Economic Theories Of International Free Trade Essay

Throughout the centuries of economic theories, there have always been major disagreements amongst economists. Each believing their theory provides a better explanation or solution to the economic situations the globe finds itself in. The anomaly to these disagreements is the theory, first introduced by Adam Smith, which states that international free trade is in the best interest of the trading countries and the ever globalizing world as a whole. This essay shall compare the views of the great economists; namely Adam Smith and David Ricardo, on their economic theories of international free trade. Over the years of economic development and globalisation, trade has taken place between people and countries. Dating back to the beginning of AD, trade occurred between the Roman Empire, Parthian Empire and the Han Dynasty. During the days of colonisation, the colonised countries would export the raw materials to the colonising countries and import the finished manufactured goods from them. In the modern day, globalised world we live in, international trade occurs between countries companies, peoples and governments by the second (Elena, 2015). There are often restrictions on trade between countries, such as import taxes, to try incentives the population to buy domestically produced goods. Adam Smith, who is considered a pioneer of the great economists, was a Scottish born moral Philosopher, political economist and thought of as a key figure in the Scottish enlightenment. He wasShow MoreRelated Challenging Comparative Advantage Essay1410 Words   |  6 Pagesexplain the benefits of mutual trade (Carbaugh, 2008). Many underlying assumptions of comparative advantage depend on states of economic equilibrium and an absence of economy of scale. In reality, economies are dynamic and subject to innovation and interference; which has led to revised assumptions of return and competition (Krugman, 1987). These factors have created questions of free trade and governmental participation in an economy by the development of strategic trade policies. These new conceptsRead MoreIs Free Trade Passà ©? Essay1172 Words   |  5 Pages â€Å"Free trade is not passà ©, but is an idea that has irretrievably lost its innocence† (Krugman, 1987, p.132). In his arti cle, Is Free Trade Passà ©, Paul Krugman writes that the classical trade theory has been replaced with a new trade theory. The classical trade theory is based on constant returns to scale and perfect competition, is driven by comparative advantage, and endorses free trade. This classical theory emphasized the idea that trade was brought about by differences in tastesRead MoreMajor Trade Theories888 Words   |  4 PagesTrade theories Introduction The concept of absolute advantage is one of the most fundamental areas of concern in the study of economics. In its basic meaning, absolute advantage refers to the ability of one individual or party to produce more of a particular good or service than other competitors given the same amount of resources. In this regard, absolute advantage becomes a very important aspect in the concept of international trade as it clearly defines the different areas where countries shouldRead MoreDoubts Over the Effectiveness of Free Trade Economic Theory Essays727 Words   |  3 PagesPaul Krugman’s article â€Å"Is free trade passà ©?† (1987) espouses the argument that free trade economic theory today is â€Å"more in doubt than at any time since the 1817 publication of Ricardo’s Principles of Political Economy† (p. 131, citing Ricardo, 1821). Ricardo was the first to put forth the theory that â€Å"[t]he value of a commodity, or the quantity of any other commodity fo r which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greaterRead MoreInternational Trade : Economic Activity Of Nations1627 Words   |  7 PagesInternational trade is important to the overall economic activity of nations, including the growth and domestics’ production. According to the United Nations Conference on Trade and Development (UNCTAD) and WTO, international trade has grown remarkably in recent decades as shown in figure 1 and 2. It can be seen that the growth of trade has led into the rapid economic growth in some countries. The reasons of rapid growth in world trade is due to the reduction of trade barriers at global and regionalRead MorePaul Krugman s New Trade Theory1324 Words   |  6 PagesPaul Krugman is well known for his New Trade Theory, International Trade Theory, and for his weekly columns in The New York Times. Krugman has written more than twenty books and textbooks explaining economics for a general audience. Krugman is a Professor of Economics and International Affairs at Woodrow Wilson School of Public and International Affairs at Princeton University and Centenary Professor at London School of Economics. What is critical in Krugman’s approach is he united two fields, whichRead MorePaul Krugman s New Trade Theory1144 Words   |  5 PagesPaul Krugman Paul Krugman is well known for his New Trade Theory, International Trade Theory, and for his weekly columns in The New York Times. Krugman has written over a dozen books and textbooks explaining economics for a general audience. Krugman is a Professor of Economics and International Affairs at Woodrow Wilson School of Public and International Affairs at Princeton University and Centenary Professor at London School of Economics. What is critical in Krugman’s approach is he united two fieldsRead MoreQuestions On International Trade Theory1332 Words   |  6 Pages201109990 Module name: International business Module code: MKIB 225 Essay question: Why do businesses internationalize? Compare and contrast the various â€Å"standard† theories . Word count: 1051 Why does business internationalize? With the development of international business, countries with the purpose of increasing the variety of local products had been trying best for decades to trade with other nations. Furthermore, international trade theories were developed to explainRead MoreSolution For Contemporary Economic Issues Essay1371 Words   |  6 PagesSolution for Contemporary Economic Issues The economic globalization is known as the growing scale of cross-border trade of goods and services, communication, and transportation because of Strengthening economies of a group of countries (Shangquan, 2000). Recently, many countries have encountered new types of economic problems, which is related to economic globalization. To master these problems, economists adopted two general types of economic theories. The first theory is protectionism, which isRead MoreWhy Do Business Internationalise?. International Trade1181 Words   |  5 PagesWhy do business internationalise? International trade can be traced back to ancient years. Our ancestors, with the purpose of increasing the variety of local products, had been trying their best for decades to trade cross border. With the development of international business, international trade theories was developed to explain the benefit nations can get from utilizing free trade pattern and participating in the multilateral trade via opening up strategy by eliminating import control, export

Important Factors For Life - 1029 Words

Kaylyn Nelson Mrs. Parsons English 11 January 4, 2017 Important Factors Needed in Life Respect, responsibility, and effort are all common factors you need to be successful in life. If you don’t respect others there is a great chance that you won’t be successful in your work. You need to be responsible because if you are then you also won’t be successful in your work or in school or even anything you try to do. Always put in effort towards what you need and want to do in life or how do you expect yourself to be successful? I know that I wouldn’t expect myself to be successful without putting in some effort. Now lets figure out what each word means and how they are a part of everyday life. Then we will see how they are different from each†¦show more content†¦Responsibility is the same everywhere you go. People may do things to be responsible in different ways but it is all the same concept and you need to be strict with responsibility or you won’t go far in life. Responsibilities that you have in school are probably a little different in each class that you go to. Some teachers are really laid back and chill but then you’ve got the teachers that are like nazis about everything. Either way though you need to be responsible and do your assignments that they give to you. High School rules are a little less strict than college rules unless you are taking college preparation classes. For an example most high school classes accept late work and let students retake test but when you get into college they don’t accept late work and don’t allow you to retake tests. So if you aren’t responsible and do your work on time or study for an important test than you probably won’t get all that far in life. You will never learn to be on time with things. Effort is a vigorous or determined attempt. Effort is all on you. No one can put in the effort for you. They could put in effort to help you but if you don’t have your own effort you can’t ge t anywhere successful. The amount of effort you put into your work determines how far and how successful you get in life. Effort in schools is shown by studying for important tests, how hard you try on your homework, or even how hard you try to get help whenShow MoreRelatedMy family has been an important factor in my life, and in my education. Over the years, they have600 Words   |  3 PagesMy family has been an important factor in my life, and in my education. Over the years, they have thought me to face my problems, and they have taught me that life is not easy, and that I should never take the easy way out. I have learned many things from my culture like some of the traditions that I was not aware of, and I really enjoy them. I come from an extended family. A family in which relatives such as grandparents, aunts, and uncles live in the same home as parents and their children (Book)Read MoreThe Biggest Influences On Young Adolescents1192 Words   |  5 Pagesfocuses on the factors that influence young adolescents’ religious and spiritual beliefs. The survey can be categorized as my primary source of information, which I can utilize to obtain information and gain a personal perspective on the issue being explored. With the addition of several secondary sources, more information in regards to the issue can be obtained to further explore the issue. In modern society, religion and spirituality are concepts that are recognized as relatively important and significantRead MoreMidlife Behavior Essay examples1576 Words   |  7 PagesFrom the life course perspective, midlife behavior has both antecedents and consequences. Earlier life experiences can serve either as risk factors or as protective factors for the health and well-being during this stage of development. According to the study Journey from Childhood to Midlife completed by Werner and Ruth Smith in 2001, by middle adulthood, most people have noted a balancing in their lives and improvement in overall quality of their lives. The period of early adulthood had providedRead MoreEstimation Of Emissions At Construction Phase1744 Words   |  7 Pagesemissions depend upon several factors like age of the machine, deterioration, load factor and efficiency of the machine (Colberg et al., 2005). A comprehensive emission study on construction equipment would ideally consider all th ese emissions. Even though the estimation of all these emissions is highly important, attaining the corresponding emission factors can be a challenging task. Some of the countries in the world have developed their own inventories for emission factors to evaluate emissions fromRead MoreCreating Age Graded Theory And Anomie Theory998 Words   |  4 Pages(Messner, Rosenfeld, 2006) and life-course may help complete this theory. Anomie factors affect a person in adolescents differently than a person in adulthood, this is why adapting life course with anomie can be helpful. Merton states his view of biological variables, â€Å"It provides no basis for determining the non-biological conditions which induce deviations from predicted pattern of conduct.† (Merton, 1938, p.672). Individual variables like biological factors are important, but they are aspects of criminalityRead MoreFactors to Job Satisfaction Essay776 Words   |  4 Pagesfactors to job satisfaction Joseph Green MT302-Organizational Behavior December 7, 2012 According to Robbins and Judge (2011), job satisfaction is a positive feeling about a job resulting from an evaluation of its characteristics. The most important factors to job satisfaction in my work environment are: 1. Compensation/pay 2. Feeling safe in the work environment 3. Job security 4. Benefits 5. Relationship with co-workers 6. CareerRead MoreAlcohol And Drug Addiction Among People Of Different Ages861 Words   |  4 PagesAlcohol and drug addiction are two important topics in today’s society. Alcohol and drug addiction affects people of different ages with different backgrounds and ethnicities. There are many researches and studies regarding underlying reasons and roots of these issues. Just as many other addictions, these addictions have psychological, biological, and sociological roots to it. This paper will discuss research findings regarding the main points, roots and underlying reasons of alcohol and drug addictionRead MoreThe Importance of Human Development in Terms of Living Conditions in Different Countries731 Words   |  3 Pagesdevelopment is very important in terms of living conditions in different countries. The statement â€Å"any society committed to improving the lives of its people must also be committed to full and equal rights for all† is true. The UN considers th ree factors to calculate human development in a country. These factors cover many aspects of a country, including social development in a country. Income, education, and healthy living are considered to be the most important factors in human developmentRead MoreCauses Of Population Growth946 Words   |  4 Pagesmany reasons and factors that effected the growth of the demographic. Another factor that caused population growth rapidly was people choose to give birth at younger age. It led to birth rate increase and population increase too. By 1875 Public Health Act introduced: more clean water, more public toilet, more frequently rubbish removal and sewer drain available. It meant that people’s health and sanitation were better. Then life expectancy became longer. From the list of factors, it may has anyRead MoreDoes Personality Correlate With Subjective Well-Being?1345 Words   |  6 PagesIndividuals showing improvements in those traits, over time, will often show compar able enhancement to their well-being. Subjective well-being refers to how an individual evaluates the quality of their life. In simple words, subjective well-being is how well an individual thinks and feels of how well their life is going. Subjective well-being includes the broad concepts of positive and negative emotions and moods. The positive experiences lead to high subjective well-being. Negative experiences lead to

Television the Downfall of American Society Free Essays

Sean Conway Professor Stevens WRT 102 Essay #2 Television: The Downfall of American Society Televisions have only been around since their debut in the middle of the 20th century and have since become a huge part of everyday life here in America. Originally having good intentions, the television and watching of television in the last couple of decades has changed greatly. The amount of time people spend watching their televisions has also changed in the sense that people spend much more time in front of the television than they used to. We will write a custom essay sample on Television: the Downfall of American Society or any similar topic only for you Order Now Some argue that television has had a huge negative effect on American families. In her essay, â€Å"Television: The Plug-In-Drug,† Marie Winn explores the ways in which television has lowered the quality of family life, rituals, and values. She recognizes that there is a problem with our society and the way in which it is consistently influenced by television. She shows this when she says, â€Å"Television’s contribution to family life has been an equivocal one,† (Winn 353).Winn is true in saying this because television has caused children across America to have undeveloped intelligence, creativity, and imagination. TV is also detrimental to family life, family relationships, and outside relationships as well. When the television made its first debut in the early to mid 20th century it came with good intentions. This idea of good intention however did not last long with the critics. As early as 1961 the chairman of the Federal Communications Commission referred to television as a â€Å"Vast Wasteland,† (351).Many other critics would come to share in his beliefs about television. There have been numerous books, articles, essays, and research done on the subject of television and its negative effects on children in particular. Marie Winn’s article is just one of many. The amount of time America’s youth spends watching television can be correlated to a decrease in the quality of the lives of children across this nation. As a result of watching too much television, children lack the proper development of intelligence, creativity, and imagination. Parents re so used to the idea of television that they do not think to link it to their family’s problems or issues. Winn mentions a few examples of this issue in her text, one of which being a family of two boys, ages three and seven. The boy’s entire evening after school revolves around their television shows. This same situation appears countless times in households across America. The reason that this is so bad is because when young children are spending all of their free time watching television they do not develop certain characteristics that they should be developing at this age.The children who spend more time in front of the television do not gain the experience that comes from playing sports, being part of a team/club, or getting to have a large group of friends to play and explore new things with. This is why they do not develop certain characteristics which are all important traits to develop, especially at this young age. I know that when I was young, and still to this day, I always loved being outside and playing sports or other activities. I am so thankful for this because I now realize that by spending less time in front of the television I was able to learn so many more useful traits for life. Another aspect of life that television has a negative effect on in this country is family rituals. Family rituals are defined as â€Å"The part of family life that the families like about itself, is proud of, and wants formally to continue,† (354). Family rituals are extremely important because they are unique for the family and in most cases are what keeps a family together and close throughout years and generations.Somehow television has affected these rituals in many households. Winn uses an example of a young woman from Chicago in her article to show this effect. The young woman tells how she comes from a large family that loved getting together over holidays and had many lasting rituals that never failed to appear. Except one year when her family got a television set in their house. This particular year, instead of the usual conversations and game playing the whole family crammed in front of the television to watch a football game.This is a perfect example of family rituals going down the drain due to television. Instead of interacting and having face-to-face conversations, everyone just stared at e screen without conversing at all. This validates Winn’s argument of television having a negative effect across the nation. Television also has a huge effect on not only family relationships but others outside relationships as well. Watching television causes people to get a false sense of reality and when presented with a real world situation do not know what to do or how to act. Winn states that, â€Å"The hours children spend in a one way relationship with television people, an involvement that allows with no communication or interaction, must have some effect with their relationship with real-life people,† (Winn 355). Winn is correct in saying this and in fact she proves it when she supports it with examples. She writes about a teacher who says she has trouble interacting with people after watching television for a few hours. The teacher says that because there was no necessary effort while watching, it was hard to deal with real people who require effort to talk to.Also, â€Å"Studies have been done to show the importance of eye- to-eye contact in real-life relationships,† (355) says Winn, something not required while watching television. This is more evidence to further validate Winn’s argument against television. I was lucky enough to be very involved in sports and other activities to steer me away from television. I noticed from an early age that the children in school who were not athletic and had problems interacting with the other children were also the ones who spent many hours a day watching television or playing games on the television.Thankfully my group of friends were always active and outdoors. Swimming also took up a lot of my time. I still swim today at the collegiate level and I still do not have time for much television. People need to learn that although television is entertaining, there is almost always something better they could be doing. Most of the people living in this nation today were born into television and watching television has been irreplaceably drilled into the minds of Americans and some people would not know how to live a life without it.The reality of television is that it has severely negative effects on people, especially America’s youth who tend to spend way too much time sitting in front of television sets. Marie Winn was able to see the significance in this and writes about it in her article, â€Å"Television: The Plug-In-Drug. † The title speaks for itself; she believes that television has a huge negative effect on quality of life including family life, real-world relationships, character development and many other things as well.She proves her believes true throughout her work and shows the reader just how important it is to limit television viewing, especially for children who are watching more and more television each year. Without these limitations and more face-to-face interactions, this nation’s future may not be a bright one.Work Cited Winn, Marie. â€Å"Television: The Plug in Drug. † Patterns for College Writing: A Rhetorical Reader and Guide. 10th edition. Ed. Laurie G. Kirszner and Stephen R. Mandell. New York: Bedford, 2007. How to cite Television: the Downfall of American Society, Papers

Building Project Evaluation Management †Myassignmenthelp.Com

Question: Discuss About The Building Project Evaluation Management? Answer: Introduction The property is located in Andrew Fairly Avenue, VIC. It is an existing roadway. The valuation of the property is being carried out because of an application from the local municipality of the Greater Shepparton, City council. The main valuation is to be done of the owners freehold interest, given the sale of the property when it is not occupied. The property is controlled by the legal counsil, hence there are no legal issues involved in the same. The valuation is done without considering the GST. The property is an existing roadway known as Andrew Fairly Avenue. It is situated in the north of the Shepparton city. The roadway is a path that passes between the junction of three more important roads and a railway line. Shepparton city is a very popular regional centre that is located in the hearts of the Goulbourn Valley. The area includes many commercial properties and many industries. There are a lot of canneries and milk processing companies in the area. The officially population of the area as per the local municipality will be around 70,000 people. The said property, of which valuation is to be done, lies in this rural centre and is surrounded by many other commercial properties and buildings. Presently the roadway falls under the category two of the industrial zone, but it is assumed that as development will occur, it will be declared as industrial zone 1, in prospects of matching the land beside that is marked as industrial zone 1.(Blackledge, 2016) Basis of Valuation The property can be valued in various ways. The main points to be taken into consideration are the commercial value of the property. The most common method of valuation is a straight link with sale of similar land properties that have similar zoning and affected by more or less same factors. Since the subject, land is a part of the industrial area, but it is as of now utilised as a road. The main reason of considering the land valuation for purpose of sale is that eventually the roadway that now falls in the category of industrial zone 2 will fall in the same category as of the adjoining land property. This is the main assumption, why sale of similar land areas has been considered as the basis of valuation of the roadway even though it falls under the other industrial zone and category.(Parkinson, Hill, Wheal, 2016) With the subject of the given land area, that to use the land for commercial purpose where people can come work and play, the company will need to do many easements and that is not possible. Hence, the only option that the company has is to use the area like a vacant land, as commercial construction is not possible in the area. Since the commercial prospects of the area is less, the only way to sale out the property will be to given a discount on the total sale, as per the industry standard. The average rate of sale of per sqm can be considered$125 per meter, considering the industrial rates and the given discount.(Isaac, Leary, Daley, 2016) This valuation has been done taking into consideration the various aspects of the importance of the area as an important roadway that is connecting the major areas. The comparison of the said property with other similar properties in the area has been taken into consideration to value the property and that are few more encumbrances that is associated with the said property and its valuation. It is assumed that the property will be of great value to anyone who buys it, and the landowner has a great industrial a dvantage. The only thing to be taken care of is the gutters and other paths in the area that might need to be repaired. The total valuation is done taking into consideration a total area of 3,621 sq m. It is important to check the rates and other municipal factors before buying the property(Gupta Tiwari, 2016). Sales Evidences In analysing the commercial prospects of the given property, the value of the similar sites have been taken into consideration and decision is based on the same. It is also indicated that it is just a basis and assumption. The value of sale might vary between the places giving to many other factors like the location and the encumbrances involved in the property. Effort is given to identify properties that are similar to the subject for valuation. However if similar property cannot be traced, then variations are to taken into consideration while analysing the commercial worth of the property(Henneberry, 2017). Conclusion The property in question is an existing roadway that forms the adjoining point many other important commercial areas. The valuation of the land is done, to ascertain the commercial viability of the place given the several factors. A valuation is done to determine the market value of the potential sale of the adjoining land to a potential customer. Even though proper survey has not had been done, the total area has been assumed as 3621 sqm. The valuation is done based on per sqm basis and discount amount is considered, given the place is not commercially viable, as there are lot of encumbrances involved in the property and its up gradation.(Vuuren, 2017) It is important that anyone who is using this report to take their important decisions whether they want to invest in the property or not, takes into consideration the commercial value of the property and also get themselves accustomed with the market value definition. This report is based on assumptions and more or less the surveys t hat are done may fluctuate given many factors is there that affect the market price of the property. It is clearly mentioned that in this appraisal no special treatment is done of nay of the purchaser or the seller. The valuation is done on neutral grounds taking all the factors into consideration that affects both the parties equally. There may be arguments that the owner of the adjoining land areas might have special interest in the property or that the municipality might have special interest for development of the roads and commercial centres. However, all those grounds are abolished, as the valuation is done on neutral grounds. The matters that are foregoing are the major factors that are affecting the commercial value of the property. (Bellman hman, 2016) Subject to all the conditions, discounts, all the encumbrances, and the surveys involved. It is ascertained that the valuation of the property is done to the best of my knowledge and as per the assessment that has been conducted; the value of the property in all the fair proportions will be equal to the value as assessed in the valuation report. Conditions The main basis of valuation is the market value of the similar property and based on the same the value of the property has been determined. If no similar property can be, ascertained then changes and variations are allowed to ascertain the value of the said subject land area. The definition of market value is that estimated amount at which a probable buyer and the seller are ready to exchange the property among them, taking into consideration all the other factors that might affect the value of such property(Crosby Henneberry, 2016). The major assumptions that has been taken in the valuation process are 1) A willing seller and buyer 2) That the property is for sale in the open market 3) That no special interest is involved of either of the parties and that valuation is done on neutral grounds 4) That other factors that might have affected the valuation are static during the period of valuation and does not change. The rental value at which the owner is ready to lend out the property is also to be taken into consideration. The standard definition of the market rentals is to be taken into consideration before taking major decisions regarding letting out the property for commercial purposes. Environmental Risk Assessment Based on our valuation and examination of site, there are no signs of nay contamination that might affect the health of the environment. There are no proposals to include the property in any of the contamination register by any local party or community. There are no environmental problems in the area and hence it is clean from any kind of risk and hazards. No residual chemicals or harsh products are used in the district. The only kind of activity that might cause some problems is the treatment of wood and other termite control along the lines of transmission. If there are any chances of any hazardous product being present in the building, survey of the building must be done thoroughly. (Furfine, Lo, Kamerling, 2017) Limiting Conditions The valuers have stated clearly that there is no past present or future interest in the property . All the valuation is done on neutral grounds taking all the important factors affecting the property value into consideration. If there are any encumbrances that have not been covered in the report and that might affect the commercial value of the property, must be informed to the valuation team immediately. The valuation team is certified and have the qualification for carrying out the stated activities, and they have conducted the same to the best of their knowledge. The valuation has been done on the basis of the valuation principles and all the major provisions related to valuation of commercial property have been followed clearly. This valuation report will not take into consideration any kind of environmental hazards that the area may impose till it is specifically mentioned and proved. The report has been generated to the best of the knowledge of the valuation team. Any changes will not take place, till proper scrutiny has been done in that regard. The valuation is at the current date vlaution only, it will not be reflecting any changes that might occur after the current date and the same shall not be reflected in the valuation report, and the valuation team will not be responsible for nay changes that might occur after the current date of valuation. The same is reflected clearly in the valuation report(Salzman Zwinkels, 2017). References Bellman, L., hman, P. (2016). Authorised property appraisers perceptions of commercial property valuation. Journal of Property Investment Finance , 34 (3), 225-248. Blackledge, M. (2016). Introducing Property Valuation. NEW YORK: Routledge. Crosby, N., Henneberry, J. (2016). Financialisation, the valuation of investment property and the urban built environment in the UK. Urban Studies , 53 (7). Furfine, C., Lo, S., Kamerling, D. (2017). Golden Opportunity: Commercial Real Estate Valuation. Kellogg School of Management Cases . Gupta, A., Tiwari, P. (2016). Investment risk scoring model for commercial properties in India. Journal of Property Investment Finance , 34 (2), 156-171. Henneberry, J. (2017). Transience and Permanence in Urban Development. UK: WILEY PUBLISHER. Isaac, D., Leary, J., Daley, M. (2016). Property Development. UK: PALGRAVE. Parkinson, A., Hill, S., Wheal, R. (2016). An income-based analysis of the value premise for property energy performance. Energy , 106, 162-169. Salzman, D., Zwinkels, R. (2017). Behavioral Real Estate. Journal of Real Estate Literature , 25 (1), 77-106. Vuuren, D. (2017). "Modified sales comparison method: valuing under (un)certainty". Journal of Property Investment Finance , 35 (1), 101-110.