Free Essay

Pittsburg Rise and Fall of Central Planning

In:

Submitted By zhowell1
Words 338
Pages 2
Friedrich Hayek’s stated, “The curious task of economics is to demonstrate to men how little they really know about economics.” This goes a long way in interpreting this article. To analyze what Hayek said, economics is not something that can merely be analyzed, controlled, and distrusted. This quote calls out the entire theory of central planning in a nut shell. Mankind can not design an entire country’s market through central planning. The markets can not be controlled by government suppression and regulation without leaving someone worse off. Central planning is meant to increase productivity by regulating government resources and using those resources in a controlled, dispersed manner. This idea sounds good to the common ear but if you look at the past, central planning has not worked. Look at North Korea and Cuba’s past rap sheet. Those countries turned central planning from a controlled allegation of resources, to a withholding of resources used as a means to distribute power. Central planning has proven faulty to the control of a “free” market. Markets cannot be free if they are controlled by central planning tendencies.
Tucker describes the booming city of Pittsburgh as a, “…beautiful, bustling city with surprisingly clean air, low unemployment, and happy people everywhere.” Pittsburgh was not always this way. It came from a profitable steel industry that the government did not want to let go. When the steel industry was in dove into decline, the economy of Pittsburgh suffered. Unemployment rose while as industry declined. Central Planning attempted to recover the steel industry but it proved useless. The steel industry collapse caused a shift in the market and regulation of those resources seemed to be the only way to step out of the economic decline. Tucker basically describes that markets should be free and organic to change how the people choose. Instead of reviving old technology and attempting to control the entire steel production, it is best to adapt, innovate, and move forward from the market’s fluctuation instead of attempting to fight and control it.

Similar Documents

Premium Essay

Target vs Walmart

...A—Good Work BUSN 6200 Major Project: Wal-Mart v. Target Target A. Background -Target is an upscale discounter that provides high-quality, trendy products, at attractive prices. The Company prides itself on having clean, spacious, guest-friendly stores. -Target operates stores under three main business segments; Target, SuperTarget, and its online business (Target.com). -In total the company operates 1613 regular Target strores and 218 SuperTargets stores in 47 states which compete with Wal-Mart and Super Wal-Mart. In addition to their retail stores, SuperTargets add upscale grocery shopping, photo processing, pharmacies, and Food Avenues Restaurants. http://investors.target.com/phoenix.zhtml?c=65828&p=irol-homeProfile B. History -Target was founded from three main company’s; Marshall Field & Company, D. L Hudson Company, and Dayton Company. George D. Dayton was an entrepreneur who tried his hand in banking, investments, and other business ventures before opening his first retail store. In 1903 Dayton built a six-story building in which a Minneapolis dry-goods store began operating out of. Mr. Dayton took over the business and renamed it The Dayton Dry Goods Company. He would lead the company until the 1960’s when he formed the Target Corporation. Dayton was renamed Target only a few years ago. It was the Dayton Hudson Corporation until fairly recently. http://www.daytonhouse.org/HouseHistory/Daytons/tabid/200/Default.aspx -Over the next 40 years...

Words: 4524 - Pages: 19

Premium Essay

Beurocracy

...Maybe it is time to rediscover bureaucracy? Johan P. Olsen Working Paper No.10, March 2005 http://www.arena.uio.no 1 Abstract The paper questions the fashionable ideas, that bureaucratic organization is an obsolescent, undesirable and non-viable form of administration, and that there is an inevitable and irreversible paradigmatic shift towards market- or network organization. In contrast, the paper argues that contemporary democracies are involved in another round in a perennial debate and ideological struggle over what are desirable forms of administration and government, that is, a struggle over institutional identities and institutional balances. The argument is not that bureaucratic organization is a panacea and the answer to all challenges of public administration. Rather, bureaucratic organization is part of a repertoire of overlapping, supplementary and competing forms co-existing in contemporary democracies, and so are market-organization and network-organization. Rediscovering Weber’s analysis of bureaucratic organization, then, enriches our understanding of public administration. This is in particular true when we (a) include bureaucracy as an institution, and not only an instrument; (b) look at the empirical studies in their time and context, and not only at Weber’s ideal-types and predictions; and (c) take into account the political and normative order bureaucracy is part of, and not only the internal characteristics of “the bureau”...

Words: 13513 - Pages: 55

Premium Essay

Globalizing Indian Manufacturing

...Globalizing Indian Manufacturing Competing in Global Manufacturing and Service Networks A Report on the Summit on Indian Manufacturing Competitiveness by Deloitte Research, the Indian School of Business, New York University, and Purdue University with support from the National Science Foundation Table of Contents Executive Summary: Globalizing Indian Manufacturing .......... 1 Competing in Global Manufacturing and Service Networks ..... 5 The path to becoming competitive ............................................... 5 Cracking the code for success in emerging markets...................... 5 Overcoming the size barrier.......................................................... 6 Growth strategies for Indian manufacturing ................................ 7 Indian Manufacturing and Global Competitiveness .................. 8 Scale and innovation ................................................................... 8 Reverse currents: Going overseas for growth ............................... 9 Going global with pharmaceuticals .............................................. 9 The opportunity in the food chain ............................................. 10 Becoming suppliers of choice ..................................................... 10 Simplifying India for global retailers ........................................... 11 Multinational Companies Entering Indian Markets ................. 12 From India to the world............................................

Words: 22416 - Pages: 90

Free Essay

Us History

...depended buffalo. They can kill and take only what they need and use the entire kill. The Whites left the carcass. It was used by them for clothes, tools, food, shelter, ect. Before the horse the NA would hunt them by running them over a cliff or scaring them into a trap. The Spanish introduces the horse to them. They discovered that it was a great work and hunting animal. They were migratory and would travel with the food source. Some tribes would be sever thousand people but would break into smaller bands of 500 to 700. Ever band had their own government. This created conflict in territory, fishing rights, and food. They did have a division of labor, Men hunted, fished, traded, supervised ceremonies. Med would clear ground for planning but women would do the planting. Women cared for children, grew gardens, took care of the camp, The women would take the...

Words: 7844 - Pages: 32

Free Essay

One Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.

...E SSAYS ON TWENTIETH-C ENTURY H ISTORY In the series Critical Perspectives on the Past, edited by Susan Porter Benson, Stephen Brier, and Roy Rosenzweig Also in this series: Paula Hamilton and Linda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Gerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical Thinking and Other Unnatural Acts: Charting the Future of Teaching the Past Sharon Hartman Strom, Political Woman: Florence Luscomb and the Legacy of Radical Reform Michael Adas, ed., Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by ...

Words: 163893 - Pages: 656

Premium Essay

International Finance

...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...

Words: 186186 - Pages: 745

Free Essay

Working Capital

...Business Plans Handbook Business Plans A COMPILATION OF BUSINESS PLANS DEVELOPED BY INDIVIDUALS NORTH THROUGHOUT AMERICA Handbook VOLUME 16 Lynn M. Pearce, Project Editor Business Plans Handbook, Volume 16 Project Editor: Lynn M. Pearce Product Manager: Jenai Drouillard Product Design: Jennifer Wahi Composition and Electronic Prepress: Evi Seoud Manufacturing: Rita Wimberley Editorial: Erin Braun ª 2010 Gale, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. This publication is a creative work fully protected by all applicable copyright laws, as well as by misappropriation, trade secret, unfair competition, and other applicable laws. The authors and editors of this work have added value to the underlying factual material herein through one or more of the following: unique and original selection, coordination, expression, arrangement, and classification of the information. For product information and technology assistance, contact us at Gale Customer Support, 1-800-877-4253. For permission to use material...

Words: 121839 - Pages: 488

Premium Essay

Corporate Finance

...CORPORATE FINANCE T H IRD E DIT ION JONATHAN BERK STANFORD UNIVERSITY PETER D E MARZO STANFORD UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo To Rebecca, Natasha, and Hannah, for the love and for being there —J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter —P. D. Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Executive Development Editor: Rebecca Ferris-Caruso Editorial Project Manager: Emily Biberger Managing Editor: Jeff Holcomb Senior Production Project Manager: Nancy Freihofer Senior Manufacturing Buyer: Carol Melville Cover Designer: Jonathan Boylan Cover Photo: Nikreates/Alamy Media Director: Susan Schoenberg Content Lead, MyFinanceLab: Miguel Leonarte Executive Media Producer: Melissa Honig Project Management and Text Design: Gillian Hall, The Aardvark Group Composition and Artwork: Laserwords Printer/Binder: R.R. Donnelley/Jefferson City Cover Printer: Lehigh Phoenix Text Font: Adobe Garamond Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text and on this copyright page. Credits: Cover: Sculpture in photo: Detail of Flamingo (1973), Alexander Calder. Installed in Federal Plaza, Chicago. Sheet metal and paint, 1615.4 x 1828.8 x 731...

Words: 129205 - Pages: 517

Premium Essay

Corporate Finance 3rd Ed Berk

...CORPORATE FINANCE T H IRD E DIT ION JONATHAN BERK STANFORD UNIVERSITY PETER D E MARZO STANFORD UNIVERSITY Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo To Rebecca, Natasha, and Hannah, for the love and for being there —J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter —P. D. Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Executive Development Editor: Rebecca Ferris-Caruso Editorial Project Manager: Emily Biberger Managing Editor: Jeff Holcomb Senior Production Project Manager: Nancy Freihofer Senior Manufacturing Buyer: Carol Melville Cover Designer: Jonathan Boylan Cover Photo: Nikreates/Alamy Media Director: Susan Schoenberg Content Lead, MyFinanceLab: Miguel Leonarte Executive Media Producer: Melissa Honig Project Management and Text Design: Gillian Hall, The Aardvark Group Composition and Artwork: Laserwords Printer/Binder: R.R. Donnelley/Jefferson City Cover Printer: Lehigh Phoenix Text Font: Adobe Garamond Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on the appropriate page within text and on this copyright page. Credits: Cover: Sculpture in photo: Detail of Flamingo (1973), Alexander Calder. Installed in Federal Plaza, Chicago. Sheet metal and paint, 1615.4 x 1828.8 x 731...

Words: 129593 - Pages: 519

Premium Essay

Business Management

...SAGE India website gets a makeover! Global Products Enhanced Succinct Intuitive THE Improved Interactive Smart Layout User-friendly Easy Eye-catching LEADING WORld’s LEADING Independent Professional Stay tuned in to upcoming Events and Conferences Search Navigation Feature-rich Get to know our Authors and Editors Why Publish with SAGE ? World’s LEADING Publisher and home and editors Societies authors Professional Academic LEADING Publisher Natural World’s Societies THE and LEADING Publisher Natural authors Societies Independent home editors THE Professional Natural Societies Independent authors Societies and Societies editors THE LEADING home editors Natural editors Professional Independent Academic and authors Academic Independent Publisher Academic Societies and authors Academic THE World’s THE editors Academic THE Natural LEADING THE Natural LEADING home Natural authors Natural editors authors home World’s authors THE editors authors LEADING Publisher World’s LEADING authors World’s Natural Academic editors World’s home Natural and Independent authors World’s Publisher authors World’s home Natural home LEADING Academic Academic LEADING editors Natural and Publisher editors World’s authors home Academic Professional authors Independent home LEADING Academic World’s and authors home and Academic Professionalauthors World’s editors THE LEADING Publisher authors Independent home editors Natural...

Words: 63606 - Pages: 255

Premium Essay

Employee Satisfaction Through Motivation

...Anna Salanova Sanni Kirmanen EMPLOYEE SATISFACTION AND WORK MOTIVATION Research in Prisma Mikkeli Bachelor’s Thesis Business Management March 2010 DESCRIPTION Date of the bachelor's thesis 15 March 2010 Author(s) Degree programme and option Anna Salanova, Sanni Kirmanen Name of the bachelor's thesis Business Management Employee Satisfaction and Work Motivation – Research in Prisma Mikkeli Abstract Human Resource Management is getting more important in the business nowadays, because people and their knowledge are the most important aspects affecting the productivity of the company. One of the main aspects of Human Resource Management is the measurement of employee satisfaction. Companies have to make sure that employee satisfaction is high among the workers, which is a precondition for increasing productivity, responsiveness, quality, and customer service. The aim of this thesis is to analyze the level of employee satisfaction and work motivation in Supermarket Prisma in Mikkeli. It also deals with the effect the culture has on employee satisfaction. The theoretical framework of this thesis includes such concepts as leadership, job satisfaction, motivation, rewards and cultural differences. The empirical part of the thesis and the questionnaire were created according to the mentioned concepts. The questionnaire also included parts where the questions about expectations of the employee, work environment and job organization were asked. Based...

Words: 27414 - Pages: 110

Premium Essay

Entrepreneurship

...Anna Salanova Sanni Kirmanen EMPLOYEE SATISFACTION AND WORK MOTIVATION Research in Prisma Mikkeli Bachelor’s Thesis Business Management March 2010 DESCRIPTION Date of the bachelor's thesis 15 March 2010 Author(s) Degree programme and option Anna Salanova, Sanni Kirmanen Name of the bachelor's thesis Business Management Employee Satisfaction and Work Motivation – Research in Prisma Mikkeli Abstract Human Resource Management is getting more important in the business nowadays, because people and their knowledge are the most important aspects affecting the productivity of the company. One of the main aspects of Human Resource Management is the measurement of employee satisfaction. Companies have to make sure that employee satisfaction is high among the workers, which is a precondition for increasing productivity, responsiveness, quality, and customer service. The aim of this thesis is to analyze the level of employee satisfaction and work motivation in Supermarket Prisma in Mikkeli. It also deals with the effect the culture has on employee satisfaction. The theoretical framework of this thesis includes such concepts as leadership, job satisfaction, motivation, rewards and cultural differences. The empirical part of the thesis and the questionnaire were created according to the mentioned concepts. The questionnaire also included parts where the questions about expectations of the employee, work environment and job organization were asked. Based...

Words: 27414 - Pages: 110

Free Essay

Momoland

...Complex Systems in Education CSE ESSAYS COURSE Complex Course on Writing English and American Essays for Advanced Students English Language Programs Division Bureau of Educational and Cultural Affairs Writing 2 United States Information Agency, Washington, D. C. 1999 2 3 How to Use this Complex Course Частные уроки Английского Языка 387-1231 MIND Speaks to MIND – Selected American Essays 4 Preface Some years ago, a visitor to our office, a professor of English at a large foreign university, asked if the English Language Programs Division had published a book of American essays for foreign students – especially students at the advanced level. Having to respond in the negative, I was, nonetheless, “intrigued” by the idea of a collection of essays that would form a source of stimulating ideas or thoughts that could be thoroughly examined in the EFL classroom, discussed and debated in free conversation, and perhaps, ultimately, lead to a significant growth in the exchange of information between cultures – via the printed page. From this rationale, then, there issues an explanation for the title, Mind Speaks to Mind, which itself is an “exchange of information” between the editor and Edward Hoagland in his essay, “On Essays”! And, readers are encouraged to study this essay first as a type of guideline concerning the nature/purpose of the essay. It is found on page 26. For ease of reference, the essays are presented in alphabetical order according...

Words: 42425 - Pages: 170

Premium Essay

Bharam

...Chapter 1 Case Study: Harmonix Embrace Your Inner Rock Star Little more than three years ago, you had probably never heard of Harmonix. In 2005, the video game design studio released Guitar Hero, which subsequently became the fastest video game in history to top $1 billion in North American sales. The game concept focuses around a plastic guitar-shaped controller. Players press colored buttons along the guitar neck to match a series of dots that scroll down the TV in time with music from a famous rock tune, such as the Ramones’ “I Wanna Be Sedated” and Deep Purple’s “Smoke on the Water.” Players score points based on their accuracy. In November 2007, Harmonix released Rock Band, adding drums, vocals, and bass guitar options to the game. Rock Band has sold over 3.5 million units with a $169 price tag (most video games retail at $50 to $60). In 2006, Harmonix’s founders sold the company to Viacom for $175 million, maintaining their operational autonomy while providing them greater budgets for product development and licensing music for their games. Harmonix’s success, however, did not come overnight. The company was originally founded by Alex Rigopulos and Eran Egozy in 1995, focused around some demo software they had created in grad school and a company vision of providing a way for people without much musical training or talent to experience the joy of playing and creating music. The founders believed that if people had the opportunity to create their own music, they would jump...

Words: 25518 - Pages: 103

Premium Essay

Business

...Chapter 1 Case Study: Harmonix Embrace Your Inner Rock Star Little more than three years ago, you had probably never heard of Harmonix. In 2005, the video game design studio released Guitar Hero, which subsequently became the fastest video game in history to top $1 billion in North American sales. The game concept focuses around a plastic guitar-shaped controller. Players press colored buttons along the guitar neck to match a series of dots that scroll down the TV in time with music from a famous rock tune, such as the Ramones’ “I Wanna Be Sedated” and Deep Purple’s “Smoke on the Water.” Players score points based on their accuracy. In November 2007, Harmonix released Rock Band, adding drums, vocals, and bass guitar options to the game. Rock Band has sold over 3.5 million units with a $169 price tag (most video games retail at $50 to $60). In 2006, Harmonix’s founders sold the company to Viacom for $175 million, maintaining their operational autonomy while providing them greater budgets for product development and licensing music for their games. Harmonix’s success, however, did not come overnight. The company was originally founded by Alex Rigopulos and Eran Egozy in 1995, focused around some demo software they had created in grad school and a company vision of providing a way for people without much musical training or talent to experience the joy of playing and creating music. The founders believed that if people had the opportunity to create their own music, they would jump...

Words: 25169 - Pages: 101