Business economics Assignment Example | Topics and Well Written Essays - 3000 words

Business economics - Assignment Example This essay is organized as follows. Section 2 discusses the theoretical views in this regard. Section 3 discusses the property market development mainly housing market development and macro economy in UK in the early 1990s. Section 4 discusses the property market development especially housing market development and the macro economy in UK since 2007 and section 5 concludes the report. 2. Theoretical Views An ideal property cycle according to Ball et al (1998) can be characterized as business upturn and development, business downturn and overbuilding, adjustment, slump and the next cycle. Many economic theories have been put forward to explain these five patterns like the business cycle approach (Barras, 1994; Key et al, 1994), based on accelerator principle. The two major factors affecting property development cycles are exogenous occupier demand for space and pro cyclical exogenous availability of finance according to this approach. However, this approach does not account for the c onstruction completion lags .Further there can be causalities from development cycles to economic activity also. Hence the building lag model developed by Baras(1983,1994) tries to produce an endogenous mechanism to explain development cycles. Here, the lag between demand and supply together with the accelerator principle explains the development cycles. The dynamic model based on historic data for UK property development by Barras and Ferguson (1987a, 1987 b) establishes an endogenous development cycle mechanism. This model identifies the level of user activity and the level of investment activity as the two major economic factors affecting property cycles. This model, however, explicitly includes an endogenous cycle mechanism, which is problematic .Further, the exogeneity assumption for variables like rent, capitalization rates, building costs etc are also questionable. Several explanations based on irrational behaviour of valuers, developers and lenders like slowness of these age nts to respond to clear market signals and failure to learn from experience are also given to property cycles (Baum and Crosby, 1995). However, these models implicitly assume irrational behaviour, which is its limitation. The model of property cycles and option pricing based on owners and developers (Grenadier, 1995) shows that the stickiness of vacancy rates increases with the rise in uncertainty and adjustment costs. Further, the probability of overbuilding rises with the rise in construction period, adjustment costs and uncertainty about future demand. However, this model is based on the assumptions regarding preferences in finance theory, which is unlikely to hold good in property markets. This reduces the predictability of the model (Ball etal.1998).Thus all the models discussed above have some shortcomings. Their predictability cannot be generalized and depends upon the context only. In addition to the above theoretical models, the property markets especially the housing marke ts are obtained to have reverse effects on the macro economy through their impact on the consumption expenditure of households, through the effects on

Analysis Of The Oligopoly Form Of Market Economics Essay

Analysis Of The Oligopoly Form Of Market Economics Essay An oligopoly is a form of a market, in which any particular industry is dominated by few sellers which are also known as oligopolists. Originally this word is derived from Greek, which means few to sell. Now since there is small number of smaller involved in a particular industry, this makes them very much conscious of the other players of the same industry. Rather, to be more precise any decision of Firm one influence and are influenced by, the decision of other firms. Lot of business scrutiny techniques are used in strategic planning such as SWOT, PEST, STEER and EPISTEL analysis needs to take into report the likely responses of the other players. Description Oligopoly is a common form of market. Often the four-firm is used to describe vice nary of oligopoly, in which the most common ratios are CR4 and the CR8, which means the four and the eight largest firms in a particular industry and also measures the share of the four or the eight largest organizations in an industry as a percentage. Now let me use an example to make the above point clear. Here we will take the US cellular phone market. In 2008, the companies like ATT, Sprint, Verizon and T-Mobile together controlled over 90% of the market. Despite of the common market share and oligopolistic competition can give rise to a wide range of results. In a circumstances where a firm may develop a practice which could be a trade preventive, such as collusion, market sharing etc. to raise there product price while restrict the production which is similar to the monopoly, this could be short term as well as long term. Let us see and understand monopoly in equilibrium. The illustration of monopoly is considered to be the same in short run and long run. Now the revenue maximization occurs where MR=MC. And therefore equilibrium is at P and Q. Features of this diagram are that there are barriers to entry in Monopoly. Companies are price maker. Profits are maximized at output where MR=MC. This means they set a price greater than MC which is inefficient. In this diagram the companies makes supernormal profits because AR is greater than AC. In order to get this in effect, a official agreement takes place which is also known as cartel. The best example of cartel is OPEC which has a deep influence on worldwide price of oil. These kinds of participant are Price Setter and not the Price Taker. Through the process of collusion, oligologics can reduce the risks in markets for investment and product development and is an attempt to steady the unbalanced market. In most countries this is legally restricted. In other situations, competition can be fiercer between sellers in an oligopoly, with relatively low prices and high production. This could lead to proficient results. The results can be better when there are more companies in an industry. Characteristics The major characteristics of oligopoly are to maximize the profit by producing, where in the generated marginal revenue equals to the marginal costs. Position to set the price, which we have previously discussed above that oligopolies are price setters rather than price takers. Barriers for new firms to enter are higher. We can split these barriers in two groups, one of which is natural and the other is strategic entry barriers. These barriers are based on economical scale, patents, way in to expensive and difficult technology and above all the tactical actions by present firms designed to put off or tear down emerging firms. Since, there are few companies which results the actions of one firm can weight the actions of the other firms. Predominate factor is high barriers of the entry which prevents emerging companies from entering market, which in result can retain long run atypical profits. The most typical feature of an oligopoly is interdependence. Since oligopolies consists of fe w large firms and, each firm is so large that any of its action can affect the market condition. And due to this reason, the competing firms are well conscious of the market actions and are set ready to respond accordingly and correctly. In order to view a market action, a firm must take into the deliberation the possible reactions of all rival firms and there moves. A game of chess is a best example to simplify the above statements. Wherein both the opponents are very well conscious of each others action and are ready for the counter moves, this is duopoly. But this could explain the oligopoly since the players in the market are few in numbers. Modeling There is no model to explain the process of an oligopolistic market. In some markets there is a solitary firm which wheels a leading share of the market and a group of smaller firms. The dominant firm sets prices which are simply taken by the smaller firms in shaping their profit maximizing level of production. This type of market is known as a monopoly. Cournot-Nash model The Cournot-Nash model is the simplest oligopoly model. In this model there are two likewise positioned firms, the firms competes on the basis of the capacity rather than price and each firm makes and production decision assuming that the other firms actions is fixed. Now the bend of the demand in the market is based on assumptions to be linear and marginal cost are constant. To find the Cournot-Nash equation, one needs to determine how each firm reacts to a change in the output of the other firm which is followed by sequence of proceedings and reactions. This outline continues until a point is reached where neither firm desires to change what it is doing, given how it believes the other firm will react to any change. The balance is the intersection of the two firms reaction functions. The reaction purpose shows how one firm reacts to the mass choice of the other firm. For an example, assuming that the Firm A demand function P = (60 Q2) Q1 where Q2 is the quantity produced by the o ther firm and Q1 is the sum produced by firm A. Assume that the marginal cost is 12 Firm A wants to know its maximizing quantity and price. Firm A begins the process by following maximization rule of equating marginal revenue to marginal costs. Firm As total revenue purpose is PQ = Q1(60 Q2 Q1) = 60Q1- Q1Q2 Q12. The marginal purpose is MR = 60 Q2 2Q. MR = MC 60 Q2 2Q = 12 2Q = 48 Q2 Q1 = 24 0.5Q2 (1.1) Q2 = 24 0.5Q1 (1.2) Equation 1.1 is the reaction function for firm A. Equation 1.2 is the reaction function for firm B. The balance quantities can also be determined graphically, in which the balance explanation would be at the intersection of the two reaction functions. In mechanized economics, barriers to entry have resulted in oligopolies forming in many sectors, with new levels of struggle fueled by rising globalization. These are typically determined by development of a product and advertising. For example, there is only undersized figure of producers of civil passenger aircraft. Oligopolies have also arisen in a lot regulated markets such as wireless communications, in several areas only two or three providers are licensed to operate. In United Kingdom, there are five banks that control the UK banking sector, and were also accused of being an oligopoly by the newcomer Virgin bank. Going to the grocery market, we find four companies who shares 74.4% to 75.01% of the grocery market which are Tesco, Sainsburys, Asda and Morrisons. The detergent market is dominated by only two players and they are Unilever and Procter Gamble. Demand Curve In oligopoly, any company operates under flawed competition. With the vicious price competitiveness created by demand bend, firms use non-price competition in order to boost revenue and market share. Kinked insist curves are similar to usual insist curves. They are different by a hypothesized bowed bend with a discontinuity at the bend-Kink. Hence, the first imitative at that point is not clear and leads to a hop discontinuity in the marginal revenue curve. The inspiration following this kink is the thought that if firms will not elevate their prices because even a small price raise will drop many customer in oligopolistic or monopolistically competitive market. The reason behind this is that, the competitors will generally pay no attention to the increase in prices and will focus on gaining a larger market share. However, even a large price reduction will gain only a few customers because such an action will begin a price war with other players in the market. And for this reason, the curve is therefore more price-elastic for price add to and less so for price decreases. Firms will often enter the industry in the long run.

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What impacts the European debate about migration?

What political values and involvements impact the European argument about migration? Discuss how it affects the international instruments for migration, refuge, policing, boundary line controls, condemnable and civil jurisprudence today. Introduction Since the terminal of the Cold War, and possibly even more so in the context of Western responses to the events of 11 September 2001, the overpowering bulk of refugees are non offered refuge in the West. Rather than Alliess, they are now considered to be a security menace. Furthermore, economic migrators, one time welcomed as a necessary add-on to the labour force, are progressively perceived as a menace to security and a menace to occupations. The issue of in-migration in the EU has become progressively politicised and progressively securitised ( Huysmans 2006 ) , and has come to be a major factor in election runs across Europe. ‘Managing in-migration is now â€Å"the greatest challenge confronting all European governments† , harmonizing to John Reid, Britain ‘s place secretary. Nicolas Sarkozy, interior curate and presidential campaigner, has launched a get-tough run that may force the issue up the docket in following twelvemonth ‘s Gallic presidential election. This summer ‘s break-up of the Dutch alliance was triggered by differences over the tough policy of the in-migration curate, Rita Verdonk’ ( Economist 2006 ) . This highlights how cardinal the argument on migration is to the political relations of states across Europe. Immigration has become a cardinal issue in European political relations, one on which elections can progressively be won or lost. The European argument on migration encompasses values and involvements from across the political spectrum. Positions and beliefs about freedom, human rights, security, societal coherence, economic development and growing all play a portion in determining the European argument on migration. In this essay, I will concentrate on three of these issues – economic growing, human rights and security – analyzing which political values shape the economic, human rights and security statements which surround the in-migration argument. I will so look at how the argument has affected international instruments for migration, refuge, policing, boundary line controls, condemnable and civil jurisprudence in recent old ages. Economic growing By and large, those who prioritise economic growing have been in favor of increasing flexibleness in labour markets on the footing that free markets ( including free labor markets ) stimulate economic growing. However, as the Economist ( 2007 ) explains, ‘ [ I ] mmigration has become a complex and controversial issue for the EU, with economic benefits being weighed up against opposition from voters.’ Furthermore, while it may be considered good for economic growing at the macroeconomic degree, it is besides argued that in-migration takes occupations off from local workers ( and wages are frequently remitted to states of beginning – at least for first coevals immigrants ) therefore damaging community coherence and local economic systems. By and large, nevertheless, the economic growing statement comes down on the side of cut downing barriers to migration and points to the economic part of immigrants. The Economist ( 2006 ) , for illustration, argues that ‘gov ernments should non seek to halt all in-migration, even if they could. Immigrants ain and run stores, serve in eating houses and staff infirmaries ( many of the physicians and nurses who work in Britain ‘s wellness service have trained abroad ) .’ Human rights Human rights are besides normally cited as an statement in favor of leting in-migration or, at least, certain types of in-migration ( such as the granting of refuge ) . Indeed, international human rights instruments complement international refugee jurisprudence. As Gorlick ( 2003, 91 ) argues, the ‘development of law coming out of the UN human rights mechanisms is promoting and it provides a well-articulated legal foundation supportive of protagonism attempts on behalf of refugees.’ Human rights groups and administrations tend to be on the left of the political spectrum and be given to run for the carnival ( and normally more generous ) application of refuge. As economic and societal rights are progressively recognised as human rights, nevertheless, human rights claims can be used in the instance against leting migration by and large ( though non against asylum specifically ) on the footing that migrators take occupations off from national citizens. Security Gibney ( 2001, 41 ) explains that ‘ [ s ] ecurity is, for the most portion, an instrumental value. That is, we want it because it enables us to gain other values, such as freedom, peace of head and justness. Its instrumental function suggests that the value of any addition in security is non absolute ; it needs to be weighed against the costs it might hold to the other of import values.’ This is really of import when sing have values and involvements are converted into policy: while it may be possible to procure something or person wholly against a specific menace, the steps needed to procure them may curtail other values such as freedom to such an extent that the cost outweighs the benefit of the reduced hazard or extra security. Weiner ( 1992, 103 ) extends this statement to see how differing values in differing societies will take to differing apprehensions of security: ‘ † Security † is a societal concept with different significances in different so cieties†¦ Supplying a oasis for those who portion one ‘s values ( political freedom, for illustration ) is of import in some states, but non in others ; in some states, hence, an inflow of â€Å" freedom combatants † may non be regarded as a menace to security.’ This demonstrates that even amongst those who value ‘security’ and prioritize it in the European argument on migration, there can be broad divergency of positions on how this precedence should be reflected in policies and international instruments. Migration Rudolph ( 2003, 615 ) argues that ‘ [ w ] hat is endangering about the cloak-and-dagger entry of terrorists and the presence of sleeper cells in the fatherland is basically their invisibility—a ghost skulking in the shadows. Therefore, security would look to necessitate policies thatadditionvisibleness instead thanlesseningit.’ This provides a security-based statement to let in-migration, because legal in-migration is of course more seeable than illegal in-migration. However, this statement is non frequently applied in pattern. Generally, economic statements are made in favor of facilitaty inward migration and security statements are made to increase limitations on in-migration. The current tendency in Europe ( every bit good as the United States ) since the terminal of the Cold War and particularly since 9/11 has been to prioritize the security statements over the economic statements and this has resulted in a tightening of international in-migration controls. Refuge As Loescher ( 2003, 11 ) argues, ‘ [ R ] efugees are perceived as destabilising to national, regional and international security and as triggers for regional instability. Everywhere baneful Torahs now exist to turn away refugees and curtail their rights This state of affairs is a important going from province pattern in the Cold War when – mostly for political intents – attitudes towards refugees were far more tolerant and welcoming.’ Asylum is a right of those who have a tenable fright of persecution in their place state, enshrined in the 1951 Geneva Convention Relating to the Status of Refugees ( which about half the provinces in the universe have signed up to ) . However, as Weiner ( 1992, 109 ) explains, refugees’ ‘requests for refuge have been scrutinized non merely for whether they have a tenable fright of persecution, but for whether their presence might represent a menace to the host state. Such frights, it should be noted, are sometime s overdone, and authoritiess have frequently gone to extreme lengths to protect themselves against low degree menaces but these frights are however non ever without foundation, particularly in the context of an addition in international terrorism.’ In fact, at different times and in different topographic points, allowing refuge has been seen as a agency of keeping international security, and non a menace to ( national or international ) security. In the EU today, nevertheless, the inclination is to cut down entree to asylum, chiefly on the footing of statements about the menace that refugees pose to national and international security. This is reflected in a tightening of refuge controls in most of Europe. Patroling and boundary line controls Again, in the instance of policing and boundary line controls, the comparative prioritisation of different issues has an impact of how policy develops. Not merely that, but even within a given or agreed prioritisation, there may be broad argument and difference over what is the best agencies to accomplish those values that are prioritised. Koslowski ( 2002, 173 ) explains that in seeking to cover with organized offense, for illustration, ‘ [ R ] ather than covering with the more hard issues of altering citizenship Torahs and suiting progressively multi-ethnic societies, during the late eightiess and early 1990s, policymakers focused on stepping up boundary line controls and fastening refuge constabularies. However, Hayter ( 2000 ) provides economic, human rights and security statements in favor of loosen uping boundary line controls. Indeed, she proposes get rid ofing them wholly. Blaming refugees, or even migration more by and large, for organized offense is non a new phenomen on. However, it is an statement that is frequently disputed by experts, including the constabulary ( Hayter, 2000, 31 ) . Criminal and civil jurisprudence As Guild & A ; Minderhoud ( 2006 ) explain, the interaction of condemnable jurisprudence and migration jurisprudence defines how civil autonomies are balanced against the public protection responsibilities of the authorities. They examine the interpolation of in-migration into condemnable jurisprudence in the European Union. There are two peculiarly interesting points here. The first is that the administrative processs environing the entry, abode and/or ejection of aliens are non capable to the same methods of due procedure as those in condemnable jurisprudence. The 2nd is that in the face of turning force per unit area to control and command in-migration, assorted facets of migration have become progressively criminalised in recent old ages in the EU. Decision The European argument on migration is influenced by a huge array of different political issues and values which pull policy in conflicting waies. The policy results at any given clip depend on which issues and policies carry most strength at that given clip. Therefore while the European economic systems are by and large working rather good and in the wake of two really high profile terrorist events ( 9/11 and 7/7 bombardments ) , the current tendency is for security concerns to rule the docket. It is non hard to conceive of that this state of affairs could be reversed in the hereafter, nevertheless, and that would probably take to a more welcoming and less restrictive attack to in-migration in Europe. Bibliography Economist ( 2006 ) ‘Migration megrim: Immigration is a Europe-wide concern. It is non clear, though, that it needs a European solution’ from the Economist ( print edition ) , 14 September 2006. Economist ( 2007 ) ‘Turn back, huddled multitudes: The European Union hopes to stem the in-migration tide’ from the Economist Intelligence Unit ViewsWire 20 February 2007 ( downloaded from hypertext transfer protocol: //www.economist.com/agenda/displaystory.cfm? story_id=E1_RSNRSNP on 5 May 2007 ) Gibney, M. ( 2001 ) . Security and the moralss of refuge after 11 September.Forced Migration Review, 13, 40-42. Gorlick, B. ( 2003 ) . Refugee Protection in Troubled Times: Contemplations on Institutional and Legal Developments at the Crossroads. In N. Steiner, M. Gibney, & A ; G. Loescher,Problems of Protection: The UNHCR, Refugees, and Human Rights( pp. 79-99 ) . London: Routledge. Guild, E. & A ; Minderhoud, P. ( 2006 ) .Immigration and Criminal Law in the European Union: The Legal Measures and Social Consequences of Criminal Law in Member States on Trafficking and Smuggling in Human Beings.Leyden: Brill. Hayter, T. ( 2000 ) .Open Boundary lines: The Case Against Immigration Controls.London: Pluto Press. Huysmans, J. ( 2006 ) .The Politics of Insecurity: Fear, migration and refuge in the EU.Oxford: Routledge. Koslowski, R. ( 2002 ) . ‘Immigration, Border Control and Aging Soceites in the European Union’ .The Brown Journal of World Affairs, VIII, 2 ( pp. 169-180 ) Loescher, G. ( 2003 ) . UNHCR at Fifty: Refugee Protection and World Politics. In N. Steiner, M. Gibney, & A ; G. Loescher,Problems of Protection: The UNHCR, Refugees, and Human Rights( pp. 3-18 ) . London: Routledge. Rudolph, C. ( 2003 ) . Security and the Political Economy of International Migration.American Political Science Review, 97( 4 ) , 603-620. Weiner, M. ( 1992 ) . Security, Stability, and International Migration.International Security, 17( 3 ) , 91-126.

A Study in Adaptation Essay

Among the monographs found in the Culture and Ecology in East Africa Project is that of the work of Walter Goldschmit, entitled â€Å"The Sebei: A Study in Adaptiona. † It is among the ethnographic studies conducted to shed light on a particular community, which is that of Sebei. The project previously mentioned to which the monograph belongs is that of the University of California in Los Angeles which also carries the research design that was followed by the entire project (Mead 938). It has become important to evaluate this study because of the important role it plays in the field of ethnography and in the lives of the Sebei people. This paper will include the synopsis, a critique of the book, and the relationship with the materials and discussions found in the class. Synopsis of the Book The book primarily focuses on the people of Sebei, the socio-economic modes followed by the people there, and the adaptations which has happened throughout the existence of the community. People from Sebei speak Nilotic and have a connection with the Nandi and Kipsigis (MacGaffey 110). These people lives in the southeastern portion of Uganda and the elements of this community which has been discussed include the â€Å"history, environment, policy, social organization, animal husbandry, agriculture, a cash economy, sexual roles and marriage, child rearing, initiation, and the Sebei belief system† (Beidelman 542). The wide variety of the factors that have been covered in the study has been instrumental to the focus of the book, which is that of the ways of living of the people and how they have economically survived the environment they lived in. There are two environments which have been considered in the book to show the adaptive processes of the community under study. One is the area which is well-watered and is situated in the slopes of the mountains and the second is in the dry lands of the plains. With the conditions found in the said communities, there are also adaptive measures which have been taken by the people in terms of the production of their food and ways of living. One community concentrated on the hunting and gathering means of production because of the factors in the environment which makes this the most acceptable form of gathering food and sustaining the needs of the community. On the other hand, it is agriculture which has become the primary mode of economic production followed because of the availability of fertile soil that could be used for crops. Moreover, access to water is available that makes this a better option for the people. More so, it is seen to be the most effective in consideration of the available resources and conditions for the people. Economics-wise, this is the best methods for the respective communities discussed. Through time, it has been proven that Sebei people have the capability to adapt easily to changes in their environment and new situations which they are placed in (Mead 938). It has been shown in the book that the people have been able to be in contact with the Europeans when this group has been in a point where they are trying to adapt with the demands brought about by intra-African connections. The flexibility in adapting to such cultures has been carried out by the group by following the previous methods which have been used before by the group. It has been proven to be an effective pattern for the people since their first interaction with other cultures. Critique of the Book This particular book can be considered as one of the best monographs that have been written of an Ugandan community because of its succinctness and thoroughness. The ability of the author to present facts and data near what is real is considered to be a vital element of the author’s work. The author’s ability to record and research the past of the community has been helpful. The author, himself, has done quite an extensive job in proving the authenticity of his claims where there are primary evidences, such as photos, that has been shown together with the narratives provided. In writing a book, the ability of the author to provide evidences, especially in the field of ethnography, is considered to be vital in establishing the credibility and authenticity of the monograph. In a sense, this adds to the ability of the monograph to convince its readers that what is being said and shown in the account is true. Moreover, the book has shown one community but the picture that has been drawn and what has been learned over the discussions made of the particular community studied can be used in order to understand the African perspective. More so, the means of adoption that has been studied can be taken to a larger picture where it is also seen to exist in other areas and in different times. It has been found that the general perspective that can be used in order to interpret that of the Sebei culture is that â€Å"the maladies of the social system seem to outweigh their strengths† (Goldschmidt 338). With this particular statement, the author is then able to show that he has been able to observe the communities with a keen eye and relate it to the rest of the elements in the environment that surround the community. The author does not simply focus on what can be found within the community but also observes how it relates to the different links formed. More so, there is judgment that is found for these relationships from where a strong conclusion can be made. This monograph serves as a very good reading material for the members of the academic institutions and the epistemic communities from a wide variety of fields. Where field observations and thorough data collection has been done, there is the worthiness of examining the material and using it as a foundation of different researches. More so, an understanding of the different elements of the community can be easily derived through a reading of this material because of the substantial data that can be found here. This is not only for the purpose of studying communities but can also be taken by people from different fields such as psychology, economics, policy-making, sociology, and others in order to make researches and decisions. Relation to Class Materials and Discussions Understanding the book has been made easier because of the foundation laid by the class discussions and materials. The concepts that have been clarified in relation to culture, communities, and globalization has become an integral part of understanding how and why the Sebei communities had to adjust to the changing setting of the world and the communities which belong to it. It is difficult for a reader to understand the complex parts of the monograph if one would not take into consideration the aspects which relate the community to the changes in its surroundings. If the reader would not have the respective concepts and ideas, he/she might be limited to understanding the community in isolation and forget to relate it to the world outside the said community. There are factors which might be missed by the reader in understanding the community, in this case, and forget about the other forces that could change communities. Works Cited Goldschmidt, Walter. Culture and behavior of the Sebei: A study in Continuity and Adaptation. Berkeley, Los Angeles: University of California, 1976. MacGaffey, Wyatt. â€Å"Review. † ASA Review of Books 4 (1978): 110-111. Mead, Margaret. â€Å"Review. † American Anthropologists 79. 4 (1977): 938-939.