...Love is the most important thing in this world and Jonathan Larson’s Rent shows us why. Set in the East Village, New York in 1989, Rent is an emotional and inspirational experience that is important for everyone to see. What makes this show so powerful, is how relatable the story is. The script is so close to real life, which may have to do with the fact that the creator, Jonathan Larson, had AIDS while writing the show’s score. It is an extremely hard show to pull off, but the La Mirada Theatre and McCoy and Rigby Entertainment have done a wonderful job both theatrically and technically with this brilliant masterpiece. Richard Israel, the director of the production, has done the show justice. It was staged masterfully and the story was presented...
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...This essay will critically discuss how price ceilings and floors could possibly lead to economic inefficiency causing surpluses or shortages in relation to graphs and the real world case study. Firstly, price ceilings and price floors are basic aspects of our economy. Government enacted laws used to prevent suppliers from establishing prices of resources higher than supposed to be are known as price ceilings. Price floors are minimum pricing rates that can be charged for a particular good or service. Price controls such as these two are used to maintain affordable lifestyles and to protect consumers from suffering from unfair inflation. But however, if not executed correctly, price controls become completely ineffective. In order for a price ceiling to be effective price ceilings must be set below the natural market equilibrium but this in return becomes a problem the outcome of that would result in either excess in demand or a shortage in supply (Taylor 2006). Producers will not produce as much at a lower pricing rate, while consumers will continue to demand more because of the good being made more affordable; demand will exceed the supply. But still if the demand curve is relatively elastic then the net effect to consumer surplus will be positive. Producers are definitely harmed, as their surplus is doubly hit with a reduction in the number of firms that are willing to take the lower pricing rates. Resulting shortages of goods or services can lead to consumers having to line...
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...Why a Harvard Professor Has Mixed Feelings When Students Take Jobs in Finance This is a bittersweet time on campus. Seniors are beginning to find jobs, and while their enthusiasm is infectious, some of their choices give me pause. Many of the best students are not going to research cancer, teach and inspire the next generation, or embark on careers in public service. Instead, large numbers are becoming traders, brokers and bankers. At Harvard in 2014, nearly one in five students who took a job went to finance. For economics majors, the number was closer to one in two. I can’t help wondering: Is this the best use of talent? Of course, these are intensely personal choices as young people chase their aspirations and dreams. But if a favorite student of mine comes up to me and says, “I just got an offer at this investment bank and I’m going to take it,” I want to know how should I feel about it. I will be happy for her individually, but still I wonder: Is this a good decision for society as a whole? As an economist, I look at it this way: Every profession produces both private returns — the fruits of labor that a person enjoys — and social returns — those that society enjoys. If I set up a shop on Etsy selling photographs, my private returns may be defined as the revenue I generate. The social returns are the pleasure that my photographs provide to my customers. A scene from “It’s a Wonderful Life” that presents two types of bankers. Mr. Potter, seated, played by Lionel...
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...ABSTRACT This paper is intended to provide critical responses to the weaknesses of globalization and corruption in the world that we are currently living based on the mixed economic worldview which is my personal economic worldview which threatens to undermine the stability of economic and political development on both a national and global scale, and which requires both immediate and wide-ranging policy interventions. The recent concern with corruption is attributable, not to any substantive increase in corrupt practices, but rather, to the re-framing of corruption in light of broader shifts and transformations within the global economy. The historical context of globalization covers centuries. This paper reviews the types, forms as well as the consequences of corruption. The paper also reviews the issues associated with globalization and the effect it has on the lives of various individuals. It questions the view that, under certain conditions, corruption may enhance efficiency and argues that though corruption may benefit powerful individuals it will indubitably lead to greater inefficiency and a waste of resources at a macro-economic level. Table of Contents ABSTRACT i INTRODUCTION iii BACKGROUND iv Forms of Corruption vi 1.1 Bribery vi 1.2 Theft and fraud vi 1.3 Embezzlement vi 1.4 Nepotism vi 1.5 Conflict of Interest vi 1.6 Favouritism vii Types of Corruption vii 2.1. Grand corruption vii 2.2 Political corruption vii 2.3 Corporate corruption...
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...Capstone Paper: Rent Ceilings in New York City Rent control was introduced in New York City after World War I. “Rent-controlled tenants live in buildings built before 1947 and have lived there continuously since 1971. They tend to be seniors on fixed incomes” (Thorbourne, 2015, para 1). City officials believed that the rapid rise in demand for rental units would drive up rent prices therefore price ceilings were instituted. This created a shortage in supply because it was not profitable for builders to continue construction where rent was regulated. Furthermore, a tenant is legally allowed to stay until they died or the agreement could be passed to a cohabitant that resided there for at least two years (Mceachern, 2014, p. 86). This causes an issue for landlords in the sense that they are not remaining profitable because rent controlled prices are dramatically lower than the free market. Landlords often take extreme measures in trying to catch tenants violating their lease so that they can terminate the binding agreement. By terminating the lease the landlord may not be bound by rent control once the tenant vacates. The below paragraphs will discuss the following questions associated when a price ceiling is imposed below the equilibrium level: 1. What happens to the quantity and quality of housing available? 2. What happens to the quality of housing and why? 3. Who benefits and loses from rent control? 4. How do landlords of rent-controlled apartments try to get tenants...
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...1. Some tenants would support rent control laws because they could be making a good amount of money and live in a very cheap apartment. New York city is one of the priciest places to live and people making above average salaries a year would be in favor of renting out these cheap apartments. Not all of the tenants gain from rent control laws because they could be making a low salary every year and not have access to these apartments because wealthier people are occupying them for longer and have no incentive to ever move. 2. A deadweight loss in this situation is caused by the price ceilings imposed by the government, since there is less incentive for people to produce these apartments due to minimized profits from price ceilings, and there is an increasing demand for these cheap apartments a deadweight loss is created. 3. NYC rent control is in place to try and help those with smaller incomes find affordable places to live and below market rents are those rates imposed to help them and these rents are the going rate for apartments under the price ceiling. 4. Rent control increases the consumer surplus in New York city while the producer surplus is lessened. 5. There is less incentive to apartment builders to construct these apartments due to the set amount of profit that they can make. Rent control takes out the aspect of a possible bidding war that a landlord can set between two perspertive tenants. Also the living conditions of the apartments are ignored...
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...Case Study: Siemens Bribery Scandal 1. Corruption was deeply embedded in Siemen’s business culture. They rationalized this corruption by stating that it was not illegal to initiate bribes to government officials. This was true, however not anymore, the law changed in 1999 prohibiting such acts of corruption. 2. If a manager at Siemens would have stood up and took a stand against corruption, I think that he/she would have most likely been fired for being insubordinate. The higher executives that were promoting such bribery would have wanted these managers to go along with what they were doing. The manager could have also been demoted possibly, or just plain and simple reamed out by the higher executives. 3. Siemens spent extra money to secure future business investments. This in, in turn, means that other companies, even ones that might have an advantage, lose business opportunities. The entire concept of such corruption completely disregards competition, because it simply removes it, unless other companies also engage in bribery. 4. Some economists argue that doing such practices such as bribery is the price that must be paid to perform a greater good. They support this claim by stating that it can promote efficiency and growth in countries that have pervasive and cumbersome regulations, and may also enhance welfare in countries that have preexisting political structures that distort the workings of the market mechanism. On the other hand other economists...
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...Corruption is a social disease that entails social justice that plagues many developing countries today. Corruption is just as multifaceted concept as there are societies and economic and political systems that embraces from the broad concept of corruption to the narrow legal concept of bribery. Corruption is the abuse of public office for private gain and the abuse of public power for private benefit. A well known definition of corruption is the one of the World Bank which considers it is the abuse of public office for personal gain. “Corruption has been broadly defined as the misuse of public office for private gain and the abuse of entrusted power” (Vargas-Hernández, 2011, p. 270). This paper will identify the root causes of how corruption starts? Corruption takes place when an individual tries to gain personal gain through an unfair advantage of someone else's condition, status or position. It occurs when a product, accommodation or activity's reality is altered in a manner in which another person is endangered or cheated. Corruption is a symptom of other fundamental causes (Xin & Thomas, 2004, p. 297).Widespread corruption is a symptom of inefficient administration. Corruption starts, firstly, when a country or state allocate scarce benefits to individuals and firms predicated on strict licit criteria, rather than on need. In such cases, bribes clear the licit hurdle. Secondly, Low pay and inadequate monitoring of their performance. In such cases, bribes...
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...Executive summary The concept of this report is about marketing intervention, which is the price ceiling and price floors. Price ceiling is actually set below the equilibrium price by lowering the price of the goods so that consumers can be able to afford the goods, then price floors which is set above the equilibrium price by increasing the price of some goods in order to protect the interest of some certain producers, and also to see the efficiency and inefficiency of both the price ceiling and price floors. Efficiency which is the economics allocating there resources in a good manner for example government rent control policy and inefficiency, is when the resources are not proper allocated an its example which is the black market and then some graphs that represent the price ceiling and price floors with their explanations and then lastly the real world example of price ceiling and evaluating the effective policy. Price ceiling and price floor are both price controls and also for government to interfere in the free market that changes the market equilibrium price. Price ceiling basically happens when the government puts a legal limits on how high a product price can be and it also disallow prices to exceed a certain maximum that causes shortages in order to be affordable by the consumers, there will be a shortage of goods when ever the price is set below the market price, in this situation demand will be higher or supply will be shortage because consumers will be demanding...
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...“Enterprise Rent-A-Car” A Case Study Solution Submitted By: Group ‘B’ (Bimee Maskey, Hrizu Adhikari, Krishna Dahal, Mahesh Bhandari, Sacheet Pandit, Sampada Paudel) Submitted To: Prof. Dr. KD Koirala SOMTU Date: 31st Dec, 2014 Kirtipur Enterprise Rent-A-Car Case Summary: Enterprise Rent-A-Car is founded by Jack Taulor in 1957. It is a Private car rental business with a fleet of more than 850000 vehicles which is based in St Louis, Missouri with services in the US, Canada, Germany, Irelance, Puerto Rico and UK. It is an international car rental company with a multi-billion pound turnover. Enterprise is an extended 'family' of more than 66,000 employees. It is the largest rental car company in North America but has the approach and feel of a small business. The business is synonymous with exceptional customer service. Enterprise Rent-A-Car (EARC) maintains a unique selling proposition in the rental automobile industry, describing its greatest idea as personal service. This proposition is built into every facet of ERAC’s operations from point-to-point car delivery to a 427,000 rental-vehicle fleet. The business has been shaped by various concepts like: treating customers like good friends and neighbors, which has enables ERAC to grow to a point where the automotive operations have annual revenues in the billions, a fleet of cars and trucks with the numerous employees. ERAC became the industry leader in terms of fleet size and market presence with the revenue...
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...external factors were affecting UPS’s HR practices? How did UPS respond to the trends? They responded to the trends by taking the idea of a traditional classroom to establish the Integrad buildings. Now that the trainees play video games that simulates mock village delivery as well as the slip and fall. These are the types of processes we will have to change as we go through generations and a fast changing global environment 2) Why is efficiency and safety so important to UPS? What role do the company’s industrial engineers play in how employees do their work? Efficiency means saving time and lowers expenses as well. As for safety, which they must take of importance otherwise they would have to consult with labor union. At the end of the day, UPS just wants the employees to have their tasks and deliveries done in a set amount of time to be as efficient as possible. 3) What changes did the company make to its driver training program? What do you think of these changes? Significant changes and if you think about it, was a low risk. UPS basically wanted to get with the times and go along with the generation we now live in. The driving simulator identifies obstacles for them to overcome, and the slip and fall simulator. My personal opinion is that it saved a bunch of time and money. It saved time by having a higher percent of graduates of the program and not having to start the process over...
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...of this knowledge in the support of the position of ethical relativity. All being different he believed there is an underlying continuity to structures of moral development throughout all cultures. (Krasemann, 2012) The six stages include: Stage 1. The Punishment and Obedience Orientation, Stage 2. The Instrumental/Relativist Orientation, Stage 3. The Interpersonal Concordance Orientation, Stage 4. The “Law and Order” Orientation, Stage 5. The social Contract Orientation, and Stage 6. The Universal-Ethical-Principal Orientation. Let’s start with stage 1. The Punishment and Obedience Orientation. This states that if you so something wrong then you will get punished. In today’s society I see this as flawed because the younger generation does not care about the consequences, all they care about is the gratification of the act at that moment. How would you choose to help stop this trend, I am confused! Stage 2. The Instrumental/Relativist Orientation is all about you help me and I’ll help you mentality. There is no thought by people anymore to do something just because it is right, it’s all about “What’s in it for me !” Do you think that if the children were brought up to respect others more that they would think about others thoughts and feelings? I think this brings up a big flaw in that things will not get done if there is nothing tangible in in it for people, do you agree and how could we change this? Stage 3 The Interpersonal Concordance Orientation...
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...COMPUTATION OF THE GENERATION CHARGE FOR AUGUST 2014 a (Applicable for Customers Not Under Meralco TOU) Based on July 2014 Generation Costs (A) (B) (C) Basic Generation Cost (PhP million) 582.13 828.98 49.30 802.09 2,628.28 635.84 491.37 6,018.00 1,112.61 2,515.97 1,420.46 5,049.04 1,391.43 6.86 0.52 1.20 0.55 9.15 12,467.62 (D) Other Cost Adjustmentsb (PhP million) (0.02) (9.54) (1.44) (31.94) (3.38) 20.47 (25.85) (10.96) (23.85) (14.92) (49.73) 869.80 0.02 0.00 0.00 0.02 794.24 (E = C + D) Total Gen Cost for the Month (PhP million) 582.11 819.44 47.86 770.15 2,624.90 635.84 511.84 5,992.15 1,101.65 2,492.12 1,405.54 4,999.31 2,261.23 6.88 0.52 1.20 0.55 9.17 13,261.86 (F = E/A) Average Gen Cost (July 2014) (PhP/kWh) 3.4881 4.2152 4.3380 3.6371 4.5419 9.0235 11.0741 4.6862 4.4301 5.5925 5.1672 5.1736 13.3372 3.9727 5.2743 4.0706 5.0056 4.0953 5.4874 (0.0150) 0.0000 0.0003 0.0118 0.1507 g (G) Average Gen Cost (June 2014) (PhP/kWh) 3.3717 3.7857 3.8216 4.1455 4.7161 9.7002 9.9409 4.6350 4.5576 5.3101 5.4727 5.1715 12.1216 4.2861 4.2310 4.3501 5.0056 4.3175 5.2781 (0.0124) 0.0001 0.0008 0.0062 0.1344 (H = F - G) Source Disptachc A. Power Supply Agreements (PSAs) 1. SEM-Calaca Power Corp. (SCPC) 85.9% 2. Masinloc Power Partners Corp. (MPPC) 100.0% 3. Therma Luzon Inc. (TLI) 6.1% 4. San Miguel Energy Corp. (SMEC) 89.1% 5. South Premiere Power Corp. (SPPC) 74.3% 6. Therma Mobile Inc. (TMO) 48.9% 7. Othersd 31.5% Subtotal 67.1% B. Power Purchase Agreements (PPAs/IPPs) 1. Quezon...
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...In Joan Didion’s essay, “On Going Home” Didion describes her experiences and thoughts on what defines her meaning of home. Didion uses many asyndetons and polysyndetons to emphasize her emotions and poses several rhetorical questions. Throughout the essay, Didion poses an important point that, perhaps her generation is the last to truly know the meaning behind the word “home”. The contributing factors to such conclusion derived from her personal experiences with her direct family (mother, father, and brother), her husband, and even her own daughter. Didion first sets her definition of home by clarifying that to her, home means “not where [her] husband and [she] and the baby live, but the place where [her] family is.” (Didion1) Her diction reflects the way she thinks about her home, with words such as “troublesome” that give off a negative connotation. Although she defines this place as her home, she expresses how she changes personalities and formalities in front of her parents and brother, which her husband is unfamiliar with. This transformation represents her familiarity with her family, whom she grew up with, or her childhood. However, since she is not in her childhood anymore, this familiarity is somewhat uncomfortable to her and her husband, whom Didion is more accustomed with. She, therefore, calls her “home” a “burden” (Didion2) where her source of tension and drama come from. Didion’s relationship with her husband reflects what she left behind at “home”. When Didion...
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...The Most Expensive Home The door thuds as you close it behind you on your way out to go to school, work, or wherever you are headed. You don’t have a second thought about what you’re leaving behind: your home. But have you ever thought about the significance of that word, “home”? In Joan Didion’s essay, “On Going Home”, Didion describes her experiences and thoughts on what defines her meaning of home. Didion uses many asyndetons and polysyndetons to emphasize her emotions and poses several rhetorical questions. Throughout the essay, it can be concluded that perhaps the generation that truly knows the meaning behind the word “home” is gradually disappearing. The contributing factors to such interpretation derived from Didion’s personal experiences with her direct family, her husband, and even her own daughter. Didion first sets her definition of home by clarifying that to her, home means “not where [her] husband and [she] and the baby live, but the place where [her] family is”. Her diction reflects the way she thinks about her home, with words such as “troublesome” that give off a negative connotation. Although she defines this place as her home, she expresses how she changes personalities and formalities in front of her parents and brother, which her husband is unfamiliar with. This transformation represents her familiarity with her family, whom she grew up with, or her childhood, and a vague description of what makes up her home. However, since she is not in her childhood...
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