Marginal utility

Trust in government and system of governance is one of the major concerns in modern research in social sciences. Trust is defined from different angles in different times. Context is one of the important variable which shapes the conceptualization of trust. A politico-administrative perspective is crucial to see how the interaction occurs between citizens’ trust and structural-functional aspect of the government and system of governance evolved over time. Regarding the correlation between…

The phrase ‘Washington Consensus’ was coined by John Williamson in reference to a set of policy tools that Washington based institutions, in particular, the IMF, World Bank and the US Treasury could agree upon as the appropriate policy solutions to the Latin American debt crisis. In sum, these policy tools prescribed economic stabilisation, liberalisation and privatisation for developing countries as the keys to development, (Rodrik, 2001). Those policies were deemed necessary to achieve growth…

Utilitarianism is a normative philosophy of ethics that has been around since the late eighteenth century. It earliest proponents were Jeremy Bentham and John Stuart Mill. The general idea of utilitarianism is that there is no morality measurement except results. So, when one is deciding how to act, the only thing that matters is what the results of the actions are. Utilitarianism says that the actions that cause the most happiness and the least amount of unhappiness or pain are the moral acts.…

Although he is most frequently regarded as the last great classical economist, Mill lived through an active period of nineteenth-century intellectual and socialist criticism of classical economics. Being the sensitive, humane individual and fiercely independent thinker that he was, Mill could not help but be affected by this criticism. (Ekelund & Hebert, 2007, p. 177). Mill Principles of Political Economy reflects the delicate balance between inductive and deductive reasoning. In matter of…

Why does the minimum wage exist, for what purpose does it serve? By definition, according to Merriam-Webster, the phrase “minimum wage” stands for “an amount of money that is the least amount of money per hour that workers must be paid according to the law.”. In the context of that same definition, Merriam-Webster links “minimum wage” to the phrase “living wage”, which is defined as “a subsistence wage. A wage sufficient to provide the necessities and conforms essential to an acceptable standard…

psychologists Ed Diener and Robert Biswas-Diener present evidence in “Can Money Buy Happiness?” showing that after people reach an income level, increases in income provide minimal benefit toward happiness levels (163). The concept of diminishing marginal utility also illustrates how people do not benefit much from additional amounts of goods after they have a sufficient amount. Studies have shown that after people have attained financial stability, a large increase in wealth does not translate…

Glass Packaging Industry: How have few companies kept head above water? Summary In the packaging industry, the growth was the lowest for glass packaging segment (at 0.8%). This was highlighted in Televisory’s earlier blog (Asia the emerging saviour for glass packaging) on the subject. Thus, due to a slow growth in the industry, companies adopted a slew of measures such as cost reduction programs, product improvements, geographic diversification, product portfolio diversification, etc. A few…

others (Christie, Geis, 1970). In reading The Prince, it is hard to find evidence of avocation of either disorder as both disorders would also hinder anyone’s ability to follow Machiavelli’s doctrine. Unlike sociopaths and narcissists who are often marginal, high Machs are usually well integrated into…

Formation of Regional Trade Blocs WHY DO BLOCS TRADE ? [Paper 1] The basic question we try to address in this paper is whether regional trade agreements affect multilateral trade liberalization i.e, whether Minilateralism and Multilaterism are friends of foes. We also try to find out the various reasons responsible for the formation of Regional Trade Blocs and Free Trade Agreements. MINILATERALISM vs MULTILATERALISM There are two usual ways in which the respective governments might…

Jeremy Bentham said “The question is not, "Can they reason?" or, "Can they talk?" but "Can they suffer?” while talking about animals. The question of animals’ rights is a big issue in the modern society and it is a subject which comes back very often in the actuality. Living longer does not mean living better, and nowadays that is what happens to animals in captivity. Captivity means the state or period of being held, imprisoned, enslaved, or confined. It is obvious that animals prefer to live…