...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 to make nearly...
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...Capitalism & the Invisible Hand Throughout the history of civilization have been two forms of social administrations: Individualism which has taken the form of capitalism and collectivism which has taken many different forms, each form different from one another, such as socialism, communism, nazism, and etc. Capitalism is an economic system in which most of the means of production and distribution, such as businesses or factories, are not owned by the government but by the private individuals who operate them for profits. (“13b. Comparing Economic Systems.”) In the center of the free-market capitalism is the individual who has four basic rights: • The right to own private property. • The right to own a business and to keep the profits made by operating his business. • The right to freedom of competition. • The right of freedom of choice. (Nickels, Understanding Business) On the other hand, socialism is an economic system that calls for putting most of the means of production in the hands of government which will share the wealth and income more equally among people.( Nickels, Understanding Business) The main goal of socialism is to narrow the gap between the rich and the poor. Thus, the government has the responsibility to evenly distribute the wealth in order to make the society just and fair. (“13b. Comparing Economic Systems.”) An individual attempts to become wealthy, which explains why his focus is only on profits, but to achieve this goal he has to exchange...
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...Riko F. Business, Government & the International Economy Week 3 Assignment Facilitator ----- 13 May 2016 * The invisible hand versus the hand of the government The invisible hand theory is a concept described by Adam Smith in the 18th century to explain the forces of a free market. The theory explains without government controls people pursing their own interest promotes to the good of society better than controlled measured by the Government(Ecocommerce101,n.d.). People acting in their own self-interests generates a higher demand for goods and service that compels others to deliver those good and service in the most efficient manner so they are able to compete in the market(EconomyProfessor,n.d). Who is Adam smith? Adam Smith was as Philosopher and Economist whose book “Wealth of the Nation” is considered one of the most influential books ever written. Smith was born in Scotland on 16th June 1723 and at the young age of fourteen, he attended University of Glasgow on a scholarship and later graduated from Balliol College at Oxford. Smith was known as the father of economics and deeply influenced the political powers of the day with his theory that no external interference should be in the economic markets because it will only lead to chaos and disaster. Adam’s book the Wealth of the Nation was published in 1776(EconomyProfessor,n.d). Smith was appointed the commissioner of customs in 1778 which he helped enforce the laws against smuggling but he in his...
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...Invisible Hand in the Vietnamese context Introduction Adam Smith is an infamous political economist in the UK and around the world. He has many valuable arguments among which this essay will refer to the theory of "invisible hand" which was coined in The Wealth of Nations. The invisible hand is essentially a natural phenomenon that guides free markets and capitalism through competition for scarce resources by maintaining equilibrium between the supply and demand of resources. Also, as market participants compete, driven by their own needs and wants, they involuntarily benefit society at large without the help of goverment. This essay will examine the core theoretical ideas behind Adam Smith’s invisible hand theory, focusing on the negative aspects, and show that the negative aspects are more prominent when applied to the article ‘Power trader accused of abusing monopoly position’ Understanding of theory Adam Smith's invisible hand theory sets the foundation for laissez-faire economic philosophy, which describe the self-regulating behavior and minimize the role of government intervention and taxation in the free markets .Smith argued the most crucial variable in the market is the price and its functions is providing information telling people what to do and presenting incentive for them to act on this information. Both companies and workers are guided, as if by an invisible hand, to produce the goods and services that are most desired by consumers, which occurs when all of...
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...STUDY QUESTIONS “ADAM SMITH’S INVISIBLE HAND ARGUMENT> JOHN D. BISHOP 1. Briefly state the “invisible hand” theory in your own words. The “invisible hand” is a term used by Adam Smith to describe the natural force that guides free market capitalism through competition for scarce resources. The theory of the Invisible Hand states that if each consumer is allowed to choose freely what to buy and each producer is allowed to choose freely what to sell and how to produce it, the market will settle on a product distribution and prices that are beneficial to all the individual members of a community. 2. Two advocates of the “invisible hand” theory who are quoted in the article encourage a “deliberate amorality” in the executive suite. How do they justify this? They contend that this results in systemic morality due to the action of the invisible hand. 3. What does Milton Friedman see as the social responsibility of corporations? Milton Friedman is quoted saying, "There is one and only one social responsibility of business -- to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." Friedman argues that corporations have no social responsibility, only a responsibility toward their customers and shareholders to maximize profits. 4. According to Bishop, what does Adam Smith say about laws or regulations proposed by...
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...EVOLUTIONARY CHANGE: THE INVISIBLE HAND AND MONEY Instead of being designed by men, civilization has evolved, according to one view. Social institutions [government, the rule of law, the social division of labor connoting production activities, markets (credit, labor, commodities, etc.), money, languages, mores (morals and values), et. al.] are determined not simply by preceding causes but as part of a process of unconscious self-organization of a structure or a pattern. These social institutions spontaneously come into existence. They are complex and self-maintaining mass phenomena. Reinforcing this point, Adam Smith wrote in The Theory of Moral Sentiments that men aiming at the “gratification of their own vain and insatiable desires” are “led by an invisible hand” in such a way that they “without intending it, without knowing it, advance the interest of society and afford means for the multiplication of the species.” The Origin of Money Theory, formulated by economist Carl Menger, in 1871, provides an account of the evolution of the social institution of money. Money, according to the Theory, is not a creation of the state as many think it is today. Rather it came into existence spontaneously through an unconscious, self-organizing, self-maintaining, evolutionary process. An outline of the theory is presented below. A. The Seven Steps of Carl Menger’s Origin of Money Theory: * The seven (7) steps below explain the emergence of a commodity money like gold or silver in the...
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...Invisible Man Essay The narrator says he is invisible from society because society refuses to see him. He receives a scholarship to college, but is expelled for what happened at the Golden Day. He goes to NY and tries to find a Job, works short while at Liberty Paints. Becomes a speaker for the Brotherhood, but has opposing views that result in conflict. Harlem goes into a riot and the narrator disappears by living underground in order to be true to himself without the pressure of society. A symbol is something that can stand for one thing, but mean another. In the Invisible Man we see plenty of symbols. Everything is a symbol, but some are more important than others. Some symbols carry all throughout the book. A contextual symbol can be a setting, character, action, object, name, or anything else in a work that maintains its literal significance while suggesting other meanings and a cultural symbol is different symbols that may have quite different meanings in different cultures. The statue is a very important symbol in the novel. "I see the bronze statue of the college Founder, the cold Father symbol, his hands outstretched in the breathtaking gesture of lifting a veil that flutters in hard, metallic folds above the face of a kneeling slave; and I am standing puzzled, unable to decide whether the veil is really being lifted, or lowered more firmly in place; whether I am witnessing a revelation or a more efficient blinding...Why is a bird-soiled statue more...
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...Elijah Kearse Professor Martin English 110 Paper#3 November 11, 2012 Aspects of Identity In both stories Battle Royal by Ralph Ellison, and Where Are You Going, Where Have You Been by Joyce Carol Oates, the characters both live in a made up world. In the story, Battle Royal, a young African American boy grew up during the segregation and slavery period. He thought of himself as an “invisible man.” He was naïve and couldn’t find himself and was asking everyone but himself. He is in distraught of the death of his grandfather; he portrayed the image of him throughout his life. He had to live with the conscious of his granfather’s advice in his mind. On his graduation day he delivered an oration in which he showed that humility was the secret, indeed, the very essence of progress. Then he was invited to give the speech at a gathering of the town’s leading white citizens. He was placed into a battle royal before he can say his speech with several other young men. During his speech he was laughed at and yelled at for phrases he stated. After his speech he was awarded a scholarship to the state college for Negroes. This story is similar to, Where Are You Going, Where Have You Been, in a way that both characters are naïve. Connie has always looked at herself on the mirror. Her mother scolded her to stop and she wanted her to be more like her sister. Connie’s sister June was neat and responsible and her mother wanted Connie to portray the image of her. Lucky for Connie,...
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...The narrator is the key and main character in Ralph Ellison’s eloquent novel, Invisible Man. Mr. Ellison’s portrayal of the narrator is colorful, meaningful, one that can withstand time and identifiable for all. This portrayal transcends all color barriers as well as any socioeconomic background. It was masterful of Mr. Ellison to highlight a young man in his prime and build a story around his coming of age. Any one of us can relate to how it is to be away from home for the first time in your life and you feel you are an adult, a person that can make their own decisions, be accountable, responsible, and trustworthy all on the premise of who you are, yourself. For some of us it begins with the experience of college, some it may happen a little sooner or perhaps a little later. For me, it was later. I had just recently completed a college program in downtown Chicago and landed my first real job. It was acquired not through any linkage to any work study program from school or helping out friends of relatives or anyone I personally knew. This was the real deal. I was working for a huge international insurance company by the name of INA. They were known for their property and casualty underwriting business. Soon after I came on board, INA was merged to form a new and bigger company, CIGNA. I had hit the big time! I was hired to assist a gentleman by the name of John Anderson who lived in Elmhurst, Illinois. I bonded with him immediately upon interviewing with him, and I was...
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...Low Visibility The short story Low Visibility written by Margaret Murphy is about a woman called Laura who is married to the very aggressive husband John. She lives her life in fear and violence, but instead of making resistance she chooses to appear invisible. The short story has a third person narrator. Already in the first line of the short story we get a clear view of the characterisation of both John and Laura and how their marriage is: “John is watching TV, one hand on the remote control, the other on her thigh. She keeps very still.” It tells us that John is in total control. He has the control over Laura, and he is watching TV. Laura is not; she is just forced to be there because of her fear to John, but she accepts the situation by keeping still. The narrator tells from both John and Laura's viewpoints and thoughts. You can tell by the characters’ thoughts of each other that there are no love between them. Laura has not always been the invisible girl; her marriage with John has given her a new personality. “She wishes she could protest, but has forgotten how. Every muscle in her body trembles with the effort of keeping still.” This quote shows that Laura really wants to protest against John’s opinion to the protest in TV, but she has forgotten how to do it. A flashback shows us that Laura gradually have changed during their marriage. She did not notice that something was wrong with their relationship until at was too late. We do not know the actual reason why...
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...The Invisible Man by Ralph Ellison is a monumental novel earning its place in American Fiction history, and it has been written about and analyzed since its publication in 1952. The story is about a young black college student struggling to survive and to succeed in a racially divided society that refuses to see him as a human being. Told in the first person this novel traces the narrator’s physical and psychological journey from what the author says is, “ purpose to passion to perception.” Throughout the novel Ellison brings up the issues of racial inequality in American society, however he does not appeal gender equality and describes the females in a very stereotypical way, which can be seen through analysis of the few female characters...
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...HAND TEST DR. EDWARD E. WAGNER HISTORICAL DEVELOPMENT • The first scientific attempts in relating the hand to personality developed out of the study of the body types (asthenic/thin; atheletic/ muscular; pyknic/ stocky) by Ernst Kretschmer in 1931. o BODY TYPES--- TRAITS( PSYCHOPATHOLOGIES ▪ PYKNIC: friendly ( depressive ▪ ASTHENIC: timid, introverted ( schizophrenic • Charlotte Wolff (1943) studied certain characteristics of the hand and handedness and derived a practical method of the hand interpretation based on the studied characteristic. o The Hand in Psychological Diagnosis (1951) considers the significance of endocrinological dysfunction, its psychological effects and chirological manifestations & outlines how and why the hand reflects temperament and personality. • The first empirical research was a report by Carmichael, Roberts and Wessell (1937) which showed that , to some degree, emotions can be encoded in and decoded from dynamic body movements, gait, and manual gestures. • The Hand Test was originated by E. Wagner in 1958 and was primarily used to differentiate normal from schizophrenic. • In 1962, Bricklin Protowski and Wagner published a monograph with an initial rationale and scoring for the Hand Test. THEORETICAL FRAMEWORK • Hand Test was developed to meet the general criteria for a projective test and also to be easily classified for empirical examination ...
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...Ben Sexton Cheongmi Shim Interpersonal Communication October 19, 2011 Good and Bad I. Introduction If I had to choose two people who I communicate with the most and know me the best, it is a simple decision. My mother, Karen Sexton, and one of my best friends Cody Woods are two people who I communicate an extreme amount with and are able to really know the strengths and weaknesses of myself. Communication is something that we all take part in every day whether its through voice, facial expressions, hand gestures or symbols, and even pure silence. The level of communication we are at is different from person to person. The purpose of this paper is to find out our level of what we succeed at and what we could use some work on. II. Summary of Interaction The interviewees I have chosen are my mother Karen Sexton and a close friend of mine Cody Woods. My mother I have known for twenty-two years and has been the closest person in my family to me. Cody is a friend I met at college and have known for three years now. Both are extremely close with me and are important to my everyday life so they are obviously two people who I communicate with a lot. The meeting with my mother took place over the phone with her because she is back at home. It was during the evening this past weekend around 9 pm on Sunday. The interview was very laid back and easily initiated. The interview with Cody was completed at my house in the living room and was also a very laid back situation...
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...the Earth as this happened, the clons probably finally noticing the young Uchiha had a clone fighting this entire time. The real Mikamo was hidden underground, still focusing his energy. As he felt the thunk of the blade of his weapon hit the Earth, he sighed. 'Well, guess my clone wasn't enough...Oh well, time for some real fun, oh and let's not forget my snake..' he said as he performed a few handsigns, signaling the snakes mind to know to move from the gecko, as it slithered away, dirt from above the earth crumpled down onto him and into his hair. 'Oh bother,' he said in a Poo bear style,' looks like that fat gecko landed. And I hope he knows he's not the only one with tricks up his sleeve..' he said as he thrusted his arm upward, his hand pushing through the earth. Knowing that it would be hardly visible, he clawed the earth apart, digging himself out. He was wearing the same attire as the clone from before, except it was smeared with grime from underground, and his katana had been upgraded several times from the clones. As his head was able to reach through the earth, he clawed harder and eventually was able to dig himself out. He stood tall, looking at the three Jato's being confused. He chukcled. 'I told you I had many tricks, Jatomaru.' he said as he took a quick glance at the katana his clone had used. He took off his shinobi-like glove with a metallic plate on it, as he bit his thumb with his right fang, smearing a japanese symbol onto the blade. 'Rest, worhty clone...
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...Good morning to Dr.Syed and my friends. Before I continue my presentation today, I would like to ask all of you to put up your hand and feel your face. What do you feel?? Soft, oily or rough?? Which one is it??? No mender is soft, oily or rough, I would like to ask all of you that do you use any product to make your skin fairer and better?? Slide 1 From this slide, I am sure that you all will want this kind of skin. So what if you are one of the less fortunate people and have this kind of skin, what you should do in order to have a better skin?? What is the solution to it?? Slide 2 The solution is the product that I am going to introduce to you all today. The product is Aquafirm Weekly Active Foam Mask. This mask had been introducing to the world on 22 June 2011 and arrives at Malaysia on the month of July. So why do I introduce this mask to all of you??? Slide 3 Aquafirm Weekly Active Foam Mask is a self-foaming mask helps reset depleted moisture levels while activating skin-firming collagen production with 3 special ingredients that is Marine Microspheres, Sea Nutrient Barrier and Brown Sea Kelp. Okay, why do I specialist this 3 ingredients?? The first one Marine Microspheres is to plump the skin that is in other words it swell with water to fill wrinkles and provide long-term hydration within epidermal layers. Second, Sea Nutrient Barrier is a fusion of algae and oat extract for a micro-lifting effect on the surfaces cells of the face. Third is the Brown Sea Kelp which...
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