SOCIO-ECONOMIC DIMENSION OF EDUCATION

Prayer

The Discipline of Economics:

Its Social Quality and Importance in Education

18th Century in England

At this period the field of economics gained attention wherein much of the writings done center on the technical part of the field.

Economic Thinker
Founder of Modern Economics. Profile: 1723-1790 From Kirkaldy Published a book An Inquiry into the Nature and Causes of the Wealth of Nations

In his book, He explains why government should not regulate business Self-interest improves the economic condition of society through their individual initiatives.

As a social being, human have not only intuited but also practically and philosophically thought of the need to work for ones food, shelter, and clothing without resorting to stealing, grabbing or cheating on others for their acquisition.

Economic Systems
Way in which a nation uses its resources to satisfy its peoples needs and wants.

Answer 3 Basic Economic Questions

What to produce? How should we produce it? Who should get it?

Traditional

Command

Market

Mixed

Traditional Economy
Found in rural, underdeveloped countries. Pygmies of Congo, Eskimos & Indian Tribes, Belarus Customs governed the economic decisions that are made .

Characteristic.

Advantages

People have specific roles: Security in the way things are done.
Technology is not used. Difficult to improved.

Disadvantage s

Market System
Free market or free enterprise economy. Businesses and consumers decides what they will produce and purchase& in what quantities. Supply and demands of goods and services determine what to produce and the priced that will be charged.

Characteristic.

Advantages

Competition to have the best products and services.

Disadvantag es

Huge rift between wealthy and poor.

Command System
The government determines what, how and for whom goods and services are produced. Types:
Strong Command (Communism)

Government makes all the decisions Ex. China, Cuba, Soviet Union

Moderate Command (Socialism)

Some form of private enterprise exist but the state owns major resources Ex. France and Sweden

Command System
Guarantees equal standard of living for everyone. (in theory). Less crime and poverty (in theory). Advantages Needs are provided for through the government (in theory)

Disadvantages

Minimal choices. Fewer choices of items. No incentive to produce better product or engage in entrepreneurship.

Mixed

Economy

Characteristic.

Combination of Market and Command economy. Ex. U.S., Australia and England Government takes care of peoples needs. Marketplace takes care of peoples wants.

Advantages

Balance of needs and wants met by government and in marketplace..

Disadvantag es

Citizens have to pay taxes.

The Circular Flow Model

DEMAND SUPPLY

SUPPLY

DEMAND

Exploitations arise....caused by unregulated self-interest.

Is the kind of inquiry where the actual material or non-material needs of human beings are produced, distributed for commerce and consumption, and managed in view of benefiting the community /society as a whole.

The pursuit of personal good must not only be in consonance with ones fair and natural interest but also enhance the promotion and enjoyment of the common good of the people.

Socialist Perspective in Economic History

There are economic thinkers who contributed a number of guiding

principles that formed Socio-economic Perspective.

Mores Ideal Community UTOPIA

16th Century England The moral purpose of the community is to produce good citizens with intellectual and moral freedom, to supply the physical needs of all without excessive labour, to abolish luxury and waste to mitigate both poverty and wealth, and to minimize greed and extortion.

 Businessman-philanthropists who founded

a model of ideal communities.

Robert Owen (1771-1858) Industrial Community Decent homes & free schools, higher wages, reconciliation among social classes

Claude de Saint Simon (1760-1825) Noble and soldiers should be excluded and government should be put in the hands of manufacturers and bankers

Charles Fourier Organized working groups whose work was made to fit the natural interests of its members
Louis Blanc (1811-1882) It is the states duty to help the workers hold social workshops that provide good working conditions and fair wages

Karl Marx (1818-1883) Founded the politicoeconomic form of social organization called Socialism and Communism

John Stuart Mill (1863)

A positive socio-economic reputation entails that the injustices of a capitalist society lies in distributing the product of labor almost in an inverse ratio to the labor.

The Welfare Economics Perspective

Vilfredo Pareto (1848-1923) Formulated the meaning of

social welfare in economics. The improvement of an individuals welfare is realized if and only if, at least one individuals welfare has improved, and no ones welfare has correspondingly decreased.

The Welfare Economics Perspective

John Rawls (1921-2002) Maximin Principle Refers to the application

or exercise of social justice in situation of inequalities in social status, educational l evel, or cultural achievements.

 He advanced his theory of justice

which provides for the maximinization of social benefits for the poor and economically underprivileged through government subsidies, equitable measures, tax reforms, and privileges in availing public services.

Two Principles of Justice

formulated as a solution to the problem of social injustice.

Each person is to have an equal right

to the most basic liberty as the others have.

Unequal distribution of goods will be

reasonably made to benefit in greater terms the most disadvantaged.

The Civic and Socialitarian Perspective

Helping the poor and the general public

Government

provides... subsidies, tax reduction and or exemptions to its employees and unemployed on a case to case bases.

The Civic and Socialitarian Perspective

Helping the poor and the general public

Private business and successful individuals give.. Social benefits : medical missions, schoolhouses, playgrounds, waiting

sheds, deep wells, and other community facilities

Summary and Principles learned.. 1. Because of the bounties of nature are free for human acquisition, their operation and distribution require that the rules and laws of justice be in favor of the more enabling conditions of social peace and harmony among the takers.

Principles 2. The equality and equity in the principle of justice rule for the good for all in general and for the benefit of the underprivileged. 3. The best form of government is one whose ruler does not let poor go hungry for the day and sleep without a mat for the night.

Recommendation

1. A socialist-liberal-democratic form of government will operate the natural resources for the benefit of the people and use a regulated form as free enterprise policy or the people to work on their own resources.

Recommendations

Study Activity (Recall)

Match the letter of the correct answer which corresponds to its logical, natural or contingent relationship with the idea on the right side.

1. Surplus value of labor 2. maximin principle 3. social utopia 4. Welfare economics 5. Wealth of Nations

A. Thomas More B. exploitation C. Adam Smith D. John Rawls E. Vilfredo Pareto

Key to correction
1. Surplus value of labor 2. maximin principle 3. social utopia 4. Welfare economics 5. Wealth of Nations A. Thomas More

B. exploitation
C. Adam Smith D. John Rawls E. Vilfredo Pareto

Apply what you have learned.

1. Make some observation in your own community especially to its socioeconomic situation. What are the ideas of the socialist and welfare economic thinkers that can be validated through your observation. 2. Envision your ideal community, feel free to adopt the views from the socialist, welfare economic, and liberalist thinkers.

References

http://www.youtube.com/watch?v=20CLOVmf5jg&feature=relat ed