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Economics, Welfare and Alternative View of Man
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Monique Sham GES 2660 Power And Poverty: Geographies of the 3rd world Week 2 Summary of: Economics, Welfare and Alternative View of Man by Manuel R. Agosin Lecturer: Lebogang Mashego Date: 01 Aug. 03 Agosin’s view is somewhat abrupt when referring to other economists, while his view is one of utopian and socialist ideals. He seems to challenge the views of economists – especially those of the first or developed world, saying that the assumptions used to create economic theories are not reality, but rather an analysis of reality by a specific person or group of people. Agosin looks at the distinctive factors of assumptions and value judgements in “normal” economics. There are six important assumptions made by conventional economics about man and his relationship to economic activity: 1. The individual has a certain set of preferences that are stable and produced in rank ordering 2. The individual’s only concern is to maximise his satisfaction 3. Utility is usually constrained to marketable things 4. Economists believe that there must always be some unfulfilled need 5. Utility is completely personal 6. Economists do not think that outside effects are significant Following is another list; this time of what Agosin considers being applicable information to his discussion: • Each individual knows what is best for himself, therefore, an economic system which respects the choices of consumers and tries to “deliver the goods” that the consumer desires receives high marks from the economist • “Utility” is good, consumption is “good” and work is “bad” • “More is better than less”, also known as GNP-fetishism But, economists don’t always agree that more is better than less, especially if it means that one person getting more will be accompanied by another getting less.
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