Hayek and alfred marshal Assignment Example | Topics and Well Written Essays - 500 words

Hayek and alfred marshal - Assignment Example While the price system has the disadvantages of its own, it’s should still be thought of as a marvel of the economically driven coordination. Hayek explains that the contrast exists between the natural and social sciences. In the sciences of the natural type, if advances are to be made, scientists should recognise that things are actually not what they might seem. Science undoubtedly dissolves the existing categories of subjective experience only to replace them with causes that are hidden and lie beneath the surface. Hayek believes that contrary to this principle the study of society ought to take to use as its raw material the subjective ideas and beliefs expressed by members of the society. To illustrate, Hayek says, â€Å"the position of man, midway between natural and social phenomena (...) brings it about that the essential basic facts which we need for explanation of social phenomena are part of the common experience, part of the stuff of our thinking† (Hayek 126). In brief, one should perceive the society in relation to the role of men’s conscious reflection of the done actions. While people in a soc iety are all the time choosing among a variety of choices of how to act, in a collective sense the outcome is an unintended result of decisions taken consciously. Central planning is a wrong way to shape the social economic order. Hayek is against centralization, when economic planning is carried out by one authority over the system, but thinks that this economic planning has to be distributed among many individuals. Based on his review of the Mise’s work, Hayek agrees that rational calculation, applicable to an economic order, has been made impossible by socialism the way Hayek saw it functioning in practice. Indeed, central direction of the overall economic activity at once at distribution of the income that is not dependent on private property in the situation when output is greater than production is doomed to failure. Yet,

Annotated bibliography Essay Example | Topics and Well Written Essays - 1250 words

Annotated bibliography - Essay Example ProQuest. Web. Oct 19, 2012. This study points out some inconsistency in human resource management (HRM) perspectives from a business standpoint. As researchers at the University of Strathclyde, the authors propose formal systems, specifically designed to improve the effectiveness of HRM in order to achieve better business practices and then corporate expansion. This research is very relevant because it calls for the implementation of more effective human resource management models fundamental to the success of any business. Indeed, efficient HRM models are necessary to the required performance of businesses. This article will be used in my paper because it exposes the limitations in HRM and demonstrates the need to set up better models. Fisscher, Olaf, and Andre Nijhof. â€Å"Research and Concepts: Implications of Business Ethics for Quality Management.† The TQM Magazine 17.2 (2005): 150-61. ProQuest. Web. Oct 19, 2012. In this article, Olaf Fisscher and Andre Nijhof, both re searchers at the University of Twente, in the Netherland, explore the relationship between business ethics and quality management. The authors demonstrate that even though business ethics and quality management have different origins, they both deal with issues of responsibility. In addition, the article presents the link between them and what quality management can learn from business ethics. The argument presented in this study is very valid because quality management goes with business ethics in order to achieve good results. The presence of responsibility in both fields reveals the importance of moral values in business management. This study will bring a valuable contribution to my paper because it labels the lack of responsibility as a serious weakness in the business sector. Gronholdt, Lars, and Anne Martensen. â€Å"Management Practices Driving Sustained Business Success.† Measuring Business Excellence 13.1 (2009): 48-58. ProQuest. Web. Oct 19, 2012. Lars Gronholdt an d Anne Martensen analyze the way different managerial practices provide sustainable and profitable growth in Danish companies. The authors, researchers at the Copenhagen Business School, present a variety of managerial tools and techniques that companies need to implement in order to achieve high performance. They also invite companies to clearly distinguish the common managerial practices that guarantee a successful business. The authors make a meaningful point in calling for selecting the best managerial tools to ensure good performance. The ability for businesses to identify the best practices allows them to make profit and ensure growth. This article will be very helpful to my paper because not all managerial tools can bring success, and it belongs to managers to choose the best. Gulledge, Thomas R. Jr., and Rainer A. Sommer. â€Å"Business Process Management: Public Sector Management.† Business Process Management Journal 8.4 (2002): 364-77. ProQuest. Web. Oct 19, 2012. R esearchers at George Mason University, Thomas R. Gulledge Jr. and Rainer A. Sommer draw readers’ attention to the difficulties in the management of the public sector. For them, much of the research has been directed toward business process management whereas the public sector management has not received much attention. This study focuses on the need to