How to Choose Illustration Example Essay Topics

How to Choose Illustration Example Essay TopicsWhen you are looking for an illustration example essay topic, you need to know that there are various ones. You can choose one that is specific to your art form or one that will go well with the way you write and talk. A good illustration will help you define your ideas and will make your art form easy to understand.There are four illustration example essay topics that you can choose from. You will want to choose topics that show some common areas in your art. Having a broad foundation is important in order to be able to show your artwork in all its glory.Examples of things to draw for you include abstract pictures, good line drawing and even a work of architecture. If you find something that intrigues you, then it could be a great illustration idea. You can search through the internet for a website that can help you create a better list of examples.Some websites are free, while others will require a fee. This can be a drawback because i t means that you would not have a great selection to choose from. Instead, you should find a website that has affordable options and works great for your needs.An advantage of choosing illustrations overwriting a standard essay is that illustrations will help you define your ideas easier. Even if you are able to think about your ideas in a more creative manner, you will be able to visualize them easier. In other words, your words might sound more like what you are trying to say.This is why there are many examples that you can look at when choosing illustration example essays. Also, there are a lot of different ways to incorporate illustration into your piece. This is important in order to show more depth to your artwork.The last thing to remember when choosing illustration examples is that you should choose one that goes well with your personality. If you are creative, you might want to consider creating a painting or drawing. On the other hand, if you are introverted, you will want to pick an illustration that shows you in a more artistic and personal way.

Subject Identification And Enrollment For Alzheimer s...

Subject identification and enrollment Subjects recruited for this study consisted of individuals aged 60 to 85, with 10 or more years of education or more. Those diagnosed with Alzheimer’s disease (AD) and mild cognitive impairment (MCI) were recruited to the study at the Memory Clinic of the Jewish General Hospital (JGH) in Montrà ©al, and normal community elderly volunteers were recruited through advertising. Subjects received standardized clinical, mental status, neuropsychological, and cognitive evaluation. Depression was excluded via the Yesavage Geriatric Depression Scale (Geriatric Depression scale 15) [37]. None had evidence of cerebral infarct on CT, and all subjects scored less than 4 on the Hachinski ischemic scale [38]. No individuals had evidence of significant heart disease, alcoholism, or drug use and all showed normal routine blood work. Subjects were classified as normal if they lacked subjective memory complaints, and scored at or above 26 on the Montrea l Cognitive Assessment test [39], and scored above 25 on the Folstein Mini-mental state exam (MMSE) [40]. Their average MoCA score was 27 (range 25-29). The AD patients received the diagnosis of mild, moderate, or severe probable AD according to standard clinical criteria [41]. They had mild, moderate, or severe probable AD [42], scored below 26 on the Montreal Cognitive Assessment test [39], scored between 4 and 25 on the Folstein Mini-mental state exam (MMSE) [40], and showedShow MoreRelatedA Short Note On Disesae Neuroimaging Initiative ( Adni ) : A Review Of Papers Since Its Inception2480 Words   |  10 Pages ALZHEIMERS DISESAE NEUROIMAGING INITIATIVE (ADNI) - A REVIEW OF PAPERS SINCE ITS INCEPTION ASHWANI KUMAR MISHRA 13510025 MSc COGNITIVE SCIENCE INDEPENDENT RESEARCH ABSTRACT 1. INTRODUCTION 1.1. ABOUT ALZHEIMERS DISEASE 2 ADNI 2.1 EPIDEMIOLOGY 2.2 MAJOR ACHIEVEMENTS OF ADNI 2.3 QUALITY CONTROL 2.4 LONI DATA ARCHIVE 2.5 ADNI- MRI CORE 3. PURPOSE OF MRI 3.1MRI 3.2 MATERIAL AND METHODS IN MRI OF ADNI 4. MULTI ATLAS SELECTION 4.1 REGISTRATION AND SEGMENTATION 4.2 AUTOMATED TEMPORALRead MoreStatement of Purpose23848 Words   |  96 Pagesexample from their formative years that illustrates a long-term interest in the field and personalizes, to a degree, an essay that focuses primarily on academic achievements and intellectual development. Though you may have a long-term interest in a subject area, you should not state or imply that you Ohio Wesleyan University Writing Center  © 2011 Page 2 knew by third grade you were destined to become an art historian or a chemical engineer. In other words, omit statements like this one: ―I

Nadja Understanding Bretons Beliefs about Surrealism

Nadja It is not the fear of madness which will oblige us to leave the flag of imagination furled. ~ Andre Breton, Manifesto of Surrealism Andre Breton was a famous artist of the Surrealist movement. The Surrealists became popular following the First World War. After going through a period where so many people had to witness such horrible acts of violence and bloodlust, a great many were permanently changed. Many American and British citizens for example became expatriated and instead of returning to their pre-war lives spend the 1920s drinking, having sex, and doing whatever possible to numb their senses to the reality of mans inhumanity towards his fellow men. Out of this malaise and confusion came the Surrealists. Their intent was to blend reality and the mind, to understand inhuman violence with humane tenderness and finally to find their individual identities in a world unlike the one they knew before World War I. Andre Bretons book Nadja, first published in the 1920s is ostensibly a l ove story between the narrator Andre and the eponymous Nadja. However, this is only the superficial thesis of the narrative, if there is one. More than a story of how a man fell in and then out of love, Nadja is about a man who falls in love with the idea of love and with the ideal woman of his imagination. The romance ends when the woman fails to live up to the impossible expectations of her paramour. Surrealism is a form of art which attempts to recreate the human mind, or as

Macro Economics Analysis Growth Expectations

Question: Describe about the Macro Economics Analysis for Growth Expectations. Answer: Introduction This section contains economic concepts that played role in the economic growth of Japan in the third quarter as reported by BBC on 14th November 2016. The media house reported that exports were helping the Japanese economic growth behold expectations. The export growth is attributed to world demand and depreciating of Yen (BBC News, 2016). This section will outline economic principles and theories that have led to the economic growth in the third quarter. In addition it will discuss effects of president elect Donald Trump on Japan economy. Summary of the Article According to the article, the Japan economy has expanded for the past three months as a result of increased exports. The GDP rose at 2.2% marking three consecutive quarter expansion. It reported that the Japanese companies rely on foreign trade due to stagnate in country demand. The Yen has depreciated in respect to dollar after the US elections. The export growth has come in a time when the Japan government has launched economic stimulus package to boost growth. The package was approved in August and was worth $275bn (BBC News, 2016). Economic concepts in the Article The following economic concepts are used in the Japan export growth reporting; Demand and supply: The concept of demand and supply is used to explain how Japanese firms produce and supply products to oversee countries. This indicates that there exist demands in foreign countries that they seek to satisfy by supplying products. Utility: This concept is used to refer to ability of a product to satisfy human want. There exist several utilities in economics. The one used in this article is place utility that refers to firms moving products from Japan to other countries where consumers can access and use the products (Singh, 2013). Gross domestic product: This concept is used in economics to measure all products produced within a country for specified period. It indicates the health of the economy. This concept has been used in the article to show that the Japanese economy grew at an annualized rate of 2.2% for three consecutive quarters (CNBC, 2016). Government injections: This concept refers to government spending in the economy to stimulate economic growth. The Japanese government introduced an economic stimulus package that is meant to boost the economy. The government aims at boosting the economy by injecting over 28trillion Yen. This injection upgrades public facilitates enhancing production. Economic Analysis in the Article From an economic point of view, this article can be analyzed in the following ways; Demand and supply principle The demand law states that an increase in product price leads to decrease in quantity demand and vice verse. This principle indicates that consumers are willing and able to buy products that are relatively cheap in the markets. Japan being the third largest economy in the world, they are able to produce products that are relatively cheaper to other countries. This keeps the demand for Japanese product increasing in the world market. There is also an increasing demand for manufactured products in the world market. This is as a result of increasing incomes and developments in third world countries. This factor contributes to increasing demand and need to supply products to the world market (CNBC, 2016). Illustration of Aggregate demand and aggregate supply of Japan From the illustration above, a change in price will lead to movement of demand on the slope. This indicates that aggregate quantity demanded will increase leading to producers increasing aggregate supplies to meet demand. Foreign exchange rate A countries foreign exchange rate is determined by demand and supply rate of other currencies. Depreciating countrys currency in respect to another country makes export cheaper and imports expensive. For instance, falling of Yen in respect to US dollar makes Japanese products cheaper in US and US products expensive in Japan. Depreciation of Yen in the recent months has benefited exporter leading to increased exportations since they are able to sell products at competitive prices. This principle of devaluation and valuation of a domestic currency requires government intervention to avoid extreme cases that have other impacts in the economy. Government intervention Government interventions balance the operations in the economy. They are meant to offer incentives or regulations in the economy by either encouraging or discouraging consumption. In the article, the government is using incentives to boost production in the economy by injecting capital in infrastructure. Government spending lowers production costs of firms operating in the economy. These firms are then able to sell their products at lower prices which are competitive in the market. By doing so, the government boost the economy by improving both the welfare of the producers and consumer 9in the economy. For international markets, the country is able to increase it GDP as a result of increased sales. Japan government economic stimulus package will facilitate manufacturing of products at lower prices enabling producers to offer lower prices in the market (Hubbard, 2009). These prices will be competitive and they will make more sales compared other competing countries. Therefore, governm ent spending will work for Japan economy if other countries dont take other disruptive measures. Trade agreements Trade agreements are bidding contracts between countries to enforce trading regulations. Trade agreements enable traders to trade freely between countries or blocks. Japan has a trading partnership with USA that enables free trade between the two countries. Japan is main exporter in USA and change of trading agreements can have a big impact on the Japanese economy. With the new president elect in USA, Japan is uncertain of the trade agreements it has with US. If the presidents abolishes the trade agreements, Japan will be highly affected and it GDP will floor in the near future. The economy will lose it key consumers leading to wastage and underutilization of resources. Implications These decisions taken in the economy have several implications to the countrys economy and the world economy. These implications include the following; Uncertainty in the economy: Election of Donald Trump for US presidency has led to uncertainty in the world market since market players are unable to predict if the he will honour or abolish free trade. This has led to inability to plan by firms and Japan government. Also, over reliance to export, makes the economy vulnerable since it likely to be affected by any factor occurring in the world. Increased competition: The government injection by the Japanese government will lead to increased competition in the world market. Exporter will be able to sell products at low prices that will lead to stiff competition in the market. This will trigger other governments in the world to increase spending in order to encourage producers and make them competitive in the world market. Vulnerability of the economy: Over reliance of export by Japan makes the economy vulnerable. The economy will be at a risk of recession if exports fail. The economy GDP will be affected if any changes occurred in any within any trading agreements. Conclusion From the discussion of the expansion of the Japan economy as a result of increasing exports, It can be summarized that the future of the countrys GDP is high dependent on external factors. Since the country depend on export, it not possible to predict performance with certainty. Japan has to maintain good relationship with other countries to ensure that the countrys export trade is maintained. It important that the country maintains a balance of trade to avoid collapse of the economy in case there is a world calamity. Therefore, it can be said that the Japanese government strategy to boost the economy is working out for the japan economy. UK Trade Deficit despite Falling Pound Introduction This section contains economic analysis of an article written by Angela Monaghan on the Guardian about the UK trade deficits despite the pound drop. The article was written on Wednesday 9th November 2016. The article came as a surprise of the unexpectedly situation of widening deficits in Britain even will the devaluing pound (Monaghan, 2016). This paper will outline the economics concepts in the article and do economic analyze of the situation. Summary of the article Following the Brexit in June 2016, the Britains trade deficit has widened. This comes despite the sharp fall of pound. The UK trade deficit increased by E1.6 billion E 12.7to in the second quarter. Imports increased by E1.3 billion. Exports decreased by E 200million. It reported that despite the fall of pound by 16% from June is not reciprocating by increasing exports. In the third quarter, the situation has been recorded to be improving. The trade deficit had norrowed by E1.5 billion .Exports have increased by 6.1% while imports increased by only 2.8%. With the improvements in the third quarter, the Trump victory for US presidency poses another uncertainty that is likely to reduce the exports. UK exports 20% of it goods to US and any restrictions if Trump imposes them will lead to increase in GDP by 6%. According to Bank of England, companies are restraining from huge investing citing uncertainty of demand in the future. The Bank report in November showed that the devaluated pound w as increasing the costs of companies in Britain (Monaghan, 2016). The profit margins were recorded lower that the previous time. According to Agents reports, businesses feel uncertain of the long term situation even with the recovering after referendum depression. Economic concepts in the Article The following economic concepts are present in the article; Devaluation of domestic currency: This concept involves decreasing price of a domestic currency in respect to foreign currency. Devaluation of domestic currency lowers the amount that can be used to exchange the currency when trading with other countries. It makes exports cheaper and imports expensive. In this case, the UK pound falls by 16% making its exports cheaper and imports expensive for the countrys exporters (Kirby et al., 2016). Economic block: These are integrations formed in the process of international trade development. Trading countries come together to form a trading blocks that they use to negotiate and form common standards. This concept has been in Europe till June when UK voted for a referendum to exit. The EU block has been handling it trade as one nation as a result of economic integration formed by countries in Europe. Now that UK exited the block, there has been an economic wave that is explained in this article. Britain is struggling maintain it economy after the exiting the block and it has lowered its currency to work on trade deficit. International trade: This economic concept refers to trade between two countries. It trade of a country and other partners. The concept is evident in the article and UK is noted to be Importing more than it exporting. The deficit experienced in the UK is caused by other factor other than demand of products. Other international factors are affecting the UK trade leading to unexpected widening of the trade deficit. Profit maximization: This concept is shown by the firms in UK. These firms are pursuing rationality by trying to produce at the point when they maximize revenues and minimize costs. The companies are interested with profit margins and do raise concern when they start making losses. The concept of profit maximization enables business to decide on the amount to produce and input combination to achieve their targets. Investments decisions: This concept is evident where the UK firms are concerned about the returns and uncertainty accompanying long time investments. Investments decisions are made by analyzing NPV of investments in the future. In this article, it remains uncertain in extent that companies cannot invest due to inability to determine returns in the future due depreciations of pound and Trumps victory for US presidency. Balance of trade: This is an economic concept that involves a balance between imports and exports. It crucial for any country to strive to maintain a favorable balance of payment where exports are more or equal to import at a specified period of time in order stabilize the economy. In case where imports are more than export, the situation is referred to as imbalance trade of payment and it the role of the government to ensure that the situation is offset soonest possible. This concept is evident in this article as Britain is having more imports than exports. Economic analysis According to the article, Britain is facing a situation where it currency has fallen since Briexit referendum but the country is not benefiting from it. When a currency devaluates, the country stands a chance to benefit from the exchange rate where exporters are able to sell more at the expense of imports. Exports become cheaper and imports become expensive. Instead of this happening, the exports reduced and imports increased in UK. This phenomenon can be explained and analyzed by use of the following theories and principles; Demand theory This theory projects the amounts that a market is willing and able to buy. It identifies the level of income that consumers are willing to pay and how they want them. Demand for products is driven by other factors not just prices charged. The theory indentifies other factors like consumer preference, expected future of supply or prices and availability supplies in the market. The theory holds that the willingness of a consumer is more important in consumption of a certain products then followed by the ability. It states that even if the consumer is able but lacks will, then he or she will not consume the products. It can be said that Briexit can as a shock to other countries in the economic block. This exist perception must have slowed the willingness of UK products consumers in other countries. Therefore, despite the prices decreasing, the countrys product demand did not increase. Though the purchasing power of consumers increased, the willingness remained in the same state. This in dicates why UK exports were not in high demand in the world market despite being cheaper. Illustration of UK exports demand From the graph above, it can be shown the aggregate demand is constant despite price changes. This indicates that demand for exports is not responsive to prices. Production Theory This theory states the economical level of production that firms can produce in a given period of time. It involves combination of inputs to produce at the optimal level. It involves combination of the available inputs and the costs of the inputs at the optimal level in production of a certain amount of produce. The UK firms produce at the level where raw material and labour are affordable. Briexit led to increase in prices of raw materials especially the once imported to the country. The firms also depend on employees who were all over the economic block. This factor must have led to increased production costs for the UK companies leading to decreased production and consequently decreased exports. Profit Maximization Theory This theory states that firms in an economy will produce and sell products at the level where they maximize profits. Profits are maximized where margins between revenues and total costs are highest. This theory states that every organization is rational and will be willing to produce at the point where it profits are maximized. This point of operation is where the marginal revenues are equal to marginal costs. The cost of productions is determined by the fixed and variable costs of producing a certain amount of products. The firm will seek to make sales on the quantities that will maximize it profits. This theory states that firms will strive to maintain profit maximization as the core objective of the firm. This explains why firms will vary quantities exported to the market to level that maximize firms profits. Therefore, it can be said that the firms reduced sales to levels where total costs and level of revenues to be realized maximized profits. Implication of this situation Reduced investments: The uncertainty in the UK economy will lead to reduced investments by the firms due to instability being experienced in the economy. This is likely to lead to decreased future export. Increased labour costs especially for international experts: The companies will experience increased production costs from employees demanding higher compensation. This is as a result of new regulations and requirements that have separated UK and the economic block that it has been belonging. Conclusion From the article of widening trade deficit in UK despite the falling pound, it can be concluded that demand of a countrys products is determined by other factors other than foreign exchange rate. The foreign exchange boosts and facilitates export but not stimulate demand. It can be said that the economy will need time to attain favorable balance of payment. It recommended that the government supports the firms in the country so that the instability experienced in the economy does not collapse their operations. The government can increase it spending on infrastructure and subsidies to promote production and minimize costs of production. References Afonso, O., Neves, P. and Thompson, M. (2016). The skill premium and economic growth with costly investment, complementarities and international trade of intermediate goods. Japan and the World Economy, 37-38, pp.73-86. Bacchetta, P., Rose, A. and van Wincoop, E. (2001). Intranational Economics and International Economics. Journal of International Economics, 55(1), p.1. Ft.com. (2016). Brexit Briefing: What Trumps victory means for Britain. [online] Available at: https://www.ft.com/content/1632b2c6-a673-11e6-8b69-02899e8bd9d1 [Accessed 21 Nov. 2016]. Economicsonline.co.uk. (2016). Circular flow of income. [online] Available at: https://www.economicsonline.co.uk/Managing_the_economy/The_circular_flow_of_income.html [Accessed 21 Nov. 2016]. Gabbard, D. (2000). Knowledge and power in the global economy. 1st ed. Mahwah, N.J.: L. Erlbaum Associates. Holodny, E. (2016). The Mexican peso isn't the only currency to be affected by Trump. [online] Business Insider. Available at: https://www.businessinsider.com/japanese-yen-and-2016-election-donald-trump-hillary-clinton-2016-11 [Accessed 21 Nov. 2016]. Hubbard, R. (2009). Macro economics. 1st ed. Frenchs Forest, N.S.W.: Pearson Prentice Hall. CNBC. (2016). Japan core inflation, consumption fall again, keeping BOJ under pressure. [online] Available at: https://www.cnbc.com/2016/09/29/japan-august-core-cpi-inflation-consumption-fall-again-keeping-boj-under-pressure.html [Accessed 21 Nov. 2016]. BBC News. (2016). Japan economy: Exports help faster-than-expected growth - BBC News. [online] Available at: https://www.bbc.com/news/business-37970456 [Accessed 21 Nov. 2016]. BBC News. (2016). Japan's cabinet approves stimulus package - BBC News. [online] Available at: https://www.bbc.com/news/business-36950377 [Accessed 21 Nov. 2016]. Kelly, A. (2006). Macro Economics. 1st ed. Pearson Education UK. Kirby, S., Carreras, O., Meaning, J. and Piggott, R. (2016). Prospects for the UK Economy. National Institute Economic Review, 236(1), pp.82-107. Monaghan, A. (2016). UK trade deficit widens unexpectedly as exports fall despite pound drop. [online] the Guardian. Available at: https://www.theguardian.com/business/2016/nov/09/uk-trade-deficit-widens-september-exports-fall-pound-drop [Accessed 21 Nov. 2016]. Murphy, J. (1984). International economics. Journal of International Economics, 16(1-2), pp.189-197. MUKHERJEE, A. (1990). Towards a non-static theory of profit maximization. New Delhi, Abhinav. ODowd, A. (2016). UK exit from EU would be serious threat to science and healthcare, experts warn. BMJ, p.i1117. Singh, S. (2013). Macro economics. 1st ed. New Delhi: APH Pub. Corp. UK industry would be weakened by exit from EU. (2014). The Pharmaceutical Journal. BBC News. (2016). Ways Trump's victory might affect the UK - BBC News. [online] Available at: https://www.bbc.com/news/uk-37920142 [Accessed 21 Nov. 2016]. Xu, L., Lee, S. and Wang, L. (2016). Free trade agreements and privatization policy with an excess burden of taxation. Japan and the World Economy, 37-38, pp.55-64.

Principal-Agent theory1 Essay Example

Principal-Agent theory1 Paper At its simplest, principal-agent theory examines situtations in which there are two main actors, a principal who is usually the owner of an asset, and the agent who makes decisions which affect the value of that asset, on behalf of the principal. As applied to the firm, the theory often identifies the owner of the firm as principal, and the manager as agent, but the principal could also be a manager, and an employee nominated by the manager to represent him in some aspect of the business could be the agent. In this case the asset, which the agents decisions could enhance or diminish, is the managers reputation. To explain the relationship between principal-agent (or agency) theory, and other theories of the firm, we turn to Williamsons (1985, pp. 23-29) categorisation of approaches in IO in terms of their views on contracts. There are two main such approaches or branches: monopoly, which views contracts as a means of obtaining or increasing monopoly power, and efficiency, which views contracts as a means of economising. The early work on SCP and particularly on barriers to entry, for example, belong on the monopoly branch of contracts. Both transaction cost and principal-agent theories belong on the efficiency branch (together with most of what Williamson calls the New Institutional Economics). Thus, in Williamsons perspective, agency theory is the theory that focuses on the design and improvement of contracts between principals and agents. Among the major concerns of principal-agent theory is the relationship between ownership and control2, and in this respect it can be seen to have emerged from the managerial theory tradition. We will write a custom essay sample on Principal-Agent theory1 specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Principal-Agent theory1 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Principal-Agent theory1 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Indeed, in that it focuses on the contractual aspects of that relationship, and often adopts game-theoretic methods, principal-agent theory can be seen as a new IO version of a sub-set of managerial theory. Recent work in this area tends to be highly theoretical3. Principal-agent theory sees the firm as does neoclassical theory as a legal entity with a production function, contracting with outsiders (including suppliers and customers) and insiders (including owners and managers). There is information asymmetry between principals and agents, but, unlike in transaction cost theory (which usually assumes bounded rationality) there is often assumed to be unbounded rationality. We will discuss this in more detail below; in the context of the design of contracts between principals and agents, unbounded rationality refers to the ability of those designing the contract to take all possible, relevant, future events into consideration. The principal may know various things not known to the agent (in relation, for example, to the prospects of the firm), and vice versa (the agent may have a lower commitment to the firm than he leads the principal to believe), but if the obligations of both under the contract can be specified, taking into consideration the possibilites arising from private information, then there is unbounded rationality despite the information asymmetry. The agency theorists concerns and in this they are different from neoclassical theorists are with owners and managers problems of coping with asymmetric information, measurement of performance, and incentives (Chandler, 1992b). The major difference between principal-agent and transaction cost theories is that the former focuses on the contract, the latter on the transaction. The problem for principal-agent theory is how to formulate a contract such that the shareholders (the principal) will have their interests advanced by the manager (the agent), despite the fact that the managers interests may diverge from those of the shareholders4. Where objectives of the agent are different from those of the principal, and the principal cannot easily tell to what extent the agent is acting self-interestedly in ways diverging from the principals interests, then the problem of moral hazard arises. The problem originated in the insurance industry, referring to the possiblity that people with insurance will change their behaviour, resulting in larger claims on the insurance company than would have been made if they had continued to behave as they did before they had insurance. This change in behaviour may, moreover, be known to the insurer, but may not be fraudulent or, at least, may not be provably fraudulent. In the context of relations between principals and agents, moral hazard refers to the possibility that, once there is a contract, the agent may behave differently from how he would have behaved had he not had the contract. It must, in addition, be difficult to determine whether his behaviour has conformed to the terms of the contract5. This arises particularly where the agent is a member of a team. Principal-agent theorists have attempted, by specifying conditions such as that the managers salary be equal to the expected value of his marginal product, to design contracts on the basis of which there will be an incentive for the manager to act in the shareholders interests. However, the importance of the team element in managerial jobs discredits the notion of a managers marginal product (Aoki, 1984, Ch. 2 and p. 50). This team element6 is also present at the production level. Doeringer and Piore (1971, p. 277) emphasised the importance of social cohesion and group pressure in the establishment of work customs. The process whereby such routines are created, and their importance in the success or otherwise of firms, are central concerns of the evolutionary theory of the firm (Section 2. 4). Principal-agent theory is more concerned with implications for shirking, that is, a reduction in effort by an agent who is part of a team. There may be a slight decline in total output as a result, but the cause will usually be unidentifiable. The shirking manager knows that his diminished effort is unobservable. Shirking is the moral hazard arising from the employment contract. What the principal can do, in the formulation of contracts, to offset shirking (and other types of management misbehaviour), is a key problem of principal-agent theory. There are a number of ways of controlling moral hazard. Rather than attempting to calculate the value of each managers marginal product, managers could each be paid a salary plus a bonus based on the performance of the company. The problem here is that if the utility of leisure is different for different managers, then again some may work more and others less at maximising the long-run value of the firm. (On the other hand, where there is a great deal of cultural homogeneity, as can be argued to be the case in Japan, this salary plus bonus system seems to be effective. ) Other examples of suggestions by principal-agent theorists for solving employment contract problems include the development of efficient ways of monitoring the performance of individual managers (or management teams), providing incentive contracts which reward agents only on the basis of results, bonding (where the agent makes a promise to pay the principal a sum of money if inappropriate behaviour by the agent is detected) and mandatory retirement payments. This last acts like a bond, in that there is a disincentive for the employee to misbehave because if he does misbehave he may be fired, and lose his retirement payment. It should be emphasised that, to the extent that managers want to keep their jobs, the three markets (for corporate control, managerial labour and the firms products) can control moral hazard. In relation to the market for corporate control, for example, Many observers have interpreted the hostile takeovers [of the 1980s] as a corrective response to managerial moral hazard: The takeovers, it is claimed, were intended to displace entrenched managers who were pursuing their own interests at the expense of the stockholders (Milgrom and Roberts, 1992, p. 182). The fact that the acquisition share prices were higher than they had been in the market prior to takeover, may be evidence of management misbehaviour or moral hazard. This would be so if the original market value of the shares had been the equivalent of the companys value (net present value of the future stream of profit that could reasonably be expected) under the original management, and the acquisition price was the companys value under the new management. It may, on the other hand, indicate an overestimation by the acquiring firm or individual of its/his capacity to improve the performance of the company. Milgrom and Roberts (1992, pp. 182-3) seem to conclude that the takeover premium was indicative of moral hazard when arguing that there is other evidence of management misbehaviour in the adoption during the 1980s by management of the poison pill defence against takeovers. The poison pill is a special security, which gives the holder the right to acquire shares at very low prices in the event of a hostile takeover. Poison pills were created by management, in some cases without shareholder approval. If, as Stiglitz (1991) suggests, the acquiring firm in takeovers generally experiences no increase in its own share values, then it is more likely that there has in fact been an overestimation by the acquiring firm of its ability to improve the performance of the target company. This is indicative, in other words, of an overestimation of the moral hazard of the managerial employment contract. The most obvious solution to the problem of conflict of interest between principal and agent is for the principal to become his own agent. Where there is team production, and the existence of a monitor can reduce shirking by enough to pay his own salary, then it may be appropriate for that monitor also to be the owner of the firm. If he is not the owner, then there could be a need to monitor the monitor, to ensure that he does not shirk. This leads to the conclusion that the existence of firms in which there is an owner and a group of people working as a team for that owner, is a consequence of the need to monitor team production, and the need for the monitor himself to be the owner with, for example, the power to fire shirkers, to pay each of the members of the team in accordance with his view of their productivity, to keep the residual and to sell the firm8. We return to the question of the basis for the existence of firms in the next section, where transaction cost theory, among other things, takes exception to principal-agent theorys conclusion about the significance of the need for monitoring. 1 This section draws in part on Milgrom and Roberts, 1992, Ch. 6. The reader is encouraged to read that chapter for more details, particularly on the relationship between moral hazard and performance incentives. For game theoretic perspectives on the relationship between principals and agents, see Gardner, 1995, Ch. 10. 2 See, for example, the article on the separation of ownership and control by Fama and Jensen, 1983. Other important articles on principal-agent theory include Mirrlees, 1976 and Fama, 1980. 3 See, for example, Maskin and Tirole, 1992, who analyse as a three-stage game the relationship between the principal and agent in which the principal has private information that directly affects the agents payoff. 4 or, to express it in terms closer to those of the theorists in this area, the problem is whether there exists any class of reward schedule for the agent (the manager) such as to yield a Pareto-efficient solution for any pair of utility functions both for the agent and the principal (Aoki, 1984, p. 49). 5 An example of moral hazard in employment contracts arises in universities, where there are two different groups of employees, those on short-term contracts, and those with tenure. Tenure is supported by many, and not only those who have tenure(!), as a feature of the independence of the academic, and the need to protect the academic against political pressure. Tenure may perform this function to some extent but it also enables those who have it, to change their behaviour and shirk various duties. The academic on short term contract, it can be argued, works hard, prepares excellent lectures, volunteers for administrative duties, does above average research and publishing. Then he obtains tenure, relaxes more, gives last years lectures, avoids administration, and does less research and publishing. In practice there is, no doubt, moral hazard in tenure, but given that the best teachers, administrators and researchers in academia have tenure, academics certainly do not always, or even usually, change their behaviour in the way predicted by moral hazard. 6 raised, as we saw in Chapter 2, by Alchian and Demsetz, 1972. 7 quoted in Aoki, 1984, p. 26. 8 For a more detailed discussion on the issue of team production and the monitor as owner, see Holmstrom and Tirole, 1989, or at a more introductory level, Douma and Schreuder, 1992, Chapter 6.

Importance and Role of Leadership in Globalization

Importance and Role of Leadership in Globalization Leadership is a word whose definition cannot be vividly explained. Many books have been written on this topic Businesses, counselors and motivational speakers have also contributed in this debate. However, the need to find a definition doesn’t require one to look for a specific definition that can be accepted by everybody, but rather a definition that tries to explain what leadership should be in totality.Advertising We will write a custom essay sample on Importance and Role of Leadership in Globalization specifically for you for only $16.05 $11/page Learn More The reason for choosing a working definition is to enable the debate of its role and importance on globalization to be understood. According to Kouzes and Posner (3), â€Å"Leadership is ultimately about creating a way for people to contribute making something happen.† Lussier and Achua (4) argued that, â€Å"Leadership is really a crock; it is about manipulating people to get them to d o something they don’t want to do, and there may be anything in it for them.† Leadership can be considered to be the provision of a vision to the people whom one has authority over and pushing through the understanding of the vision and the achievement of its goals for the benefit of the institution one is leading. Grint (4) on the other hand, looks at leadership from different perspectives. He describes leadership to be a position, a person, a result or a process that gets things done Some of the popular people in the world have been known to be leaders depending on how one views leadership. The enthusiasm a person has while heading a company, country or an organization will obviously give him/her credit based on the success of that institution. If that is the case, then, there are a number of renowned leaders in the world. Bill Gates for instance, is a famous and popular multi billionaire. Credit is given to him as the leader and brain behind the Microsoft Corporation . His contribution to the field of Graphical User Interface computing and desktop is a great idea developed by him. Another remarkable leader in the Information and communication Technology Industry is Steve jobs who despite dropping out of school, managed to lead Apple Computers to success and production of Tech Savvy gadgets. Indeed, it is the zeal with which they steered their ideas that led to their success. Other types of leaders can be drawn from politics, religion and education. Lussier and Achua (7) argue that all managers perform a leadership rolse among their four activities including planning, organizing and controlling. Leadership and skills are very essential in the success of an organization. The kind of a leader an organization has determines the pace at which it will grow if it is growth focused. Some people say that leaders are born while others say leaders are made. Whichever side one may be in, the fact is that an individual has to learn leadership skills in order to lead. For a business to prosper, it would need more strategic leadership rather than leadership itself. This is because business thrives in a market with many environmental variables which affect the output of the business. It should be strategic because the environment constantly change and the business policies and ideas must change with it.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Globalization Globalization is the main point discussed in this paper. Steger (2) states that globalization is the â€Å"shrinkage of time and space†. It can also be defined as the linkage of world economic, cultural, political, and technological advancements. It has a tremendous importance to the seven billion plus people in the world. The prevailing tone concerning globalization is that, people are optimistic towards its intentions and outcomes. Incomplete globalization causes unde sirable problems along the way though the ultimate goal of global peace and prosperity is considered to be achieved at the end. Not only will globalization bring world economy into efficiency, but it will also provoke political and social fields to overcome national barriers. The first and foremost benefit of globalization is economic efficiency. Not only have countries been able to focus on their primary industries and save budgets from developing inefficient ones, but they have also been provided with a wider range of products to select from. Globalization has also laid out the groundwork for free trades which contributed largely to the bigger market. Reasons for globalization Globalization is making the market accessible to everybody in the world. In fact, the concept of globalization has made the world to be a global village whereby, one can be able to buy a commodity from one continent and within two days, the commodity is shipped to the buyer. There are various reasons why the world has to embrace the concept of globalization. Globalization has enhanced food security in a number of ways. Food security is a situation whereby, producers produce enough food and sell at a fair price while consumers find enough food at fair prices all times. It is expected that no one should control the free flow of food while farmers are paid well from their produce without exploiting their customers. Food security is a major world concern because without food, everything is in a mess. There are many ways that globalization can enhance food security. The discovery of food biotechnologies that enhance the growth of faster growing, drought resistant and disease resistant plants has been a great milestone that has been shared throughout the world. Through this initiative, food production has been enhanced throughout the world for those who have embraced it. The fact that food can be sold freely in the world market with minimum or no barriers, it has also contributed greatly tow ards food security. McDonald (39) indicates that, â€Å"modern globalization brings new opportunities for improving human livelihoods and well being. In addition, it also brings greater recognition of the persistent sources of human insecurity from threats such as a lack of sufficient food.†Advertising We will write a custom essay sample on Importance and Role of Leadership in Globalization specifically for you for only $16.05 $11/page Learn More The contribution of globalization to food security is so great that a person in Africa can eat chicken from the United States of America with as much enthusiasm as that of their home. The Kentucky Fried chicken company is able to transport its chicken reared in America to the capital city of Kenya in Africa and still make reasonable sales fetching profits from their sales. The fact that food can move all the way from America to Africa is a big contribution to food security in the region. Food security can si mply be defined as availability of food at the right time and place and at affordable rates for the population. Globalization of culture is also a big idea that enhances world peace and integration. Integration improves relations between countries thereby embracing common values that make people understand each other. Therefore, they are able to live with each other peacefully. Ismail (3) states that, â€Å"globalization is currently enhancing the world’s atmosphere and is familiar to people from a diversity of civilizations†. Globalization is beautiful to world peace but it can be ugly in different dimensions. The fact that countries can trade freely with each other can be misused to for instance, sell weapons to countries that may be in dispute. This is used by countries that produce weapons hence, encouraging war between the countries that are at war. This is mainly used so that the country selling the weapons gains from the sale without taking the responsibility of the actions of the buying country. This is one of the undesirable effects of globalization. This however, should be controlled by international bodies and the big brother countries like the United States of America in achieving world peace. Globalization and technology have enhanced each other in different ways. Through free movement of technology in the world, the globe has been made like the size of a village. For instance, one can send an email to another within few seconds in a different continent. Through technology, communication has been enhanced and this has consequently enhanced integration through intermarriages and other unions. Over the past two decades Papageorgiou and Jaumotte (6) argue that, â€Å"income growth has been positive for all quintiles in virtually all regions and all income groups during the recent period of globalization, however, income inequality had increased mainly in middle and high income countries.†Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is contributed slightly by patent rules and regulations. For instance, people argue that through patent, the Microsoft Corporation has ensured monopoly over the years. This is so because the company produces products that cannot be used in other platforms and as well they discourage other people from making similar products. Technology has enhanced globalization greatly both positively and negatively. Through technology, revolutions have been experienced in the Arab world, it is said that a single ‘tweet’ spreads across the world in seconds. Depending on the message it carries, the results may be detrimental. A case that was experienced in the year 2011 is one that indicated that people receiving calls from a red number ending with triple 6 will die immediately after receiving it. This was a panic message that went viral and circulated very fast through mobile gadgets. In addition, giving tornado or any other disaster warnings to the populace is fast through techno logy. This is a great idea in globalization because now, people can communicate easily. This can influence leadership in the world in general. Previously, it was very difficult to express your views to the president. However, in the world today, it is very easy to drop a message to president Obama in a second. This has been able to put leaders on the spot, backing up the efforts of the media in the pushing of the political leaders to be responsible. Religion and globalization is also an area that influences each other and the leaders of these religious groups. Laguerre (17) indicates that, â€Å"a religion is global when it defines itself as a multinational, multicultural, and multiethnic faith based community project as reflected in its demographic composition.† Something is said to be global when it includes everybody or everything in the wider set. Globalization of culture, trade, technology, leadership, and socialization and other factors has enhanced the growth of religi ons and religious beliefs. For instance, through the internet, people are able to learn through correspondence and get to know much about the religion they want to join or learn about. Communication has been made easy so that people can criticize their leaders in their faiths positively. Another way through which globalization has impacted on religion is by enhancing its growth through free movement of the ambassadors of religion. The believers can be able to meet anywhere in the world and congregate and share what they belief in common. Through satellite Television, televangelism has led to expansion of religious institutions because people get ‘converted’ easily as it is easy to reach them at the same time. However, there is nothing that has only the best, there are shortcomings of globalization. Some of the religious leaders have ended up duping their followers into contributing money for projects that do not exist. The money obviously, ends up in their pockets. Thes e are some the undesirable effects of globalization of religion. Impact of leadership on globalization The phrase ‘think globally but act locally’ is not a clichà © in the leadership realm. It emphasizes the need to consult widely before acting. It is very important just like in construction of software’s, there are variables that will be used by ‘everybody’ and there are those that will be used by specific methods only. The programmer has control of all programs, thus, he/she should be able to coordinate them so as to achieve the best results. The paper has concentrated on globalization on the global sense hence, it is proper to look at how leadership has affects especially the growth of globalization. We first concentrate on leadership and globalization of religion. For a religious group to become global, it has to be multinational, multiracial, multicultural and multilingual. To achieve that, the group must define a strategy in which they will re ach different kinds of people. They should be able to devise a means through which they will reach the people and capture their attention. For that to be effective, it will depend greatly on the leaders. In an economy, the executive and the legislative arm of government make decisions which will affect the economy directly. They will have to make a decision on whether to concentrate the income of the economy like development of infrastructure as opposed to food production or education for a particular period of time. According to Laguerre (68), â€Å"developing infrastructural sign posts throughout the globe as a result of the missionary system that fuels its geographical expansion.† In fact, the local churches are units of the global network in different national territories worldwide. This is a brilliant idea that can only be implemented by the leadership of the church. Those who think locally can never go local but those who think global and act local do so by acting local in different locations. The result is a global network which essentially enhances globalization. Thus, brilliant leadership is the catalyst of religious globalization in this context. Think of a spiritual leader who thinks that people who are his/her friends are the only ones who should congregate with him. This leader is deemed to fail and the conclusion is that, his/her leadership is not remarkable. This will definitely leave people in their cocoons and they will not learn anything but have squabbles within themselves. The leadership of the ‘church’ then must be aggressive and change with time as well. They should also be able to devise new ways of attracting people to their congregation in the process of globalizing the church. In any case, a leader who cannot see the way, no one will guide him or her. The clichà ©, a blind man cannot lead another blind makes a lot of sense here. It is very important for the leadership of an organization to show and lead the way to the truth. Hence, for religion to become global, the leadership of the religion must be able to design policies that can encourage the followers. Otherwise, the ‘church’ or ‘mosque’ will not be in a position to go global but will just belong to a certain region. Leadership’s economic effect on globalization can be considered a great topic to discuss. Thompson and Reuveny (74) indicate that, â€Å"leadership change affects the Northern economy more than the Southern economy.† This clearly indicates that, leadership is pivotal to the economy of the world in general. The leadership basically makes decisions that affect the movement of products, knowledge and goods within an economy. This is so because if the leadership is clear in their mind, they are supposed to formulate policies that encourage investments from other countries (foreign investment) because they will do so within their means. An example is a third world country that is developin g which has to concentrate on particular issues than others. For instance, it is clear that education, medical care and shelter are very critical in the development of the country. But then, it is fair for the leadership to think outside the box and develop infrastructure that will enable private and foreign investors to invest in the country so that they generate jobs. The jobs so far generated will then make the lives of the employees better and the government will collect taxes that they would divert to education, medicine and other areas of development. Changing leadership technically affects globalization. For instance, there is something called friendship of nations. Once governments change, the concept of giving tenders to quality is not abided to rather, it is directed to nations that seem to be friendly to the sitting leadership. This is experienced in developing countries in the world. In America, the effect is usually felt by the party having presidency when it changes be tween the republicans and the democrats. The push to accept ideologies of either party greatly affects where to invest in the world and what to invest in. This directly affects the concept of globalization. According to Thompson and Reuveny (80), â€Å"it is consistent in our expectation that systematic leadership and long waves of economic growth are drivers of systemic phenomena such as economic globalization.† The economy of a country purely depends on government policies. These policies may be made in a way that will encourage or discourage foreign investors. If they encourage foreign investments, it is possible for people from all parts of the world to have a share of the local market. And this is what is known as economic globalization. It is clear that the leadership greatly impacts economic globalization a great deal. Leadership directly dictates the policies formulated, this is what will either encourage or discourage globalization. Political impact on globalization is very evident in the world. The latest incidences are coup staged in West African countries. Once the politicians cause instability in a country, any foreign agent in that country runs back to their country. Each country hosts ambassadors from countries it thinks have common interests. In most countries, the ambassadors are supposed to sell the good things about their home government. However, sometimes the big brother countries try to influence the politics of developing countries so that they can benefit from it. Prechel (3) wrote, â€Å"Advocates of this ‘global neoberalism’ believe it is necessary to sub ordinate states and politics to requirements of capital accumulation. This is clear because it affects globalization directly. In a matter of fact, the concept of globalization was born by political leaders because it must be steered ahead by the same political leaders who embrace the idea. Those who did not like the idea will keep fighting it to the end. Somethi ng good and beneficial to the masses will always go viral and the many that like it will make good use of it. The world bodies like the World Bank, United Nations, and International Monetary Fund are influenced by political leaders. The decisions made by these bodies directly affect politics of other parts of the world. This is something to think about in globalization. The politicians of a certain country may be backed by the UN while the opponents are not backed. This may because a major drift will either affect globalization positively or negatively. In the case of Muhamar Gadhafi who was ousted in Libya by the Transitional Government Fighters backed by NATO, is a good example of the effect of politics in globalization. It is said that the former Libyan leader was ruling with an iron fist hence, discouraging democracy and the immigration of foreigners into the country. Thus, he was discouraging globalization. Someone may conclude that after his regime, the country opened up and t here is free flow of information into and out of the country. Recommendation and Conclusion Globalization is real and helpful in the world today. It is of prime importance that people embrace togetherness making the world like a global village. If globalization is used objectively, it will enhance world peace, food security and international cohesion. Leadership has the biggest role in it. It is clear that if the leadership of various countries doesn’t enact proper government policies that encourage international business, international culture, and international relations then globalization cannot prevail. Leaders must remember that they must have a vision and work for the dream tirelessly. Sometimes they have to go an extra mile so that their dreams of a prosperous nation can be realized. The clichà © a blind man cannot lead another blind man is true in the sense that leaders must be brilliant people who are informed and ready to work in a vision that they have. Thinking g lobally and acting locally is a great quote for all leaders because local makes global. Leaders must factor in all global factors before implementing any action locally. The fact that human beings have common basic needs is a clear driver of why people should share the world resources through globalization. The reason for this assumption is that, globalization makes it possible to sell or buy commodities that one cannot produce in his/her country. Grint, Keith. Leadership: A Very Short Introduction, 1st Edition. New York, NY: Oxford University Press, 2010. Print. Ismail, Mohamed. Globalization and New International Public Works Agreements in Developing Countries, 1st Edition. Farnham Surrey, UK: Ashgate Publishing Limited, 2011. Print. Kouzes, James M. and Posner, Barry Z. The Leadership Challenge, 4th Edition. San Francisco, CA: John Wiley Sons, 2007. Print. Laguerre, Michel S. Network Governance of Global Religions, 1st Edition. New York, NY: Routledge, 2011. Print. Lussier, Rob ert N. and Achua, Christopher F. Leadership: Theory, Application, Skill Development, 4th Edition. Mason, OH: Cengage Learning, 2010. Print. McDonald, Bryan L. Food Security, 1st Edition. Malden, MA: Polity Press, 2010. Print. Papageorgiou, Chris and Jaumotte, Florence. Rising Income Inequality: Technology, Or Trade and Financial Globalization? 1st Edition. New York NY: International Monetary Fund, 2008. Print. Prechel, Harland. Politics and Globalization, 1st Edition. San Diego, CA: JAI Press, 2007. Print. Steger, Manfred. Globalization. 1st Edition. New York, NY: Sterling Publishing Company, 2010. Print. Thompson, William R. and Reuveny, Rafael. Limits to Globalization: North-South Divergence, Volume 21. New York, NY: RoutledgeTaylor Francis, 2010. Print.

Buying Electric Vehicles in Australia

According to Tucker (2016), the majority of electric cars sold in Australia are purchased by commercial buyers. In 2015, only 2000 EVs were sold, compared to the 1.1 million new petrol and diesel powered cars sold during the same period (Tucker, 2016). This occurrence can be best explained by the concept of price elasticity of demand. The demand for electric cars follows the law of demand which stipulates that the higher the price of the product the fewer consumers are willing to purchase the product. Thus, given that the prices for EVs are much higher than the prices of traditional motor vehicles, consumers are more reluctant to shift to the new product. Typically, the price elasticity of demand is affected by the existence of substitutes and the proportion of consumer’s income that is spent on the product. Characteristically, EVs have a high elasticity of demand (Fan &Hyndman, 2010). Mainly, this is because the commodity is considered as a luxury good whose purchase can be postponed to a later date. Besides, there are various alternative and cheaper substitutes that the consumer can buy instead of the highly priced EVs. The high demand elasticity for the EVs has resulted in minimal sales to individual customers who prefer cheaper petrol powered cars. In contrast, commercial buyers opt to buy the products and resale them later to prospective buyers at a greater profit. The existing luxury car tax has a significant influence on the EV market. Ordinarily, high taxes are a great disincentive to individuals seeking to purchase any form of goods. Typically, taxes increase the cost of buying a product by increasing the price payable for the product. Thus, the luxury car tax imposed on EV cars imposes enormous costs to the purchaser. As such, the tax leads to a higher upfront purchase price, thereby discouraging potential buyers from purchasing the product (Duff, 2015). It is noteworthy that while other countries offer stamp duty reductions for EV purchases, there are no such provisions in Australia. In addition, the Australian government provides no federal tax incentives for consumers to purchase EV cars (Tucker, 2016). Consequently, this has significantly suppressed the demand for electric vehicles in the country as most individuals find them too expensive compared to the alternative petrol cars. Reports indicate that dealers do not want to sell electric vehicles to the Australian population (Tucker, 2016). By and large, this situation is attributed to the cost structure and potential revenue loss resulting from the acceptance of EVs into the Australian economy. Specifically, EVs have generally low servicing requirements that are less costly than the traditional diesel or petrol powered cars (Hills, 2014). Ordinarily, most mechanical failures and maintenance costs arise from the combustion engine of the gasoline powered cars. Interestingly, these mechanical failures cost the consumers a lot of money which act as the primary source of revenue and profits for most dealers (Howard 2013). But, the electric vehicle technology is designed with few moving parts, and their servicing costs are minimal (Tucker, 2016). In turn, this creates a financial conflict of interest and acts as a disincentive to dealers, who opt not to sell EVs in the Australian market. It is rational to think that the EV market will expand and prosper in the future given the changes in the resource market. At the moment, the primary substitutes to electric cars are the traditional locomotives which fully rely on petrol or diesel power. Given the trend characterised by continuously rising oil prices caused by cyclical fluctuations in the supply of the commodity, maintaining gasoline-powered vehicles may become quite expensive in the future. Subsequently, the high oil prices will force consumers to seek alternative products that do not require petrol or diesel. In turn, this will lead to an upsurge in demand for EVs in the country. Additionally, government policies with regard to the environment will lead to an increase in demand for EVs. Particularly, strict anti-pollution laws and anti-emission regulations will force manufacturers to reduce their production of traditional vehicles and move towards the production of environmentally sustainable cars. What is more, adopting zero emission vehicle ownership incentives for car owners will create an inducement for individuals to purchase EVs. In turn, this will intensify the demand for electric cars. Most importantly, the change in tastes and preferences of consumers for environmentally friendly vehicles will lead to the prosperity of the EV market (Tucker, 2016). Consumers’ habits and mentality are changing as they can discern the numerous advantages that come with the ownership of EVs. As such, consumer awareness as to the effectiveness and eco-friendliness of this technology has increased significantly. Consequently, this is bound to increase the demand for electric vehicles. It is worth noting that accelerating the pace and the growth of the EV market requires a coordinated and dedicated action by the government, manufacturers, dealers and consumers (Glerum et. al.). First, the Australian government should enact supportive policies that will guarantee that EV purchasers can get the full economic value of their choice to shift from the traditional model cars to electric cars. Additionally, the government should provide substantial tax incentives and deductions for EV ownership and purchases. Fundamentally, this move will lead to a significant reduction in the overall price of the product. Â  In turn, this will motivate and entice reluctant individuals to purchase electric vehicles, thereby expanding the market. Likewise, the government should offer buyers considerable zero emission vehicle ownership incentives to encourage individuals to shift the to the eco-friendly electric vehicle technology (Harvey, 2013). Notably, the incentive has been adopted in countries like the US and Europe and has worked magnificently to improve and expand the EV market in these economies. The government in collaboration with EV manufacturers could also set up enabling infrastructure to ensure that EV owners have adequate access to ultra-fast charging stations. By so doing, they will guarantee that EV owners will have convenience without the fear of running out of charge. Duff, C. (2014). Why Australians aren't buying electric cars - yet. Cars Guide. Retrieved 3 January 2017, from https://www.carsguide.com.au/car-news/why-australians-arent-buying-electric-cars-yet-30869 Fan, S. & Hyndman, R. (2011). The price elasticity of electricity demand in South Australia (1st ed., pp. 1-17). Clayton, Victoria: Business and Economic Forecasting Unit, Monash University. Retrieved from https://robjhyndman.com/papers/Elasticity2010.pdf Glerum, A., Stankovikl, L., Themans, M. & Bierlaire, M. (2013). Forecasting the demand for electric vehicles: accounting for attitudes and perceptions (1st ed., pp. 12-24). Ecole Polythenique Feredale de https://transp-or.epfl.ch/documents/technicalReports/GleStaTheBie_2012.pdf Harvey, D. (2013). Exploring the adoption of EVs in the US, Europe and China; charging scenarios and infrastructure. Green Car Congress. Retrieved 3 January 2017, from https://www.greencarcongress.com/2013/08/icct-20130806.html Hills, G. (2014). Electric car maker Tesla charges into the Australian market with Model S. ABC. Retrieved 3 January 2017, from https://www.abc.net.au/news/2014-12-03/electric-car-maker-tesla-charges-into-the-australian-market/5938528 Howard, B. (2013). EVs are better and cheaper, so why aren’t they selling? (Actually, they are). Extreme Tech. Retrieved 3 January 2017, from https://www.extremetech.com/extreme/165094-evs-are-better-and-cheaper-so-why-arent-they-selling-actually-they-are Tucker, H. (2016). Why Australian dealers don't want to sell electric cars. Business Insider Australia. Retrieved 3 January 2017, from https://www.businessinsider.com.au/why-australian-dealers-dont-want-to-sell-electric-cars-2016-1