Ojonugwa Julius Akubo's Blog

Without any atom of doubt we can considerably say that the speed of technological evolution in the world of today has been very spontaneous which originally shouldn’t be a problem. But the rate of its acceptance by so many nations of the world may eventually end up in incapacitating the labour sector of these countries which is an indicator of danger. Labour as we know is the most perishable factor of production in that its service has got a time space (18 years to 65 years). It’s also the longest to generate when it comes to time of creation. The time it will take to produce sixty same types of machines is far lesser than the time it will take to build up a single labour for effective service. That notwithstanding labour is the most important factor of production at such any activity that will terminate the need of labour should be well evaluated before its being accepted. And this evaluation should involve a critical analysis of the nature of the country in question...

This,is an economic system or theory that Was postulated by a political economics professor Leon walras .the system basically seeks to explain the economy based on the general equilibrium theory and marginal utility. The system is to encompass the whole field of value and price in a much more comprehensive manner than had been presented by any previous economist . He assumed perfect competition and uniformity of price throughout the given market and mathematically demonstrated that general equilibrium in such a market requires certain conditions to be satisfied listed thus: Each individual will have a utility curve for each good and service offered in the market The individual will maximise his utility through exchange and That he will obtain the greatest possible satisfaction when the prices paid in the exchange are proportional to the marginal utility of the good purchased. In general he said that the basic laws which are at work bring about the equilibrium in the market. The...

Caribbean was born in 1915 in the island of West Indies. He finished high school at 14 and entered London school of Economics in 1932 as the first black man. He graduated with first class and had his PHD in industrial economics. He is a great writer but we shall be focusing on his contribution to development economics. Arthur Lewis was the brain behind the famous structural model that won him the Nobel Prize in Economics. As a matter of fact he is the only black man who has won the Nobel price. He is regarded as the father of development economics. His model was based on his paper “development with unlimited supply of labour” in 1964. He said an economy can be divided into two sectors; Modern sector or industrial sector Traditional sector or agricultural  sector The model is built based on the following assumptions Developing sector can be divided into the sectors above Traditional sector has surplus labour supply whose marginal productivity is zero(MP=0) The mo...

The middle ages covered a period of about one thousand years. Although scholars tend to disagree on the exact dates it’s believed to have extended from the fall of the romans in AD 476 to about 1500. A lot of scholars have come to believe that economic thinking in the Middle Ages was highly dominated by moral and political dogma rather than economic thinking. This they said because of the so many doctrinal backgrounds upon which this particular school of thought and its disciples advocated. Discussing the reason for this believes we shall be focusing our discussion on Thomas Aquinas a major intellectual of this school of thought. He personally made contributions to just price with respect to selling and buying, profit making and loans. Aquinas particularly said all goods must be sold at just price; a price defined as sufficient to maintain the seller at his customary standard of living. he also spoke of wages basing his argument on the Christian principle tha...

The basic,reason why some developing countries are still in the lower region of development today is not necessarily because they lack resources but that they fail to utilise and maximise them. Amongst such resources available  to some developing countries is agriculture. Agriculture though limited to some developing countries is the basis upon which a lot of industries can evolve. First of all it starts with the Agro-alied industries whose major raw materials are from Agriculture. And as we know the Agro-alied industries will require machines which will necessitated the need for mechanical industries. Its also obvious that social amenities like  Electricity,transport mediums(good roads, airports,railways and well dredged water bodies), Health amongst others will find their way into the host society either through the public sector or the private sector. The rising industries generate revenue for the government due to taxation and the companies exportation process...

The concept of economic development has being the major pivot of every nation and at such they all use possible instruments at their disposal to either boost their economy or stabilize their economic position. Unfortunately many nations focus on developing the other components that facilitates economic development without putting adequate attention on the major manager of the economy which is labour. Is it possible for a car to move without a driver? Labour  development   is a crucial necessity that every developed or  developing nation need to either remain developed or attain their desired level of development respectively. As a matter of fact every other factor of production which is the mother of development is either created or managed by labour. Is it capital,land or entrepreneur. All these are subject to labour control for effective utilization and maximization. Labour is entrepreneur,labour produces capital, labour uses land for production so it...

Every organization that must attain Maximum productivity and effective specialization must be willing to practice the theory and concept of labour division. Division of labour is the sharing of responsibilities between people of different areas of specializations. Considering the inability of humans to be totally self sufficient there is need for labour divisions which is a product of  specialization. Take for instance,the basic needs of man are food,shelter and clothing. If a collective group of individuals where to provide these basics for themselves individually then there wouldn't only be low output but inequalities which may lead to envy and eventually cause anarchy in the society. This is true because an individual may be a better farmer at the same time a weak tent maker so he would be lacking in terms of structures whereas he has plenty of food. Since he can not ask any other person for support in terms of tent making envy is bound to arise against the better  te...