... a normative theory of asset allocation. The remainder of this paper is organized as follows. Section 2 presents the nature of human being and discusses why investors are not rational. Section 3 presents the reason of human's irrationality. Section 4 summarizes the main results and presents conclusions. 2. Is the human being rational or not In the Markowitz's portfolio selection theory(1952), he assumed that the investor is risk ... level of mean return, the investor wants to minimize risk, measured by portfolio variance or standard deviation. But in reality, this assumption might never ...

• Word Count: 1260
• Approx Pages: 5
• Grade Level: Undergraduate

... examined by four social philosophies, liberal rationalism, Marxist Leninism, rightist and the Christian realist. These philosophies combine human nature with history in distinct methods to provide plausible explanations for features of economic systems. Liberal rationalism believes in the good of human nature. It claims that humans are born good and strive to achieve perfection in all aspects of life. God ... definitely be material to encourage good behavior within society. Therefore it is very easy to see how assumptions about human nature spill into economic systems based on behavior. T...

• Word Count: 4711
• Approx Pages: 19
• Has Bibliography
• Grade Level: Undergraduate

... , in his day. This work was about those standards of ethical conduct that hold society together, with emphasis on the general harmony of human motives and activities under a beneficent Providence. Adam Smith's central notion in this work is that moral principles have social feeling or sympathy as ... never occur. He naturally loses, therefore, the habit of such excretion, and generally becomes as stupid and ignorant as it is possible for a human creature to become." "The torpor of his mind renders him not only incapable of relishing or bearing a part in any rational conversation, but ... ...

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... are controlled by scarcity, scarcity requires choice, choice involves an opportunity cost, and the final goal is maximum satisfaction. These all are based on human nature, unfortunately most economist are confused about human nature, through a Buddhist way of life human nature is closely examined and made more clearly. Buddhist beliefs in value, consumption, moderation, non-consumption, contentment, work, production and non-production, competition ... women who complied with that status were considered good and those who fought against it were considered bad. The judgement was incorrect,...

• Word Count: 1693
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... of ethical conduct that hold society together. Smith moved to London in 1776, and then published his famous book entitled An Inquiry into the Nature and Causes of the Wealth of Nations. Two years after this book was published, he won an appointment as commissioner of customs in Edinburgh, ... free-market economy in terms of social ethic of "natural liberty." To Smith nature is many things, including "nature is the essential quality and character of something, it is the inherent force which directs either the world or human beings or both, thirdly, it is the material world itself, taken as...

• Word Count: 3103
• Approx Pages: 12
• Grade Level: Undergraduate

... The culture that Japanese people are brought up in causes them to recognize that they have to work together to succeed. Only harmony will provide improvement. This development of the human nature and attitude relates directly to Japan's business practice and provides a basis for good business relations. It is apparent that the acquisition of cultural traits can only be explained historically, ... most important thoughts of Japanese management system. The Japanese used these influences to reject individualism. They prefer the natural order represented by people living in human community, ...

• Word Count: 2410
• Approx Pages: 10
• Has Bibliography
• Grade Level: Undergraduate

... philosophy of "the obvious and simple system of natural liberty" which he was later to announce to the world in his Inquiry into the Nature and Causes of the Wealth of Nations. ANALYSIS: As a child, Smith showed an absence of mind, which was to be a ... . The Theory of Moral Sentiments was about "those standards of ethical conduct that hold society together, with emphasis on the general harmony of human motives and activities under a beneficent Providence-. (1) It is argued that The Theory of Moral Sentiments provides a specific foundation of Smith's economic ... Smith had a vision of ca...

• Word Count: 1152
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• Has Bibliography

... that processes associated with "globalisation" are bringing "waves of social transformation crash[ing] across virtually the whole of the earth's surface" as information technologies overcome the last vestiges of human distance in both time and space (see also Harvey, 1990). Castells (1996) argues that these new technologies now link the world, similar to the way railway lines once linked ... , managerial behaviour, and leadership: goals are organizational goals and not, for example, the goals of those who can make their definitions stick; structures are understood as facts of nature rath...

• Word Count: 5164
• Approx Pages: 21
• Grade Level: Undergraduate

... those of an overseer. The third part states that, "The worker is alienated from his human nature or his 'species being', because the first two aspects of alienation deprive his productive activity of those specifically human qualities which distinguish it from the activity of animals and thus define human nature (Abercrombie)." Marx is suggesting that because we are alienated from the product we produce and ... the emotional bond in the manner we produce it, we lose connection with the "human" aspects of life and become much more like animals ... , who do things only by nature and insti...

• Word Count: 1136
• Approx Pages: 5
• Has Bibliography
• Grade Level: Undergraduate

... technologically-driven, economistic definition. But, it is bereft of any sense of the limits of liberalisation or any serious political theory that might lead to a realisation of the problematic nature of the teleology espoused. Prior to the economic downturns of 1997 it demonstrated little appreciation of any of the downsides of globalisation or indeed, the countervailing pressures that globalisation might ... protectionism and import substitution had been progressively abandoned by those states that had pursued them in the past. Moreover, the empirical record on the alleviation of huma...

• Word Count: 9082
• Approx Pages: 36
• Grade Level: Undergraduate

... Knight introduced managers who coordinate using their own money (financial capital) and the financial capital of others. In contrast, many economists today consider "human capital" (skills and education) as the fourth factor of production, with entrepreneurship as a form of human capital. Yet others refer to intellectual capital. More recently, many have begun to see "social capital" as a factor, as contributing to ... as to information technology, recorded music, written material. This intellectual property is protected by copyrights,patents, and trademarks. This view posits a new...

• Word Count: 772
• Approx Pages: 3
• Grade Level: Undergraduate

... diseases we humans are susceptible to, and when scientists create something to eliminate immunities to diseases, it may result in a mass destruction of the evolved living being known as the human. This may sound tragic, but this is what Biotechnology is all about; changing genes so that they may fit our societal and economic needs. The government has probably taken this ... and vegetation, nor our dairy and meat products. When we do not need to worry about certain factors like a draught or massive rain, we have a sociable balance between us and nature. Scientists have used biotechnology...

• Word Count: 773
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... be seen through cronyism. Companies like Pertamina Oil can perhaps be used as examples of both! Although further discussion of this would be interesting, what is of importance is the nature of SEA-centric economies in comparison to Western. Another way to illustrate some differences is in quickly examining the reasons that the two give for the 1997 crisis. On one ... that the division mainstream economists have between normative (based on values, emotions) and positive (analytically objective, "natural law-) economics is due to their inability to understand human nature. Naturally Buddhis...

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... the increase of competition for power, militarily wise and well as economical. Take the Cold War for example: Realists would look at this event and conclude that it was ultimately human nature that caused this to happen and that it will inevitably happen again. They believe that where there is always struggle for power there will always be war and suffering. Realists ... events. They do not believe in the concept of learning from our mistakes but that we as humans are bound to forever repeat the same mistakes and that is the nature of things. The Realist theory looks at States as the ke...

• Word Count: 2371
• Approx Pages: 9
• Grade Level: High School

... forces that underpin, shape and direct globalisation should have become apparent. Globalisation will continue to be prevalent, making it imperative that the true nature of this phenomenon is understood. The reality and the true face of globalisation Globalisation has spread like wild fire around the world since ... decline has occurred. It is hardly surprising that vast proportions of the world are engulfed in economic degeneration considering the implications and the nature of the above policies mentioned. The flaws in the policies can be seen from the discussion below. Oppressive use ...

• Word Count: 3797
• Approx Pages: 15
• Grade Level: Undergraduate

... the study of and use of how economic theory and methods influence political ideology. More importantly, the study of political economy analyzes the distribution of power and wealth and the nature of the state. It is important to understand the role of the government in order to understand the theorist point of view of economic regulatory practices and interference. We start ... to Machiavelli, Hobbes defines the role of the state on a social perspective as well. In Leviathan, Hobbes explicitly sets out his moral and political philosophy with regard to human nature, the state of nature a...

• Word Count: 1585
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• Grade Level: Undergraduate

... is quite difficult to implement because it requires a complete overhaul of an organization's work environment. On the other hand, there are pressures emanating from the unstable nature of the economy which are forcing organizations to withdraw from providing financial incentives to their employees. Another factor which is definitely pressuring organizations is the increasing rate of employee ... particularly related to their jobs. From this article various strategies can be implemented to ensure sustainable organizational practices as they relate to their employees. Impact on Human Resou...

• Word Count: 830
• Approx Pages: 3
• Has Bibliography
• Grade Level: Undergraduate

... in economics today. The first book on economics was by Adam Smith The Wealth of Nations the full title was the Inquire Into The Nature And Sources Of The Wealth Of Nations. "Economic growth determines a countries future, and economic growth in the past determines a countries present as ... , pipe lines, railroad tracks, airports etcetera. Sources of raw materials include mines, cleared land, oil wells, lumber, fisheries, and things of that nature are what economists call intermediary goods. Intermediary goods are the parts, the materials the ingredients that are passed from stage to stag...

• Word Count: 7852
• Approx Pages: 31
• Has Bibliography
• Grade Level: High School

... gone hand in hand with the passage of time for human society. Systems have been developed to regulate, direct and control the resources of this society. The systems are referred to as governments and the resources as the populace or inhabitants and forces of production. A government must be dynamic in its nature reflecting the change in society. At times these systems have ... with the relationships between classes of people (the aristocracy, the middle-class and the working class).2 Marxism includes a predictive analysis of socio-economic structures. Using history, logic and the dynami...

• Word Count: 2051
• Approx Pages: 8
• Grade Level: High School

... economic growth played part in the enslavement and consequences that came because of it. Although money is the main point, it is not the only one. We see a depiction of human nature within these four essays. The desire to grow and expand without being hindered by others. This cannot be a win-win situation. In order for colonization to expand, Natives were either ... the slave in some ways, after being oppressed they escaped to a new land, whereas the slaves found escape in destroying their own prison. These principles show that money, freedom, and human nature form a continuing pattern....

• Word Count: 747
• Approx Pages: 3
• Grade Level: High School

... cost advantage. Singapore is the prominent example and ranked as the most innovative city in Asia. Global integration plays a critical role behind this huge success along with the human talent, knowledge creation, technology, government policies. (Shah Salimat .2013). 4. Global integration improves the global competitiveness: A case for Asian economies International trade promotes efficiency in ... the developed countries are equally exposed to the risk of terrorism, it is more prominent in developing countries nowadays. Because of globalization terrorism has changed the nature with it...

• Word Count: 2450
• Approx Pages: 10
• Has Bibliography
• Grade Level: Undergraduate

... to economics, complications associated with mercantilism, and the role of the government. When explaining why division of labor has many advantages, he attributes them to human nature and self-interest (Smith, pg.21). He justifies self-interest for humans by stating how humans strive to exchange or barter goods and then the ... question of maximum efficiency comes into play (Smith, pg.23). He also finds it significant to include that human wisdom is not attributed for the need for division of labor but only self- interest is (Smith, pg.21). According to Smith, humans are ... always do ...

• Word Count: 577
• Approx Pages: 2
• Grade Level: High School

... of demand and supply. Supply of labour will be determined in the long run by trade offs between present income and training, investment in human capital, and in the short run by the workers choice between income and leisure (Whitfield 1987 18-20). Demand for labour will be influenced ... abide by are a product of our society, and therefore reflect views that are inherent in our present ideology (Dufty et al: 8) The nature of labour law in Australia is that it is indicative and punitive in that it sets out guidelines for which employers and employees to follow, ... civil courts or speci...

• Word Count: 2004
• Approx Pages: 8
• Has Bibliography
• Grade Level: Undergraduate

... attending school, teaching classes, or working on one of his books. His two works were "The Theory of Moral Sentiments" and "An Inquiry into the Nature and Causes of the Wealth of Nations," which is what he is most known for. Adam Smith was born in Kirkcaldy, Fife, Scotland in 1723. ... returned to London. Smith retired once they returned to London and remained retired while he worked on his most widely know work, "An Inquiry Into the Nature of Causes of the Wealth of Nations," which was first published in 1776. This work examined in detail the consequences of economic freedom (Chew). Sm...

• Word Count: 1038
• Approx Pages: 4
• Has Bibliography
• Grade Level: High School

... on the experiences of Taiwan and the other Asian 'small dragons'" (Shirk 99). One analyst has maintained Harris 8 that "China now stands at the threshold of the greatest opportunity in human history: a new economic era promising greater wealth and achievement than any previous epoch" (Gilder 369). Illustrative of this optimistic feeling is Shanghai, an area that was designated for preferential ... States, especially, has been concerned with China's treatment of political dissidents. In May, President Clinton decided to end linking China's trade status with the United States with its rec...

• Word Count: 6375
• Approx Pages: 26
• Has Bibliography
• Grade Level: Undergraduate