Human Capital As A Potential Source Of Sustainable Competitive Advantage Business Essay - Free Essay Example

Sample details Pages: 14 Words: 4238 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? The role of human capital as a potential source of sustainable competitive advantage has recently has recently been the focus of considerable interest in the academic and popular press. The current terms of art such as intellectual capital, knowledge work and workers, and high-performance work systems (HPWS) all reflect a new interest in people as a source of competitive advantage, rather than a cost to be minimized. By extension, intellectual assets and the organizational systems that attract, develop, and retain them are emerging as significant elements in strategic decision-making. Don’t waste time! Our writers will create an original "Human Capital As A Potential Source Of Sustainable Competitive Advantage Business Essay" essay for you Create order This evolution in the role of human resource (HR) follows directly from the demand of rapidly changing product markets and the corresponding decline of command and control organization structures. A skilled and motivated workforce providing the speed and flexibility required by a new market imperative has increased the strategic importance of human resource management (HRM) issues at a time when traditional sources of competitive advantage (quality, technology, economies of scale, etc) have become easier to imitate. In effect, while the markets for the other sources of competitive advantage become more efficient, the subtleties surrounded the development of a high performance workforce remain a significant unrealized opportunity for many organizations. In addition to widespread practitioner interest in the role of people as a source of competitive advantage, the subject as also captured the attention of academics. Recent special issues in the Academy of Management Journal, Industr ial Relations, Journal of Accounting Economics, and Strategic Management journal have focused broadly on the relationship between intellectual assets and firm performance. While still a nascent field of inquiry, both the theoretical and empirical work in this area is broadly consistent with the conclusion that there is a strong relationship between the quality of firms HRM system and its subsequent financial performance. Paradoxically, these research findings come at a time when the HRM functions in many firms is under significant pressure to justify its existence. On the one hand, CEOs understand the essential strategic value of a skilled, motivated, and flexible labor force. On the other hand, the traditional HRM function has not typically been thought of as a strategic asset, and consequently is under pressure to reduce expenses and demonstrate efficiency in the delivery of their services. In essence, the HRM function within many organizations is being asked to develop new strat egic capabilities while at the same time more effectively managing, and perhaps outsourcing, many of its traditional administrative responsibilities (Corporate Leadership Council, 1995; Ulrich, 1997). Despite this turmoil, the changing competitive realities have provided the HRM function with an unprecedented opportunity to create significant shareholder value, through the effective (in contrast to the efficient) management of the firms HRM system. We emphasize the importance of the global or overall HRM system because we believe that it is the systematic and interrelated influence of HRM policies and practices that provides their inimitability, and therefore provides a strategic lever for the firm. Such internally consistent and externally aligned (with firm competitive strategy) work systems are generally thought to include rigorous recruitment and selection procedures, performance contingent incentive compensation systems, management development and training activities linked to the needs of the business, and significant commitment to employee involvement (Arthur, 1944; Huselid, 1995; Ichniowski, Shaw, Prennushi, 1997; Jackson Schuler, 1995; MacDuffie, 1995; Milgrom Roberts, 1995; Pfeffer, 1994). An internally consistent and implementing the firms competitive strategy is the basis for the acquisition, motivation, and development of the underlying intellectual assets that can be a source of sustained competitive advantage. In contrast, elements of the HRM function that focus on transactions and compliance activities do not play an equivalent strategic role, and will continue to be evaluated as cost centers. Indeed, while the HRM system is typically thought of as the responsibility of the HRM function, or diffuse in larger firms that have attempt to embed them more broadly in management (e.g., Hewlett-Packard). In our view, one of the most significant impediments to developing a strategic system that provides solution to business problems rooted in huma n capital is thinking of the HRM system as a traditional HRM responsibility. A high-performance work system (HPWS) can be defined as a specific combination of work structures, HR practices, and process that maximizes employee knowledge, skill, flexibility and commitment. Although some HR practices and policies tend to be incorporated within most HPWSs, it would be a mistake for us to focus too much, or too soon, on the pieces themselves. The key concept is the system. HPWS are composed of many interrelated parts that complement one another to reach the goals of an organization, large or small. I will start by the underlying principles that guide the development of HPWSs and the potential benefits that can occur as a result. Then I will outline the various components of the system, the workflow design, management process, HR practices and supporting technologies (fig.1) Fig. 1: Developing High Performance Work Systems The notion of HPWS was originally developed by David Nadler to capture an organizations architecture that integrates technical and social aspects of work. Edward Lawler and his associates at the Center of Effective Organization at the University of Southern California have worked with Fortune 1000 corporation to identify the primary principles that support HPWSs. There are 4 simple but powerful principles, as shown in fig. 2: Shared information Knowledge development Performance reward linkage Egalitarianism These principles have become the building blocks for managers who want to create HPWSs. More important, they are also quickly becoming the foundation for current theories of HRM. Fig. 2: Underlying principles of High Performance Work Systems The principle of Shared Information The principle of shared information is critical for the success of empowerment and involvement initiatives in organizations. The principle of shared information typifies a shift in organizations away from the mentality of command and control towards one more focused on employee commitment. It represents a fundamental shift in the relationship between employer employee. If executives do a good job of communicating with employees and create a culture of information sharing, employees are perhaps more to be willing (and able) to work towards the goals for the organization. They will know more, do more and contribute more. The Principle of Knowledge Development Knowledge development is the twin sister of information sharing. HPWS depend on the shift from touch labor to knowledge work. Employees today need a broad range of technical, problem-solving and interpersonal skills of change, knowledge skills to work either individually or in teams on cutting-edge projects. Because of the speed of change, knowledge and skill requirements must also change rapidly. The principle of Performance Reward linkage A time tested adage of management is that the interests of employees and organizations naturally diverge. People may intentionally or unintentionally pursue outcomes that are beneficial to them but not necessarily to the organization as a whole. A corollary of this idea, however, is that things tend to go more smoothly when there is some way to align employee and organizational goals. When rewards are connected to performance, employees naturally pursue outcomes that are mutually beneficial to themselves and the organization. When this happens, some amazing things can result. For example, supervisors dont have to constantly watch to make sure that employees do the right thing. But in fact, employees go out of their way- above and beyond the call of duty, so to speak- to make certain that co-workers are getting the help they need, system and processes are functioning efficiently and customers are happy. Connecting rewards to organizational performance also ensures fairness and trend s to focus employees on the organization. Equally important, performance based rewards ensure that employees share in the gains that results from any performance improvement. The Principle of Egalitarianism People want the sense that they are members and not just workers in an organization. Status and power difference tends to separate people and magnify whatever disparities exist between them. The us versus them battles that have traditionally raged between managers, employees and labor unions are increasingly being replaced by more cooperative approaches to managing work. More egalitarian work environments eliminate status and power differences and in the process increase collaboration and teamwork. When this happens, productivity can improve if people who once worked in isolation from (or in opposition to) one another begin to work together. IMPLEMENTATING HIGH PERFORMANCE WORK SYSTEMS Building a business case for change To get initial commitment to HPWS, managers have to build a case that the changes are needed for the success of the organization. In a recent study on the implementation of the HPWS, it was found that a member of a top management typically played the role of sponsor and spent a substantial portion of his time in that role communicating with employees about the reasons and approaches to change. Major transformation should not be left to middle managers. Rather, the CEO and the senior management team need to establish the context for change and communicate the vision more broadly to the entire organization. One of the best ways to best ways to communicate business needs is to employees where the business is today, its capabilities and current performance. Then show them where the organization needs to be in the future. The gap between today and the future represents a starting point for discussion. Establishing a Communications Plan The ASTD council on HPWS noted that providing an inadequate communication system is the most frequent mistake companies make during implementation. While we have emphasized the importance of executive commitment, top-down communication is not enough. Two-way communication not only can result in better decision, it may help to diminish the fear and concerns of employees. Involving the Union Building cooperation with Unions Navigating the Transition to High Performance Work Systems Building commitment to HPWS is ongoing activity. Perhaps, in fact it is never fully completed. And as in any change activity, performance frequently falters as implementation gets under way. One reason is that pieces of the system are change incrementally rather than as a total program. The other mistake organization often make is to focus on either top-down change driven by executives or bottom-up change cultivated by the employees. The top-down approach communicates manager support clarity, while the bottom-up approach ensures employee acceptance and commitment. Building a Transition Structure Implementation of HPWS proceeds in different ways for different organizations. In organizational startups, managers have the advantage of being able to put everything in place at once. However, when organizations have to be retrofitted, the process may occur a bit more clumsily. When Honeywell switched to HPWS, employees attended training program and participated in the redesign of th eir jobs while the plant was shut down to be re-equipped with new technology. When the new plant was reopened, self managing teams were put in place and a new pay system was implemented for high performance workforce. Not every organization has the luxury of suspending operations while changes are put in place. Nevertheless, establishing an implementation structure keeps everyone on track and prevents the system from bogging down. The structure provides a time table and process for mapping key business processes, redesigning work and training employees. Incorporating the HR Functions as a Variable Partner One of the mistakes that organizations can make in implementing HPWS is allocating too few resources to the effort. This means money, of course, but it also time and expertise. Although line manager typically own the responsibility of implementation, HR managers can be invaluable partners in leading the charge for and managing the change. Because change is difficult, HR manag ers need to understand what employees in transition are going through and help them handle it. When the old ways of doing things are abandoned, many experienced employees begin to feel like beginners again on the job. This can be stressful and sometimes polarize employees. Evaluating the success of the system Once HPWS are in place, they need to be monitored and evaluated over time. Several aspects of the review process should be addressed. First, there should be a process audit to determine whether the system has been implemented as it was designed and whether the principles of HPWS are being reinforced. Finally, HPWS should be periodically evaluated in terms of new organizational priorities and initiatives. Because HPWS are building on key business processes that deliver value to the customers, as these processes and customer relationships change so too should the work system. The advantage of HPWS is that they are flexible and therefore more easily adopted. When change occurs, it should be guided by a clear understanding of the business needs and exibhit a close vertical fit to strategy. LITERATURE REVIEW Relationship to Prior Conceptual Literature The prior conceptual literature speaks both of the mechanism through which the HR management system might affect firm performance as well as necessary conditions for these systems have a strategic impact. The behavioral perspective (Jackson, Schuler, Rivero, 1987) suggests that an effective HR management system will acquire, develop and motivate the behaviors necessary to enhance firm performance (Bailey, 1993; Jackson et al., 1987; Pfeffer, 1994; Schuler MacMilian, 1984). Complementary work argues that HR management systems provide additional value when they are purposively designed to be internally consistent and are thereafter linked with firm competitive strategy (Butler, Ferris, Napier, 1991; Cappelli Singh, 1992; Jackson Schuler, 1995; Milgrom Roberts, 1995; Ulrich Lale, 1990; Wright MacMahan, 19992). In essence, prior theoretical work in this area concludes that competitive advantage is in part of product of HR management systems that elicit employee behaviors consis tent with the firms broader strategic and environmental contingencies (Jackson Schuler, 1995). Promoting desirable employee behaviors is not sufficient to create a strategic impact. Following the resource-based view of the firm (Barney, 1991) it is clear that if HR management system systems are to in fact create sustained competitive advantage, they must be difficult to imitate. HPWS are characterized by at least two features that are associated with inimitability: path dependency and causal ambiguity (Collis and Montgomery, 199). Path dependency describes organizational practices that are developed over time and cannot be simply purchased in the market by competitors. A competitor can understand that a practice is valuable and would like to do the same thing, but is precluded from in policies that are easily understood in concept, but in practice require numerous and subtle interrelationships that are not readily observed by those outside the firm. An example is the challenge o f aligning HR, management practices with the firms strategy and their larger embeddedness in management practice (Lengnick-Hall Lengnick-Hall, 1998; Lado Wilson, 1994). The behavioral perspective describes how the HR management system creates new firm capabilities, while resource-based theory emphasizes the attributes required for these capabilities to generate competitive advantage. These complementary dimensions are consistent with recent theoretical work in the field of strategic management (Amit and Shoemaker, 1993) that develops the concept of strategic assets as the set of difficult to trade and imitate, scare, appropriate and specialized resources and capabilities that bestow the firms competitive advantage. Our view is that the HR strategies that successfully develop and implement a coordinated HPWS create invisible assets (Itami, 1987) that both create value and are difficult to imitate. These assets values are maximized with the HPWS is so embedded in the operational system of the organization that it enhances a firms capabilities. Therefore, unlike more traditional personnel activities, organizational HPWS has a strategic impact at the level of the firm. This interpretation is also consistent with the recent emphasis on core competencies developed by Hamel and Prahalad (1994) who argue that conventional measure of economic rents such as the difference between market and book value of assets (i.e.,Tobins q) reflect core competence, people embodied skills. Relationship to Prior Empirical Work Prior empirical research on HRM practices and organizational performance can be divided into four categories that vary along two dimensions: the breadth of HR practices under consideration and level of organizational performance. Most work examines one or a few types of HR policies or intermediate levels of organizational performance. A much smaller no. use a broad measure of the HR management system and intermediate measures of performance or a narrow set of HRM practices and firm level performance of organizational performance. The best of these (Arthur, 1994; Cutcher-Gershenfed, 1991; Delaney, in press; lchniowski, Shaw Prennushi, 1994, MacDuffie, 1995) suggest that progressive or innovative HRM practices have economically significant effects on intermediate measures of organizational success, primarily in certain manufacturing industries. Not only do such studies provide a greater opportunity to fully specify the HRM system, but by design they are able to eliminate alternative explanations that might be associated with industry differences across firms. These studies provide important insights into what otherwise is a black box between the HRM system and firm performance. While they do not establish an HRM system-firm performance relationship, such studies suggest that if such a relationship were observed, it would be consistent with the necessary organizational precursors. If a firms HRM practices are to represent a strategic lever for the development and implementation of competitive strategy, then the appropriate unit of analysis for this relationship is the comprehensive system of practices and policies in place throughout the organization. Examinations of individual policies and their effects on individual or intermediate levels of organizational effectiveness are useful, but they bear only indirectly on HR-firm performance relationship. However, as nascent empirical literature, researched based on broad measures of the HRM system should precede at both the intermediate and strategic level of firm performance. The empirical challenge is to trace the effects of HPWS through a variety of micro and intermediate organizational outcomes, and ultimately link those outcomes to corporate financial performance. Incorporating each of those elements in one study would require in-depth data on the HRM system, individual performance, unit level productivity and financial performance, as well as firm level financial performance for a large sample of firms. Theoretical foundation While the strategic HRM literature in its broadest form might have several motivating themes, the most fundamental question is our judgment is whether a firms HRM system can provide a long-lived source of competitive advantage, or whether it represents an organizational attribute that can easily be replicated by competitors. The question in the field of competitive strategy is generally what is the source of competitive advantage in the firm?.. (and) how is advantage created, and how is it sustained? (Schendel, 1996) if a firms system for human capital management is a partial answer to those questions, then in fact it has a strategic role to play an can potentially provide a source of economic rents. Conceptually, one can develop a plausible prediction that the HRM system can indeed be a strategic asset, capable of generating above normal economic rents. Driven by market imperatives to develop more efficient organizational structures and practices, there is an increasing emphasis among both academics and practitioners on behavioral competitive strategies that reply on core competencies and capabilities among employees, not only because they provide the most effective response to market demands, but also because they are not easily copied by competitors (Hamel Prahalad, 1994; Stalk, Evans, Shulman, 1992). While as much emphasis on the effective implementation of corporate strategies as their content, organizational policies and in frastructure are increasingly considered a potential source of sustainable competitive advantage. Within that context what is sometimes called a HPWS plays a strategic role; first as a resource to support the development of core competencies and second as an essential ingredient for effective strategy implementation (Dyer, 1993; Levine, 1995; Pfeffer, 1994) The conceptual literature focuses on two questions: By what mechanism does a HPWS affects firm performance? How can these systems represent a source of sustained value chain, rather than simply focus on cost control? The behavioral perspective (Jackson, Schuler River, 1989) answers the first question very simply. Firms that rely on human capital as a source of competitive advantage, ultimately require the productive behaviors necessary to implement their strategies. A fundamental source of those productive behaviors, both in terms of initial acquisition and subsequent development and motivation, is the firms HRM system (Baile y, 1993; Jackson et al., 1989; Pfeffer, 1994; Schuler MacMillain, 1984). The influence of the HRM system over valued employees behaviors is not sufficient to generate a strategic impact. HYPOTHESIS HYPOTHESIS 1: There is existence of High Performance Work System in a firm. HYPOTHESIS 2: There is no existence of High Performance Work System in a firm. HYPOTHESIS 3: There is impact of High Performance Work System on organizational performance. HYPOTHESIS 4: There is no impact of High Performance Work System on organizational performance. REASEARCH METHODLOGY Objective of the study The main objective of the study is To find existence of High Performance Work System in BEL, Kotdwara. To describe the impact of High Performance Work System on Organizational Performance of BEL, Kotdwara. Rationale of the study Public-sector defence undertaking, Bharat Electronics Ltd. (BEL) has given its HR policies a makeover. The move aimed at attracting talents from engineering disciplines. The company, facing severe competition from the private sector to attract and retain talent, has HR practices followed by these companies. The Navaratna company has forged alliances with several management institutes across the country such as Management Development Institute (MDI), Gurgaon, International Management Institute (IMI), Delhi and HR consultancy firm, TVR Learning Systems, Ahmedabad, to train its its mid-level and senior executives in management principles. The study is to find out the High Performance Work System of BEL and its effect on organizational performance of BEL. Scope of the study Bharat Electronics Limited (BEL) is a state-owned electronics company with about nine factories and few regional offices in India. The study is done on the factory of BEL, Kotdwara (Uttarakhand). The study was conducted from December 1, 2010 to April 5, 2011. Type of research Research design Descriptive Research Data type Primary and Secondary Sources of data Questionnaire filled by the employees of BEL Books and journals on HRM Internet Limitation Senior managers were hard to approach so cannot get feedback from them. Curriculum study of this kind is not given preference. Attitude of employees in government institutes is not positive for filling questionnaire. ABOUT BHARAT ELECTRONICS LIMITED (BEL) Bharat Electronics Limited (BEL) was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialized electronic needs of the Indian Defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company serving the needs of customers in diverse fields in India and aboard. BEL offers products and services in a wide spectrum of technology like Radrs, Military Communications, Naval System, Electronic Warfare Systems, Telecommunications, Sound and Vision Broadcasting, Opto-Electronics, Tank Electronics, Solar Photovoltaic Systems, Embedded Software and Electronic Components. With its expertise developed over the years, the company also provides turnkey system solutions. Defence continues to be BELs prime focus but the company also diversified into civilian ares. Some of the successful civilian products include the Electronic Voting Machines, Solar Powered LED-Based Traffic Signal Lights, Simputers and Set Top Boxes. BEL offers contracts -manufacturing services for both domestic and international customers. It has automated assembly, inspection and testing facilities as also precision machining capabilities. It adheres to strict process and manufacturing standards, producing world class products. BEL has its corporate office at Bangalore and manufacturing units at 9 locations in India . a network of marketing and customer support centers across India completes the vertically integrated company profile. Two offices, one in New York and the other in Singapore mark the companys international presence. The 2000 saw the Bangalore unit, which has grown very large, being reorganized into Strategic Business Units (SBUs). There are 7 SBUs in Bangalore Unit. The same year, BEL shares were listed in the National Stock Exchange. In 2002, BEL became the first defence PSU to operational Mini Ratna Category Is status. In june 2007, BEL was conferred the Prestigious Navr atna status based on its consistent. VISION, MISSION, VALUES AND OBJECTIVES: VISION To be a world-class enterprise in professional electronics. MISSION To be a customer focused globally competitive company in defence electronics and in other chosen areas of professional electronics, through quality, technology and innovation. VALUES Putting customers first. Working with transparency, honesty integrity. Trusting and respecting individuals. Fostering team work. Striving to achieve high employee satisfaction. Encouraging flexibility innovation. Endeavouring to fulfill social responsibilities. Proud of being a part of the organization. OBJECTIVES To be a customer focused company providing state-of-the-art products solutions at competitive prices, meeting the demands of quality, delivery service. To generate internal resource for profitable growth. To attain technological leadership in defence electronics in-house RD, partnership with defence/research laboratories academic institutions. To give thrust to exports. To create a facilitating environment for people to realize their full potential through continuous learning and team work. To give value for money to customers create wealth for share holders. To constantly benchmark companys performance with best-in-class internationally. To raise marketing abilities to global standards. To strive for self-reliance through indigenization. Research Development Research and Development is a key focus activity at BEL. RD started in 1963 at BEL and has been contributing steadily to the growth of BELs business and self-reliance in the fied of defence electronics and other chosen areas of professional electronics. BELs RD Policy is to enhance the companys pre-eminence in defence electronics and other chosen fields and products through RD. Major RD objectives of BEL is development of new products built with cutting-edge technology modules to meet customer requirement ensuring that the developed products are state-of-art, competitive and of the highest quality.

Graduation Speech High School Diploma - 891 Words

Due to a lack of decent jobs, half of all college graduates are still relying on their parents financially when they are two years out of school. In the US the bottom 40 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth, and College tuition has risen 10 times faster than the median family income. These are just a few issues that my generation, and more to come will face. My dream requires fair access to jobs and educational opportunities, work, and fair pay, all while empowering individuals to pursue their own passions. Higher education is essential to having the knowledge and experience to achieve your dream. If I don’t have higher education I would be stuck with a high school diploma. A survey, prepared by Public Agenda and released nationwide by several independent, nonprofit organizations, finds that a towering 87% of Americans believe that a college education has become as important as a high school diploma used to be. Also, three out of four Americans think that there cannot be too many people with education and training beyond high school. This fact is staggering, but we all come to the same conclusion that college is even more important now than ever. In addition to college being more important, college education needs to be affordable. â€Å"Nearly two-thirds of Americans strongly agree that colleges should be doing a much better job of keeping down their costs† ( Forbes ). My American dream requiresShow MoreRelatedGraduation Speech : High School Diploma920 Words   |  4 PagesDay after day I had always regretted not finishing school. Every day that went by Reminded me how much I needed to complete my education. I would remember applying to jobs and always seeing that dreaded sentence saying â€Å"must have High school diploma or equivalent’’. The memory of those days still feel as if it was just yesterday that I was without education. 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Evas home Essay Example For Students

Evas home Essay Arthur Birling is a rather portentous man in his middle fifties with a fairly easy manner but with restricted views and opinions.  Arthur Birling tends to think more about his business than the people who work for him, so when he sacked Eva he didnt consider her feelings or how it would affect her life, to him she was just an employee, He was a hard headed practical man of business. When his daughters engagement was announced he found it as another bonus to his business because Gerald was the son of the owner of Croft unlimited the company in competition with his own so in his eyes the marriage between his daughter and Gerald was just another way to bring the two companies together But, Birling is also a little uneasy about his daughter marrying Gerald incase Geralds parents think their son is marrying beneath himself by marrying Sheila. Arthur Birling was very concerned with the publics views of him and thought of his reputation very highly. He is Ex-Lord Mayor of Brumley and a local magistrate and he is always quick to point out his social status I gather there is a very good chance of knighthood. He wants to stay away from scandal and the police to protect his public image.  When Arthur was questioned by the inspector he tells him that Eva Smith left his factory two years ago, she was always a good worker, a foreman told me he was ready to promote her into what we call a leading operator-head of a small group of girls. The reason Eva left Birlings factory was that he sacked her because she and a group of girls asked him for a raise in their wages and he refused as Mr. Birling regarded himself as reasonable and paid his employees no more or no less than the going rate I couldnt consider it, we were paying the usual rates and if they didnt like those rates, they could go and work somewhere else. Its a free country I told them. He didnt punish the workers who asked for more money but he turned them down because he thinks its his duty to keep costs low and prices high but Birling realises he has no legal obligation to keep labour costs down so he does it for his own moral reasons. The girls then went on strike but came back a week later on the old rates a week or so after the strike began apart from four or five ringleaders who of course included Eva Smith. Birling becomes impatient with the inspector, but at first Gerald and Birling are not worried by the inspectors visit. Birling regards the Police as their protectors but also as their servants. Birling has a strong view of other people and believes A man has to make his own way, has to look after himself and his family. He doesnt give anything away for free and also said, The way some of these cranks talk and write youd think everybody has to look after everyone else. In other words he is saying if his actions affect her then its her fault and she should do something about it for herself instead of him worrying over her. This shows us that Birling is out for himself no matter who gets in his way. He is particularly self-centered and considers himself and Mrs. Birling to stand for the right values and for proper conduct but he isnt standing for the right values by refusing to give the girls a raise. He could have sat down and discussed the issues instead of just giving them a final ultimatum. He is only interested in protecting the interests of himself and others like him. .u66f9c165fdb973b8096db1fbe7ec0878 , .u66f9c165fdb973b8096db1fbe7ec0878 .postImageUrl , .u66f9c165fdb973b8096db1fbe7ec0878 .centered-text-area { min-height: 80px; position: relative; } .u66f9c165fdb973b8096db1fbe7ec0878 , .u66f9c165fdb973b8096db1fbe7ec0878:hover , .u66f9c165fdb973b8096db1fbe7ec0878:visited , .u66f9c165fdb973b8096db1fbe7ec0878:active { border:0!important; } .u66f9c165fdb973b8096db1fbe7ec0878 .clearfix:after { content: ""; display: table; clear: both; } .u66f9c165fdb973b8096db1fbe7ec0878 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u66f9c165fdb973b8096db1fbe7ec0878:active , .u66f9c165fdb973b8096db1fbe7ec0878:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u66f9c165fdb973b8096db1fbe7ec0878 .centered-text-area { width: 100%; position: relative ; } .u66f9c165fdb973b8096db1fbe7ec0878 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u66f9c165fdb973b8096db1fbe7ec0878 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u66f9c165fdb973b8096db1fbe7ec0878 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u66f9c165fdb973b8096db1fbe7ec0878:hover .ctaButton { background-color: #34495E!important; } .u66f9c165fdb973b8096db1fbe7ec0878 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u66f9c165fdb973b8096db1fbe7ec0878 .u66f9c165fdb973b8096db1fbe7ec0878-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u66f9c165fdb973b8096db1fbe7ec0878:after { content: ""; display: block; clear: both; } READ: Is Shylock Presented as a Victim or a Villain by Shakespeare EssayMr. Birling is very narrow minded and has no idea about the consequences of his actions hes very arrogant and opinionated, he is short sighted and only sees what he wants to, he makes predictions about the future how the Titanic will never sink and the impossibility of war. He seems unable to see a reason why nations should go to war and upset the businessmens quest for profit. Arthur doesnt seem at all worried about what has happened to the poor girl Eva smith, He has no regrets about what he did to the girl but is only offended by the inspectors rudeness but he seems far more concerned about the fact that there could be the possibility of now being deprived of his knighthood. All through out the play Arthur tries to belittle the inspector by trying to put him in his place and continually re emphasizing his own position in society, he gets increasingly desperate to avoid facing his responsibilities whilst trying to cover up anything his family may have said that could diminish his future chances. Eric is one of the weaker more evasive characters, He is in his early twenties and is half shy and half-assertive. He is very fond of his alcohol although his parents are completely oblivious of his habit. Sheila is aware of Erics drink problem and had been harbouring his secret until the inspector shows up, when she takes it on herself to inform her parents. When Erics mother finds out about his little problem, she tries to shake off the accusation as her little boy couldnt possible do a thing like getting drunk, I never dreamt, besides, youre not the type, you dont get drunk. Eric met Eva Smith in the Palace Bar after he had consumed a rather considerable amount of alcohol and was quite tipsy. Eric insisted that he go back to Evas home I threatened to make a row She let him in and thats when it happened and I didnt even remember- thats the hellish thing. Eric and Eva made love- if you could call it that. He used her as an object in the heat of the drunken moment and forced her to do something that she probably didnt want to do.

Value and Price Essay Example

Value and Price Essay There  are  four  major  attributes  of  a  commodity  i. e. ,  an  item  or  service  produced  for,  and  sold  on  the  market  has   four  major  attributes. They  are:   †¢ a  value   †¢ a  use? value  (or  utility)   †¢ an  exchange  value   †¢ a  price  (it  could  be  an  actual  selling  price  or  an  imputed  ideal  price) VALUE In   simple   words,   value   refers   to   the   importance   of   a   thing   or   utility   of   a   commodity. But   in   economics   the   term   â€Å"value†Ã‚  has  a  quite  different  meaning. According  to  the  famous  economist,  Adam  Smith,  the  word  Ã¢â‚¬Å"Value†Ã‚  can  be   used  in  two  meanings:  Ã‚   i. Value  in  Use  and   ii. Value  in  Exchange. 1) Value  in  use:  Value  in  use  is  also  called  Utility  or  a  want  satisfying  power  of  a  commodity. For  example,   water  satisfies  our  thirst. The  quality  of  water  is  the  value? in? use  of  water. Since  water  is  not  scarce,  it  is   free  good,  hence  not  studied  in  economics. 2) Value  in  Exchange:  Value  in  Exchange  means  purchasing  power  of  goods. It  is  the  power  of  a  good  to   secure  other  goods  in  exchange. It  is  the  value  of  a  commodity  in  exchange  of  the  other  commodity. For   example,  if  3  kgs. f  wheat  can  be  obtained  in  exchange  of  1  kg. of  rice,  the  exchange  value  of  1  kg  of   rice  is  equal  to  3  kgs. of  wheat  or  the   value  of  3  kgs. of  wheat  is  equal  to  1  kg. of  rice. OBSERVATION:   In   economics,   the   term   â€Å"value†Ã‚   is   used   for   the   value   of   exchange. It   is   the   amount   of   goods   and   services  that  can  be  secured  in  exchange  for  a  particular  commodity. In   the   words   of   Prof. Tausslg. â€Å"The   value   of   a   commodity   means   in   Economics,   its   power   of   securing   other   commodities  in  exchange. We will write a custom essay sample on Value and Price specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Value and Price specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Value and Price specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In  the  words  of  Anatol  Murad,  Ã¢â‚¬Å"The  value  of  a  goods  is  its  purchasing  power. †Ã‚   The  number  of  units  of  something  obtained  in  return  for  1  unit  of  a  commodity  can  be  the  value  of  that  commodity. If  2  kgs. of  potatoes  can  be  obtained  in  return  for  1  kg. of  wheat,  the  value  of  1  kg. of  wheat  will  be  equal  to  2  kgs. of   potatoes. If  a  commodity  does  not  have  any  power  to  secure  other  commodities  in  exchange,  it  has  no  value. Prof. Belly   is   right   to   observe   that   a   commodity   does   not   have   any   value   by   itself. Its   value   is   represented   only   through  some  other  commodity. Attributes  of  Value   To  a  layman,  value  may  have  the  same  meaning  as  utility  but  in  economics  the  two  are  quite  different. In  economics,   a  commodity  has  a  value  when  the  following  attributes  are  found  in  it:   1) Utility:  A  commodity  has  value  only  when  it  has  a  utility  or  power  to  satisfy  our  wants. If  a  commodity  has   no  utility,  no  other  commodity  or  service  will  be  secured  in  exchange  for  it. 2) Scarcity:   A   commodity   has   a   value   only   when   it   has   an   attribute   of   scarcity   along   with   utility   (i. e. ,   scarce   besides   being   useful). A   commodity   is   scarce   when   its   demand   exceeds   its   supply. Air,   water,   sunlight   do   have  their  utility,  but  these  are  not  scarce. Their  supply  exceeds  their  demand. Therefore,  the  do  not  have   any  value. 3) Transferability:   A   commodity   has   a   value   only   when   by   transferring   it,   some   other   commodity   can   be   secured  in  exchange. Transferability  refers  to  changing  the  ownership  of  a  commodity,  or  securing  another   commodity  in  exchange  for  it. Thus,  by  virtue  of  transferability,  the  good  which  was  once  yours  may  now  be   owned  by  another  man. Thus,  for  a  good  to  have  value,  besides  possessing  utility,  it  should  also  be  scarce  and  transferable. Unless  all  these   three  attributes  are  present  in  a  good,  it  cannot  have  value. For  example,  air  has  utility  but  since  it  is  not  scarce  or   transferable,  it  has  no  value. Since  rotten  eggs  are  scarce  and  transferable  but  posses  no  utility,  they  also  don’t  have   value. A  car,  since  it  possesses  utility  and  is  scarce  as  well  as  transferable,  has  value. PRICE In  the  modern  age,  we  do  not  secure  goods  in  exchange  for  other  goods. We  do  n