The Effect Of The Bullwhip Effect On Your Model - 1403 Words

If there are multiple questions in a comment, please allow the candidate to respond before asking the next question. (1) I know that a large lot size has been associated with increasing number of defective units. On page 1, you wrote: â€Å"production stages are characterized†¦.†. What is your evidence that fast production increases the generation of defective items (scrap)? (2) Your demand is deterministic and the bullwhip effect has no place in your thesis. The bullwhip effect has no effect on your model, why it was mentioned twice? What is its relevance in the thesis? (3) You assumed a single raw material to produce a single product. This makes Table 2.1 not representative of the literature review. For example, Jaber and Goyal (2009)†¦show more content†¦What makes your model unique in that regard? (6) On page 43, you consider that p = d. This situation can never happen. So, why need to consider it? I also think that N0 can never reach infinity; there should be maximum and minimum values on M0 and N0. What are these values? The minimum value that either M0 or N0 can take is 1. Note that when h3 h’1, then neither M0 nor N0 is valid. In that case, they are forced to 1. Do you agree? (7) Transportation in Figure 3.4 and its fixed and variable costs are either factored into the total cost of the distribution centre or the finished product warehouse. That is, transportation is not a level in the supply chain. This makes the model three rather than four levels. If you disagree, then why transportation is important to consider in an MNC context? (8) Also, you wrongly phrased your model as a single item that is produced from different types of raw material; actually you assumed one type of raw material to produce a finished product. This is why it was possible for you to find an optimal solution. Furthermore, you neither considered the capacity of a transport vehicle nor the number of vehicles available. Why not? These points must be made clear in the thesis. (9) On page 31 you wrote: â€Å"Transferring raw materials from RMW to MUP in batches to the buffer area makes the raw material inventory dynamics different from the earlier works†, what do you mean by this statement, and why it is important? Please

The Consumer Society Essay - 3590 Words

â€Å"People recognise themselves in their commodities; they find their soul in their automobiles, hi-fi sets, split level homes†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦social control is anchored in the new needs which the consumer society has produced. (Marcuse,1968:24)To what extent are we controlled by the consumer society we live in? The rise of the consumer culture is a phenomenon characteristic for the twentieth century. The impact of this cultural movement is disputable. The quote above was taken from Marcuse’s book â€Å"One dimensional man.†(1964) Marcuse believed that the products of consumer capitalism indoctrinate and manipulate society to promote a false consciousness of needs which become a way of life. He saw this as another form of totalitarianism which binds†¦show more content†¦He argues that in the age of consumption the identities are negotiated though consumption, with which he means that we define ourselves more and more by what we consume. His last characteristic to the definition of consumer culture is that Consumer Culture represents the increasing importance of Culture in the exercise of power. Ritzer (1999) refers to the places in which consumption takes place â€Å"cathedrals of consumption.† He argues that there are obvious cathedrals of consumption such as the supermarket, internet shopping or the shopping malls, but also ordinary everyday locations, which we would not associate with consumption, such as the railway station, the library or even our living room at home. Everywhere we go we are surrounded by cathedrals of consumption which aim to entice us to consume. Once can detect three different theories, to the power of these cathedrals of consumption. Weberian theory leads to the view that the cathedrals of consumption, when taken together, create a rationalized iron cage from which it is difficult, if not impossible, to escape. This is totally commodified world in which it would be futile, or nearly so, to hope to find a space in which one is free from commercial pressure. Supportive of this view is the proliferation of the new means of consumption, especially their spread into the home, so that even one is unable to avoid opportunitiesShow MoreRelatedConsumer Society And The Social Society1244 Words   |  5 PagesThis essay will seek to explore the view that a consumer society produces both winners and losers. A consumer society is â€Å"a society that is defined as much by how and what people purchase and use, as by what they make or do† (Blakeley and Staples, 2014, p. 16). Firstly it will look a Zygmunt Bauman’s concept of the seduced and repressed and some of the social inequalities that can underpin this. It will briefly introduce conspicuous consumption in relation to the seduced. Secondly supermarket powerRead MoreConsumer Society and Choice1317 Words   |  6 PagesA consumer society is a post-industrial term used to describe the fact that society is characterised more by what people consume and less by the jobs they do or go ods they produce (Hetherington, 2009). As our relationship with consumerism has changed so too have the choices available of why, when, where and how we consume. The first part of this assignment will look at the characteristics of a consumer society, the choices available and identify the divisions created from unequal choices. The secondRead MoreSociology and Consumer Society1326 Words   |  6 PagesTM02 Plan †¢ Introduction †¢ Consumer Society – choices and freedom †¢ Seduced and the Repressed †¢ Consuming uses and behaviour †¢ Baumans theories †¢ Supermarkets – how they seduce us †¢ Why big supermarkets can sell cheap goods and small shops can’t compete †¢ Repressed cant compete †¢ Conclusion –do we have freedom of choice TMA02 Explore the claim that consumer society is characterised by freedom of choice. Introduction. †¢ My essay is going to look at theRead MorePostmodernism And Consumer Society1809 Words   |  8 Pagesafter World War II in which, high and low culture are questionable in the view of society and Art. The postmodernist movement in literature creates a new set of ideals for fiction, such as the metafiction, the fable like representation in novels, the pastiche, irony, and satire. Fredric Jameson speaks about the movement and its theory in his essay â€Å"Postmodernism and Consumer Society†. He questions postmodernism in society as it creates the new societal norm of popular culture. On the other hand, JeanRead MoreInequalities: Sociology and Consumer Society774 Words   |  4 PagesA consumer society is best defined as the process in which goods and services are bought and used to satisfy people’s perceived needs (J.Obelkevich. 1994). The image of this consumer society can be described as one of individualism and freedom but it can also be marked by social divi sions, inequalities and exclusions. This essay examines the relationships there are between consumerism, the social divisions this engenders and ultimately the choices, if any, this offers to people. It shows how ourRead MoreExplore the Idea a Consumer Society Is a Divided Society1317 Words   |  6 Pagesthat a consumer society is a divided society. By using the information presented in the making social lives booklet it is hoped this essay will present itself clearly in its dialogue offering concise points of discussion relevant to the topic at hand. This essay will look at what consumer society is, how it evolved and why society might be considered consumerist also at how different members of society consume and why these things contribute to the opinion of divisions within a consumer society. SocialRead MoreConsumer Electronics And Its Impact On Society Essay2108 Words   |  9 Pagesis irrelevant when tangible progress is being made. As per the clichà ©, actions speak louder than words, and the electronics industry in particular exemplifies this proverb. Consumer electronics are so seamlessly integrated into society that people rarely consider the environmental impact of cell phones and computers; consumers, for example, may be unaware that electronic waste (aka e-waste) accounts for 70% of toxic waste produced (â€Å"11 facts About E-Waste†). Fortunately, the industry has adopted eco-friendlyRead MoreWinners and Losers in a Consumer Society Essay1681 Words   |  7 PagesEssay Plan: Outline who are the winners and losers in a consumer society. Introduction: Paragraph 1 Outline – short general explanation/ to give the main features or general idea of. Consumer society – Point out this essay is looking at consumer society. Who – highlight the essay is looking at who. The winners and losers - define this concept in the introduction as it is the main content phrase in the essay question. There are three parts include in the main body that discribeRead MoreWrite an Essay That Outlines the View That a Consumer Society Is a Divided Society.1598 Words   |  7 PagesWrite an essay that outlines the view that a consumer society is a divided society. In response to this statement, there needs to be consideration as to whether or not a consumer society, like the one we live in in the UK, is a divided one or not and if so then where these divisions are displayed. Therefore throughout this essay, I’m going to explore some potential divides within society, specifically looking at division between the rich and poor, able-bodied and less able, and lastly the divisionRead MoreExplore the Claim That a Consumer Society Is Always a Throw Away Society.1304 Words   |  6 PagesFactories Waste being sent overseas Seduced amp; Repressed Migrants Recycling Consumption Consumer society Explore the claim that a consumer society is always a ‘throw-away’ society. In this essay I will be outlining consumerism and claims that a consumer society is always a throw-away society. Consumption plays a big part in our lives and causes us to live in divided societies. It may make us feel like we fit in buying new gadgets and clothes and also give us that sense

The Battle Of Fort Sumter - 1373 Words

The battle at Fort Sumter why it occurred, what happen, and how did this battle affect the war itself. Why was it significant to the outcome of the war? Alanea Rainey History 121 Georgia Military College On March 5, 1861 the day after President Lincoln inauguration of the United States, The president received a message (Beringer, Why the South lost the Civil War). In attempt by the confederate government to settle differences with the union were sponged by Lincoln and the confederate felt it could no longer tolerate a foreign force in its territory (Goldfield, 2002). Lincoln ingeniously devised a plan that would case the Confederates to fire the first shot and hoped to inspire the states that had not yet seceded to unite in effort to restore the union (Goldfield, 2002). Major Robert Anderson, who commanded the United States forces at Charleston, made the decision to withdraw from the land and forts surrounding Charleston to the harbor fortress of Fort Sumter because of the dangerous situations (Davis, 1958). He commanded almost 100 troops and desperately needed reinforcements with supplies of both food and ammunition (Schweikart, 2004). When: On, March 4, 1861, Anderson reported to President Lincoln who was just inaugurated for help on supplies (Schweikart, 2004). On The next morning, the confederate opened fire on Fort Sumter because they were not allowed on United States soil (Schweikart, 2004). Fort Sumter is located in Charleston, South CarolinaShow MoreRelatedThe Battle Of Fort Sumter885 Words   |  4 PagesThe battle for Fort Sumter was the battle that started the American Civil War in 1861 when the first shot were fired that signal the beginning of the war. General Beauregard sent Major Anderson a message saying that he would fire in one hour if he didn’t surrender prior that day Adj. Gen. Of the Secretary of War Samuel Cooper, Anderson composed, (1) The progression I have taken was, as I would like to think, important to keep the emanation of blood. The following day he composed to Floyd sayingRead MoreThe Battle Of Fort Sumter1590 Words   |  7 Pages1861, Union troops had just taken refuge in Fort Sumter under the cover of darkness. They were out number out gunned and running out of time. The newly formed Confederate States of America (CSA) had now occupied the five other military installations within the Garrison. At 0430, the first shot of the American Civil War rang out and Fort Sumter was fast under the barrage that the surrounding garrison forts occupied by the confederate forces (sumter). Major Anderson was reluctant to return fireRead MoreThe Battle At Fort Sumter987 Words   |  4 PagesNatalie Lockman Professor Campbell English 112 The Battle at Fort Sumter Being raised in the south, there are somethings that life teaches a person; you always hold the door, acknowledge someone as they pass you by, and always say â€Å"ya’ll†. The southern culture is something that sites in its own niche of history and drags the past into the future. In A Rose for Emily by William Faulkner, the reader gets a taste of the south and the way of southern living through an outside view of Emily Grierson’sRead MoreEssay on Battle of Fort Sumter1234 Words   |  5 PagesFort Sumter is located in Charleston, South Carolina. The fort is in Charlestons harbor. The fort was not even complete when war broke out. This was a big turning point for the United States of America. It separated the north from the south and in some cases it separated families. This war would impact how the United States saw slavery. It is the most deadly war that the United States has every seen in its history. It all began with the secession of South Carolina. After this an understandingRead More Battle of Fort Sumter Essay1159 Words   |  5 Pages nbsp;nbsp;nbsp;nbsp;nbsp;Fort Sumter is located in Charleston, South Carolina. The fort is in Charleston’s harbor. The fort was not even complete when war broke out. This was a big turning point for the United States of America. It separated the north from the south and in some cases it separated families. This war would impact how the United States saw slavery. It is the most deadly war that the United States has every seen in its history. nbsp;nbsp;nbsp;nbsp;nbsp;It all began withRead MoreThe Battle of Fort Sumter Essay1497 Words   |  6 Pagesthat fort will inaugurate a civil war greater than any the world has yet seen†¦you will lose us every friend at the North. You will wantonly strike a hornet’s nest which extends from mountains to ocean. Legions now quiet will swarm out and string us to death. It is unnecessary. It put us in the wrong. It is fatal. –Robert Toombs. (Boerner paragraph 2). The Civil War impacted the course of history forever. But it had to start somewhere and the Battle of Fort Sumter marked the start. The Battle of FortRead MoreNational Monument999 Words   |  4 PagesFort Sumter has to be one of the most historic national monuments in South Carolina. This fort has gone through a lot of history over the past years. I will inform you with some of the history behind this fort. The fort was appointed after the man called Thomas Sumter. He was conceived in 1734 and he past away in 1832. One of the main reasons why this fort is so famous is because its known as the first battlefield where gunshots started and it began the civil war. This fort had received an enormousRead MoreThe Civil War, Lasting From 1861-1865, Consisted Of Numerous1156 Words   |  5 PagesThe Civil War, lasting from 1861-1865, consisted of numerous bloody battles, military involvements and other historically significant events. There were over ten thousand events, fifty of them bei ng major.. These battles stretched across twenty-three states and caused over half a million casualties. America was divided between the confederates and union. One of these events started in Fort Sumter, South Carolina. The Confederate States of America were a chain of eleven southern states that separatedRead MoreThe American Civil War1624 Words   |  7 Pagesmost United States citizens. Battle of Fort Sumter is considered the first battle that initiated the Civil War between the Union and the Confederacy. The battle only lasted two days, but it took four months after the secession of Confederate states for someone to pull the first cannon lanyard and years for the United States to resolve. The union Soldiers at Fort Sumter were stranded on an island with walls, surrounded by Confederate artillery batteries. This was a battle that demonstrated the prideRead MoreThe Civil War Of The United States Essay1054 Words   |  5 Pagesdifferent locations, some of the major battles dur ing the civil war were, the battle of Fort Sumter, which is near Charleston, South Carolina. The battle of bull run which took place in, Prince William County, Virginia. The battle of Shiloh which took place in Hardin county, Tennessee. And the bloodiest battle of the civil war, was the battle of Gettysburg, Pennsylvania. Millions of soldiers fought in the civil war and died from different casualties during battle. On may 9th, 1865, came the end of the

Trade Off Between Inflation and Unemployment free essay sample

There can be no trade-off between inflation and unemployment whether in the short or the long run. Comment. Inflation is a major challenge; the world is facing today and has become an impediment to robust growth. However, this problem is not new. In 1981, The Gallup Organisation in the US conducted opinion polls asking people, what is the most important problem, their country was facing, and a majority named inflation. Although governments in different countries have been using policies to contain it, it’s not so simple. Lowering inflation may lead to a rise in unemployment which could act as an obstacle to economic growth. This debate, whether there’s actually a trade-off between inflation and unemployment, has been puzzling the macro-economists for decades now, but we’ve still not been able to arrive at a concrete conclusion. Different schools of thought have their own viewpoints and their own theories to support those viewpoints. In this paper, I shall discuss briefly, the different schools of thought and their viewpoints and try to unravel this mystery by amalgamating the different viewpoints. I. ‘Old’ Classical school The classical school including Adam Smith, David Ricardo, John Stuart Mill etc. that existed prior to the ‘Great Depression’, believed that the economy ultimately (in the long-run) reaches full employment. The disturbances, if any, would be temporary and very short-lived. There was no need for any countercyclical policy (whether fiscal or monetary) to boost the economy. According to them, there is perfect wage-price flexibility and thus, no possibility of involuntary unemployment. Their explanation was also backed by the well known ‘SAY’S LAW’, according to which, supply creates its own demand. Thus, whatever is produced will be demanded, and therefore economy is always at full employment. A ‘glut’ can occur, but only temporarily. Therefore, we get a vertical (almost) AS curve (and correspondingly, a vertical Philips curve). Hence, there is no trade-off whatsoever, between inflation and unemployment, and therefore any type of countercyclical policy (fiscal or monetary) is impotent. AS According to the classicists, economy is always at full employment level, as shown by the vertical AS curve. Thus, there is no trade-off between inflation and unemployment even in the short run. II. ‘Orthodox’ Keynesian school Keynes gained popularity during the Great Depression, through his ideas of using fiscal policies to avoid the slump, and he became a pioneering face in the macroeconomics field during the 1950s and early 60s. He was against the view that the economy always stays at full employment. He believed in wage price rigidity and therefore, a rigid real wage leading to an involuntary unemployment (ie. uun). Now, this unemployment could only be controlled if some fiscal or monetary policy is used. Keynes called for a fiscal expansion during the Great depression that would stimulate the aggregate demand. Thus, AD curve shifts rightwards. At the initial price level P, we have an excess demand, thus price level rises to P1 and now output, Y=Yf. Thus, there is a trade off between inflation and unemployment. Keynes gave the following insights to explain this trade-off: (a) The persistence of unemployment According to Keynes, persistence of unemployment was due to the failure of money wages to adjust with sufficient speeds to clear labour markets, and therefore a fiscal expansion is required to contain this unemployment, which would create inflation. For him, absolute rigidity in money wage rates is not required; all that is needed is that wages fail to fall to market clearing levels. (b) The fluctuations in unemployment According to Keynes, investment is highly unstable and is driven largely by animal spirits. This leads to fluctuations in unemployment. However prices and interest rates, according to him, often fail to adjust to offset these fluctuations, as they did during the ‘Great Depression’, probably because of a highly interest-elastic money demand (the so-called liquidity trap situation). Also, investment is influenced by real interest rate, not the nominal interest rates; therefore, it is often impossible to stabilize it, unless the inflation in the economy is controlled. III. Neo-classical school The Hicksian IS-LM under the neoclassical school tends to explain the trade-off between inflation and unemployment against the backdrop of the Philips curve equation. According to them, people have static expectations, and therefore ? te=0. Thus, the equation of Philips curve becomes: ?t=? (Ot-On) Now, if output is below its natural rate, inflation is negative, or we have disinflation in the economy. Thus, price level is decreasing. Now, as the price level starts decreasing, in our basic IS-LM model, LM curve starts shifting rightwards, and keeps shifting, until, we reach full employment. Thus, according to the neo-classicists, the economy is self-equilibrating, and no counter cyclical policy is required to bring the output back to full employment. Neo-classicists did believe in a trade-off, but only in the short run. LM LM1 i LM2 LM3 i1 On Ot IS IV. ‘Orthodox’ monetarist school The monetarists including Milton Friedman re-enforced the classicists’ viewpoint by explaining the ‘Quantity theory of money’, according to which a monetary expansion (contraction) would result in an expansion of the price level, nominal wages, and nominal interest rate , however, the real values in the system will remain unaffected. Therefore, ‘Money is neutral’. Quantity theory of money: MV=PY David Hume, in his essay of 1752, Of Money and Of Interest stressed on the irrelevance of changes in money stock on the behaviour of rational people (Quantity theory of money). He explained this with the help of an example: When any quantity of money is imported into a nation, it is not dispersed into all the hands at first. It initially caters a few selected people (manufacturers or merchants). These people then, invest this additional stock to raise output (at least in the short run). Now, an increase in output enables them to employ more workmen and therefore employment increases, wages remaining the same. Now, suppose an artisan carries his money to the market, he’ll find everything at the same price, however, the number of things that he can buy has increased. Also, the gardener would find all his output sold out, and therefore raise work effort and raise output further. This will ultimately lead to an increase in the overall price level and all the real effects would get nullified, thus leading to ‘money neutrality’. Thus, output always ultimately returns to full employment and long-run AS curve (and correspondingly, the Philips curve) is vertical. Thus, though there is a trade-off between inflation and unemployment in the short run, it gets eliminated in the long run. This means that we need to bear unemployment only for a short period of time, if we want to contain inflation. In the long run, however, unemployment will come back to its natural level, even if there is deflation (falling prices). Monetarists believed in the Adaptive expectations approach, that means, people base their expectations about future prices on the last year’s prices and therefore might make wrong expectations in the short run, however, Friedman said that they cannot be fooled forever, and therefore in the long run, their expected price would reflect the actual price. Equation of Philips curve: ?t-? t-1= ( µ+z)-? ut ?: Inflation rate  µ: Mark up (constant) z: Catchall variable (constant) u: Unemployment rate Now, if ? t=? t-1, ut is a constant, thus there will be no change in the unemployment rate. Hence, no trade-off. Empirical Evidence This explanation has been supported empirically as well. McCandless and Weber (1995), plots 30 year (1960-90) average annual inflation rates against average annual growth rates of M2 over the same 30 year period, for a total of 110 countries. The points lie roughly on the 45 ° line, as predicted by the quantity theory. They also provide evidence on correlations between money growth and growth in real output, averaged over the 1960-90 period and find no correlation at all. Thus, monetary expansion has no real effects. Stockman (1996), plots inflation rate against unemployment rate (Philips Curve) for various sub periods of the years 1950-94, for the United States and find a downward sloping Philips Curve for each sub period. However, when the entire 44-year period is considered, we do not find any correlation between inflation and unemployment. This also shows, that the trade-off exists, but only in the short run. V. New Classical school The new classical economists believed in the rational expectations. According to them, all agents are rational and base their expectations about inflation on the information set available to them and are on an average able to predict the actual inflation accurately. They believed in complete wage price flexibility, and there was no chance of involuntary unemployment and thus no trade-off at all between inflation and unemployment. Also, according to them, there was continuous market clearing. They assumed perfectly competitive market structure, thus, all unemployment that existed, was voluntary. Robert Lucas’ viewpoint Lucas argued that if everyone understands that prices will ultimately increase in proportion to the increase in money, what force stops this from happening right away? Probable reasons according to him could be: (a) People are committed, perhaps even contractually, to continue to offer goods at old prices for a time. (b) Sellers are ignorant of the fact that money has increased, and a general inflation is inevitable.