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An economic model is a framework used to predict economic trends with a considerable degree of precision. They are used at the micro and macro level. The primary purpose of an ideal economic model should be to take the analyst as close to reality as possible. Unfortunately, even with the presence of several techniques, economic models can end up being disastrously misleading. Speaking of techniques, critics of economic models are coming down heavily on their blatant failure to predict any crisis. Here are some reasons.

Flawed Techniques
Human behavior is too erratic to be having a mathematical representation. Stochastic models allow a lot of randomness, whereas non-stochastic economic models pump in too much of logic, especially when it comes to predicting consumer choices, making the results go haywire. Ultimately, an algorithmic equation cannot replace the complex human thought process. Adding variables to it will only make it applicable in a ‘perfect’ world.

Unfeasible Qualitative Models
Bringing in equations to mimic human behavior is the basic flaw in economic models. But the absence of any mathematical representation, as in the case of qualitative models, increases the unreliability factor further. Qualitative models have the reputation of being imprecise.

Ignoring Simplification
Considering the complexity of arriving at a decision in business, an economic model is created with the aim of making things simpler. It plays the role of a guide, giving us a feel of the real world conditions. However, by bringing in too many variables, it ends up being the exact opposite. Models that are too complex make interpretation difficult, thus defeating the purpose of having one in the first place. Read the rest of this entry »

Free trade is liberalization of trade with no government interference in the form of regulations, tariffs, quotas or taxes, which allows producers to yield, manufacture or sell their products within as well as outside domestic frontiers. This helped producers to price their products at lower rates which further stimulated competition. On the downside, benefits like tax holidays and subsidies to domestic producers were also withdrawn. Unrestricted flow of labor, materials, goods and funds prompted several countries to enter free trade agreements.

Free trade is advantageous for consumers because increased competitiveness due to the presence of international producers compels domestic producers to deliver high quality products at reasonable prices that are at par with the competition. The consumer is empowered with the ability to choose from a wide variety of the same product. In the absence of the free trade act, consumers had limited choices in the market. Free trade came under fire because it led to monopoly in the international markets by corporations originating in developed countries that took advantage of the ‘no government intervention’ policy. A grave matter of concern is the cost of damage to the environment that will accumulate overtime and the consumer will ultimately pay a heavy price for it in the long run which far outweighs the benefits of low-cost wide-variety products.

The main objective of adopting free trade markets was to bridge the gap between the poor and the rich, stimulate economic growth and raise the quality of life. Corporations engaging in free trade have been accused of exploitation of farmers, especially those belonging to poorer countries, by coercing them to cultivate only profitable crops and paying them meagerly. If produce does not conform to the company’s desired standards, it is rejected and farmers are not even partially paid for growing the crop on demand. The concept of free trade may sound very lucrative and it may come across as a viable trade mechanism that brings all the market forces to perfect balance. However, this very idea is contradicted by the fact that not everyone involved in this process is given equal opportunity by means of fair access to resources.

•Prompts relocation of businesses.
•Exploitation by MNCs and international organizations.
•Given rise to sweatshops.
•Payments are made after approval of goods.
•MAY lead to labor exploitation, meager wage rates, inhospitable and hazardous work conditions, compromised product quality, poor safety measures, income inequality, degradation of the environment, and wastage of resources.

If you think that having a business partner is what you and your business needs, here are some tips for you while choosing ‘the’ business partner for you.
1.Background Check: Make a thorough check of the potential partner on personal and professional levels. It will give you a better idea on what kind of person you are going to be dealing with. A personal background check will help you to know how he/she handles relationships and a professional background check will reveal his/her professional and business credibility and work place relationships.
2.Personal Stability: It is good to have a partner who is not struggling with pressing personal issues. If he/she is stressed out on the personal front, it is likely that he/she will not be able give 100% input required for a new business venture. Personal financial stability will ensure that the potential partner is more interested in making the business grow than in making money. It will also decrease the temptation to swindle money off your back.
3.Vision and Objective: Your partner should be someone who believes in your pipeline dream. He/she should be able to envision your business venture the way you see it a few years from now. Objectives are the short-term benchmarks you have for the business and your partner should share them.
4.Business Compatibility: While it is good to partner with someone having a different field of business expertise, it is not advisable to have incompatible business differences. The leadership styles and business dealing methods should be compatible, not necessarily be the same. You should be able to have a good working relationship with your partner, which is impossible if you are going to be at loggerheads for basic business codes and ideals.
5.Complementary Skills: For the business you are starting out with, you may not be having all the required skills. Even if you did, you might not be able to give full justice to all the components at all times. So, it will be more profitable and beneficial to have someone with complementary skills and different area of expertise as a partner. This will broaden your business scope and take a load of burden off your shoulders.
6.Contribution: There are less chances of a partner pulling out or being indifferent to business development if he/she has made a substantial contribution for the start-up, financially. Where this is not possible, the contribution could be in terms of resources (location, infrastructure) or a strong business network.
7.Ethics and Integrity: A person who is ethical in his/her actions and carries himself/herself with integrity in life’s every aspect, will not leave you high and dry without a valid reason. Also, such a person will be easier to trust and will inspire respect.
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One of the biggest expenditures for children generally happen to be towards their education. But even before your baby is born, there are heaps of expenses to be dealt with. Here are some ideas to help you deal with these expenses.

Prenatal Medication
As soon as the pregnancy test is declared positive, would-be parents need to start shelling out money towards medical tests, ultrasounds, fees of gynecologists, nutrition supplements and so on. The uphill burden of expenditure can be reduced by opting for a health insurance policy right from the time you get married or start planning your baby. The health insurance company generally expects policyholders to pay a minimum amount towards each medical bill while the rest of the medical expenses are borne by the health insurance company. As a thumb rule, check if your hospitals, gynecologists and pharmacies accept the insurance policy that you have. If not, then I recommend that you search for medical services that have a tie-up with your health insurance company before you set up an appointment. This will help save a lot of money.

Preparation for Baby
It is delightful to go shopping for baby clothes, cribs, car seats, strollers, baby monitors, etc. Some of you might even redo an entire room, converting it into a nursery. As exciting as it seems, babies tend to grow very quickly and it is therefore futile to spend a huge sum on new and expensive baby clothes. Even doctors recommend usage of soft, tender and used baby clothing on babies. Personally I suggest that you may opt for borrowing baby clothes, cribs, strollers, etc., that have been previously used by your friends for their babies. And if you are lucky enough, you might receive some new accessories for your nursery as baby shower gifts. I can’t help mentioning a noteworthy fact about pregnancy in advanced stages. The recommended restrictions of movement and food consumption for a pregnant woman is likely leave a considerable surplus of money in your kitty.

Delivery
As previously mentioned, couples might have to be careful while selecting hospitals for the upcoming childbirth. It is ideal to get confirmation about the hospital’s tie-up with your health insurance company way before the due date. It is also recommended to get similar confirmations from the obstetrician and anesthesiologist before you appoint them for the delivery. This will help you save a huge sum towards delivery and hospitalization expenses. The arrival of a baby is a wonderful moment. But it is suggested that you find some time to check with the health insurance company for possible addition of your newborn child under health benefits. This might mean an additional expenditure towards premium, but trust me, it is well worth the expenditure. After all, there might be – god forbid – some unforeseen health expenses for your baby. Read the rest of this entry »

Measuring employee productivity is to calculate an employee’s qualitative and quantitative work. It can be calculated on a monthly basis, yearly basis or by daily assessment. Before measuring an employee’s productivity, it is necessary to determine what are outputs to be measured. If an employer expects too much output from the employees, they will find shortcuts to achieve the expected benchmark and as a result, quality will suffer. Conversely, if less productivity is expected, the company’s overall performance will decline because of inefficient use of available resources. If a manager wants to measure employee’s productivity in the organization, he needs to know how to use certain basic software tools such as bar graph, pie chart, speadsheet etc. Now, let’s understand few methods explaining how to measure employee productivity.

Measuring Timeliness
This type of measurement is to know whether an employee is able to complete the specific task at a given period, and how much time or days he/she takes to accomplish the assigned work (for example: how long it takes for an employee to deliver a service or produce a specific product). This is an important measure to find out the overall delivery of service. Timeliness can be measured by setting up a track system in a computer, that calculates the employee’s work from the time the work was assigned to the time of completion of the work.

Building a Balanced Scorecard
Balance scorecard is one of the efficient performance measurement tools employed in industries, business organizations, government offices, etc., to monitor and process daily activities of the employees. The managers of an organization employ this strategic tool to evaluate the performance and quantity of work executed by each employee. The financial and non-financial measures and targets are some of the indicators set, that are present in the balanced scorecard.

Developing Performance Metrics
Performance metrics is one of the evaluation techniques that is used in organizations to quantify the performance of an employee. Performance metrics is developed mostly to determine the health of the ongoing project of a company. The main objective of performance metrics is to align the customer requirements with the values of the company. The process of developing performance metrics is discussed below:
•Identifying the customer requirements Read the rest of this entry »