A good starting point for economic study of social decision making is game theory. Game Theory provides a useful foundation for the study of decisions in a social context. It seeks to find the different strategies that decision makers will coincide on while trying to maximize their own payoffs. Nash equilibrium refers to the set of strategies from which no individual players can increase their payoffs by altering their strategies unilaterally. For example, in a competitive game between two players
Monetary or monetary policy is the macroeconomic policy of monetary authorities, a set of measures aimed at managing aggregate demand through the terms of the money market (short-term interest rate, nominal exchange rate or current liquidity level of the banking sector) to achieve a combination of ultimate goals, which could include price stability, maintaining a stable exchange rate, financial stability and promoting a balanced economic growth. The history of the term "monetary policy" originates
3 Theory of Bureaucracy The public concept of bureaucracy suggest the need for sweeping reforms in the public sector to avoid concentrating power on the in nonelected institution, to forge a strong link between citizens preference and government action, and to bring the political system generally into a closer embrace of democratic value (Ostrom 1985:242 public choice argues that such reform should rely on the introduction of market force into the arena of public service provision. Competition and
However Fiscal Federalism Theory also identified that there are number of disadvantages of decentralization. First, it argues that decentralization leads to high level of corruption and the local government tends to be the local choices. Second, the existence of spillover effect and lack of technical stuff among the local governments may become the cause of reducing the efficiency of provision of public services under the decentralized system (Prud’homme, 1995). Thus, this theory leads to no result with
different theories in attempt to explain why corporate is committed, yet it still remains an intricate matter. Two of the more prominent of these theories are Rational choice theory and Differential association theory. The the purpose of this essay will be to apply both of the aforementioned theories to corporate crime and ultimately conclude that although both theories hold strengths and flaws, neither is more successful than the other at explaining corporate crime. However before these theories are evaluated
provides a means for recognizing selected examples of metonymy and metaphor and also anomaly and literalness. The met* method is based on the selection restriction, also known as the preference. Metonymy, metaphor, literalness and anomaly are recognized by evaluating preferences, which produces four kinds of basic "preference-based" relationship or semantic relation: literal, metonymic, metaphorical, and anomalous. Within the method, the main difference between metonymy and metaphor is that a metonymy
2014). Content theories refers to influence on the career development which are either intrinsic to individual’s or emanate form from within the context in which one lives. All together individual influences have been given more attention in career theory than contextual influences. Process theories refers to the interaction and change over time and is the illustrated in some theories as a series of the stages through which individuals pass, (Patton & McMahon,
International trade is the exchange of capital, goods, and services across international borders or territories. This form of trade has over centuries, proven to be vital because trading globally gives consumers and countries the opportunity to be exposed to goods and services not cheaply available in their own countries; thereby leading to increased economic welfare. Adams Smith alluding to this states thus:”…The tailor does not attempt to make his own shoes, but he buys them from the shoemaker
motivated by incentives, markedly money. However, it is imperative that we understand that motivation cannot be directly examined nor can it be directly measured. One can only observe someone’s behaviour and make assumptions based upon their actions. For this reason, it is difficult to make objective decisions with regard to what motivates people in general
(1954), is used very often for categorising human motives. Maslow’s theory states that people are motivated by unsatisfied needs which are in a hierarchical order that prevents people from being motivated by a need area unless all lower level needs have been met (Pardee, Ronald L, 1990). To prove that humans are not blindly reacting to situations, but trying to accomplish something greater, Maslow studied mentally healthy