Monday, March 16, 2020
Virgin Essay Example
Virgin Essay Example Virgin Essay Virgin Essay 289 CASE EXAMPLE The Virgin Group Aidan McQuade Introduction The Virgin Group is one of the UKââ¬â¢s largest private companies. The group included, in 2006, 63 businesses as diverse as airlines, health clubs, music stores and trains. The group included Virgin Galactic, which promised to take paying passengers into sub-orbital space. The personal image and personality of the founder, Richard Branson, were highly bound up with those of the company. Bransonââ¬â¢s taste for publicity has led him to stunts as diverse as appearing as a cockney street trader in the US comedy Friends, to attempting a non-stop balloon flight around the world. This has certainly contributed to the definition and recognisability of the brand. Research has showed that the Virgin name was associated with words such as ââ¬Ëfunââ¬â¢, ââ¬Ëinnovativeââ¬â¢, ââ¬Ëdaringââ¬â¢ and ââ¬Ësuccessfulââ¬â¢. In 2006 Branson announced plans to invest $3bn (A2. 4bn; ? 1. 7bn) in renewable energy. Virgin, through its partnership with a cable company NTL, also undertook an expansion into media challenging publicly the way NewsCorp operated in the UK and the effects on British democracy. The nature and scale of both these initiatives suggests that Bransonââ¬â¢s taste for his brand of business remains undimmed. Origins and activities Virgin was founded in 1970 as a mail order record business and developed as a private company in music publishing and retailing. In 1986 the company was floated on the stock exchange with a turnover of ? 250m (A362. 5m). However, Branson became tired of the public listing obligations: he resented making presentations in the City to people whom, he believed, did not understand the business. The pressure to create short-term profit, especially as the share price began to fall, was the final straw: Branson decided to take the business back into private ownership and the shares were bought back at the original offer price. The name Virgin was chosen to represent the idea of the company being a virgin in every business it entered. Branson has said that: ââ¬ËThe brand is the single most important asset that we have; our ultimate objective is to establish it as a major global name. ââ¬â¢ This does not mean that Virgin underestimates the importance of understanding the businesses that it is branding. Referring to his intent to set up a ââ¬Ëgreenââ¬â¢ energy company producing ethanol and cellulosic ethanol fuels in competition with the oil industry, he said, ââ¬ËWeââ¬â¢re a slightly unusual company in that we go into industries we know nothing about and immerse ourselves. Virginââ¬â¢s expansion had often been through joint ventures whereby Virgin provided the brand and its partner provided the majority of capital. For example, the Virgin Groupââ¬â¢s move into clothing and cosmetics required an initial outlay of only ? 1,000, whilst its partner, Victory Corporation, invested ? 20m. Wi th Virgin Mobile, Virgin built a business by forming partnerships with existing wireless operators to sell services under the Virgin brand name. The carriersââ¬â¢ competences lay in network management. Virgin set out to differentiate itself by offering innovative This case was updated and revised by Aidan McQuade, University of Strathclyde Graduate School of Business, based upon work by Urmilla Lawson. Photo: Steve Bell/Rex Features 290 CHAPTER 7 STRATEGIC DIRECTIONS AND CORPORATE-LEVEL STRATEGY services. Although it did not operate its own network, Virgin won an award for the best wireless operator in the UK. Virgin Fuels appears to be somewhat different in that Virgin is putting up the capital and using the Virgin brand to attract attention to the issues and possibilities that the technology offers. In 2005 Virgin announced the establishment of a ââ¬Ëquadruple playââ¬â¢ media company providing television, broadband, fixed-line and mobile communications through the merger of Bransonââ¬â¢s UK mobile interests with the UKââ¬â¢s two cable companies. This Virgin company would have 9 million direct customers, 1. 5 million more than BSkyB, and so have the financial capacity to compete with BSkyB for premium content such as sports and movies. 1 Virgin tried to expand this business further by making an offer for ITV. This was rejected as undervaluing the company and then undermined further with the purchase of an 18 per cent share of ITV by BSkyB. This prompted Branson to call on regulators to force BSkyB to reduce or dispose of its stake citing concerns that BSkyB would have material influence over the free-to-air broadcaster. 2 Virgin has been described as a ââ¬Ëkeiretsuââ¬â¢ organisation ââ¬â a structure of loosely linked, autonomous units run by self-managed teams that use a common brand name. Branson argued that, as he expanded, he would rather sacrifice short-term profits for long-term growth of the various businesses. Some commentators have argued that Virgin had become an endorsement brand that could not always offer real expertise to the businesses with which it was associated. However, Will Whitehorn, Director of Corporate Affairs for Virgin, stated, ââ¬ËAt Virgin we know what the brand means and when we put our brand name on something we are making a promise. ââ¬â¢ Branson saw Virgin adding value in three main ways, aside from the brand. These were their public relations and marketing skills; its experience with greenfield start-ups; and Virginââ¬â¢s understanding of the opportunities presented by ââ¬Ëinstitutionalisedââ¬â¢ markets. Virgin saw an ââ¬Ëinstitutionalisedââ¬â¢ market as one dominated by few competitors, not giving good value to customers because they had become either inefficient or preoccupied with each other. Virgin believed it did well when it identified such complacency and offered more for less. The entry into fuel and media industries certainly conforms to the model of trying to shake up ââ¬Ëinstitutionalisedââ¬â¢ markets. Corporate rationale In 2006 Virgin still lacked the trappings of a typical multinational. Branson described the Virgin Group as ââ¬Ëa branded venture capital houseââ¬â¢. 3 There was no ââ¬Ëgroupââ¬â¢ as such; financial results were not consolidated either for external examination or, so Virgin claimed, for internal use. Its website described Virgin as a family rather than a hierarchy. Its financial operations were managed from Geneva. In 2006 Branson explained the basis upon which he considered opportunities: they have to be global in scope, enhance the brand, be worth doing and have an expectation of a reasonable return on investment. 4 Each business was ââ¬Ëring-fencedââ¬â¢, so that lenders to one company had no rights over the assets of another. The ring-fencing seems also to relate not just to provision of financial protection, but also to a business ethics aspect. In an interview in 2006 Branson cricitised supermarkets for selling cheap CDs. His criticism centred on the supermarketsââ¬â¢ use of loss leading on CDs damaging music retailers rather than fundamentally challenging the way music retailers do business. Branson has made it a central feature of Virgin that it shakes up institutionalised markets by being innovative. Loss leading is not an innovative approach. Virgin has evolved from being almost wholly comprised of private companies to a group where some of the companies are publicly listed. Virgin and Branson Historically, the Virgin Group had been controlled mainly by Branson and his trusted lieutenants, many of whom had stayed with him for more than 20 years. The increasing conformity between personal interest and business initiatives could be discerned in the establishment of Virgin Fuels. In discussing his efforts to establish a ââ¬Ëgreenââ¬â¢ fuel company in competition with the oil industry Branson made the geopolitical observation that non-oil-based fuels could ââ¬Ëavoid another Middle East war one dayââ¬â¢; Bransonââ¬â¢s opposition to the Second Gulf War is well publicised. In some instances the relationship between personal conviction and business interests is less clear cut. Bransonââ¬â¢s comments on the threat to British democracy posed by NewsCorpââ¬â¢s ownership of such a large percentage of the British media could be depicted as either genuine concern from a public figure or sour grapes from a business rival just been beaten out of purchasing ITV. More r ecently Branson has been reported as talking about withdrawing from the business ââ¬Ëwhich THE VIRGIN GROUP 291 more or less ran itself nowââ¬â¢,6 and hoping that his son Sam might become more of a Virgin figurehead. However, while he was publicly contemplating this withdrawal from business, Branson was also launching his initiatives in media and fuel. Perhaps Bransonââ¬â¢s idea of early retirement is somewhat more active than most. Corporate performance By 2006 Virgin had, with mixed results, taken on one established industry after another in an effort to shake up ââ¬Ëfat and complacent business sectorsââ¬â¢. It had further set its sights on the British media sector and the global oil industry. Airlines clearly were an enthusiasm of Bransonââ¬â¢s. According to Branson, Virgin Atlantic, which was 49 per cent owned by Singapore Airways, was a company that he would not sell outright: ââ¬ËThere are some businesses you preserve, which wouldnââ¬â¢t ever be sold, and thatââ¬â¢s one. ââ¬â¢ Despite some analystsââ¬â¢ worries that airline success could not be sustained given the ââ¬Ëcyclicalââ¬â¢ nature of the business, Branson maintained a strong interest in the industry, and included airline businesses such as Virgin Express (European), Virgin Blue (Australia) and Virgin Nigeria in the group. Bransonââ¬â¢s engagement with the search for ââ¬Ëgreenerââ¬â¢ fuels and reducing global warming had not led him to ground his fleets. but rather to prompt a debate on measures to reduce carbon emissions from aeroplanes. At the beginning of the twenty-first century the most public problem faced by Branson was Virgin Trains, whose Cross Country and West Coast lines were ranked 23rd and 24th out of 25 train-operating franchises according to the Strategic Rail Authorityââ¬â¢s Review in 2000. By 2002 Virgin Trains was reporting profits and paid its first premium to the British government. xperience with any one of the product lines may shun all the othersââ¬â¢. However, Virgin argues that its brand research indicates that people who have had a bad experience will blame that particular Virgin company or product but will be willing to use other Virgin products or services, due to the very diversity of the brand. Such brand confidence helps explain why Virgin should even conte mplate such risky and protracted turnaround challenges as its rail company. Sarah Sands recounts that Bransonââ¬â¢s mother ââ¬Ëonce proudly boasted that her son would become Prime Minsterââ¬â¢. Sands futher commented that she thought his mother underestimated his ambition. 10 With Virginââ¬â¢s entry into fuel and media and Bransonââ¬â¢s declarations that he is taking on the oil corporations and NewsCorp, Sands may ultimately prove to have been precient in her comment. Notes 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Sunday Telegraph, 4 December (2005). Independent, 22 November (2006). Hawkins (2001a, b). PR Newswire Europe, 16 October (2006). Fortune, 6 February (2006). Independent on Sunday, 26 November (2006). Ibid. The Times 1998, quoted in Vignali (2001). Wells (2000). Independent on Sunday, 26 November (2006). Sources: The Economist, ââ¬ËCross his heartââ¬â¢, 5 October (2002); ââ¬ËVirgin on the ridiculousââ¬â¢, 29 May (2003); ââ¬ËVirgin Rail: tilting too farââ¬â¢, 12 July (2001). P. McCosker, ââ¬ËStretching the brand: a review of the Virgin Groupââ¬â¢, European Case Clearing House, 2000. The Times, ââ¬ËVirgin push to open up US aviation marketââ¬â¢, 5 June (2002); ââ¬ËBranson plans $1bn US expansionââ¬â¢, 30 April (2002). Observer, ââ¬ËBranson eyes 31bn float for Virgin Mobileââ¬â¢, 18 January (2004). Strategic Direction, ââ¬ËVirgin Flies High with Brand Extensionsââ¬â¢, vol. 18, no. 10, (October 2002). R. Hawkins, ââ¬ËExecutive of Virgin Group outlines corporate strategyââ¬â¢ Knight Ridder/Tribune Business News, July 29 (2001a). R. Hawkins, ââ¬ËBranson in new dash for cashââ¬â¢, Sunday Business, 29 July (2001b); South China Morning Post, ââ¬ËVirgin shapes kangaroo strategy aid liberalisation talks between Hong Kong and Australia will determine carrierââ¬â¢s game-planââ¬â¢, 28 June (2002). C. Vignali, ââ¬ËVirgin Colaââ¬â¢, British Food Journal, vol. 103, no. 2 (2001), pp. 31ââ¬â139. M. Wells, ââ¬ËRed Baronââ¬â¢, Forbes Magazine, vol. 166, no. 1, 7 March (2000). The future The beginning of the twenty-first century also saw further expansion by Virgin, from airlines, spa finance and mobile telecoms in Africa, into telecoms in Europe, and into the USA. The public flotation of individual businesses rather than the group as a whole has become an intrinsic part of the ââ¬Ëjugglingââ¬â¢ of finances that underpins Virginââ¬â¢s expansion. Some commentators have identified a risk with Virginââ¬â¢s approach: ââ¬ËThe greatest threat [is] that . . Virgin brand . . . may become associated with failure. ââ¬â¢8 This point was emphasised by a commentator9 who noted that ââ¬Ëa customer who has a bad enough Questions 1 What is the corporate rationale of Virgin as a group of companies? 2 Are there any relationships of a strategic nature between businesses within the Virgin portfolio? 3 How does the Virgin Group, as a corporate parent, add value to its businesses? 4 What were the main issues facing the Virgin Group at the end of the case and how should they be tackled?
Saturday, February 29, 2020
Case Analysis Essay Example | Topics and Well Written Essays - 750 words - 2
Case Analysis - Essay Example These are perceived as the depictions that have seized them, altering their psychological composition into something damaging to their wellbeing, and yet, advanced by society. For instance, it appears to be slender is an objective to a large number of females, and as Susan Bordo indicates, it is the consequence of advertisements and a public representation of females sustaining a number of roles, including that of the sexually suppressed and that of server. Generally, Hunger as Ideology highlights her significant attempt to uncover, educate, and illustrate past and current behaviors, eating habits, and social influences on both males and females. This paper is a case analysis of Susan Bordoââ¬â¢s Hunger as Ideology. The paper will highlight my views in support of the ideas from the article. Also, the paper will make use of three evidences of advertising and several quotes from the article to support the ideas. Bordo asserts, ââ¬Å"Mass imagery has an unprecedented power to instruct.â⬠This means that the capacity to broaden influence to a mass produces expected outcomes, outcomes which recommend the correct way, the only way, which is usually the most widespread influenced way. She goes on to claim, ââ¬Å"Women with their eating disorders bring photos of ultra-thin models to their therapistsâ⬠¦Ã¢â¬ (Bordo 140). This is seen as the ideal explanation of mass produced views of ideology. The notion of utilizing magazine pictures of the ultra slim models as stimulators for contentment is the in thing, for example, the Fire and Ice advertisement which contained a questionnare aking women if they were made for Fire and Ice. In the part, Food and Love, the author illustrates how females display their affection for others by preparing dinner or baking for other people. For example, the use of the catchphrase ââ¬Å"Nothing says ââ¬ËCookie, I love youââ¬â¢ like Nestleââ¬â¢s Toll House Cookies Do.â⬠is employed to emphasize this point (Bordo 159). Even though
Wednesday, February 12, 2020
[Political Economy] Derive Classical theorist Marx vs. Smith view to Essay
[Political Economy] Derive Classical theorist Marx vs. Smith view to analyze current political issues. Choose a News (from WSJ) - Essay Example Moreover, Karl Marx is a renowned Communist while Adam Smith is associated with Classical ideologies. Therefore, adequate analysis of articles will sufficiently bring out the difference between the two theorists regarding current trends in the society. Moreover, the essay will assess the debate between the different classes of thought Marx and Smith represent. To reflect claims above, the article in wall street journal titled, Politics Counts: the Red/Blue Retail Divide approaches issues affecting the rapid expansion of United States economy. United States is a two party state, which comprises of Democrats and Republicans. This article replicates that consumption of goods and services from the party supporters differs greatly. Consumer subcultures has diversified so much that it threatens communal coexistence in the country. Democrats and Republicans have adopted different ways of shopping which if not curbed early will threaten mutual understanding. From this article, Marx and Smith ideologies clash. America is a democratic state so every civilian has a right to engage in activities wanted as long as it does not ruin stability in the country. Adam Smith emphasizes on free market whereas Marx articulates economy where a ruling class should not exploit the proletariats. From this, allowing the party supporters to shop differently will aggravate political animosity in the country. Smith argues that free trade leads to increased economic prosperity while on the other hand Marx argues that allowing free trade and competition will lead to exploitation of workers by employers rendering them powerless. Conversely, labor should be part of the final product and employers need to conquer to step up free competition, accompanied by a social and political constitution adapted in it, and the economic and political sway of the bourgeois class (Theriault 37). The Wall Street also carried out an article putting Some Facts in the Tax-the-Rich Debate. This article emphasizes on tax fairness between the rich and the poor. For economic stability, the rich should be taxed a higher amount than the poor civilians. However, this sparked a debate between political elites among them president Obama who seconded the idea. This article has created a clash between classical and liberal theorists. Smith propagates on political economy where he says both political and economic systems should be integrated together to achieve political stability. He bestows all powers to political elites and entrusts them the privilege to make policies governing economic activities. Marxââ¬â¢s ideologies are against political economy because it concentrates property and power to a few individuals, which leads to classes for instance propertied and propertyless .Taxing the rich more than the poor will reduce the gap between the propertied and the propertyless in the society therefore, economic development will improve enabling all people access goods and services. There are classes in the world whereby the oppressed struggles to free themselves from the oppressors that make society ââ¬Å"a manifold gradation of social rankâ⬠(Marx 14). The Wall street journal carried an article, States Get Say in Health Law. President Obamaââ¬â¢s administration changed health policies, which will screen insurersââ¬â¢ considerations when charging insurance covers. Employer groups praised
Friday, January 31, 2020
Statistics for Managers Class Discussion wk1 Essay
Statistics for Managers Class Discussion wk1 - Essay Example Two separate samples were used in the study. The total number of women and girls in the study are 2657 and 1008 respectively (Wiley, 2011). After the analysis, it was established that the association between the occurrence of milk intake of infants aged between 5-12 years and age at the first occurrence of menstruation was weak. There are numerous instances where statistics has been used in business. For instance, Barger King used information gathered from customers to determine their buying trends and preferences. This information was obtained from their credit cards as they are always required to provide their private information. The company successfully managed to gather information from their credit cards. The impact of their statistics is that they managed to improve their sales (Anderson, Sweeney & Williams, 2012). After obtaining relevant information, the company identified areas with many potential customers and their preferences. One of the true values of statistics in business is the operational value. Numerous organizations depend on IT systems to control data, ease payment process and run operations. Unpredicted logjams can take place when IT runs an essential system improvement. It means that the execution will stop and momentarily preventing business from operating efficiently. To solve this problem, organizations use IT systems with statistical procedures to determine the probable cause of the bottlenecks before their operations are interrupted. Other operational advantages of statistics include correct demand estimation and satisfactory inventory
Thursday, January 23, 2020
A Comparison of Classical Management Theorists and Contingency Theorist
A Comparison of Classical Management Theorists and Contingency Theorists The management field is characterised by a wide variety of theories, schools and directions. This essay examines the classical and contingency schools of thought -- the approaches to organization that have had the greatest impact on management today. Firstly the essay delineates and criticises the important theories propounded by classical writers. The essay continues with an account of the contingency school, and finally evaluates its impacts on managerial thought. Up until about the late 1950s academic writing about organisational structure was dominated by the classical management school. This held that there was a single organisational structure that was effective in all organisations. (Clegg & Handy, 1999). According to Holt (1999), the classical school is characterised by ?being highly structured, with emphasis on the formal organisation with clearly defined functions and detailed rules, autocratic leadership, a rigid chain of command and control by superiors? (Holt, 1999, p.137). The three greatest proponents of classical theory were Taylor, Fayol, and Weber. Each identifies detailed principles and methods through which this kind of organisation could be achieved. Taylor (1947) developed a systematic approach to called ?Scientific Management?, which focused on efficient production. Through the study of task movements, or ?time and motion studies? as it was known, he recognized matching the correct worker to the task was crucial to increasing work efficiency. Under this so-called Taylorism, emphasis is placed on power confered to those in control. According to Morgan (1997), this approach to work design is found in traditional forms of assembly-line manufacturing and in production processes. Another major sub-field within the classical perspective is ?Administrative Management,? set forth by Fayol (1949). While Scientific Management took a micro approach, Fayol saw the macro concepts, a body of knowledge which emphasised broad administrative principles applicable to large organizations. In Fayol?s account, management is conceptualised as consisting of five elements, namely planning, organizing, command, co-ordination, and control. He also developed 14 principles of management or organisation, the best-known being division of work, unit... ...ure. Academy of Management Journal, 25 (3), 553-566. Luthans, F. (1973). The Contingency Theory of Management: A path out of the jungle. Business Horizons, 6, 67-72 Meyer, M.W. (1972). Size and the structure of organizations: A causal analysis, American Sociological Review, 37, 434-441. Pugh, D., Hickson, D., Hinings, R. & Turner, C. (1969). The context of organization structures. Administrative Science Quarterly 14:91-114. Pugh, D. & Hickson, D. (1996). Writers on organisations. London: Penguin. Robbins, S. & Barnwell, N. (2002). Organisation Theory: Concepts and cases. Victoria, Australia: Pentice Hall. Taylor, F.W. (1947). Scientific Management, Harper & Row. Watz, T. (1996). Technology rules OK? A review of technological determinism and contingency theory. Creativity and Innovation Management, 5(1) 13-21. Weber, M. (1947). The Theory of Social and Economic Organization. A.H. Henderson and Talcott Parsons (eds.). Glencoe, IL: Free Press. Woodward, J. (1980). Industrial Organization: Theory and Practice, second edition. New York: Oxford University Press --------------------------------------------------------------------- [1] Pugh et al.
Wednesday, January 15, 2020
Mathematical Interpretations of Keynesââ¬â¢s General Theory
IntroductionMany changes had occurred in the last century in every science. Economics was not the exception and a transformation into the theoretical approach took place in the 30s. In 1936 Keynes published ââ¬Å"The General Theory of Employment, Interest and Moneyâ⬠. Its main ideas set the foundations of macroeconomics and had influenced economics since.Unfortunately, Keynes had (and has) a bad reputation as a writer, because of this there has been constant analysis and interpretations of what he meant. Economists affirmed that Keynesââ¬â¢s innovating work, as any new approach, had some ââ¬Å"inconsistenciesâ⬠. Further, the book had small use of mathematics and, thus, had small proof of what it stated. Therefore, these ideas need interpretation and testing into the ââ¬Å"real worldâ⬠.Keynes Main IdeasKriesler and Nevile (2000) define the bookââ¬â¢s main points as follows:à ââ¬Å"â⬠¦in a capitalist economy employment, and hence unemployment, is determin ed by effective demand [â⬠¦] decisions about production and investment are made on the basis of expectationsâ⬠, and ââ¬Å"monetary variables influence real variables such as output and employment and real variables, in turn, influence monetary ones.â⬠One of the most daunting tasks was to set up a mathematical foundation of the cited Keynesââ¬â¢s works. The most important economists who performed this job were, in a ââ¬Å"crossed fertilization processâ⬠as Heller (2000) points it, Roy Harrod, James Meade and mainly John Hicks. In fact, in 1937 Hicks published an influential article, ââ¬Å"Mr. Keynes and the Classics: A suggested interpretationâ⬠that rapidly became the standard of Keynesian economics theory.Mathematical FoundationsThe Keynesââ¬â¢s ideas stated in the paragraphs above turned ââ¬Å"into simple mathematical models of the macro-economy; [and] the most long-lived and flexible, the ââ¬Å"IS-LM modelâ⬠, came from John R. Hicksâ⬠(Morgan 2001). Despite that, some authors suggest that Harrod and Meade had inspired the IS-LM model proposed by Hicks (Young, qt. in Heller, 2002)[1]. Others suggest that Champernowne and Reddaway also had some contribution into the modelââ¬â¢s formalization (Barens 1998, qt in Heller, 2002)Besides the multiple interpretations of Keynesââ¬â¢s work, Hicksââ¬â¢ one remains as one of the most important.As pointed by Heller (2000), the models proposed as explanations had similar expressions which are systems of simultaneous equations. And the mathematical formulationââ¬â¢s success of Keynesââ¬â¢s General Theory is because of the ââ¬Å"mathematical eleganceâ⬠and the exact nature of systems of simultaneous equations, which many consider alike; and particularly to Hicks who was the only one in representing the theory through diagrams. (Heller, 2002)As pointed, Harrod was another economist who performed a mathematical foundation for Keynesââ¬â¢s work. According to him, Keynes system corrects the traditional theory; allowing the Income level to be not given, the price level does not depend on the money, and money demand is divided in two. Due to all of this Harrod states that Keynes system is better than the traditional one. Keynes had a very positive view of Harrodââ¬â¢s development of his own work, which Harrods presented in the same conference where Hicks did. Hence, Keynes thought that Harrod works interpreted correctly his own ideas.But these authorsââ¬â¢ success in interpreting Keynesââ¬â¢s ideas is not free of detractors. Kriesler and Nevile (2000) made a clear stand of this: economists reject the ââ¬Å"IS-LM framework as being neither a valid simplification of the arguments in the General Theory nor a reliable model for analyzing macroeconomic issues.â⬠Economists think the IS-LM model ignores expectations and it is not useful to analyze a particular economy beside the static equilibrium[2]. They also affirm that Hicks t ook Keynesian macroeconomics to another direction from the one intended by the workââ¬â¢s author. à The same authors assert that Keynesââ¬â¢s own vision on Hicks model ââ¬Å"did have the faults that post Keynesians typically ascribe to IS-LM.â⬠[3]ConclusionKeynesââ¬â¢s work and the posterior mathematical development gave, to governments and to economists, answers that can be easily explained and understood by everyone only using analytical tools as diagrams or simple mathematics. What is more, those ideas were beyond the economic ââ¬Å"common senseâ⬠of the time: governments can spend during depressions.à Affirming if these formalizations of the model are what Keynesââ¬â¢s work pointed might be intimidating. Regardless of this and the different views, Hicks simplification and formalization of the model is useful, and catches the spirit of the work. As any first interpretation improvements were (and still are) made but the first task was accomplished.Refer encesHeller, Claudia, The General Theory of Employment, Interest and Money According to Brian Reddaway Economia em Revista, Vol. 10, pp. 15-32, 2002Heller, Claudia, The ââ¬ËGeneral Theory' Synthesis According to Roy Harrod in ââ¬ËMr. Keynes and Traditional Theoryââ¬â¢, Revista de Economia (Curitiba), Vol. 23, pp. 27-49, 2000Keynes, John Maynard, The General Theory of Employment, Interest, and Money (New York: Prometheus Books, 1997).Morgan, Mary, The formation of ââ¬Å"Modernâ⬠Economics: Engineering and Ideology, Department of Economic History, London School of Economics, May 2001, Available at ;http://www.lse.ac.uk/economicHistory/home.aspx;[1] Young proposed that to call it the ââ¬Å"IS-LM Harrod-Meadeâ⬠model. [2] It is important to make clear that many have pointed rational expectations as one of the inconsistencies in Keynesââ¬â¢s work. [3] Post Keynesian economists main critic to the IS-LM model is its static equilibrium nature, thus has no means to de al economyââ¬â¢s path of adjustment.
Tuesday, January 7, 2020
Cosmology The Origin Of The Universe - 900 Words
Cosmology is the study of the origin of the universe in the sense of how it comes into being. At the foundation of nearly every culture is a creation myth that explains how Earth in its entity came to be. These myths have an immense influence on peopleââ¬â¢s framework of reference. They all come from one early source and are different only because time and local cultural circumstances have embellished or altered them. Despite being separated by numerous geographical barriers; many cultures before and after Genesis have developed creation myths that share common aspects that are fundamentally derived from variations of the core theme of a God-given creation. The Bible begins with two separate creation stories, differing significantly from one another, Genesis 1 and Genesis 2. The first story runs from Genesis 1:1 through Genesis 2:3. The second story picks up at Genesis 2:4 and runs to the end of the chapter at Genesis 2:25. In the first story, creation takes six days and man and w oman are created last after all the plants and animals are created. In the second story, creation takes one day, man is created first, then proceeds the creation of all the plants and animals, and in the end woman is created. To further reiterate what some people believe Genesis 1 and 2 are no doubt contradictions based on the descriptions others have the intuition that Genesis 1 is the account of the creation of the universe and life on planet Earth as it happened in chronological order. Genesis 2 isShow MoreRelatedWestern and Eastern Cosmologies1423 Words à |à 6 PagesWestern and Eastern Cosmologies According to Drew Dellinger, the word cosmology has two definitions. 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What Is Metaphysical? ââ¬ËMetaphysical is Something Highly Abstract and/or Overly Theoreticalâ⬠¦hard or impossible to observe by own senses. â⬠¢ Strictly, both definitions ARE FALSE, because of dealing with ââ¬ËOrigin of The Universeââ¬â¢. â⬠¢ ââ¬ËCosmosââ¬â¢ in old Greek means ORDERLY BY THE LAWS GOVERNED UNIVERSE ââ¬â theRead More Revolution in Cosmology Resolves Dispute over Universes Age1430 Words à |à 6 PagesRevolution in Cosmology Resolves Dispute over Universes Age Just under seven years ago, astronomers using the Hubble space telescope presented results they hoped would help answer one of the most contentious issues in astronomy of the 20th century ââ¬â the question of the distance scale of the universe. But there was some unease when the result was announced. According to the report, other galaxies were close enough that, extrapolating backwards from their current rate of recession and making adjustmentsRead MoreStephen Hawking1703 Words à |à 7 PagesPhD in cosmology. Hawkings career has focused upon the cosmic entities known as black holes, and has extended to specialized areas such as quantum gravity, particle physics, and supersymmetry. A field of study that Stephen Hawking is known for is cosmology. Cosmology is the metaphysical study of the origin and nature of the universe. A brief synopsis of Hawking indicates that, according to Hawking, there is no place for a creator, that God does not exist. In his quantum cosmology, he indicatesRead MoreHow Astrophysics Is The Branch Of Astronomy1152 Words à |à 5 Pagesareas of study for astrophysicists include their attempts to determine: the properties of dark matter, dark energy, and black holes, whether or not time travel is possible, if wormholes can form, or the multiverse exists, and also the origin and ultimate fate of the universe. During the 17th century, natural philosophers such as Galileo, Descartes, and Newton began to maintain that the celestial and terrestrial regions were made of similar kinds of material and were subject to the same natural laws. Read MoreIs The Big Bang Theory?884 Words à |à 4 Pagesfaith and belief of Godââ¬â¢s creation. Scient ist use data and instruments to document what can be seen, and Christionââ¬â¢s carry faith and believe outside, what canââ¬â¢t be seen. In the Bible there are several references that describe the universe being ââ¬Å"stretched out. (Cosmology) ââ¬Å"Here are a few to describe this reference Isaiah 40:22 teaches that ââ¬Å"God stretched the heavens like a curtain and spreads time out like a tent to dwell inâ⬠. ââ¬Å"And the likeness of the firmament upon the heads of the living creatureRead MoreEssay about Edwin Hubble Biography1056 Words à |à 5 Pagesknowledge of the universe and established the foundations for all of modern cosmology. At the beginning of the 20th century, most astronomers thought that our Universe was confined to the Milky Way Galaxy alone. However, Edwin Hubbles inspiration and perseverance in astronomical research proved otherwise. He discovered the existence of other galaxies and created a systematical classification for all galaxies. Additionally, he mathematically confirmed that his newly discovered universe was expandingRead MoreStephen Hawking : A Man Of Introspect1325 Words à |à 6 PagesStephen Hawking: A Man of Introspect Throughout the years, there have been many influential people in fields from science to literature. Stephen Hawking has made an astounding impact through his studies in physics and cosmology. Not only is he known for his many works, Stephen Hawking is honored even more for his fight against ALS. Stephen Hawking is one of the great minds of this era with his exceptional ability to think and overcome adversity from his early childhood into his current age of seventy-threeRead MoreThe Current Status Of Galaxy Formation1589 Words à |à 7 Pagesand sub-disciplines which include astronomy, cosmology, and particle physics, to name a few. As a student in the physics field, it is important to understand how physicists actually write and make arguments in their respective disciplines. By being able to analyze and rhetorically inspect an article, the material becomes more comprehensible and some potential implications of the writing begin to resound with the reader. The more we learn about th e universe, the more we can predict what is to come and
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