The Contributions of Adam Smith and John M Keynes to the Study of Economics :: Adam Smith, John M Keynes

Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are connected with the underlying theme of economic growth. Smith's analysis is not confined to showing the interrelation between the different elements of a continually maintained system. It also explains how the system can generate the continual accumulation of wealth. And since, according to Smith, this process is most successful when left to the play of natural forces, his analysis leads him to urge governments to let well alone. Laissez-faire government believes commerce and trade should be permitted to operate free of controls of any kind; there should be no tariffs or other barriers. The direct translation from the French language is â€Å"leave alone to do†, which is self-explanatory. He is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. It simply encourages businesses to provide what consumers want and at the same time it discourages government involvement. He believed that the only responsibilities of the government should be to define property rights, set up honest courts, impose minor taxes and subsides to compensate for well defined and narrowly specified â€Å"market failures†. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces. Adam Smith explained that a monopoly charges any price that it chooses, robs consumers and makes countries less efficient and poorer. Competition, he said, means that businesses try to charge the lowest price possible, so consumers get maximum value for money. If they can buy more, they support more jobs in the economy and the country grows richer. Without the police stopping competition, he said, monopolies cannot survive for long. Around the world today, government monopolies and other bad practices are under major assault from Adam Smith's ideas. Adam Smith believed that strong government was a great necessity, particularly to create and enforce laws and to ensure justice. He believed in a democratic partnership between government and the people, but knew that each should do what it does best - businessmen should not control the justice system, nor should government try to run businesses.

Effects of Social Networking Sites on Student’s Life. Essay

Students! The Builders of Nation ! In today’s life as the world is developing rapidly, the youth becoming stronger in each sense. The technologies are reaching at their peak. Dr. Abdul Kalam has said that India would be the ‘Developed Country’ upto 2020. He has dreamed about ‘Developed India’ which will be possible through his ‘Mission 2020’ towards India. He believes that Indian youth is the source for that dream. Mark Zuckerberg and Jack Dorsey are the two innovative people of 21st century as they have innovated social networking communication sites such as facebook and twitter respectively. Social networking sites such as facebook and twitter are few of the revolutionary inventions of decade. These are mostly popular in the college students. Actually it is proved that it is good mean of communication among them and is the best way of their time to be passed quiet easily. College students are heavy users of these sites through internet compared to the general population. It is the part of their daily communication habits. Social networking sites highly benefits students academically. The various features of different sites give flexibility to students to be a part of social level with others. Students can relate and share with those who have a common interest and ability to make connection with like-minded students, build relationships and communication among them. Social networking sites are the part of modern technology and students are making use of it in different ways. These sites help them to search material which they needs online. It makes them quite easy way to search and get the needful things. Besides this all; there are some negative effects on them as well. Students are losing in the real world by sticking to these social networking sites. The popularity of these sites increased rapidly in the last decade. This is probably due to reason that college students used it extensively to get global access. Sites like facebook and twitter have become a craze for everyone nowadays. These sites have caused potential harm to society. Students are becoming victims of such sites this is because of reason that when they are studying or searching their course material online; they get attracted to these sites to kill the burden in their study time, diverting their attention from their work. They prefer their concentration more on these sites than regular study. Students have started relying more on the information accessible easily on these sites. This reduces their learning and research capabilities. These sites cause reduction in their academic performance and concentration to study well. It reduces their communication skill with others. It also reduces command over language use and creative writing skills. Students mostly use slang words or shortened forms of words on these sites. They start relying on the computer grammar and spelling. Ultimately; it depends on each and every individual how much he involved in these kinds of things. Each individual should decide weathers it is good or bad for him. One should always pick positive things from it. It will have good advantage for him as well as his career. As we want to see ‘Developed India’; is youth in right path? As the craze of networking sites going in negative direction and increasing; the question mark on ‘Mission 2020’ is being much stronger. It’s time to think positively and taking part in transforming India.

Garment Worker

Abstract: Garments sector is the life blood of Bangladesh as the agricultural land has there been turned to a country of garments industries. Employment in the Ready-made garment sector in Bangladesh provides workers with economic benefits and some empowerment. More than 3. 2 millions people are working in this sector and about 5000 garments factories are scattered across the country. 78 per cent of our foreign earnings come from this sector. So it will not be an overstatement to say that, we earn our bread from garments industries. The study attempts to explore the present socio-economic status of the garments workers.The study based mainly on economic and social status of 100 garments workers from Rampura and Badda areas of Dhaka City. It was found that the socio-economic condition of the Garments workers is not in a lofty stage. Amongst the workers about 70 per cent are women, who work dawn to dusk even up to late night when their wages are not in the satisfactory level. They cann ot afford their foods, cloths, housing, medicines, and educations of their wards as they are ill paid. On the contrary, their children are deprived from their care; they suffer from malnutrition and unhygienic complexities. They have no time or scope for recreation.During the study it was found that, worldwide economic meltdown has affected RMG sector of Bangladesh as some workers have lost their jobs and trend of works have been declined. At the end of the study, some recommendations were placed to improve the present conditions of the garments workers as well as garments sector of the country. The owners must treat the workers with respect. They should care about their lives and they must keep in mind that they are human beings. They have families, parents and children,† said Nazma Akhter, president of Combined Garment Workers Federation. â€Å"Is there anybody to really pay any heed to our words? â€Å"

Tesco Case Analysis

Tests had an In store policy that a new checkout line would be opened If there was m re than 1 person waiting In line and they were pioneers In self service checkout terminal. Tests was also innovative with its store formats. Tests stores ranges in size and service fro m; Express, Metro, Superstore, Extra, and Homeless. Tests used consumer purchase data to tailor assortments to local customer needs. Tests also increased the amount of non food items they stocked to include a clothing line.The Club card, which offered cash back rewards and redeemable vouchers, was successful In creating loyalty among Its consumer. Tests proved successful In International operations by expanding Into emerging entries with minimal competition such as those in Eastern Europe and Asia. It AC aired smaller, established retailers and kept local management in place. They were flexible in their strategy and acted locally using multiple formats.Tests also leveraged its brand loyalty to expand in other service a reas such as; flan telecommunications, and grocery delivery. This by partnering or eventually acquiring recognized and trusted brands/organizations. 2. Which success factors are or are not transferable to the US? Transitioning to the United States presented a challenge for Tests considering that t Eire major factor of international success have been the lack of strong competition in the new areas to expand.Clearly not this case, because there were around 35,000 supermarkets In t and in addition, almost every retailer from drugstores to home improvement centers sold some grocery items. There existed intense price competition as the U. S. Was over stored, according to some industry analysts, and the average U. S. Supermarket realized an operating proof t of 2% to 3% of sales, presenting a much different landscape from what Tests was transitioning g from in the U. K.Nevertheless, Tests identified an increasing consumer interest in wellness, in health conscious food choices and a contin uing trend towards on the go consumption, especially evident in California as a result of greater automobile commuting times compared to the national average. Tests hoped to avoid the headed head competition for the weekly family shopping trim with the established grocery chains, a niche it dominated in the U. K. , and rather focus s on targeting an undeserved niche in the marketplace. 3. Was Tests smart to enter the US market? In California, Arizona and Nevada?Although early analysis led decision makers to believe the US, especially the Southwest was a good market to enter actual performance leads one to think otherwise. Tests c inducted a great deal of due diligence prior to entering the US market. They analyzed trends I indicated by market research, sent senior managers to live with Californian families, and conducted d a mock store tour with 200 focus groups. By targeting an undeserved niche in the marketplace ace, Tests hoped to avoid headed head competition for the weekly fami ly shopping trip with established grocery chains.Several other factors demonstrated potential to include: o Grocery retailing in the US embraced multiple formats (in keeping with Tests strategy No national grocery retailer in the US None of the principal supermarket chains (Kroger, Safely, Supernal) commanded more than 15% of US grocery sales Market size: $600 billion Possible gap between convenience stores and supermarkets that might be filled by neighborhood markets o Increasing customer interest in wellness, in health conscious food choices, and a Tests specifically looked to the following benefits of California, Arizona and Nevada:S Grocery retailing not dominated by any one chain S Lower penetration by Wall Mart than in other US regions S CA: rapidly growing, ethnically diverse population of over 35 million, median house hold income well above national average S AZ, NV. Similarly diverse and growing rapidly Despite all of the potential benefits, Tests faced several challenges t o include: Competition (35,000 supermarkets) Almost every retailer from drugstores to home improvement centers also sold grocer y items (overstated) Intense price competition Economic downturn Low average operating profits of 23% of salesPrior attempts by British supermarket chains to expand into the US had proven nuns successful 4. What is the Fresh & Easy value proposition? Is it likely to be appealing in California, Arizona and Nevada? â€Å"C†¦ ] customers wanted great service, choice, and value† (p. 4) â€Å"offer fresh, wholesome food at affordable prices† (p. 7) â€Å"strong commitment to being a good neighbor and a great place to work† (p. ) emphasis on everyday low pricing rather than weekly specials hoped to leverage lower operating costs to deliver â€Å"honest low prices† on â€Å"fresh wholesome food† that â€Å"should be available to everyone† in a â€Å"neighborhood market† ( Employees from local community, careful ly selected to fit Deco's culture (p. 7) Nonfood items would account for only 5% of sales (p. 7) â€Å"ready to sell† approach, whereby many products sent from distribution center to store packaged, extending product freshness, protecting produce from damage, cutting down on spoilage, requiring less refrigeration, and reducing labor needed to stock shelves (p. ) Leveraging relationships with collaborators for distribution (p. 8); this centralized MO del was similar to Walter's Smaller stores = easier permitting process Taking over existing, vacant drugstores = cheaper than building from scratch New stores built from prepare materials = quicker construction, lower overhead, streamlined supply chain Energy efficient stores (30% less energy than comparable, traditional stores; some stores LED certified) Fresh & Easy emphasized everyday low pricing rather than weekly specials and hope d to on â€Å"fresh wholesome food† that â€Å"should be available to everyone† in a â€Å"neighborhood market. Fresh & Easy leveraged relationships with collaborators for distribution to create value e by minimizing costs and emphasize fresh. Their â€Å"ready to sell† approach, whereby prepare caged products went directly from distributors to local stores, promotes that it extended pro duct freshness. The prepackaging protected produce from damage, cut down on spoilage, required less refrigeration, and reduced labor needed to stock shelves. Fresh & Ease's appeal in new markets relied on various factors.California offered the rapidly growing, ethnically diverse population of over 35 million with a median house hold income well above the national average. The percentage of Caucasians had fallen to below 45 and 40% of people spoke a language other than English at home. Hispanic Americans accounted for 37% of the population, Seminarians for 12% and African Americans 6%. The populations of Arizona and Nevada were similarly diverse and growing rapidly. Ethnic ally diverse pop populations are likely to appreciate Fresh & Ease's value propositions.The emphasis on â€Å"honest 10 w prices† and a â€Å"neighborhood market†appeal to various ethnicities. However, Fresh & Easy built many stores in suburban neighborhoods. The population n in these neighborhoods tend to shop less times per week but spend more at each visit. These habits clash with the Fresh & Easy concept of daily visits to grab a quick and inexpensive vive bite. It may have been a better idea to have targeted urban cities like New York or Chicago w here the population's buying habits are more compatible with Fresh & Ease's intended target. 5.

The Politics of Management Thought: a Case Study of Harvard

Summary of ‘The Politics of Management Thought: A Case Study of the Harvard Business School and the Human Relations School’ HBR and HRS achieved an early success under leadership of Mayo and Donham, where HRS positioned HBS as solution to pressing social, economic and political issues. Historical context in article is about contemporary events to business leaders reacted. Alongside postwar, physical and philosophical reconstruction and labor concessions came. After few days armistice was signed, presidents announced end of labor concessions.Dewey et al advocated application of civic democracy principles to workplace, called idealists, where idealists advocate role of labor and realist advocate greater control by administrators. These debates played role in construction of HBS and HRS. Wallace Donham, was appointed as dean of HBS in 1919. At that time HBS was suffering from severe financial problems and was under attack from academicians and businessmen. The scholars crit icized academic men valuing their work just to earn money to counter this problem he hired faculty from well-known disciplines such as history and philosophy.Businessmen criticized business schools, giving nothing but useless knowledge. Donham successfully brought HBS out of financial crises building relationships with CEO’s of big corporations. In 1926, Donham purposed hiring of Elton Mayo, who enjoyed a strong support in corporate circle. Beardsley Ruml, Director of LSRM felt that Mayo’s can fill the space left in the area of industrial psychiatry. Thus addressing psychopathic factor involved in industrial discontent at that time and bringing stability in industrial relation to overcome dissatisfaction and strikes.Donham being very eagerly expectant of HRS wanted to project its role as a â€Å"Savior. Whereas, Mayo focused the Executives, concerned about the workers irrational and agitation-prone mind. In Hawthorne studies Mayo was criticized for having a mindset af flicted with class conflict, industrial unrest, threats to social, political and economic orders. Mayo was of the view that the human factor in industries remains highly neglected. Mayo explained contemporary events with the help of psychology.In one of his articles mayo criticized classical economics, he was of the view that economics ignore human factor. In his second article he identified uncontrolled mind as the most dangerous thing, leading to crime war and social revolution. His third article was about mind of agitator, in his view agitator is the person who blame society for the troubles he face, and as a result his mind becomes obsessed with rage. In the fourth article Mayo elaborated on the dangers of democracy that it leads to social disintegration.In the final article Mayo linked democracy with psychopathological tendencies. Mayo cited industry as having a social function and identified labor unrest a result of individual’s fundamental disorientation to life and di sintegration of personality leading to disordering of values and maladaptaion to the industrial environment. Mayo argued that labor is incapable of understanding his own problems and these cannot be solved through his participation in management, opposing the stance of industrial democrats.Mayo through his research demonstrated that fatigue causes reveries producing psychological agitation leading to social unrest. This conclusion led him using psychological theories to work place. Through Hawthorne studies Mayo persuaded that clinical interview was a treatment allowing interviewee to exactly know his real problem. Mayo was influenced by psychology to view workplace problems as symptoms of underlying unconscious disorientation. On this premise he developed agenda of research for industry and convinced leaders that it will solve their worries about labor strife.We find this article very interesting, as we got to know, how Mayo and Donham fulfilled their own needs ( i. e. Mayo was dro pped out of the Medical school and was virtually broke, he struggled to gain foothold in academic community whereas Donham struggled to build HBS’s financial security, as well as academic and corporate prestige, and he countered the criticism of academics and corporate) by proposing solutions for contemporary social political and economic issues.

Policy advice Research Paper Example | Topics and Well Written Essays - 1000 words

Policy advice - Research Paper Example East Asia countries and other western countries had established a course towards progressive development, amongst them Japan, Italy, West Germany and France (Zakaria 49). It should be noted that after the fall of the Bretton Woods system in 1970s, occasioned by the growing international trade, the stock market crash of 1973-1974 and monetary economics, countries that emerged later focused on strong economic policies. The rise of BRICs especially China was therefore a progressive and steady economic growth having learnt from the various depressions. It appears that such economies thrived on protective policies. The US may consider analyzing such foreign policies to unravel their contributions to economic growth and see whether they may be applicable for the US case (Masters 1). Emerging economies such as China, Russia, and India have established competitive economic policies. India has a steadily rising economy, which is poised to be very competitive in the next decade. China’s economic rise in the global market has boomed in what appears to be a plan that was awaiting implementation. China is has practically overtaken the US and other western countries on the African continent and other areas. It has steadily rising middle class. The US should not sit back and watch or accept that global economics have changed, but conduct an assessment aimed at reclaiming her position on global economic front. It may take time to recover but it will certainly reverse the US economic trend (Zakaria 98). In the meantime, the US should formulate policies aimed at short-term recovery of micro-economy of the small states as leader negotiates a fair global competition for goods and patent rights of all countries. Should countries realize real global integration, it would still be wise to formulate acceptable rules of economic engagement for equitable benefit to enable all countries realize benefits of economic integration. The US may consider treating developing countries as

VTI CASE STUDY Essay Example | Topics and Well Written Essays - 1250 words

VTI CASE STUDY - Essay Example It is in light of this that planning remains an important aspect of all organizational structuring and management. In the absence of planning, organizations loss focus and fail to have a yardstick for measuring and identifying the height of growth they want to reach (Fernandez & Rainey, 2006). Through planning also, it is always possible for the organization to identify aspects and areas for change. Currently, VTI has come to a crossroad where the need for thorough organizational planning that will bring about rapid change is more than a necessity. From the situational analysis of the company, it is time for the company to respond to its external factors of competitiveness, which is focused on the use of electronic commerce (e-commerce). The need for change Change has its own merits and demerits, depending on how it is implemented and the factors that bring it about (Hadaway, Marler & Chaves, 2003). Generally though, many are those who are not comfortable with organizational changes. These people, commonly referred to as administrative conservatives hold the opinion that undertaking organizational changes affect the organizational climate negatively because it forces stakeholders to adjust when they are not really ready to adjust (Hannan & Freeman, 2004). A very typical example of this situation could be said to be taking place among the old senior management team of VTI Ltd who are refusing any form of change from the traditional street sales that the company is involved in. currently, change is eminent for VTI Ltd and cannot be delayed any further. This is because the market in which the company is operating has become so influenced with competition and user definition, whereby it is no longer what the company wants to offer to the consumer that matters but what the consumer wants to have (Alversson & Willmott, 2002). The need for change is therefore in the need for the company to keep track with the changes that is happening outside its domain of control. Ca uses of change The fact that the company is currently experiencing all time low in sales and has not made any profits in the past 2 years is due to a number of factors, some of which are internal, and others, external. Internally, it can be noted that there is a total absence and lack of unified code of conducting business at VTI. Clearly, the old senior management team is in a world of their own whiles the relatively younger staff is in a world of their own. In such a situation, Neale, Tenbrunsel, Galvin & Bazerman (2006) note that organizational conflict becomes common, especially role conflict. Presently, there seem to be a major lack of understanding as to the focus that the company should have in the implementation of basic organizational objectives. This has created an apathy whereby each member of within the organization is defending what he or she feels is right for the organization rather than what the organization wishes to have for itself. In relations to the adage that i n unity is strength, it is important that the company has a common focus of the path it is going to trend to bring about the implementation of its goals and objectives. There are also major external causes of the poor performance that the company is currently experiencing. Firstly there is an absence of competitive advantage by the company to meet the competition it is faced with from its key competitors squarely. Currently, the global record sales market has become so competitive that there are new companies and outlines springing up with time. This has created brought about the need for