Friday, February 21, 2020

Sustainable Management Futures Assignment Example | Topics and Well Written Essays - 1500 words

Sustainable Management Futures - Assignment Example â€Å"Let Capitalism Rip†, in the speech of British Prime Minister David Cameron signifies the dominance of capitalism in the society which concentrates on demolishing the free market. According to Prime Minister David Cameron, the popular capitalism should allow everyone to share in the success of the market. The Prime Minister also includes in his speech the social responsibilities of the firms and to prevent the abuse of the policies that have been conducted by the organisations to gain larger profitability as well as competency (BBC, 2012). To be precise, Prime Minister David Cameron, by making counterarguments over chronic capitalism practiced in UK documented the need for free market considerations not only on profit maximization but also toward Corporate Social Responsibilities (CSR). With due consideration to the aspect of capitalism and market labours, the government intends to enforce the policies toward the determined poverty level, ecological demolition, fundamenta l inequalities of wealth, and concentrated power in the hands of corporation, and property-owner among others (Charter & Johnson, 2011). The labour economics from a free market perspective signifies that the labours in the economy are based upon the three crucial factors of production which are recognised as land, labour and capital that generates the massive part of the annual GDP of the country. Therefore, the traders as well as the government in the United Kingdom provide significant consideration towards these issues of labours in the economic stature of the country (Block, 2008). In this regards, the speech of Prime Minister Cameron indicates to build a better and structured economy, so that the country along with its citizens can be benefitted in the free market, in terms of avoidance towards economic crisis and other similar challenges including poverty as well as power and wealth distribution (BBC, 2012). The proposal put forward by Prime Minister David Cameron in this speec h elaborates on the proper utilization of the human resources (labours) and other natural resources signifying a free rein perception within the market moving ahead against the traditional approach and â€Å"Let Capitalism Rip†. In the context of his speech about the dominance of capitalism in the entire business society of UK and its impact on the economic structure of the country, the moral highlighted was to apply the basic fair market approach in the business environment (Charter & Johnson, 2011). Prime Minister David Cameron, in this regard, stated that capitalism can be one of the strongest tools for development of the country’s financial structure, involving wealth creation as well as social responsibilities that was ever recognized. An effective capitalism insists the proprietors of intellectual property rights along with the economic property rights facilitating them to earn a profit as a reward for investing the capital at risk in a suitable form of free mark et financial activity (Norman, 2011). Capitalism is not only concerned about the economic and social conditions, it also be acquainted with its morals. The notion of capitalism involves morality as it considers a few auspicious demands, such the individual freedom based on personal principles, the assets of hard work and creativity, the social exchange regarding effectiveness of the traditions and intellectual practices along with government’

Wednesday, February 5, 2020

An Economist's Account of the Existence of Moral hazard in the Essay

An Economist's Account of the Existence of Moral hazard in the healthcare sector, and describe the mechanisms necessary to tac - Essay Example However, it is argued that the existence of the excessive utilization of these systems is due to the absence of a financial barrier to control the demand, and presence of financial arrangements on the supply side, which enables providers to supply wasteful amounts. Generally, unregulated, competitive markets result in private health insurance, which contributes to the concept of more insurance, which helps reduce health risks, but at the same time, increases demand and cost. In this regard, Nyman (2003) argued that most economists view the idea of controlling the supply side as a possible way of alleviating this problem. With such deliberations, it has been difficult for both the policy makers and economists to measure the level of demand and supply considered ideal in the market. In light with this, initiatives have been formulated in order to counteract moral hazard. Consumer moral hazards counter policies In order for policies to respond to consumer moral hazards, various issues h ave to be put into consideration without necessarily focusing on financial ones. The use of primary-care doctors as the gateway to preventing overuse of hospital services has been endorsed by many high income countries (Culyer and Newhouse 2000). On the other hand, the same modality has been endorsed by lower income countries by way of using bare-foot doctors. Nevertheless, numerous measures have been designed to counteract consumer moral hazards. Co-payments Co-payments have been utilized by a number of countries to exert some financial burden on the consumer in order to discourage unnecessary use of health care. This involves several schemes, which differ on the basis of the financial arrangement (Sexton 2010). Nevertheless, individual scheme is composed of flat rate change for each unit of service, a deductable akin to excess, and co-insurance. One of the most notable contributions of co-payments comes from the famous health insurance implement (HIE). In this particular experimen t, families that participated in the experiment were randomly assigned one of the different free-for-service insurance plans. The free for service plans involved different levels of cost sharing. Covered expenses included most medical services. Another set of the plan involved free access to inpatient services. The outcome of the experiment indicated that utilization responds to amounts paid out of pocket. Per capita total expenses on the free recorded 45 percent higher than those on the plan with a 95 percent co-insurance, however, spending rates on the rest of plans was on average. On the other hand, outpatient expenses on the provided free plan recorded an increase of 67 percent higher than those on the 95 percent co-insurance plan. The findings from this experiment indicated that an increase in the user price will lead to a decrease in demand. In this regard, it is apparent that implementing charges would lead to doctors concentrating more on those who can afford to pay (Sexton 2010). However, the implication is that those more in need tends to have less access to services. This becomes the problem of the approach advocated by RAND study. This is arguably true because in aggravate, the figure of those more in need of service and able to pay is replaced by those less in need and unable to pay. The other important issue of concern is whether the response of demand for health care to adjustment in its prices is the same or different for several groups in society (Nyman 2003). It is also necessary to