Economics Essay Example | Topics and Well Written Essays - 500 words - 24

Economics - Essay Example onsuming them till they are in a position of not being able to afford them or need some other external causes to prevent their usage; sometimes people might even go beyond their capacity to get hold of the commodities. In such cases, the government has to impose a very high tax on the particular item for the welfare of the society (George & Wilding, 1984). Thus, the main reason operating behind the imposition of high taxes on addiction items is the price inelasticity of demand (Baumol & Blinder, 2008). One such item of addiction is tobacco that is often considered as being one of the most harmful and hazardous elements of consumption as well and this is the reason why the government of all concerned nations have decided to impose a high tax on the same. When tax is imposed on a commodity, it results to an upward shift in the supply curve of the commodity but the demand curve remains unchanged. This is because, the tax in such cases are imposed in the form of higher prices and thus are sales tax (Aronson, Hilley & Maxwell, 1986). So these taxes are indirect in the sense that they are transferred from the seller to the buyer. In case of a sales tax, the retailers will buy lower quantity of a product from the wholesalers which subsequently lead to a fall in the supply of the commodity – this factor is reflected through an upward shift in the supply curve. For a commodity like tobacco having a very low price elasticity of demand, an upward shift in the supply curve with demand remaining constant, leads to a rise in the position of the equilibrium point and consequently, a fall in the equilibrium quantity and a rise in the equilibrium price. However, the fall in quantity is not in proportion to the rise in the final price (Lipsey & Harbury, 1992). Thus, it is found that the imposition of taxes on items like tobacco, which have a very low price elasticity of demand, is that, they serve a two-fold purpose. Firstly, it leads to a fall in aggregate consumption so as to

To What Extent Is Scientific Management an Appropriate Way to Manage Essay

To What Extent Is Scientific Management an Appropriate Way to Manage In the 21st Century - Essay Example It is evidently clear from the discussion that the evolution of management has been termed as a continuous process that changes and adapts according to the need for the scenario. Schaltegger and Burritt observed that managerial theories and concepts have been developed by scholars mainly by observing the nature of work being conducted and managed at an operational level in the companies. However, Levin observed that most of the theories were developed with a single focus on improving employee management and resource utilization process of the firms. Cash et al. stated that Taylor’s theory of scientific management was among the first managerial concepts to widen the scope of management approach for the business houses and also develop a national focus on the aspect of efficiency. The theory of scientific management was praised and criticised for its principles and policies by the contemporary researchers of management. Considering the contemporary scenario of management practic es, it can be stated that with the changes in the market and customer response, organizations have also initiated numerous alterations in their operational practices. One of the most crucial aspects of the business management processes, as stated by Waddell, is the power enjoyed by the workforce of the firms which was almost ignorable during the time of scientific management. Carrying forward these arguments and statements, the essay will focus on evaluating the validity of the scientific management process in the contemporary scenario. According to Schaltegger and Burritt, scientific management primarily focuses on the aspect of discipline for developing better employee management processes. The features of the scientific management can be assessed by evaluating the principles and guidelines of the managerial processes. Although many changes have taken place in the aspect of business management processes, discipline has always remained one of the core variables. The first feature o f the scientific management system can be thus reflected as the systematic approach which allows managers to control their workforce and direct them in the desired manner. This systematic approach is designed by observing the behavioral pattern of the employees and the needs of the organization. Managing the employees in a controlled atmosphere helps the company to achieve employee loyalty.