Free Market Madness “Highlights Statement” Peter A. Ubel’s Free Market Madness is an informational and thorough discussion of the great responsibilities and effects that come from a free market economy. The rational decision making that is made within the economy gives off both the freedom to choose and the vice of dealing with the consequences of our decisions. The novel starts off with a simple anecdote that shows just how the evolution of the free market has affected not only business, but the health of its people as well. The story starts with a man named John who was once a promising athlete in his youth, who is now living with diabetes. Because of the free market and the availability of modern medicine, this man has survived longer that his past relatives afflicted with the disease. Ubel goes on to trace the steps in which the tools that John uses to survive are developed, manufactured, and transported to the desired customers. This is just one example that Ubel uses to draw up the scheme of the open market. This part of the book touches on two main points that I found very interesting to start with; the effects on the free market on health related issues, and the effects of rational decision making in an industrialized world. Ubel’s second chapter entitled, Is the Obesity Epidemic a Consequence of Rational Choices?, talks about the rate of obesity as it compares to the open market. I firmly agree with Ubel’s stance he takes on this subject. He talks about people’s rational decision making and the cost benefit analysis of what they eat affects their weight. In support of the consumer, Ubel explains that it is the responsibility of the market to explain the nutritional value of foods. He says that, “when markets don’t provide consumers with the information they need to make good decisions that markets have failed”. (14) This leads later into a discussion of both the cost of food and the time in which it takes to prepare, in respects to obesity. Cheaper food in turn, means that people will buy more and thus consume more. In terms of food preparation, finding a quick and easy meal today is most times more attractive than cooking from home. With the growing amount of people working longer hours and more than one job, this can be a common occurrence in someone’s daily ritual. Ubel mentions the effects that processed foods have on children, specifically his first born. He also talks about obesity in terms of it’s somewhat contagiousness through people. Giving insight through research that proves that when people interact in larger groups they consume more and for longer periods of time, this is considered more of a social constituent, much like smoking, as Ubel compares the two. Another point that Ubel makes is how the free market has an effect on how the perceived value of goods change. He uses the “water and diamonds” scenario which was popularized by Adam Smith. Ubel explains Smith two ways of understanding, “the value in use of an object or its value in exchange”. (17) This view allows deeper insight into the differentiation of water and diamonds. He goes on to reference Smith when pertaining to finding value in terms of the amount of labor that went into providing the good. In this case, the diamond serves more value that the water in most circumstances. He disproves this theory by comparing the time in which it takes to hunt a squirrel to the time to hunt a deer. Concluding that because a squirrel takes 20 hours to kill and a deer only one hour, then one squirrel would fetch 20 deer in trade, which is a very irrational and farfetched transaction. Ubel also takes this idea on perception and relates it to happiness. I found the short story he told of David and Terry interesting because I feel like many people, especially in my area make similar decisions. This scenario measures the happiness people may misconstrue when sacrificing time commuting in order to own the home of their…
success, prosperity, and equality within a society’s own market. Free markets, capitalism and The Do Nothing Principle create and increase collective and individual wealth. Free Market policies pose a threat to dictatorial governments because dictatorial governments regulate or regulate the supply and demand of a free market. However, in Free Markets, each side benefits both the seller and the consumer. Because of this, you find that free market allows only private ownership and not government ownership…
a monetary transaction.
Marketing Requires Product, Price, Place, and Promotion Decision
Marketing Mix (four Ps): product, price, place, and promotion – the controllable set of activities that a firm uses to respond to the wants of its target markets.
Product: creating value, marketing’s fundamental purpose is to create value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs.
Goods: items that can be physically touched.
Service: any intangible…
exchanged against each other. This is used for trade between the two currency zones. Exchange rates can be classified as either floating or fixed. In the former, day-to-day movements in exchange rates are determined by the market; in the latter, governments intervene in the market to buy or sell their currency to balance supply and demand at a fixed exchange rate.
In cases where a country has control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance…
economy an integral task is played by types of organization for important restructuring of a business. The main purpose of corporate merger and acquisition is to boost market competitions. Increase in market competitions can be done by using different methods of mergers and acquisition like horizontal merger, conglomeration merger, market extension merger, and product extension merger. All these different methods efforts towards a frequent goal but consider diverse feature which suit to get greatest…
Financial market is that people and entities can trade financial securities, commodities, and other fungible items, which has a central place in the theories and models of finance. According the topic, uncertainty and risks must be distinguished in financial mark, which concepts that talk about expectations in future. In general, all activities in business carry some risk, but some are inherently more risky than others. However, uncertainty is a word that connotes actions or events…
“Free Will and Free Wont: Motor activity in the brain precedes our awareness of the intention to move, so how is it that we perceive control?”
By: Sukhvinder S. Obhi and Patrick Haggard
PSYC 370.01 INTRODUCTION TO BIOPSYCHOLOGY
Department of Psychology
Fayetteville State University
April 1, 2015
Are our lives predetermined from birth or are we able to control our actions and in the end our fate? That is one of the questions that researchers have been debating amongst themselves for decades…
Marketing Strategies for the Japanese Market: A Review of the Literature
Shinichi Hirokawa Argosy University Tsai-Ling Wu Argosy University Japan, as the world’s third largest economy, continues to be attractive to international exporters and investors. It is our argument that the forces of change that led originally to new and bigger opportunities remain the same, despite surface differences. This paper explores some of the key issues related to entering this market. It provides an examination of effective…
In economics the market relations between the suppliers and consumers of a product are known as demand and supply. From a demand –supply model we can easily determine the price and quantity sold in a market of a particular good like personal computer. In recent market, the affordability of computer plays an important role in high demand of it and to fulfil the required demand suppliers/ producers supply more and more computer in market.
There are a number of factors which affect…
American Finance Association
Efficient Capital Markets: A Review of Theory and Empirical Work
Author(s): Eugene F. Fama
Source: The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-Eighth
Annual Meeting of the American Finance Association New York, N.Y. December, 28-30, 1969
(May, 1970), pp. 383-417
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/2325486 .
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