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BUREAUCRACY:
M de Gournay, an economist of France, first coined the word Bureaucracy in the eighteenth century to refer to "a fourth or fifth form of Government" in which "officers, clerks, secretaries, inspectors and attendants are not appointed to benefit the public interest. Indeed the public interest appears to have been established so that offices might exist". Harolds J. Laski defines the term bureaucracy as a system of Government, the control of which is so completely in the hands of officials that their power jeopardises the liberties of ordinary citizens. The characteristics of such a regime are a passion for routine in administration, the sacrifice of flexibility to rule, delay in the making of decisions and a refusal to embark upon experiment. In extreme cases, the members of a bureaucracy may become a hereditary caste manipulating Government to their own advantage. Max Weber, the German social scientist thinks that bureaucracy is among those social structures which are the most difficult to eliminate. Bureaucracy is an ideal type as it is based on impersonal and rational basis. Weber classifies the authority as traditional, i.e. "resting on an established belief in the sanctity of immemorial traditions and the legitimacy of the status of those exercising authority under them", charistmatic i.e. "resting on the devotion to the specific and exceptional sanctity, heroism or exemplary character of an individual person, and of the normative patterns or order revealed or ordained by him", and legal, i.e., "resting on the premises of legality of patterns of normative rules and the right of those elevated to authority under such rules to issues commands". Legal authority is superior and more logical than charismatic.
Surplus The surplus is a condition under that supply for a good or service is in excess of the demand for that good or service. When this happens, there is commonly a reduction
price falls and demand is elstic
explain the managerial decision areas
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
llustrate and explain the changing demand gor big Mac using the indifference curves and budget line
Wealth Tax: A tax in that owners of specific forms of wealth (likereal estate, financial wealth, or inheritances) should pay a specified proportion of that wealth to government, us
Working of IFC: The IBRD loans are available only to member-country governments or with the guarantee of member-country governments. Further, IBRD can only make a loan but it
Change in demand: change in quantity demanded occurs when the consumption of a commodity increases or decreases as a result a change in the price of the commodity, when all ot
Dialectic Inquir y It is a technique for group decision making in which members are forced to "debate" both sides of a matter. Dialectic inquiry forces consideration o
in the case of a decline in velel of private investment spending, why the effect on equilibrium output exceeds the magnitude of the initial shock? also, what are the effects of th
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