Essays on Subsistence Level

Classical economics also known as liberal economics was first developed by the father of economics, Adam Smith. His book "An Inquiry into the Nature and the Causes of the Wealth of Nations" was written in 1776. This period is considered as the beginning of classical economics. Adam Smith contributed to economics with his moral thought. He has given our capitalist economy a different form. But Karl Marx first used the term classical economics . He was the most influential thinker and most controversial in his time. He was a great philosopher, social scientist and revolutionary. He is the main person ...

Introduction

With the internationalization of production economic and social progress are becoming increasingly dependent on resolution of global problems. At the beginning of the XXI century these challenges are of vital importance for the future of civilization. The global problems of the world have a direct relationship to the whole humanity and affect the interests and destinies of all countries, nations and social classes, leading to significant economic and social costs, and in the case of aggravation of the situation may directly threaten the very existence of human civilization. These problems require cooperation in the planetary scale and the joint action ...

The title of the article that I had chosen is “U.S. Poverty: Census Finds 46.2 Million Impoverished As Median Income Drops” found in the Huffington Post website (September 12, 2012). The persistence of poverty and unemployment in the United States were the issues being addressed in the current event. The report of the Census Bureau about the poverty in the US was the focus of the article. It was cited that 46.2 million of the country’s population is impoverished, that is, 46.2 million people in the US is living under poverty as indicated by a drop in the ...