Essay on Development Of A New Economics Period

1119 Words Nov 29th, 2015 null Page
1. In part I, Keynes believes people are suffering from the development of a new economics period. He predicts the error of pessimism will be proven wrong in time. The pessimism that people believe violent change is the only way to protect them and the pessimism that people do not care much about economics and social life. He believes that the standard life of a average person has no change due to the combination of the shortage of “important technical inventions” and “failure of capital”. Keynes also gives examples that show the greatest of the foundational investment in England. He states that the impressive economics growth leads to the result of the development in science and technology. At the same time, an economics problem, which is “technological umemployment”, occurs due to the use of labour in economics. At last, he predict the economic problem will be solved in a better world, which is about one hundred years from the present.
2. The two classes are: those needs which are absolute in the sense that we feel them whatever situation of our fellow human beings may be and those which are relative in the sense that we feel them only if their satisfaction lifts us above, makes us feel superior to our fellows. The first class of needs is the level that people can feel in any situation and any time because people in this class are the same as others. There is no gap between each other so it is easy to understand and to know what people need or want. Contrarily, the second…

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