Blog
WHAT IS CAPITALISM?
When students ask the question that is the title of this essay, which they frequently do, they are surprised to learn that scholars have been divided on the nature of capitalism and that, as of yet, no definitive answer is available. Let us sketch the main contours of the debate: if we view capitalism as an economic system, then we must focus on its functions and seek to identify its distinguishing features (if any such exist) with reference to such functions. According to the standard account, an economic system is supposed to answer the fundamental questions of WHAT is to be produced, HOW and FOR WHOM. Some scholars would argue that what distinguishes capitalism from its predecessors is the extensive reliance on a system of decentralized markets combined with private ownership of productive factors and the profit motive for the purpose of resource allocation. Many economists would contend, however, that rationality (defined, at the individual level, as some sort of optimizing behavior over a set of consistent preferences) cuts across time and space, so that the fundamental complexion of economic institutions throughout history reflects the universal imperatives of economic efficiency. In the former view, capitalism is an economic system sui generis; in the latter, it is seen as the outcome of man’s inexorable, though time-consuming and uneven, march toward ever-increasing mastery over his environment.
Economic illiteracy reigns supreme in Greece
In my opinion, it is hardly surprising that, when it comes to economic questions, the public discourse in this country habitually reproduces certain fallacies whose roots extend far back in time and which seem to have grown ever more popular in the years of crisis. It is more surprising, however, that some of our students who should know better subscribe to those same fallacies and misconceptions. In any case, I write this note to alert our students (or at least those who care about that sort of thing) to the kind of nonsense which currently passes for conventional wisdom. In the present context the following examples must suffice.
J.B. Say at Bay: Some Lessons from the Greek Crisis
It was not a long time ago that I came across an article in a well-respected Athenian newspaper which purported to explain the causes underlying the protracted plight of the Greek economy. Given that the author is a top economic adviser to one of Greece's principal political leaders (a self-proclaimed “reformist” one, to boot), I thought it would be worthwhile to read it. And so it was, though not for the reasons one might have expected. Indeed, if one had anticipated novel ideas and innovative policy proposals such were not forthcoming; instead, the author's proposed explanation reiterated the anti-austerity mantra that has been incessantly repeated since the (perceived) onset of the crisis in 2010. But is it not astonishing that, after all these years, the country's perception of itself and of the outside world has remained virtually unchanged? And shouldn't one wonder as to what kind of shock(s) it will take for that perception to come nearer to reality?
The Greek Gaming Industry Presses its Start Button
It appears that Greece is transitioning into a status where digital entertainment is considered a viable option for the development of the recovering economy. The introduction of law 4487/2017 is a prominent start. Furthermore, Athens Games Festival 2017 that took place on 28/29 October 2017, provided some useful insight regarding the present and the future of the Greek Gaming Industry.
Research at New York College — Spring 2017
Senior project in Computer Science is an excellent opportunity for a student to work on a large scale problem, combine knowledge and skills acquired during their studies, and prove that they have the optimum skill: the ability to learn new things.
MSc in Global Shipping
Shipping is a cornerstone of the world commerce that supports global economic and social growth; a very demanding and highly competitive industry defined by increasing commercial, operational and technical complexities.
What is the MEANING of becoming an EFL teacher?
If you find tackling these questions a fascinating venture, then Meaning in Language is the course for you! It offers an opportunity to delve into the challenging universe of linguistic meaning, providing a comprehensive view of all the components that contribute to it on a lexical, sentence and discourse level. More specifically, this course aims at shedding light on how meaning is generated through the interaction of the various factors that play a role in meaning construction, such as phonological properties, lexis, syntax and pragmatic context.
The conventional and electronic cigarette and health effects
With the occasion of the International No Tobacco Day on 31 May, it would be wise for those that smoke to be aware of the chemical and toxic substances that they ingest while those who do not smoke to know why they should steer clear of smoking conventional or electronic cigarettes.
