The Invisible Hand Theory Essay Example for Free

The Invisible Hand Theory Essay â€Å"The Enquiry to the Nature and Cause of wealth and Nation† by Adam Smith is one of the well-known influenced books in the economy. As express on the title of the book, it shows Adam great interest on wealth condition of a nation. He doesn’t locate the wealth on natural resources and climates but in division of labor and the â€Å"Invisible Hand† within competition of free-market. In Vietnam, healthcare, education and retirement services are opaque and inefficiency due to State monopolization. So by applying the â€Å"Invisible Hand† theory to Vietnamese market, it would be a shift of local economy. The theory â€Å"Invisible Hand† In the book â€Å"The Enquiry to the Nature and Cause of the Wealth of Nation† by Adam Smith, he expresses three arguments: the Economizer Argument, the Local Knowledge Argument and the Invisible Hand Argument. (Otteson and Meadowcroft, 2011:99) [1] â€Å"Invisible Hand† is the term which is rarely mentioned in Adam’s work but has great influence in modern economy. In details, he wrote: â€Å"†¦Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it†¦Ã¢â‚¬  (Smith, 1950: 9) [2], that simply means the entrepreneur is motivated by self-interest to satisfy their need but unintentionally by doing so, at the end it not only benefits himself but also to other people. People act unintentionally with local purpose in mind but it does not only to them. In contrast, Smith believes that it also includes concern about family and friends as well. Smith describe people as economizers and who want to save their time and energy while try to get enormous return of investment (Otteson and Meadowcroft, 2011:99). People use energy more efficiently benefits not only themselves but others. Since people are allowed to focus on narrow range of activities, it creates surplus in goods which they can sell or trade on the market. Furthermore, other locals may interest and imitate that so it saves time and energy for them as well. Another point is that when division of labor is accepted and people allow specializing or concentrating on their task, it will unleash hidden human ingenuity as mentioned on Prof. James Otteson’s interview Adam Smith: The Invisible Hand, 2011 [3]. For instance, entrepreneurs will figure out better ways to do things to satisfy their interest. In order to create opportunity for specialization, free up of market is essential. The competition between buyers and seller is motivated by profit for individuals, as the result both sides have to improve their products and reduce selling prices. This process of attracting customers is leading by the â€Å"Invisible Hand†. Generally, external forces such as Government interventionism is unnecessary because economy can be sustain under guidance of â€Å"Invisible Hand†. Overall, Smith saws creation of the free market as resources of higher standard of livings. (Morgan, 2010:23)[4] To sum up, the â€Å"Invisible Hand† shows that innovation and free market can generate specialization and productivity therefore improves living standards. Positive negative attributes One benefit of the Invisible hand is that it can guide free market through competition for scarce resources therefore benefits everyone since not only it makes the firms produce more quality resources but also enhances variety of products in the market with cheaper prices. (Otteson and Meadowcroft, 2011:89). As this process is repeated in other industry, people will enjoy buying as well as increase their living standards. Even though it is possible that the Invisible Hand can improve living standards but Adam Smith’s ideas only suitable for capitalism for free-market period. Later, when the economic crisis happens, people need visible hand of government intervention to balance the economy. Another disadvantage shows in total free market dominant the market by State-owned enterprises. Petrol in Vietnam for instance, Petrolimex holds nearly half of the market shares and it betrays the principle of free market. Lastly, division in people values will be deeper. (Vietnamnews, 2013)[5] Summary newspaper article Title: Public expects better quality service The author suggests that Government should â€Å"play as regulatory and supervisory role† in management of healthcare, education and retirement. In Vietnam, Government is still a major public service provider so that service users have very few options to choose. In addition, according to a survey made by Central Institute for Economic and Management, public services are facing low efficiency in allocating the funds as well as little engagement with non-State sector. As the result, quality provided remains low. In order to solve the problem, Nhung, a supervisor from Institution, suggests that â€Å"public sector should only do what private sector is unable to do† which also means open up the market for private sector to provide public service. Relevance Opaque, corruption and inefficiency Low efficient services provided by the public sectors is the fact that local people facing every day. Not only healthcare, education and retirement are State monopolized but also petrol market such as Petrolimex. Since the mid 1980s reform period, Vietnam has change from planned economy to a Socialist-oriented market economy but state sector still accounts about 70 percent of total economic activities in Vietnam. Moreover, the sector hasn’t been seen in good health in recent years. For instance, economic scandal, giant Vinashin which announced $4. 4 billion losses which is the biggest lost to the national budget (France24, 2013) [7]. Return to the healthcare system, most Vietnamese have to pay health services out of their own pocket even though it’s public service. There is another fact that patients have to bribe the doctors or they will put him in waiting list for treatment. Opaque, corruption and inefficiency exist in public sector due to lack of competition in the market. â€Å"Public sector should only do what private sector can’t do† Private healthcare or private operators may be more innovative in telemedicine which is use telecommunications to provide patients with clinical healthcare at a distance. Due to profit motive, they can be very productive while public sector meets limitation in funds so leads to low quality services and number of researches. In that case, instead of monopolizing the market, public sector should play as supervisory role as Ms Nhung said (Vietnamnews, 2013). But there is negative affect if market is open for private sector; quality of services in Vietnam highly depends on remuneration for doctors and staffs. Consequently rich people will get better services than others and that creates division in people values. Recommendations If free market is apply, private healthcare has to be more carefully regulated to ensure that it achieves national standards as well as safety, value, and efficiency. Similarity, State should have taxes, standards and a legal system to encourage the free market to operate quickly. New technology can be used in administration of hospitals. Conclusion  Even though Vietnam did change to Socialist-oriented market economy which is partly open-market, the public sector still suffers from â€Å"long illness†. It let a web of state own firms control the economic and stubbornly resistance to change. Note that free market mention by Adam Smith is base of capitalism so it can create also a political issue when trying fully applying it to Vietnam despite the fact that competition does enhance quality of services. On the whole, I would call Vietnamese market is a partly free-market since it encourages private sector in some industry but monopolizes in a few like petrol or electricity.

Horror of War Exposed in Dulce et Decorum Est Essay examples -- Dulce

Horror of War Exposed in Dulce et Decorum Est We have all heard war stories that seemed exciting and adventurous. Some stories are of men who gladly laid down their lives in the glory of battle and would do so again if given the chance. These stories tickle our sentiment and ease the pain of real war, but they do little to help us understand war's brutality. In his poem "Dulce et Decorum Est," Wilfred Owen does not attempt to pull the blood stained wool over our eyes. Instead of a novel quip, Owen gives us a look into the real horror of war. Using images of pain and sorrow, Owen gives us a taste of the front line that crushes any romantic ideas about war. Most of us envision soldiers marching into battle as upright, steady young men proudly bearing their ruck sacks and singing as they march. Owen paints us a picture of a different hue. Owen describes the men as, "Bent double, like old beggars under sacks." We see figures that are contrary to our preconceived notions ( 1). Owen's men of war are tired from the stress of battle and the weight of the inevitable doom that lies ahe...

Monitoring clinical research

Monitoring clinical research has been recommended by several organizations that funds clinical research to the Research Ethics Committee. Through monitoring clinical research the Research Ethics Board is able to ensure that approved standard in theory are applied. It has been suggested that reviews should be done on a yearly regular basis. Reviews should require series of research aspects like consent process, adherence to approved protocols, and data integrity. The sole purpose of monitoring is to educate research staff, quality assurance, and to avoid research misconduct.   The government of Canada is one of the pioneers of this monitoring program. In response to the issues mentioned above, the government research funding bodies issued the Tri Council Statement: Ethical Conduct for Research Involving Humans in 1998. The policy suggests that annual status reports must be submitted to the Board. Also, the review of research projects exceeding the threshold of minimal risk should include: formal review of the informed consent process, establishment of a committee to monitor safety, periodic review of a third party of the documents generated by the study, review of reports of adverse events, review of patients’ charts, and a random audit of the informed consent process. In this study St. Mary’s Hospital Centre was subjected to monitoring. Review of research activity in the hospital is coordinated by the Research Review Office in the Department of Clinical Epidemiology and Community Studies. The research framework or policies of McGill University in 1994 was the basis for creating hospital research policies. The monitoring policies and activities in the year 1997 are described in this study. Before a new research protocol is approved, investigators are required to describe the characteristics of patients who would be qualified for the protocol. An informal check is also done to determine overlap with patient populations of protocols under way. The Research Ethics Committee specifies the duration of approval which is usually 1 year after the initial approval. The committee will also set other conditions and decides the most suitable type of monitoring by taking into account such factors like the type of protocol and the experience of investigator. By investigator we mean the staff member of St. Mary’s Hospital Centre who is designated by the Research Ethics Committee to be the primary contact person responsible for the protocol. This investigator may be the principal investigator, co-investigator, or local collaborator. Decisions are communicated with the investigator by the monitoring assistant to explain the details of the procedure. Consent form audits are asked routinely for protocols involving written consent. Any consent form must be filed in the patient’s medical record with a brief summary of research interventions and outline of any potential risk including the name and phone number of one investigator. To ensure that documentations are being filed as required, the medical charts of the sample are checked periodically. For research protocols that do not require hospital patients, but for which the Research Ethics Committee has undertaken responsibility, consent forms are reviewed in the investigator’s office. The monitoring assistant validates that the consent form is approved by the Research Ethics Committee and that the signatures and dates for every form is completed and consistent. Then the monitor assistant informs both the committee and the investigators about the results. Interviews with research subject may be asked for protocols with minimal risk. The protocol is reviewed to determine an appropriate time to contact the subjects and the type of question to be asked. A meeting is arranged with the investigator to organize a method of contacting the subject. Subjects that are eligible are selected sequentially from the subject log provided by the investigator. The monitoring assistant contacts the subject and request verbal consent to conduct the interview. The Research Ethics Committee requests from each investigator an appropriate plan to assure and evaluate the quality of protocol data over the duration of data collection. In a survey to evaluate monitoring, an anonymous evaluation was sent to 34 investigators in February 2000. A Likert-type response scale was given which includes 6 statement and comments on aspect of hospital monitoring. From this survey results show that there were several instances in the monitoring of recruitment log in which the same individual have participated in more than one protocols. However the Research Ethics Committee concluded that this did not pose an undue burden on the patient or the caregiver. It was also revealed that the Research Ethics Committee help to negotiate an agreement with the investigators to achieve their enrollment targets, while preventing the same patients for being approached for more than one protocol. This is with respect to the situation here two protocols were approved for two protocols. Results from the consent forms audit reveal that required forms were missing or incomplete for a substantial proportion of 123 hospital charts. A discrepancy between the age and age criteria of the protocol has been found out also to be legitimate due to a change in protocol approved by the funding organization. In this case the investigator did not coordinate this to the Research Ethics Committee. Overall Assessment In this study the subjects such as the hospital patients, the investigators are said to be the independent variable for the results obtained from the protocols would be based on the perceptions given by the hospital patients, and the investigators. The dependent variable would be the problems with regard to clinical monitoring. Factors that were considered to be answered by the hospital patients are said to be the dependent variable. As an assessment statistical parameters for this study were not defined. Sampling of the study is said to be done sequentially and it was based on the recruitment log of the investigator. Interviews of subjects were also done. This method tends to open its doors for the investigator to manipulate his or her data. Moreover the study did not define how many samples should be taken and it did not consider the eligibility of its samples. The stud did not give a clear idea of what kind of protocols were given to the subjects and what are those factors to consider in evaluating monitoring. The problem that this study tries to address in not even clearly defined.   However this paper were able to present the anomalies that happen among the subjects and the investigators during data gathering. Works Cited McCusker, J., Kruszewki, Z., Lacey, B., Schiff B. â€Å"Monitoring Clinical Research: Report of One’s Hospital Experience.† Canadian Medical Association Journal: (1 May 2001). Vol.164 n. 9 pag. 1321.

Personality Profile And Pearson Assessment Results Essay

â€Å"Personality is the sum of ways in which an individual reacts to and interacts with others† (Robbins Judge 2009). We are all born with different personalities that are unique. The qualities that make up one’s personality are specific to their life’s purpose. It is our job as humans to identify how to best use our personalities for the greater good and make a difference. According to the Myers-Briggs Type Indicator, my personality was determined to be ENFP. As an ENFP, I thrive when I am around people and making a difference in their lives. In this paper, I will discuss how my personality profile and Pearson Assessment results real to one another and how they play major roles. Specifically discussing my values and motivations it the work place, how I work with others, and life in organizations. Everything we do is for the greater food for our purpose in life. In the final section of this paper, I describe how God has helped realize and me shape my weaknesses into strengths and keep my strengths at bay in key moments. Prentice Hall Self-Assessment Online Library Due to the nature of my job I need to be cerebral with how I present myself and talk with colleagues and superiors. I have never given must thought as to how one’s personality can affect others either negatively or positively. Self-reflection allows us to analyze our current selves and improve for the better. For this assignment, I have been tasked with taking a series of assessments, gathering information andShow MoreRelatedThe Millon Clinical Multiaxial Inventory-III Test1341 Words   |  6 Pageshave selected the Millon Clinical Multiaxial Inventory-III test. The Millon Clinical Multiaxical Inventory (3rded: MCMI-III) is a widely used psychological assessment of clinical and personality disorders (Grove, W. M., 2009). 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