Reading commentary assignment Essay Example | Topics and Well Written Essays - 750 words

Reading commentary assignment - Essay Example At another level, the authors treatment of the contemporary issues of labor by conventional philosophy, and the rise of military-industrial intricate offer new insights by being clearly related to the periods of old capitalist vibrancy. On a closer analysis, it is particularly important to examine how Marx’s critiques had been anticipated in diverse ways by some of the founding fathers of economics, who were in the preference of a capitalist approach to economics; however, a critical and contemporary analysis for â€Å"A Critical Perspective† is not adequately critical especially when it comes to analyzing his arguments on Marxism and socialism, though their approach to â€Å"Economic Thought† is still appreciable given the fact that their analysis are based on range of disciplines related to Economics. (Hunt and Lautzenheise) In chapter nine, Hunt and Lautzenheiser looks critically into the contemporary subject of Marxism economics and how his arguments sought to define the modern economic viewpoints. He adopts a theoretical view point that advocates for a socialist system and differs with the capitalists on wide range of economic principles. These classical approaches to viewing economic institutions have been largely considered as pre-templates for industrial revolution. Though Marx by nature was a product of the Western economics, his contributions that combined classical German Economics and scientific technology brought to the fore a new force in viewing economic systems leading up to the Industrial Revolution. Hunt and Lautzenheiser re-affirms that the radical viewpoints as pioneered by Marx represent Marx’s interpretation of historical events and his due prediction of what was to be later a struggle between employees and management. At the same time, Hunt Lautzenheiser concurs that Marxism theories provided

Effect on Demand for Coke as a Result of a fall in the Price of Pepsi Essay

Effect on Demand for Coke as a Result of a fall in the Price of Pepsi - Essay Example There is a vice versa effect on the demand for the good whereby the demand decreases as a result of an increase in the price of the good. There are certain factors that affect the demand for a good or a service. There is the effect on the demand for the good and services as a result of the level of income of the consumer. The consumer can demand more goods with a given level of income when the prices of the goods fall. With the same level of income, the consumer demands fewer goods and services if the price of the goods is increased (Hildenbrand, 2014). There is also the effect of demand for goods and services due to the substitution of the goods. The demand for a good and service falls if the price of the substitute good falls since the consumers turn to the cheaper one. The consumers aim at saving and hence prefer the cheaper goods than the expensive substitutes hence affecting the demand for the two goods both negatively and positively. Consumers use different goods to satisfy the ir needs. There are particular goods that can be used to satisfy the same need of a consumer regardless being of different forms. There is usually a rise in the level of demand of one good if the price of the other good rises and the other one falls. An example of such goods is the Coke and the Pepsi product in the market (Hildenbrand, 2014). These products satisfy the same need of the consumers since they are all soft drinks and they can all be used to quench thirst. This serving of the same purpose by the coke and the Pepsi where the coke can be used instead of Pepsi and Pepsi can be used instead of coke to satisfy the same need makes them perfect substitutes. The coke and the Pepsi products being perfect substitutes can have their demands affected differently by changes in their prices. A change of the price of one good would affect the demand for the other good.