The fact that people perceive economic is for the economists’ experts only. According to the Stanford, the economic is simple and straightforward. Everybody should understand that economic is all about what individual has done, what individual will get and what will the individual do with what they have received. In addition, economic deals with how we are using and distributing what we have produced. In the actual sense, everybody knows what economics entails. It is in contrast with what most people perceived of the economic as the field that is confusing, mysterious, and technical. In fact, everybody is experiencing economic in day-to-day life and is contributing to the economy in one way or the other. Any individual is concern about the economy: the way it functions, the best it can deliver those functions and who is benefitting from those functions. Each and everyone know where they fit in the economic and how well they are performing in relation to others, to the past and to their expectations. However, the economists’ experts are not thinking in that perspective but instead they see themselves as superior in relation to the untrained masses. These experts claim to understand better what is good to the people much better than the people themselves do. Expert perceived themselves as people who can be able to interpret mysterious things that cannot be understood by the average people in the society (Stanford J., 2008 pg 20-24).
Economists are handling things that are measured in terms of billions/trillions of dollars and because of that their perceived importance is growing both within their own eyes and in the eyes of others. It is the reason economists are being shown on the television news every day, and hardly other experts such as biologists, nutritionists, social workers, etc. are hardly being shown. Stanford suggests that we should hear less from the economists and more from the other professions because their effect to the economy is long term. Furthermore, the fact that economist take free trade as beneficial to both sides of the countries involved under what we called comparative advantage and hence people who are opposing it are viewed as ignorance and troublesome. However, economists are ignorance in the sense that most of the professionals economists outside the academic field are working for the companies that are deeply interested in maintaining the status quo. On the other hand, those within the academic field have been wedded to a neoclassical economics which was developed to defend capitalism and not to explain it. The neoclassical economics are scientifically based ideology which was developed with a political ill-motive (Stanford J., 2008, pg 24-25).
Majority of the economists believe completely that the features of the vibrant and efficient economy are inequality, competition and accumulation of the private wealth. The ideas have infused analysts and their recommendations. It has raised the idea that economists have benefitted a lot from the direct employment by the companies that are harvesting from current unbalanced economic system. However, according to the Stanford economics should not be that way but instead it should be more democratic and be approach from the grassroots level (Stanford J., 2008, PG 3).
Stanford pointed out that we should think deeply on the individual role and position in the economy rather than concentrating on the stock market, foreign exchange, and GDP. Further, we should be aware that the economy consist of a group of people with unique interests and due to that fact economy manifest itself to those distinctions and conflicts. It was suggested that we should be ready always to change as it necessary and that we should not accept to be told how to improve it by the experts. The academic learning about the economics should aim at helping those who participate to understand where they are within the economy and help them to a better argument (Stanford J., 2008, pg 25-28).
Furthermore, Stanford cautions us not to trust an economist with our jobs. Stanford is motivating the public to learn the economy by themselves and make their own judgments to protect their jobs. We are told that the society knows more about their economy and the conflicting interests within the economy and hence has more confident in deciding for what is best for them instead of believing on experts. If society is given that opportunity to utilize it according to the way they are beneficial to them, the economy will become more democratic in contrary to capitalism (Stanford J., 2008, pg 23).
Capitalism is characterized with majority of people working for others for salary; few people within the society own a bulk of wealth and stiff competition amongst the companies. Capitalism is the area that must be understood by the society very well because by doing so will enable them to reap from it maximally. The study of the capitalism will uncover the origin, its importance, and demerits (Stanford J., 2008, pg 34-37).
Stanford introduces the idea of the labor market which is wrongly perceived to be more efficient and effective. Stanford took an example of the Americans workers and French workers to make his arguments clear. He observed that French workers work for fewer hours per year than Americans workers, but the value of production per hour of France is much more value added than that of the America. He further argues that the number of employment in America is more than of the France but in contrary, more American employees’ low-wage is living below the poverty level (Stanford J., 2008, pg 6-7).
Stanford pointed out the idea that the high-profile people in the economy are teaching the society wrongly in order to continue benefiting from them. He took the cases in which the secretary-general of the OECD club where he was urging people to accept and try to understand the fundamental theories of the economy even if the changes are painful (Stanford J., 2008, pg 4, 206).
Correlations
What I had highlighted from the Stanford text about the economy relates more closely to that highlighted in the “A Dozen Big Things to Remember About Economics” (DBTRAE). In DBTRAE, there is this point that the economy does not depend on the technical relationship but instead it depends on the social relationship and the economy changes with time. This first point is related to that is contained in the fifth paragraph above. Secondly, in DBTRAE there is a point in which it is put forwards that in the capitalism states most work is done under employment (Stanford J., 2008, pg 335). This second point is in relation to the one I highlighted in the sixth paragraph above.
Furthermore, in DBTRAE, it is highlighted that in the capitalist competition is the main feature and it forces companies to act in a unique way. This is the same as that one in the seventh paragraph above. In the DBTRAE, it has put forward that the only force that value-add the resources from the nature is the productive human activity. This is the same as the one highlighted in the eighth paragraph above where Stanford uses the example of French workers and American workers (Stanford J., 2008, pg 337).
Significances
Under the text for the economy for everyone, everybody will be made to understand that nature is essential for our development. In addition, because of that the companies should compete but they have to protect the environment. The society should engage in sustainable practices of the developments that will ensure stable and qualify environmental conditions (Stanford J., 2008, pg 8).
The government should not only concentrate on capitalism at the expense of the plight of the society. There will be a higher probability that the capitalists will exploit the employees in order to meet their interests. The study of the merits and demerits of the capitalism will enable the society to make sound decisions (Stanford J., 2008, pg 334-335).
The economy for everyone has disclosed that the unpaid work is also very crucial to the economic world. The household work being done mostly by women should be reformed to be within the economics issues.
Under the economic for everyone, people have realized the importance and the productivity rate of using tools to do work rather than using our bare hands. The availability of the tools is not enough alone, but the technical know-how is very essential.
We can be able to learn that free trade/globalization can either strengthen or weaken the economy that is in contrary to the free-trade theory which claims that all countries involved benefit. If it will decrease the demands of the products for the country then it will impact negatively to the economy of the country and as the result of that it will not benefit both countries. It can weaken or strengthen country’s investment through capital cash flows. The investment will be strengthened and hence the economy if there are more cash in-flow to the country (Ferguson, 2013).
References
De, G. J., & Batker, D. K. (2011). What's the economy for, anyway?: Why it's time to stop chasing growth and start pursuing happiness. New York: Bloomsbury Press.
Ferguson, W. D. (2013). Collective action and exchange: A game-theoretic approach to contemporary political economy.
International Development Research Centre (Canada) (2010). Valuing the environment: Economics for a sustainable future. Ottawa: International Development Research Centre.
Nilsson, N. J. (1986). Artificial Intelligence, Employment, and Income.
Stanford, J., & Biddle, T. (2008). Economics for everyone: A short guide to the economics of capitalism. London: Pluto Press.
