The Law of Marginal Returns and How it Affects Ones Course (Essay Sample)

Law of marginal returns
Students Name:
Institution of affiliation:
Introduction
According to John 2005, the law of diminishing returns states that as an increasing amount of a variable factor is added to a fixed factor, the marginal product of the variable factor may at first rise but must eventually fall. This law applies in the short run since it is only then that one factor of production is fixed while in the long run all the other factors are variables.
There are many factors that influence a business’ output. One factor is the type of technology that a company adapts its quality and quantity can obscure or enhance the output of a business. Also utilizing more laborers allows a company practice specialization of tasks which is needed in production process CITATION Kal15 \l 1033 (Wells, 2015). This division of tasks helps workers to work more efficiently and this results to rates of production increasing however, when employees are too many again, this leads to overcrowding and this results to an increase in output at a lower rate. This particular pattern of production is what happens with the law of diminishing returns.
The education system has successfully being able to convince many that the only key to success is education. According to James 2015, he states that if knowledge is the only capital of this new economy, then research universities are the primary sources of that capital and should be at the center of thriving economies. This would make people believe that the economy is falling short of its fuel which is knowledge if it is not taken seriously in learning institutions. CITATION Joh02 \l 1033 (William, 2002)
The point of diminishing returns in this course sets in when more knowledge other than what one really needs to have pertaining their course is given to them. The point where one is able to work effectively outside their formal education, and can yield results then more should not be added to them. All other skills can be obtained d...