Abstract
In this article, the writer looks at and compares the issue of economic theory and reality. In examination of this matter, the writer discusses the views and theories of Adam Smith, Karl Marx and Keynes.

From the Paper
"Adam Smith has gotten a bad reputation in recent years. He has been held up as the darling of the New Right in its attempt to deify the `free market' and roll back the social reforms of the 20th Century, but for his time, Smith was remarkably on the money. He couldn't predict the dramatic technological and social upheaval of the subsequent industrial revolutions, but he was fully aware of the conflict between the interests of the business class and the public good, and gave plenty of warning of such."

Tags:smith, marx, keynes

Abstract
This paper examines components of restrictive rent control legislation and its economic and social consequences in America. This examination focuses specifically on rent control applications in New York City and the urban cities of Santa Monica and Berkeley, California. Additionally, the paper discusses how government regulations violate two of the eight basic principles of economic thinking. These basic principles are: (1) incentives matter choice is influenced in a predictable way by changes in economic incentives and (2) economic actions often generate secondary effects in addition to their immediate effects.

From the Paper
"Rent control is one of the most controversial social welfare programs in existence. In 1943 and after World War II, the federal government enacted rent controls as a "temporary" attempt to combat housing shortages in intensive populated or urban areas and to protect residents from high housing prices. Opponents argue that rent control result in decreased levels of construction, decreased levels of maintenance on existing properties, and abnormal housing vacancies, and is therefore economically ineffective. Some opponents even feel that rent control causes homelessness. Advocates of rent control and rent stabilization see it as a way to ensure the availability of affordable rental housing for low and middle-income urban dwellers. Rent control advocates contend " there was already a housing shortage and that rent-control laws were enacted to keep landlords from taking advantage of the situation by "gouging" tenants" (Sowell, 1999). Many rent control proponents feel that the abolishment of rent controls would result in increased homelessness. "

Tags:control, rent

Abstract
The paper explains economic theory on the basis of marginal theory and marginal analysis and shows how economic theory is often based upon the philosophy of utilitarianism. The paper offers plenty of examples of the practical application of economic theory and marginal analysis. The paper concludes that economic theory can be applied in any sector and especially in areas where one wishes to analyze one's profits against one's investment.

From the Paper
"A popular concept that is used both in macro economic theory, as well as in micro economic theory is that of marginal change. Marginal analysis is therefore one of the most important principles of economic theory, and one must study a few concepts of economic theory before one can proceed. Marginal change can be explained as a small addition or subtraction, in proportional comparison, to the total quantity of some variable. On the other hand, marginal analysis can be described as the analysis or the study of the relationships that are brought about by marginal changes, in related economic variables. As far as micro economic theory is concerned, marginal concepts are utilized primarily in order to explicate several different forms of optimizing behavior. For example, while customers are stated to be maximizing their utility or their satisfaction, companies are stated to be maximizing their profits. (Johnson, 2005) "

Tags:utilitarianism, utility, costs, control, variable, scarcity, resources

Abstract
This paper examines Adam Smith's classical economic theory and John Maynard Keynes' macroeconomics theory. The paper explains how they differ and how they both influenced modern economic theory.

From the Paper
"Keynesian economics emerged primarily during the Depression era when it was found that classical theories of macroeconomics were no longer serving the policymakers. Economists who had previously stayed loyal to the classical model suddenly found themselves at a loss as their theories failed to explain the persistent depression of 1930s. Classical theories of macroeconomics were mainly concerned with the behavior of the markets. They were grounded in the assumption that people always behaved rationally and thus if markets were left to function on their own without any intervention from governments, it would start behaving perfectly in due course of time. The only intervention made by the government should be in the area of removing interventions. It was an interesting concept as classical economists saw limited role of government in running of markets and felt that government should only try to remove imperfections from markets in order to let them function according to natural and rational laws. Classical model came into being with Adam Smith's Magnus opus An Inquiry into the Nature and Causes of Wealth of Nations (1776)."

Tags:laissez, faire, system, of, economy, free, market, principles, rational, human, behavior, perfect, market, movement

Abstract
The paper addresses the neoclassical, political and feminist economic theories.

From the Paper
"Economic theory has been the subject of debate since time and memoriam. Several theories have been borne out of such debates, which posit their own views on economics, society, and which factors are important when..."

Tags:economics, theory, neoclassical

Abstract
This paper develops and extensively reviews the evolution of the economic theory of value. The paper focuses on the contributions of Smith, Ricardo, and Marx and examines the ifferent meanings of the concept of value.

From the Paper
"This paper reviews the evolution of the economic theory of value. The concept of value has several distinct meanings. Value is an important construct in nearly every branch of social science. It is also used in philosophy, theology and education. The many and varied uses of the construct make definition difficult. Value is a more abstract construct when one considers philosophical or social values such as loyalty, than it is when once considers the value of labor, wherein economists attempt to quantify..."

Tags:Value, Smith, Ricardo, economic, Adam Smith, David Ricardo, Karl Marx

Abstract
This paper provides a discussion of current economic conditions and policy and argues that the Bush Administration has relied on Keynesian economic theory over classical economic theory where the American economy is concerned.

From the Paper
"The administration of President George H. W. Bush has fashioned economic policies that are much more in keeping with Keynesian economic theory than the classical economic theory of individuals like Adam Smith and David Ricardo. Classical economic theory advocates free markets in the sense that an invisible hand helps regulate markets through the unfettered forces of demand and production. The concept 'laissez-faire' is part of classical economic theory, the doctrine that market forces should dictate the economy and not government."

Tags:Adam Smith, laissez-faire, invisible hand, markets, inflation, employment, taxes, production, demand

Abstract
This paper presents a brief discussion of the life history of Karl Marx. The paper describes one of Marx's contributions to economics and explains the significance of this contribution. The paper examines the loopholes in Marx's economic theory. The paper contends that his economic theories deserve to be studied so that the undesirable effects of capitalism, such as the growing socioeconomic inequality around the world, can be effectively tackled.

From the Paper
"Karl Marx was born into a middle-class Jewish family in Trier, Germany on May 5, 1818. He studied Law at the University of Bonn and at the University of Berlin. He entered the field of journalism in 1842, becoming the editor of an influential liberal newspaper, "Rheinische Zeitung" in Cologne shortly afterwards. His bold criticism of the social and Economic conditions in Prussia brought him into further trouble with the government and the paper was banned. He left Germany and started to live in Paris where he adopted his Communist beliefs."

Tags:capitalism, communism, socialism

Abstract
The author begins by describing each thinker's ideology for sound economic measures within society. The paper goes on to describe how each thinker's theory has been applied to different economic situations and how each ideology was used as a model for solving economic overturn. The author concludes that each thinker was a product of his time, and his ideas were undoubtedly shaped by the events and trends of the day. The definitive works of these men would, by all accounts, have come about in very different fashion had they been written at a different time in human history.

From the Paper
"Karl Marx and John Maynard Keynes each made their critiques of capitalism, though admittedly using very different techniques. Where Marx called for a proletarian revolution, the abolition of capitalism, and state-control over the means of production, Keynes simply offered a prescription for government to take a more hands-on approach(usually by deficit-spending) to control unemployment, inflation, and ultimately, the degree to which a nation's economy can fluctuate up or down. Each thinker's ideas have greatly affected economic changes in the world over the past 100 years."

Tags:socialism, marxism, capitalism, laissez-faire, communism

Abstract
Examines definition, purposes, goals, ASEAN model, economic theory, problems and recommendations.

From the Paper
"ASIAN ECONOMIC INTEGRATION

There are many conceptual definitions of "economic integration" and the one chosen for this paper is that economic integration occurs when nationalistic concerns of an economy are set aside to integrate the economy more fully into the world economy.

Such a definition implies and confirms that the world has become so global that individual nations can no longer be allowed to maintain independent economic activities without consideration of the impact of those activities on other nations. This attitude was well expressed by Thai Deputy Foreign Minister Sukhumbhand Paribatra at a recent meeting of the annual East Asia Economic Summit: "East Asia and Southeast Asia must reject the temptation to seek individual salvation, because none of us can ..."