Carefully explain what economists mean by efficiency. Using examples Essay - 1

Carefully explain what economists mean by efficiency. Using examples from the real world where appropriate, explain why economists consider Monopolies to be i - Essay Example Efficiency can never be complete, and it always needs to be measured in relation to certain criteria. For economic efficiency the basic criterion is value, so that changes that tend to increase value are deemed efficient and changes that decrease it are thought to be inefficient. However, a state of affairs that can be qualified as economically efficient need not necessarily remain efficient when viewed from the point of view of other criteria. So, value is not only a relative quality but a subjective one as well because something has value only if there are those who want it. In this situation a question arises as to how can one be sure that value is maximised? One of the traditional answers of economists to this questions is contained in what is known as Pareto optimality, named so after Italian economist Vilfredo Pareto who postulated that if a change can leave somebody better off than before, and at the same time will not make situation of others worse, then the initial situation was not the one of the highest possible value because an improvement could yet be introduced (Wikipedia, 2006). And when the highest possible value is obtained, then any change that may improve one`s condition must inevitably be harmful for somebody else. This situation was defined by Pareto as allocative efficiency. Economists are concerned about economic efficiency for two reasons. The positive reason of their interest stems from the fact that people are seeking value, and this search can take place in any social circumstances so that on condition that enough money can be obtained people are ready to go for immoral, risky, and criminal occupations. From the theoretical point of view we can attribute this quest for value to the mentioned striving to maximise utility and profit, and when situations emerge that an unexploited value exists which is possible but not yet captured economists usually need to provide an account of why no ways are found to utilise this value. Thus,

Fear Essay Example | Topics and Well Written Essays - 750 words - 3

Fear - Essay Example However, I can now attest that my most terrifying experiences of fear began with just one disturbing adventure in house cleaning that I had. At that time fear entered my heart never to leave again. This first fear experienced in early childhood now seems to have permanently scarred my mind with the shock, never to be undone. While it has now been over 30 years, I remember the event as if it were yesterday. Even writing about it now sends a chill thorough me and I can feel my flesh crawl just thinking about it. This all happened when I had just turned 8 years old. There was a cleaning trip to what I had heard was a haunted house. My cousins had been there and talked about it for many weeks prior and I wanted to see it for myself so I volunteered to help my family clean out this spooky old house which they had inherited. It had been closed for several years and was filled with junk, dust, and mold. My parents did not want me to go, they said I was too young for such work and would probably just slow them down. My cousin, Peter, who was only a year older, was already going to go and I thought that it was just unfair of them not to allow me the same experience of exploring this house. I was not really much of a tomboy, but I really wanted to see this place and see if there were ghosts there. So, I grabbed a broom and dustpan and proceeded to the car, my parents shook their heads and gave in to me, since they knew I was headstrong and would sulk for weeks if I did not get my way, a trait I som etime exhibit to this day, much to the chagrin of most of my friends and family. We arrived at the house in the early morning; the sun was casting long shadows from the banana trees that surrounded the property and the shadow of the house itself folded over us as we parked the car. There was a slight mist in the air and a cool chill, my mother was right as usual I should have worn a sweater, but I did not want to get it dirty. The front of the house had a