Chapter 8 begins with

Subject: Product and Brand Management

Paper Model: Other

Paper Type: Assignment

Total Words: 427

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Chapter 8 begins with a heated discussion of three fellows who do not share their opinions about globalization, nationalization and efficiency. One of them is nationalist-oriented; he is concerned that his country does not produce much, and it is flooded with immigrants.

The second one notices that he does not see any problem with immigration; however, he is strongly against globalization, as it kills diversity and does not allow sharing experience. The third one introduces Pareto’s efficiency theorem into discussion, saying that it is globalization that actually allows it to be implemented in life.

Then, the chapter talks about the examples in which Pareto’s efficiency principle can exist within the economic process, and how and for what reasons trade occurs. In this part, the author of the chapter makes an interesting point: they specify that Pareto’s efficiency has nothing to do with justice and fairness. Indeed, what appears to be economically efficient is not necessarily socially acceptable. It is considered more efficient when a worker demands a lower payment than a customer is willing to pay. Then a trade is reasonable; but this process does not take into consideration why a worker demands a lower fee, whether it is caused by his social status, family situation or other social and ethical issues.

 

The most two liked points in the chapter:

  • I liked when the chapter brought up that companies holding market power, monopolists, can seriously affect the equilibrium on the market by regulating prices to their rules, as well as controlling the amount of choice on the market. Sellers are likely to know more about the quality of the product than buyers.
  • The author also makes a point that preferences and influence of advertising seriously affect Pareto’s efficiency, because we tend to buy something we do not need when we are persuaded to do so.

 

Reply

I agree with you that nationalist oriented the country not produce much so in the global point of view that country not produce as per requirement. So I agree that problem in the immigration by they does not see. The third one is introduce Pareto efficiency into discussion. So it is the chapter talk pareto efficiency can exist the economic process what are the reason that trade increase so it is  interesting point that pareto efficiency necessary socially acceptable. So the economically efficient is not important socially acceptable so it is very efficient worker demand on lower payment a customer is willing to pay. Therefore, the worker demands a lower free his social family, status and the other things.

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