1641-1715 Louis XIV Louis the 14th ascended to the throne at the age of four. Jules Cardinal Mazarin served as the ruler of France until Louis came of age. However‚ after Louis came of age‚ he did not take over until Mazarin’s death in 1661. Louis believed he was a gift from God and therefore had the divine right to rule as a dictator. He considered all disobedience and rebellion to be sinful. Louis employed Jean-Baptiste Colbert as the controller general of finance in France. Colbert reconstructed
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CHAPTER 2A DEMAND ANALYSIS 1. Introduction: • Demand for goods and services constitutes one side of the product market ; supply of goods and services forms the other. • If there is no demand for a good‚ there is no need to produce that good. • If the demand for a good exceeds its supply‚ there may be need to expand production. • Production generally takes time and so one has to know the likely demand for a relevant product at a future data to
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Coherentist Theories of Epistemic Justification First published Tue Nov 11‚ 2003; substantive revision Thu Nov 15‚ 2012 According to the coherence theory of justification‚ also known as coherentism‚ a belief or set of beliefs is justified‚ or justifiably held‚ just in case the belief coheres with a set of beliefs‚ the set forms a coherent system or some variation on these themes. The coherence theory of justification should be distinguished from the coherence theory of truth. The former is a theory
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reduced. Therefore‚ existing producers will produce less supply or even withdraw from the market‚ while potential ones will hesitate to enter the market due to the lack of incentives to do so. Consumers also tend to buy more at lower prices‚ ceteris paribus‚ further intensifying the problem of shortage‚ on top of the reduced supply. In this report‚ the author will discuss the complications of a shortage in supply using the pharmaceutical industry as an example and the measures that can be taken
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Economics Notes 2011-2012 Contents SECTION 1 – MICROECONOMICS Chapter 1 : page 2 Chapter 2 : page 6 Chapter 3 : page 10 Chapter 4 : page Chapter 5 : page 11 Chapter 6 : page Chapter 7 : page Chapter 8 : page Chapter 9 : page Chapter 10 : page Chapter 11 : page Chapter 12 : page SECTION 1 – MICROECONOMICS 1. The foundations of economics Economics – Social science‚ a study of people in society and how they interact with each other. A study of rationing systems‚ the
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1. Introduction A significant part of economic theory focuses on the assumption of a representative consumer buying a homogeneous good. For example‚ think of the standard Bertrand and Cournot models of oligopoly. Consumers only care about the prices in the market and decide how much of a good to buy and from which firm in order to maximize their utility (given a budget constraint). We know that price competition is fiercer than quantity competition and this result is described by the so called
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THE JOURNAL OF FINANCE • VOL. LXVII‚ NO. 1 • FEBRUARY 2012 Information Disclosure and Corporate Governance BENJAMIN E. HERMALIN and MICHAEL S. WEISBACH∗ ABSTRACT Public policy discussions typically favor greater corporate disclosure as a way to reduce firms’ agency problems. This argument is incomplete because it overlooks that better disclosure regimes can also aggravate agency problems and related costs‚ including executive compensation. Consequently‚ a point can exist beyond which additional
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Journal of Business Finance & Accounting‚ 29(7) & (8)‚ Sept./Oct. 2002‚ 0306-686X Dividend Imputation and Shareholder Wealth: The Case of New Zealand Andrew Prevost‚ Ramesh P. Rao and John D. Wagster* 1. INTRODUCTION Effective from April 1‚ 1988‚ New Zealand changed its existing two-tier `classical ’ dividend taxation regime to full dividend imputation. Corporate income is now only taxed once rather than at both the corporate and shareholder level. Concurrently‚ the New Zealand tax code was revised
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Product complexity definition What product “complexity” means to supply chain and the industry? It can be define differently based on the industry and the market. A lot people think complexity is the same meaning with complicacy or simplicity. Unfortunely‚ both of the definition is wrong because complexity is something that interacts among each other and sub divide it in all its single elements and lead to the solution of the problems. “Complexity makes a supply chain inflexible and inefficient
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approach is pretty simple; higher investment will lead to a larger rise in income and output in the short run. This means that consumers will spend some of their income on consumption goods. This will give rise to further increase in expenditure. Ceteris paribus an initial rise in autonomous investment produces a more than proportionate rise in income. The rise in income will increase investment to meet the increase demand for output. The Keynesian also points out that as the economy is inconsistently
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