Summary of The Origins of Technology-Skill Complementarity The article by Claudia Goldin and Lawrence F. Katz, titled The Origins of Technology-Skill Complementarity, focuses on the issue of how technology has led to the need for skilled labor in most labor markets in the world. The authors of the article acknowledge that over the years, technological advancements have only increased and have rendered some of the human activities that required human labor to be useless. The authors of the article give an example of how the use of water generated electricity led to the fall of the steam-driven engine and how many unskilled laborers lost their jobs in the process. The integration of technology in most of the economic sectors in the country will lead to an increase in the need for skilled labor to complement technology. The two authors believe that skilled labor has become an essential aspect of the adoption of a new technology to take over. They argue that the adoption of technology also depends and the capital to support the technology. Goldin and Katz argue that “relative…
comparison between expertise thinking and giftedness by showing how they can be applied Numerous applied learning theories can be used in the field of Psychology. These theories include giftedness, expertise thinking, creativity, and intelligence. Expertise thinking involves the application of physiological adaptations and complex skills in solving problems (Sordia, Martskvishvili, & Neubauer (2019). Expertise requires adequate practice and effort through long periods, usually more than ten years, which leads to mastery of skills. Giftedness, on the other hand, is defined based on the ability of high performance in leadership, visual, performing arts, productive, creative, general intelligence, and academics (Ziegler, Stoeger, & Vialle, 2012). Creativity can be defined in two criteria; the ability to create new ideas, possibilities, or solutions that are characterized by originality in behavior. This paper gives a comparison between expertise thinking and giftedness by showing how they can be applied. I would use the expertise theory in an environment where most learners have developed expertise in a subject. In this theory, by developing a framework to see students specialize in a specific unit, a high level of…
PESTLE and SWOT analysis Executive Summary The world today is endowed with many emerging technologies that are hugely and significantly impacting business organizations. The use of the internet and other technologies that have enabled organizations to automate their processes and activities has dramatically helped in catalyzing organizational growth and success. Additionally, business organizations have found it easy to plan and implement any growth and expansion plans and strategies they have through the use of these emerging technologies. Business organizations have incorporated and fully embraced the use of these new technologies to enable themselves to become global companies hence able to compete in the more massive arena with other business organizations. However, there are several problems and challenges that global organizations face and these issues must be addressed if the organization wants to become successful and competitive in the long run. Through the use of different strategies and tool business organizations have been able to conduct a thorough analysis of the internal and external factors affecting them. Among the essential tools utilized by organizations is the SWOT analysis. On the other…
Economic Factors That Contribute To High School Graduates Securing Employment and A Place in Vocational and Training Institutes In Japan there are exists transition points from the secondary school to the employment field. After the completion of the ninth grade, three percent of the students tend to go to work directly after completion of compulsory education. Students who go to work directly have no vocational skills. Forty percent join the labor force immediately; fifty five percent go for a post-secondary education, only five percent of the higher secondary school graduates remain unemployed. The educational system in Japan is based on trust and cooperation between schools, employers, and the Public Employment Security Office. The goal of the Japan educational system is to minimize the rate of unemployment by offering most of the students employment opportunities. Economic Factors That Contribute To High School Graduates Securing Employment and A Place in Vocational and Training Institutes In Japan there are exists transition points from the secondary school to the employment field. After the completion of the ninth grade, three percent of the students tend…
The Expanding U.S Economy in 2020 The economy of a country undergoes a trade cycle marked by four stages. The four phases include expansion, peak, recession, and depression. Various economic indicators such as production, inflation, business growth, employment, Gross Domestic Product (GDP), among others, show different forms of performance during the multiple phases of a trade cycle. The focus of this business essay is to determine the business cycle phase the U.S economy is currently operating by reviewing a business article published anytime between January 2020 and today by the New York Times. In late 2019, economists forecast was that the economy was headed for the late stage of the business cycle. At the time, it was thought that the economy was at its peak after nine years of expansion after the 2007-2009 recession. Casselman (2020), on the New York Times, states that the expansion phase does not seem to slow down any time sooner. An article, Job Growth Gives the Economy an Upbeat Start to the year by Ben Casselman on February 7, published by The New York Times,…
Economics analysis for managers MANAGERIAL THEMES Business Performance Management –Ramsey is working together with his employees and the vice president of the company to ensure the effectiveness and better performance of the company. Since they are all focused on making better performance in the market, they have developed a good business performance management strategy. The company hopes to make a productivity increase in the future. Relationships management-The owner of the New York-based company MR Ramsey has a good relationship with his workers. The workers have accorded him the expected respect. Hiring Fred with intentions to replace Mr. Brigg was also not a good move. Since Ramsey had not informed Mr. Briggs about the change intended. Strategy, Complexity and Change Management-The movie is depicting the roles of the leader, the owner of the company, in dealing with the issues of complexity and any end of uncertainty and transforming themselves to make success in the future. Ramsey is applying this concept in the effort to improve his company performance. He even goes extra miles to bring change in the management by hiring and…
3 Uses of microeconomics analysis Microeconomics analysis can be used to different branches of economics like the international economics, and public economics. Through microeconomics analysis we are able to understand the factors that contribute to burden of a commodity tax between the consumers on one hand, and the producers on the other hand. Microeconomic analysis is also used to explain the damages incurred to the economic efficiency by the burden brought by a tax. Assumed that resources are optimally distributed before the tax is imposed, then through microeconomics analysis we can understand the amount of damage that can be caused to the social welfare. Microeconomics analysis is also used to bring to understanding the complicated confusions brought up by millions of facts by the construction of different simplified models of behavior, which are the same as the actual facts in order to bring a clear understanding. The models also are used to enable the economist elaborate how phenomenon departs from an ideal construction they would lead to the achievement of social and individual objectives. Question 2 Graph B) A combination…
Monopolies and their impact on the market Introduction Monopolies are usually firms that dominate the market. These can be a pure monopoly with 100% market share or even a company that has monopoly power, holding at least 25% of the market (Marshall, 2015). Monopolies benefit from economies of scale because of reduced average costs, and these can be passed down to the consumers. Some firms turn to monopolies through horizontal integration. They buy their competitors, and they remain the only ones in the market. Monopolies are also made through vertical integration in which the company controls the entire supply chain from production point to the retail. Also, some monopolies enjoy government regulations that offer them a market. The government may do this to ensure the production of electricity and delivery since it cannot stand the disruptions that result from free-market forces. This study will focus on the impact of monopolies in the market, the positive and the negative sides of monopolies and my opinion on monopolies. The first disadvantage of monopolies is that they restrict free trade as well as…
Introduction to Finance Task 1: Start-up Capital In scenario one, a florist has saved £10,000 and is eager to start a venture that requires a minimum of £30,000. He will need to evaluate the possible sources of finance that will enable him to raise the deficit of £20,000. The florist, an entrepreneur, can choose from either internal or external sources of funding. Internal sources of finance include the owner’s capital and retained earnings, which are appropriate for short-term financing. External sources of funding include debt and equity, which are suitable for long-term financing. The choice of funding has implications on the control as well as financial costs to the business. Each source of capital, either short or long-term funding, has its advantages and disadvantages. As a budding entrepreneur, understanding the various implications is vital before committing to any particular funding offer. Owner’s Capital The owner’s capital includes the personal finances of the sole proprietor and other business partners. Personal finances include cash on hand, savings, and money in the bank, and also less liquid funds such as retirement accounts and…
Trickle Up Trickle Down Economy Trickle Up Economy Trickle up economy concentrates on the ideologies of lowering taxes and compensating people who depend on low incomes on survival. Trickle up economy emphasizes on how to increase the income of the low earners to become middle earning individuals. The compensations are passed to the people through the introduction of tax credits for individuals with small businesses, and also subsidies. Improving the small businesses may lead to the top of the large scale companies influencing the congress since they will not be important anymore. Trickle up economy ensures that money is in full circulation hence leading to the rise in the multiplier effect. In recent years, income inequality has raised in many different countries, including the United States. In the different economies available worldwide, income inequality has reduced the rate of consumption, forcing up the rate of saving by taking the economy to the people who mostly saved from the people who consume. The shift has brought negative effects to the economy of a country, depending on whether the expensive capital and…