Other scientists across the centuries have been similarly inspired by creative imaginations of their own. Professor Stephen Hawking, famed for his work on gravity and black holes, is known for urging us to “remember to look up at the stars, and not down at our feet”. But these quotations, while they pertain to the natural sciences, can just as easily be applied to the social science of economics – which is the science that I have chosen to discuss in this article. Without constantly “raising new questions, new possibilities, and regarding old problems from a new angle”, the study of economics, and indeed the world’s economies, would not be where they are today.
A contract is defined as a legally enforceable agreement between two or more parties. Contracts do not have to be extensive documents addressing all possible circumstances, although such contracts are much more easily enforced, rather any agreement can be a legally binding contract provided it contains four elements: Offer, Acceptance, Intention, and Consideration.
Migration plays a very significant role in the UK’s population structure, with net migration of 336,000 in 2015, including the highest number of asylum seekers for 12 years. This became an issue of political significance, which was exploited by Nigel Farage and his party to play a role in the UK’s vote to leave the European Union in June. The 2004 expansion of the EU to incorporate several Eastern European states proved a catalyst for immigration, with 1.5million Eastern European immigrants coming into the UK between 2004 and 2009. There is no doubt that high levels of immigration can have negative impacts in the UK, but there are a number of positive impacts too. Balancing out these positives and negatives is often heavily down to the perception of the person assessing them.
As the antithesis to free-market economic and political theorists, there has always existed the socialist. Sometimes depicted crudely as the ‘coffee shop conspirator’, the socialist often comes under fire for expressing views that contradict the prevailing capitalist market structure. Supporters of Jeremy Corbyn, a well-known advocate of traditional left-wing politics, are lambasted for believing in what many perceive to be a dying cause. This article will ask the question: is socialism (a classless society in which means of production are state-owned) attainable in our current climate?
Art and literature, in the Marxist’s eye, are reflections of the social institutions from which they originate. They offer a mediated understanding of the world in which they were written, and using them we can learn about how social forces interact to construct artistic and literary movements. At the same time, these forces shape the structure of the market and state – that is, the economic and political world surrounding each piece of literature.
Historically the court has refused to exclude any evidence on the basis of how it was obtained. Principally, this is because the evidence exists and ignoring it would hinder the pursuit of truth. It is, however, argued by many that the use of improperly obtained evidence undermines the integrity of the trial. A contemplation of both perspectives reveals that the best resolution is an exclusion policy based upon the reliability of evidence, regardless of the method by which it was obtained.
The so-called “machinery question” continues to dominate the headlines, founded on fears that artificial intelligence – a technological development which enables human tasks to be automated – is advancing too rapidly. Newspaper articles, online blogs and academic studies foretell a future where “droids are sitting at our desks” while human labour falls into obsolescence. In this article I seek to respond to these concerns, but also to some of the questions that are yet to be answered – if artificial intelligence advances to a level of near-human rationality, what are the implications for the global political economy? And if it does, what happens when we cannot reliably distinguish between man and machine?
There are many structures a business can take, each changing the extent of liability held by members and how its income is taxed. Small businesses are likely to take one of four common structures: Sole proprietorship, Partnership, Private Limited Company (Ltd), or Limited Liability Partnership (LLP).
There can be no doubt that Einstein’s breakthrough Theory of Relativity, one of the most significant scientific advances of our time, was conceived through his own creative processes. Indeed, Einstein himself held creativity and imagination in the highest regard, seeing them as essential attributes in the advancement of ideas. As one of the world’s most eminent physicists, his views on the vital importance of creativity have been quoted liberally by scientists, philosophers and academics alike, stressing the “importance of seeing facts in a new light” and that “imagination is more important than knowledge”.
In 2015 the UK received 38,878 asylum applications, with an estimated 126,000 refugees already living in the UK. The recent migrant crisis mostly caused by violence in Syria has brought the issue of immigration to the forefront of political discussion, with the rise of UKIP suggesting many citizens of the UK fear too much immigration putting strain on services and potentially pressure on jobs in a country where unemployment is currently 1.67 million. There is no doubt that immigration provides both positives and negatives and these will vary between countries with different needs and different current rates of immigration. Whilst economic factors have traditionally been more important the cultural aspect of immigration is now also a significant issue, with events such as the New Year’s Eve sexual assaults in Cologne prompting debate over whether cultural values of many refugees fit in with the western world’s.
Britain has always been a country that has relied heavily upon her navy; years of total dominance at sea had taught her that it would be safe from the possible threat of invasion no matter who the opponent was and how carefully crafted their plan. It was therefore unknown territory that Britain had now found itself in after the fall of France on the 25th of June 1940. The invasion of her own shores that must now follow may still have to come by sea; but Britain had no means of repelling it if it did not have total superiority in the air. The Royal Air Force had been formed at the end of the First World War by the amalgamation of the Royal Flying Corps and the Royal Naval Air Service. Though at the time of the end of World War One it was the largest independent air force in the world, the inter-war years were relatively quiet for the RAF. It was only in the summer of 1940 that it would fight its most important and famous campaign – to defend Britain in the skies… or Britain would face defeat on the ground.
Economic growth is affected by a number of factors given the wildly different levels of wealth between countries – the 80:20 principle states that 20% of the world’s population controls 80% of the world’s wealth is a powerful example of this. Whilst there is plenty that can be done to stimulate the development of a country, such as China’s booming manufacturing base, it is worth exploring the idea that some countries may have a cap put on their development by factors they cannot control. This may be the problem of being located on a major fault line, in an area prone to drought and desertification, or even being landlocked and therefore being limited on trade. Whilst there are a number of ways for measuring development, for the purposes of this piece of writing, it will be measured in GDP per capita.
Here we go again. As August tipped into September, the British Medical Association announced the seventh walkout by junior doctors this year over new contracts. Taking place from the 12th to the 16th of this month, all departments will be closed from 08:00 to 17:00, including Accident and Emergency. Health Secretary Jeremy Hunt has already warned that up to 100,000 operations and 1 million appointments would be cancelled. It can also get a lot worse as the BMA has planned monthly week-long walkouts until the end of the year if no agreement is reached. With no end in sight, is there at least a way of making the process as painless as possible for patients?
We learn about supply, demand and the price mechanism. We learn about the “invisible hand”, and how a market should work within the parameters of “perfect competition” – an unattainable ideal upon which most mainstream economic theories are based. But, unbeknownst to many in the classroom, there are other ways of thinking aside from the somewhat conventional “Neoclassical” school of thought. This article aims to be a very brief insight into the writings of Joseph Schumpeter, who approached economics from an entirely new perspective. Although his propositions have their flaws, it is his originality that makes him one of the greatest but most underappreciated economists of the 20th century.
Parliamentary supremacy is the idea that parliament is the supreme law making body in the UK. The authority for this power stems from Article IX of the 1689 Bill of Rights which states that the freedom of speech, debates and proceedings in parliament are not to be impeached or questioned in any court or outside of parliament. The principle of parliamentary sovereignty was further defined by Dicey in 1885 who explained that the law making powers of parliament are unlimited, the validity of parliament and its laws cannot be questioned and that it is impossible to entrench an Act of Parliament limiting the law making power of future parliaments.
Tax will always be a touchy subject for all politicians; it eventually comes down to trying to annoy the least amount of people when trying to fiddle with rates or tax credits. So it would surely come as a relief to have some economic theory backing you up when facing the pitchforks? Wouldn’t it?