The Differences between Markets and Central Planning Literature review

The Differences between Markets and Central Planning - Literature review Example The Coase theorem states that the problem of externalities will be resolved through bargain when there are no transaction costs and that property rights are well defined, the theorem states that firms in conflict will bargain and one firm may acquire the property right of the other firm however the assumption is that there are no transaction costs. This theory defines the existence of firms in the market economy in that despite the existence of externalities and conflict, firms in a market economy will, in the long run, will attain equilibrium through bargain and this will ensure proper allocation of resources and property rights The price elasticity of demand is a measure of the responsiveness of the quantity demanded as a result of change in the price of a good or service, high price elasticity of demand means that when price is increased by one unit then demand will decline by one or more units, there are those goods and services with inelastic, elastic and perfect elasticity of demand. Income elasticity is also a measure that aids in determining the responsiveness of demand to changes in the price of a product, it measures the change in demand of a product as a result of an increase or decrease in income. In the last 10 to 15 years most firms have experienced elastic price elasticity of demand, this has been attributed to the fact that there are many firms in the market and also existence of substitutes in the market, as a result of this an increase in the price of a good will lead to a decline in the demand for that good due to existing substitutes and alternative.

Societal Views On The Role Of Women Essay Example | Topics and Well Written Essays - 1000 words

Societal Views On The Role Of Women - Essay Example One would suggest that the actions of these women throughout the two works might have come to hurt their societies because had all the women in these societies acted as they did, then it is likely that the entire social order might have collapsed. Nevertheless, this did not happen and in the case of Sula, she was looked upon as a reference by other members of the society and her example ensured that all the people live moral lives so that they could not end up like her. Despite this, after her death, it is noted that the society of The Bottom quickly disintegrated into one of chaos. Hedda is a woman who believes in the beauty and freedom and does not believe in abiding by the constraints placed on individuals by their societies. It is for this reason that she chooses to convince Lovborg to commit suicide as a means of ensuring that he does not remain a rival to her husband. However, after Lovborg does indeed commit suicide, and her actions are discovered by Judge Brack, she confesses her view of life and her weaknesses to him. However, knowing that Brack might potentially be capable of blackmailing her as long as she is alive, she chooses to commit suicide. She shows her strictly independent spirit and her need to ensure that she retains her freedom no matter the cost. Therefore, both Hedda and Sula are extremely strong and independent women who do not bow to societal conventions and instead live their lives as they want. Their actions are those of women who yearn for the freedoms that the men in their societies enjoy.