Classical vs. Keynsian Economics Essay Example for Free

Classical vs. Keynsian Economics Essay There are several significant factors that differentiate Classical from Keynesian economics. Classical economics stays true to the laissez-faire concept of no government mediation in businesses with the assumption that the economy will work itself out. Keynesian economics, on the other hand, revolves around deficit spending and the belief that essentially â€Å"in the long run, we’re all going to die†. Both schools of economics take a different stance on the behavior of consumers, fiscal policy, and government spending. Classical economists, in essence, monitor what is currently transpiring in the economy. They believe that the economy is stable and self-sustaining because in the long run, the market supposedly automatically adjusts to â€Å"booms† and â€Å"busts†. This principle is heavily influenced by the epoch of industrialization – during and after. In a Classical economic model, economists consent individuals’ actions and desires, thus allowing prices to fluctuate based on that individuals’ needs. Say’s Law explicates this phenomenon by saying that supply creates its own demand and in result, the economy is stimulated when more goods are produced. Furthermore, Classicalists do not act with fiscal policies and strongly believe the notion that government spending impedes a nation’s economic growth Keynesian economists believe that the government is imperfect and is not able to sustain itself so government intervention is not only beneficial, but also crucial to mediate the economy. Their stance on fiscal policy is to either contract or expand the economy with specific tools depending on the gap in the economy. In a Keynesian economic model, economists rely on government spending to jumpstart an economy if it was dragged down into a depression. When there is a lack of growth, the government should stimulate demand. Personally, I would agree with Classical economics, but with all the assumptions present it is nearly impossible to side with them. Most of the assumptions are not true and are essential to accurately find a solution to economic problems. For instance, President Ronald Reagan was big on the  theory of hands-off business, yet he plundered the nation into the most drastic deficit; more than all of his predecessors combined. Not having government intervention is nearly impossible since there is always a need to mediate the economy. I would side more with Keynesian economics since there is almost always a practical solution to a problem. In other words, it is like an algorithm: you need so much to get the desired output. For instance, in the Great Depression of 2008, the government efficiently used expansionary fiscal policy to boost the economy. Government spending was vastly increased, as well as taxes. Our economy was gradually remedied by the policies that were enacted upon, thus my reason for siding with Keynesian economics.

Gay, Lesbian and Bisexual Issues - Same-sex Marriage Laws Violate Gay R

Laws Violate Gay Rights When I was in third grade, I learned that there are certain "inalienable rights"-- the right to life, liberty and the pursuit of happiness -- all of which the United States government is committed to protecting for every human. Last week, I learned this government feels that these human rights are limited to some people, based on how they choose to practice sex. In two separate legislations last week, the United States Senate sanctioned discrimination against homosexual Americans. The issue recently surfaced in Hawaii when the state denied marriage privileges to a lesbian couple. In May 1993, the State Supreme Court ruled in a 3-1 decision that the state's exclusion of same-sex marriage was sexual discrimination and thus unconstitutional unless there was "compelling evidence" for it. In 1995, a governor's commission recommended the state grant marital rights to homosexuals. The "full faith and credit" clause of the U.S. Constitution says that states must accord reciprocity to laws (and contracts) of other states. Thus a couple could get married in Hawaii, move to another state and demand that the state recognize their marriage contract unless laws in the new state conflict directly with laws in the former state. This led the House to pass the Defense of Marriage Act (DoMA) this July with the Senate concurring on Sept. 10. Social Security, Veter-an's and other federal benefits such as married tax status will simply be denied to Americans who do not conform to a sexual pattern preferred by others in society. I don't know where in the Constitution Congress is permitted to legislate the morality that a man must marry a woman. Furthermore, DoMA permits states to... ... other may make some people uncomfortable. But their union does not infringe on anyone else's life, liberty or pursuit of happiness, and they have a claim to pursue their human rights and marry each other. What has Congress to gain by passing this restrictive law? It is only election-year politics to woo the radical right. The United States government is unfairly discriminating against a portion of the United States population and we should not stand for this public "gay bashing." Discrimination is still legal because the measure failed 50-49. Senator Pryor (D-Ark.) was attending his son's cancer surgery; otherwise, he would have supported the bill. Vice President Al Gore had promised to break the tie in support of the bill, but the motion failed. Now it is legally OK to not hire someone based on his or her sexual preference.

Pest Analysis of Sainsburys in a 3rd World Country

Introduction of the Company : Sainsburys is the third largest chain of super markets in the United Kingdom. It was founded in 1869 and has been growing all over the United Kingdom ever since, and today operates over 1000 super markets and convenience stores and employees over 150,000 employees and captures more than 16% of the market share. It is also listed on the London Stock Exchange and is the constituent of the FTSE 100 index.Sainsburys not only provides products to its customers but also services to some extent. The products and services offered by Sainsburys have a wide range from food and drinks to energy providing, clothing to insurance, appliances to banking facilities. Sainsburys has been a growing entity at a growing rate. Though TESCO has overtaken Sainsburys to become the market leader and has expanded not only in United Kingdom but also outside the United Kingdom such as Europe, Asia and North America.Since TESCO has always been a strong competitor of Sainsburys so Sai nsburys also has this intention to expand outside United Kingdom, too. It is necessary for a firm or company to carry out a PEST analysis either as a new entrant or to exist and survive in the market to keep it’s self updated with the influence of the macro environmental factors. Introduction of PEST Analysis : PEST analysis stands for â€Å"political, economic, social and technological analysis†. PEST Analysis focuses on analysing the macro-environment in which a business or a firm operates.Each of these factors play a vital role in the overall business environment and one should consider these factors and have vital knowledge of them as they can either make you a success story or may end up shutting down the business. Political factors refer to the economic policy given by the government and the government intervention the economy. This includes areas such as tax policy, labour, law, tarrif and trade restrictions. Political stability is also quite important for the e conomic growth. While, governments have great influence on health, education and infrastructure of the nation.Interest rate, economic growth, monetary and fiscal policy, inflation and the exchange rates are the important economic factors. These factors play a vital role in a firm’s business strategy and decision making. Every country has it’s own culture and the nation has a strong impact on their living. The social and cultural influences on business vary from country to country. Social  factors include the cultural aspects and include health consciousness, language, population growth rate, age distribution, career attitudes.Trends in social factors affect the demand for a company's products and how that company operates. For example, the roles of men and women in the society. Furthermore, companies may change various management strategies to adapt to these social trends Technological  factors have vital place in PEST analysis. Some markets are labour intensive an d some are capital intensive. Technological factors determine  barriers to entry, minimum efficient production level and influence  outsourcing  decisions.It is one of the major drivers of globalization and is the base for competitive advantage. Innovation is offered to the customers or consumers through technology for example internet banking, smart phones etc. It also enables the firm to produce a product cheaply and to a better quality in standard. Pakistan is the sixth most populated country in the world with over 180 million people. It is estimated that the 25% of the population belongs to the middle income class. It is also estimated that 55% of the Pakistani population is in the 10-40 years age bracket.The upper middle-income class is estimated at 17 million with relatively high per capita income which favours more consumer spending. The average Pakistani consumer spends 42% of his income on food related products. The upcoming changes in demographic will create opportun ities and challenges for businesses in Pakistan. Pakistan’s food retail sector is unorganised and highly dominated by independent small stores. Over the past few years, some large European food retailers have opened stores in all major Pakistani metropolitan cities like Makro, Metro and Carrefour (Hyper star).Pakistani families are attracted towards these stores due to their strategic location, multiple product range and imported processed food. Studies also show that there has been a significant shift to organized format of shopping from traditional format, in urban areas. This provides a challenging and profitable opportunity to other food retailers to enter the market. Sainsburys provides convenient shopping under one roof, has wide range of products, consumer friendly environment, large storage and discounted prices.These factors give Sainsburys an advantage over other food retailers currently present in Pakistan. If Sainsburys decides to enter in food retail sector then it has to perform a PEST analysis. PEST Analysis of Sainsburys in Pakistan : Political Factors : The political factors revolve around the current government in a country. Currently, in Pakistan, the ruling party is Pakistan People’s Party which was democratically elected in 2008. Though it is backed by western powers but still is considered to be a weak government.The basic questions arise such as how stable is the political or is there any government intervention in the economic policy making or laws and legislation protecting the businesses. Unfortunately, due to weak governments in the past, the security and corruption has been the key issues Pakistan has been facing over the the last decade. Which certainly is not a good sign for any foreign investors. However, giants in food-retail sectors like Metro and Carrefour ( hyper star) have set an example with an increasing growth in profit and expansion even in such circumstances.Sainsburys may enter in the Pakistani market wit h it’s variety of products which are available under one roof, as the increasing trend in urban areas shows, there will be high demand for it. Political factors may also include the goods and services which the governments want to provide or be provided. Sainsburys collects much of it’s revenue by selling it’s wide range of wines and spirits. Pakistani law prohibits the sale or consumption of any type of wines and spirits within its geographical boundaries, Sainsburys will not be allowed to sell it in their stores which may negatively affect their sales.Government of Pakistan ensures that there is foreign investment in Pakistan and it has signed a few trade agreements too. It also provides foreign investors the incentives to invest here. Partial ownership by the Pakistan government usually serves as an insurance policy for the share holders and the investors. Economic Factors: Extremely volatile oil prices are the root cause of global financial crisis in Pakista n which has also worsened the energy crisis. These two factors increase the cost of production.High inflation is a key resultant of it As Sainsburys produce much of it’s products in stores so they may go beyond their feasible region in producing a product. Interest rates are at their peak, economic growth is quite slow and this is due to the low level of lending and purchasing power of the consumer is weak. Though it is a labour intensive country and labour supply is quite high and also available at low cost than most other countries but unemployment is rising regardless of the above mentioned fact. The gap between rich and poor continues to expand and the percentage of poor is increasing everyday.However relatively quite cheaper labour may do a significant impact in Sainsburys production. It will also bring employment opportunities for young and skilled labour. Heavy loans from financial institutions like IMF and world bank has made the government in debt upto neck and there are no significant changes in sight. However financial aid packages in the name of war on terror and from the friends of Pakistan has kept the economy from collapsing. Pakistan has integrated with global economy and has brought positive impact on economy with increase in GDP.Despite of the worse conditions, Investing in such a country where cheap labour is available and more than half of the country’s population lies in the labour force, targeting middle-income class-keeping the fact in mind that government provides support to private investors would not be a bad decision. Social Factors : The culture and religion are very close to each other in Pakistan. As mentioned above this will affect the sales of wines and spirits of Sainsburys as it is not only prohibited by the dominant religion and prohibited by law but the targeted class does not accept it too.Health and Education are the two important sectors for any developing nations and Pakistan lack both of them and governmen t of Pakistan fails to allocate the required budget in both the sectors. However, people like to shop and come with families to the big retail stores. There has been a significant shift from traditional to organized format. The studies show that 11% of the population tend to buy long life food related products in advance for a month. Sainsburys provides a healthy and safe environment to work with,which for a change would attract the people to work and shop here.In comparison to the past, women have also started to contribute in the labor force. Language will be a barrier for the citizens of Pakistan as english is not the first language in Pakistan. Buying imported products is considered a status symbol in Pakistan so there is a high demand for foreign products in Pakistan and is appreciated in the local market. According to studies people spend 42% of their income on food related products. So there will be high demand for a food related products provided by Sainsburys. Technological Factors :Technological expertise is overflowed in Pakistan as the labour supply and demand for IT professionals is high. There has been an improvement in the industrial sector but still the country’s imports are higher than exports. Since it is a labour intensive area and not capital intensive so use of technology higher the cost of production but shift to focus more on labour may help Sainsburys to produce it’s products relatively cheaper. There is also a trend of buying products online seen. Sainsburys already provides the service of buying it’s products online which saves much time so the typical â€Å"9-5† workforce can also be targeted.

The Percepciont of Death on the Play Everyman Essay

Everyman is a Christian morality play written during the 1400s. No one yet knows who wrote this play. It is said that Everyman is the English translation of similar Dutch morality play of the same period called Elckerlijc. Everyman is generally represented as the best and most original example of the English morality play. â€Å"Like other morality plays from the late medieval period, it is meant to communicate a simple moral lesson to both educated and illiterate audiences† (Gyamfi Schmidt, 2011). â€Å"Everyman† is about a man who is content with his life when Death calls and tells him about his end. The author has used metaphorical names for characters to show up the moral of the play. â€Å"Everyman† is a metaphorical story that shows the value of†¦show more content†¦In Everyman, death is just a messenger for God. From the beginning of the play, it can be seen that Death is set below God. â€Å"The very opening of the play makes it clear that this messenger of Gods is an agent of correction rather than of punishment; God tells the audience that he is sending Death, not to slay evildoers, as in Herod and the Castle, but rather to call people to a reckoning, an explanation of what they have done with the lives lent to them† (Spinrad, 1987). Everyman did not want to go along with Death because life’s most disturbing power is death, death is so unfair, once one has tasted life death does not seem natural at all. â€Å"When Death explains that he is here to take Everyman on a â€Å"longe iourney† to make his â€Å"rekenynge †¦ before God,† Everymans incomprehension is humorous even as it reveals him to be deeply unread y for Deaths summons: he asks Death, â€Å"Sholde I not come agayne shortly?† Everymans inability to recognize the permanence of Deaths â€Å"journey† raises the question for the audience of what might constitute such recognition.† (Paulson, 2007). God finds that Everyman is not living in a right way so he asks on Death to let Everyman know that he has to give up his life. The author asks question in the play, what happens when you die? Everyman looks back into his life and tries to find a time that he can give up but he is not ready to do so. Throughout the play, Everyman begins to realize the things he thought were important