Explain the difficulty of forecasting economic events
The quote, “the difficulty is that forecasting requires more than foreseeing the possibility of an event; in the first place, it requires that a timetable be attached to the probability. This distinction is well enough known to have led to the long-standing comment about economic forecasters that they ‘ have forecast ten of the last two recessions’ is saying that, it cannot be forecasted to exactly what is going to happen only what may happen and what could happen when something may happen. It is saying that with the number of possibilities economists have forecasted a lot of things with not many of them happening. The quote is also saying there is more to the job that guessing what could happen and that a timetable to all of this is needed.
Adam Smith (1723-1790)
Adam smith was born in Scotland in 1723; he showed promise as a young student and entered university on a scholarship.
He taught at universities and because a professor at the age of 28, until 1763.
Between 1764 and 1766 Adam Smith became a private tutor to a duke, this made him financially secure for life.
Adam smith then wrote the book, which was considered very influential: The wealth of nations.
In 1778 he became the commissioner for customs in Scotland, .
Smith never married and lived with his mother until she died. Adam fitted the profile of an eccentric professor often getting very deep into thought and loosing touch with what he was doing.
Adam smith died on 17th of July 1790.
Adams main theories were,
Human nature economic growth, Adam quoted “The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite both of the extravagance of government, and of the greatest errors of administration. Like the unknown principle of animal life, it frequently restores health and vigor to the constitution, in spite, not only of the disease, but of the absurd prescriptions of the doctor.”
Although Adam Smith never distinctly faces the problem of the supreme end of life, nor asks himself whether virtue and morality are merely means to the attainment of happiness, or whether they are ends in themselves irrespective of happiness, he leaves little doubt that happiness really occupies in his system very much the same place that it does in the systems of professed Utilitarians.
Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations, (London: 1776), 190-91, 235-37.
In William Shakespeare’s play Romeo and Juliet, about two love struck teenagers whom aren’t able to be together due to their families feud/ social situation. There are two key themes that of love and hate. Before Romeo and Juliet meet, the audience is only aware that he is a Montague and that she is a Capulet. This adds to the scene being so dramatically effective as do other happenings throughout the length of the scene. These include the speech of Capulet and the happy and joyous mood of the party, The romantic speech of Romeo, The hatred and harshness of Tybalt’s speech, a direct contrast with that of Romeo’s and the drama when the two lovers, Romeo and Juliet first meet.
In Joseph Conrad’s 1899 novella Heart of Darkness, women are portrayed as being inferior to men in nearly every way. Two of the story’s main characters, Charlie Marlow and Mr. Kurtz, appear to view women as weak and powerless objects, trapped in a world of fantasy all their own. In this novella, women are treated as merely the trophies of men. Their purpose in society, however, is left uncertain through the entire novella.
Adam Smith was born to Margaret Douglas at Kirkcaldy, Scotland. His father, also named Adam Smith, was a lawyer, civil servant, and widower who married Margaret Douglas in 1720. His father died six months before Smith's birth. The exact date of Smith's birth is unknown; however, his baptism was recorded on 16 June 1723 at Kirkcaldy. Though few events in Smith's early childhood are known, Scottish journalist and biographer of Smith John Rae recorded that Smith was abducted by gypsies at the age of four and eventually released when others went to rescue him.
"Adam Smith." Adam Smith. Library of Economics and Liberty, 2008. Web. 4 Feb. 2011. .
To fully understand the impact John Locke and his economic theories have had on our society, we must observe how they affect us even today despite being formed decades ago. First, look at the theory itself. Locke’s Labor Theory of Value was first published in his Second Treatise of Government, which is a work of political philosophy that he published anonymously in 1689. The labor theory of value basically states that the value of goods/ services comes from the labor conducted to produce them (Vaughn 1978: 313). In other words, the more labor that goes into something, the more worth (by society’s standards) it possesses. This treatise also focused on creating a more civilized society based on natural rights and contract theory.
endorsed in the Wealth of Nations that epoch-making publication remains as perhaps the most famous economics book of all time. Governments in search of a strengthening of their states through economic policy, and many individuals in search of personal gain, have all drawn lessons from its pages. Powerful movements that led to the emergence of Modern Capitalism were substantially based on Smith's work and hence he deserves to be
In the 1900s novella Heart of Darkness by Joseph Conrad, the protagonist often encounters women at landmarks of his life. Charlie Marlow is a sailor and imperialist who sets out along the Congo River to “civilize” the “savages.” The novella begins with a crew on the Thames waiting for the tides to change. During their wait, a character named Marlow tells of his exploits on the African continent. In his recounted travels, Marlow meets other imperialists such as Mr. Kurtz, a man who is obsessed with the pursuit of ivory and riches. Like Mr. Kurtz, Marlow embarks across the African continent in hopes of earning both money and respect. One early critic of the novel, Edward Garnett, wrote in his review that “[Heart of Darkness] is simply a piece of art…the artist is intent on presenting his sensations in that sequence and arrangements whereby the meaning or meaninglessness of the white man in uncivilized Africa can be felt in its really significant aspects,” (Garnett). What Garnett fails to observe is that Heart of Darkness is not only an observation of “the white man,” but the white woman as well.
Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. 4th Edition. Edited by R.H. Campbell and A.S. Skinner. 1776. Reprint, Oxford: Clarendon Press, 1979.
The hatred between the two families, the Montagues and the Capulets make Romeo and Juliet love each other so much that they kill themselves. Juliet meets Romeo at the Capulet ball and falls in love with him. Juliet finds out that Romeo is a Montague and says to herself, “O Romeo, Romeo! wherefore art thou Romeo? Deny thy father and refuse thy name! Or, if thou wilt not, be but sworn my love, I’ll no longer be a Capulet” (2.2.35). The opposition between the two families guide Romeo and Juliet secretly seeing each other. This displays that hatred puts Romeo and Juliets life in risk which leads to their death. Later in the story, Romeo takes a suicide because he could not resist being without his true love. When Juliet wakes up, she finds Romeo’s dead body lying on the floor, “What’s here? a cup, closed in my true love’s hand? Poison, I see, hath been his timeless end. O churl! drunk all, and left no friendly drop to help me after? I will kiss thy lips. Haply some poison yet doth hang on them to make me die with a restorative” (5.3.175). This quotation shows that Romeo thought that Juliet actually died so he killed himself because he could not live without her. This shows how much Romeo and Juliet are
Adam Smith wrote the Wealth of nations as a result of some eighteen years of
Let’s get started with Adam Smith and his second coming. Adam smith was one of the greatest economics minds that have ever existed, teaching us that our wealth is not just in gold and silver but in the products that we produce and commerce we engage in! Much like today we can understand the idea of Gross National Product and how we can better adjust our habits and ourselves. Smith unlike most economists of that age understood the value in hard work and social aspect behind our decisions.
In the tremendous play of ‘Romeo & Juliet’, Shakespeare’s ways engages the audience straight away. The astounding methods he uses hooks the audience into the play and allows them to read on, wondering what will happen. The tragic love story of Romeo & Juliet, as mentioned in the prologue, sets a variety of themes throughout Act 1 Scene 5. Many of the recognisable themes are: youth and age, revenge, forbidden love, fate, action and hate. The main idea of the play is a feud that had been going on between two families, The ‘Montagues and Capulets’, the son of the Montagues and the daughter of the Capulets fall in love and the story tells us how tragic, death, happiness and revenge find them throughout the play.
The employee engagement has become a hot topic of discussion in the corporate world. There is no single accepted definition of engagement or recognised approach for measuring or raising it. HRM Practitioners have involved in quite a lot of study to understand employee engagement and its impact on the performance of the organisation. According to them, employee engagement is a level of commitment and involvement of employees towards their organisation and its value. An engaged employee works with his/her colleagues to improve their productivity within their job, for the ultimate benefit of the organisation.
The buzzword in the global HR arena these days is ‘employee engagement’. Its impact has become so immense that is has become somewhat indispensible in the realm of the business world where operational efficiency and profit earning are the sole endeavour of any company. The questions are often asked regarding the utility of the employee engagement policies that are adopted by the companies especially in this world of cutthroat competition. These policies have been extremely useful one hand for the organisations; on the other hand they have been a failed drastically as effective HR and internal communications function in lot of companies.