Economic efficiency

Adam Smith’s “The Wealth of Nations” was an outstanding piece of work both for the fields of Sociology and Economics when it was published in the late seventeenth hundred. In this masterpiece Smith talks of the increase of productivity in society due to the phenomenon of the division of labour and through this division of labour specialisation of skills was introduced. Adam Smith also speaks of the “natural “order of society, exchange, division of labour and the relations between the three ranks…

managing foreign aid in the continent. The absence of economic activity is a primary precursor to conflict in Latin America. When compared to the countries that house “the bottom billion”, Latin American nations are better off economically and enjoy better levels of stability. The continent only includes two of its countries on this list, Haiti and Bolivia. However, it will be a mistake to think of stability in Latin America…

development of canals and other infrastructure systems leading up to the industrial revolution serve as an important lesson on the importance of infrastructure development on the economy in Britain. Canals had a significant impact on the structure and efficiency of the British economy. First, canals affected the structure of the British economy by restructuring the economies of the areas where canals went through. The restructuring occurred over two long-phases – initially in a regionally…

Globalisation is a movement trend in the whole world that is working towards integrating in sectors such as economic, financial, trade, and communications. The concept looks at opening up local and national markets to other countries through an interconnected and interdependent world that enables free transfer of capital, goods, and services across nations. Critical Evaluation Globalization has managed to integrate different world economies, including people and companies in different…

The Immigration and Economy of the United States Economic globalization is a tendency, and it can move goods, services, technologies, and capital to achieve the cross-border cooperation. The United States is one of the world’s great economic countries and also is a nation of immigrants. For centuries, a lot of people from all over the world have left their homelands to come to America, and they believe in American Dream and come to work for a better life. In the process of struggling for their…

Adam Smith and Karl Marx have radically different economic theories, both their ideologies have the same goal in mind: greater freedom. Their divergent views therefore arise from their different ideas of what freedom is. Smith ties freedom to financial gain whereas Marx ties freedom to financial ownership. These differing views on freedom can be seen in their different attitudes towards machinery. While Smith sees machinery as furthering the efficiency of society which he connects to the freedom…

and Five Forces model. The PESTEL Framework It is an analytical tool that describes a framework of external factors that is used for strategic planning and managing. The framework studies and analyzes six different factors, including political, economic, sociocultural, ecological and legal forces. It helps businesses in identifying and analyzing external factors that influence the…

environment. Competition is multi-faceted. The existence and potential growth of competitors are economic factors which are of primary importance in developing a firm’s strategy. The amount of competition versus cooperation between firms in the same field is partially a socio-cultural factor, while the government’s attitudes toward monopoly or oligopolistic agreement is a political factor. Top management must be lightly sensitive to each of these , particularly to the latter.…

However, between 1880 and 1910, the percentage of rented and sharecropped farms rose sharply. Why then, would the percentage of sharecroppers increase if it were deemed Pareto-inefficient? By analyzing Martin Garrett and Zhenhui Xu’s paper “The Efficiency of Sharecropping: Evidence from the Postbellum South,” and Joseph Reid’s paper “Sharecropping as an Understandable Market Response: The Post-Bellum South,” I will examine both agricultural theory and empirical data…

The subsequent effects of trade liberalization on efficiency and growth, is a heated debated among modern day economics (stiglitz). Over the years, Trade agreements and trade liberalization has built a reputation of being a contentious debate among Economists. From the impact of trade liberalization on the environment and the subsequential disguise of protectionism as environmental protection (Harold). growing inequities and the disparity in agro production, limitation in the access of markets…