Government Intervention Essay

Discuss the case for and against government intervention in an economy. In most of the countries, the government has intervened in the market system. To some extent there is a dire need of government intervention in the market system, although there is a debate over this point among the economists. Many economists believe that the role of government intervention improves the market system. The government can easily enforce the rules that can help in the smooth functioning of the market system. On the other hand, there are economists who believe that government interventions in a market system are the reason of inefficiency in the system. There are some goods that underprovided and underconsumed. Such goods are cold merit goods. They can be defined in terms of their externality effects and also in terms of informational problems facing the consumer. A merit good is a product that society values and judges that everyone should have regardless of whether an individual wants them. In this sense, the government is acting paternally in providing merit goods and services. They believe that individuals may not act in their own best interest in part because of imperfect information about the benefits that can be derived. Good examples of merit goods include health services, education, and work training programmes. Why does the government provide merit goods and services? * To encourage consumption so that some of the positive externalities associated with merit goods can be achieved * To overcome the information failures linked to merit goods, not least when the longer-term private benefit of consumption is greater than the shorter-term benefit of consumption * On grounds of equity – because the government believes that consumption should not be based solely on the grounds of ability to pay for a good or service Education is an example of a merit good. Education should provide a number of external benefits that might not be taken into account by the free market. These include rising incomes and productivity for current and future generations; an increase in the occupational mobility of the labour force which should help to reduce unemployment and therefore reduce welfare spending. However, there are some goods which are thought to be ‘bad’ for you. They are cold demerit goods. Examples include the costs arising from consumption of alcohol, cigarettes and drugs together with the social effects of addiction to gambling. The consumption of demerit goods can lead to negative externalities. The government seeks to reduce consumption of demerit goods. Consumers may be unaware of the negative externalities that these goods create – they have imperfect information about long-term damage to their own health. The government may decide to intervene in the market for demerit goods and impose taxes on producers and / or consumers. Higher taxes cause prices to rise and should lead to a fall in demand. However high taxes increase unemployment because firms may relocate abroad increases cost of production for firms making the less competitive to firms in another countries where no tax is applied. But many economists argue that taxation is an ineffective and inequitable way of curbing the consumption of drugs and gambling particularly for those affected by addiction. Banning consumption through regulation may reduce demand, but risks creating secondary (illegal) or underground markets in the product. Market failure with demerit goods – the free market may fail to take into account the negative externalities of consumption because the social cost is less then private cost. Consumers too may experience imperfect information about the long term costs to themselves of consuming products deemed to be demerit goods. The social optimal level of consumption would be Q3 – the output that takes into account the information failure of consumers and also the negative externalities. One way to solve this problem is to try to remove the information failure. Information deficits can often lead to a misallocation of resources and hence the possibility of market failure. Information failure occurs when people have inaccurate, incomplete, uncertain or misunderstood data and so make potentially ‘wrong’ choices. Government action can have a role in improving information to help consumers and producers value the ‘true’ cost and/or benefit of a good or service. Examples might include: * Compulsory labeling on cigarette packages with health warnings to reduce smoking * Improved nutritional information on foods to counter the risks of growing obesity * Anti speeding television advertising to reduce road accidents and advertising campaigns to raise awareness of the risks of drink-driving * Advertising health screening programmes / information campaigns on the dangers of addiction Another dvantage of government intervention is the national minimum wage. The national minimum wage was introduced into the UK in 1999. It is an intervention in the labour market designed to increase the pay of lower-paid workers and thereby influence the distribution of income in society. In October 2005, the value of the minimum wage for adults was ? 5. 05 – following a series of small increases over recent years. The main aims of the minimum wage 1. The equity justification: That every job should offer a fair rate of pay commensurate with the skills and experience of an employee 2. Labour market incentives: The NMW is designed to improve the incentives for people to start looking for work – thereby boosting the economy’s available labour supply 3. Labour market discrimination: The NMW is a tool designed to offset some of the effects of persistent discrimination of many low-paid female workers and younger employees A diagram showing the possible effects of a minimum wage is shown above. The market equilibrium wage for this particular labour market is at W1 (where demand = supply). If the minimum wage is set at Wmin, there will be an excess supply of labour equal to E3 – E2 because the supply of labour will expand (more workers will be willing and able to offer themselves for work at the higher wage than before) but there is a risk that the demand for workers from employers (businesses) will contract if the minimum wage is introduced. Although all political parties are now committed to keeping the minimum wage, there are still plenty of economists who believe that setting a pay floor represents a distortion to the way the labour market works because it reduces the flexibility of the labour market 1. Competitiveness and Jobs: Firstly a minimum wage may cost jobs because a rise in labour costs makes it more expensive to employ people and higher labour costs might damage the international competitiveness of British producers. To the extent that rising unemployment worsens the living standards of those affected it has a negative impact on poverty. 2. Effect on relative poverty: Is the minimum wage the most effective policy to reduce relative poverty? There is evidence that it tends to boost the incomes of middle-income households where more than one household member is lready in work whereas the greatest risk of relative poverty is among the unemployed, elderly and single parent families where the parent is not employed. Government intervenes to stabilise farmer’s income and reduce price fluctuations using buffer stock schemes. The prices of agricultural products tend to fluctuate more violently than the price of manufactured products and services. This is largely due to the volatility in the supply of agricultural products coupled with the fact that demand and supply are price inelastic. Buffer stock schemes seek to stabilise the market price of agricultural products by buying up supplies of the product when harvests are plentiful and selling stocks of the product onto the market when supplies are low. The supply curves S1 and S2 represent the supply of wheat at the end of two different seasons. Supply is perfectly inelastic since farmers cannot change the quantity supplied onto the market post harvest. The organisation wishes to keep price fluctuations within a certain band: it will not allow the price of the product to rise above P max or to fall below P min. Assume that in one particular year there is a bumper harvest so that S1 is supplied onto the market. In absence of any intervention the market price would drop below P min, so the organisation buys up AB of the product to increase the market price up to P min. In the next year bad weather may result in a poor harvest so that only S2 is supplied. The market price would rise above the maximum permitted by the organisation, so the organisation sells CD of its stocks onto the market to reduce the price to P max. In contrast buffer stocks do not often work well in practice. Perishable items can not be stored for long periods of time and can therefore be immediately ruled out of buffer stock schemes. There are also high administrative and storage costs to be considered. Also education or healh sphere can suffer. The economists have a mixed view about the importance and effects of government intervention in the market system, it can be said that government interventions should aim at working with the market system that is already existing rather than implementing policies that make great changes. If the government intervention is such that it introduces inefficiencies greater than rationalizing the entire market system, there is a threat of damaging the economy. The distorted government intervention can lead to consumer dissatisfaction and higher costs. Most of the economists are of the view that government interventions should be facilitating in nature rather than having a direct control over the market.

Love and Courtship in Federalist America Essay

The courtships and marriages of Theodore Sedgwick and of his seven children span the American Revolution and the early republic, with Theodore first marrying in 1767/68, his children being born between 1775 and 1791, and all except Catharine marrying by their thirties. In some ways, Kenslea’s findings are unsurprising, as arranged marriages gave way to individual choice: Sedgwick arranged his eldest daughters’ marriages in 1797 and 1801, while his sons enjoyed love matches within a decade. But Kenslea’s focus on the family adds a new dimension: male influence in arranging young women’s marriages apparently extended beyond fathers to brothers. Professing â€Å"so much pride and pleasure in contemplating her worth, that I want the world to know what a sister I possess† (45), Theodore II insisted Frances marry Ebenezer Watson, whom she did not love. When Watson turned out to be physically abusive, Frances’s brothers again played a significant ro le by using their influence on her husband’s business as a way to control him and offering their homes as a refuge. Just as brothers influenced their sisters’ marriages, peers played a significant role in love matches: in both cases, courtship took place in a group context. Even when love superseded paternal choice, siblings made clear that marriage to someone was necessary: as Catharine Sedgwick asked her equivocating brother, â€Å"What are you doing? Sucking your thumbs, and building castles while all the birds of the air are building their nests† (110). Friends were equally important in shaping courtship. The wonderfully named â€Å"Friendlies†Ã¢â‚¬â€a group of single and married Boston women in their twenties—not only provided the younger Sedgwicks with potential wives, but advised them on how to choose well. Kenslea demonstrates that marrying for love by no means simplified choice; instead, both men and women employed badinage as a way of ascertaining intent without committing themselves, and alliances shifted so quickly that the Sedgwick men seem to have courted all the Friendlies at once. Such â€Å"dizzingly complex† male/female relations (119)—replete with wit, romantic potential, and power plays—suggest parallels to the mixed groups Catharine Allgor discovered in the early republic’s political salons (103). At least during courtship, male/female spheres had remarkably porous boundaries, and Kenslea finds the beginnings of the â€Å"domestication of virtue† (169) in the early republic, as personal  happiness succeeded public good. As couples became engaged, they retreated from friends and family and developed relationships Kenslea finds similar to those Karen Lystra discovered among Victorians two decades later. In Harry Sedgwick and Jane Minot’s engagement of 1816-17, they quit badinage for candor, tested their relationship with a year long separation as Sedgwick established himself financially, and created new selves by employing letters as a form of physical contact and â€Å"ritual celebration of their love† (131). Like Lystra, Kenslea finds â€Å"fluidity of gender roles† (155), with Jane complimenting Harry, â€Å"you are the nearest to a woman in your feelings of any man I know† (144). The Sedgwick manuscripts, however, allow Kenslea to examine such courtships through siblings’ and parents’ eyes, rather than only from the couple’s perspective. If the Sedgwicks provide much evidence of family and friends’ roles in court- ship and the erosion of distinct gender roles, they also suggest the limits of change. The Sedgwicks occupied a narrow cut of society—Federalist, Unitarian, and upper class—but male privilege framed their lives.

Playstation 4 vs Xbox One

The year 2013 marked the new era of video game consoles. Sony and Microsoft, two heavyweight entertainment companies that are both fighting for the title of the best console. In one corner you have Sony’s Playstation 4 and in the other sits Microsoft’s Xbox one. Both of these are next generation consoles that use the latest technologies to give the gamer a better feel for the game that he or she plays. Both of these consoles are similar in a variety of ways but, for the similarities that they share they also contain many differences. Sony’s Playstation 4 and Microsoft’s Xbox one are both two powerful consoles but, are completely different from each other before I can one I need to compare the two. The Playstation 4’s console design is similar to the its predecessor on the outside sporting a similar sleek design scheme but, this is where the similarity ends. The ps4 uses a semi custom accelerated processing unit that combines a central processing unit and graphics processing unit all in one chip. This chip is used to amplify the power of the simulation and graphics on the console. The console also holds several chips that assist in its multitasking ability and can be utilized even while the system is in sleep mode. The ps4 houses a special audio chip that can be used to support in game chat ability among other players and supports in game mp3 streaming. The console comes with 8 gigabytes of GDDR memory and a bandwidth of 176 gigabytes a second which is sixteen times the amount the ps3 had. The ps4 will contain a bluray disc drive that reads discs at 6x CAV for a read speed of 27 megabytes a second. The ps4 boasts a massive 500 gb pre-installed memory that can be modified so that user can add more whenever he or she wishes. Like the rest of the latest gaming consoles the PS4 will have wireless connectivity; an Ethernet port will also be integrated into the system to for wired connections. The playstation 4 is also Bluetooth compatible. The ps4 will support HDMI cables recognizing up to 1080p isually. The system will also come bundled with a mono stero headset and a peripheral motion detection device, The Playstation Camera. This year’s model of the Playstation will mark the debut of a a radical change to dual shock controller, the DualShock 4. The DualShock 4, being the latest in the series of controllers is well more advanced than the previous three. The basics of the controller haven’t changed much over the years besides the addition of new buttons, func tions and capabilities. The Dual Shock 4 comes with a touchscreen pad on the back, a share button that will allow user to upload videos of their own gameplay experiences, a small built in mono speaker, and a lightbar that changes color to indicate which player is which and can be used by the ps4’s Playstation Camera to determine real life movement and depth of the player. Even the select and start buttons have been merged into a single button called, options. These features aren’t included on any other gaming controller available to the public. This controller even took an Emmy for best â€Å"Peripheral Development and Technological Impact of Video Game Controllers† by The National Academy of Television Arts & Sciences on January 8, 2007. In the other corner of the ring, you have Microsoft’s new fighter, the Xbox One. The Xbox One is a gaming console and all around entertainment system. This year Microsoft has decided to move away from the PowerPC chip and is now utilizing an AMD processor in this new console. The Xbox One was built with heavy emphasis on the Kinect peripheral camera device and comes with numerous functions that use this device as well. Console users can hook up their cable boxes and watch live television through the gaming console. Xbox live, the consoles signature gaming service has also been improved. Gamers will have the ability to record live footage of their game play and be able to stream that footage to certain outlets or share it with their friends online. The Xbox one comes bundled with the Kinect motion camera device and the standard Xbox one controller. The kinect will play a much more important role on the Xbox One. The kinect will integrate with the Xbox One allowing users to use functions such as voice commands, it will have different hand motions for different functions, and the most critical part is, the Xbox one will not work without the kinect attached but, doesn’t need to enter a powered state just as along as its hooked up to the console. The Xbox One controller still has the same design as the original xbox but, will have a slightly different layout and features. The directional pad has been changed to a four-way design, the battery compartment has been made slimmer, the start and back buttons has been renamed menu and view respectively. The two triggers on the controller have been outfitted with a new feature as well. Both of the triggers have independent rumble motors called, Impulse Triggers, these Impulse Triggers allow video game developers to bring vibration to controllers independently. Now both of these consoles sound great right? They both come with amazing features and do amazing things. Both the PS4 and Xbox One come bundled with controllers and devices and have loaded these devices with many features. The Playstation 4 comes priced at $399. 00 USD, comes with a 500 gigabyte hard drive, a AMD 8-core jaguar processor, and 8 gigabytes of RAM. The Playstation camera comes separately from the gaming console. The PS4 is also Bluetooth compatible. The Xbox One and the included Kinect will be priced at $ 499. 00 USD, will have a 500 gigabyte hard drive, will have a custom 8 core chip built by microsoft, and is not Bluetooth compatible. The Kinect utilizes voice commands, can detect body and hand motions and can track up to 6 people at one time. Xbox one controllers have been designed to include vibration packs in the triggers. So as you can see these system both share similar functions, equipment, and hardware specs. One of the most obvious differences is the price with the PS4 priced at a hundred dollars cheaper than the Xbox one. If I or anyone else has interest in these gaming consoles and wishes to purchase one, this information would be needed to compare the two before I can make a decision.

Islam in the modern world Essay Example | Topics and Well Written Essays - 2500 words

Islam in the modern world - Essay Example It is a distressing reality that people consider themselves superior to others in terms of economic conditions, financial resources, color, caste, creed and even gender. Racism has been divided into scientific racism that involves genetics as well in terms of defining black, white, brown and yellow people. Some authors believe it comes from scientific reasons and theories. However there is a class of believers who justify that racism arises from the ideologies of global capitalism which gives rise to the unequal social relations. However the truth is that racism does not exist in a single form but a combination of all types. It involves culture, traditions, language, people, history, class, politics, ideology, religion, gender and even economical conditions (Berg & Wendt, 2011) European Racism Over the past two hundred years, racism has taken many forms in Europe such as Anti-black racism, colonial racism and Anti-Semitic racism. One of the greatest examples of European Racism was th e series of Crusades which were an attempt against the Muslims in terms of religious differences. Their main purpose was the restoration of Christianity and they were a longitudinal series of violent wars that began hundreds of years ago. At the time when the first Crusade took place Palestine had been ruled by Muslims for over four hundred years. The primary cause of this series of Wars was the Muslim invasion of France as well as the decline of the Byzantine Empire by the Muslims of Turkey. The second crusade was then called after a long silence by both participants where many lives were lost in the barbarous attempts to let each other down. Nothing could have stopped them and the brutality continued to another series of dozens of more to be seen in the next few hundred years to come. Of course it raised the spirits of hatred between both parties for their generations to come and both had been blaming each other for the loss of their territories and people. It was something that w as imitated by the Europeans for the hatred that they felt for the Muslims for being their rulers for thousands of years. This was their last resort to get their power from Muslims. Another notable series of racial highlights was the colonial times where Europe had many colonies by the beginning of the First World War. These constituted of dozens of British French, Dutch and German colonies at that time. The consequences of colonialism were negative in nature, and still have an impact on the world as a whole. The seeds of racism sown by the Europeans have played a major role in making this world a more unfair place to live with unequal rights and discrimination in the name of race, religion, caste, color and history. Where some nations consider themselves superior in all ways, other nations and individuals are treated as second class citizens inferior to them with lesser rights to live a respectable life. The times of colonialism began by spreading diseases all over the world never to be cured and many people died because of these. It also led to people having unequal distribution of resources and strained social relations in terms of relations with other nations as well as individuals and even other religions along with people of a different color. This colonial period also gave way to slavery, as the territories that were conquered, the suppressed people belonging there were made slaves and

Process Essay Example | Topics and Well Written Essays - 1000 words

Process - Essay Example This process, based on a particular projects requirement, can follow an engineering-based approach, a structured approach, or an incremental approach (Jawadekar, 2004). However, in recent years, software development firms have adopted methodologies that are a mix of different software development methodologies. According to Jawadekar (2004), software development process is usually made up of the following stages: Comprehension and analysis of the specific problems and requirements of a client Planning – developing a strategic plan for the development of the software Creating a design for the customized software solution Implementation – actual development of the software, which entails coding Testing – entails unit testing and whole system testing Installation – deploying the actual system/software Maintenance and error fixing All these stages combined make up the software development process, also well known as SDLC (Software Development Life Cycle). Base d on the needs of the client, more or less time may be devoted to any of the stages mentioned above. Process Stages Explained The diagram above (Figure 1.0) illustrates the stages followed in a software development process. The Requirements stage entails defining the required information, behaviors, functions, interfaces, and performance of the software product to be built. The Planning stage entails the preparation of a strategic plan that is expected to guide the development of the software. It defines important deliverables, timelines and milestones. The Design stage involves creation of a design based on the client’s requirements. It entails defining and designing of the software architecture, data structures, algorithmic details, and interface representations. Implementation entails actual writing of software source code, database design, unit testing and user documentation. The Testing stage entails testing of the source code. System, unit, and user acceptance or usabil ity testing are also performed at this stage. The Installation stage, also known as the deployment, is the last stage in the initial development process (Jawadekar, 2004). This is where the software units are integrated into one unit. Some testing also occurs at this stage, since the software is made for an actual business and used by actual users. As a result, there is extensive monitoring of bugs, or errors. Additionally, training is done at this stage and any customizations required are carried out (Jawadekar, 2004). Maintenance entails making enhancements and changes to system before it can officially be handed over to the client. Faults discovered during testing are corrected. Process Audience Description The intended audience for this process includes project leader, management, the client, testers, and development team members (Jawadekar, 2004). It is important for the project leader since this process helps guide the whole project and, therefore, it is important for the proj ect leader, especially in terms of project monitoring, duty assignment and delegation, deliverables and milestone tracking. As far as the overall management is concerned, this process is important since it helps know what to expect and when to expect it. It also offers an outline of how a particular software product will be developed and delivered. They are especially involved at the end of each stage since they are responsible for evaluating deliverables and ensuring

Fashion industry waste Research Paper Example | Topics and Well Written Essays - 2000 words

Fashion industry waste - Research Paper Example The essay "Fashion industry waste" explores the Fashion Industry and Throw Away Clothes. The job of creating clothes has now been majorly handed over to machines that produce optimum result by the minute. What used to be created in a matter of days has come to minutes. Although this idea has helped to make clothes accessible to people from every type of society, the negative impact is seen when we realize how much clothes may get wasted when we create them in bulks. It’s understandable that when there is demand, there is supply but not every piece of clothing makes its way into wardrobes. Fashion changes by the hour. It doesn’t take much time for the red to become the new black and subsequently, the orange to become the new red. What may be the â€Å"in† piece of clothing may not be in the limelight after a few hours. In such circumstances, large piles of clothes, which may never see the light of the day, may be found in dumpsters in landfill sites. But this cate gory can also include clothes that have been worn a lot or very little due to the aforementioned issue of fashion change. Similarly, people tend to throw out piece of clothing on slightest of issue like for example, if a shirt has lost a button or has caught a stain that can’t be removed, it’s liable to see its way to a dumpster. It is estimated that 14.3 million tons of textiles were produced in 2012, or 5.7 percent of total municipal solid waste (MSW) generation. Many of these were dumped into landfill sites or were incinerated.

Healthcare ecosystems influences Research Paper Example | Topics and Well Written Essays - 750 words

Healthcare ecosystems influences - Research Paper Example In addition, the $5 billion system has managed to unite scientists and physicians of this renowned hospital with various health facilities and professionals. As such, the quality of services provided by the institution has improved, and patients can be assured of prompt and up-to-date service delivery. Ideally, the success and growth of the hospital is embedded on the development of School of Medicine. Although competition has been felt across the medical sector, John Hopkins has always performed immensely due to the frequent research on the current trend of medical operations. John Hopkins Hospital mission statement provides a pictorial presentation of the activities undertaken by the organization. The mission of the organization is to improve the health of individuals in the society and to set the required standards that the world can emulate. As such, the success has been felt in clinical care, research, and education. Although this success has not been effectively achieved, the management is undertaking strategies that will enhance the attainment of its mission. Some of the strategies include educating medical students on the current trends in the medical field, providing medical seminars to health care professionals and scientists, conducting research on biomedical, and providing patient-centered medicine that prevents, diagnoses, and treats various ailments (Kushniruk, 2008). Indeed, the report provided by World Health Organization (WHO) highlighted the superiority of John Hopkins Hospital in disseminating its services in the community. The hospitalà ¢â‚¬â„¢s vision is to provide an inclusive and diverse environment that enhances intellectual creativity, discover, and transmission of innovative knowledge in the world. In improving the health of individuals, though adequate medical services and practitioners, John Hopkins Hospital thrives to achieve its vision. Medical leadership has been