The Economics Revolution Essay Example | Topics and Well Written Essays - 250 words

The Economics Revolution - Essay Example Though people engaged in work, it was for their subsistence hence work was an end in itself and not a means to an end. The serfs tilled the land to get food for themselves and also worked for the lords as a responsibility and not to get paid. There was also no capital accumulation and those merchants who sold and bought goods to gain wealth were viewed with disdain especially by churches and for pilgrims, the idea of gain was perceived as â€Å"the doctrine of the devil† (Heilbroner, 1999, p. 25). Land was for farming and used communally; there was no buying or selling of land. Land existed in form of estates, manors and principalities and not as real estate like in modern times. Though people exchanged goods in the market; for example, gold and war chariots were exchanged for slaves and horses there was no gain envisaged. As such, up to seventeenth century, the factors of production which include land, labor and capital did not exist thus there was no market system. Heilbroner argues that economic revolution took place when the society resulted to the third solution to their survival problem which was: â€Å"allowing each individual to do exactly as he saw fit but follow a central guiding rule† (1999, p. 20). This is when the idea of gain or profit motive was born and the market system began its work which was to allocate resources. Market system in this case refers to a â€Å"mechanism for sustaining and maintaining an entire society† (p. 27). It was based on the idea that men are self-centered hence pursue own interests and in the process serve the interests of others. Since custom and command had taken root, a revolution was needed to move to a market system. During this time, only a few people (merchants and kings) were concerned with gaining wealth and merchants were considered immoral or outcasts in society.

Text analysis Essay Example | Topics and Well Written Essays - 500 words

Text analysis - Essay Example If an individual believes something is right, or moral, they will act in a way to show the belief. When one is immoral, they will deliberately break belief and create an opposing viewpoint of morality through conscious actions. The concept of amoral is when one won’t make a judgment based on the moral distinction with lack of sensibility toward right or wrong. Action toward personal preference or situation is done instead. The last application to morality is of nonmorality. When one is acting with nonmorality, there is no sense or judgment of right or wrong (Thiroux, 2006). 2. Consequentialist, or teleological ethics, is based on ethics in which one acts upon as a sense of duty and rules. A nonconsequentialist, or deontological view of morality won’t act out of duty or responsibility. Instead, the actions come from the belief that acting in a certain way is the right thing to do and is because one values something. The difference between these two is based on the intent and thought process. While the end action is the same, the thought process of why the morals should be implemented differs. 3. With ethical egoism, one takes a moral position based out of self – interest, profit, return or benefit. The contract to this is psychological egoism, which states that an individual always acts or reacts to a situation out of their self – interest or happiness. The difference in situations is based on the desired outcomes. With ethical egoism, the self interest is to get a benefit while the psychological egoism is based on the happiness one believes they will get by acting in an ethical way while psychological egoism has self benefits from the mind. 4. The cost – benefit analysis, or end – justifies the means approach to morality is one which an individual uses logic of what will happen in the end to approach actions. For instance, one will decide on actions that are either moral or immoral with