John M. Keynes Research Paper Example | Topics and Well Written Essays - 1500 words

John M. Keynes - Research Paper Example To Keynes, the nineteenth-century classical economics was inherently inadequate not only in eliminating national unemployment for those qualified and able to work at the prevailing wage rates, but they were also inefficient in distributing the national cake, thus creating unnecessarily the poor and uncivilized middle class (Keynes, 1963). Accordingly, he [Keynes] modeled a theoretical alternative framework, allowing governmental intervention to eliminate the faults of an economic system as they arise (Harrod, 1951). Indeed as it is, Keynes ended up with a powerful model, whose application is currently underway in sorting wide ranging practical human distress under the existing economic systems, right from the United States, a world economic leader struggling with massive deficits in the aftermath of a deadly crisis, to smaller, poor nations in the developing world. In his General Theory of Employment, Interest and Money (basically the heart of Keynesian economics), Keynes directed hi s energies in challenging the classical orthodoxy with an explicit analysis of what determines and what is the essential nature of effective demand within any economic system. With the exception of foreign trade, effective demand, according to Keynes, consists of three expenditure streams: household consumptions, investments, and government overheads, all of which are determined autonomously (Davidson, 2007). A realist with a strong distaste for the Panglossian philosophy, Keynes argued that the level of aggregate demand may well outstrip or fall way below the national physical production capacity. As such, the philosophy of automatic adjustment to produce at a level tending to the full employment of all available productive resource was a flawed economic assumption that might not be realized after all, for ‘In the long-run we are all dead', a fundamental theoretical shocker to the traditional economic optimism regardless of the circumstances, however strenuous (Davidson, 2007 , p. 15). In his own words, Keynes notes that: The optimism of traditional economics, which looks at economists as Candides, who, even though left critical analysis for other duties [cultivation their gardens], still teach â€Å"all is for the best in the best of all possible worlds† provides us with a false hope. For sure, there would be a natural tendency towards the full employment in a Society which was functioning in the manner of the classical postulates. It may be that they [the classical theorists] provided a representation of how we would want our Economy to behave. Nonetheless, assuming the Economy operates so only means assuming national difficulties. (1936, pp. 33–4) Nothing could be further from the truth; whether in the traditional or modern times, governments are voted in to decisively tackle the existing social deficiencies. With arguments that went against the old Say’s law supply creating demand, Keynes maintained that a government has the poss ibilities of stimulating the economy by increasing the aggregate demand, thereby arousing the existing firms to respond by utilizing the available unemployed

All Museums Should Be Free Of Charge All The Time Essay

All Museums Should Be Free Of Charge All The Time - Essay Example Museums are repositories of knowledge and through them, we discover and find out important aspects of our civilization. Free access to museums would help a greater number of people to learn and discover additional things about their country and help to encourage feelings of nationwide unity and identity, at the same time as promoting greater comprehension and acceptance of foreign cultures. A number of museums in the United States have made an entry for the public free of charge. These museums generally use the city and county tax collections for funding their maintenance. The Walters Art Museum in Baltimore has eliminated entry charges. Since it has an internationally renowned collection of art, the removal of admission charges would bring a greater number of people in contact with the culture of the world. The museum has a collection of a variety of world art spanning from pre-dynastic Egypt to Europe belonging to the twentieth century. It treasures a priceless collection of Greek sculptures and Roman sarcophagi; ivories of the Middle Ages and Old Master paintings; jewelry from Art Deco and nineteenth-century American and European masterpieces (Smith; The Walters Art Museum). The Toledo Art Museum in Ohio follows a free admission policy laid down in its charter of 1901, the year of its establishment. It has a huge collection of European and American paintings, glass works, Roman, Greek, Asian, African and medieval art and sculptures as well as modern and contemporary works. The Toledo Museum of Art still remains as a private, non-profit foundation and exhibits its collection to the public, free of admission charges and is open six days a week (Museum Home). The St. Louis Art Museum also guarantees free entries to the museum. This policy came up after they started using the county and city tax revenue in 1971.