Research Articles Base: Economic Theory

Role of Population Size and Growth in Economic Performance

Role of Population Size and Growth in Economic Performance     Introduction The discipline of economics as we understand it today is a relatively recent development (Varian HR 1989). Economic theory provides an outlet for research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems (Varian HR 1989). Economic theory surveys for particular areas of research that clearly set forth the basic underlying concepts and ideas, the essential technical apparatuses, and the central open questions. The help of economic theory the economist have already a guide on how to manage and boost the economy. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society (Varian HR 1989). In accordance to these theories, issues concerning economic growth and development become a hotly debated topic. Actually, the economic development and progress of most countries in world is most likely related to their agriculture but only few recognizes that modernization and population growth are part of it. From the statement of economy presented by Macfarlane, I (2002), it was shown that the 1930s depression, accompanied by social chaos in rural and mining areas that effectively forced the country into the import-replacing industrialization that became the basis for a post-war economic boom.  Different nations around the world experienced decline and success in the course of their history. Their success and decline in terms of their economic, political, and societal conditions have led many historians and economist to come up with theories and assumptions that would determine the chain of events. With this, we may say the population size and growth as well as technological development as part of modernization changes plays significant role in economic performance. This role could have both positive and negative impact to the economy.  Basically, the increase in population size could also mean increase of workforce that would help the economy to grow inevitably.  However, this increase in population in negative side would also hinder the nation or a certain economy to distribute its already scarce wealth.     Discussions             According to Krautkraemer JA (2005), the decline in population means less pressure on resource and it also means less labour for production in the economy but a developed economy will react differently from a developing country. Basically, most developed countries are on that stage of having more death than birth meaning their population is declining.  For example, Japan its economy is not at all declining despite the population decrease. In other words labour is being substituted because there is now intensive mechanization, modernization, automation and computerization of every production sector and this nullifies the fact that a decline in population will affect an economy in developed world. One of the benefits of modernization is it describes the ongoing global trend toward the freer flow of trade and investment across borders and the resulting integration of the international economy. Because it expands economic freedom and spurs competition, modernization raises the productivity and living standards of people in countries that open themselves to the global marketplace.  For less developed countries, the benefits of modernization are obvious. Modernization offers access to foreign capital, global export markets, and advanced technology while breaking the monopoly of inefficient and protected domestic producers. Faster growth, in turn, promotes poverty reduction, democratization, and higher labour and environmental standards.  Modernization has produced enormous benefits for very large numbers of people (Inglehart, 2005). One of the most important benefits of modernization is the major progress and growth of global trade. Through this, goods, services, labour, capital and technology are able to move freely across national borders. International trade expansion led to higher international capital flows, labour and technology. Universality in cultural, political, legal and institutional practices among neighboring countries was also made possible through this benefit. With international trade, countries are able to distribute their goods to a larger market. Aside from economic development, the ties shared by participating countries can also be a useful resource for less developed nations. This benefit was even more pronounced from 1980 to 1997 where volume of international trade had tripled. At the same rate, imports and exports have also grown. From 1990 to 1997, the volume of foreign direct investment has also doubled in volume (RAWOO, 2000). Changes in technology and communication have also supported this modernization effect as labour and business opportunities become more accessible. The economic benefit of modernization then resulted to higher standards of living among participating nations. As modernization enables open trade among foreign countries, media had also been enhanced through this concept; this in turn, resulted to the people’s increased accessibility to several forms of media including the radio, newspaper, telephones, televisions, computers via the internet. This access on the other hand was beneficial not only in making communication easier but also in increasing public awareness over several important issues like gender inequality, discrimination, democracy and human rights.  As business monopoly is gradually taken out by modernization, media monopoly is no longer observed as well. RAWOO (2000) stated that the increased access of people to communication, markets and information is among the important benefits of modernization as nations are able to optimize various resources and share the outcomes with others. Ultimately, this important benefit resulted to efficient allocations for the purposes of progress, poverty reduction and human development. National governments then improved though modernization as awareness led to active development.             However, we may say that economic growth is the expansion of productive capacity of an economy and it requires labour but quality labour (skilled and educated). It is very possible for a region to have a shrinking population but a growing economy so long the few are skilled. The other fact which is also very important to consider as far as economic growth is concerned is both capital widening and capital deepening in production.             Moreover, some of us may also state that economic growth depends on whether the economy makes a profit or not, and what proportion of the decline are revenue generating people. For example, when the birth rate goes down, less resources are used (schools, hospitals etc) as children, but then the problem of fewer tax payers when that generation starts working causes a decline. This is happening now as the baby-boomers of the 1950s reach retirement, we will have an ageing population, so fewer tax payers and more people drawing pensions will cause the certain economy big problems in a decade or so. With respect to the population issues, employment and unemployment concepts will come up in order to relate measures of economic growth and economic actions of the government of a certain country. For example, Australia initiated a bipartisan protection strategy till the early 1980s which allowed reasonably high wages, low unemployment and a diverse manufacturing sector while achieving reasonable import replacement. However, this strategy was abandoned in 1983-85 as the Labour government worked to bring Australia out of the era of protectionism and into a new era of open competition and manufacturing for global markets.  Basically, the development of the Australian economy over the past years has been excellent. Regardless of the crisis in Asia, Australia’s GDP has sustained to grow sturdily, with per capita income growth averaging just under 3 per cent a year since late 1991. There has also been stable growth in full-time service and even faster growth in the number of part-time jobs. The unemployment rate, while still higher than popular given this period of growth, had fallen to a near 10 year low of 6.4 per cent in August 2000 (Macfarlane, I 2002). As seen in this report, the theory of Keynesian seems to be true in which the emphasis is on the activist government policies to promote high employment, dominated economic policymaking. With regards to this theory, it clearly describes the participation of the government in which it plays a major role in managing the economy (Varian HR 1989). Government is important because they are the on who will control and finance the expenses in order to make the economy become progressive. For some business companies, the theory of monetarism seems to be apparent. In Monetarism theory it deals about the updates the Quantity Theory. In monetarism theory really concerned the numbers of products being produce for the reason that can immediately supply if ever the demand is high (Varian HR 1989). It emphasizes the critical role of monetary growth in determining inflation. From the evaluation presented by Macfarlane, I (2002), Rational Expectations Theory is not apparent since this theory provides a contemporary rationale for the pre-Keynesian tradition in which there is restrictions or limitations of government involvement in economy. It argues that the market’s ability to anticipate government policy actions limits their effectiveness (Varian HR 1989). Basically, these theories play an important role in order to make the economy become progressive because it provides concepts and ideas in analyzing the complicated situation and problems that deals with economic problems. The concepts and ideas being provided by the theories, it will serve as the guidance for the government on how to manage the economy with fewer expenses. With regards to population growth, it certainly creates significant impact to economic growth and progress. Most notably may be Japan as well as many developed Western countries. The U.S. however, has experienced population growth due primarily to immigration rather than births. In the case of Japan, population growth by births is rather stagnant, and there seems to be a high barrier for immigration. The fear is that the elderly population will overtake the working (which may already be the case), and Japan’s version of social security will inevitably fail. Thus, the Japanese government is promoting the birth rate through incentives and the media. There are a few factors that actually allow the economy of a country to grow while the population decreases. People who did not previously contribute to the economy may do so, e.g. retirees, students, women. For example, during World War II, females entered into the workforce in the U.S. (which was unprecedented at the time), while the men were sent overseas to fight. The simple facts is that generally half the population (male v. female), were only subjected to the home life, now were contributing to the creation of goods and services. Obviously, this was to continue after the war and to the present. Since it is no longer the case that such a large part of the population is not working, we may assume that there are other methods to increase productivity. Technology will play a key role in countries that are unable to grow, or even sustain its population. Hence, we would imagine computers and machines to take the place of humans in the future.   Conclusion Typically, there is a whole ‘growth’ component of the economy – housing construction and so forth, so that if there is no growth, then we have unemployment, and through the multiplier process, stagnation. Historically, part of growth has been the increase use of inputs such as labor, land, oil, forests and the selling off stocks. So, in this sense, population growth is necessary and play significant role to the economy. Thus, it is also necessary to pay for the old people to have young people around, so that you need to at least replace your population. In the US, there is a huge swell of baby boomers that did not save enough for, so there need lots of immigrants to help pay for them when they retire. But this is rather an exceptional case. If there is no population increase, then the ever increasing demand for construction and so on must be dealt with technological growth and modernization. As evidently discussed in this paper, Japan survived and continues to receive economic growth even though their population growth is too low and that is because they manage to have excellent modernization growth. But for most economies, they must have either population or technological growth with respect to the current composition of economic factors and outputs.   References: Inglehart, R (2005), Modernization, Cultural Change, and Democracy: The Human Development Sequence. Cambridge University Press. Krautkraemer JA (2005), Economics of Natural Resource Scarcity: The State of the Debate, Resources for the Future, Accessed: 14 January 2009, Available at: <http://www.rff.org/rff/Documents/RFF-DP-05-14.pdf> Macfarlane, I (2002),The Australian Economy:Past, Present and Future, Reserve Bank of Australia Bulletin. Accessed: 14 January 2009, Available at: <http://www.rba.gov.au/PublicationsAndResearch/Bulletin/bu_apr02/bu_0402_2.pdf> RAWOO (2000), Coping with globalisation: the need for research concerning the local response to globalisation in developing countries, Rawoo, The Hague. Varian HR (1989), What Use is Economic Theory? School of Information Management and Systems, University of California, Berkeley. Accessed: 14 January 2009 Available at: <http://people.ischool.berkeley.edu/~hal/Papers/theory.pdf> Credit:ivythesis.typepad.com

Role of Population Size and Growth in Economic Performance

Role of Population Size and Growth in Economic Performance Introduction The discipline of economics as we understand it today is...

Economic Theory Essay

Every nations and country has their own strategy on how to improve and enhance their economic status. In each country, economy is very important because this is where the survival of the country lies. The progress of the economy depends the abundant resources or source of natural products and those people who are running it or manipulating it. These two factors should work hand in hand in order to determine the weakness and strength of each so that it will immediately fix if there are any loop hole in the transactions. Many people give importance and discuss about the usage of the economy and what is the really purpose of this why is it exists. Economy is already exists, but the years go by it keeps upgraded and improve by some theorist and economist. Economics is actually the study of social science in which it deals and studies the production, distribution and consumption of goods and services. Basically the status of an economy is the signs if the investments and infrastructures in business world are doing well or not. Economics is about social science that deals with the production, distribution and consumption of goods and services. When it talks about the production it depends the sources or resources of certain place if it is abundant or not. Here the economist makes feasibility study the place and the resources in which they could determine what certain products they are to produce. Then the economist studies how to distribute this to the consumers in safer and fastest way. Distribution talks about the types of the services being offered by the certain company in which their aims are to meet the expectations and satisfaction of the consumers. When it talks to consumption of goods and services it deals with the evaluation of the products, goods and services in which they are easily determine which areas or section is not performing well or having poor performance. Through they can easily patch up the discrepancies and problems that arise in their company so that they can easily revised their systems and methods of their management. The terms economic comes from the Greek for oikos (house) and nomos (custom or law) which means the rules of the household. Economics is so called a social science for the reason that it studies the society as well as the human behavior as a relationship between ends and scarce means which have alternative uses. In economics we have term the scarcity which means the insufficient supply of the resources and the demand of that products which comes from that resources is very high in which the resources are no longer compensate and the needs and wants of the people. Scarcity happens when there are circumstances that cannot be stop such as the natural disasters. The demands on this time are very high for the reason that the suppliers are not able to supply.  The suppliers not able to supply for the reason that the resources are destroyed brings by natural disaster such as cyclones, hurricanes, earthquake and tsunamis. For instance, if a certain place is having a factory or companies that produce sea products, it can be altered if there is natural disasters such hurricane or tsunami for the reason that the workers are not able to go to the sea because of the risk. In this case they are not able get the supply as well as the demand is high for the reason that the consumers’ wants and need are not able to meet because they are also affected with the natural disasters. This situation is just only a sample why scarcity happens. Absent scarcity and alternative uses of available resources, the people can assure that they cannot experience the economic problem. The subject involves the study of choices as they are affected by incentives and resources. Furthermore, the other usage of economics that plays a significant role in developing of economy is that it explains how economies, as a economic systems, work and what the relations are between economic players which are the agents in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people including the officials to make choices in a social context, such as a crime, education, the family, health, law, politics, religion and social institutions and war. With this information being given, these are the reasons why there are lots of theory evolves where there is only the same purpose which is to boost and enhance the economy. The discipline of economics as we understand it today is a relatively recent development. Economic theory provides an outlet for research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems. Economic theory surveys for particular areas of research that clearly set forth the basic underlying concepts and ideas, the essential technical apparatuses, and the central open questions. The help of economic theory the economist have already a guide on how to manage and boost the economy. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society. With this economic thought there are many of theories emerge for the reason that in economic theories are constantly changing. The theory of Keynesian is emphasizing on the activist government policies to promote high employment, dominated economic policymaking in the early post war period. With regards of this theory it clearly describes here the participation of the government in which it plays a major role in managing the economy. Government is important because they are the on who will control and finance the expenses in order to make the economy become progressive. In Monetarism theory it deals about the updates the Quantity Theory. In monetarism theory really concerned the numbers of products being produce for the reason that can immediately supply if ever the demand is high. It emphasizes the critical role of monetary growth in determining inflation. Rational Expectations Theory provides a contemporary rationale for the pre-Keynesian tradition in which there is restrictions or limitations of government involvement in economy. It argues that the market’s ability to anticipate government policy actions limits their effectiveness. The third theory is Supply-side Economics concerns with economic growth as a fundamental prerequisite for improving society’s material well-being. It deals with the products in order to save and invest if the nation’s economy is to grow. These theories play an important role in order to make the economy become progressive because it provides concepts and ideas in analyzing the complicated situation and problems that deals with economic problems. The concepts and ideas being provided by the theories, it will serve as the guidance for the government on how to manage the economy with fewer expenses.      References:     
line-height:200%"> Alison Alexander, James Owers, Rod Carveth, C. Ann Hollifield, Albert N. Greco; Lawrence Erlbaum Associates, 2004   Ray Marshall, Vernon M. Briggs Jr.; Irwin, 1989   Terry Black, Lynn Gallagher; Australian Journal of Management, Vol. 24, 1999   
line-height:200%"> Mauricio G. Villena, Marcelo J. Villena; Journal of Economic Issues, Vol. 38, 2004 .               Credit:ivythesis.typepad.com

Economic Theory Essay

Every nations and country has their own strategy on how to improve and enhance their economic status. In each country, economy is very...

The National Economic Country

Training and Development   Introduction             Small-Medium Enterprise (SAME) sector is recognized as a significant part of the national economics in each country. The importance of Somes to longer-term economic stability comes from their size and structure which, under adequate circumstances i.e. well developed factors market, allow them the flexibility and ability to withstand adverse economic conditions. Somes are more labor-intensive than larger firms and, therefore, have lower capital costs associated with the creation of jobs (William, 2003). Accordingly, Somes play a crucial role in raising income stability, growth, and employment. Modern economies are engage as complex networks of firms in which a firm’s competitive position depends, in part, on the efficiency of its suppliers. Therefore She’s competitiveness affects the competitive position of the economy as a whole. In addition, Somes improve the efficiency of domestic markets and make productive use of scarce resources, such as capital, facilitating long-term economic growth (Williams, 2003b). However, majority of these enterprises lack knowledge with current management tools, less established practices and resources for effective track keeping, analyzing and introducing regular changes into its business processes. Most She’s lag behind in updating its technologies, in systematically increasing skills of managements and personnel, and identifying new trends and customer requirements in time compared with bigger firms. With globalization, She’s are suspects in issues of competitiveness against multinational firm that operates in the same market with the She’s.               Most countries in the world are undergoing reforms that are opening their economies to greater international competition. However, domestic factor markets are not adequately developed to ensure the successful adaptation of Somes to this new competitive environment. Unlike larger firms, which can more easily absorb the transaction costs, Somes are at a disadvantage and require specific compensatory assistance. As an effect, She’s are left alone in their competitiveness for survival after the successful start-up with the globalization and the fast advancement of technology. As a result, consumers increased its demand for high quality of products and harsh competitiveness among firms grew. An arising gap in skills of locally available human resources follows with the stiff competition of firms follows. Most She’s also lack the capacity and readiness to introduce innovations. With the birth of e-business, there is also a big need for high qualifications for the personnel and a skill to learn and adapt to innovations. The SAME management faces steadily increasing gap between the feasible rate of their own progress compared to the major international producers and national corporations having the resources to meet the world of change. The Importance of Training and Development Many entrepreneurs seem to view employee training and development as more optional than essential. This kind of viewpoint that can be costly to both short-term profits and long-term progress. The primary reason training is considered optional by so many business owners is because it’s viewed more as an expense than an investment (Arvada, 2005). There are numerous reasons why businesses acquire fatal problems, including lack of investment, cash flow problems or disappointing sales. Yet there are less apparent factors which also lead to business failure, such as poor planning and a lack of business experience. In addition, failure to enforce a staff development program can seriously affect competitive advantage for small and medium-sized enterprises. The abilities and skills of managers and employees are crucial for the prosperity of Somes. There is extensive evidence showing a positive impact of management and employee training on small firm performance. (2000) claim that provision of management training enhances long term strategies and managerial competence of Somes. A Management Service’s study (2001) reports an increase in financial performance of Somes, employing less than 100 employees, following formal training. It also enhances human capital, which is a major source of sustained competitive advantage. Training, learning by doing and other measures of human resource management lead to better performance of employees at the firm level. Many studies propose a positive impact of training on employees wage growth and productivity (Bishop, 1994,1999a, 1999b, Barron et al). However, the positive correlation between training provision and better SAME performance remains debatable. Patton and Marlow (2000) question the nonlinear causal relationship between training provision and SAME performance. They show that such a relationship is shaped by other factors such as the external context, ownership structure and characteristics of management teams.   Impact of technology on Somes               Globalization has brought about a range of opportunities and challenges which have put additional pressures on Somes. In addition to having to cope with the effects of globalization, they need to adapt to new business conditions in terms of product positioning and product development facilitated by information technology, with all its potential benefits in terms of market access for Somes. The potential of Somes for achieving economies of scale is very limited and the use of computer reservation systems (Cress) has not spread significantly, quite apart from the fact that Somes are already disadvantaged because of their high average unit production costs. Somes are forced by market conditions to install new systems and train their staff to use tourism-related technology but find it difficult to invest in training or staff development, mainly because of limited investment resources and the fact that many Somes in the hotel, tourism and catering sector are managed by a generation of staff have had no formal training in the sector.             In developing countries, Somes play an important role in employment creation but are hampered by low productivity levels, poor product quality and lack of access to credit and training. The impact of capital outflows from developing countries resulting from e-commerce is another issue which needs attention. The need to develop competition policy-related disciplines in this area is also clearly felt, in view of the need to establish safeguards to prevent abuse by dominant suppliers.    Small Hotel Operation (Tourism and Hospitality Industry)             The conventional constraints of the hotel, catering and tourism industry, its long, antisocial working hours, low pay, unstable, seasonal employment, low job status, etc. make employment within the industry appear attempting to many. The prompt and most apparent consequences of such a situation are the difficulty of recruiting suitable staff and high staff turnover; both these effects are costly to the industry. There is therefore a perceived need for human resource development, to raise the profile of the industry, increase productivity and provide decent, sustainable employment within the sector.             The global hotel market encompasses a wide range of types of accommodation, full-service hotels, bed and breakfast inns, suites, self-catering short-term apartments and time-share properties. Distribution and intermediation are increasingly recognized as factors critical to the competitiveness and success of the tourism industry in general and of small and medium-sized tourism enterprises in particular. The latter need to develop effective distribution channels either to meet the needs of their independent clientele or to provide direct booking mechanisms to reduce their dependency on tour operators. Hospitality organizations and hotel chains already rely on customer bookings through the Internet. The challenge for tourism sector Somes is to be able to compete for their market shares and take advantage of emerging opportunities and associated benefits to enhance their profitability and viability in the global market-place. Somes in the tourism sector are constrained by the growing concentration and globalization of tourism supply. In addition, lack of professionalism and inadequate management and marketing skills, the absence of economies of scale and limited access to the necessary capital, human resources, marketing expertise and technology, over-reliance on a limited number of distribution partners and inadequate formal education or business training are among other deficiencies which put them at a competitive disadvantage. Overall, the inability to market their products adequately seriously affects their profitability and ability to survive in the globalize economy.             Somes are highly reliant on existing distribution channels, namely, intermediaries such as tour operators, travel agencies, travel information centers and tourist guides. It can be argued that the gradual reduction of Somes’ reliance on intermediaries will enable them to become more profitable, flexible and adaptable and to produce customized tourism products in order to satisfy niche markets. This will also require a rethink of all strategic and operational practices with regard to SAME development, as well as development of entrepreneurs’ managerial skills and professionalism, training in marketing and management and on the use of information technology.             Somes can benefit in a number of ways by applying information technology to develop their product, thereby enhancing their market position and increasing their profit margins. Information technology offers new management and business opportunities and can be applied strategically to gain competitive advantage, improve productivity and performance, facilitate new ways of managing and organizing, and develop new businesses. Although information technology entails risks and costs, its underutilization could increase the vulnerability of Somes and aggravate any competitive disadvantage as greater use is made of IT systems.             Although Somes play a major role in the international tourism and hotel industry, their vulnerability becomes quite obvious in the highly demanding business environment characterized by competition generated by globalization and the transformation of tourism demand. Globalization of the industry means that Somes in the tourism sector compete in a multinational environment where only organizations capable of providing exceptional value or cost advantage will survive. The opportunity of achieving economies of scale in distribution channels, reservations, marketing, advertising, administration, personnel management, technology adaptation, new product development, training and bulk purchasing of raw material and equipment, has been instrumental in the creation of major hotel chains, international consortia, management contracts and multinational franchising companies, and has placed the independent operator at a disadvantage. The overall trend in the hotel industry appears to be towards a gradual but steady switch from independently owned and operated hotels to hotel chains. Somes seem to be the weakest and most vulnerable members of the industry and will need to seek competitive advantages if they are to compete and maintain their market share in an increasingly globalize economy.   Employment and Working Conditions   Although tourism is a growth industry and a major creator of value added, the industry is vulnerable to a variety of economic, ecological, geopolitical and meteorological factors, and over-reliance on it can be dangerous for a country. Economic recession and the impact of natural disasters or terrorist attacks can devastate the sector in a country for several years. The tsunami that sweeps over many tourists spots in Asia greatly reduced and stalled the booming tourism industry of the affected countries. These factors shape the structure of the tourism labor force, making it difficult to maintain high permanent staffing levels. There is a generic tendency to operate on the basis of a core staff and to employ the labor needed for day-to-day operations under atypical contractual arrangements.             In an industry which employs a large proportion of young, mobile people, turnover is bound to be high, and recruitment is a habitual problem in the sector for this reasons. Best Inn (Training and Development)                Corona Del Mar is a medium sized hotel       with 60 rooms conveniently located on the fringe of the city central business district. Originally built in 1977, the hotel has recently undergone a major renovation programmed.                It is composed of 4 shifting front desk attendants. One operations manager and 15 staffs who acts a busboys and rooms service attendants. The median age for room service attendants is 23, and most of them finished high schools but with little or no experience at all in the hospitality service. The four front desk attendants have also little or no training at all with the industry. The operations manager is already the fifth replacement in 2 years, the four resigning after gaining enough experience and finding a better job. For almost five years, the hotel has been stagnant with its growth. With the recent renewed vigor of the city’s downtown, and the sudden influx of local tourists, the new management of Corona del Mar decided to train its staff to cater a good and quality service to its clients.                Before pursuing a training program, one has to first find out the “weakness” in the system where training must be targeted. With money constraints in SAME, the management cannot afford a holistic training program. Instead, the training program should focus on what is relevant and most pressing problem as of the moment.                Corona del Mar has a small yet still significant share in the hotel industry in the city. But with the recent activities and renewed vigor and tourist influx in the city’s downtown area, Corona del Mar enjoys a big advantage since it is conveniently located in the downtown area. Because of this the new management hired an independent firm to re assess and train the hotel’s staff to make them well-rounded with the industry. Focus of the Training Program <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Technology orientation- A wide range of technological developments in service in hotels may be affecting productivity. Integrated management systems are enabling hotel companies to computerize day-to-day reception operations. Clients are thus able to make their own reservations via the Internet, while electronic in-room installations make it possible to settle accounts from the hotel room. This technology will also make it possible to monitor the productivity of personnel. The front desk attendants and the operations manager would be the beneficiaries of this training program. Computer hands-on training, internet usage tutorial and orientation of the basic software that would be used by booking clients through the internet would be the thrust of this program. The main objective is to familiarize the training recipients with the use of the technology that would increase their own productivity. The whole duration of the training to familiarize everything should last for 120 hours. </li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Multiskilling – The employers argue that one way to create sustainable, realistic employment in the industry is to implement a policy of “multiskilling”. This is also viewed as a means of reducing the problems of recruitment. Multiskilling has always been practiced in small enterprises, but it is only recently that particular attention has been paid to it. As demand for general competencies in small enterprises as well as in major hotel and restaurant chains has grown, and as appropriate means of training for these competencies have been developed, awareness has grown of the importance of multiskilling in that segment. One person fulfilling several roles at different times of the day combines the tasks of several (part-time) jobs into one job. The recipient of this training program would be the staffs who already act as bus boys and room service attendants and the front desks attendants who would be oriented with booking and billing clients through the use of technology such as the internet and the computer. </li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> New Management Methods- Corporate organizations are downsizing and restructuring, which means that they are cutting back on layers of management. This means that less direction is being imparted to employees, who are more frequently required to accept a greater degree of responsibility and accountability. Increased use of technology in the workplace also means an added responsibility for individual workers. It is estimated that the “knowledge revolution”, by providing clear information via the Internet on all the industry’s tangible elements (illustrations of accommodation and hotel facilities) will make the intangible elements (those imparted by personal contact and service) all the more important. Lower levels of staff will be empowered to act autonomously. Command and control structures are thus largely giving way to a participatory teamwork approach. Human resources trained to fit in with new working methods will have to be regarded as an asset in which investment must be made, rather than merely as a cost, or employees will seek employment elsewhere. Management is developing ways in which to attract and retain employees.</li> </ul>             Credit:ivythesis.typepad.com

The National Economic Country

Training and Development Introduction Small-Medium Enterprise (SAME) sector is recognized as a significant part of the n...

Economic Impact on Poland

The Third Reich and its Economic Impact on Poland Executive Summary   Introduction   The Third Reich             The so-called “Third Reich” has more often than not been used as a near-synonym for Nazi Germany. Notwithstanding the exchangeable status of the two terms, the “Third Reich” has never been referred to as the “Third Empire” which is its rough English equivalent. Actually, in German, the regime is and was usually referred to as the “Drittes Reich”. This term, the “Drittes Reich” along with the term “Tausandjahriges Reich” or “Thousand-Year Empire” in English, was used by the Nazi Party to associate the new German Empire to the ones of old – the Holy Roman Empire which was considered to be the first empire lasting almost approximately a thousand years from 843 to 1806, and the German Empire of 1871, which was considered as the second empire – at the same time alluding to visualized future prosperity and the nation’s supposed destiny. However, in speeches, books as well as articles about the Third Reich after the 8th of May 1945, this thousand-year empire is often put adjacent to the twelve years of the Third Reich’s existence. The terms were only used briefly and dropped from misinformation in 1939 officially in order to prevent persiflage and also to prevent any religious implications.             Ideologically speaking, the concept of “Grodeutschland”, meaning “Greater Germany” has been sanctioned by the Nazis. The Nazis realized the integration of the Germanic peoples into one large nation as very important in their plans for the future. As often referred to in English scholarship, the “German Problem” concentrates on the subject of the administration in Northern and Central Europe, which accordingly has been a very relevant theme throughout the German history. In addition, this nationalist, Wagnerian love affair with the Volk concept concluded in the disaster of the Third Reich. Similarly, the concern over administration of the Polish corridor and Danzig in due course led to World War II.             Furthermore, the Nazis were also unwaveringly Anti-communist. They considered the leftist movement and international capitalism as the works of computational Jewry. This proposal became apparent in the displacement, internment and later, the organized annihilation of an estimated six million European Jews in the midst of the Second World War. Other included victims of the Second World War were Slavs, Gypsies, political opponents, social outcasts, religious nonconformist and uncompromising Church-affiliated leadership. As a matter of fact, although the Second World War officially began when the United Kingdom along with France declared war on Nazi Germany two days after Poland was invaded, one may argue that a war with the Soviet Union was unavoidable basing on the Third Reich’s precepts. The international conflict that followed resulted to Europe in ruins, in addition to the deaths of approximately sixty-two million peoples.             Pre-war Politics from 1933-1939  In the advent of the disturbances imposed through the Treaty of Versailles, as well as the worldwide economic depression of the 1930s, the counter-traditionalism of the Weimar period and the threat of Soviet-sponsored communism in Germany, many voters had began to shift their support to Adolf Hitler’s radical Nazi Party, which accordingly had made great promises of an economic, cultural and military renewal. On January 30, 1933, Adolf Hitler was appointed chancellor of Germany by President Paul von Hindenburg consequently after the failure of General Kurt von Schleicher attempts to form a feasible government. It was said that Hindenburg was put to pressure by Hitler through his son, Oskar, and was intrigued from the former Chancellor Franz von Papen after his collection of participating financial interests. In addition, event though the Nazi Party had gained the biggest share of the popular vote in the two Reichstag general elections of 1932, the Nazi Party had little majority in the parliament within Papen-proposed Nationalist DNVP-NSDAP (Deutschnationale Volkspartei-Nationalsozialistische Deutsche Arbeiterpartei; which means “German National People’s Party-National Socialist German Workers Party” in English) coalition. This coalition was said to rule through continuance of un-Constitutional Presidential decree issuance under Article 48m prevalent in all Chancellorships since October 1931. Consolidation of Power. The new government of Germany established a dictatorship in a series of measures in fast succession. On the 27th of February 1933, the Reichstag was set on fire and this was followed almost after by the Reichstag Fire Decree, which overturned habeas corpus and liberties. A further step which turned Germany into a dictatorship virtually overnight was the Enabling Act passed in 1933 March under pressure which gave the government legislative powers and also gave them the power to diverge from the provisions of the constitution. With these powers, Adolf Hitler removed the remaining opposition and turned the Weimar Republic into the “Third Reich”. Further consolidation of power was accomplished during the 30th of March 1934 with the Act to rebuild the Reich (Genets umber den Neuaufbau des Reich’s) which altered the highly decentralized federal Germany of the Weimar era into a centralized state. In addition, the Act disbanded state parliaments, transferring sovereign rights of the states to the Reich central government and put the state administrations under the control of the Reich administration. It must be duly noted that only the German Army remained independent from the control of the Nazis.  The German Army had conventionally been somewhat separate from the government. The Nazi quasi-military Sturmabteilung (Storm Division) expected top positions in the new power structure. On the night of the 30th of June 1934, Hitler, wanting to sustain good relations with the army, initiated the Night of the Long Knives which was an elimination of the leadership ranks of the Sturmabteilung in addition to other political enemies which was carried by another more elitist, Nazi organization, the Schutzstaffel (Defense Quadroon). After a very short time, the German Army leaders then swore their obedience to Hitler. At the death of President Hindenburg on August 2, 1934, the Nazi-controlled Reichstag united the offices of Recihspresident and Reichskanzler and reinaugurated Hitler with the new title of Fuhrer und Reichskanzler. The commencement of Gestapo, police acting outside of any civil authority, stressed out the intention of the Nazis to utilize powerful, coercive measures to directly control German society. Soon, an army estimated to be about a hundred thousand spies and infiltrators operated throughout Germany, reporting to Nazi officials the activities of any critic or dissenter. Many of the ordinary Germans who were happy with the improving economy and better standard of living had remained silent and obedient, however, many of the governments political opponents especially communists and some types of socialists were reported by all-pervading eavesdropping spies and were then put in prison camps where they were mistreated ruthlessly and many were even killed and tortured. It has been estimated that tens of thousands of political victims died or disappeared in the few years of the rule of the Nazis. Social Policy. The Nazi Regime was one that is basically characterized by political control of every aspect of society in the pursuit for racial, social and cultural purity. Modern abstract art and avant-garde art was thrown out of museums and put on special display as “Degenerate Art”, where it was mocked. Amusingly, in one notable example on March 31, 1937, there were massive crowds which stood in line to view a display of “degenerate art” in Munich, while a concurrent exhibition of nine hundred works all personally approved by Hitler attracted only little unenthusiastic gathering. The Nazi Party, in pursuit of its mission, persecuted and killed those that they consider impure. They targeted most especially against minority groups such as Jew, Gypsies, Mormons, Jehovah’s Witnesses and homosexuals. In the years after the Nazi’s rise to power, many Jews fled the country and were persuaded to do so because of the Nazis. The time when the Nuremberg Laws passed in 1935, Jews were deprived of their German citizenship and denied government employment. Those Jews who were employed by Germans also lost their jobs during the time. their jobs were being taken by unemployed Germans. As of November 9, 1938, the Nazi Party prompted a program against Jewish businesses, also known as, Kristallnacht or the “Night of the Broken Glass” which literally means “Crystal Night”. This euphemism was utilized as the numerous broken windows made the streets looks as if it was covered with crystal. As of September 1939, more than two hundred Jess had fled from Germany with the Nazi government seizing any property they left behind. Furthermore, the Nazis carried out programs which targeted the “weak” or “unfit” members of their own population including the T-4 Euthanasia Program which terminated approximately tens of thousands of disabled or sick Germans in an effort to preserve the purity of the “German Master Race” (Herrenvolk in German) as illustrated by the Nazi propagandists. The techniques of mass killings advanced in these efforts were later being used in the Holocaust. Under the law that was passed in 1933, the Nazi regime undertook the necessary sterilization of over four hundred thousand individuals that were labeled as having hereditary defects which basically ranges from mental illness to alcoholism. A recent research done b Goetz Alohas stressed out the role of the extensive Nazi welfare programmers that supposedly facilitated maintaining the public support for the Nazi regime until late in the war. The German community was nationalized. In addition, labor and entertainment such as festivals, vacation trips and traveling cinemas were all made a part of the so-called “Strength to Joy” program. Similarly crucial to the building of the loyalty and comradeship was the implementation of the National Labor Service which was compulsory and the Hitler Youth Organization which constituted almost six million boys and girls. as well as to a number of architectural projects that were undertaken, the construction of the Autobahn prepared it to be the first National Motor Highway system in the world. Between the years 1933 and 1936, Germany had outpaced the United States in construction, automobile production, unemployment and employment. generally speaking, the Third Reich provided the Germans the confidence and the naturally instilled loyalty. Economic Policy.  The Polish Invasion             After coming to power, it was one of Adolf Hitler’s first principal foreign policy initiatives to sign a nonaggression pact with Poland in January 1934.  This tactic was not very familiar with many Germans who altogether supported Hitler, nevertheless, resented the fact that Poland had received the former German provinces such as West Prussia, Poznan and Upper Silesia under the Treaty of Versailles after World War I. However, Hitler wanted the nonaggression pact in order to neutralize the alliance against Germany before Germany had the chance to rearm.             As of the mid and late 1930s, France, altogether with Britain followed a foreign policy of appeasement. The main goal of this policy was to preserve peace in Europe through the creation of limited concessions to German demands. In Britain, there is a great tendency of public opinion to favor some revision of the territorial and military provision of the Versailles treaty. In addition, neither Britain nor France in 1938 was a military prepared to fight a war against Nazi Germany.             Britain and France, relevantly, went along to Germany’s rearmament during 1935-1937, remilitarization of the Rhineland in 1936 and the invasion of Austria in March 1938. in September 1938, consequently after the signing away if the Czech border regions, recognized as the Sudetenland, to Germany at the Munich conference, French and British leaders forced Czechoslovakia, an ally of France, to acquiesce to the demand of Germany for the incorporation of these regions. Regardless of the guarantees of Anglo-French of the integrity of rump Czechoslovakia, the Germans tore apart the Czechoslovak state in March 1939 in violation of the Munich agreement. In response to this, Britain and France guaranteed the integrity of the Polish state. In contrast, Hitler responded by making negotiations of a nonaggression pact with the Soviet Union in the summer of 1939. This German-Soviet pact in August 1939 stated that Poland was to be divided between the two powers, namely the Axis and the Allied forces. Furthermore the German-Soviet pact also enabled Germany to attack Poland without the fear of Soviet intervention.             As of September 1, 1939, Germany then attacked Poland. Within weeks of the invasion, the Polish army was defeated by the Germans. With approximately more than 2,000 tanks and over 1,000 planes, German units from East Prussia in the north and Silesia and Slovakia in the south broke through Polish defenses along the border and pressed forward on Warsaw in a considerable encirclement attack. After intense shelling and bombing, Warsaw then surrendered to the Germans by the 28th of September 1939.             In September 3, 1939, Britain and France, standing by their guarantee of Poland’s border, had declared war against Germany. In September 17, 1939, the Soviet Union also invaded Poland, targeting on Poland’s eastern part. In October 1939, Germany directly took control of those former Polish territories along eastern border of Germany including territories such as West Prussia, Poznan, Upper Silesia and the former Free City of Danzig. The remainder of the German-occupied Poland, including cities such as Warsaw, Krakow, Radom and Lublin was organized as the so-called Generalgouvernment (General Government) under a civilian governor general, the Nazi Party lawyer Hans Frank.             The Third Reich occupied the remainder of Poland when it invaded the Soviet Union in June 1941. Poland had remained under German occupation until January 1945. Poland under the Control of the Third Reich             The German occupation of Poland was exceptionally brutal as the Nazis considered the Poles to be racially inferior. Consequently after the military defeat of Poland by Germany in September 1939, the Germans then launched a campaign of terror. German police units killed thousands of Polish civilians and necessitated all Polish males to perform forced labor. The Nazis sought to demolish Polish culture by terminating the Polish political, religious and intellectual leadership partly due to German disdain for Polish culture and to prevent resistance against the German occupation of Poland.              In May 1940, the German occupation authorities commenced AB-Aktion which was basically a plan to terminate all of the Polish intelligentsia and leadership class. The main mission of AB-Aktion was to kill Polish leaders with great speed, hence, encouraging fear in the general population of Poland and discouraging resistance. Also, the Germans killed thousands of teachers, priests and other intellectuals in mass killings in and around Warsaw, most especially in the city’s Paik prison. The Nazis sent thousands more of Poles to the newly built Auschwitz concentration camp, to Sutton and to other concentration camps in Germany wherein non-Jewish Poles comprised majority of the inmates until March 1942.             The Nazis conducted indiscriminate retaliatory measures against those populations in places that resistance was revealed. These measures included mass expulsions. In November of 1942, the Germans expelled over a hundred thousand peoples from the Samos region as many were reportedly deported to the Auschwitz and Madame camps. An estimated of fifty thousand Polish children were taken from their families, transferred to the Reich and subjected to “Germanization” policies.             Consequently after the occupation of western Poland to Germany, Adolf Hitler declared “Germanization” of the Polish territory. Nazi governors such as Arthur Greaser in the Warthog and Albert Forster in Dazing, West Prussia expelled hundreds of thousands of Polish people from their homes in the Generalgouvernment. Approximately more than five hundred thousand ethic Germans were settled in these areas.             Furthermore, a Polish government-in-exile which was led by Wladyslaw Skiros was established in London. It was basically represented on Polish soil by the underground “Delegatura” whose primary function was to collaborate the activities of the Polish Home Army (Aria Krakow). The resistance of the Poles staged a violent mass revolution against the Germans in Warsaw in August 1944 which lasted for two months, after eventually being crushed by the Germans. Approximately more than two hundred thousand Poles were killed in the revolution. Between 1939 and 1945, 1.5 million Polish citizens at minimum were deported to German territory for forced labor. In addition, hundreds of thousands were also imprisoned in Nazi concentration camps. It has been estimated that the Germans killed at least 1.9 million non-Jewish Polish civilians during World War II and the Germans, reportedly, murdered at a minimum of three million Jewish citizens of Poland.  Poland before 1939             As of the eve of World War II, Poland was said to have gone forward towards attaining economic unity, assuring monetary stability and providing for economic growth. However, the progress towards these objectives was hindered by: (1) an inexperienced public administration and incompetently chosen economic policies; (2) the disconcerted international political situation which has greatly discouraged private investment; and (3) the occurrence of the world depression. In an attempt to solve its economic problems, the Polish government expanded its role in the management of the economy. This was done both directly in the form of ownership and operation of the enterprises and indirectly through regulation of the private economic activity.             The agricultural problem of Poland remained severe, in spite of extensive redistribution of land under the agrarian reform. However, toward the end of the interwar period, the solution for the agricultural problem was being addressed to in the framework of planned industrialization. At the same time that the government expanded the state’s direct role in industry, it also encouraged private enterprise to unite in the planned industrialization of the country. However, the emerging experiment of the partnership between the state and the private enterprise was cut short by the outbreak of the Second World War. Impacts of the Third Reich to Poland             It must be noted that Poland had indeed suffered from economic losses during the Second World War in 1939. In fact, the immense task of reconstructing the country was accompanied by the struggle to create a stable, centralized power base which was further complicated by the mistrust from a considerable part of the society apprehended for the new regime and by differences of opinion over Poland’s postwar borders, which were not firmly established as of the mid-1945.             Aside from being the first country to be overrun in the Second World War, Poland was also the last country to emerge from the theater of hostilities. The Second World War brought about widespread destruction to the national wealth, although very likely not as great as the Polish officials estimates would specify. Apparently, these estimates had the intention to serve as a foundation for compensations and economic assistance or to enlarge the consequent performance of the economy of the country. Hence, a statement in the context of the law for the Six-Year Plan emphasized that the losses from the war and requisitions resulted to a thirty-three percent reduction in the national wealth. Actually, another Polish estimate placed a capital losses in the industry for the period 1939 to 1945, which was about the time of German occupation in Poland at a roughly 11.5 billion U.S. dollars or actually equivalent to 11.5 percent if the entire national property.             Also another statement of the Polish government placed the material losses in the old territories of Poland within present boundaries at 18.2 billion U.S. dollars of which approximately 5.7 billion was distributed to the industry and 3.5 billion to the transport and communications. Also the same source equated these losses to some fifty percent of the prewar capital value. In addition, over twenty percent of the prewar industrial facilities in the new western territories were removed or destroyed.             There was also a considerable amount of war destruction and damage to the communications system. In fact, it was estimated that main railway lines were damaged to the extent of forty percent. Thirty percent of the small railway bridges and a roughly seventy percent of the large ones were reportedly ruined and the lines were practically shed of rolling stock.             In terms of agricultural losses brought about the Second World War, livestock was mainly the most damaged. It has been reported by the Office of War Reparations of the polish government that these losses on livestock were approximately as follow: (1) horses – 2,776,000 – this is seventy-five percent of prewar numbers; (2) cattle – 8,541,000 – sixty percent of prewar; and (3) pigs – 6,434,000 – eighty percent of prewar. A roughly 467,000 farm buildings were also destroyed within the new boundaries which basically amounts to over fifteen percent of their value or a loss of about 2.5 billion zlotys at 1939 prices.             Furthermore, the Polish Ministry of Reconstruction had estimated that the losses in urban buildings which were over ten percent ruined at about 527 million cubic meters valued at over 9.5 billion zlotys in 1939, which is approximately equivalent to 1.8 billion dollars of that date. A little more than half of this value of loss was distributed to the new western territories. In addition, approximately four million were estimated to be damaged from a total of nine million rooms in urban housing which had existed in the present territory of Poland before 1939; the damage is more than ten percent of their value.             These statements of loss are presented to give a more complete description of Poland’s economic potential at the onset of planning in the postwar period. The losses are probably overstated; however, they afford some suggestions of the magnitude of losses incurred. On balance, it seems apparent that Poland in her postwar boundaries possessed a much more favorable opportunity for economic development compared to prewar times in practically all the major sectors of production. Conclusion Credit:ivythesis.typepad.com

Economic Impact on Poland

The Third Reich and its Economic Impact on Poland Executive Summary Introduction The Third Reich The so-called “Thir...

Economic Theory Term Paper

Economic Theory Every nations and country has their own strategy on how to improve and enhance their economic status. In each country, economy is very important because this is where the survival of the country lies. The progress of the economy depends the abundant resources or source of natural products and those people who are running it or manipulating it. These two factors should work hand in hand in order to determine the weakness and strength of each so that it will immediately fix if there are any loop hole in the transactions. Many people give importance and discuss about the usage of the economy and what is the really purpose of this why is it exists. Economy is already exists, but the years go by it keeps upgraded and improve by some theorist and economist. Economics is actually the study of social science in which it deals and studies the production, distribution and consumption of goods and services. Basically the status of an economy is the signs if the investments and infrastructures in business world are doing well or not. Economics is about social science that deals with the production, distribution and consumption of goods and services. When it talks about the production it depends the sources or resources of certain place if it is abundant or not. Here the economist makes feasibility study the place and the resources in which they could determine what certain products they are to produce. Then the economist studies how to distribute this to the consumers in safer and fastest way. Distribution talks about the types of the services being offered by the certain company in which their aims are to meet the expectations and satisfaction of the consumers. When it talks to consumption of goods and services it deals with the evaluation of the products, goods and services in which they are easily determine which areas or section is not performing well or having poor performance. Through they can easily patch up the discrepancies and problems that arise in their company so that they can easily revised their systems and methods of their management. The terms economic comes from the Greek for oikos (house) and nomos (custom or law) which means the rules of the household. Economics is so called a social science for the reason that it studies the society as well as the human behavior as a relationship between ends and scarce means which have alternative uses. In economics we have term the scarcity which means the insufficient supply of the resources and the demand of that products which comes from that resources is very high in which the resources are no longer compensate and the needs and wants of the people. Scarcity happens when there are circumstances that cannot be stop such as the natural disasters. The demands on this time are very high for the reason that the suppliers are not able to supply.  The suppliers not able to supply for the reason that the resources are destroyed brings by natural disaster such as cyclones, hurricanes, earthquake and tsunamis. For instance, if a certain place is having a factory or companies that produce sea products, it can be altered if there is natural disasters such hurricane or tsunami for the reason that the workers are not able to go to the sea because of the risk. In this case they are not able get the supply as well as the demand is high for the reason that the consumers’ wants and need are not able to meet because they are also affected with the natural disasters. This situation is just only a sample why scarcity happens. Absent scarcity and alternative uses of available resources, the people can assure that they cannot experience the economic problem. The subject involves the study of choices as they are affected by incentives and resources. Furthermore, the other usage of economics that plays a significant role in developing of economy is that it explains how economies, as a economic systems, work and what the relations are between economic players which are the agents in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people including the officials to make choices in a social context, such as a crime, education, the family, health, law, politics, religion and social institutions and war. With this information being given, these are the reasons why there are lots of theory evolves where there is only the same purpose which is to boost and enhance the economy. The discipline of economics as we understand it today is a relatively recent development. Economic theory provides an outlet for research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems. Economic theory surveys for particular areas of research that clearly set forth the basic underlying concepts and ideas, the essential technical apparatuses, and the central open questions. The help of economic theory the economist have already a guide on how to manage and boost the economy. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society. With this economic thought there are many of theories emerge for the reason that in economic theories are constantly changing. The theory of Keynesian is emphasizing on the activist government policies to promote high employment, dominated economic policymaking in the early post war period. With regards of this theory it clearly describes here the participation of the government in which it plays a major role in managing the economy. Government is important because they are the on who will control and finance the expenses in order to make the economy become progressive. In Monetarism theory it deals about the updates the Quantity Theory. In monetarism theory really concerned the numbers of products being produce for the reason that can immediately supply if ever the demand is high. It emphasizes the critical role of monetary growth in determining inflation. Rational Expectations Theory provides a contemporary rationale for the pre-Keynesian tradition in which there is restrictions or limitations of government involvement in economy. It argues that the market’s ability to anticipate government policy actions limits their effectiveness. The third theory is Supply-side Economics concerns with economic growth as a fundamental prerequisite for improving society’s material well-being. It deals with the products in order to save and invest if the nation’s economy is to grow. These theories play an important role in order to make the economy become progressive because it provides concepts and ideas in analyzing the complicated situation and problems that deals with economic problems. The concepts and ideas being provided by the theories, it will serve as the guidance for the government on how to manage the economy with fewer expenses.      References:     Alison Alexander, James Owers, Rod Carveth, C. Ann Hollifield, Albert N. Greco; Lawrence Erlbaum Associates, 2004   Ray Marshall, Vernon M. Briggs Jr.; Irwin, 1989   Terry Black, Lynn Gallagher; Australian Journal of Management, Vol. 24, 1999   Mauricio G. Villena, Marcelo J. Villena; Journal of Economic Issues, Vol. 38, 2004 .               Credit:ivythesis.typepad.com

Economic Theory Term Paper

Economic Theory Every nations and country has their own strategy on how to improve and enhance their economic status. In each country, ec...

Innovation and Entrepreneurship

Table of Contents  6. Introduction  7.  Entrepreneurial Opportunities: Definition and its Key Role in Advancement           7.1. Catching Opportunity 7.1.1.          Making and reviewing Vision, Mission & Goals 7.1.2.          Risk Taker 7.1.3.          Encourage Innovation  8. How could the ability of the entrepreneur be captured within an existing company to provide higher growth potential? 8.1.   Inspire 8.2.   Create 8.3.   Connect  9. How do entrepreneurs operate so that their ventures survive and prosper? 9.1. Capture of resources that funds and launches new businesses 9.2. Identification of Attractive Industries           9.2. Review of potential growth rate           9.3. Review of past revenues and sales rate  10.    Conclusions  Introduction             Innovation and entrepreneurship are some of the most highly valued skills of today. While some may rely on their talents in other fields, entrepreneurship is slowly making its way as a highly valued ability. Entrepreneurship cannot be learned. One is born with the ability of being an entrepreneur. But just what exactly is an entrepreneur? In a definition taken from Wikipedia, an entrepreneur is someone who has an eye for unheard of, new, risky and possibly profitable undertakings. This person capitalizes on these endeavors and seems to be able to profit from it. In another definition, this person seemingly is able to keep a positive outlook, despite fallbacks on chosen businesses. The following excerpt from a reference essay talks about the person behind IBM, Steve Jobs.             From the minimum wage worker playing a costumed character from Alice in Wonderland at a shopping mall, Steve Jobs parlayed his parents’ good humour and a VW microbus into Apple Computer P/L and half a billion dollars in under five years. And less than five years after that he was fired from Apple, by his own Board; In leaving Apple he sold more than six million shares of Apple stock at a ridiculously low price for reasons that made no business sense at all. In between these high and low points were all the grand product intros, the screaming, the huge houses without furniture, the posing, seducing, and general acting-out that is Steve Jobs, according to some that claim to know him. He used the cover of Time magazine to try for a date with Diane Keaton. Joan Baez used Steve’s ego to extract Mac after Mac after Mac from his Woodside garage, each of which she gave away to some friend. Those were the days of Armani suits and stiff collars, the days when Apple didn’t even have a budget because the company couldn’t imagine how it could ever spend all the money coming in. Those were the days. Steve Jobs was then asked to return to Apple as CEO and in a couple of years Apple was profitable once more after nearly billion in losses. Some of the history of the between years included the founding of NeXT Inc. First, Steve seduced and abandoned the education market, then the hardware market, then his own employees, and then his investors, causing so much damage that Canon, which lost 0 million in the NeXT debacle, has sworn it will never again build computers. In a time when families are fashionable again, Steve is a family man, doing the dishes some evenings. When greed is no longer good, he has been generous with some of the loyalists from NeXT. When efficiency has become a way to measure business success, he talks about turning Pixar into a machine for making cartoons, rather than the haven for artists he liked to describe a decade ago.              The above excerpt was taken from a reference article about the business entrepreneur, Steve Jobs. But this paper generally focuses on entrepreneurial opportunities, keeping and seemingly nurturing the chosen business’s growth. But for reference and example purposes, I shall choose to retain Steve Jobs as my main reference and example. 7. Entrepreneurial Opportunities: Definition and its Key Role in Advancement             Entrepreneurial knowledge is important, not only academically speaking, but also economically, since entrepreneurs acts as pivots, pushing our economy forward (Ketchen, 2003; Venkataraman, 1997). Likewise, entrepreneurial knowledge is vital in harboring entrepreneurial opportunities and exploitation. Some researchers even incorporated the definition of entrepreneurial opportunities into research by stating, “… the scholarly examination of how, by whom, and with what effects opportunities to create future goods and services are discovered and evaluated” (Shane and Venkataraman , 2000, p. 218). But just what are entrepreneurial opportunities? In some definitions, it is described as “… situations in which new goods, services, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationships” (Eckhardt and Shane, 2003, p. 336).  But in another article, it is broadly defined as, “…as being a set of environmental conditions that lead to the introduction of one or more new products or services in the marketplace by an entrepreneur or by an entrepreneurial team through either an existing venture or a newly created one.” (Crussan and Dutta, 2005). 7.1. Catching Opportunity             In the following numbers, there would be a number of discussions on how entrepreneurs capture opportunity.              7.1.1. In accordance with previous reports and essays regarding Innovation and Entrepreneurship, I would once again recommend making and reviewing Vision, Mission and Goals. Vision, Mission and Goals can give one a sense of direction. One can be able to keep track of what he is doing, whether he is moving forward or not. Mission, Vision and Goals can help shape a person’s future, depending on how he perceives it. But having mission and vision statements, as well as goals are not only limited to large organizations. One can also have goals and mission and vision statements. As was mentioned, these things help define one’s personal journey into advancement. Also, by doing such, a person can be able to know what his intended undertakings are. In the context of entrepreneurship, these can help point out profitable and possible good business undertakings. The following tips are taken from the article entitled, “Mission and Vision Statements: Envision your Business, Realize your Goals” by Carly Foster: Convey your company values;   Inspire and motivate your organization toward objectives that are fundamentally key to the culture that you wish to establish;   Use long-lasting ideals, not fashionable statements based on current business or market trends; and   Keep your statements clear and easy to understand for anyone coming on to your organization.              7.1.2. Risk-Taker. According to the article, 10 Mindset Web Entrepreneurs Must Have to Succeed by Sheri McConnell, one must able to take risks. “Web entrepreneurs must understand that one of the keys to accomplishing our goals is to be willing to take risks. This “active” mindset means there will definitely be failures. But failures are just indicators of which direction to go next.” (McConnell, 10 Mindset Web Entrepreneurs Must Have to Succeed). It is definitely a good trait of a good entrepreneur when he is able to take risks. When a potentially profitable endeavor may come into play, it may have with it certain downsides. But a good entrepreneur would be able to identify the shortcomings and if ever, would encounter failure; one can get up easily and would once again take the risk, if opportune moments call for it.             7.1.3. Encourage Innovation.  In an article, “Creating an Environment for Innovation”, written by Dana Baldwin, mention was made of nurturing an environment that encouraged innovation. In the following excerpt, specifically the conclusion, mention of the effects of innovation is made. “Setting an atmosphere in which innovation is encouraged is often highly correlated with the long term success of a company. Each of the elements explained above is critical to the effective innovation process. Challenge yourself and your senior management team to develop the skills and the atmosphere in which effective innovation becomes a part of your ongoing strategic planning. It is highly probable that your long term survival and viability depend on it.” (Baldwin, 2003).   Time Horizon 1-2 years 3-6 years 7-20 years Type of Innovation Incremental Step function – longer term platform for annual features and options Breakthrough Incentive individual basis this year’s profits team basis medium term options with matched vesting period personal security, salary, tenure, fame, secure retirement, sabbaticals, long vesting stock Team Size small (1-3) bigger (10-100) very large Mgt. Style fast, decisive, ego driven team based, consensus bureaucratic, nurturing Pricing/Marketing skim pricing with mark downs tprice for volume to get down experience curve first, target price price for long term profits, defensive- keep others out, monopoly prices if protected (source: Leader-Values.com)               The table above demonstrates the different aspects in innovation. As was explained in the article, Time Horizons differ, depending on the different aspects that make up the innovation process.             Encouraging innovations in the company can well mean that the company is on the verge of a major shift, positively. In the context of entrepreneurship, innovation can help make the entrepreneur get his wanted business opportunities.  8. Utilizing the Entrepreneurs Abilities: Secret to Increasing a Company’s Growth Potential             An entrepreneur’s ability can be harnessed into making a better company by these three aspects: Inspire, Create, Connect. In the following paragraphs, detailed explanation of these three aspects will be provided Credit:ivythesis.typepad.com

Innovation and Entrepreneurship

Table of Contents 6. Introduction 7. Entrepreneurial Opportunities: Definition and its Key Role in Advancement 7.1. Ca...