Political Science

1. Adam Smith’s views on wealth and prosperity

a). In his book, The wealth of All Nations, Adam’s Smith believes that the majority of the people are interested in self, and hope that others think good of them. Smith elevates competition as a way of keep self-interest in line and to control the producers and consumers. As such, the author opposes the protected monopolies and other barriers to trade because they hinder or make it hard for individual development. He favors wellsprings of virtue as opposed to monopolies.

b). Of course his ideas represent what it is happening in the present, 250 years. As competition continues to stiffen, people are yearning for free markets. The domination of monopolies does not help to promote competition. Commercial interaction promotes propriety and moral sentiments. Self-interest is what breeds greed and a large gap between the wealthy and the poor, hence making it impossible for others to establish themselves. Years later after The Wealth of All Nations, this is still applicable.

2. Plato and Aristotle

a). Plato’s ideal society comprises of two classes- the guardian whose sole responsibility is to protect the state and they have two sub divisions. The rulers and the auxiliaries. The rulers have the most wisdom help to make the laws for the society. On the other hand, the auxiliaries are soldiers who protect the state and at the same time, maintain law and order. The second class according to Plato is citizens whose task is to follow and abide in the law. There was also strict division of labor according to classes. 

b). On the other hand, Aristotle’s ideal society is one that overvalues political unity and stability. In his works, he also advocates for communism. Unlike Plato, he believes that working together as one is the way forward in ensuring peace, love, and unity amongst the people. 

c). My ideal society is that one of Aristotle because everyone is seen as an equal- it promotes fairness as opposed to division of classes. Division of classes provides an opportunity for self-centred individuals to suppress others. Aristotle’s views about the society helps to away with a large disparity between the rich and poor. As such an inclusive society that provides equal opportunities for all works for me.

3. David Ricardo

a). The law of diminishing demands derives from the human way of life. Because land is limited, its product. Thus, if one puts enough work into units of labor and capital, it will yield more production. From the beginning, it is known as that the productive power of land is limited. Otherwise there would be enough food to feed the whole world. As such, the Law of Diminishing Return is mostly about agricultural production.

b). A competitive advantage is when a country is able provide good service at a lower value or in a better fashion for the same cost. As population increase, means that man has to dig deeper to find resources. Take, for instance, rational consumers are most likely to choose a product or service that is cheaper over the other one which is more costly. Competitive advantage provides bigger values for a business. If a company has more competitive advantage, it becomes difficult for competitors to breakthrough.

c). The present day deep-water drilling implies that the country is able to produce more oil. As population increases the citizens will be making demands that government provide better services. According to Malthus, the only way to sustain growing population is to provide sustainable ways of food production. If he was to witness the deep-water drilling as well as the growing population, he would be disappoint at how little the agricultural sector is doing to improve security. 

4. Augustine: The Role of the Catholic Church in both Politics and Economics during the middle Ages

a). The church was a major political force during the middle Ages since the monarchy believed in the approval of the papacy. The Catholic Church was involved making important decisions about the claimants of the throne. Although there was a stiff relationship between the monarchy and the papacy, the rulers respected the say of the church. Because the Catholic Church was the only church and the biggest at that time, its influences was felt across the land. The church also controlled section of land which was the main source of wealth. It was also tasked with the collection of returns making it a powerful economic influence.

b). According to Augustine, slavery was not natural and went against natural laws. No man was above the other as we were all created in the image of God. Because Augustine’s views were based on Christianity, he also believed that God intended the women to be helpers of men and that they were not capable of making decisions on their own. About property. Augustine asserts that property ownership derives from one’s relationship with God. His economic view about property is not about results but how one’s wealth is going to affect his connection with God.