...All of economics is meant to be about people’s behavior. Behavioral Economics is a field of economics that studies how the actual decision-making process influences the decisions that are reached. The standard economic theory is known as neoclassical economics. Neoclassical economics stops short of trying to explain where people’s preferences come from, but it does not take account of the direct influence of other people’s behavior and social standards on our behavior. The theory imagines we independently know what we want and that our preferences are permanent. This standard theory is very good at explaining short-term decision-making (I want green vegetables and choose beans as they are on special offer) but cannot explain longer-term changes in preferences (I now only choose organic food). Along the same lines the importance of institutions – both formal institutions such as regulations, and informal ones, for example, how people organise markets – and the evolution of the whole economic system are not subjects of neoclassical analysis. This has significant implications Behavioral economics has evolved to be a separate branch of economic analysis which applies scientific research on human and social, cognitive and emotional factors to better understand economic decisions by consumers, borrowers, investors, and how they affect market prices, returns and the allocation of resources. Behavioral economics is that branch of one, which deals with the study and application...
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...that people are means within themselves and not ends to the needs of others. They have agency and should be free to propose the world in which they wish to live in. According to Ramsey 2011:183, the emergence of emancipatory theory was in the 1960’s and 1970’s and it emerged as theory that was opposed to the oppression to the extent that they are marginalised. “Dominance is progressively dehumanizing for both the oppressed and the oppressor, though only the resistance of the oppressed will allow for the possible re-humanization of the oppressors” (Ramsey, 2011:183.) Emancipatory theory is meant to target oppression that consolidated within dominant systems of policy in reality that takes away people’s agency and consciousness. This essay deals with communism as an idea, this requires effort in departing from the use of communism as an adjective that describes a form of politics, “An entire century of experiences both epic in scope and appalling was required to understand that certain phrases produced by this short-circuiting between the real and the Idea were misconceived.”(Badiou, 2010:13). At this point Badiou requires us to not look at communism in its historical context and use misconceived phrases such as “communist party and communist state”(Badiou, 2010:5), he insists that we must not immediately associate communism with any historical failures for example Stalin’s regime. To associate the Communist idea with such history is to rid it of its original truth and intentions...
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...Income Inequality in America: An Analysis of Policies from Reagan to Obama and What Policies Can Help Close the Gap Income inequality in America has been of great importance in recent election cycles. Candidates from both sides of the political aisle have addressed the growing economic and social concern of increasing income and wealth inequality throughout the country. However, policies to address this growing concern are vastly different. This paper seeks to examine policies from Reagan to Obama that contributed to today’s massive income and wealth inequality. Was it tax reform throughout the 1980s and 1990s that contributed to inequality? Did the Federal Reserve perpetuate policies through massive quantitative easing that led to...
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...The Emerald Research Register for this journal is available at www.emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at www.emeraldinsight.com/1361-2026.htm JFMM 8,4 ACADEMIC PAPER 362 Fashion change and fashion consumption: the chaotic perspective Ka Ming Law, Zhi-Ming Zhang and Chung-Sun Leung Institute of Textiles and Clothing, The Hong Kong Polytechnic University, Hunghom, Hong Kong Keywords Fashion, Consumers, Young adults, Social change Abstract Previous researches have considered that the impact of fashion change and fashion consumption is linear. Therefore, one reason was found as the ultimate source to explain why a fashion style/ trend was spread to the mass market. However, the existing market is complex and difficult to find out the holistic reason to explain fashion consumption. In this study, the chaotic perspective is taken into account to investigate the relationship between fashion change and fashion consumption. By using the grounded theory method, 33 in-depth interviews were conducted. A chaotic fashion consumption model is developed from the findings to explain how different fashions are consumed and rejected while fashion changes. It is found that the interaction of being fashionable, perceived fashionability and system participation affects the ultimate decision on fashion consumption. It is also found that a pattern can be traced to forecast the degree of fashion consumption even when...
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...To: Kelly Johnston, CEO Kodak From: Amelia Morris, Head of Marketing Operations, Kodak In Reference To: A Kodak moment; drawing your attention to major architectural flaws within our company, specifically the MAPP plan, as well as solutions for more sustainable options for future structures. It has come to my attention that there are some major flaws lying inside our organizational architecture. These flaws lay in the foundation of Kodak`s organization structure and so we cannot move forward until these basic errors are corrected. We are seeking companywide success and must act as a company to achieve this. Throughout its history we`ve experienced dramatic economic upturns and downturns. We are currently trying to pull ourselves out of bankruptcy and I believe the way to do so is through changes in our organizational architecture. These changes alone will not lead to success, as we still face problems in the digital technology area however they will certainly contribute positively. This means making changes in performance-evaluation methods, reward systems and responsibility assignments. Our previous attempts; decentralization in 1984 and the MAPP plan in 1987 have been widely unsuccessful. This means we must look closely at what went wrong within these plans, and restructure accordingly. Now, I’d like to specify what the flaws were in our initial organization restructure plans. 1987 saw Kodak change the assignments of decision rights within our company. Clearly...
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...should identify factors that have led to the phenomenon of cheating and then seek effective ways to conquer it. In their book Final Accounting, Toffler and Reingold (2003) talked about how the world once greatest accounting firm Arthur Andersen cheated together with its clients to mislead investors and eventually collapsed after being disclosed many astounded accounting scandals of the firm. Toffler and Reingold (2003) pointed out that people tend to blame such cheating scandals to a few bad individuals. Whereas, it is the culture that should take the responsibility. It is the corrupting culture that makes cheating an attractive way to get what you want (p.204). In the book, The Cheating Culture, David Callahan (2004) provided a lucid analysis of how this cheating culture we are living in generated and what we can do to get over it. He defined cheating as “breaking the rules to get ahead academically, professionally or financially” (as cited in Callahan, 2004, p.14). According to Callahan...
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...November 05, 2013 Dr. Juan Gomez Superintendent YISD 123 Fake Street El Paso TX, 79936 Dear Dr. Gomez: Financial Literacy of El Paso (FLEP) is pleased to present this proposal for services to support the City of El Paso in achieving its goals for improving the financial literacy from youth to senior citizens by providing advocacy, research, standards and educational resources. The objective of the proposed personal high school finance class is to help high school students develop the ability to use knowledge and skills to manage financial resources effectively throughout their lifetime. In the past, high school students have been required to take an economics class which helped them get a basic understanding of the world of economics in today's world. We are now seeking to have a finance class which will not only help students get a basic understanding of finance but help students use the skills they develop to help them manage their personal finances responsibly. FLEP has partnered up with GECU, a local financial institution, to make this class possible. The class will teach students the basics of finance as well as teach students how to spend, invest, and save money effectively. The class will include setting up savings and checking accounts with GECU for the students and provide them with special support with their accounts. Our proposal requests that the FLEP personal high school finance class be a required course in the high school diploma curriculum...
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...liberalization, and macro-stability (meaning mostly price stability); a set of policies predicated upon a strong faith – stronger than warranted --in unfettered markets and aimed at reducing, or even minimizing, the role of government.3 That development strategy stands in 1 Initiative for Policy Dialogue and university professor, Columbia University. The author would like to thank the Ford Foundation, the MacArthur Foundation, and the Mott Foundation for financial support. Research assistance from Megan Torau is also gratefully acknowledged. This is a slight revision of a paper presented at a conference sponsored by Foundation CIDOB and the Initiative for Policy Dialogue held in Barcelona in September 2004, “From the Washington Consensus towards a new Global Governance”. 2 Williamson, J. [1990] “What...
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...MARXISM Over 150 years ago Karl Marx and Friedrich Engels wrote The Communist Manifesto. In The Communist Manifesto they were the first to give a thorough and scientific analysis of the laws and workings of capitalist society: why it results in the polarization of wealth and how it can be overthrown. In the last few years their ideas have been regaining popularity. At the end of 1999 Marx was voted the greatest thinker of the millennium in a BBC online poll. It is the economic crisis of capitalism internationally that has forced many to reassess their view of Marx. Capitalism is a cyclical system: crises can be caused by a number of factors, such as financial crashes or political unrest. Marx recognized that capitalism, despite all its abuses, played an important role in developing the productive forces and the world market. It was an advance from the feudal societies that preceded it. Today, capitalism has developed the world market and the wealth, science and technology have laid the foundations for a socialist society. Under capitalism, wealth and power have always been concentrated in the hands of the capitalists. And the development of technology is driven by the need for profit. The anarchy of the capitalist market always results in increasing wealth and power for a few but poverty for the many. Today the capitalists are a far wealthier and a far smaller class than they were in Marx's time. In the last 50 years the wealth gap between the richest 20% of humanity and...
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...Introduction Hurricane Katrina became the New Orleans¡¦ biggest nightmare in year 2005. Even though the city was spared the full impact of the hurricane, the city¡¦s levees were breached and flooded more than 80 percent of the city. At the end of the day, the total death toll has reached 1,836 as of May 2006, and the experts estimated the total cost of Hurricane Katrina at $81.2 billion or more. It was true that Katrina was a natural disaster; therefore, it was unpredictable and unavoidable. Federal Emergency Management Agency (FEMA) saw its approach to Katrina as a success story. However, many of the criticisms were directed toward the ill-prepared FEMA and the lack of coordination in the rescue operation, in which FEMA refuse volunteers¡¦ help including manpower and food. Some even suggested the abolishment of FEMA for good. The point at issue here is whether FEMA is effective in doing what it is suppose to do. We would identify the strength FEMA possesses, as well as the weaknesses the agency contained. Recommendations would be made in the end by using organizational behavior tools. What is FEMA? The Federal Emergency Management Agency (FEMA) was established as an independent agency by presidential executive order on March 31, 1979. However, after the terrorist attacks of Sept. 11th, FEMA became a part of Department of Homeland Security (DHS) on March 1, 2003. Basically, FEMA integrates the emergency-related programs of Nations and is the central agency within the Federal...
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...Siemens Corporate Strategies: A Siemens AG Case Study Jeff Head Loyola University Chicago Foundations of Organization CPST 250 Dr. Marilyn Stocker February 13, 2015 Siemens AG, An Organizational Analysis “Siemens is a global technologies company comprised of 343,000 employees worldwide” (Karczewski, 2014). For the purpose of this paper an analysis of the company will be presented, to include a look at the company mission, human resources, markets, products offered, recent financial performance, and how engineering plays a major role in Siemens AG. Description of the Organization In 2013, Peter Loscher was replaced as CEO of Siemens AG by the current CEO Joe Kaeser. The following year Kaeser presented “Vision 2020”, a comprehensive plan to get the company back on track. This vision provided focus on the company’s path, positioning, culture and strategy. The strategic framework to support the vision centered on the company with four contributing elements: Customer and Business Focus, Governance, Management Model and Ownership Culture. Siemens History and Operations “Siemens was first founded in 1887 and started to expand with mass production and established a branch in Saint Petersburg and London for Russian lines and English lines” (Choudhary, 2013). It increased its production and started producing electrical power, lighting, and other advances after the Industrial Revolution, which enabled it to gain strength. After the end of World War II, it faced expropriation of over...
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...[pic] Introduction Kentucky Fried Chicken (KFC)- one of the most known fast food chains in the world started in the early 1930's by Kernel Sanders in the Southern USA as a small franchise operation. Colonel Sanders has become a well known personality throughout thousands of KFC restaurants World wide. Quality, service and cleanliness (QSC)represents the most critical success factors to KFC's global success. Food, Fun & Festivity, this is what KFC is all about. Leading the market since its inception, KFC provides the ultimate chicken meals for the Chicken Loving Nation. Be it Colonel Sanders secret Original Recipe Chicken or the Hot & Spicy version, every bite brings a YUM on the face. At KFC we proudly say: KFC has more than 11,000 restaurants in more than 80 countries and territories around the World. In 1971, Heublein, Inc. acquired KFC, soon after, conflicts erupted between the Colonel (which was working as a public relations and goodwill ambassador) and Heublein management over quality control issues and restaurant KFC is part of Yum! Brands, Inc., however in the case of Pakistan KFC build the relation of Quality Service and clealiness for Customer KFC was acquired by PepsiCo in 1986, it had grown to approximately 6,600 units in 55 countries and territories. Due to strategic reasons, in 1997 PepsiCo spun off its restaurant businesses (Pizza Hut, Taco Bell and KFC) “We Do Chicken Right” ...
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...Many predict funding NASA could solve some of the major economic crises we have, bringing us a solution in the face of extinction or possibly a new planet to live if needed. Funding NASA could be the most important thing we do for ourselves, our children and quite possibly the human species. II. The Big Idea 1. What is the big idea? A public program that would educate and help support NASA obtaining a bigger budget. 2. Who and where can they reach out to? List or people and where they could be found that would participate in this program. (Everybody) 3. Why would a program like this be so important? III. Economic Problem Solver 1. How can NASA solve our Economic Problem? A trickledown effect that we could be happy about. 2. NASA receiving a high budget could solve our money issues, education issues and job issues. IV. What has NASA done for us? 1. Commercial Products and New Science. List the day to day items that NASA has brought, as well as some of the bigger products and solutions. 2. Safer roads, refrigerator water filters, LASIK, scratch resistant lenses, the need to miniaturize everything. V. Space Travel 1. Public Space Travel a real possibility. NASA does not have enough funds in order to provide anything like this. Most of the technology for Public Space travel has been brought on by private companies. 2. Private Companies expanded to provide because NASA isn’t. Private companies could soon be our new NASA. 3. NASA has no budget to obtain this reachable...
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...Charities are outmoded institutions that have no contribution to make to modern society. What is needed are social enterprises. Discuss. Introduction In this essay I will start by looking at definitions of both “Charities” and “Social Enterprises” before going on to look at a short history of the development of the voluntary sector in the UK. I will then move on to examine the arguments suggesting that charities have become outmoded and the perceived benefits of social enterprises as an alternative approach. In the final section I attempt to critically assess these arguments and to draw some conclusions. Some definitions Charities are essentially organisations established to provide some form of public good, with most of their funding being generated through donations from individuals, companies or government departments. In the UK a charity must be registered with the Charity Commission and the purposes of the charity must meet the “public benefit requirement”. Its purposes will be defined in its governing document or constitution, and ALL of its purposes must be exclusively charitable. This is the main distinction between charities and social enterprises. This latter term is used to describe a wide range of organisations which are run as businesses (and often constituted as companies rather than charities) but don’t exist purely to make money for their stakeholders. Instead they have other goals such as to benefit the community, the environment or any other social interest...
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...Course Project General Electric (GE) Table of Contents Phase 1 Initial Survey and Engagement Development Pages 1-4 Phase 2 Planning Phase Pages 4-8 Phase 3 Work Program Phase Pages 8-12 Phase 4 Field Work Phase Pages 12-19 Phase 5 Findings and Recommendations Pages 19-20 General Electric (GE) seems to be a very high profited company which seems to be growing in profitability based on the way they do business and how they train their employees to be the best at what they do. Based on the articles I have read GE prides itself in training and leading its employees to grow and mature. The culture seems very open to smart and talented business professionals. “If businesses managed their money as carelessly as they manage their people, most would go bankrupt.& The authors believe that for a CEO it is in your and your company's best interest to know what your employees are capable of. This is done by having a file on each employee - not just the basic information, but having interviews with colleagues and superiors. An example is the CEO of General Electric's appliance wing, Larry Johnston. When he decided to quit, the heads of General Electric knew exactly who the candidates were to replace him. On the same day General Electric announced his resignation they also announced his replacement. This is done through what Conaty explains as General Electric's Operating System which has three main phases: people; strategy; and operations and budgets.” (2)...
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