Aspects of Economics

Published: 2021-07-06 06:37:28
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Category: Economics

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#2The relevant job skills and production processes are surely evolving fast. The evolution subjects Adam’s Smith argument about specialization on the job. As the skills and the nature of jobs evolve, the application of the specialization ideas from Adam Smith continues to reduce. However, it is impossible to rule out the role of specialization and the division of labor in the current situation of work. According to Smith, the wealth gained by nations hails from the economic growth that the respective countries attain. Adam provides that the same form of growth could better be attained by inducing some level of specialization and division of labor. This is true to some extent. Specialization calls for the breaking down of the large jobs into smaller jobs that can be handled amicably by the employees. As such, each of the employees engages in the form of work that he or she is best at. This leads to the attainment of better results as motivation is also included. Adam also advocated for the provision of better education of the employees for their respective jobs. He provided that the employees are demoralized working in environments that do not add value to them as well as giving a chance for the improvement of their skills and capability.On the other hand, the application of Adam Smith provisions is minimal. As much as the division of labor is important for the betterment of employees’ development, it portrays the rigid way of doing things in the past. The current operations of the organizations increase the need for mobility of the employees. The nature of the jobs is changing from time to time. There is a need for the employees to get used to the various forms of jobs and the respective skills needed. Employees’ rotation is another aspect that marks a big change in the organization’s way of doing things. This minimizes the application of Adam’s provisions in the current nature of the business.#3Indeed, the improvement of the living standards in the poor countries cannot be attained through a reduction in the population growth, but rather in the promotion of the output growth. The factual reality is that the population growth will; keep on increasing from time to time due to the nature of life. The task of reducing the population growth is quite difficult as compared to one of growing the output growth. The population growth rate reduction does not necessarily mean that the living standards of the people will change. The reality is that the living standards may only improve for certain people but not for all. Supposing the population growth rate is minimized, the poor will remain to be poor as they will not own the means of production by mere reduction of the population growth. Besides, the two factors ought to grow upwards in the same way. This calls for all the stakeholders to ensure that the growth output grows as the population grows. The population provides the required markets for the increased production. Otherwise, an increase in the output growth will be useless without the sufficient population to form the market.It is true to state that the growth in the output leads to a respective rise in the wages. This is because the growth of output adds to the GDP of the country. As a result, the per capita income of the nation rises. One of the factors indicating a rise in the per capita income is the increase in the wages of the citizens. However, the increase in the growth output and the payments do not replicate in a reduction of the population growth (Holston 68). An increase in the wage level raises the living standards. As such, people will have more to spend on their families. Therefore, there would probably rise with an increase in the wage levels and the living standards.#4Fear of goods refers to the aspect of being uncertain that the goods of another country will affect the business stabilization of the domestic products. Therefore, a nation fears that products coming from another country may be of less quality in relation to the prices attached to them. The fear also entails being afraid that the products imported from other countries will reduce the market for the internally produced products.Fear of goods leads to a restricted form of international business among countries. This is because each of the involved nations aims at minimizing the risks entailed in the exchange of products. The restrictions aim at reducing the chances of having too much of the imports at the expense of the internally produced items. Also, the restrictions are aimed at reducing the possibility of substandard products entry into the country (Holston 72). The restrictions are attained through tariffs and quotas. The quotas minimize the quantity of the products entered into the country. On the other hand, the tariffs increase the levies paid upon the importation of the feared products. As the levies are increased, the level of importation is reduced and thus saving the locally produced items.The importing country benefits from the restrictions of the imports. This is because the feared goods are reduced and thus keeping the consumers safer. Besides, the local companies producing similar products are protected from the possible collapse. The reduced level of imports creates a shortage in the domestic market. This creates a market as well for the respective production companies. This mainly assists the infant companies from being overshadowed by the cheap imports. Also, the importing country benefits from the increased levies on the imports. This increases the level of revenue collection aimed at steering development (Holston 63). The exporting country loses to the importing country since it exports fewer goods than if the restrictions were not in place. Also, the exporting country is required to pay more in tariffs to export more, thus losing on revenues and making fewer profits.Works CitedHolston, Kathryn, Thomas Laubach, and John C. Williams. “Measuring the natural rate of interest: International trends and determinants.” Journal of International Economics 108 (2017): S59-S75.

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