Francis Edgeworth Econ 490 Fall 2017

I am part of a consulting organization on campus. We work with real clients and as a result it is integral that we meet all deadlines and provide our best work. In the beginning of the semester we have multiple projects to choose from based on our interests. The projects are sourced by the head partner. In a way this partner is the CEO of the firm. Next we have general partners who are in charge of recruitment, professional development, social and among others. These can be related to the CFO, CMO and etc. The next in line are the project managers who are the head in charge with each consulting project. The project managers are selected by the board through an interview process. The project managers make sure the project gets completed on time and that the consultants work together as a team. As a result, I feel this is close to a one boss hierarchy. However, at the same time the culture of the firm is very open and even employees are allowed to bring their own initiatives and sign t...

In class we were discussing that it is typical for students to register for more than their optimal number of classes. This is so they can be opportunistic and drop a class in the future once they adjust to their schedule. It is also quite popular for students to drop a class once they receive the grades of their first midterm as the drop deadline is near this time. Hence if a student does not do well on the first midterm, the student is given a chance to drop rather than take ownership of the student not studying. By doing so many people lose out on space to register for a class. Students are given an incentive to hoard classes as the probability of getting caught is quite low. I feel this is an unfair practice that should be abolished. For example, I have to take Stat 400 to officially declare Statistics as a major. However, throughout the registration period there was no space. Albeit, if you check now there is more than 7 seats available. This shows me that ...

While I was a student at Purdue, I was elected as a Senator for my college (ex: LAS, Engineering, Business) during my first semester as a Freshman. As a result, the previous Senators were graduating. Each college usually has about two Senators. During my first, semester I was the only Senator for my college. Thus, the transaction cost is reduced as I do not have to consult with another member. However, in this case there is an opportunity for the transaction cost to augment as I am new to this position and the fact that I do not have a fellow Senator to consult with. I feel the concept of transaction cost is especially prevalent in a government esque organizations due to the transition of ‘power’. In my case as I mentioned the previous Senators were graduating, hence I had to take a decision on whether to continue their projects or start new initiatives of my own. I decided to complete one of their projects which was near completion and then start on my own. Their project was...

Francis Ysidro Edgeworth was born on February 8th, 1845. Edgeworth was an Irish economist renowned for his application of mathematics to economics. Edgeworth received his education from Trinity College in Dublin. He successfully completed his education in 1869. During the years of 1891 - 1922 he was Drummond Professor of Economics at Oxford University. Although Edgeworth was well accomplished in mathematics his writing skills were subpar. Ironically, he was editor of the Economic Journal from (1891-1926) As a result, he had to heavily rely on mathematical models to get his point across. Edgeworth is well renowned for the generalized utility function, the indifference curve, and the contract curve which was published in his work Mathematical Physics .  I only knew that Edgeworth pioneered the indifference curve from my microeconomics lecture. This concept can be used in class as when we have to decide on consumers preference, the indifference curve will help...