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Tips For Writing A Microeconomics Essay

Tips For Writing A Microeconomics Essay Microeconomics Essay: Topic of Relevance A big challenge many students face is coming up with a unique topic to write about. Crafting the right question is a crucial part of your writing progression. Just one poor choice and the results can be devastating. In order to choose the right choice topic, figure out which topic you are conversant with because the more you know about it, the easier it will be for your writing process. Choosing your topic in haste can result in very disappointing results since your final work will be jumbled up. Take your time while figuring out the topic of discussion that you are familiar with, do personal research of how best you know it and if it fits your description, draft it. Many students assume that sitting down to brainstorm, conduct research and finally structuring the right question is a waste of time. What you should understand from this is that the time you have invested will save you more time and energy when writing down your essay. Our article has researched and came up with the 65 common topics, particularly in areas microeconomics essay papers focus on. The list consists of both broad and narrow scoped topics. Important Areas of Research Microeconomics is a branch of economic science that entails elements of a scientific study. This study through research has conveyed ways of helping economists predict economic propensities. For instance, they can foresee the market reaction when a specified group of individuals comes up with a purchasing decision. Keep in mind that this model is based on the predictions which are limited to highlighting possible changes on the market. This relates to the market incentives which may give you different results from the ones you predicted. Below is a list of 15 broad-spectrum topics that any micro-economics paper question can be crafted around: Finding a balance for supply and demand Opportunity costs Information economics Elasticity (the extent on variable response can quickly change in another variable) Ecological problems facing the US and Europe due to planned economies Production costs Game theory Flawless competition Consumer demand theory (the ability of the consumers to strike a balance between the need for buying a product, or services rendered and the costs charged). Economics of labor Market structure and the systems that run it Conditions to be met or a microeconomic model to be implemented. Mention the interaction between natural, industrial and household. An argumentative essay based on the microeconomic market organization Theory of production (a study that explains how inputs are converted to outputs). The effect of monopoly on the market (how a single dominant organization that supplies a particular commodity influences the marketplace dynamics and the consumer demand theory Microeconomics Essay Questions Relating to Supply and Demand How is pricing influenced by the dynamics of supply and demand How is the labor market a major influence of supply and demand? Is there an active role the labor union contributes to this? How do diverse market structures influence supply and demand? Microeconomics essay questions that focus on Ecology and Nature How do seasonal variations affect the economy? Discuss ways you can reduce the influence of a small business on an environment How do companies maneuver through ecology based on market and planned economies? What is the overall effect of enforced travel fees on eco-responsibility? What are the indicators of ecological economics that help define its effectiveness? What is your take on the concept of green business process management? Is a crucial part of environmental economics? Does the concept of sustainable development really assure sustainability in terms of Environmental Economics, Ecological Economics Green Economics? What is the ultimate purpose of Ecology, and what do we hope to achieve in advancing the field? What do you think are the differences between green economy and ecological economics? Which paradigm(s) is (are) the most suitable for assessing the economy-environment relationship? How can ecosystem service (ES) assessments be designed to include equity issues about the distribution of benefits and costs of ES use? Explain the concept of Payment of ecosystem services and watershed restoration How to quantify forest ecosystem services such as aesthetic values, recreation, etc.? What is an ecological modeling reference? Can green economies exist outside green markets? What is the basic difference between Ecological Economics and Environmental Economics’? Micro-economic Essay Based on Healthcare Economic models that are applicable in the informal payments of healthcare systems Describe what you can learn on cost-effectiveness analysis of healthcare interventions What are the main characteristics of a private healthcare care system? Explain the correlation of healthcare profits to taxation Micro-economic Essay Questions on Business, SMB, and Manufacturing Economics Problems experienced by a new business due to the current market dynamics? What is the law of diminishing returns and how do you handle its effect on input? How do you develop the profit returns of a business? What is the impact of local manufacturing to the community? What is the effect of purchasing local produce on the economy of a country? What are the main aspects of a successful business? What are the advantages of having a good working atmosphere for a business? What ways can a business employ to survive an economic crisis? How do small companies compete with well-established rivals? Do a case study of business foreseeing closure and make an analysis of alternatives? Carry out research and document the local trends within a community that influence the expansion or opening of a business Benefits of the no-sale policy on a business What are the effects of the recession on a company? Provide a specified company as your specific enterprise to talk about. What are the ways of reducing risk and loss in an expanding business? Define and analyze the traits of a strong leader in a business enterprise What are the strategies you need to employ to ensure a small business does not go bankrupt? Does crowdfunding have any benefits? discuss Discuss the benefits of creativity and their influence on the success of a company Micro-economic Essay Based on Aspects of Social Media, PR, and Advertising: Explain ways advertising influences purchasing decisions How are advertising and microeconomics associated? What are the benefits of this? What are the chances that a business will successfully maneuver through a quality related scandal? The importance of social media advertising in encouraging supply Explain pricing as compared to salary in relation to a minimum wage increase The above samples are relevant in your research for ideas about essays that relate to micro-economics. By reading through this list, I hope that you will get inspired to come up with your own. However, this list should be utilized as a guideline to tailor your own essay question that you can best handle based on your knowledge about it. The topics covered are just a few out of the many that you can find upon research. A Sample Essay for Microeconomics Below is an essay that we have created for you to give you an in-depth understanding of the writing of a microeconomics essay: QUESTION: Has industrialization posed a threat to nature? What effects does the destruction of nature have on economics? Between the years 1970 up to 2012, the economy of the United States has grown steadily to the 100 percent mark. This, however, was not easily achieved, since the natural environment has suffered pollution. Even with the many anti-pollution policies made and adopted by the United States government, the action towards upholding their integrity has been minimal.   Prior research estimated that carbon dioxide emissions have only decreased by 12% within the period of 2007 and 2012. Carbon dioxide, however, is the one out of the many toxins that affect the environment. This is a clear indication of the negative effects that many businesses and companies contribute to with their ignorance on controlling and eliminating pollution. Microeconomics describes pollution as an externality. The meaning of an externality is an act that distresses third party people who were not related to the action.   This phenomenon can pose both positive and negative problems. For instance, if you live in an area where there is a nightclub which you do not attend but you always hear the loud thuds and noises each time it is operational, you are considered an externality. This is a situation where you can you are not part of the activities that are around you but the events happening reach you. This can be either a positive or negative experience depending on how you feel about it. Pollution, however, will always be a negative externality since it poses harmful effects on humans, animals, and plants. With the increase of demand for commodities, production rates have been increased; thus an upsurge in the toxic by-products which pose a threat to the health of the environment.   This trend sieves through societys moral standards and eventually becomes a custom to them. Maintaining a healthy environment can only be achieved if the amounts of commodities manufactured by a company are reduced. This, however, will be hard to achieve because everyone is out to search for their source of wealth, and do not care about the consequences that might arise. As a way for managing this trend, most of the economists suggest that each cost of production should have a budget for the cost of pollution. The list provided should cover the following aspects; the influence that the pollution has on human health and safety, the resulting effect it extends to property value, its effect on recreation events and its effect on the wildlife habitat. Here is an example of how the cost consideration should be summed up: A company manufactures freezers at a production cost estimated at $700 per unit; the cost of production will increase to $150 per unit if pollution management production is included in the production of the freezer.   Several units that could be produced will take a downward dive due to the increased expense. This will affect the sales price which will shoot up since the cost production has significantly gone up. Within the customer’s perspective, when it comes to choosing a product that is eco-friendly, or the one that lacks this element and is cheaper, the customer will always opt for the cheaper option. This means that the eco-friendly companies will suffer a loss despite the fact that their product is of more quality than the one they chose. To reduce pollution, the consumer trends adopted by many should change and opt for eco-friendly products. To enforce this dynamic, government legislation may have to be put into order, where the damage cost exceeds the normal cost to ensure producers change their designs to more eco-friendly products. This type of conditions will be the reason for the shift of economic perspective to the protection of the environment.†

The repeal of the US Banking Act 1933 (commonly known as the Essay

The repeal of the US Banking Act 1933 (commonly known as the Glass-Steagall Act) was a substantial cause of the global bankin - Essay Example Stock markets in most of the countries plunged and there was widespread inflation everywhere. Food and oil prices rose to an all time high. Oil price went as high as $147 a barrel. (Oil and Gasoline, April 6, 2011). Lack of purchasing power led to a fall in demand for goods and as a result several industries suffered. International institutions like IMF and European Union outlined several corrective policies and advised nations on adopting more risk aversive regulatory measures for the national financial institutions. All over the world the governments dished out policies and bailout programs for the citizens and institutions to tackle problems like inflation and unemployment. Most of the countries spent huge amount of money from their federal reserve’s in an effort to bring them back to the path of sustained growth. German government helped Hypo Real Estate with $50 billion (Bettinga and Parkin, September 29, 2008). Investors from UK had huge losses in the London Stock Exchan ge. On October 2008 the British government announced a plan worth $850 billion to rescue its banks from going into insolvency. (Nanto, 2010, p.58) The US government adopted the Troubled Asset Relief Program in 3rd October 2008 to rescue the distressed homeowners and also lent to $182 billion to AIG to prevent it from going down (GAO, 2009; The Troubled Asset Relief Program, n.d.). In total they pledged $700 billion to fight the recession in their country. The bailout though saved the economy for the time being, a lot of senators argued that these monetary assistance from public money cannot chart long-term growth stability for the country. They emphasized on the need for the Glass- Steagall Act that was enacted at the time of the Great Depression to be reinforced. In this paper we shall try to address the issue concerning whether the Glass-Steagall Act was needed to prevent the Financial Crisis. About the Act United States experienced worst recessions in its history during the 1930s . One of the primary reasons behind the recession was that the bankers and brokers of the nation were guilty of dubious financial practices like using their customer’s deposit to invest in stocks and securities. Also they used their financial might to inflate the prices of the securities and did not have enough capital cushions to back up their investments. So when the public got scared and wanted to withdraw their deposits a large number of banks went insolvent. A large number of small banks filed for bankruptcy and the nation faced an extreme crisis. Under such circumstances the US Banking Act of 1933 also called the Glass-Seagull Act was enacted under President Roosevelt to prevent the country from further such disasters. The Glass-Steagall Act had two main components. They are as follows: Setting up the Federal Deposit Insurance Corporation (FDIC) to insure the deposit of the customers and secure their deposit: This was done firstly, to restore the customers faith in bank deposits and secondly, to collect money so that the banks can be assisted in terms of liquidity crisis. A lot of banks were saved from bankruptcy by receiving capital from the FDIC. Separating the commercial banking activities from the investment banking activity: Firstly, this would prevent the banks from using the saving of their customer to indulge in buying stocks and bonds.

Different view of Death Essay Example | Topics and Well Written Essays - 1250 words

Different view of Death - Essay Example Although death has been part of life for a long time, people have failed to acknowledge that death is inevitable. Living in denial concerning death has, therefore, existed as a common aspect of humanity. Lack to accept that death is an inevitable part of humanity is a major aspect that characterizes the two poems. This essay will, therefore, investigate the different views of death according to the two poems. Although the two poets agree on the inevitability of death, they have varying views concerning people’s preparedness towards death and our role in waiting for the inevitable death. According to Mary, death is the main challenge that affects humanity. Mary considers humans as helpless creatures in relation to death. Therefore, the only thing that people can do is to wait or prepare for their death. The poem When Death Comes shows that the author is concerned about the nature of life when death finally finds her. Unlike Mary, Donne considers death helpless thing though inev itable. According to the poet, people have a chance to challenge death. The poet view life as an opportunity to challenge death (Online-literature web). The work that people do during their life is a form of preparation for our death. The poet argues that people have a chance to challenge death by not dying as poor people. ... Unlike Mary Oliver, John Donne believes that life is a form of transformation from one form of life to the other. On the other hand, Mary has different views towards life and death. Her poem shows uncertainty about life and death. In the third line of When Death Comes, it is claimed, â€Å"death comes like a bear in autumn† (Panhala web). This line implies that she is not concerned with life after death as much as she is concerned with the nature of her death. Although death is inevitable, it is the only chance that humans have to come close to nature. Despite the numerous technological developments about humanity, it has been difficult to find or come up with a remedy for death. The two poets reflect this phenomenon. Death is the only thing that human beings have in common with the rest of nature. People start life the same way as the rest of nature but go through different process as compared to other living organisms. However, like other living organisms, we all have to mee t our death. The basic reason why people investigate death results from the fear that people have concerning death. Although most people do not fear their own deaths, it is evident that people fear losing a loved one. The fear of death is a common aspect that differentiates the views of the two poets concerning death. According to Donne, people should not be afraid of death because they have a chance of dealing with it. Donne considers people to have a chance of facing death or doing something about death. This indicates that the poet is not afraid of death or implications of death in his own life or the life of a loved one. On the other hand, Mary’s poem expresses her fears concerning the inevitable death and its implication in her life and the life of

Environmental Factors Case Study Example | Topics and Well Written Essays - 1250 words

Environmental Factors - Case Study Example Cultural, political, economic, technological, and competitive environments differ from nation to nation. Marketing on a global scale requires that Sam' Club representatives make adjustments to existing marketing plans to meet local conditions; understanding the nuances of these environmental factors will prove advantageous. Market research, such as that done by Wal-Mart Sotres, Inc., plays a very large role in addressing these factors and understanding the adjustments that must be made to effectively market on an international level. Social and cultural environmental factors focus on the interactions of groups of people within a nation: characteristics, growth projections, numbers, and interactive behaviors (Bearden, et al., 2003). The economic environmental factor refers to the buying power of potential consumers. Understanding how strong or weak the consumer economy is in a new country will ensure Sam's Club's ability to meet and exceed the customers' expectations and needs. Marketing practices and several ethical concerns can be discovered by researching a nations political system. For example, labor laws vary from one nation to another; advertising laws may be different and various regulations in different nations can affect marketing practices and, occasionally, marketing effectiveness (Bearden et al., 2003). Technological environmental factors involve trends in innovations; these factors can determine how marketing plans are performed or carried out. Finally, the competitive environmental factors entail un derstanding how many organizations currently compete to serve the consumers with similar product lines and services offered by Sam's Club (Bearden, et al., 2003). Cultural differences from nation to nation will sometimes effect the types of products to be offered. Armstrong and Kotler (2005) use McDonald's as an example of using product diversity to market to different nations: McDonald's uses the same basic operating formula in its restaurants around the world but adapts its menu to local tastes. It uses chili sauce instead of ketchup on its hamburgers in Mexico. In Vienna, its restaurants include "McCafes," which offer coffee blended to local tastes, and in Korea, it sells roast pork on a bun with a garlicky soy sauce. In India, where cows are considered sacred, McDonald's serves chicken, fish, vegetable burgers, and the Maharaja Mac- two all-mutton patties, special sauce, lettuce, cheese, pickles, onions on a sesame-seed bun (p. 534). Armstrong and Kotler (2005) have effectively demonstrated how McDonald's was able to address and overcome cultural environmental factors by offering something other than hamburgers to countries and societies that do not eat them. To successfully enter new cultural markets, Sam's Club, along with Wal-Mart Stores Inc., will need to research differences in brand and product expectations, as well as the delivery of these products. Growing technology allows Sam's Club and marketing research teams in Wal-Mart Stores, Inc., to monitor the and identify key environmental factors by tracking marketing trends; for example, demographic research and other data can prove to be invaluable for use as marketing tools. By using technology, such

History And Ancient Trade Of Herbal Medicines Economics Essay

History And Ancient Trade Of Herbal Medicines Economics Essay Herbal medicines or Herbalism is a traditional or folk medicine practices based on plants and plant extracts. [3]. These medicines are sold as tablets, capsules, powder, teas, extracts, and dried or fresh plants. Herbal medicines is a most important part of all the alternative medicine systems including Ayurvedas, Chinese traditional medicines, Siddha, Homeopathy, Naturopathy and Native American and African medicines. [4]. WHO estimates that almost 80 % of the world population especially in developing world used herbal medicines for various aspects of primary health care. [5]. Herbal drugs fills the vacuum that is growing day by day due to ever increasing costs of conventional medications and poverty ridden developing world, most of them lives on less than U.S $10/- per day[6]. Contrary to conventional medicines, herbal medicines can be manufactured from plants and plant extracts which can be easily procured therefore much cost effective than conventional pharmaceutics thus providing an alternative means of medical treatments for almost three quarters of the world population. India and China are the two main exporters of herbal medicines in the world accounting for almost 15% of share of world herbal market. (China-13.5% and india-2.5%) [7]. According to WHO estimates, the present demand for medicinal plants is approximately US $80 billion a year and by the year 2050 it would raise to US $5 trillion[8]. These estimates indicate huge potential for growth in this sector of economy which is still unorganized due to various reasons even unidentified. The competition faced by the herbal drugs is stiff and ever increasing from both conventional and recently developed modalities of treatment. The economics has grown from the Adam smiths simple definition of economics of science of wealth to a more complex definition of marginal economics as proposed by Lionel Robbins in 1932 which says marginal economics applies the principal and method of economics to analyze problems faced by management of a business, or other types of organizations and to help find solution that advance the best interest of such organization. [9, 10] History and ancient trade of herbal medicines People have been using herbs growing around them for treatment of illnesses since pre historic times. One of the oldest evidence came from the ÃÆ'-tzi Ice Man lying frozen in Swiss Alps for almost 5300 years. He was found possessing two pieces of Birch bracket fungus, which he might be using to treat the whip worm infestation from which he was suffering [11]. In ancient world, probably the first documented evidence of herb use for medical purpose comes from Sumerians who used plants like caraway, thyme and laurel. Indian system of medicine, Ayurvedas, dates back to 1900 BC. [12]. Charaka and especially Sushruta described 700 medical plants in his book Sushrua Samhita. [13]. Siddha was another system of medicine which was developing in the same period in southern India (tamilnadu) [14]. Ancient Egyptian medicine also dates back to more than 1000 BC; they were expert in the use of garlic, opium, and mint and indigo among other herbs [15, 16]. Written documentation of Chinese medicine started with a mythological person known as Shennong, who according to mythology have tasted hundreds of medical herbs and poisonous plants and given his knowledge to farmers. The Shennong Bencao Jing (Shennon emperors classic of material medica) is considered first Chinese manual of pharmacology dating back to 1 century C.E. and contains 252 herbal prescriptio n for various diseases [17]. Huangdi Neijing also called as yellow emperors inner cannon consists 81 treatises of Chinese herbal medicines in question and answers format between mythological yellow emperor and his physician Qibo[18]. The ancient Greeks and Romans also made great strides in the field of medicine and herbalism as preserved in the writing of great scientists like Hippocrates and Galan. De Materia Medica was the first European medical treatises on the use of medical plants written in Greek period. In first century AD, Dioscorides wrote a comprehensive book compiling more than 500 medical plants [19, 20]. Trading was flourishing in the ancient world with Sumerians were trading with Indus valley civilization (seals with inscribed Indus valley script found at excavation at sumeria) and people with southern part of India were braving seas to trade spices and other commodities including medical herbs with far away Greeks and later Romans. In the medieval Europe, the monasteries have taken over the herbal medical science; they provided the medical knowledge and raw materials for the treatment of simple ailments. In contrast to the European world which was going through dark ages, the Arab world was bearing the torch of medicine, they built universities and first hospitals which were then known as Bimaristan .Al-dinawari and ibn al-baitar supplemented the earlier knowledge of materia medica [21,22] .Avicennas cannons of medicine (1025AD) was considered first pharmacopeia, he also introduced clinical trials, randomized control trials and efficacy testing [23]. One of the great reasons for the exploding growth of medical science in Arab world was their strategic location, which was almost the center of the known world and well connected to all important trade routes. One such route was silk route which connected china with rest of the world across the Thar desert. These trade routes gave the Arab physician means to get ma ny rare plants and knowledge about medical science, which was supplemented with their own experience and thus producing some major advancement in the field of medicine. Whereas in modern era two important events were marked, the first was the dominance of the English and publication of scientific knowledge including materia media of herbal medicine in English, the first to be published was the anonymous Grete Herball of 1526[24]. The other was the slow decline of the herbal and plant derived medicines and rise of chemical based therapeutics. This all started with The Black death of Europe when all the traditional medicines proved to be useless, so the scientists started exploring other fields for treating the ever increasing disease [25]. Need of herbal medicine in modern times After losing ground for almost three centuries the herbal drug are again gaining their market. Herbal drugs are now emerging as the Need of the day. Since the industry has developed from manual to mechanize to specialized format, the pace of Research and Development in drug industry has increased many folds in the recent past, but this has severely compromised the quality as well as the cost at which a drug is being produced. According to an estimate it took almost US $ 1.2 billion to bring a drug to market, with 10 yrs of effective patent time, but in the race of earning maximum profits and to earn large market share, many pharmaceutical companies are rapidly introducing new products in their product line through little RD and exploiting the patent knowledge of other companies. These competitive practices by the pharmaceutical firms resulted deep impact on the health of many people along with indicating the lack of corporate social responsibility among them [26]. The increasing cost of modern medicines further creates an opportunity for the herbal medicine to grab the market again, especially in the developing world. Adverse drug reaction and side effects of conventional medicines are another reason for need of less reactive and side effect free herbal drugs. However, not only these serious ADRs causes distress to the patient and make them to take more medicines to counter these ADRs but also increase the sickness leaves and bed occupancy rate in the hospitals , indirectly effecting the net productivity of the system in general and country in particular. As most of the drugs of herbal origin are produced by local community or small scale industries, it helps revive recession hit economy and increases the employment opportunities at grass root levels, and hence increasing the opportunities from autonomy of local economy, which is especially true in the case of tribal and backward regions of developing countries of Asia and Africa [27, 28]. One of the most important and upcoming concern regarding modern pharmaceutical agents is the damage they cause to the environment both physical and biological. One of the dreaded examples of this concern is the death of the vultures due to over use of drug diclofenac sodium in the farm animals [29]. Pharmaceuticals not only damage the environment after use but even during the production, a lot of toxic liquids and gases produced as pollutants during manufacturing, processing, finishing and so on resulting air and water pollutions. Decontamination of these pollutants may further increase the indirect costs, a system has to pay for the manufacture of a product. Not only it damages the aquatic flora and fauna but also increases the incidence of drug resistance in human beings[30,31,32,33]. On the other hand, being biodegradable the herbal products do not give rise to any serious environmental concern. Basic economics of herbal drugs The success of any product at a given market is grossly governed by two simple factors namely demand and supply. Demand is the mother of production, and depends on desire to buy the product, ability to pay and willingness to pay by the consumer[34]. Unfortunately, the economics of herbal drug is not as simple as in case of the conventional pharmaceutical agents. Due to lack of a global standardization of various parameters, method for testing and production has enhanced the complexity in understanding the economics of herbal drugs many folds. Further economical, political and socio-cultural differences, lack of appropriate legal framework regarding the herbal products and different pattern of consumption across the world has become a biggest challenge while dealing this growing industry. As the demand and supply law does not always holds true, the relationship become even more complex when the product is of inferior quality as in the case of the herbal drugs which are still considered to be below par then the conventional synthetic medicine. According to Robert Gissen(1837-1970), a British statistician, the inferior quality product always remains the secondary choice of the consumer. As the consumer grows and his buying power increases then they tend to shift from the lower quality to higher quality and in a way costlier products. To hold on to the existing consumers and to make inroads into the market share of conventional drugs, the herbal medicine companies have to understand the consumer demand and preferences. The feedback data from the market research should be used to make futuristic planning and assessment of the areas requiring immediate attention and can be considered for a planned and thorough research and development work. Market research can increasingly contribute to the herbal medicine industry in securing competitive edge and the market space. The market of herbal drug comprises of local, domestic, international and global stages. Value chain analysis shows the important players in different market systems. Local market: Cultivator Informal workshops factories subcontractor contractor wholesale market retailers (local chemists and hospital pharmacies). Domestic market: Cultivator informal workshop factories subcontractor contractor wholesale market middle men retailers. International market: Cultivator local factories subcontractor contractor large factories series of middlemen international retailer. Global market: RD through technical collaboration- global Cultivator global sourcing production sharing- global marketing [35]. However, it is not just the market players that influence the market economy of an industry but also the other related industries which combine to form the meta market. Meta market is defined as the cluster of complementary product and services that are closely related in the mind of the consumer but are spread across a diverse set of the industries [36]. These Meta market in case of the herbal industry are the related industries like pharmaceutical companies, raw material dealers, transportation companies, packaging industry, advertising companies, clinics and hospitals. The Meta market theory implies to the important fact that for the development of herbal industries as a whole other related industries must also have strong footing in the market. The economic development of an herbal drug is influenced by the economic condition of the domestic market as well as the global market (which includes the Meta market). The growth of domestic and global market in turn is also influenced by the each and every sector of economy including herbal drug industry. Interdependency of the market is also visible in production sharing in which different components of the same product are manufactured by different companies having best expertise, knowledge and price competitiveness. Production sharing, a term introduced by Drucker, refer to the practice of carrying out different stages of manufacturing of a product in several countries [37]. For example to manufacture and market a novel herbal drug, different stages of production can be shared by industries having competitive advantage in their respective fields like research, packaging, advertising etc., thereby cutting the cost and providing the best quality product to the consumer. Further, in order to achieve global recognition and up beat the conventional medicines, the herbal products must be required to be more consumer oriented, branded, innovative, present in various varieties, capable of curing minor to major diseases, must be appropriately priced as per the purchasing power of target group (penetration pricing), properly advertise and position in market, best in quality etc. Appropriate market plan based on product life cycle and market mix that is product, price, place, promotion can also help the industry to achieve competitive advantage over pharmaceutical industry. Market trends and global scenario Overall market is distributed evenly over all the continents. However the major trade centers are located at New York, Singapore, Rotterdam, Hamburg and London. The developing countries are playing the role of main exporters, India and China being most prominent whereas most developed countries especially the Europe and northern America are the main importers of the herbal products [38]. The main driving force for the market has two important factors, the first one being low cost and the other is the inability of the conventional medicine to cure the chronic diseases specially the diseases dealing with pain. From common cold to stroke, the herbal medicine is being used for almost every illness known to mankind [39]. Globally the collective market of herbal products is almost $ 85 billion of which $45 billion (25 lakh thousand Indian rupees) is alone the share of herbal pharmaceutics [40, 41]. Herbal pharmaceuticals are further divided into Medicinal and Aromatic plants, Medicinal and Vegetable Saps and Extracts, and Vegetable Alkaloids are having sufficient potential for high growth in future. Asia is having almost 30 % of the market share in the global herbal market, with china leading its way globally, many of its companies have been manufacturing herbal drugs and earning huge profits, some even registered 40 %growth in financial year 2008[42]. India is second largest exporter of herbal medicines, and her market trade has passed the figure of $1.1 billion in the year 2004-05[43, 44]. The growth potential and economic prospects of the herbal market can be made out from the seriousness of the effort of the govt of India, which apart from the launching many schemes for developing the herbal medicine industry, has also created an department for alternative medicines, AYUSH, under the ministry of health[45]. Two other countries in Asia which are registering high growth in this sector are Indonesia whose market $ 970 million in 2009 as against $440 million in 2008 and Malaysia which clicked 15 %growth in herbal medicine sector and the market stands at 9 billion Malaysian rupees[46,47,48]. In South America, Brazil and Argentina has become the dominant player of herbal market, with Brazils herbal market growing more than 15% since 2008[49]. European countries are the biggest importers of herbal medical product. Germany is by far the leader in herbal industry in Europe having a share of almost 30 % followed by France [41]. United States of America posted a growth of 1%which may be seen as good in its recession hit economy. The market stands at $ 4.8 billion despite the slowdown [41]. Herbal medicines under the law are sold as food supplements rather than medicines in America. The people are tuning to herbalism mainly to stay healthy and for primary prevention of diseases. It is also being used for chronic ailments like back pain and joint pain. There is huge potential for growth in the herbal market in USA, as almost 38 % of adults and 11.8 % of children had used herbal medicines at least ones in their life [50]. There is a growing demand for the herbal medicines all over the world particularly in the developed countries. The conventional treatment is ineffective or less effective in many diseases; this is where the herbal medicine is scoring the points. The companies are investing huge amount of capital for the development of the drugs treating chronic and resistant diseases which include cancer, liver ailments, anti-aging drugs and also in manufacturing novel food supplements [51]. With the growth of mass media and easily available sources of knowledge, especially internet, and increasing cost of medical checkups, the common masses are now relying more on disease prevention and self medication giving further boost to the herbal industry. Herbal drug as an industry Sustained growth shown by the herbal industries is attracting good amount of investments. Many pharmaceutical companies are now diversifying and herbal medicine is becoming one of their core areas of the investment. India and China are the two important centers of herbal drug manufacturing industries. India has a vast resource of raw materials and her traditional medicine practitioners uses approximately 7000 species of medicinal plants [52]. The major herbal plants being exported by India are fruit of amla (embelica officinalis), roots of milathi (glycyrrhiza glabra) and seeds of Asoka (saraca indica) [53]. Dabur India limited (Ghaziabad), the Himalaya drug corporation (Bangalore), Hamdard laboratories (Delhi) and Zandu pharmaceutical work ltd. (Mumbai) are the top Indian herbal medicine companies [53]. On the other hand, China also has huge resource potential with at least 5000 medical plants of different variety in use [54]. Ginkgo biloba is one of the top most plants being exported and Talsy pharmaceutical is one of the important company manufacturing herbal medicines in china [55]. Most of the herbal products are exported to the developed countries in the west. According to a survey Omega 3 (37.4 %), glucosamine (19.9 %) and Echinacea (19.9 %) are the three top most grossing herbal drugs in USA [56]. Similarly Ginkgo biloba has been in high demands in many European and American countries [55]. There has been a greater tendency of the conventional pharmaceutical companies to explore the herbal drug option, not only to expand their market share in profit making industry but also to boost the new drug discovery and allied research by gaining the knowledge in the herbal medicine system [57]. Companies are now patenting their products and making profit by either marketing the product themselves or selling it to other major players. Words like acquisition, outsourcing and joint venture are becoming common in the global herbal market. Companies like Ranbaxy were among the first to announce the induction of herbal drugs in their product list [58]. Pfizer announce the joint venture with a British herbal company for the manufacture and marketing of an anti-fat pill as early as 1998[59]. But the watershed point in this trend came when leading British herbal drug company, potters herbal medicine, was acquired by the Swiss pharmaceutical giant Galenica limited in a whooping $970 millio n deal [60]. This trend again gained momentum when Danish medical tycoon, Erik Sprunk-Janser bought the exclusive rights to 25 herbal products from traditional Arabic medicine system [61]. Overall the professional approach of the more experienced pharmaceutical industries brought two important gains in herbal medicine market, first they gave the herbal drugs more exposure to diverse medicinal markets and increased the coverage by much needed advertisements and secondly the provided capital for research and standardization of the herbal preparation. The annual turnover of major system of medicine in India, namely Ayurvedas, Siddhas and Unani, is estimated to be more than one billion dollars [62]. The gap between the demand and supply is ever increasing and is expected to rise from the present value of 2 lakh tons to 4 lakh tons in five year time [63]. This supply and demand gap creates fertile ground for the setup of manufacturing industries including small and medium manufacturing units. On one hand, the increase of units would create employment; on the other hand it will help in growth of allied industries including cultivation, processing, packaging and transportation. This huge investment potential should be boosted by some concrete steps on the part of the government. One such step that is needed is the policy making and introducing laws in relation to the manufacture and standardization of the herbal drugs. Indian government has taken many steps in the development of herbal market, creating a full-fledged department of AYUSH for dealing in the herbal and traditional medicines, enforcing laws for proper manufacturing, testing and prescribing the herbal drugs. Many entrepreneur developing programs to motivate and assist them in the form of loan and additional knowledge for setting up of small scale industries are a few to count on [64]. Rate limiting steps in the development of herbal industry With all the euphoria around the herbal industry, there are some grey areas which are holding back its growth. One of the most important negative feedback has come from the most unexpected quarters, which is the risk and the side effects associated with herbal drugs. The Ayurvedic drugs are being increasing criticized for the use of heavy metals including lead, arsenic and thallium well above the safety limits, in their prescription, which may be leading to heavy metal poisoning [65,66]. Some of the herbal plants like Saint Johns wart have been implicated for some very serious side effects. There is also growing concern about the drug interaction that may be there with other medications, synthetic as well as natural. Saint Johns Wart and ginkgo biloba are classical examples of such drug interactions, Saint Johns Wart is found to be interfering in the functioning of drugs like warfarine, estrogen preparation and theophylline [67]. Similarly ginkgo balboa is found to be interacting wit h paracetamol, aspirin and warfarin [68, 69]. Microbial contamination and adulteration with harmful substances also increases the suspicion there by producing hysteria among general population [70,71]. To overcome these constrains guidelines have been formulated for proper standardization and manufacture of these drugs. Some of the points included are 1) Scientific cultivation and proper identification of the medicinal plants by qualified botanists, 2) Processing the medicinal plants and their extracts in a scientific manner, 3) Isolation of the active chemical principal and characterizing its properties, 4) Proper pharmacological studies and preclinical and clinical trials before introducing the drugs into the market and post marketing surveillance, 5) Proper documentation of the research. [72] However in order to ensure the growth and development of herbal industry, formulation of an international and national policy and laws regulating the use, prescription and manufacturing of herbal drugs are also required. Today only a few countries have such laws in place. Government would further help this industry through, tax rebates, low health insurance etc in developing a potential product. Regulation and policy regarding herbal medicines [73,74,75] The legal status of the herbal medicines varies from country to country. It is regarded as an established medicine in some countries but in others it is still considered as food. So the policy and regulation of the herbal medicines are required- To facilitate the integration of traditional medicine into national health care systems; To promote the rational use of traditional medicine through the development of technical guidelines and international standards in the field of herbal medicine and acupuncture; To act as a clearing house for the dissemination of information on various forms of traditional medicine. As it was recognised that a huge chunk of the population still relies on the traditional medicines for their primary health care needs, WHO as the parent body started taking steps to integrate the traditional and herbal medicinal system to the conventional system. The initial step came with Alma ata declaration in 1978, which recommended inclusion of proven traditional medicines into national drug policy and regulatory measures. The policy of the WHO regarding traditional medicine was presented in the Director- Generals report on Traditional Medicine and Modern Health Care to the Forty-fourth World Health Assembly 1991, which stated that WHO collaborated with its Member States in the review of national policies, legislation and decisions on the nature and extent of the use of traditional medicine in their health systems. Herbal medicines have been included in the International Conference on Drug Regulatory Authorities (ICDRA) since the Fourth Conference in 1986. A WHO consultation in Munich, Germany, June 1991, drafted Guidelines for the Assessment of Herbal Medicines which was adopted for general use by the Sixth ICDRA in Ottawa, October 1991. These guidelines define basic criteria for the evaluation of quality, safety and efficacy of herbal medicines to assist national regulatory authorities, scientific organizations, and manufacturers to undertake an assessment of the documentation, of submissions and/or the dossiers in respect of such products legal status: India, India has almost 291,000 traditional medical practitioners has a well framed legal system. The traditional medicines are regulated by the Drugs and Cosmetics Act of 1940 and the Drugs and Cosmetics Rules of 1945. No products derived from traditional systems may be manufactured without a licence from the State Drug Control Authorities. Patent and proprietary medicines derived from the traditional systems must contain ingredients which are mentioned in the standard books and Pharmacopoeias of that medical system. A drug is defined as being safe if it causes no known or potential harm to users. There are three categories of safety that need to be considered: . Category 1: safety established by use over long time Category 2: safe under specific conditions of use (such herbal medicines should preferably be covered by well-established documentation) Category 3: herbal medicines of uncertain safety (the safety data required for this class of drugs will be identical to that of any new substance) [75]. China Traditional Chinese medicine (TCM) has a long history of more than 4 000 years. The Chinese Materia Medica is one of the most extensive sources of literature on medicinal plants. With regard to their legal status, herbal medicines in China are considered as medicinal products with special requirements for marketing, for example a quality dossier, safety and efficacy evaluation, and special labelling. New drugs have to be examined and approved according to the guidelines provided by the Drug Administration Law, which also grant an approval number to the new drug. After that the final product is marketed. The Drug Administration Law of the Peoples Republic of China was enacted on 20 September 1984, which encourages the simultaneous development of both traditional and modern medicine. The drug manufacturing enterprise, Article 5 states that It should be staffed with an adequate number of pharmacists or technical personnel with a title equivalent to or higher than associate engineer and skilled workers adaptable to the scale of drug production. Article 31 states The sale of medicinal plant materials newly discovered or introduced from abroad is not allowed unless it is approved by the health bureau of the province, autonomous region or municipality A new drug will be approved for clinical use and a licence issued by the Ministry of Public Health, if the clinical trial or clinical verification has been completed and an appraisal of its efficacy has been made. Owning to Pursuant to Articles 21 and 22 of the Drug Administration Law, on 1 July 1985, the new TCM drugs are classified under five categories: Category 1 Artificial imitations of TCM herbs; Newly discovered medicinal plants and their preparations; Single active principle extracted from TCM plants material and their preparations. Category 2 Chinese medicinal herbal injections; Parts of TCM medicinal plants newly employed as a remedy and their preparations; Non-single components extracted from TCM and natural plants and their preparations; TCM materials obtained by artificial techniques in vivo and their preparations. Category 3 New TCM preparations; Combined preparations of TCM and modern medicine in which TCM medicine is the main component; Cultivated material which traditionally is imported. Category 4 New dosage forms or new routes of administration of TCM drug; Materials introduced from other parts of the country and those for cultivation instead of harvesting in The wild. Category 5 TCM products with new and additional indications. Indonesia The Directorate of Traditional Drug Control was established under the Directorate General of Drugs and Food Control of the Ministry of Health in 1975. Since than the government has set many guidelines for traditional medicines regarding: Production, distribution and labelling of traditional drugs; Procedure for registration of traditional drugs and imported crude drugs; Licensing of traditional drugs and imported traditional drugs; and Control requirements, such as for a production code, labelling and advertisement Traditional drugs foreign origins are not permitted to be imported into Indonesia, except in special cases when a licence was granted. The Directorate General of Drugs and Food Control has published the Indonesian Farmacopea and six volumes of the Materia Medika Indonesia. These publications discuss the formal requirements for crude herbal drugs and give further information about local name, section microscopic drawing, crude drug powder and a crude drug colour picture. Germany The share of herbal medical drugs is almost equal to 10% of the whole pharmaceutical industry in Germany in 1989. According to a study conducted by Allensbach Institute

The Impact of Ancient Religion on Homer’s Odyssey Essay -- Homer Odyss

The Impact of Ancient Religion on Homer’s Odyssey    There has long been a fashion among critics and historians, including Sir James Frazier and Graham Hancock, to insist upon taking the account of Odysseus' voyage to Hades in Book XI of the Odyssey at near face-value as a description of people and places familiar to a Greek audience of Homer's day. Both linguistics and comparative history have been employed to discover exactly how accurately this originally oral epic conveys this gritty realism. Something, however, is not right with this purely empiric approach. What is missing is an examination through the lens of ancient religious practices. Surely a literary work so teeming with deities-wise Athena, spiteful Poseidon, impish Hermes, omnipotent Zeus-deserves such study. In protohistoric times, the worshipers of the gods sought out mystic union with their deities by means of bodily mortification and ingestion of hallucinogenic drugs. These practices are spelled out both in the Rig Veda of India and the Chinese Book of Songs. In the Veda, Indra is worshiped in a ritual that includes large doses of soma. The Book of Songs, compiled by Confucius from the many texts of poetry and myth at his disposal, contains repeated accounts of trance and religious ekstasis. In the twenty-second chapter of St. John's Revelation, the Koine Greek term translated as sorcerers in the King James Bible is pharmakeusin Literally, this word denotes those who use drugs to achieve arcane effects. Since plants were the mainstay of medical science in those distant days, a secondary meaning might be applied: herbalists. Robin Fox, in his book Pagans and Christians, argues that the role of such figures as the Sybil of Cumae and the Delphic prophetess ... ...se value to the Odyssey as a voice from an antique time aimed at future generations. During the Roman Empire, both the Odyssey and its companion, the Iliad, were considered as foundational texts in education. Small wonder; history, poetry, parable, hymn-such a literary work is its own small cosmos. It deserves to be approached and interacted with as a living entity that still matters in Western civilization. That is possible only if we view such works in the context of the societies that produced them. Religion was a huge component of such a society. Although we now possess technological marvels that might give a Greek deity apoplexy from shame, the ancient Greeks are still Us. Men and women will always feel the need to see the world through fresher eyes than their own. Works Cited: Homer. The Odyssey. Trans. Robert Fitzgerald. New York: Vintage Books, 1962. The Impact of Ancient Religion on Homer’s Odyssey Essay -- Homer Odyss The Impact of Ancient Religion on Homer’s Odyssey    There has long been a fashion among critics and historians, including Sir James Frazier and Graham Hancock, to insist upon taking the account of Odysseus' voyage to Hades in Book XI of the Odyssey at near face-value as a description of people and places familiar to a Greek audience of Homer's day. Both linguistics and comparative history have been employed to discover exactly how accurately this originally oral epic conveys this gritty realism. Something, however, is not right with this purely empiric approach. What is missing is an examination through the lens of ancient religious practices. Surely a literary work so teeming with deities-wise Athena, spiteful Poseidon, impish Hermes, omnipotent Zeus-deserves such study. In protohistoric times, the worshipers of the gods sought out mystic union with their deities by means of bodily mortification and ingestion of hallucinogenic drugs. These practices are spelled out both in the Rig Veda of India and the Chinese Book of Songs. In the Veda, Indra is worshiped in a ritual that includes large doses of soma. The Book of Songs, compiled by Confucius from the many texts of poetry and myth at his disposal, contains repeated accounts of trance and religious ekstasis. In the twenty-second chapter of St. John's Revelation, the Koine Greek term translated as sorcerers in the King James Bible is pharmakeusin Literally, this word denotes those who use drugs to achieve arcane effects. Since plants were the mainstay of medical science in those distant days, a secondary meaning might be applied: herbalists. Robin Fox, in his book Pagans and Christians, argues that the role of such figures as the Sybil of Cumae and the Delphic prophetess ... ...se value to the Odyssey as a voice from an antique time aimed at future generations. During the Roman Empire, both the Odyssey and its companion, the Iliad, were considered as foundational texts in education. Small wonder; history, poetry, parable, hymn-such a literary work is its own small cosmos. It deserves to be approached and interacted with as a living entity that still matters in Western civilization. That is possible only if we view such works in the context of the societies that produced them. Religion was a huge component of such a society. Although we now possess technological marvels that might give a Greek deity apoplexy from shame, the ancient Greeks are still Us. Men and women will always feel the need to see the world through fresher eyes than their own. Works Cited: Homer. The Odyssey. Trans. Robert Fitzgerald. New York: Vintage Books, 1962.