concept/mind map :
karl marx economic theory & Jannet Yellen :
Karl Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary.
Due to his political publications, Marx became stateless and lived in exile. His best-known titles are the 1848 pamphlet, The Communist Manifesto, and the three-volume Capital. His political and philosophical thought had enormous influence on subsequent intellectual, economic and political history.
Marx predicted that, like previous socio-economic systems, capitalism produced internal tensions which would lead to crisis, and concentration of power for the capitalist.
Crisis and Concentration of Economic and Political Power.
Karl Marx argued that Capitalism was inherently unstable and would experience constant crises.
He also argued that Capitalism would tend to generate huge differences of income and political power among the population.
The length of the Working Day.
According to Marx, the length of the working day and limits to the number of working hours was the result of centuries of struggle between the capitalist class and the working class. The capitalist tries to extend the number of working hours to extract surplus value from the working classes.
Marx used Dialectics and historical materialism to analyse Capitalism. This is a very different approach than the one used by other economists. Dialectics a) Explain in your own words what we mean by “Dialectics” and how it relates to “Historical Materialism”.
The Laws of Motion for Capitalism
According to Marx, prior to the development of capitalism, the circulation of the commodity could be represented by C-M-C. However, inthe capitalist system the circulation can be represented by M-C-M.
Janet Louise Yellen (August 13, 1946 – present) is an American economist as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014.
Yellen was nominated by President Obama to succeed Ben Bernanke as Chairwoman of the United States Federal Reserve.In a landmark decision spurred by popular demand, she was sworn in on February 3, 2014, making her the first woman to hold the position
Most of Yellen’s research as an academic economist has focused on employment. She is considered a Keynesian economist who believes that economic markets are fundamentally flawed and need governmental regulation to function correctly.
She created economic models showing how firms seeking to maximize profits would pay higher than minimum wages. This model was a rebuttal to free marketeer economists such as Robert Lucas, who mandated that flexible wages and prices would allow the economy to revert to form more easily after market upheavals.
She helped to the foundations for New Keynesian economic philosophy.
Plagiarism Free Papers
All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.
All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.
A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.
Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.
Originality & Security
At Homeworkpaper.net, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.
24/7 Customer Support
Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
We work around the clock to see best customer experience.
Our prices are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.
Admission help & Client-Writer Contact
When you need to elaborate something further to your writer, we provide that button.
We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.
Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.