Date of publication: 2017-08-23 10:27
In microeconomics, the first thought that springs to mind when we talk about perfect substitutes is Coca-cola and Pepsi. Since these two essentially taste the same and have similar pricing, we would expect that demand for both products are similar. However, until recently, the market share for Coca-cola and Pepsi has heavily favoured Coca-cola in Australia. It is estimated that Coca-Cola outsells Pepsi Cola by around three times in Australia and New Zealand supermarkets, and around five to six times in the whole cola market.
During my time in school, particularly K-67, I became used to a hierarchical structure that put a high emphasis on obedience. For example, I 8767 d have to ask to use the bathroom, follow a regimented schedule, obey the teacher 8767 s instructions, etc. This seems to be the norm in society today. Is it possible that the hierarchical nature of the educational system contributes to the hierarchical structures of most firms? Hypothetically, if educational institutions shared Valve 8767 s leaderless structure, would more firms follow Valve 8767 s management model?
Just like in a marketplace, everything in Valve is in flux. People move about (making use of their desk’s wheels), new teams are formed, new projects are concocted. All this information is observable by the naked eye (one notices an empty spot where David’s desk used to be, and then finds out that David moved to the 9 th floor to work with Tom, Dick and Harriet), on the company’s intranet, in cross-team meetings where teams inform each other on what they are working on). People learn constantly, both by observing and by doing, the value to them of different projects and teams. These subjective values keep changing, as the time and team formation signals that are emitted by everyone else are updated.
At that point, I was more than intrigued. I was interested! While the signature did not ring a bell (it read “Gabe Newell, Valve, Seattle, WA USA”), and while I was as ignorant of the world of computer games as one can be (yes, I confess, horror of horrors, that I am not a gamer), the notion that a computer game company has surreptitiously and quite spontaneously created virtual economies that it comprehends as ‘economies’ (which deserve study and regulation) was enough to write back instantly: Yes, I was interested!
It is estimated by who? It is estimated that Coca-Cola outsells Pepsi Cola by around three times in Australia and New Zealand supermarkets, and around five to six times in the whole cola market.
Every social order, including that of ants and bees, must allocate its scarce resources between different productive activities and processes, as well as establish patterns of distribution among individuals and groups of output collectively produced.
I 8767 m glad to see Valve 8767 s very own economist saying that Valve is radically far-left. Too many people who love Valve 8767 s organization like to say that it 8767 s just free market capitalism at work. It 8767 s good to see someone in Valve say, no, actually it 8767 s not capitalist, it 8767 s syndicalist.
For example, I 8767 m an advocate of open source and derive much enjoyment out of donating my time to such projects. That 8767 s my profit. Others may derive their own profits by using my work (or even losses!) but that is completely subjective to them.
Have you heard of Ludwig von Mises? Based on your discussion of Hayek and Smith 8767 s shortcomings on the subject of 8775 spontaneous order 8776 I think you would find his treatise on economics titled Human Action quite interesting.
Excellent piece, though I think you underestimate the extent to which Hayek and Smith believed in spontaneous order beyond the price system. For the latter, see Theory of Moral Sentiments. For Hayek, he definitely argued for spontaneous order in every facet of social life.
To craft a good essay requires careful argumentation, clear structure and personality. It is these characteristics that we will look for in judging applicants’ essays. We will also take into account the letter of recommendation supplied by your school.
I would assume that the data collection used internally would be anonymously peer reviewed, where you can esculate matters depending on severity. That is a very interesting question indeed, but i think that that comes back to the vertical structuring?
As for your observation that schooling 8775 made you used to hierarchical structure that puts a high emphasis on obedience 8776 , there 8767 s a lot of people who claim that this is done on purpose to prepare people for a life of serfdom (. http:///fightingforknowledge ).
In addition to your responses to these questions, please present your argument for what an ideal free trade system should look like in the future. In particular, essays which include analyses and suggestions about the part played by shosha companies are welcome.