Capital accumulation, Essay Example for Free

Capital accumulation, Essay Name two types of market failure. Explain why each may cause market outcomes to be inefficient. Externalities and Market Power. Externalaties are byproducts of a product. Exteranlities can lead to a failure because buyers and sellers do not consider the side effects, which can lead to imbalance in equilibrium based on a societal standpoint. Market Power occurs when there is a single buyer and seller (or small group of them) with the ability to control market prices. This can lead to failure because it keeps prices and quantity away from the equilibrium of supply and demand. 2. What happens to consumer and producer surplus when the sale of a good is taxed? How does the change in consumer and producer surplus compare to the tax revenue? When a product is taxed both consumer and producer surplus drop. This change in surplus is gained in tax revenue, but producers earn less and consumers get less for their value. 3. How do the elasticities of supply and demand affect the deadweight loss of a tax? Why does this effect occur? The elasticities of supply and demand affect deadweight loss in that when: supply/demand is elastic, then the deadweight loss is high. If the supply/demand is inelastic, then the deadweight loss is small. This occurs because taxes change the behavior of buyers/sellers. If tax increases price of buyers, they consume less. If tax reduces profit of producers, then they produce less. 4. What does the domestic price that prevails without international trade tell us about a nation’s comparative advantage? If the domestic price is low, then it says that county can produce that product cheaply, and has a comparative advantage. If it is high, then that country is at a disadvantage compared to other countries. What is the difference between the unilateral and multilateral approaches to achieving free trade? Give an example of each. Unilateral approach is when the country reduces trade restrictions on its own. ‘Isolandia’ removes tariffs on imports. Multilateral approach is when a country reduces it trade restrictions while other countries do the same (through bargaining) ‘Isolandia’ removes tariffs on imports if ‘Seclusia’ also removes theirs. 6. Why do economists use real GDP rather than nominal GDP to gauge economic well-being? Define the GDP deflator. Nominal GDP is GDP (goods and services produced, and their prices) calculated at current prices. Real GDP is GDP calculated at constant prices(goods ands and services produced). We use Real GDP because it reflects changes in production vice changes in prices. The GDP Deflator allows calculating only the prices of goods and services. 7. What is the CPI? Which do you think has a greater effect on the consumer price index: a 10 percent increase in the price of chicken, or a 10 percent increase in the price of caviar? Why? Consumer Price Index, is a measure of the overall cost of goods and services bought by a typical consumer. A 10% increase in chicken will have a greater affect on the CPI because more people typically by chicken than those who buy caviar. 8. Describe the three factors that make the consumer price index an imperfect measure of the cost of living. Then explain how the GDP deflator differs from the CPI. Substition Bias: Consumers substitute towards goods that cost less Introduction of new goods: A new product is introduced allowing more choices. This reduces cost of maintaining same level of economic well being. Unmeasured quality change – if a goods quality goes down, but remains at same price – then the dollar is worth less than previously. If the quality goes up, and price remains the same, then the dollar is worth more than previously. GDP deflator accounts for goods produced domestically, while CPI accounts for all goods purchased. GDP Deflator also accounts for all currently produced goods, while CPI accounts for a fixed set of goods, that may not include new goods or include goods that no longer exist. 9. List and describe the determinants of productivity. Physical Capital: Quality of tools the worker has – better quality, the more production. Human Capital: Knowledge and Skills – education, experience and training. Better training = better efficiency. Natural Resources: Resources made available for input into production. Either renewable or non-renawable. Access to resources reduces costs of importing them – but is not necessary. Technical Knowledge:Refers to societies understanding of how the world works. (Human capital refers to recources expended to transmit this understanding to its workers) 10. Explain how a higher savings rate can lead to a higher standard of living. What might deter a policymaker from trying to raise the rate of saving? Saving now and consuming less now, allows for investments and ability to consume more in the future. Diminishing returns are what might deter a policy maker raising rate of savings. At a low capital, an extra increase in capital increases production. But as you continue to invest capital, the growth of production is at a lesser amount. It continues until a point in where a large increase in capital only gives a minor increase in production.

Hard To Be Yourself :: Self Image Appearance Essays

Hard To Be Yourself How many times have we heard the saying "Don't judge by appearance?" And how many times have we been thoroughly disappointed by appealing images of things and people? The answer is quite simple: countless. And yet how many times do we catch ourselves staring in the mirror? And how many hours do we spend thinking about our image? The answer is once again very simple: countless. The real question which arises is "Why?" Why do we care so much about how everyone else perceives us? And why do we always worry about our appearance? Why is it so important for us to show the world what we possess and how much we can afford, when in reality we know that appearances can be misleading? The answers to these questions are not simple at all. In fact, there are so many viewpoints on this rather controversial issue that it is sometimes impossible to agree on one answer. It really depends on who is asking and who is being asked. In order to look deeper into these questions, some important aspects of life need to be taken into account. Take the media, for example. Doesn't it always show the most beautiful people in the world and the newest trends in fashion? Of course it does, that's its sole purpose. Everyone is curious about the magic makeup Cameron Diaz is wearing and about the most recent clothes designed by Versace. And we must not get behind with news on Nicholas Cage's new cars or Jennifer Lopez's mansion. We get so involved in the lives and images of others that we start to fantasize about looking like them and behaving like them. Think of all the young girls today who would give anything to live the life of Britney Spears. And let's not forget about the boys who want to be strong and able to fight like The Rock. The media manipulates us and forces us to create goals of looking fabulous and possessing expensive things. It is so influential that we sometimes can't control these ideas and desires. That, in turn, leads to all those hours spent thinking which dress would impress the guys and what kind of car would attract more women. We start to believe that looks are all that matter, and whoever has an impressive appearance is set for life. Well, isn't this true?

5 Stages of Grief Hamlet Essay

Following the death of Prince Hamlet’s father, the former King of Denmark, not only do those related by blood to the great Dane experience the five stages of grief as laid out by Kubler-Ross, but the whole kingdom does as well. It is clear through many examples from the text that the kingdom as a unit experiences the grief of losing their king and others throughout the play both as one dysfunctional family and individually. The individuals in this dysfunctional family include: Hamlet, Gertrude, Claudius, Polonius, Laertes, and Ophelia. A major tenet of the ‘Five Stages’ theory which is vital to understanding its practical use is that one is not required to go through the five stages in order, nor is one required to go through all five stages. This is especially important because as a single family, the Danes do not go through all five stages together, instead, however, they go through the five stages individually, and will be addressed in the order stated by Kubler-Ross while identifying parts of the play where these stages were reached with no regard to chronological order. (Kubler-Ross) Denial is the first stage of Kubler-Ross’ grief map. Denial is a reaction in which a person, attempting to avoid the truth of the situation, develops a false reality or simply ignores the reality at hand. This is likely the most common stage, as denial affects those dealing with all magnitudes of trauma, large and small. (Santrock, 56) Though Hamlet does not go through the stage of denial, it is evident starting in act one, scene two, that the royal family is very much in denial of how much they should be affected by the loss of their king. This is seen through the royal ‘we’ that Queen Gertrude uses to display her and her new husband’s feelings to Hamlet while covering up their sadness with royal duties. â€Å"QUEEN GERTRUDE Why seems it so particular with thee? HAMLET Seems, madam! nay it is; I know not ‘seems.’ ‘Tis not alone my inky cloak, good mother, Nor customary suits of solemn black, Nor windy suspiration of forced breath, No, nor the fruitful river in the eye, Nor the dejected ‘havior of the visage, Together with all forms, moods, shapes of grief, That can denote me truly: these indeed seem, For they are actions that a man might play: But I have that within which passeth show; These but the trappings and the suits of woe.† (Shakespeare, 1.2.2) The Royal family, in this scene, had only just recently lost their king before Claudius and Gertrude married and started their work as regents once again. The biggest implication of their being in the stage of denial is their preoccupation with Fortinbras’ perceived anger rather than Hamlet’s actual sadness. They are too in denial about their son’s and perhaps their own guilt and trauma that they do not help or address the grief at all. Gertrude is a perfect example of denial because of her lying to herself and telling herself that everything is perfect and back to normal when it is clearly not. Ophelia also goes through denial on a smaller scale in the first act, as her trauma is losing her love, Hamlet, because of her father’s orders. This denial only grows when she loses her father and he is not given the proper burial rites or respect. She then feels what Hamlet thinks he felt, yet says and does nothing until her suicide because she was very likely in denial about her ability to help at all. Anger is the second phase of Kubler-Ross’ five stages which is characterized by loss of judgment and simple rage at either the event which they are grieving, others, and/or themselves. Anger is often associated with madness as it impedes the objective observation skills and, like insanity, can cloud the mind with anything but the truth. (Santrock, 57) The angriest character in all of Hamlet the title character himself, Hamlet. Hamlet’s anger is especially clear in his rash dealings with his family, which, he is supposed to be bonding with over this shared grief, his visions of his father as a ghost, and his violent outbursts against the denizens of his kingdom. When he enters his mother’s chambers in act three, scene four, he shows many signs of madness and anger, including visions of violence inciting figures, lashing out against his mother, and the murder of Polonius behind the veil. â€Å"HAMLET How is it with you, lady? QUEEN GERTRUDE Alas, how is’t with you, That you do bend your eye on vacancy And with the incorporal air do hold discourse? Forth at your eyes your spirits wildly peep; And, as the sleeping soldiers in the alarm, Your bedded hair, like life in excrements, Starts up, and stands on end. O gentle son, Upon the heat and flame of thy distemper Sprinkle cool patience. Whereon do you look?† (Shakespeare, 3.4.18) Bargaining and Depression are slightly similar stages of grieving that as seen in Hamlet, can happen at the same time. Bargaining is characterized by an attempt at negotiating with fate, while depression understands the imminence of death. This being said, there is no reason why Hamlet could not have been experiencing both of these stages at once. In fact, Hamlet seems to have drifted in and out of these stages in between going through anger and acceptance. (Santrock 58, 59) In act one, scene two, Hamlet demonstrates bargaining and depression by almost asking the all-powerful to take his life away completely, because he is too saddened and maddened by all of this outrageous behavior that he would rather die. â€Å"HAMLET O, that this too too solid flesh would melt Thaw and resolve itself into a dew! Or that the Everlasting had not fix’d His canon ‘gainst self-slaughter! O God! God! How weary, stale, flat and unprofitable, Seem to me all the uses of this world! Fie on’t! ah fie! ’tis an unweeded garden, That grows to seed; things rank and gross in nature Possess it merely.† (Shakespeare, 1.2.6) Again in act three, scene one, Hamlet makes another speech that implies his fickle, suicidal-bargaining tendencies. In this speech he talks about his self-loathing due to his cowardice and he wishes that it could all be over, like a sleep, a quiet end. â€Å"HAMLET To be, or not to be: that is the question: Whether ’tis nobler in the mind to suffer The slings and arrows of outrageous fortune, Or to take arms against a sea of troubles, And by opposing end them?† (Shakespeare, 3.1.1) Hamlet is not the only character to go through bargaining and depression, though. Ophelia also, in her singing and solemn visits to her father’s â€Å"burial site†, clearly shows signs of depression. She acts on these depressed thoughts by taking the bargain of suicide; if she cannot be happy in this world, she should take herself out of it to avoid the pain, and she does. Acceptance is the bittersweet end to grieving in which individuals come to terms with the fate they are handed, whether it be death, loss, or a reminder of their mortality. (Santrock, 60) The final scene before Fortinbras arrives to Elsinore, it is almost as if each character is asking for forgiveness through their passing through the stage of acceptance. Every action, the voluntary drinking of the cup that Claudius does, Laertes’ last words to Hamlet, Gertrude’s voluntary drinking of the cup so Hamlet would live a bit longer, they all seemed to be actions of final absolution. Kubler-Ross’ five stages of grief are plentiful in Shakespeare’s dramas, especially Hamlet, simply because of the massive amounts of tragedies that occur within Hamlet that warrant grieving. The grieving process in Hamlet is easily visible because of the steps laid out by Kubler-Ross and how they match almost exactly with the feelings and actions of not only Hamlet, but the whole kingdom, including: Gertrude, Claudius, Laertes, Polonius, and Ophelia. Works Cited â€Å"The Kà ¼bler-Ross Grief Cycle.† The Kà ¼bler-Ross Grief Cycle. N.p., n.d. Web. 31 Mar. 2014. Santrock, John W. Kubler-Ross P. 57,58,59,60. A Topical Approach to Life-span Development. Boston: McGraw-Hill, 2002. N. pag. Print. Shakespeare, William, and Harold Jenkins. â€Å"Act One, Scene Two, Act Three, Scene One, Act Three, Scene Three.† Hamlet. London: Methuen, 1982. N. pag. Print.

Free Will Moral Responsibility - 1168 Words

15 Free will is the ability of a representative to make individual choices and/or act upon them in their own desired way. People make choices every day in their lives, maybe with a little incentive here and there, yet in the end, it’s the people’s choice. Free will has been a commonly debated subject throughout history. Not just if it’s true, but ultimately the real meaning of it. How can we not believe in free will? Humans naturally have a strong sense of freedom. Free will is true in species and there will never be an alternate. I believe people are responsible for their actions. Most philosophers assert that the concept of free will is closely related to moral responsibility. Responsibility is â€Å"the state or fact of being accountable or to blame for something.† When a person attempts to perform an action and fails to do so, people assume there is a common response. Blame and praise is a frequently used combination in such events. For example, one may b e praised for saving a child from a house that erupted in flames, yet one may be blamed for not using their phone to call for help. Free will becomes an important issue in the debate on whether one is responsible for their actions, and if they are, to what degree. There are always external constraints on the options presented to a person, these outside factors are not the person’s responsibility. (Stanford 1) A common challenge to free will is determinism. â€Å"Determinism is the philosophical position that for every event,Show MoreRelatedFree Will and Moral Responsibility1037 Words   |  4 Pagesbeginnings, the problem of free will has been connected with the question of moral responsibility. Most of the ancient philosophers on the problem were trying to show that humans have sufficient control over their decisions, that all actions depend on them, and that they are not pre-determined by logical necessity, arbitrary gods, fate, or even by natural determinism. 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