Turkey

In the markets?

No. It seems you’re talking about the micro/neo-classical perspective, the one that says that all economics is is allocation of scarce resources.

Anyway, this perspective is concerned with allocation, so it would still have significance in your scenario. Also, human wants are generally assumed to be non-satiated (never completely satisfied), so the excess of resources would still not be enough, unless they are infinite.

But anyway this is only one perspective on economics. I consider the issues of (evolving) production, growth and living standards just as important as allocation of scarce resources.

…and…now we live in a world where you can’t trust your banker or your real estate agent or your accountant or your government for that matter.

It is finance they need to learn, economics is not useful unless you know a lot more than can be taught in one class.

Towns grew up very slowly. For defense they were surrounded by stone walls. Narrow streets wound around a hillside, or about a castle or cathedral, or along a harbor’s shoreline. Upper stories of buildings were often built out over a street to save space. Industrial life was conducted along very simple lines. A shoemaker, for example, bought his leather in the weekly market, took orders from his customers, and made the shoes and sold them in the front of his house, and used the rear or an upper floor as a dwelling.

In larger places, townsmen gradually secured privileges, such as the right to pay a town tax instead of rendering individual services to a lord, and the right to have their own town government. Most towns were little more than villages. As late as 1250, London probably had only about 25,000 people; the two towns next in size, York and Bristol, each about 10,000; and most of the towns of England, from 1,500 to 4,000. In places on the Continent, and especially in Italy, in southern France, on the Rhine River, and in parts of the Netherlands, towns were much larger and more influential than in England, but even in these regions, the great revival of town life and the general expansion of trade beyond local limits were distinctive features of the age of the Renaissance.

When merchants attempted to carry on trade beyond the interchange of goods between local villages, towns, and markets, they met many difficulties. Guilds, which were organized for purely local trade, were usually hostile to outsiders. Londoners, for example, were regarded as foreigners at Bristol. The disorder of the long-continued invasions was followed by almost constant fighting between the feudal lords. Rulers were interested not so much in encouraging trade as in exacting tolls and taxes.

During this period, there were few good roads and bridges, and only a small number of lighthouses or other aids to navigation. Goods were carried mostly by pack-horse, sailboat, and rowboat. Geographical ideas were vague and commonly erroneous. Storms, floods, fires, pestilences, and other acts of God were dreaded less than the acts of robber barons and of pirates. There was no dependable system of money. Credit was little used, and weights and measures as well as coinages were matters of local arrangement. Added to all these difficulties, crude methods of production and transportation limited the available surplus of goods for sale.

In view of these conditions, there was a remarkable growth of towns and expansion of trade in the 14th and 15th centuries. The first, or medieval, phase of this expansion was connected with the Crusades. Knowledge of new goods and of new opportunities for trade and adventure in the Middle East and Far East was brought back to Europe by the crusading knights, stimulating a keen desire that resulted in the discovery of methods to overcome obstacles in the way of distant trading. (See also Crusades.)

Guilds and town markets were merely local. How did goods from one region find their way to other parts of Europe or to more distant countries? An old English law refers to “pedlars, tynkers, and petye chapmen.” These men visited markets and fairs and went about the country in large numbers, selling such goods as “pynnes, poyntes, laces, gloves, knyves, glasses, and tapes.” They were “a jovial race,” seeking success “through fair speech and enticing words.”

In addition to “petty chapmen,” there were regular merchants and their agents, many of whom not only visited the principal fairs and towns in their own countries, but also bought and sold in the marts of distant places. They often acquired considerable wealth, and by interchange of ideas and customs built up a set of practices known as the “law merchant” for regulating European trade—including transactions at fairs as well as trade by sea.

Start of Banking Systems

Some of the wealthier merchants were also bankers. They loaned money to landlords and rulers as well as to businessmen, and found ways to overcome the medieval objections to interest, or usury. They bought and sold at a profit different kinds of coins—a business called money changing. They came to be so well known not only at home but also in other parts of Europe that they often acted as agents in handling accounts as well as goods. If A in Germany owed B in Italy for a consignment of goods sent north, and if C in Italy owed D in Germany for goods sent south, credit arrangements resembling modern bills of exchange were handled by bankers such as the Fuggers of Augsburg or the Medici of Florence, so that it was not necessary to send much cash back and forth. The bankers introduced, in a crude form, the writing of insurance policies. Their notes and credit papers were so widely recognized that they circulated to some extent as money. Thus, in the early expansion of trade, were the beginnings of our financial system.

Merchants had little protection from robbers, pirates, and other hazards of travel. Partly for protection and partly for companionship, they traveled in groups, employed guards, and sent out their armed boats in fleets. Many associations or companies were formed for a single voyage or particular occasion. In some cases, permanent groups or corporations were formed. In England, for instance, the Merchants of the Staple handled staple goods, such as wool, tin, leather, and lead, and were required to ship them from certain “staple” towns in England to a “staple” town on the Continent. Later, the Company of Merchant Adventurers was formed to deal more largely in manufactured goods, especially woolens.

These companies received charters of incorporation, with various rights and powers. They were “associated” or “regulated” companies. The members carried on trade on their own accounts, with the protection and the regulations of the company. First in Italy, and later in other countries, some of these groups became joint-stock companies. The selling of pieces of paper representing shares of ownership and interest in an enterprise has come to be the principal method of financing business undertakings.

In Venice and some other cities, ships were owned by the town governments. These governments sent out consuls, established trading centers, and made treaties. There were leagues of governments such as the Hanseatic League of North German cities (see Hanseatic League).

It served in place of a central government though it had no constitution. In Western Europe, strong central governments were growing up. When trade shifted westward in the 16th century, national, rather than town, governments formed the political basis for commercial and colonial expansion.

do you agree with me that economics is more and more modern? it helps our life beter? should we modernize economics in industry or agriculture?in your opinion, how is a country having developed economics? it must be an industrial country? what do you think about economics in VIETNAM?

Your question covers many areas. Many nations in the world are trying to modernize their economies, including Viet-Nam. A country can achieve development by may ways – through agriculture, industry, services or trade.

CC

I am a business major and I want to make the most amount of money possible. Which jobs can I get with a finance degree and which jobs can i get with an economics degree? thus, which job form which degree will pay more. A friend of mine from Harvard is an economics major and he said he can start out at 400,000 a year and make his way up to 5million a year as an adviser. Can someone help me out here.

I think your friend is lying. You don’t start at $ 400,000, but you might eventually work up to that salary or maybe even more.

You would be more like to make $ 5 million with a big investment bank with a degree in finance rather than exonomics if any are still hiring after the bailout.

I am a business major and I want to make the most amount of money possible. Which jobs can I get with a finance degree and which jobs can i get with an economics degree? thus, which job form which degree will pay more. A friend of mine from Harvard is an economics major and he said he can start out at 400,000 a year and make his way up to 5million a year as an adviser. Can someone help me out here.

I think your friend is lying. You don’t start at $ 400,000, but you might eventually work up to that salary or maybe even more.

You would be more like to make $ 5 million with a big investment bank with a degree in finance rather than exonomics if any are still hiring after the bailout.

The banking system has become insolvent. The problem is so large national government do not have the means for a quick fix.

Should wealthy nations be required to share their wealth among poorer nations by providing such things as food and education or is it the responsibility or the governments of poorer nations to look after their citizens themselves?

Should is an interesting word.

Do human beings from wealthy countries have a responsibility to help their fellow humans in poor countries? Yes.

Who should effect this help, governments or individuals?

Classical liberalism says that the individuals are the ones to do this. Welfare liberalism states that the government should help the people within their borders. I have not seen an ideology that supports supra-national agencies ordering richer countries to share the wealth.

Is there a limit to individual action? Surely, but it is still the best option for protecting the freedom of people to act or not act to help others. Of course, my opinion might be different if I lived in an undeveloped part of the world.

Hope this helps,
Good luck!

What is the importance of communication in today’s world?
I need an introduction and other matter. I have the information for Postal and telecommunications, but i do not know how to start and end the essay.
It is for 750 words, and so far i hav got only 300.

Thanks for the help,

Why is communication important? We need it to convey information when the need arises, such as answering an economics project regarding the importance of communication.

You could first state that communication affects everybody’s lives, (giving a general viewpoint) before moving on and focusing on the particular aspect which you are seeking to write about (presenting the micro viewpoint)

What is free luch mean to you. Do you agree in this world have free lunch?

This phrase describes one of the basic principles of economics, opportunity cost. An opportunity cost of doing something during a period of time is equivalent to the value of that period of time. That value is determined by what you could make of that time, be it working and making money, sleeping and getting rest and such which all have benefits, be they monetary or not.

There is no free lunch because you spend time eating that lunch. You pay the opportunity cost (of not doing anything else) to eat that lunch.