Compare and contrast the views of Smith and Ricardo on the Essay

Compare and contrast the views of Smith and Ricardo on the determination and possible evolution over time of the natural rates of wages, profit and rent - Essay Example It is worth mentioning that the â€Å"natural prices† of the aforementioned criteria, i.e. profits, wages and rents are further examined to fluctuate in accordance with the varied circumstances in the job market scenario. According to the viewpoints of various economists, it has been noted that the â€Å"natural rates† of rent, profit and wages are likely to be continuously changing due to the presence of a huge number of buyers as well as sellers and also because of the increasing market competition. Subsequently, various theories have been developed in order to examine the determinants of production function in an economy which is further believed to steer the overall growth rate in that particular nation1. Among the commonly applied theories, the most influential and certainly the most debated theories have been the growth theory of Adam Smith and David Ricardo. In this paper, the views of two economists i.e. Adam Smith and David Ricardo upon the subject matter of the determination as well as the possible evolution over time of the â€Å"natural rates† of rents, wages and profits will be analysed and compared. Adam Smith, the world renowned economist and philosophist of the 1770s, stated that the conception of â€Å"natural rate† is principally described as the price which is offered to any particular commodity in order to yield a significant portion of revenue. As per the growth theory of Adam Smith, governments play an imperative role in the determination as well the possible evolution of the â€Å"natural rates† of wages, profit and rent over time. In this similar context, Smith strongly believed that the government of any particular nation must enforce effective contracts and simultaneously grant copyrights as well as patents for the purpose of promoting new inventions and innovative ideas which can assist in greater capital accumulation within the nation, resulting in the increased wealth of the economy and therefore influencing the

Electoral college Coursework Example | Topics and Well Written Essays - 1000 words

Electoral college - Coursework Example The government of the United States is comprised of three branches. The separation of power is provided by the constitution. The three branches are executive, judiciary and the legislature (Campbell, 2004). The executive is comprised on the President, Vice President and the Departments. The body makes up the most superior governmental position. In addition, the branch implements the laws created and stated in the constitution. The legislature is comprised of the House and the Senate. The two bodies are less superior to the executive. However, there are responsible for the creation of laws. Additionally, the two bodies act as supervisors to the functions of the executive (Campbell, 2004). They analyze the effectiveness at which the executive implements the provision of the constitution. The judiciary contains the court system and the Supreme Court. The branch is provided with the responsibility of interpreting the provision of the constitution. The branch also oversees the function of the executive and the legislature as provided by the constitution. The separation of power allows for the effective operation and completion of duties by the three branches. In addition, the separation of power allows for the measurement of the effectiveness of the three branches. Regardless of separation of power, there is the need to create a mechanism that would enable the control and restriction of excessive dominance by one body. Specifically, the dominance of one branch of government should not be allowed. In most cases, the executive may implement policies that depict dictatorship. To avoid such occurrences, the constitution provides for checks and balances (Kilman & Costello, 2000). The provisions are aimed at increasing the ability of each body of the government to effectively carry out its functions. In addition, checks and balances minimize the occurrence of one body having greater power and