Australias Economic Objective of Resource Allocation Essay Example for Free

Australias Economic Objective of Resource Allocation Essay The objective of efficient resource allocation refers to an economys ability to meet its obligations in ensuring that all social and economic objectives are met without waste, for example to allocate resources so that they are distributed efficiently to improve the standard or living. This is the only way that we can ensure that we will be able to maximize the number of goods and services that we are able to provide. In addition, we will also be more likely to guarantee the long term availability of the resources that are currently available to us. The current target for efficiency target concerning labor is 1.5-2% per year or more. Thus, the economic objective of efficiency in resource allocation exists when our productive inputs are used to create the highest possible value of national output (ie GDP is at its highest level). In turn, having more GS available helps to ensure the maximum satisfaction of our societys needs and wants. In Economics, we distinguish between four different types of efficiency:1.Productive (or Technical) efficiency: Is about firms producing GS using the least-cost method and by minimizing the quantity of resources used. This is perhaps the easiest type of efficiency to understand. In this instance, we are interested in ensuring that any time we produce a good or service we are able to do so by using the smallest number of resources. If I use a tree to make four cricket bats, and you can produce five cricket bats from a tree of the same size, then your productive efficiency is better than mine. Another example is also sometimes a higher level of investment spending by firms on new equipment rather than simply employing more staff is the cheapest way to lift output per worker. 2.Allocative efficiency: ensures that resources are only used to make those particular types of GS that best satisfy societys needs and wants. That is, we want to produce those things most desired by the community first. This is a problem experienced by many of the worlds poorer countries,  especially those which suffer from poor governance. Corrupt leaders will often use a countries scarce resources to provide elaborate palaces, rather than ensuring that their people have access to clean drinking water. This is very poor allocative efficiency. 3.Dynamic efficiency: entails that firms are able to respond quickly to changing economic circumstances. To be dynamically efficient means that firms are aware of the changing circumstances, and they are able to adapt to meet those new needs and tastes of customers. For example, as technology has improved, many businesses have elected to adopt computers. This has involved buying the hardware, choosing the correct software and training the staff. In going through this process, the firm is demonstrating their dynamic efficiency. 4.Inter-temporal efficiency: means that there is a suitable balance between resources being allocated towards current consumption and saving that becomes available to finance future investment. Causes of efficiency of resource allocation:Cyclical changes in domestic economic activity resulting from changes in demand side conditions that affect efficiency in resource allocation. Supply side structural causes of changes in labor in lobular and capital productivity. Demand Side CYCLICAL FactorsIf levels of AD and EA slow leading to a recession (due to weak demand-side conditions like drops in business confidence/consumer), labor efficiency can suffer for at least 4 reasons. 1.Firms are reluctant to sack experienced staff during a slowdown of sales, as they hope that recovery is not far away and thus save them the cost of hiring and training new staff. This leads to over staffing which lowers the level of output per hour worked. 2.Prolonged or severe cyclical recessions in EA causes higher cyclical  unemployment as staff are cut in numbers, slowing down efficiency rates because more of labor resources are idle. 3.Business confidence about sales and profits, once down, can partly cause recession. This causes the firm to cut investment on new PE with new technology, consequently productivity slows. 4.Cyclical slowdown in domestic productivity sometimes follows trends in the level of EA and productivity overseas. Productivity also slows when there is an inflationary boom following cyclical rises in the level of domestic economic activity. This is true when the growth in AD exceeds the economoys productive capacity. Productivity may slow down in this situation. 1. Workers may not work as hard as they feel secure in the jobs when the economy is stretched to its capacity. Abseentisms can rise, along with strikes and industrial unrest, cutting efficiency. 2. When the economy is at its full capacity, there can be diminishing returns resulting from equipment breakdowns, labor shortages, leading to less efficient natural, labor and capital resources. 3. Rapid inflation can undermine business confidence, leading to reduced investment in new technology and equipment, slowing efficiency. 4. Investment used for expanding the business through plant equipment can be pumped into less productive or more speculative areas (eg real estate and stock market activities.) This is a mis allocation of resources that slows down productivity. So, when EA is weak due to reduced level of AD, productivity falls due to pessimism, reduced investment, unemployed resources, and labor hoarding. However, at the opposite extreme, excessively strong spending and EA means that productivity suffers from the above reasons. Productivity is likely to be maximized when AD and domestic EA are at ideal levels and demand side conditions are positive but are neither too weak nor too strong. Business Confidence Optimism of business (eg ^ consumer confidence, ^ household disposable incomes) has a cyclical impact on efficiency. This results in the business investing in new equipment with latest technology, leading to the worker having a greater value/amount of machinery to use in the production process than previously (capital deepening), thus raises theh level of GDP per hour worked. Interest Rates Higher business overdraft means that firms are more reluctant to borrow in order to purchase new, more efficient plant equipment due to increased repayments. Investment thus is reduced and productivity slows. Company Tax Rates Impacts the level of the firms investment spending. Reduced tax rates increased investment spending and better productivity. Supply Side Structural FactorsSupply factors are far more significant than demand factors when we are considering the impact that certain events will have on our ability to allocate our resources efficiently. If you think about this for a moment it is logical supply factors are those things that affect the ability and willingness of producers to supply a good or service at a given price. When the US economy experiences an increase in AG, we should see an increase in output without any pressure on productive capacity that may result in inflation. This is a sign that resources are being allocated more efficiently. As a result, we can conclude that any factor that will lead to an increase in aggregate supply will also lead to a more efficient allocation of resources. For example during the 1990s the Australian economy saw the introduction of technology on a larger scale. This improvement in capital assets, combined with the necessary support in the form of training for the workforce, resulted in significant improvements in productivity, showing that resources were allocated more efficiently. Climatic conditions Drought and below average rainfall (2002-03 06-07), floods, cyclones (coastal Northern QLD 2006) impacted efficiency in resource allocation because national output is reduced far more than the volume of inputs of labor or capital resources. Drought also had an impact in the efficiency in water, gas and electricity sectors that is, the same labor inputs have been used but less output has been produced. Sporting events (Before and After) Events like the Sydney Olympics (2000) and Melbs Commonwealth Games (06) may have helped in slowing productivity. Studies show during these events that worker efficiency fell perhaps due to distractions and telecasts and worker fatigue from watching TV replays at night. Changing rates of investment in new technology Investment spending on new PE like ICT and robotics occurs in waves or cycles, that is, speeds up or slows down. After the flurry of robotics, electronics and computer and internet based technologies in the mid-late 1990s, many recent innovations have been far less significant, tending to slow efficiency. However fairly recent spending on RD as a proportion of GDP from 1.51 to 1.78% b/w 200-1 and 2004-05 is a sign that US productivity will rise again. BIBLIOGRAPHY www.abs.gov.auMorris, Economics Down Under 2nd Edition

AleÅ¡ Hrdlička (March 29, 1869 - September 5, 1943) :: Essays Papers

AleÃ… ¡ HrdliÄ ka (March 29, 1869 - September 5, 1943) AleÃ… ¡ Ferdinand HrdliÄ ka was born to Maximilian and Karolina (Wajnerovà ¡ or Wagner) HrdliÄ ka on March 29, 1869, in Humpolec, Bohemia, which is now Czechoslovakia (Gillispie, 527). His father was a respected master cabinetmaker who owned his own shop. The oldest of seven children, HrdliÄ ka attended local schools and received private tutoring in Latin and Greek from Ludolfa PejÄ och, a Jesuit priest who was attracted by the boy’s abilities (James, 371). He left high school in 1882 at the tender age of fourteen, to emigrate with his father to New York City, where the other members of his family later joined them (James, 371). Once in America, HrdliÄ ka went to work with his father as a laborer in a cigar factory to help contribute to the family income. He attended the evening courses to learn English and to gain himself a high school equivalency diploma (Gillispie, 527). A serious attack of typhoid fever at the age of 19 altered the course of HrdliÄ ka’s life drastically. It is said that his attending physician, a trustee of the Eclectic Medical College in New York, became interested in HrdliÄ ka and persuaded him to undertake the study of medicine at the college. Graduating at the head of his class in 1892, he started a practice in New York’s Lower East Side. At the same time, to broaden his medical background, he began attending the New York Homeopathic Medical College, from which he graduated, again at the head of the class, in 1894 (James, 371). Shortly thereafter, he passed the Maryland State Medical Board (allopathic) examination, hoping to be able to join the staff of the John Hopkins Hospital in Baltimore, but he gave up this plan to accept an offer of a research internship in the new State Homeopathic Hospital for the Insane at Middletown, New York. It was while he was in this position that he became interested in the application of anthropometry to medicine. Through his autopsies and examinations of the patients, he became interested in whether physical characteristics and skeletal measurements might show systematic differences according to sex and type of insanity (James, 371). It was this interest which led to an invitation in 1896 to join a multidisciplinary research team being assembled by the histologist Ira Van Gieson (1866-1913) to staff the newly created Pathological Institute in New York City (Spencer, 503).

Quotes on 1984

Golden country â€Å"Presumably she could be trusted to find a safe place. In general you could not assume that you were much safer in the country than in London. There were no telescreens, of course, but there was always the danger of concealed microphones by which your voice might be picked up and recognized; besides, it was not easy to make a journey by yourself without attracting attention† An old, close-bitten pasture, with a footpath wandering across it and a molehill here and there.In the ragged hedge on the opposite side the boughs of the elm trees swayed just perceptibly in the breeze, and their leaves stirred faintly in dense masses like women's hair. Surely somewhere nearby, but out of sight, there must be a stream with green pools where dace were swimming? It was in the sun, they in the shade. It spread out its wings, fitted them carefully into place again, ducked its head for a moment, as though making a sort of obeisance to the sun, and then began to pour forth a torrent of song the rented roomWhat appealed to him about it was not so much its beauty as the air it seemed to possess of belonging to an age quite different from the present one. The soft, rain-watery glass was not like any glass that he had ever seen. The thing was doubly attractive because of its apparent uselessness, though he could guess that it must once have been intended as a paperweight. It was very heavy in his pocket, but fortunately it did not make much of a bulge. It was a queer thing, even a compromising thing, for a Party member to have in his possession. There was a small bookcase in the other corner, and Winston had already gravitated towards it.It contained nothing but rubbish. The old man was standing in front of a picture in a rosewood frame which hung on the other side of the fireplace, opposite the bed. Winston came across to examine the picture. It was steel engraving of an oval building with rectangular windows, and small tower in front. It seemed vaguely f amiliar. Winston wondered vaguely to what century the church belonged. It was always difficult to determine the age of a London building†¦. One could not learn history from architecture any more than one could learn it from books.Statues, inscriptions, memorial stones, the names of streets — anything that might throw light upon the past had been systematically altered. Winston lingered for some minutes more, talking to the old man, whose name was Charrington. All the while they were talking the half-remembered rhyme kept running through Winston's head. ‘Oranges and lemons say the bells of St Clement's, You owe me three farthings, say the bells of St Martin's! ‘ It was curious, but when you said it to yourself you had the illusion of actually hearing bells, the bells of a lost London that still existed somewhere or other, disguised and forgotten†¦ et so far as he could remember he had never in real life heard church bells ringing. He got away from Mr Char rington and went down the stairs alone. He had already made up his mind that after a suitable interval – a month, say – he would take the risk of visiting the shop again. Yes, he thought, he would come back. He would buy further scraps of beautiful rubbish. He would buy the engraving of St Clement Danes, take it out of its frame, and carry it home. He would drag the rest of that poem out of Mr Charrington's memory. Even the lunatic project of renting the room upstairs flashed momentarily through his mind again.

11 Different Types of Cells in the Human Body