2 Literature Topics and Economics

Author

Institution

Introduction

2. James Thomson, The Seasons

One of the most dominant features in the poem, “The Seasons” by James Thomson is its depiction of nature. From the preface to the end of the poem, Thomson acknowledges that there exists no other subject that is more amusing, elevating or ready to arouse the poetical enthusiasm, philosophical reflection, and moral sentiment than works of nature. The description of nature in this poem is a precursor for frequent meditations on numerous and different contemporary interests and ideas (Millar, 2003). The poem incorporates reflections on social and natural condition of man. It also reflects on the nature as the depiction of poetic renderings of the current notions pertaining to natural history, political enthusiasm, political comments, divine ordering mind, and praise of friends among others (Millar, 2003). Its themes and motifs are related to the recognizable natural universe. Thomson stirs the joy and glory that comes with the revitalizing nature in Spring, the magnificence of summer, the tranquility of autumn, as well as the obvious cruelty of winter. This poem had a tremendous appeal on both Romantics and Augustans and influenced both of them in a significant manner (Millar, 2003). It is said to foreshadow of Romantic Revolution in the literary world as it practically inaugurated the trend pertaining to descriptive meditative poetry. This category of poetry often used the descriptive detail in an effort to make up a certain mood. This was seen clearly in his praise for nature and countryside, not to mention his exaltation of what he calls “Retirement in Solitude” (Millar, 2003).

Slavery in Politics and Practice (200 words)

Slavery is one of the most popular topics in many works of literature. This is because the history of many nations is rooted in slavery where a country is either a slave master or a slave. In the essay “Taxation No Tyranny”, slavery is presented as acceptable and as a mutual relationship that is beneficial to both the slave and the master. The author tends to insinuate that both the slave and the slave master suffer the same fate. He states that a mother country is similar to a body with numerous parts or colonies (Johnson, 1913). In essence, they are affected by similar things albeit in different magnitudes. In addition, Samuel states that as much as chains are dreadful they are extremely crucial in deterring anarchy. They are, however, to be used only on individuals who cannot be restrained without them. However, these sentiments are not shared by Olaudah Equiano. In this autobiography titled “The Interesting Narrative of the Life of Olaudah Equiano, Or Gustavus Vassa, The African”, Equiano outlines the pathetic position that slaves occupy. The former slave depicts slavery as a vice that involves selling people for money like commodities. This situation is utterly degrading as seen in the episode where Equiano exercised his entrepreneurial skills in the hope of buying his freedom (Equiano, 1913). The two authors differ in their attitude towards slavery. Samuel seems to be fairly comfortable with the notion of slavery while Equiano resents it.

Monetary Policy: Objectives, Strengths and the Cause-Effect Chain

Monetary policy refers to a policy that employs the central banks’ regulation for the supply of money in the market so as to ensure stability of the economy. This policy is applied with the sole aim of fostering sustainable economic growth, as well as ensuring that inflation is held to a minimum. The effectiveness of monetary policy rests in the cause-effect chain. The supply of money is known to affect interest rates, which in return affects investments. It is worth noting that investment is one of the key components of aggregate demand, which in return is a key component of Gross Domestic Product. In essence, any change in investment translates into a change in the equilibrium GDP (Walsh, 2003).

Monetary policy has various objectives. First, it has the objective of ensuring rapid economic growth by regulating real interest rate, as well as its resultant effect on investment. In addition, monetary policy has to ensure price stability or that the value of money is stable. Monetary policy also ensures the stability of the exchange rate by modifying the foreign exchange reserves so as to influence the demand foreign exchange (Walsh, 2003). This, in effect, helps in stabilizing the exchange rate. Moreover, monetary policy has the objective of maintaining Balance of Payment Equilibrium. BOP may either have a BOP surplus or BOP Deficit. BOP Deficit reflects stringency in the supply of money while BOP Surplus underlines an excess money supply. The monetary policy would aim at maintaining monetary equilibrium thereby attaining BOP equilibrium(Walsh, 2003) . Monetary policy also aims at ensuring full employment in the economy, a situation that would be characterized by the absence of involuntary unemployment. Lastly, it also aims at ensuring equal distribution of income.

Monetary policy comes with a number of strengths. It is worth noting that monetary policy is a short-run action that enables policy makers to evaluate economic conditions, thereby promoting low inflation and sustainable economic growth in the long-term (Walsh, 2003). Monetary policy is also known to put a limit or roof on the housing costs, and the amount of rent placed on tenants. In addition, monetary policy sets limits pertaining to spending habits and debts by the government. This prevents the country from going into debt, something that would be disastrous for small countries (Walsh, 2003). Monetary policy also places restrictions as to tax collection. It controls the areas from which the government derives its taxes, as well as the frequency of collecting these taxes.

Reference

Equiano, O., (1789). The Interesting Narrative of the Life of Olaudah Equiano, or Gustavus Vassa, the African. London: Author

Millar, A., (1938). The Works of Mr. Thomson, 2 volumes. London: Millar

Walsh C.E., (2003). Monetary Theory and Policy, 2nd Edition. New York: MIT Press

Johnson, S (1913). Taxation No Tyranny: An Answer To The Resolutions And Address Of The American Congress. New York: Pafraets & Company