In the recent decades, the issue of employment has become considerably serious due to progressive importance of the economic world. The Foundations of Economics textbook written by Andrew Gillespie (2011) and an online text website (www.vtstutorials.co.uk) designed by John Kane (2014) have been chosen for this comparative critical review (CCR). The Labour Market chapter chosen from the textbook aim to develop readers' understandings of the labour market, similarly, the website focus on formulating the relationship between labour business and economic. The purpose of this CCR is to provide a thorough comparison of these sources and evaluate the more convincing and accessible one for students and educators to apply. This CCR is going to argue …show more content…
On the contrary, brand-new information can arouse people’s interest to study because these new messages are more related to readers’ lives. In term of the editing time, the online program probably has a slight advantage because this website was designed in 2014 while the book was published in 2011. Secondly, the subtitles of the website (Kane, 2014) contain many current issues such as gender wage differences, racial differences in earning and Ethnic differences in earnings, these information were excluded in the textbook. Nevertheless, the textbook (Gillespie, 2011) has introduced numerous events happened in last years while the online notes are short of providing real cases. For instance, this textbook (Gillespie, 2011) uses the world’s 10 most popular bands in 2012 and the wages of five top Premier League Clubs during 2008 to 2009 as two applicable examples to help scholars and students understand a subtitle named Changes in demand and supply of labour. However, the textbook indicated a case study in Earning in the UK in 2005 might be slightly outdated. In addition, after comparison, the graph and statistics in both sources are similar, and this might prove that the data are output in close time and …show more content…
After comparing in details, it can be observed that the chapter (Gillespie, 2011) is more well-organised than the website (Kane, 2014). First of all, the places of definitions in the textbook are much better than webpage. Because the textbook’s key terms are normally presented before or after relevant examples while the website (Kane, 2014) is simply separate the definitions from other supports. This organisation of definitions can highly enhance the understanding of knowledge points and improves the efficiencies of readers. Furthermore, the chapter is divided into eleven subtitles, and each of them have their own points as well. Similarly, the website is separated by eleven units which the first unit is an overall view of the whole chapter. In the textbook (Gillespie, 2011), there are several questions for putting into practice after each small topic while the website has no questions in the end. These questions can push students to consider deeply after learning every small topic. In addition, the textbook provides various checklists, review questions and key learning points at the end of the whole chapter, this arrangement is useful for scholars and students to review learned contents. On a contrast, there is no any review questions or checklist occur at the end of the website, this weakness might lead to the need of
According the book, The General Theory of the Employment, Interest and Money, Keynes argues that the level of employment is not determined by the price of labor but by the spending of money on collective demand. Also, he argues that it is wrong to assume competitive market will deliver full employment. Likewise, it is wrong to believe that full employment is natural, the self-correcting and equilibrium state of a monetary economy. In contrast, under employment and under-investment are natural states to be seen unless active measures are taken. Also, he argued that the lack of competition is not the fundamental problem and measures to reduce unemployment by cutting wages but ultimately futile. He points out that there is no self-correction property in the market system to keep capitalism going. A badly depressed economy could remain in stagnation unless some alternative of capital spending is found to revive it again. The only source of stimulation is the government. Therefore, the government...
Common Sense Economics: What Everyone Should Know About Wealth and Prosperity, written by James Gwartney, Richard Stroup, Dwight Lee and Tawni Ferrarini, explains the foundation of economics and how it all works in all aspects of our lives from the role of the government trickling down to personal credit cards and savings. This book was written with clear language for the audience to understand and comprehend the large amount of information within its condensed size. The authors’ target audience for this book seemed to be for those individuals wanting to learn the mechanics of economy including economic growth and stability. Gwartney separates his book into four parts: Part I, Twelve Key Elements of Economics, Part II Seven Major Sources of Economic Progress, Part Three Economic Progress and the Role of Government, and Part IV Twelve Key Elements of Practical Personal Finance.
The labor market entails the relations between the demand for labor, in one hand, and labor supply, on the other hand. Labor demand is defined by the amount of labor firms demand in order to produce certain amount of goods and services. Labor supply refers to the productive segment of the population that is determined by the size of the population. Within the labor market, workers can be classified as either economically active (the employed and the unemployed) or economically active. The employed encompasses people in paid employment or in self employment while the unemployed refers to people who are not working but have actively been looking for job and are willing to start work immediately. A person is classified as economically inactive if they are neither looking for work nor are they ready to start work. The labor force participation and the unemployment rate are major indicators of the health of an economy. This paper will compare the economies of the United Kingdom and Germany as well as their labor market (Shimer 2010).
J. Blink, I. D., 2011. Oxford IB Diploma Programme. ,: Economics: Course companion. Oxford: Oxford, p. 71.
“Everything we see hides another thing, we always want to see what is hidden by what we see. There is an interest in that which is hidden and which the visible does not show us. This interest can take form of a quite intense feeling, a sort of conflict, one might say, between the visible that is hidden and the visible that is present.” (Magritte)
Seldom do individuals realize the significance of acquiring a proper understanding of economics as a whole, let alone any subfields that branch off of it. Every aspect of economics is relative to another within itself, much like the roots of a tree are relative to the leaves or fruit that it bears. Attempting to distinguish between micro and macroeconomics in terms of significance to the real world is unavailing. Having a formal comprehension of this science begins with the principles and theor...
Corporate social responsibility (CSR) involves going beyond the interests of the firm and requirements of law to contribute in developing a sustainable environment and a better society (McWilliams and Siegel, 2001). Yet Vogel (2005) claims that regulation is required to ensure that companies comply with a standard of CSR. Unethical practices create negative images of organisations, however through adopting CSR; profitability may be increased through the positive image that society creates (Pava and Kraus, 1997). While Friedman (1970) argues that corporations are responsible for obtaining shareholder’s funds in a profitable and legal way, therefore not engaging in corporate philanthropy. Friedman’s view is egoistic, whereby acting to promote the greatest impact for the company compared to adopting a utilitarian approach which focuses on achieving the greatest good for the majority (Beauchamp and Bowie, 2004). Organisational performance is evaluated on three factors; economic prosperity, social justice and environmental quality (Elkington, 1997), emphasising the significance of companies adopting an ethical stance in the modern business world. This assignment will address the role ethics and CSR play in organisations through applying case studies to examine whether companies adopt CSR for the enhanced reputation and competitive advantage or the social and environmental impact. The role of regulation within CSR will be investigated due to corporate scandals and environmental disasters which raise concerns over the ethical perspective of companies.
This essay will explain the basic economic problem and the types of economic systems used to resolve the economic problem. This essay will also include an explanation of the current structure of the private and public sectors of the UK economy and the competitive environment in which organisations operate and their impact on their behaviour. By using business examples, the significance of elasticity to business organisations will be explained too.
In this essay it will first define labour market and then it will discuss the use of active labour market policies (ALMPS). The essay will begin by giving a brief definition of active labour market policies and their background internationally. This essay will then outline the Irish economy, ALMPS in Ireland and the effects of these policies in Ireland. The essay will then go on to outline the consequences of failure when a policy is not successful.
Parkin, M., Powell, M. & Matthews, K. (2008). Economics. 4th ed. Harlow: Pearson Education Ltd.
(16) We agree that fundamental theoretical research in economics cannot be effective without philosophy. «What are the prospects for bridging disciplinary boundaries and for strengthening the collaboration between economists and philosophers?» (D.Hausman.Essays on philosophy and economic methodology.-Cambridge University Press.1992, p.230)
“What does it take to be good at something in which failure is so easy, so effortless?” Atul Gawande (2007) said this in his book Better referring to the medical field, but that question can be used in the context of many fields, specifically education. The question of what it means to be an expert at teaching has taken on some urgency in the effort to reform public education (Sternberg and Hovarth, 1995). Theories of expert teaching vary throughout the educational community (Shulman, 1987; Sternberg and Hovath, 1995). Sternberg and Hovarth (1995) state that a model must be developed in teacher expertise to those teachers who are expert at teaching students from those who are merely experienced at teaching students.
Tragakes, E. (2012). Economics for the IB diploma (2nd ed.). Cambridge, UK: Cambridge University Press.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
Sullivan, A., & Steven M., (2003). Economics: Principles in action. Upper Saddle River, New Jersey : Pearson Prentice Hal