The History of the Phrase Double Coincidence of Wants

Barter economies rely  on trading partners with mutually beneficial needs to agree to deals. For example, Farmer A might have a productive henhouse but no dairy cow while Farmer B has several dairy cows but no henhouse. The two farmers might agree to a regular swap of so many eggs for so much milk. Economists refer to this as a double coincidence of wants—double because there are two parties and a coincidence of wants because the two parties have mutually beneficial wants that match up perfectly. W.S. Jevons, a 19th-century English economist, coined the term and explained that it is an inherent flaw in bartering:  The first difficulty in barter is to find two persons whose disposable possessions mutually suit each others wants. There may be many people wanting, and many possessing those things wanted; but to allow  of  an act of barter there must be a double coincidence, which will rarely happen. The double coincidence of wants is also sometimes referred to as the dual coincidence of wants. Niche Markets Complicate Trades While it might be relatively easy to find trade partners for staples like milk and eggs, large and complex economies are full of niche products. AmosWEB offers the example of someone who produces artistically designed umbrella stands. The market for such umbrella stands likely is limited, and in order to barter with one of those stands, the artist first needs to find someone who wants one and then hope that the person has something of equal value the artist would be willing to accept in return. Money As a Solution Jevons point is relevant in economics because the institution of fiat money provides a more flexible approach to trade than barter. Fiat money is paper currency assigned value by a government. The United States, for example, recognizes the U.S. dollar as its form of currency, and it is accepted as legal tender throughout the country and even throughout the world. By using money, the need for a double coincidence is eliminated. Sellers need only find someone willing to buy their product, and there no longer is a need for the buyer to be selling precisely what the original seller wants. For example, the artist selling umbrella stands in AmosWEBs example might really need a new set of paintbrushes. By accepting money she no longer is limited to trading her umbrella  stands only to those offering paintbrushes in return. She can use the money she receives from selling an umbrella stand to buy the paintbrushes she needs. Saving Time One of the most significant benefits to using money is that it saves time. Again using the umbrella stand artist as an example, she no longer needs to use her time to find such precisely matched trading partners. She instead can use that time to produce more umbrella stands or other products featuring her designs, thus making her more productive. Time also plays an important role in the value of money, according to economist Arnold Kling. Part of what gives money its value is that its value holds up over time. The umbrella artist, for example, does not immediately need to use the money she earns in order to buy paintbrushes or whatever else it is she may need or want. She can hold onto that money until she needs or wants to spend it, and its value should be substantially the same. Bibliography Jevons, W.S. Money and the Mechanism of Exchange. London: Macmillan, 1875.

Diversity In The Workplace. . Diversity In The Workplace

Diversity in the Workplace Diversity in the workplace is imperative even though some commentators argue that too much diversity can be negative. Diversity can lead to staff feeling ‘threatened or even annoyed by persons with views and backgrounds different from their own’ (Barsoux, Strebel and Manzoni, 2010). Instead of inclusivity, diversity can end up causing conflicts, as some staff are reluctant in changing their viewpoints and are less adaptable to change. The discourse relating to diversity also applies to senior high-skilled professionals. As there has been various discussion over the years to introduce quotas at board level, to assist those from underrepresented backgrounds. If individuals are selected to become directors based†¦show more content†¦Trying to exclude diverse people from the workforce will essentially exclude them from society, which is not only regressive and divisive but it would send the economy into turmoil as a result of how diverse the UK is. Besides, a lack of diversity will lead to less innovative strategies as different individuals from different backgrounds wield different experiences and viewpoints. It is argued that ‘If an organization does not leverage the potent weapon of diversity, it risks limiting its creative potential and ultimately losing its competitive edge’ (Ey.com, 2017). To ensure that diversity is not undermined in the workplace the Equality Act was enacted. The Equality Act, prohibits positive discrimination, but it does allow for positive action. Positive action ‘is when an employer takes steps to help or encourage certain groups of people with different needs, or who are disadvantaged in some way, access work of training’ (citizensadvice.org.uk, 2017). Positive action is quite beneficial as it enables marginalised groups access to employment, in which they historically did not have access too. 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A picture of colonial life Essay Example For Students

A picture of colonial life Essay When the Puritans and Pilgrims were coming to America, they had expected many new opportunities and freedom. They got bothalong with loneliness, vulnerability, and ignorance. Now in the new land, they knew very little, except that of their old lives. They had to learn to live new lives, to hunt new and strange game, and experience the feeling of no one being there to help during during difficult times. Sure, they had each other, but when they came up on the shores of this wonderfully new land there was no one there to welcome them with open arms, or nice warm shelter. They knew no one in this new place, and knew nothing of the land. They were almost clueless, that is, until they met the Indians. The Indians were thought of as uncivilized, barbaric beings, but much to the immigrants surprise, they were mostly wrong. There was a fair share of unfriendly indians, but the amiable indians helped inform these new travelers. They helped with medical treatment when someone would get an injur y from a strange animal or plant of the new world. The indians also shared their knowledge of growing crops and tips for hunting game, which made life a lot easier for families. On the homefront, the whole family was expected to help. The men took care of the more laborious jobs. They went out hunting and fishing to catch game, and worked to keep the house sturdy and safe. The women did many in-house chores. They did all the cooking for the household, and had to prepare the food to be cooked, like plucking chickens. They also made most of the clothes for the family and mended them when needed. The older children were made to do several chores, such as helping mother with dinner, or father gathering fire wood. The younger children played most of the day. Then, come Sunday, the whole family gathered together to attend church services. Religion was the basis of their government. When a person did wrong, they were punished by the laws of God. This form of government also ran with superstitions taking high status. One example is the Salem Witch Trials. Religion also played a big part in the education of the new world. If it werent for people wanting freedom of religion, America wouldnt be the great country that it is now. It was believed that you could only understand Gods ways by reading the bible, and so, many people learned how to read so they could be holy and one with God. From this eduation sprung poetry writing, which was mostly about everyday life, and religion. However, to get this poetry published, it had to be taken to England. This took a very long time because they had to travel by ship back and forth, and it took a really long time. The only means of travel in the new land were by foot, or horseback. Back then, to get from Boston to New York it took five months, but now it only takes about five hours. Things sure have come a long way from the old colonial ways, but if it werent for those people seeking freedom and adventure, then we and a lot of other things would not be here today.