Ojonugwa Julius Akubo's Blog

The government has been criticised by so many critics as being a poor manager of business and we often hear statements like “the Government has no business in business”. Owing to such criticisms the government came up with the issue of privatisation whose benefits and shortcomings we shall be analysing critically in this paper. Privatisation goes beyond the mare activity of ownership transfer as this singular action is capable of determining the fate of the populace attached to such ventures either directly or indirectly. Privatisation in the first place is the transfer of assets from the public (government) to the private sector. In other words it’s when the government transfer its authorities and control over a particular assets of his to a private body. This action arises not because the government is a “father Christmas”; it’s rather due to some expected benefits or existing inabilities by the governments. Knowing this we shall now discuss the advantages and disadvantages of pri

Without any atom of doubt we can considerably say that the speed of technological evolution in the world of today has been very spontaneous which originally shouldn’t be a problem. But the rate of its acceptance by so many nations of the world may eventually end up in incapacitating the labour sector of these countries which is an indicator of danger. Labour as we know is the most perishable factor of production in that its service has got a time space (18 years to 65 years). It’s also the longest to generate when it comes to time of creation. The time it will take to produce sixty same types of machines is far lesser than the time it will take to build up a single labour for effective service. That notwithstanding labour is the most important factor of production at such any activity that will terminate the need of labour should be well evaluated before its being accepted. And this evaluation should involve a critical analysis of the nature of the country in question, i.e. if the c

This,is an economic system or theory that Was postulated by a political economics professor Leon walras .the system basically seeks to explain the economy based on the general equilibrium theory and marginal utility. The system is to encompass the whole field of value and price in a much more comprehensive manner than had been presented by any previous economist . He assumed perfect competition and uniformity of price throughout the given market and mathematically demonstrated that general equilibrium in such a market requires certain conditions to be satisfied listed thus: Each individual will have a utility curve for each good and service offered in the market The individual will maximise his utility through exchange and That he will obtain the greatest possible satisfaction when the prices paid in the exchange are proportional to the marginal utility of the good purchased. In general he said that the basic laws which are at work bring about the equilibrium in the market. The

Caribbean was born in 1915 in the island of West Indies. He finished high school at 14 and entered London school of Economics in 1932 as the first black man. He graduated with first class and had his PHD in industrial economics. He is a great writer but we shall be focusing on his contribution to development economics. Arthur Lewis was the brain behind the famous structural model that won him the Nobel Prize in Economics. As a matter of fact he is the only black man who has won the Nobel price. He is regarded as the father of development economics. His model was based on his paper “development with unlimited supply of labour” in 1964. He said an economy can be divided into two sectors; Modern sector or industrial sector Traditional sector or agricultural  sector The model is built based on the following assumptions Developing sector can be divided into the sectors above Traditional sector has surplus labour supply whose marginal productivity is zero(MP=0) The modern sector depe

The middle ages covered a period of about one thousand years. Although scholars tend to disagree on the exact dates it’s believed to have extended from the fall of the romans in AD 476 to about 1500. A lot of scholars have come to believe that economic thinking in the Middle Ages was highly dominated by moral and political dogma rather than economic thinking. This they said because of the so many doctrinal backgrounds upon which this particular school of thought and its disciples advocated. Discussing the reason for this believes we shall be focusing our discussion on Thomas Aquinas a major intellectual of this school of thought. He personally made contributions to just price with respect to selling and buying, profit making and loans. Aquinas particularly said all goods must be sold at just price; a price defined as sufficient to maintain the seller at his customary standard of living. he also spoke of wages basing his argument on the Christian principle that sta

The basic,reason why some developing countries are still in the lower region of development today is not necessarily because they lack resources but that they fail to utilise and maximise them. Amongst such resources available  to some developing countries is agriculture. Agriculture though limited to some developing countries is the basis upon which a lot of industries can evolve. First of all it starts with the Agro-alied industries whose major raw materials are from Agriculture. And as we know the Agro-alied industries will require machines which will necessitated the need for mechanical industries. Its also obvious that social amenities like  Electricity,transport mediums(good roads, airports,railways and well dredged water bodies), Health amongst others will find their way into the host society either through the public sector or the private sector. The rising industries generate revenue for the government due to taxation and the companies exportation process helps bring abou

The concept of economic development has being the major pivot of every nation and at such they all use possible instruments at their disposal to either boost their economy or stabilize their economic position. Unfortunately many nations focus on developing the other components that facilitates economic development without putting adequate attention on the major manager of the economy which is labour. Is it possible for a car to move without a driver? Labour  development   is a crucial necessity that every developed or  developing nation need to either remain developed or attain their desired level of development respectively. As a matter of fact every other factor of production which is the mother of development is either created or managed by labour. Is it capital,land or entrepreneur. All these are subject to labour control for effective utilization and maximization. Labour is entrepreneur,labour produces capital, labour uses land for production so its obvious that labour is th

Every organization that must attain Maximum productivity and effective specialization must be willing to practice the theory and concept of labour division. Division of labour is the sharing of responsibilities between people of different areas of specializations. Considering the inability of humans to be totally self sufficient there is need for labour divisions which is a product of  specialization. Take for instance,the basic needs of man are food,shelter and clothing. If a collective group of individuals where to provide these basics for themselves individually then there wouldn't only be low output but inequalities which may lead to envy and eventually cause anarchy in the society. This is true because an individual may be a better farmer at the same time a weak tent maker so he would be lacking in terms of structures whereas he has plenty of food. Since he can not ask any other person for support in terms of tent making envy is bound to arise against the better  tent maker.

Treasure network: Satisfaction is created ,Not Attained : So many people find it difficult to live happily in our world of today all because they illusionally imagine the existence of a point where...

I nflation is a continuous or sustained increase in the general price level or cost of living of any economy. Wealth on the other hand could be defined as a state of abundance . From the above definitions we wouldn't be wrong to deduce that the wealth level of any rational consumer in an area has some direct relationship with the inflation rate in that area. This is proposed based on the demand law that states; higher demand as a result of lower price. Conside ring this,its obvious that policy makers must draft out policies that will constantly reduce inflation and relatively grow up employment opportunities else the population of the wealthy in the case country will be definitely growing at a decreasing rate. Inflation is beneficial to a few set in the society with a larger population of the society suffering the negative effect of the inflation. Even wealth distribution is  positively related to lower inflations at such a government that must improve the human centered perspecti

Market in the first place is any arrangement that provides a medium for exchange or trade between buyers and seller.Market structure in the same temple is simply the number composition of either of the diffrnt market agents(buyers and sellers) in the market and their type of operations. They include;  * Oligopoly: here there are few firms in the market dominating the market share majority together.  *Oligopsony:here there are many producers with relatively few consumers compared to the number of producers. *Duopoly: is when only two firms exist in the market and they both control the market share together.  *Monopoly: here there is only one producer of a particular product which gives the producer opportunity to influence price at will.  *Monopsony:its the opposite of monopoly,its when there is only one buyer or consumer of a particular product with many producers in the market.  *Monopolistic competition: this is synonymous with competitive market.there are many firms in this type of

The Keynesian concept defines investment as a process of adding to existing capital stocks. In other words investment is a process of acquiring assets be it fixed or capital. Investment process is an attitude that should be on the minds of any success oriented personality. But its so unfortunate that so many people lack the insight as to the benefits of investment culture. This is why people complain of financial problems even after years of gainful employment. Investing is a process that requires time and at such you must you must be ready to endure the time it will take for you to start reaping the fruits. It could be inform of buying shares (fixed investment) or inform of buying goods designed to be used in making other goods (Inventories) . It could also be inform of purchasing or building infrastructures and other form of properties (Residential investments). If you must make it financially and economically you must be ready to invest.

Gross domestic product popularly known as GDP is the measure of the total output produced within a country at a particular period of time usually one year. It excludes all income from abroad be it from foreigners or citizens but includes all income earned by both foreigners and citizens living in a country. Gross Domestic Product is a broad topic but we shall be restricting our views to the three measurement methods that can be used in measuring GDP 1 OUTPUT METHOD OR VALUE ADDED METHOD: The differences between the sales values and the values of the intermediate goods used in the production are added together to get the GDP. For example the difference between the value of a loaf of bread and the flour used in making the bread is the value added to the flour. It's such values that are added to give the GDP in this method. 2.EXPENDITURE METHOD: This method aggregates all expenditures on domestic goods and services including investments, government demands, net export and consumpti