people that support him. On the other hand, a leader could be so by simply taking over. And as time passed by, and populations grew, this system has evolved and became more complex until it developed as what we call “Government”. Today, we have all different kinds of governments, from Democracy to Communism, and that is the same concept of electing a leader or to take over (in the old days). So as I mentioned before, governments are created from the nature of mankind. They are there to provide stability, safety and protection, organization, rules and laws to maintain order, regulates, give their citizens their rights, protect the people from foreign enemies. They also set up the armed services, police forces, and fire departments to protect its citizens.
List of what governments do:
· Provide for the safety and protection of the citizens
· Provides services (post office, fire protection, state and local police, armed forces)
· Provide social order
· Provide security
· Provide public services
· Provide economic systems
· Provide stability
· Make laws (constitution)
· Help prevent conflicts between individuals, groups, and nations
· Build infrastructure
Are people naturally (inherently) trustworthy (good) or untrustworthy (evil)?
Are people naturally good or evil? A question that has been asked for centuries and only theoretic answers were given. Lots of arguments could be discussed regarding this question. For example, we could say that people are naturally bad by saying that babies attempt to take toys from others until learning that sharing will earn their parents approval. On the other hand, we could say that people are naturally good, because babies are born with a feeling for love; their first feelings are to reach for a parent, and their comfort and fun-loving spirits. And even still, we could say that people are neither good nor bad, because a baby can’t reason the same way an adult can. I honestly believe that people are neither both (inherently). The society people are born in determines morals and what’s right and wrong, and people either fit into that society or don’t. It is the way an individual is raised, not the place that determines whether they are good or bad, according to their society.
Define democracy A governmental system that is ruled by the majority (whole population or all eligible members of a state), typically through elected representatives, where the majority isn’t restrained. Define Republic A state in which is ruled by law. The people and their elected representatives hold supreme power, yet, the law or the constitution limits them, and which has an elected or nominated president rather than a monarch. Do you agree with this interpretation of what a democracy is as stated in the video? I do agree with the interpretation of what a democracy is as stated in the video, yet, I don’t agree that it is not a stable form of government; democracy is not a gradual transition from limited government to the unlimited rule of an oligarchy, however, I think that democracy could gradually lead to an oligarchy. Define constitutional monarchy. A constitutional monarchy is form of government in which a monarch acts as the head of the state, but is limited from absolute power by a constitution. Constitutional monarchies usually have a parliamentary system. List if and why these countries are democracies: Before going into the list, I don’t believe that any of these countries are democracies by definition; they don't have an actual democratic governmental system. But when I say it’s a “democracy”, what I mean is that the voice of the people is heard, the people’s rights are protected, no corrupt officials are in position, and so on.
Constitutional Monarchy
Democracy? Why or why not?
Bahrain
I wouldn’t consider Bahrain as a democracy, or has any kind of democratic rule, because it is rule by a powerful monarch, 80% of the cabinet members are from the royal family, and there is a lot of corruption that happens there. Therefore, Bahrain is not a democracy.
Canada
Looking at Canada, I think it is more of a parliamentary democracy than a constitutional monarchy. The Queen does not have much power over the country; the parliament is the powerful body of the country, in which the members of the parliament are elected. The government protects the rights of the people and gives a lot of services for them. That being, I would consider Canada to be a “democracy”
Saudi Arabia
I honestly don’t find Saudi Arabia any where near democracy, the Monarch has absolute power, there is no kind of any democratic systems (electing officials, voting on laws…), Ministers are appointed by the monarch, similar to Bahrain, there is a lot of corruption that is going on, and according to The Economist's Democracy Index, the Saudi government is the seventh most authoritarian regime from among the 167 countries rated. Thus, Saudi Arabia is nowhere near a democracy.
Sweden
Same as Canada, I would consider Sweden more of a parliamentary democracy more than a constitutional monarchy; the royal power is limited by official and ceremonial functions, Parliament officials are elected, and according to the Economist Intelligence Unit Sweden is in first place in its index of democracy assessing 167 countries. Hence, Sweden is a “democracy”.
Below is all the work that my group and I did on the Econ. questions:
Graded Discussions – Economics and Government
· What is Economics? (Discuss definitions of types, discuss definition of social science)
It’s a branch of knowledge that examines trade, the production, consumption, distribution, and transfer of wealth (goods and services transacted by money). Economics is more of a social science, meaning that it’s a scientific study of human society and social relationships. As Lionel Robbins defined economics: “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” There are different kinds of Economics, in fact, there 4 main types of economic systems, which are: 1) Traditional Economy. 2) Market Economy. 3) Command Economy. 4) Mixed Economy. Firstly, a traditional economic system is a family/community based system, it relies on traditions and rituals to make its choices. Secondly, a market economic system is an individual/consumer based system, it relies on the consumption choices of consumers. Thirdly, a command economic system is a centrally controlled system, all decision and regulations are made by the government. Lastly, a mixed economic system is a one that incorporates come governmental involvement into a market based economy.
· What are problems with economics as a field of study? (ceteris paribus, assumptions of the model, rational actors, maximizing benefits…)
When looking at economics as a field of study, it is so broad and wide, and a lot of the difficulties that economists face is that the field of economics is rapidly changing, and that’s why economist have to use ceteris paribus in making models. Ceteris Paribus is when they make hypothesis as if all conditions are remaining the same, which is never accurate and could never be because as I mentioned before the field of economics is always in rapid change. Also, when setting up these models, economists have to make assumptions, which are statements that are expected and accepted as true without a proof or any real basis, because the world of economics again is such a crazy world that is full of expectations because it studies the affects and effects (economic and social behavior) that deal with the near/far future.
· What are ways in which you can measure the development of a nation-state?
To measure how developed and advanced a country’s economy is, we look at global indexes that measure factors that make an economy strong and developed. According to these economic measures, countries would be described as “developed”, or “developing”. There lots of indexes that measure the development on economy, but there 3 main ones that cover them all, which are: 1) Gross Domestic Product. 2) Levels of Industrialization. 3) Human Development Index. Firstly, the GDP basically measures a country’s overall output (trade, production, services…). Secondly, the index that measures industrialization in country basically measure how advanced is it in terms of industries and production, how much products are being produced…etc. Thirdly, HDI measures national income, life expectancy and education. I honestly think that the HDI is the most essential one between all because it examines the people of that particular country. Also, there are other aspects to measure development, as Kofi Annan defined a developed country: “A developed country is one that allows all its citizens to enjoy a free and healthy life in a safe environment.” So looking at freedom, health, and the safety of a county could also measure development.
· What makes an economy strong?
As more economic activities happen in a country, the more its economy gets. To be more specific, I want to highlight several points that make an economy strong. First of all, Industrialization is really important in order for a country’s economy become strong and stabilized. Industrialization strengthens an economy by production, which brings more income. It also creates jobs for the citizens, which leads to more economic activity in the country. Next, the Infrastructure (political and economic systems) of a country is an important aspect for a strong and stable economy. Besides all, the Diversification of the economy is crucial to strengthen and in order for the economy not to collapse easily, even if is was a relatively strong one. Diversification is so invest in several products to reduce the risk of loss. So a diverse economy is a one that is not based on one “item” only, but more than one in order to make it more stabilized. On top of all, Trade is one of the most important “activities” to strengthen an economy, especially Global Trade, because they all bring economic growth.
· What are the different types of economies?
There are four main types of economic systems, which are: 1) Traditional Economy. 2) Market Economy. 3) Command Economy. 4) Mixed Economy. Firstly, a traditional economic system is a family/community based system, it relies on traditions and rituals to make its choices. Secondly, a market economic system is an individual/consumer based system, it relies on the consumption choices of consumers, and this kind of economic system is usually found in capitalist countries. Thirdly, a command economic system is a centrally controlled system, the government makes all decision and regulations, and this kind of economic system is usually found in communist and dictatorial countries. Lastly, a mixed economic system is a one that incorporates come governmental involvement into a market based economy, and this is usually found in most “modern” countries.
· Why is economics and trade important? How are they related?
· How can countries affect each other positively or negatively through economics or trade?
· How is economics regulated? Provide examples of how governments regulate economies, control economies, or how they encourage growth?
· How do governments and economies affect poverty whether in their own country or around the world?
· When did modern economics begin? What was necessary for this to occur?
· Who gets the benefits of economic interaction and trade?
· Are people naturally inclined to trade and create an economy? What is required for this to occur?
· How are economics and globalization related? In what other ways can you see the effects of globalization and economics in a society?
Globalization facilitates trade among nations regardless of any geographic boundaries. (Market expansions for goods and services, as well as man power). Globalization creates job opportunities, which strengthens an economy. Globalization enforces transparencies, which benefits economic development and growth.
Why Governments? What is the purpose?
As groups of people grow and population increases, some kind of order is needed, so chaos wouldn’t take over. Governments tend to provide stability, and are there to maintain order, control, provide safety, and protection to the citizens, and make rules and laws to maintain peace and grow as a civilization. When we say “Governments”, we are talking about a more complex form of some sort of system that regulates and organizes a group of people to maintain order, also establishes rules and laws (constitution) to give its citizens there rights. Back in the old days, even since the beginning of mankind and groups and tribes started to establish, order and organization was essential, also protecting them selves from foreign enemies was a concern too. So a leader would be elected, and by elected I don’t mean by the types of elections that happen today, elected as if the individual just becomes the one with the strongest voice and everyone obeys this individual naturally; and this individual has people that support him. On the other hand, a leader could be so by simply taking over. And as time passed by, and populations grew, this system has evolved and became more complex until it developed as what we call “Government”. Today, we have all different kinds of governments, from Democracy to Communism, and that is the same concept of electing a leader or to take over (in the old days). So as I mentioned before, governments are created from the nature of mankind. They are there to provide stability, safety and protection, organization, rules and laws to maintain order, regulates, give their citizens their rights, protect the people from foreign enemies. They also set up the armed services, police forces, and fire departments to protect its citizens.
List of what governments do:
· Provide for the safety and protection of the citizens
· Provides services (post office, fire protection, state and local police, armed forces)
· Provide social order
· Provide security
· Provide public services
· Provide economic systems
· Provide stability
· Make laws (constitution)
· Help prevent conflicts between individuals, groups, and nations
· Build infrastructure
Are people naturally (inherently) trustworthy (good) or untrustworthy (evil)?
Are people naturally good or evil? A question that has been asked for centuries and only theoretic answers were given. Lots of arguments could be discussed regarding this question. For example, we could say that people are naturally bad by saying that babies attempt to take toys from others until learning that sharing will earn their parents approval. On the other hand, we could say that people are naturally good, because babies are born with a feeling for love; their first feelings are to reach for a parent, and their comfort and fun-loving spirits. And even still, we could say that people are neither good nor bad, because a baby can’t reason the same way an adult can. I honestly believe that people are neither both (inherently). The society people are born in determines morals and what’s right and wrong, and people either fit into that society or don’t. It is the way an individual is raised, not the place that determines whether they are good or bad, according to their society.
Define democracy
A governmental system that is ruled by the majority (whole population or all eligible members of a state), typically through elected representatives, where the majority isn’t restrained.
Define Republic
A state in which is ruled by law. The people and their elected representatives hold supreme power, yet, the law or the constitution limits them, and which has an elected or nominated president rather than a monarch.
Do you agree with this interpretation of what a democracy is as stated in the video?
I do agree with the interpretation of what a democracy is as stated in the video, yet, I don’t agree that it is not a stable form of government; democracy is not a gradual transition from limited government to the unlimited rule of an oligarchy, however, I think that democracy could gradually lead to an oligarchy.
Define constitutional monarchy.
A constitutional monarchy is form of government in which a monarch acts as the head of the state, but is limited from absolute power by a constitution. Constitutional monarchies usually have a parliamentary system.
List if and why these countries are democracies:
Before going into the list, I don’t believe that any of these countries are democracies by definition; they don't have an actual democratic governmental system. But when I say it’s a “democracy”, what I mean is that the voice of the people is heard, the people’s rights are protected, no corrupt officials are in position, and so on.