Politics Essay Example | Topics and Well Written Essays - 1000 words - 5

Politics - Essay Example In this regard, this paper will attempt to focus on the methodological approach of politics, and will endeavor to identify whether politics allow its scientific study or not. For such purpose, the paper will look at different aspects of political science that promote the study of politics in a scientific manner that will provide a comprehensive understanding of the query identified earlier in the paper. In terms of definition, â€Å"political science is about analysis of phenomena of politics in a scientific manner† (Hyneman, pp. 31-38, 2003) and that has been the fundamental basis of political science until now. However, as earlier mentioned, scientific approach has not been the concern of a huge number of experts (Grigsby, pp. 29-34, 2008) associated with political science that has resulted in issues such as possibility of studying politics in a scientific manner. Moreover, another major factor of such issue is due to alteration in approach of writers that publish their write-ups on politics in a biased manner that diminishes scientific existence of a political science study. Lastly, analysis (PSA-UK, pp. 35-39, 2006) has indicated that many followers of political science are unaware about the ratio of science and mathematics in political science, and thus, many focus on mathematics due to their interest that result in such queries of involvement of scientific approach in the study of politics. To understand the significance of scientific methodology in political science, it will be essential to support an alternative methodology of studying it in the form of factual study of politics. From this approach, academic institutions/researchers put efforts to study a political issue of the European Union in the year 1996 during which, EU had only fifteen members that were playing the major role in creating different principles in the union in an institutional manner (PSA-UK, pp. 35-39, 2006). Observation has clarified that the foremost outcome of such

Factors that affect the long-run rate of economic growth Essay

Factors that affect the long-run rate of economic growth - Essay Example The pace at which long economic growth is realized is referred to as the long-run rate of economic growth. Natural Resources These are substances that occur naturally in nature and are beneficial for the growth of economy. Examples include timber, mineral deposit, water, air and land. A well endowed country in terms of the natural resources will realize a faster economic growth rate provided all the other factors are constant, that is, the country does not suffer any form of abnormality in issues such as the morale of the citizens, labor provision or transportation that would otherwise lead to stunted or retarded economic growth. It is easier for a country having natural resources to realize a self advancement when citizens of the country in question are trained to utilize a given natural resource. For example, a country that has mineral deposits, can easily acquire the necessary skills and machinery required for the mining process. In another perspective, a country might be having a commodity which perhaps it does not need at a given time. Another country in need of the resource can buy it and in turn, the selling country will generate some income which in turn will lead its economic growth (Mankiw, 2001). ] Labour Resources It is the partial or whole engagement of a person’s body or mind with a view of receiving some payment in return. It represents the required human capital required in the transformation of both raw and national resources into consumer commodities. It is only achievable with the availability of able bodied persons capable of working in different fields due to its flexibility. Improvement to the human capital can be done through training them to improve their skills and in the long run be in a position of handling more technical tasks even better. Entrepreneurship It is taken as a factor of production that will lead to the long-run rate of economic growth on the grounds that there can be existence of resources and still not be convert ed into finished goods. Entrepreneurs are needed in order to create goods and services which are of benefit to man. They assume any risk that comes in their way (Melvin & Boyes, 2012) Components of the Gross Domestic Product (GDP) measure According to Stroup and Sobel, Gross Domestic Growth refers to the total value of commodities produced and services rendered in a country within a period of one year. The final goods and services are mainly categorized into four, namely: Consumption (C) Investment (I), Net Exports (F), and Government Purchases (G).They can also be referred to as building blocks of the Gross Domestic Product and can be illustrated in the equation; C + I + F + G = GDP. Consumption This forms the largest component of the Gross Domestic Product. It consists of purchases of durable goods, non durable goods and services. Durable goods are the goods that are used for a long period of time since they do not get worn out easily. Their useful life is usually more than three years. Examples of such commodities include: washing machines, vehicles, textbooks, furniture and mobile phones (Stroup & Sobel, 2009). These goods can be resold by the owner after a given period of time. This can be as a result of reduced efficiency of the good in question or perhaps, the owner wants to raise cash to use elsewhere. The owner can also resell ones durable goods as a result of wanting to acquire a new one. Non durable goods – their useful life is very short and hence used for a short time period. Some of them are consumed immediately after purchase. Examples include: food, cosmetics, soap and petrol. Unlike durable goods, these goods are non resalable. Whereas durable goods such as a car or a business premise can be rented out, the same