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Secondly, the definition of knowledge and truth are extremely factually based and anything
that cannot be definitively proven, is not knowledge or truth, it is merely a belief or opinion. This
was a very shocking approach to me because I was habitually calling claims and theories truth
and it has now become a goal to use the words truth and knowledge very sparingly and when I
choose to use them I have proof and a base for the statements. Reality was another term that I
have used loosely within my vocabulary that indeed needs to be scientifically sound and proven
before it can be called real. (Engh).
Thirdly, I was reading the piece by Edward Bulwer and Lord Lytton when I realized that the
piece was a metaphor for socialism right when the main character entered the cave and met its
leader. The society was thriving in a socialistic society because they all worked hard and were
equal. However, there were many blanket statements made within the piece that those who are
advocates of socialism tend to say that is not usually indicative of the actuality of society. For
example, the leader of the society was giving the main character a tour and she made a statement
stating that no one thought that there was an alternative way to run the society, so there was no
research to be had in the subject (Bulwer, Lytton). This is inferring that not a soul is upset about
the way the society is ran and there is no way to know how everyone feels within a culture,
especially socialism. People are not completely equal in their desires, ambitions, and goals. If
socialism is a part of society then it squelches competition with feeds off desire, ambition, and
allows people to reach their goals (Bulwer, Lytton).
I was enthralled with the article on the Tulip demand that spread across the world. It
spread because the tulip bulbs were so rare that their price was quite high. It was the
quintessential risk people were willing to take in hopes of an even larger gain. Families were
selling their entire property to buy a bulb and possibly resell it for a profit and buy their property
back. Many people made money using this method. However, it was eventually usurped when
many people saw the opportunity and decided to enter the market and raise tulip bulbs with the
hope of selling them. This brought on a saturation of the market and the price attached to tulips
were no longer valid. The demand for them had substantially lowered and the price decreased.
This is a notable example of supply and demand. However, it is also a fitting example of
opportunity cost as well. Many people put more value within the tulip that they were willing to
risk their livelihood that had a smaller opportunity cost (given that their tulips would sell) and
they were able to make a profit (Mackey, 1848).
Lastly, I found it extremely interesting to learn about the exchange for paper money
within Chinese culture. I enjoyed learning that an emperor decided that he could exchange
citizens precious stones and coins that were cumbersome and heavy for thin, lightweight paper
that could be a reputable equivalent of wealth to keep the paper moneys value. It caught on very
quickly and other countries were developing their own way to establish paper money and its
value. Today we have advanced the process even more because all you need is a piece of plastic
to prove that you have money and it eliminates the need for paper money at all. This is an
incredible piece of ingenuity and proactive thinking. The article also stated that the emperor
thought that if the people had an ability to carry more wealth around with them, they were more
apt to spend more money and enhance the economy that way (Polo, 1300).
I believe that starting with the piece written by Thoreau and his advice of going to the
metaphorical woods to ponder on ideas set me up for success with this study. I was able to think
about every piece of writing and looking for my opinion within the words rather than focusing so
A PERSONAL RENAISSANCE Riches 4
much on others opinions and trying to filter out the fodder and be left with the facts. It is best to
start with the facts and come out being more knowledgeable about facts and not a connoisseur of
opinions. I learned that there is a vast difference between truth, reality, and opinion. As well as
the evidence supporting many business topics that were not discovered yet, were still a strong
part of society without being studied; supply and demand, opportunity cost, the value that
decreases when a market is saturated, importing and exporting items where the demand is
highest, and lastly the beginning of currency in replacing precious stones.
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References
Bulwer, Edward, Lytton. 1871. The Coming Race
Engh, Edward G. Critical Thinking
Mackey, Charles. 1848. Tulipomania
Polo, Marco. 1300. The Travels
Thoreau, Henry David (1854). Economy.
Veblen, Thorstein (1919). The Vikings, An Early Experiment in Trusts: An extract from THE
PLACE OF SCIENCE IN MODERN CIVILIZATION AND OTHER ESSAYS.