Deals With Performance Geographical Location-Myassignmenthelp.Com

Question: Discuss About The Deals With Performance Geographical Location? Answer: Introduction Economics, as a subject, deals with the performance of a geographical location, in terms of the productive activities, which are measured in terms of demand and supply forces, in monetary terms. Over the years, the subject had undergone huge changes and dynamics with respect to time and place. The essay tries to discuss the different aspects of the Christian worldview of the subject, economics and their applications in the field of the subject Economics. Economics is widely known as a subject of scarcity and allocation. The primary problem, which economists deal with, is that every resource in the world is limited. Given this scarcity constraint, the primary challenge of the subject becomes efficient utilization and fruitful allocation of all the human resources management present; to achieve best outcomes in welfare and productivity terms (Barnett and Morse 2013). The essay discusses the different aspects of the Christian worldview and their applications in the field of the subject Economics. This worldview tries to seek relevance of the current day economic situations and incidents with the ideas of a society given in Bible and tries to provide solutions or suggestions regarding the eradications of those problems, according to the Biblical principles (byFaith, 2017). The purpose of this essay is to further elaborate the different aspects of the applicability of the Bible-based worldview in the current day economics and to find the connection, if any, of this worldview with the contemporary economic crisis. Christian Worldview of Economics According to the Christian school of thought, the problems that humankind faces in the current days are a result of the failure or the fall of man himself. Christ-based worldview suggests that men were given the role of supervising the creations of God. However, with due course of time, greed and unethical ways of doing things to achieve materialistic pleasure, took away the title of stewardship from men (Kim, McCalman and Fisher 2012). Economics, as a subject of science, started losing the ethics and the strong spiritual background it had in the past. This school tries to bring back the ethics in economics, keeping parity with the spiritual foundation they have. The Christ-based view of economics has several aspects, few of which are discussed as follows: The primary aspect of the Christian school of Economics is that it is a supporter of Capitalism. The general notion of Capitalism though does not go with that of the standard notion of equity and welfare, the Christian school of thought differs. According to this view, it is not just to distribute the fruits of hard work of a few capable people among all the people of an economy, including the non-productive ones, in the name of equity and over-all welfare, the latter being the key component of Communism (Maritain 2012). The Christian school argue that God allocated only that much of facilities to people, which they deserve according to how much work they have done (Shaharir 2012). They draw reference from the incident of failure and starvation of the pilgrims Plymouth Rock, America, 1620. It is mentioned in the Bible that the pilgrims tried to set up a society resembling the communist pattern which failed because the hard working class lost their interest to produce more because the ir hard earned fruits from labour had to be shared with the non-working class, thereby resulting in an over-all down size in the production level. This aspect though sounds a little rude on the society as a whole, does hold relevance in current economic scenarios as well. Common property resources are always a matter of debate and exclusion (Mahanta and Das 2012). For example, if there is a common grass field for gazing of cattle in a particular village, all the villagers are entitled to the facility. However, grass is not abundant and the consumption of grass of one portion of the field by ones cattle automatically reduces the share for other persons cattle. Every economy across the world experiences the problem of Free Riders, especially in the public sector (Battaglini, Nunnari and Palfray 2012). The taxpayers money used to develop infrastructures of a country benefit the non-tax payers as well, thereby reducing the willingness of the taxpayers to contribute to the economy. Merit goods like education, though should be ideally provided to every citizen of an economy by the government often faces lack of sufficient number of p roviders due to this problem of shared welfare. The Bible-based view of economics understands that production is a significantly important ingredient of the subject. In fact, it is the key focus of economics. Production should be based on the needs of human beings and the products should be available to those needing them, at affordable prices. Keeping that in mind, the Christian school of economics argue that production should be done keeping in mind the business perspective as well. Production should create profit or surplus, even after compensating the factors participating in the process. This profit is an important constituent of future expansion of production as well as the growth of the future economy. The second aspect of this school deals with the profit angle of production. This notion of profit in business is highly applicable in the study of economics. Profit serves as an incentive to the producers and increases their willingness to invest in production process (Mel and Schlag 2015). In many cases, the will to earn more and more profit does pose welfare problems in the economy, in the form of under-payment or unethical over-utilization of the other factors that are participating in the production, especially labour. In spite of that shortcoming, profit remains one of the key incentives among the investors to invest and produce. Another significant aspect o this worldview is its concept of scarcity. Scarcity is always treated as the primary problem of the subject of economics. As discussed earlier, all the important economic decisions of a country or any individual depends on how much resources are present, what are the needs to which these resources should be allocated and how much of the resources to be allocated to which sector of need. The overview of this problem will give a notion that scarcity is bad and driving out scarcity will lead to solution of all the economic problems worldwide. However, the Christian school differs from this perspective. According to them, poverty is the real economic hurdle scarcity is not. God wanted men to face scarcity along with free will to choose. This means, in the face of scarcity only, human beings learn to acknowledge the true value of resources and use them judiciously to produce as much as possible. Had all the resources been abundantly present in a society, people would not have felt the urge to be productive at all, thereby leading to the downfall of the society (Claar and Clay 2015). This aspect too, like the previous two, holds true to some extent in study of economics nowadays. Inefficient utilization or abundant wastage of economic resources invariably leads to a constantly degrading economy with deficits in every sector. Poverty, inequality, lack of provisions to meet bare necessities and under-development are all by-products of inefficient production directly or indirectly (Stapleford 2015). Conclusion It is evident from the above discourse that though the Biblical worldviews are dated centuries back, they still hold much relevance in the current day world; at least as far as the subject economics is concerned. Most of the principle and foundations of this school of thought tries and explains the real life economic issues to considerable extent, not compromising with their spiritual way of thinking. It may be true that economic problems are far complex and the degree of their complexity has been ever increasing with time. Even then, the Christ-centred, Bible-based worldview has not completely lost its applicability in the field of economics. Modifications specific to current world, incorporation of new ideas and theology in this school may lead to a robust foundation of an entirely new outlook of studying economics in due course of time. References Barnett, H.J. and Morse, C., 2013.Scarcity and growth: The economics of management resource availability(Vol. 3). Routledge. Battaglini, M., Nunnari, S. and Palfrey, T., 2012.The free rider problem: A dynamic analysis(No. w17926). National Bureau of Economic Research. byFaith. (2017).Christianity and Economics. [online] Available at: https://byfaithonline.com/christianity-and-economics/ [Accessed 29 Jul. 2017]. Claar, V.V. and Klay, R.J., 2015.Economics in Christian Perspective: Theory, Policy and Life Choices. InterVarsity Press. Kim, D., McCalman, D. and Fisher, D., 2012. The sacred/secular divide and the Christian worldview.Journal of Business Ethics,109(2), pp.203-208. Mahanta, R. and Das, D., 2012. Common property resources degradation and migration: a case study of Assam.Journal of Human Ecology-New Delhi,38(3), p.223. Maritain, J., 2012.Christianity and Democracy, the Rights of Man and Natural Law. Ignatius Press. Mel, D. and Schlag, M. eds., 2015.Humanism in economics and business: Perspectives of the Catholic social tradition(Vol. 43). Springer. Shaharir, B.M.Z., 2012. A new paradigm of sustainability.Journal of Sustainable Development,5(1), p.91. Stapleford, J.E., 2015.Bulls, Bears and Golden Calves: Applying Christian Ethics in Economics. InterVarsity Press.