PMCN Case Study Essay -- PMCN Analysis

The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383) Critically assess the extent to which â€Å"the ideas of economists† might improve the performance of an organisation of your choice. Table of Contents Introduction 3 Context 4 Literature Review 5 1. Microeconomic Concepts and the PMCN 5 1.1 Transactions Cost Theory 5 1.2 Profit Maximization 7 2. Macroeconomic Concepts and the PMCN 9 2.1 Fiscal Policy and the Budget. 9 2.2 Monetary Policy – Rules Based Framework/Taylor Rule. 11 3.Synthesis and Conclusion 13 References 14 Bibliography 18 Introduction This paper provides a critical assessment of the performance of organizations which could be linked to economic theories and concepts. Through a review of various literature, research and conclusions of economists such as Friedman (1970), Coase (1937), Williamson (1981, 1998, 1975), Sloman et al. (2013), Powell (1990), Taylor (2011, 2012) and so on, the researcher presents a critical assessment of the microeconomic and macroeconomic concepts which were found to affect performance of a typical organizations. The concepts were also linked to other aspects of economics ... ...ft/wp/2013/wp1365.pdf. [Accessed on 21st of April 2014]. Grossman, S.J and Hart, O.D (1983). An Analysis of the Principal-Agent Problem. Econometrica Vol. 51, No. 1 January 1983. Available on: http://classes.maxwell.syr.edu/ecn611/GrossmanHart83.pdf. [Accessed on 20th of April 2014]. Jensen, M.C and Meckling, W.H (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, October, 1976, V. 3, No. 4, pp. 305-360. Available on: http://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf. [Accessed on 20th April 2014]. Tadelis, S and Williamson, O (2010). Transactions Cost Economics. University of California Bekerley The IMF (2014). Fiscal Policy and Income Inequality. International Monetary Fund Policy Paper. Available on: http://www.imf.org/external/np/pp/eng/2014/012314.pdf. [Accessed on 21st of April 2014].

Dish Rationale-an Overview of a Bread and Pastry Practical

Stretching back through history, bread has played a crucial role as the staple food of many Western countries. This said however, evidence of bread in Britain wasn’t significantly apparent until 55BC when Romans invaded, bringing with them; complex bakery techniques, watermills and mechanical dough mixers. Such progression in the industry stemmed from the foundation of the first Guild of Bakers in 150BC Rome.Interestingly enough, it was white bread which became sought after by Roman aristocracy of the time and although it is still the bread of choice for many consumers in Western societies, its value and association with social class has greatly declined. Despite such rapid development, Grains were first harvested by Egyptians in 8000BC and were crushed by hand using what we would recognise today as a pestle and mortar. All bread was unleavened as raising agents such as yeast were yet to be introduced. Bread production began to develop along the fertile banks of the Nile and b y 3000BC, baking bread had become a skill.Due to the warm climate, natural yeasts became attracted to the multi grain flour combinations which were used at the time, and so bakers began experimenting with leavened dough. With the invention of the closed oven, bread established its place as part of a cuisine and at its peak, was used as currency (Bakers Federation. 2012). As the Egyptians had become such experts at not only baking bread, but growing the grains required for its production, they began selling their excess to Greece, and by osmosis, the Romans learnt from the Greeks.Returning to an earlier point, by the time that Britain really learnt the potential of baking bread, there were already 258 bakery shops open for business in Rome, with public ovens in the streets, for citizens to bake their own bread in (Yoward. T. 2012). Perhaps this was the first example of bread production on a large scale, little did the Romans of that denomination realise the turn which the 20th Centur y would bring to the production of the commercial bread Loaf. It was the work of scientists at the Chorleywood Flour Milling and Bakery Research Laboratories which brought about a change for Britain’s living in the 1960’s.By adding hard fats such as butter as well as various chemicals to the bread and mixing it quickly, bread which was ready to bake quickly and would stay fresh for longer could be produced. The process was so successful that 80% of the bread in the UK is produced by the Chorley process (News Magazine. 2011). Such manufacture together with gas ovens created mass quantities of bread at a low price; hence the homogenous white sliced loaf has spread worldwide. Such an increasing demand for white bread began to take its toll on smaller independent bakers with many of them being forced into liquidation or facing take over.The first Bread brand to grace the UK market was Wonder Bread, a name suited to the post war affluence which was sweeping the country. The term ‘Bread winner’ came to refer to the man or women who worked to earn a wage, such focus on the importance of this commodity was not unlike the high regards which the Egyptians held during the times of antiquity. With regard to the display of bread which was produced for the assessment, there were influencing factors behind the choice of dough’s and flavour variations.A starting point was the style of bread which I wanted to be reflected through the display. Despite an average artisan bread roll being as much as twice as expensive as the standard sliced white loaf, demand for better quality bread is on the rise. It would be easy to mistake this cultural shift as applicable to the more affluent societies of Britain, but as research shows, it is the middle class who are greatly contributing to the bulk of consumers who are purchasing for quality rather than quantity. Figures suggest that a bread revolution is far from close, but where 80% of the ? . 4bn worth o f bread which is produced every year is sliced white loaves, the niche of master bakers which currently occupy only 5% of the market, have room to grow (Rigby. R. 2010). Another important influence on the market, and one which was reflected by the choice of breads in the display, is that of flavour, ingredients, and recipes from abroad. Despite an economic depression, many Brits can still afford to venture overseas on holiday and often return to the UK wanting to experience the cuisine of the county which they have visited.Suddenly, a demand for continental bread exists within the British market. The diagram shows both; the dough’s which featured in the display and the variety of flavours which provided originality as well as a balance between sweet and savoury. Brioche (Enriched Dough)| White Bun Dough| Plain Brioche Bun| Sesame & Poppy Seed| Double Chocolate Baton| Sun Dried Tomato & Olive| Toasted Almond & Vanilla| Cottage Loaf| Toffee Apple & Pecan| Smoked Bacon & Maldon Sea Salt|Stilton & Walnut| Goats Cheese & Caramelised Red Onion| Apricot & Honey| Roasted Garlic & Parsley| Many of the flavour combinations which featured took influence from the Mediterranean; from Greece, Italy and from France. These are countries which were highlighted as being popular tourist destinations and so are likely to have influence on the UK Bread market. There is a broad range of dishes which these breads could be served with; soups, entrees such as tapenade or as individual snack items to perhaps be enjoyed with a coffee or over breakfast.Nutrition is affecting the growing demand for artisan breads. For the majority of loaves produced using the Chorleywood process, cheap varieties of Wheat are used, these tend to be low in protein, vitamins and minerals. By contrast, the better quality wheat, which is by and largely used in smaller bakery operations, has a protein content of between 8 and 13%. Elements of the grain such as the germ, endosperm and kernel are also rich in vitamins B and E, as well as a range of minerals.Although a focus on nutrition is perhaps less relevant to the breads which featured in the display, Brioche and White Bun Dough, as Brioche is high in fat and a very luxurious bread originally baked by the Romans as a sweet holiday bread. It is also often served as a pastry, a very popular feature of breakfast for many consumers, or as an element to a dessert (La Gourmandise. 2012). White bread, as has already been touched on, often has a similar nutrient content to that of wholemeal or granary breads, as the table highlights.To briefly analyse the data below, the white flour which was used in both recipes, is comprised of both insoluble and soluble non starch polysaccharide (NSP), as well as high levels of carbohydrate (Bake info. 2012). As well as nutrition, the appearance of the bread display was perhaps the overriding factor when deciding on dough, flavours and shapes. As the images below show, the addition of sugar in the Bri oche dough, and egg as a glaze on the white bun dough helped to create a glossy golden brown finish when the bread was baked.This is due to a chemical process called the maillard reaction. Such a reaction occurs when carbohydrates in the bread combine with the proteins in egg at temperatures of at least 100? C. For the reaction to occur successfully, moisture in the bread has to be of average proportion, as if the dough is too wet the reaction will be inhibited. Often the maillard reaction contributes to flavour as well, distinctively this flavour tends to be nutty (Forbes. P. 2003).The range of flavourings helped to further produce a variety of colours whilst complex shapes added visual appeal to the display Below are the two recipes which helped me to create the breads. Brioche Dough| Strong White Flour| 1000g| Caster Sugar| 100g| Fresh Yeast| 60g| Eggs| 300g (Beaten)| Whole Milk| 235g| Unsalted Butter| 200g| Salt| 20g| Enriching the dough with Butter helps to create an almost cak e like texture, whilst being moist and light. It also contributes to the colour of the bread and produces a rich Buttery flavour which compliments the sweetness.The use of Sugar in the recipe also contributes to the colour as caramelisation takes place when the dough is cooked. White Bun Dough| Strong White Flour| 1000g| Caster Sugar| 84g| Salt| 20g| Olive Oil| 50g| Fresh yeast| 70g| Water| 550ml| With regard to the white bun dough, the use of Strong White Flour suggests that the gluten content is high and so an elastic, layered texture can be achieved. Sugar is required in the bread, as with any bread, to provide the Yeast with food which helps it multiply and grow.The addition of Olive Oil coats each strand of Gluten in a thin film, this means that a lighter, softer dough can be achieved as the gluten will not set as hard when cooled as with a dough which doesn’t have Oil in it. And so to summarise the success of the Bread display, which was produced, it is noticeable that a wide range of both shapes and flavours was produced, and the two dough’s both complimented and contrasted each other. A range of skill was displayed and if the display were to be created again, perhaps a wider variety could be included.Feedback suggested that the flavours showed a good variation and the textures of the breads were as they should have been. Below are some photos which display the bread as it was at the end of the practical assessment. References Bakers Federation. 2012. The Federation of Bakers. London Accessed on: 15/11/12 Taken From: http://www. bakersfederation. org. uk/the-bread-industry/history-of-bread. html Yoward. T. 2012. Hampshire Mills Group Accessed on 15/11/12 Taken From: http://www. hampshiremills. org/snippets%20history%20of%20bread. htm News Magazing. 2011.BBC News Accessed on 20/11/12 Taken From: http://www. bbc. co. uk/news/magazine-13670278 Rigby. R. 2010. Management Today Accessed on 21/11/12 Taken from: http://www. managementtoday. co. u k/news/1042696/Wheres-dough-artisan-bread/ La Gourmandise. 2012 Accessed on 22/11/12 Taken from: http://www. lagourmandise. net/history. htm Bake info. 2012 Accessed on 22/11/2012 Taken from: http://www. bakeinfo. co. nz/Facts/Nutrition/Nutrition Forbes. P. 2003. The Guardian Accessed on 22/11/2012 Taken from: http://www. guardian. co. uk/science/2003/jan/23/science. research

Synopsis Of Franz Liszt s The King Of Piano - 2163 Words

Kevin Liu Ms. Seaton Choir 11 15 December, 2016 Franz Liszt This essay it s talk about composer , he s name is Franz Liszt.He was born on October 22, 1811, LeiTing, the famous Hungarian composer, pianist, conductor, great romantic master, is one of the most outstanding representative of the early stage of the romanticism.when he is 6 years old to learn piano, successively is more than the piano was a disciple of the famous artists.he 16 years old moved to Paris and settled in Paris. Franz Liszt piano skills development to unparalleled degree, have greatly enriched the expressive force of the piano, on the piano to create the effect of the orchestra, he also pioneered the spectrum that he, too, because of the huge contribution in the piano and above won a laudatory name the king of piano.Main achievements: the first symphonic poem genre. He has three teachers,first,Carl Czerny is Austrian composer, pianist, music educators.Carl czerny is Beethoven s proudest student, Beethoven in 1801-1803, three years of free taught him to play the piano. Cze rny piano as an educator, and cultivate the Franz liszt such students.He teaches liszt is free to play the piano, liszt also said: everything I have is Czerny taught me.As a piano composer, throughout his life he wrote numerous piano etude, is the basis of practice of students learning the piano teaching materials.His position is that in the era of Beethoven and modern built a bridge between playing the piano.