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Running Head: Economic Laws

Economic Laws Janetbea Mitchell Grantham University

Running Head: Economic Laws

Economic Laws

bstract !roblem 12 "or cha#ter two #resents some very good $uestions% &his #a#er will attem#t to answer them to the best o" my ability% 'or instance( it will address the sub)ect o" the universality o" laws% re they really universal* +o they a##ly to &hird ,orld nations* lso( should all governments be democracies* -n this #a#er( - will also identi"y what - "eel to be universal human rights that should never be violated and address the sub)ect o" en"orcing #ro#erty rights and how% .eyond these sub)ects( - will also try to identi"y whether or not the #oints covered in this cha#ter a##ly to the #oorer nations o" the world%

Economic Laws

Economic Laws Economic law is certainly an e0am#le o" how diverse the thin1ing o" #eo#le can be( while at the same time being an e0am#le o" how there are certain as#ects o" li"e on this #lanet that saturates society and is undeniable% &he controversy that arises over many o" the things said on the sub)ect o" economics can certainly be understood( but when it comes right down to it( there are many things that are universal and undeniable too% 'or instance( - do not subscribe to the idea that there are no universal laws% &here are too many things that are sta#les o" human e0istence on this earth "or me to deny their universality% -n the strictest sense there are many e0am#les o" universal laws in nature% &he law o" gravity is one% -n economics( - believe it to be a universal law that man1ind is constantly loo1ing to im#rove itsel"% s mentioned in this cha#ter( we are "orever moving "orward% n e0am#le is when we begin to run out o" one resource( we always "ind another one to re#lace it( or a way to wor1 around it% 2o man1ind is constantly moving "orward( trying to better itsel"% &he same a##lies to human rights that we are "ocusing on in this #a#er% &here are certain rights that are universal and sim#ly undeniable% 2uch rights would include the rights mentioned in the instructions "or this #a#er( such as "ree s#eech( religious choice( and the right to a "air trial% .ut - believe there are many more( including the right to #ursue a li"e course that will ma1e you ha##y( the right to not have your li"e ta1en "rom you( and the right to ma1e your own #ersonal choices% 3ertain other things - also believe should be considered a universal right( such as the right o" ownershi#% - believe that everyone should have the o##ortunity to obtain certain things they desire and not have to worry that they will be ta1en away% &his thought brings us to the sub)ect o" #ro#erty rights%

Economic Laws

- "eel that it is the res#onsibility o" every government to ma1e its citi5ens "eel sa"e% #erson should 1now that the things they have wor1ed "or and now #ossess will not be ta1en "rom them% -" any attem#t is made to do that( it is the res#onsibility o" the government through its law en"orcement agents and its courts to ma1e sure that this basic right o" ownershi# is #rotected% -" it6s not en"orced( then #eo#le begin to "eel there is no reason to wor1 "or anything since it can be ta1en away at any time% ,hen this ty#e o" thin1ing #ervades the #o#ulation then that society has ta1en one huge ste# towards sel"7annihilation% brie" loo1 at history would su##ort this one

#rinci#le o" economics% ,hen the #eo#le o" any society have not been a""orded the o##ortunity to own #ro#erty and to have that ownershi# #rotected( that #articular government or society has always ended u# a "ailure% 2o - believe it should be considered a universal law and not )ust a #rinci#le o" economics that #ro#erty rights should be en"orced% ,hen governments do their #art( they can( not )ust im#rove the economy( but they can assure the continuation o" their way o" li"e% &his does not mean necessarily that every government has to be a democracy in order to succeed% &here have been #lenty o" e0am#les o" 1ingshi#s and other monarchies or oligarchies and even theocracies 8God7ruled9 societies that have "lourished( but only as long as they res#ected basic human rights( among them( the right o" ownershi#% :nce that disa##ears( a government may last "or a while and seem to be even stronger( but it is an illusion that soon comes crashing down% 2o - "eel that it is o" vital im#ortance that #ro#erty rights( among others( should be en"orced everywhere% &he $uestion was also #osed as to whether - believed that there were laws in this cha#ter that would not a##ly to &hird ,orld countries% - do not believe there are any that would not a##ly% - do believe that there are some things tal1ed about that cannot be "ully reali5ed as o" yet in these countries( but given an e$ual o##ortunity as 'irst ,orld countries( - believe that

Economic Laws

everything would a##ly to them e$ually% -t does now% -t is )ust that in some #laces the #eo#le are so #oor as to not have the o##ortunity to convert resources into things o" use and value( to e0#erience the cost o" distribution( or be able to a##ly recycling technologies to 1ee# our air clean% .ut given the chance( - believe that the same words s#o1en here that a##ly to us( would a##ly to any &hird ,orld country% .ut( on the other hand( i" the $uestion was meant to address them in their current condition( then - would have to say that no( it is im#ossible to a##ly much o" what we have said too many o" them% -t would be hard to e0#ect a society o" #eo#le who are so hungry they cannot get out o" bed( to be able to institute recycling centers "or waste that does not e0ist because there is no manu"acturing ta1ing #lace% 2o in unusually e0treme circumstances( i" the $uestion is not a##lying in general( but to this s#eci"ic date and time( then it would be hard to see how many o" the things said in this cha#ter could a##ly to these #oorer nations% -n conclusion( - am o" the o#inion that the &en !rinci#les o" Economics do a##ly to any nation that is success"ul% - also believe in those #rinci#les too 8 <GELl Learning( 2=1>9% -" a##lied on an international scale it would go a long way to assisting &hird ,orld nations out o" their dire situations and hel# them to begin to e0#erience the bene"its o" a strengthening economy% 'or instance( i" more develo#ed nations were willing to invest in the "uture o" the #eo#le in these under7develo#ed lands( they could #rovide them with incentives to wor1 and to ma1e use o" their natural resources or o" goods brought in( to start creating their own #roducts that could be used "or trading% &his could lead to the creation o" mar1ets and to a develo#ing and strengthening economy% 2omebody )ust has to be willing to ta1e the "irst very big ste# and everything we read about in this cha#ter could one day a##ly "ully to every nation around the world%

Economic Laws

Re"erences ANGELl Learning% 82=1>( +ecember ?9% Retrieved "rom . 4/= Managerial Economics: htt#s:@@angel%grantham%edu@section@de"ault%as#*idA. 4/=2=1>/B/B1?> 21ousen( M% 82=1=9% Economic Logic Revised Third edition. ,ashington: 3a#ital !ress%

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