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Economic Competition Essay

Essay about Economic Competition: Should we Care about the Losers?

1035 WordsOct 28th, 20135 Pages

Economic Competition: Should We Care about the losers? Only if you’re doing it wrong

Jonathan Wolff is the head of philosophy at the University College of London. In one of his pieces titled, Economic Competition: Should We Care About The Losers, he particularly focuses on the economic wellbeing on individuals whom interests may be in danger within economic competition. After discussing several subcategories within economic play, Wolff believes that we have a moral obligation to help those that may be taken advantage of in the commercial world. These potential “losers”, he states, fluctuates between producers and consumers. Within his description, Wolff clarifies that exploitation is a direct consequence of economic competition. “…show more content…

He identifies the action as not merely taking advantage of someone, but playing in a way that their actions should be an essential component in the achievement of one’s goals. Therefore, Wolff presents the idea of a “moral safety net” (i.e. social security, bankruptcy laws) that prevents such exploitation to take place (609). However, as much as it is known that exploitation is possible within the market, Wolff only subtly grasps the idea of economic competition.

Although he gives a decent argument about the interests of those who may potentially suffer let us talk about legitimate microeconomics and how they will affect society. In Wolff’s entire argument, he focuses on only one scope of competition, production efficiency. This is where a good is produced at the lowest input cost possible. Obviously this will not maximize social welfare because the ultimate purpose is to eventually surpass the original level of production and maximize profit. Given that the level of production within a business fluctuated to maximize social welfare, a whole new story- one Wolff ignores- is given. Here, marginal benefit is equal to one’s marginal cost and therefore, producers and consumers have come to a win-win situation. Unlike John Wolff, it should also be duly noted that within the producer realm, employees are not exploited. How often is an individual chained to their desk (606)? Within capitalist economics, wages are fairly paid by an employer’s profits. We

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Essay Competition

In the Spring term of each year, any school students studying UK GCSE, A level, SQC Intermediate 2/Highers or International Baccalaureate (IB) courses are invited to write a unique essay of between 1,000 to 2,500 words, on a subject set by the President of the Royal Economic Society, calling on key elements of their studies, examples from the world around them and imaginative discussion. Applications for each year's essay topics  are managed online through our partners tutor2u,  the UK's leading online educational publisher who provide advice and resources to assist students. (View Tutor2U's blog and video on referencing)

RES Young Economist of the Year 2017 is now closed.

Congratulations to our 2017 Joint Winners:

Louise Averill(King Edward VI School, Stratford-upon-Avon) - Read Essay
Matthew Thorne (King's College Taunton) - Read Essay

For the Judges Report - Click Here

For a list of Finalists and Highly Commended Entries - Click Here

Due to the large number of entries we regret that no feedback can be provided for individual essays.


Students had to choose from the following essay topics:

1. A recent UK tribunal case has found that Uber drivers are not self-employed and so should be paid the minimum wage and holiday pay. Is this to the advantage of actual and potential drivers or not?

2. Some politicians have proposed a maximum wage to lessen inequality. From an economics perspective, do you think it is good idea?

3. “Governments should raise the public science budget, to boost flagging UK productivity growth”. Do you agree? Explain your answer.

4. “Having more grammar schools would help raise education levels and opportunities”. Do you agree? Explain your answer.

5. “If you don't look after your health, you can't expect free access to healthcare”. Is this wrong? What are the economic arguments?

6. A report (Hendryreview.wordpress.com) has recently concluded that it's worth investing in tidal lagoon systems even though the energy produced is expensive. What are the key judgements and assumptions which lead to this conclusion and how would you challenge them?

You will find more resources and details on these topics at tutor2U.net

Prizes

The winner of the Young Economist of the Year receives an award and wins £1,000, with runners-up each receiving £500. All those on the final shortlist or highly commended lists will receive a certificate from our partners in the competition, the online educational resource publisher tutor2U.net. 

Who is judging the competition?

Tutor2u arranges a panel of over 20 Economics teacher judges from across the UK, who meet over two days to read through all of the entries and put together a shortlist of essays for final judging and also a list of highly commended entries from the 2016 competition which are then passed to the Royal Economic Society for the final judging. The RES judging panel in 2017 will be made up of: Andrew Chesher (President, RES), Jonathan Haskel (Imperial College London), Bridget Rosewell (Volterra Partners) and Alvin Birdi (Economics Network and University of Bristol).

The deadline for submitting essays was Sunday, 9th July 2017 at 2359 hours (GMT).

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Previous Years’ Essay Titles and Competition Winners

From this page, you can link to the Essay titles and Competition  winners and runners-up, their essays and the judges' reports from previous years:

RES Young Economist of the Year 2016 - Sherwood Lam. 2016 Winning Essays & Judges Report

RES Young Economist of the Year 2015 - Lok Yin Cheng. 2015 Winning Essays & Judges Report

RES Young Economist of the Year 2014 - Kartik Vira. 2014 Winning Essays & Judges Report

RES Young Economist of the Year 2013 - Ellie Heatherill. 2013 Winning Essays & Judges Report

RES Young Economist of the Year 2012 - Calum You. 2012 Winning Essays & Judges Report

RES Young Economist of the Year 2011 - Mayank Banarjee. 2011 Winning Essays & Judges Report

RES Young Economist of the Year 2010 - Jessica Hawley. 2010 Winning Essays & Judges Report

RES Young Economist of the Year 2009 - Tiffany Young. 2009 Winning Essay and Judges Report

RES Young Economist of the Year 2008 - Lizzy Burden & Promit Anwar. 2008 Winning Essays & Judges Report

RES Young Economist of the Year 2007 - Zoe Hart. 2007 Judges Report