The Opposing Viewpoints On Knowledge

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The Opposing Viewpoints on Knowledge

The diversity in the world is a fact that has existed and continues not only in ways of life

but also on the diverse knowledge in people’s lives. Notably, given the diversity of the distinct

personalities, opinions, ideas and thoughts on modern and historical issues tend to vary. Due to

the difference, the ways of taking in as well as the processing of information therefore also differ

which leads to the emergence of opposing views on similar matters (Felder and Brent 57).

According to Crump (2016), everyone at one particular point disagrees especially on big

economic issues. Additionally, the disagreements and alternating views on topics result from the

lack of robustness of the results obtained from findings. Given the same data for analysis, the

different researchers probably arrive at different conclusions (Morrissey 2). Moreover, with the

variations in technological capabilities and levels of skills and power, the dependability as well

as sufficiency in information primarily relies on researcher’s ability. Therefore, although

individuals may possess the same skills backed by the same scientific theories, variations in

knowledge may arise.

The persistent disagreement has also found evidence in economics with the existence

differing opinions on one topic leading to the eventual emergence of two opposing theories. Due

to the availability of a wide range of modeling options, data as well as vision and objectivity, the

development of differing views has occurred (Morrissey 2). The role of theories in explaining the

way the world works has always been fundamental. However, with opposing opinions, the

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interpretations and conclusions all rely on personal judgments. Two major opposing economic

theories base on the role of government participation in shaping the economy. These include the

monetarist’s theory suggested by Milton Friedman and the Keynesian theory brought forth by

John Maynard Keynes.

According to Blinder (2008), in the Keynesian theory, the economy operations arise from

the intervention of the private as well as the public sector. In his view, the government thus plays

a vital role in shaping the way the economy works and how the different areas of the market

functions. Due to the decisions by the federal state, the operations in the nation receive changes,

which consequently affect other related sectors of the economy. In his view, Keynes advocated

for the critical role the government does in influencing the factors of demands and supply (Jahan,

Saber and Papageorgiou 53). Notably, the Keynesian economic theory asserts that the economy

cannot function without the government. Notably, the government has a role to play in the

economy through bailouts to firms facing economic problems. Additionally, the government has

a role in the provision of subsidies in the regulation of the market. Through Keynes approach, the

federal government involvement in economic matters is essential in helping the shaping of the

economic outlook. Thus, Keynes approach on the economy relies on the controls of the demand

of the goods and services (Jahan, Saber and Papageorgiou 54). When the economy is in need of

money, the federal government bailout is thus sufficient in bringing things to order.

On the other hand, the monetarist theory highly advocated by Milton Friedman disagrees

with the government policies involvement in the running of the economy (Hetzel 85). Based on

the forces of the free market, Friedman believed that the supply and demand factors adjust

themselves into a well-functioning economy as opposed to the aggregate spending by

government (Hetzel 91). Through the forces of the free market, the market controls itself as

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opposed to the intervention of the government as suggested by Keynes. Moreover, as noted by

Blinder (2008), although Keynes saw that the control of the demand of the goods and services as

the key fundamentality in managing the economy, Friedman viewed the supply of money as the

solution to the stabilization of the economy (Hetzel 87).

The differences in the opinions in economics have foundations on the variations in

objectives and visions in the different theorists. Notably, as explained by Crump (2016),

disagreements, especially on the central economic questions, have always been a part of the

modern society. Therefore, although Keynes and Friedman have differing viewpoints, both the

theories serve a crucial role in explaining the way the economy works. Additionally, the

variations in models and data used by economic experts ranks as another reason for the

disparities in knowledge (Morrissey 2). Similarly, because of personal judgments, the preference

arises influencing data during analysis culminating to the emergence of dissimilar results and

interpretations. Notably, Keynes and Friedman diverged on the use of government policies in a

federal economy. In his elaborate action and selectivity, Milton advocates for supply measures

while Friedman proposes demand policies (Jahan, Saber and Papageorgiou 54). Therefore, the

theorists depict and illustrate the existing trend of theories in phenomena explanation not only in

economics but also other social and life sciences.

The British exit (Brexit) from the European Union process started in autumn of 2015,

with a vote in 2016 with the full exit expected by 2019 (Irwin 7). Also, the impacts depend on

the effects relationship arising between the United Kingdom (UK) and the EU (Irwin 4). The

important impacts include the increase in regulatory divergence, which fundamentally affects the

attractiveness of the UK for other investment ventures. Additionally, in the global business

world, there lies a profound correlation between exports and the local or national productivity

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(Irwin 10). Thus, with changes in British from the exit from the EU, the shift from the most

significant export market is likely to impact on the productivity levels of the economy

negatively.

Before the exit, half of the exports from the UK found markets in the EU (Irwin 11) but

expected to fall within the coming years. On the other hand, of the exit, changes in world

markets occurred characterized by the decline in major stock prices and currencies especially the

US Dollar. Lastly, the Brexit has profound implications on foreign direct investments (FDI).

Since most of the commercial corporate have investment ventures in the UK, the shift to

independence away from the EU is likely to affect the economic logic of the investments. With

nations like France, Germany, Span and Ireland contributing to a portion of FDI in Britain (Irwin

13), the shift thus has economic and financial implications on the services and manufacturing

sectors.

In Keynes view, the government through the application of demand and fiscal policy

measures has a role to play in restoring the fall in currency prices as well as other changes

brought about by the exit from the EU. Some include the need to control a balance of payments

between exports and imports. On the other hand, based on the Monetarist view by Friedman, the

forces of supply and demands play a role in the free market into a stable world currency. On the

fall and rise in imports, over time, the market clears allowing for the stability between exports

and imports to the United Kingdom. Therefore, although Keynes would have advocated for

government involvement in the maintenance of a state of equilibrium, Freidman would have

opposed the action.

The concept of climate change entails the alteration of the patterns in the weather over

long periods of time (Australian Academy of Science 5). The change has the exhibition in the

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rise in global as well as ocean temperatures, the shrinkage of the glacial sheets and size.

However, the debate has profoundly based its argument on the role of human’s involvement on

the global warming and other changes to climate. Two opposing opinions points to the fact that

humans have a role to play in the current state of climate change due to human-made activities.

As noted by the IPCC (2007), human activities have a profound impact on climate

change through the changes caused by the earth’s atmosphere because of some greenhouse

gasses, aerosols as well as cloudiness caused. Some of the activities entail the burning of fossils

fuels, which leads to the emission of carbon (IV) oxide into the atmosphere (Australian Academy

of Science 6). Apart from carbon (IV) oxide, other gas like methane, nitrous oxide and

halocarbon gasses like chlorofluorocarbons used in refrigeration and industrial operations

released into the atmosphere (Australian Academy of Science, 11, 14, 34).

On the other hand, the opposing viewpoints climate change as natural and not because of

human activities but rather, naturally caused. As noted by the Australian Academy of Science

(2015), some of the natural causes of climate change include the variations in the level and

effects of the sun’s brightness. Additionally, other causes include volcanic eruptions, which have

led to the enormous emissions of gases like carbon dioxide, sulfur, hydrogen sulfide as well as

carbon monoxide into the atmosphere.

In the control and delivery of measures to deal with climate change, the policies by the

individual governments play a vital role in overseeing implementation of environmental

protection measures. Through public policy, procedural decisions serve a crucial role in

minimizing the risks of climate change (Australian Academy of Science 5). Therefore, based on

the Keynesian and Friedman concepts, the involvement of government has an extensive role in

shaping the outlook of the climate issue in the world. Two options exist, the world governments

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can decide to keep silent and let the forces of the free world take their course on climate change,

Freidman view, or intervene through the application of environmental measures and policies, as

advocated by Keynes.

The discussion shows the existence of differing views on similar topics in the global

world. Based on personal judgments and ideas, conflicting opinions arise which have profound

implications for the way the ordinary person interoperates the various phenomena in the world.

However, despite the differences between the economic theories of Keynes and Milton Friedman

on government engagement in influencing the market, the contributions are fundamental in

explaining market operations.

Moreover, with the exit of the UK from the European Union in 2016 with finalization in

2019 (Irwin 7), the shift has both local and international implications of the change in currency

prices, the decrease in FDI as well as exports and imports from the EU. Conversely, with a

variation on the causes of climate change split between human involvement and natural causes, it

is clear that climate change is real and requires sufficient policy measures.

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Works Cited

Australian Academy of Science. The science of climate change: Questions and answers. 2015.

Blinder, A. S. (2008). Keynesian economics. The concise encyclopedia of

economics, 2(008).

Crump, Richard. "Why Do Economists Disagree?". World Economic Forum. N.p., 2016. Web.

23 Nov. 2016.

Felder, Richard M., and Rebecca Brent. "Understanding student differences." Journal of

engineering education 94.1 (2005): 57-72.

Hetzel, Robert L. "The Monetarist-Keynesian debate and the Phillips curve: lessons from the

Great Inflation." FRB Economic Quarterly 99.2 (2013): 83-116.

IPCC. Climate Change 2007: The Physical Science Basis. Contribution of Working Group I to

the Fourth Assessment Report of the Intergovernmental Panel on Climate Change

[Solomon, S., D. Qin, M. Manning, Z. Chen, M. Marquis, K.B. Averyt, M.Tignor and

H.L. Miller (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New

York, NY, USA. (2007).

Irwin, G. "BREXIT: the Impact on the UK and the EU." Global Council, London. (2015).

Jahan, Sarwat, Saber, Ahmed and Papageorgiou. “What Is Keynesian Economics?” Finance &

Development (2014).

Morrissey, Oliver. “Why do Economists Disagree so much on Aid Effectiveness? Aid Works (in

mysterious ways)”. CREDIT and School of Economics, University of Nottingham.

(2015).

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