Вопрос № 1072663 - Английский язык

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Invisible Hand
1. This term was introduced by an 18th century Scottish philosopher Adam Smith. Under capitalism the Invisible Hand rather than governmental decrees and orders allocates goods, resources and manpower. Adam Smith stated the fundamental proposition: «In every country it always is and must be interest of a great body of the people to buy whatever they want of those who sell it cheapest».
2. For example, when butter is in short supply in an economy, its price would go up to reflect the scarcity. The higher price would encourage profit-seeking companies to increase production of butter. Later, if too much butter was produced, its price would fall. When price dropped, butter-makers would quickly cut back on production until the supply once again came in closer balance with the new level of demand. In a free economy, in which wages, costs and prices are left to the free play in the competitive market, the prospect of profits decides what goods will be made, and in what quantities – and what goods will not be made at all. In a properly functioning free-market economy many suppliers compete for customers who are free to buy at the best that they can find.
3. So, how to explain the role of competition? Each market actor, in buying or selling, is forced to meet the prices offered by competitors. But taken together in the market-place, all these «greeds» or personal desires must compete, creating what economists call aggregate (or collective) demand. Aggregate demand is the total demand for goods and services in the economy at a given time and price level. Aggregate demand is the powerful economic signal that stimulates production of goods that truly are wanted by a significant number of individual people. Ultimately, consumers, making their individual decisions, will «reward» those producers who come closest to delivering the desired goods. The kind of interplay between supply and demand is the Invisible Hand and it operates continuously in a free-market economy.
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What is aggregate demand?

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A period of rising prices due to an increase in the cost of production is called cost-push inflation. When, for example, labour unions win wage increases greater than the workers’ increases in productivity, management may choose to raise prices to maintain profits. With prices going up, other unions and workers might demand wage increases to keep up with the increased cost of living, and so on, and so on, in an inflationary spiral. Similarly, efforts by producers to increase profits by increasing prices rather than by reducing costs could also trigger an inflationary spiral.
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What happens when labour unions win wages increases?

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A period of rising prices due to an increase in the cost of production is called cost-push inflation. When, for example, labour unions win wage increases greater than the workers’ increases in productivity, management may choose to raise prices to maintain profits. With prices going up, other unions and workers might demand wage increases to keep up with the increased cost of living, and so on, and so on, in an inflationary spiral. Similarly, efforts by producers to increase profits by increasing prices rather than by reducing costs could also trigger an inflationary spiral.
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What happens when labour unions win wages increases?

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During periods of inflation the cost of living increases. Therefore it is necessary to earn more just to maintain your present living standard. How much of an increase is necessary? If the cost of living increased by 10 percent in 1991, a person with a $20,000-a-year income in 1990 would have to earn $22,000 ($20,000 + 10 percent) in 1991 just to stay even. Certain groups, such as those living on fixed retirement pensions, cannot increase their incomes enough to offset the effects of inflation. When this happens their standard of living will decline. To protect people on fixed incomes, Social Security benefits are adjusted for the effects of inflation.
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What happens during periods of inflation?

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There were good managers, of course, long before anyone ever studied management.
The field of management has drawn on sociology, psychology, economics, and other disciplines, and it is in these areas that the manager can learn from study as well as from experience and by trial and error. He still needs plenty of intelligence, common sense, and business judgement – and even the inspired hunch may still take place. But the knowledge of what others have learned about the various aspects of management will help him use his native abilities more effectively.
Future managers will need more education than those of the past. A knowledge of the humanities will be needed for a balanced viewpoint. Scientific knowledge will be required to distinguish between good and bad expert advice, for the area of management is replete with disagreements between experts.

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Some basic characteristics seem to apply to managers in all types of organizations; they include hard work on a variety of activities, preference for active tasks, direct personal relationships.
Almost everything a manager does involves decisions. The reason for making a decision is that a problem exists. In decision making there is always some uncertainty and risk.
Managing is a hard job. There is a lot to be done and relatively little time to do it. The engineer can finish a design on a particular day, and the lawyer can win or lose a case at a certain time. But …