Marxism Today Essay Essays

Marxism Today Essay Essays Marxism Today Essay Essay Marxism Today Essay Essay Marxism in China China has been noted as a promising emerging country with its competitiveness being acknowledged by world economic giants. Over the decades China has been developing Marxism has been an attractive option for its leaders. Deng Xiaoping instituted many reforms that would see the state engage in Marxism activities and decisions. There were numerous foreign investment made, joint ventures, as well as the development of state-owned enterprises, which saw an increase in the nations middle class (Booth, 2013). Technology was rapidly adopted whereas the industries experienced massive changes in their methods. The working class, however, were paid low wages. There were also quite some workers making it easier for them to be exploited. China was characterized by rural-urban migration, which ensured that the oversupply of labor in the rapidly growing cities maintained the low wages. Marxism is attractive due to its model of having the economy expand and grow regardless of the uneven socio-econo mic developments. Capitalism saw Chinas economy grow so rapidly (Khan, 2013). The leaders may find Marxism is attractive as a way to maintain the status quo of the leaders while it can still benefit the whole economy if the skilled labor in China continues to offer their services at low wages.; Tocqueville would point out the challenges Marxism has brought on to China today. He would point out the need for liberty to be attained in China and not the pro-capitalist influential voices that continue to reign. Tocqueville would advise China to be more empathetic and sympathetic towards the disadvantaged. He would not fail to acknowledge China;s prowess in administration, which has led to efficient growth but would associate it with the lack of liberalism turning people into subjects rather than citizens. Tocqueville would still advocate for the government of China to be controlled by the learned aristocracy as to him it would allow solutions to be found on the current state of Chinas affairs (Liao, 2013). References Booth, A. (2013). The myth of decoupling: emerging economies hit a wall. In defence of Marxism, 5. Khan, L. (2013). The reality of Asias emerging economies. In defence of Marxism, 4. Liao, R. (2013). Tocqueville in China. Dissent magazine , 8.

The Definition and Significance of the Walrasian Auctioneer

The Definition and Significance of the Walrasian Auctioneer A Walrasian auctioneer is a hypothetical market-maker who matches suppliers and demanders to get a single price for a good in perfect competition. One imagines such a market-maker when modeling a market as having a single price at which all parties can trade. The Work of LonWaltras To understand the function and relevance of the Walrasian auctioneer in the study of economics, one must first understand the context in which the Walrasian auctioneer appears: the Walrasian auction. The concept of the Walrasian auction first appeared as the design of French mathematical economist Là ©on Walras.  Walras is famed in the field of economics for his formulation of the marginal theory of value and the development of the general equilibrium theory. It was in response to a specific problem that eventually leads Walras to the work that would develop into the theory of general equilibrium and the concept of the Walrasian auction or market. Walras  set out to solve a problem originally presented by the French philosopher and mathematician Antoine Augustin  Cournot. The problem was that while it could be established that prices would equate to supply and demand in individual markets, it could not be demonstrated that such an equilibrium existed in all markets at the same time (a state otherwise known as general equilibrium). Through his work, Walras eventually developed a system of simultaneous equations which ultimately presented the concept of the Walrasian auction.   Walrasian Auctions and Auctioneers As introduced by Là ©on  Walas, a Walrasian auction is a kind of simultaneous auction in which each economic agent or actor calculates the demand for a good at every conceivable price then presents this information to the auctioneer. With this information, the Walrasian auctioneer sets the price of the good to ensure that the supply is equivalent to the total demand across all of the agents. This perfectly matched supply and demand are known as equilibrium, or general equilibrium when the state exists overall and across all markets, not just the market for the good in question. As such, the Walrasian auctioneer is the person conducting the Walrasian auction who effectively matches that supply and demand based upon the bids provided by the economic agents.  Such an auctioneer renders the process of finding trading opportunities perfect and cost-free which result in perfect competition in the market. In  contrast, outside of a Walrasian action, there might exist a search problem in which there is a stochastic cost of finding a partner to trade with and additional transactions costs when one does meet such a partner.  Ã¢â‚¬â€¹ One of the key principles of the Walrasian auction is that its auctioneer operates within the context of perfect and complete information. The existence of both perfect information and no transaction costs ultimately gives rise to Walras concept of  tà ¢tonnement or the process of identifying the market clearing price for all goods to secure general equilibrium.