To what extent is the work of philosophers such as Popper, Kuhn, Essay - 1

To what extent is the work of philosophers such as Popper, Kuhn, Lakatos and Feyerabend useful in forming a critical judgement of modern economic practice - Essay Example e complexities that most people tend to consider irrelevant but I believe mostly significant in order to fully comprehend the standards of the era we are living right in. I would want to examine and expound more of the modern practices that various economists of today have been doing so as to provide and present a clear illustration and brilliant depiction of an intermingling global economic viewpoint. Doing this, I shall be indulging and expounding more of the different approaches, methods and technical procedures that recent philosophers have used in various investigations and explanations of economic concepts and theories. As for this paper, I would not only be elaborating further on how these economic concepts affect the people’s mind-set, but I shall be of critique as to how these theories have shaped the contemporary practices that we can observe today. Having said this, I should note that economics, as a whole, as what Pheby has said in Methodology and Economics is not exactly similar, in fact very different, with other behavioural sciences and physical sciences like sociology, political science, physics and chemistry respectively. This is since economics is a very strange branch of science that is somehow dependent on human actions and on how these actions are deemed important as to the evaluation of results and analysis of consequences and outcomes (Blaug 1980). To start my observation and analysis, I would want to give and make sense of the technical definition of empirical research as the basis of my fundamental argument. As lifted from a journal article entitled Empirical Research published by the Norfolk State University, empirical research has been defined as the systemic research process which only involves predetermined observations and measured phenomena. It reports and publishes facts and figures based on observed results and actual experimental quantifications in order to generate a relationship and draw numerical conclusions involving two or

Performance management homework 1 Essay Example | Topics and Well Written Essays - 750 words

Performance management homework 1 - Essay Example To determine this rate, all the machining, assembly, and fabricating direct costs must be multiplied with the multiply of their sum total. This calculation will help in determining or estimating the overhead rates. Precision Joinery Co. Manufactures high-quality wooden products for the house-building sector, specializing in window-frames, doors and kitchen cabinets. For many years, the company’s costing system has relied on the assumption that direct labor hours were the critical factor in the occurrence of overheads. Accordingly, overheads were allocated to products on the basis of the direct labor hours taken to manufacture each product. The company’s relationship with its customers has changed in recent years. House-building companies have become more rigorous in their demands in terms of both product design and service support after delivery. The Managing Director of Precision Joinery Co. Has become increasingly disillusioned with the current product costing system, which he believes to be producing costs which do not reflect the change in the market environment initiated by the company’s customers. Under duress, the Management Accountant has carried out a further examination of available costing information, some of which the Managing Director considers useful in a possible redefinition of the costing system. The activity based costing or the ABC cost allocation often assigns the manufacturing overhead costs of the products in a highly logical way than the normal or the traditional approach that simply allocates costs on the basis of the machine hours (Armstrong and Baron, 2005; p. 85). The ABC initially assigns costs to activities that really lead to the overhead. After that, it assigns costs to activities or products that are actually demanding the activities. The overall result often maps the miscalculations on the true cost of the manufacturing overhead. Therefore, it is apparent that the ABC