Governmental Market Intervention Research Paper Example | Topics and Well Written Essays - 750 words

Governmental Market Intervention - Research Paper Example The first of these which will be discussed is that of those individuals and economists that believe that any level of governmental market intervention is a net negative to the economic efficiency. This particular approach relies heavily upon the concept of deadweight loss and the loss of corresponding efficiency that is lost when the natural dynamics of supply and demand are changed according to governmental regulation/intervention. This deadweight loss represents an ultimately loss of efficiency which in turn reduces the total rewards that both the supplier and his/her component parts as well as the consumers will be able to experience within the given situation (Grawe, 2007). One of the most prominent economists that espoused such a point of view is of course Adam Smith; considered by many to be one of the most important figures in establishing a modern understanding of economics. The strength of this particular approach is the fact that it is verifiable on even the most basic of s upply and demand curves. Conversely, the greatest weakness that such an approach exhibits is the fact that it is wholly unable to account for the needs of economically at risk individuals and families that could be operating upon the very margin of society at any given time.Conversely, those that believe that government intervention can represent a net positive for the economy and society espouse the belief that the a certain degree the price ceilings and/or minimum wages that the government can regulate. The basic evidence that those who espouse such a point of view point to is the fact that it is able to regulate an otherwise cut throat environment and more appropriately bring it in line with the needs of a society that cannot be understood by simple representation of supply and demand curves (Popp et al, 2011). One of the most advocates of this particular school of thought is John Maynard Keynes; the founder of the Keynesian school of economics which has dominated the nation†™s understanding of economic concepts for over the past half century. The disadvantage of such a system is the fact that the loss of efficiency to both parties is measurable to even the most basic of economists (Pinotti, 2011). Conversely, one of the most powerful benefits of such an approach is the fact that it is one of the only economic interpretations that seeks to provide a level of social understanding to the hard and â€Å"dismal science† of providing for unlimited wants with limited resources (Boettke, 2012). Although there is probably no absolutely right or wrong approach as a function of the two which have thus far been elaborated upon,

Risk management Assignment Example | Topics and Well Written Essays - 2750 words

Risk management - Assignment Example In management of risk, the recognition, evaluation and prioritization of risks is done which is then followed by synchronized and estimated application of revenue and resources to reduce, supervise and control the probable happening of an unfortunate incident so as to maximize the usage and benefits of opportunities. There are different principles of risk management; the following are as proposed by the International Organization for Standardization. They are: To create value To be an essential part of the processes within the organization To play a role in the decision making process Openly discuss the risks Maintain a structured approach which is systematic Be tailor made The human factors be given importance and acknowledgement The policies should be fool proof BURJ KHALIFA Burj Khalifa which was initially known as Burj Dubai is located in Dubai and its construction was carried out by Emaar Properties. Its construction lasted for six continuous years starting from 2004 to 2009 and it is used for a lot of purposes be it residential, entertainment or business facilities; Burj Khalifa offers all. Its construction was done with the aim of making it into such a building which is diversified and convenient in its use; its interior boasts a dining area, a fitness club that stretches up to four stories, 37 floors that are dedicated for office use, 160 rooms that serves as the residing area for guests, 144 private residential suites, a park of 11 hectare, 6 features of water, swimming pools, a are garage that has the capacity to accommodate 3000 cars, an observation deck and approach to the scrupulously planned Dubai downtown which grants more packages and facilities to the investors of Burj Khalifa. (Frederic, 2010) RISK MANAGEMENT REQUIREMENTS OF BURJ KHALIFA Risk is a term that applies to an uncertain happening that may occur and impose a positive or negative effect on a certain task. Risk has a 100% chance of occurring or otherwise hence risk management aims at c ontemplating the possible causes that may contribute to a risk; thus strategies are developed to cope with it and prevent. Risk taking is a bold step and is often considered by some organizations during a project since it might in cases produce positive results. Certain risk management strategies are meticulously applied in the construction of Burj Khalifa. A few of them will be discussed here in detail. The frontage of the 01 tower in Burj Khalifa is constructed in a unique manner; the entire facade is perforated with openings which are 1,000 in number. If looked from a distance, these perforations look like O’s however a close glance at them reveals them to be as diamond or oval shaped. This design was an innovative attempt to design Burj Khalifa and was presented by Reiser-Umemoto and RUR Architecture. A competition held by the Dubai Properties gave birth to this exclusive concept in which Shahab Lufti had encouraged the group to come up with a design for the new building that would become the tallest skyscraper in the world. It is a very simple structure in which a diagrid is made of concrete and has openings that change through 4 different scales that range from 2.5m to 6.5m. This would prove to be very beneficial since the concrete frontage was designed in such a manner that would serve the purpose of a sunscreen in Dubai’