- How different are the approaches of Adam Smith and David Ricardo to the labor theory of value?
- Are the ideas of Smith and Ricardo on the theory of value still current today? Why or why not?
- What was the main contribution of John Bates Clark to the theory of distribution compared to David Ricardo?
- Do you think that Clark’s theory justifies the actual distribution of incomes in modern societies?
- What were the main elements of Friedman’s monetarism?
- Would you recommend a Keynesian or a monetarist/supply-sider approach to economic policy today? What’s the main reason?
he idea of accountability is fairly trustworthy inside the monetary sphere as it stocks some common floor with its linguistic foundation—accounting. Behn (2001: 7) said that “it is not unexpected that the most apparent shape of duty makes a speciality of economic accounting—on how the books are saved and how the money is spent.” Governments that have embraced NPM thoughts have sought to improve economic accounting standards and reporting forms, an act extensively regarded as an try to beautify duty. however, for the reason that interpretation of responsibility become more truthful and particular on the economic side, dialogue of its definition become frequently dismissed or disregarded. As a result, the literature concerning monetary accountability lacks a extensively widely wide-spread definition in which scholars advise various definitions that healthy of their very own particular work. In most instances, the extensive definition for accountability that encompasses several areas serves as a part of the narrower definition for economic duty. by way of exploring numerous definitions in scholarly works, authorities organizations, and non-income corporations, i discovered three awesome ways to outline the term. First, some outline economic responsibility as ‘keeping person responsibility in a monetary manner,’ or ‘the responsibility of an character or agency to account for its financial activities.’ these definitions supply more weight to the character or enterprise to be held accountable, and don't forget budget as particular paintings assigned to them. 2nd, a number of the definitions spotlight features related to accountability mechanisms. In this example, economic accountability is frequently described as ‘a method of making sure that public cash has been utilized in a accountable and productive way,’ ‘conserving responsible for the manner cash is used and controlled,’ ‘compliance with legality and regularity of monetary accounts,’ and so forth. Behn’s (2001: 7) definition of “duty for finances” will fall into this category as being characterized by using loads of “rules, strategies, and standards.” third, few instances outline the time period from the angle of virtue-based responsibility or political responsibility. This consists of definitions consisting of ‘responsibility for using public cash and stewardship of economic assets,’ and ‘preserving accountable to numerous stakeholders for properly managing the price range they receive.’ From this, you possibly can infer that the skewed interest closer to control accountability is likewise contemplated in the definition of monetary duty, as the idea relates immediately to the discourse of duty. 3. neglected TIME measurement IN CONCEPTUAL FRAMEWORKS 3-1. Conceptual frameworks on responsibility students in public management undertaking to provide a conceptual framework for knowledge the concept of accountability. they've tried to delineate limitations between more than one domains embedded in the concept. The gathered know-how of intellectuals may be summarized as a habitual tension between two essential dimensions of duty—duty-as-mechanism and accountability-as-distinctive feature. This dichotomous nature traces back to the conventional debate among Herman Finer and Carl Friedrich, that is regularly referred to as a defining moment that served to form and broaden the perception of duty. thru a lens of dichotomous splits, such opposing views have been pushed no longer simplest by way of specific principles of accountability, however additionally with the aid of unique beliefs about the>GET ANSWER