...What does the term of “Invisible Hand“ stand for? What are the real consequences and premises of “Invisible Hand”? Introduction In Adam Smith’s conception, it is the ‘invisible hand’ of the free market that organizes the seemingly chaotic and self-interested activities of human beings into a beneficent and industrious social order. The conception tries to describe “Self – regulating nature of market” based on natural inclination of human-being. Unplanned, unintended actions coined with natural inclination of self-interest channels ambitions towards meeting social necessities. The main motto of the argument was that the market freely will lead to perfect equality. Actually, perfect competitive market fundamentalism was bulwarked with “Invisible hand”. It is very arguable and ambiguous that why Adam Smith called this sort of regulation “invisible hand”. Cognitively, it is tangible but in terms of understanding of special mechanism is very incomprehensible and too invisible to put forward as a market regulatory factor. Self-interest as a part of human nature took a role of supervisor and established “self-regulatory nature of marketplace”. Diving into deep comprehension of the term of invisible hand, we can see that the term implies decentralization of the wealth among inhabitants. We can face with the term of “invisible hand” in his previous work called “The Theory of Moral Sentiments” which envisages the natural propensity of human-being: “They are led by an invisible hand...
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...Essay August 6, 2011 Written by Joseph Prabagar There Is No Hope of Doing Perfect Research (Griffiths, 1998, P97) Do You Agree? When I was asked to write an essay on the statement above, I went to Google to get an idea. What I found amazed and belittled me all the same. Hundreds of essays were already available on this very statement! And I, having read countless books, had not encountered this declaration made by Morwenna Griffiths on page 97 in her book entitled, Educational Research for Social Justice: Getting off the Fence… until now. Majority of the uploaded essays on the web began by quoting the definition of the word ‘research’ and then elaborated on the definitions before proceeding to agree with the ‘no perfect research’ doctrine proclaimed by Griffiths. One particular essay that was published in TermPaper Warehouse – The Term Paper Factory, caught my attention. It was simple, direct and made absolute sense. The opening paragraph of this essay summarized Morwenna Griffiths’ statement as a realization that, as humans we have the capacity do our best research but we must also accept that it cannot be perfect (Asymphonical termpaperwarehouse.com). Do I agree? Yes absolutely. I recollect the term paper that I did for a Sociology course in college some years ago. The subject matter was on Heavy Metal and the misunderstood fans. My research for the term paper was primarily based on questionnaires, interviews, introspection and observations. As there was a...
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...body armor for government and civilian personnel. The organization is BAE Systems and they are located in Jacksonville FL. The company has many products that are sold domestically and internationally. Their product lines consist of body armor, hard armor, armor systems, and firearm accessories, protective gear and forensics products. My role in the company is to ensure the products that we make is to the highest quality possible. I am a Quality Technician that works with every aspect of the operation to ensure that the products are being manufactured to standard. I have been with the company for two years and was recently promoted to Lead Technician and liaison for the quality team. II. Identify the problem you will discuss in your paper The issues that have been a big problem for the company is how the organization awards their employees for doing excellent work compared to other companies that have better incentives for their employees. Issues that will be discussed are the company needs to really look at their policy on many areas to improve the way they award incentives for their employees. Some actions that have contributed to this discussion are why employees are not being awarded for having perfect attendance, being innovative to improve the production needs. The problem is mainly with production workers that are working long hours to make sure that all the production needs are being met and not being compensated for having perfect attendance and...
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...widening gap between actual body sizes (which are increasing) and those portrayed in the media (such as Barbie and Rambo) (Brown and Dittmar 2005.1089). Whilst many other issues contribute to wellbeing, body image correlates with health, happiness and life satisfaction; it is how we see ourselves that ultimately dominates who we are and how we interact with the communities we live in. Accordingly, this essay examines the unavoidability of today’s “perfect” body advertising, the role materialism plays and the claim that thin does not guarantee sales; whilst considering to what extent mental health, personal health and happiness play in determining wellbeing, and then exploring the often overlooked effects body image has on a community’s wellbeing. Constant exposure to idealised media images is unavoidable; boys, girls, men and women alike are inundated with thousands of images, portraying (for most) desirable yet unattainable and unrealistic body and self, expectations and ideals (Dittmar and Howard 2004, 478). A selection of research suggests that it is not the advertisements themselves that pressure individuals; but rather, the individuals beliefs, values and ideals relating to their own appearance that impact on their body image and level of dissatisfaction; that advertising, even though relentless – only highlights an existing negative self assessment (Dittmar and Howard, 2004, 478 and...
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...Hong Kong is now preparing to introduce the standard working hour system to protect employees. In addition to governments, Mattesini and Quintieri (2006) also consider it as an effective way to lessen the unemployment rate after their study on Italy during the great depression. However, the research of them may be limited. Thus this paper serves to argue that it is unwise for the Hong Kong government to establish the standard working hour system in Hong Kong because of the possible negative influence it may bring, for example, the negative effect on the economy, the increase in production cost, and the ineffectiveness to reduce the unemployment rate. The defects of the standard working hour system Increasing the production cost If standard working hour system is established, thus extra working time beyond the standard working hour is required to produce the same products. These hours could be accomplished by either inflicting overtime work on present workers or hiring additional workers. Either of the two alternatives would create odditional cost for employers. In another aspect, it seems that employers would prefer the former pattern to finish the work. A survey by Marchand, Rault and Turpin (1983) showed that after the implementation of a law to cut weekly working hours in France in 1982, the percentage of workers whose salary did not change was over 90%. The paper of Raposo and Ours (2010) about Portugal obtained a similar conclusion that monthly earnings remained almost...
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...Government and its influence on the allocation of resources and affect on the economy cannot be overlooked, which makes the subject of Public Finance such an important field in the study of economics. Government is made by the people for the people, and therefore government has the power to control resources based on what the people want. Sure, people don’t like to pay taxes. People would rather keep all of their money and spend it in the way that they’d like. However, people also know how important social security, Medicaid, and other governmental programs are to their future, and therefore are willing to pay taxes in exchange for the goods and services the government provides to its citizens. Essentially, it all comes down to an economic comparison between one option (no taxes and no governmental programs) versus another option (taxes and governmental programs), and how much people are willing to pay (money, opportunity costs, etc.) for one option versus another. Because taxation by the government is such an important subject to everyone, Public Finance is truly an important subject that affects everyone and is an important subject for everyone to learn about, since it affects their overall well-being. By know more about voting, government allocation of resources, redistribution programs, and other important topics in Public Finance, people can make better decisions about who to vote for and people can have a bigger say and better knowledge about how the government affects...
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...technical page 50 student accountant JUNe/JULY 2008 CAPM: THEORY, ADVANTAGES, AND DISADVANTAGES THE CAPITAL ASSET PRICING MODEL RELEVANT TO ACCA QUALIFICATION PAPER F9 Section F of the Study Guide for Paper F9 contains several references to the capital asset pricing model (CAPM). This article is the last in a series of three, and looks at the theory, advantages, and disadvantages of the CAPM. The first article, published in the January 2008 issue of student accountant introduced the CAPM and its components, showed how the model can be used to estimate the cost of equity, and introduced the asset beta formula. The second article, published in the April 2008 issue, looked at applying the CAPM to calculate a project-specific discount rate to use in investment appraisal. CAPM FORMULA The linear relationship between the return required on an investment (whether in stock market securities or in business operations) and its systematic risk is represented by the CAPM formula, which is given in the Paper F9 Formulae Sheet: E(ri) = Rf + βi(E(rm) - Rf) E(ri) = return required on financial asset i Rf = risk-free rate of return βi = beta value for financial asset i E(rm) = average return on the capital market The CAPM is an important area of financial management. In fact, it has even been suggested that finance only became ‘a fully-fledged, scientific discipline’ when William Sharpe published his derivation of the CAPM in 19861. CAPM ASSUMPTIONS The CAPM is often criticised as being unrealistic...
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...Final Paper 2 Final Paper It was the year 2007, and the potato chip industry in the Northwest was competitively structured and in long-run completive equilibrium. Firms were earning a normal rate of return and were competing in a monopolistically competitive market structure. In 2008, a couple of lawyers quietly purchased all the firms and began operations as a monopoly called “Wonks.” To operate efficiently, Wonk’s hired a management consulting firm, which estimated a different long run competitive equilibrium. The new company is now run as a monopoly, and this paper shall explain how this benefit’s the stakeholders involved, such as the government, businesses, and consumers. Furthermore, given the transition from a monopolistically competitive firm to a monopoly, I will explain the changes with regard to prices and output in both of these market structures. Lastly, an explanation about which market structure is more beneficial for Wonks to operate in, and if this will be the same market structure that will benefit consumers. In any market transaction between a seller and a buyer, the price of the good or service is determined by supply and demand in a market, (Asmundson, 2010). Supply and demand are in turn determined by technology and the conditions under which people operate. Economists have formulated models to explain various types of markets. The most fundamental is perfect competition, in which there are large numbers of identical suppliers and demanders...
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...13-14, 2012 2. 2. Outline of the presentation :-1. Introduction Outline2. Research Methodology3. Transparency – An Overview4. Some Initiatives on Transparency5. Issues & Challenges6. Concluding Remarks7. Video on Integrity Pact8. Q & A (c) K L Gupta 3. 3. (c) K L Gupta 4. 4. Governance:-“Governance is the manner in which power is exercised in the management of a country’s economic and social resources for development….……Good governance is synonymous with sound development management.” - World Bank (1992) (c) K L Gupta 5. 5. (c) K L Gupta 6. 6. Governance Good Governance (c) K L Gupta 7. 7. GovernanceGood Governance Journey of (c) K L Gupta Governance 8. 8. Good Governance:-Good governance means- ruling justly,- enforcing laws and- contracts fairly,- respecting human rights, property rights, and- fighting corruption…….. - Paul O’Neil, Treasury Secretary of US (2002) (c) K L Gupta 9. 9. Good Governance – Major Characteristics*:-1. Participation2. Rule of Law3. Transparency4. Responsiveness5. Equity & Inclusiveness6. Effectiveness7. Efficiency8. Accountability9. Strategic Vision10.Consensus Orientation*Source :- V K Parigi & Others, “Ushering Transparency for Good Governance”, available athttp://www.cgg.gov.in/workingpapers/Ushering_in_Transparency.pdf accessed on September 15, 2012 (c) K L Gupta 10. 10. (c) K L Gupta 11. 11. Type of Paper:-Conceptual paper (c) K L Gupta 12. 12. Objective:-The objective of the current study is...
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...Generic Prescription Drug Costs Prescription drugs have been causing problems in the United States for a very long time. Pharmaceutical companies are one of the largest profiting global industries. It was in 2009 when drug shortages increased with numbers reaching what many have termed crisis level which raised all prices of generic prescription drugs significantly (Fox, Sweet, & Jensen, 2014). This increase was and still is leaving patients with a life threatening decision; either go on paying for their prescriptions which they cannot afford or stop their treatment all together and risk their illness progressing and leading to possible death. Some have chosen to end their treatment altogether, while other patients have confessed to taking dangerous measures to ensure their refills last longer like cutting their pills in half or skipping doses. The United States drug manufacturers are raising prices endlessly without regulation. Instead of generic brand medication being affordable, they are creating their own monopolies and setting their prices just as competitively as name brands. Instead of buying and stocking manufacturers with raw materials from within the United States, they source raw materials from overseas creating delays and a huge shortage in raw materials has surfaced. Instead of keeping the FDA in the loop as to what is going on in the production process, manufacturers wait until the very last minute to report a problem which goes against all rules, regulations...
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...w w w e tr .X m eP CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level e ap .c rs om MARK SCHEME for the October/November 2013 series 9708 ECONOMICS 9708/42 Paper 4 (Data Response and Essays – Supplement), maximum raw mark 70 This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the details of the discussions that took place at an Examiners’ meeting before marking began, which would have considered the acceptability of alternative answers. Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers. Cambridge will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2013 series for most IGCSE, GCE Advanced Level and Advanced Subsidiary Level components and some Ordinary Level components. Page 2 Mark Scheme GCE AS/A LEVEL – October/November 2013 Section A Syllabus 9708 Paper 42 1 (a) In what type of market structure is Unilever likely to be operating? Explain your answer. [3] It is a large multinational company so the size would indicate that it is in an imperfectly competitive market. This means it has some control over its price decisions, that it has branded products, which implies that it advertises. Allow 1 mark for market economy/mixed economy/diversified...
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...A critical analysis of Balanced Scorecard as a performance measurement tool: an overview of its usage and sustainability A iti al a alysis of Bala ed “ o e a d as a pe fo TABLE OF CONTENTS a e easu e e t tool: a o e ie of its usage a d sustai a ility TOPICS PAGE i ii iii iv-v LETTER OF TRANSMITTAL DECLARATOIN ACKNOWLEDGEMENT ABSTRACT CHAPTER ONE INTRODUCTION 1.1 Background of the study 1.2 Objective of the study 1.3 Scope of the study 1.4 Methodology 1.5 Limitations of the study BALANCED SCORECARD 2.1 Overview of the Balanced Scorecard (BSC) 2.2 Objective 2.3 Design 2.4 Original design method 2.5 Improved design method 2.6 Popularity 2.7 Variants and alternatives CRITICAL ANALYSIS ON THE CONCEPT & USING OF BALANCED SCORECARD WHETHER IT IS THE UNIVERSAL SOLUTION FOR THE BUSINESS MANAGEMENT? 3.1 Crucial investigation of the concept and using of Balanced Scorecard 3.2 A comprehensive new approach for the measurement and management 3.3 Is the Balanced Scorecard a universal key to the business management? 3.4 Balanced Scorecard: a question of conjecture and application CHAPTER FOUR: THE SUSTAINABILITY OF THE BALANCED SCORECARD 4.1 The Balanced Scorecard: an instrument for sustainability management 4.2 Different possible approaches of integrating environmental and social aspects 4.3 The process of formulating a sustainability Balances Scorecard 4-7 5 5 5 6 7 8-15 9-11 12 12-13 13 14 14 14-15 16-25 CHAPTER TWO CHAPTER THREE 17-21 21-22 22-23 23-25...
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... I plan to limit my research to the borders and the Arellano-Felix drug lord. The borders are the ones that have the most influences in the country. Although this is a narrower topic, I am not sure that this topic is narrow enough because of the controversies associated with the war on drugs and the borders. Most of the illegal drugs consumed in the United States come through or from Mexico, and virtually all the revenue of Mexican drug-trafficking organizations comes from sales to the United States. Kleiman Mark, (Article in the September/October 2011 Issue of Foreign Affairs Magazine), "Surgical Strikes in the Drug Wars: Smarter Policies for Both Sides of the Border". The specific claim about this topic in my final paper would be about the way of how one of the most powerful drug organization leader was capture to at least slow down the problem of drug trafficking that comes through the Mexican boarders. The United States government needs to do something and gain control over the drugs that are being trafficked into their country. The policies that are in place do not seem to be doing very much as far as easing the problem this country has with drugs and drug crimes. Society knows that Drug trafficking, crime, human trafficking and money laundering always come together that’s not news to anybody. Being so close to Tijuana Baja California, The San Ysidro and Otay borders are perfect targets to be use to smuggle drugs across to San Diego...
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...body to get a bigger picture of the Political, Economic, Social and Technological factors that affects the company. The study of PEST analysis concludes how the company will react to environmental change by setting up new strategies. Those external factors affects important variable in the organization that simultaneously affect the organization’s supply and demand level and eventually cost of the product. The PEST analysis is an important tool that explains the market growth or decline. It also states where the company is standing, its potentials and what or who the best business targets are. The PEST analysis helps an organization at business level, at strategic planning level, marketing planning level, product development level and research level. Overall the PEST analysis makes sure that the company is progressing positively with external changes. Business leaders use this tool to build the future of their company. 1. Political Factors The external factor related to...
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...the general concerns of SME. In addition to the main board, OTC market provides more diversification, more flexible transaction methods, and more complicated and customized securitization product. Mostly, the enterprises listed in OTC market are SMEs in the early growth stage, with underperformed corporate governance, management and unpredictable profitability. As a result, the risk of OTC securities, particularly the market risk turns out to be relatively high. With the expansion of GEM and the growth of regional OTC markets, transaction explodes in volume. Therefore, it has become an important issue for the domestic and abroad securities legislation research and practice how to ensure the OTC market sustainable development and protect the investors’ interest. In recent years, although Chinese scholars had conducted in-depth research on the OTC market's regulatory system and learned a lot from foreign market about OTC market construction, there are still problems to further clarify. On our securities practitioners opinion, we comprehensively use the knowledge ranged from civil law, economics sociology to practical experience, study and analysis the OTC market regulation. We will discuss the problem through six thorough sections. The first part analyzes the fundamentals of OTC market establishment, and we particularly contemplate the OTC legislate characteristics. Firstly, we analyze the characteristics of OTC markets, and compare the concept of OTC market, capital market, property...
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