...Adam Smith all the more prevalently known as the father of Economics The Wealth of Nations, which is believed to have laid the foundation of economic thought and led to emergence of various schools of economic thought. Smith was a lecturer at the University of Glasgow where his worry was profound quality and morals. Smith's compositions were viewed as progressive in those circumstances. It is reasonable for say that his perspectives affected the Europeans as well as on the individuals who mapped out the structure of the US government. According to John Farmer, “Adam Smith stimulates insights about the relationship between economic and political concerns. Adam Smith and his legacy provide the conceptual space within which governmental and societal organization and management are now viewed and understood.” (Smith, page 46) The above obviously demonstrates that Smith...
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...Darwin or Adam Smith Homo sapiens are different from all species due to the fact that people have achieved intellectual dominance of planet Earth, and all life forms that reside on it. Humans are known as, “social animals” (Heilbroner) because of the way they interact with other humans. The “Juggernaut Theory” (Edward Wilson) suggests that humans have a selfish gene embedded in the fabric of the race’s D.N.A. This results in disrupting natural growth cycles of other species and organisms by overpopulating in all regions of the planet. To support this theory one can simply take a look at humans existence through recorded history, and all that humans have created through destruction: deforestation, polluting the atmosphere and oceans, mass extinctions, etc. If all of those examples aren’t bad enough one might add all...
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...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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...employment relationships (Williams and Adam-Smith, 2009). However, inequality nowadays is more complex. It has gone beyond the issue of class differences, thus the lack of equality and non-discrimination framework impedes the progress of equality and diversity in contemporary organisations (Fawcett Report, 2013). The presented paper builds on the existing literature on the topic of equality and diversity in the workplace, and aims to examine the role of trade unions, governments and human resource managers in promoting equality and diversity within organisations. Particular difficulties of advancing equality in practice are investigated and solutions to overcome these issues are discussed. Overall, the paper is structured into three main sections. To begin, a short outline of different approaches used in addressing equality and diversity will be considered. The first main section highlights the role of the stakeholders in promoting equality and diversity in the workplace. The second section evaluates numerous challenges preventing the promotion of equality in practice. The third section is dedicated to the discussion regarding potential solutions for the issues uncovered in the previous section. Finally, a brief summary section is presented which concludes this paper. 2. HR approaches in addressing equality and diversity The debate of equality and diversity is driven by dichotomous underpinning. According to Williams and Adam-Smith...
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...Great Historians of Managerial Research According to Mary Parker Follett, Management is “the art of getting thing done through people.” ( There are many great individuals from our history that have had a grand effect on the art of Management. These individuals have changed the ideas of management from what it once was. It was important and is important now for management to change and evolve as the world changes and evolves. Some of the greatest Management Researchers and management developers are Frederick Taylor, Adam Smith, Henry Ford, Henri Fayo, Mary Follett and Max Weber (Pioneers of Management). These figures from our history have set the stage for management and developments now in the present and in the future. This research paper will not discuss how each of the previous men and women influenced or changed the science of management. One of the most prominent management developers is Frederick Taylor. His work was mainly in the late 1800‘s. Frederick Taylor had many ideas for researching new forms of management and applying these new ideas on subjects for more testing. His most prominent ideas were the “Time and Motion” idea, “A Fair Days’ Pay for a Fair Days Work”, and the idea of “Optimizing and Simplifying Jobs” (Frederick Taylor and Scientific Management). Taylor was also the first person to apply science to the idea of management. “Taylorism is also another idea that Frederick Taylor created that was backed by his own book. He used the scientific theory and...
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...During the 18th century, when Adam Smith lived, the most important social, moral, and technological presumptions had matured. These assumptions have helped to shape the market system as the publicly accepted and entrenched economic lifestyle, and the basis for cultural and even ethical relationships. The presumptions were market intensification and the spread of money operations, as well as the need for accounting and technical production, not the seizure of new lands or colonial conquest, as it used to be, but the accumulation of wealth became the source of vitality for many nations. At the same times, the type for economic man, the one who is absorbed with resource realization, was formed. The history led Smith to become one of the most authoritative of there new global manifestation of life and theoretical trends approvers. He wrote to works called The Moral Sentiments and The Wealth of Nations (Ross) In these works he analyzed two the most important social and individual areas of life, spiritual and materialistic, he tried to philosophically justify the already mentioned era changes as the ones that are best fitting humanity, the spiritual being of nations and ensuring the material well-being. The book called The Wealth of Nations earned the title of the “father of economics” title for Adam Smith (Say). The goal of this paper is to review and analyze the economical achievements of Adam Smith for world history and the world today. Smith was born on June 5th, 1723 in Kirkcaldy...
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...immunization through different literature. Different articles with different methods are going to be reviewed to identify if immunization is the cause of Autism in young children. Moreover, the question involved in this paper is, “What are the health benefits and risks associated with measles, mumps and rubella’s immunization among infants?” This question was formulated considering the PICO principal, which is used to portray information and to guide application of investigations into clinical practice. The principal consists of population, intervention, comparison and the outcome. In this instance P in the PICO (our patient or population) is the 11-month year old infant. The intervention is immunization (Adams, Newcomb, Smith & Withaeger, 2009) . Alternative term might include vaccination, protect, inoculate while immunization (I) can be referred to as vaccination, protect, inoculate. C in this instance is, not to immunize and O or outcome is to eliminate the chances of experiencing side effects of immunisation (Adams, Newcomb, Smith & Withaeger, 2009). In additional the type of PICO question being used in this scenario is an intervention question because it compares two possible interventions, which are benefits versus risks involved. Research evidence, also known as external evidence will be used. This can be considered from a ranked perspective. The most valued external evidence,...
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...God created everything, the Universe, and all life on earth. Naturalism states that this has always been and over time, what observed today is the result, We as Christians see this different, God created all in ex nihilo, not do to random events. Psalms 139:13-16 identifies God as the first cause and creator. Being Human The question of what is it to be human has many divides. Being a human being is far different from any of Gods other creations. Genesis 1:26-28 places humankind over animals and additional reading shows that humankind is above the animals but lower than the Angels. This places humankind as closer to God, Having been given souls and created in the image of God, where animals are not created in Gods image, unlike Adam. Darwin and associated beliefs that humankind resulted in random chance and the passage of DNA to advance all life as seen today,...
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...Understanding Employee Motivation James R. Lindner Research and Extension Associate The Ohio State University Piketon Research and Extension Center Piketon, Ohio Internet address: lindner.16@osu.edu Introduction to Motivation At one time, employees were considered just another input into the production of goods and services. What perhaps changed this way of thinking about employees was research, referred to as the Hawthorne Studies, conducted by Elton Mayo from 1924 to 1932 (Dickson, 1973). This study found employees are not motivated solely by money and employee behavior is linked to their attitudes (Dickson, 1973). The Hawthorne Studies began the human relations approach to management, whereby the needs and motivation of employees become the primary focus of managers (Bedeian, 1993). Motivation Theories Understanding what motivated employees and how they were motivated was the focus of many researchers following the publication of the Hawthorne Study results (Terpstra, 1979). Five major approaches that have led to our understanding of motivation are Maslow's need-hierarchy theory, Herzberg's two- factor theory, Vroom's expectancy theory, Adams' equity theory, and Skinner's reinforcement theory. According to Maslow, employees have five levels of needs (Maslow, 1943): physiological, safety, social, ego, and self- actualizing. Maslow argued that lower level needs had to be satisfied before the next higher level need would motivate employees. Herzberg's work categorized...
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...quote must be written EXACTLY as it appears in the original work. ***Exceptions: • If you don’t need all of the words you can remove some, so long as it doesn’t change the meaning of the quote To do so, use brackets and ellipses […] EXAMPLE: We cannot guarantee that bad things will happen, but we can argue that good things are not happening. It is the contention of this report that increasing numbers of young people are left to their own devices at a critical time in their development. “We cannot guarantee that bad things will happen, but we can argue that good things are not happening […] [I]ncreasing numbers of young people are left to their own devices at a critical time in their development” (Smith). • Use the brackets [] to show that you changed something PARAPHRASE: Your own version of information expressed by someone else, presented in a new form. • a legitimate way (when accompanied by...
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...Introduction to Motivation At one time, employees were considered just another input into the production of goods and services. What perhaps changed this way of thinking about employees was research, referred to as the Hawthorne Studies, conducted by Elton Mayo from 1924 to 1932 (Dickson, 1973). This study found employees are not motivated solely by money and employee behavior is linked to their attitudes (Dickson, 1973). The Hawthorne Studies began the human relations approach to management, whereby the needs and motivation of employees become the primary focus of managers (Bedeian, 1993). Motivation Theories Understanding what motivated employees and how they were motivated was the focus of many researchers following the publication of the Hawthorne Study results (Terpstra, 1979). Five major approaches that have led to our understanding of motivation are Maslow's need-hierarchy theory, Herzberg's two- factor theory, Vroom's expectancy theory, Adams' equity theory, and Skinner's reinforcement theory. According to Maslow, employees have five levels of needs (Maslow, 1943): physiological, safety, social, ego, and self- actualizing. Maslow argued that lower level needs had to be satisfied before the next higher level need would motivate employees. Herzberg's work categorized motivation into two factors: motivators and hygienes (Herzberg, Mausner, & Snyderman, 1959). Motivator or intrinsic factors, such as achievement and recognition, produce job satisfaction. Hygiene or...
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...UNDERSTANDING EMPLOYEE MOTIVATION ABSTRACT The study examined the ranked importance of motivational factors of employees at The Ohio State University's Piketon Research and Extension Center and Enterprise Center. The hand-delivered descriptive survey addressed ten motivating factors in the context of employee motivation theory. Findings suggest interesting work and good pay are key to higher employee motivation. Carefully designed reward systems that include job enlargement, job enrichment, promotions, internal and external stipends, monetary, and non-monetary compensation should be considered. AUTHOR James R. Lindner Research and Extension Associate The Ohio State University Piketon Research and Extension Center Piketon, Ohio Internet address: lindner.16@osu.edu JOURNAL Journal of Extension www.joe.org June 1998 // Volume 36 // Number 3 // Research in Brief // 3RIB3 Introduction to Motivation At one time, employees were considered just another input into the production of goods and services. What perhaps changed this way of thinking about employees was research, referred to as the Hawthorne Studies, conducted by Elton Mayo from 1924 to 1932 (Dickson, 1973). This study found employees are not motivated solely by money and employee behavior is linked to their attitudes (Dickson, 1973). The Hawthorne Studies began the human relations approach to management, whereby the needs and motivation of employees become the primary focus of managers (Bedeian, 1993)...
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...Introduction Objective: This paper has the purpose to study economies of scale and economies of scope in business using Chang Cooperation which is naturally a monopoly which can produce at a lower cost than others’ firms. They are using the economies of scale in decreasing the cost of production such as plastics, bottles, and fixed cost by produce large amount of outputs to decrease the total cost. However, Chang has now entered the long-run which make the average cost of production declines throughout the entire market. As a result, Chang Corporation can supply the entire market demand at a lower cost than the others’ firm. In the economies of scope, Chang produces various kinds of products such as Chang Classic, Chang Draught, and Chang Light. This make Chang Corporation reduce average and marginal costs in long-run, due to the production of similar or related goods or services where the output or provision of an item such as beer reduces the cost of item like water which has the same intermediate goods, bottle. Benefits: This study shows various benefits of being large firm behavior of taking advantages. Including, economies of scale benefit, which firm earn absolute cost advantages due to producing large amount of outputs. Vice versa, there are also some external factors in affecting the economies of scale such as a better transportation network, resulting in a subsequent decrease in cost for a company working within that industry, external economies of scale are said...
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...of the giv...[ view ] Classical Economics vs. Keynesian Economics :: 5 Works Cited Length: 1187 words (3.4 double-spaced pages) Rating: Red (FREE) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - My research of Classical Economics and Keynesian Economics has given me the opportunity to form an opinion on this greatly debated topic in economics. After researching this topic in great lengths, I have determined the Keynesian Economics far exceeds greatness for America compared to that of Classical Economics. I will begin my paper by first addressing my understanding of both economic theories, I will then compare and contrast both theories, and end my paper with my opinions on why I believe Keynesian Economics is what is best for America. Classical Economics is a theory that suggests by leaving the free market alone without human intervention; equilibrium will be obtained. This theory was the first school of thought for economists and one of the major theorists and founders of Classical Economics was Adam Smith. Smith stated, “By pursuing his own interest, he (man) frequently promotes that (good) of the society more effectually than when he really intends to promote it. I (Adam Smith) have never known much good done by those who affected to trade for the public...
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...trade, especially of finished goods. Mercantilism dominated Western European economic policy and discourse from the 16th to late-18th centuries.[2] Mercantilism was a cause of frequent European wars and also motivated colonial expansion. Mercantilist theory varied in sophistication from one writer to another and evolved over time. High tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Other policies have included: Building overseas colonies; Forbidding colonies to trade with other nations; Monopolizing markets with staple ports; Banning the export of gold and silver, even for payments; Forbidding trade to be carried in foreign ships; Export subsidies; Promoting manufacturing with research or direct subsidies; Limiting wages; Maximizing the use of domestic resources; Restricting domestic consumption with non-tariff barriers to trade. Mercantilism in its simplest form was bullionism, but mercantilist writers emphasized the circulation of money and rejected hoarding. Their emphasis on monetary metals accords with current ideas regarding the money supply, such as the stimulative effect of a growing money supply. Specie concerns have since been rendered moot by fiat money and floating exchange rates. In time, the heavy emphasis on money was supplanted by industrial policy, accompanied by a shift in focus from the capacity to carry on wars to promoting general prosperity. Mature neomercantilist theory...
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