StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Economic Efficiency - Assignment Example

Cite this document
Summary
The goal of this assignment is to introduce the research done in Industrial Organization and related fields. Sedjo's (1992) work and study on environment, genetic engineering, property rights and biodiversity is studied and analysed here and the work is summarized using ideas on industrial organization-economic efficiency, gain, profits and lower cost…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.7% of users find it useful
Economic Efficiency
Read Text Preview

Extract of sample "Economic Efficiency"

Economic Efficiency - Introduction: The goal of this assignment is to introduce the research done in Industrial Organization and related fields. Sedjo's (1992) work and study on environment, genetic engineering, property rights and biodiversity is studied and analysed here and the work is summarized using ideas on industrial organization--economic efficiency, gain, profits and lower cost. The perspective taken will be with regard to economic efficiency which is the topic of discussion of this paper and concepts such as genetic information and biosystems could be examined closely with regard to changing economies and legal issues within environmental and even industrial settings. Economic Efficiency - Biodiversity Using another angle, this paper also takes a look at research done within industrial organisations and related issues of economic efficiency, profits and lower costs, as also biotechnological changes, genetic resources and legal issues within economics and industrial settings. The focus however is on economic efficiency and resources that would be suitable within industrial organisations. This discussion would focus on an analysis of property rights, genetic resources and biotechnological changes considering the paper by Roger Sedjo (1992). In the paper Sedjo argues that genetic constitution of plants and animals would provide important information on development of natural products such as drugs and pharmaceuticals as well as the applications of biotechnology. The potential of genetic resources as repositories of genetic information has been immense. Many anticancer drugs have been developed from plants found in tropical forests and there is a lot of potential for such drugs. The study by Sedjo deals with wild genetic resources and their uses as well as biotechnological change, with genetic resources having elements of private and public goods. The protection and distribution of genetic resources is a major issue and closely associated with issues of property rights and public good. The current rates of tropical deforestation and habitat destruction have been considered as excessively high with the economic efficiency criteria. Sedjo writes that bioengineering issues raise the benefits and reduce cost of property rights when associated with genetic resources. The property rights issues and the economics with regard to effective maintenance of wild and natural genetic resources could also be studied. Sedjo points out to the importance of social values in halting a process of extinction of genetic resources through habitat destruction and deforestation. Useful attributes are changed through biotechnological innovation in certain cases and certain developing countries have faced criticism for not appreciating the values of forests and biological diversity and for not protecting the forests and the environment. Genetic resources are considered both private and public and even considered as a store of knowledge. Genetic resources are however best analysed with R&D problems and variations. The economic efficiency of resources could be examined in terms of consumption as more one person consumes, the less resources are available to other people for consumption but this would be applicable to phenotypes of private goods. In case of genotypes or public goods, one person's consumption may not affect the amount available to others. However both genotypes or phenotypes can give consumption access to some individuals and exclude others. This according to Sedjo is applicable to property rights in case of improved varieties of plants and animals. So, how a sustainable environment and economic efficiency could be derived from wild plants and animals or genetic resources is understood in terms of three types of uses of wild plants and animals as such plants or animals could be consumed directly or can be a source of organic compounds. They can be used for the production of natural or herbal drugs. These plants and animals and their compounds could be used for the synthesis of chemicals and compounds and would add to the economic efficiency of natural resources. The genetic traits of such plants and animals could be studied further to understand the difference between the wild and domesticated plants and when these plants are nonconsumptive they can still remain as essential sources of genetic information. So Sedjo argues that irrespective of whether or not wild plants and animals are resources for direct or indirect consumption they are definitely useful for study on genetic information and shows how such genetics and biotechnological information could be used to develop natural structures and construct a sustainable and economically viable environment. Modern biotechnology can transfer genes from natural organisms so that these could be used on engineered plants and animals artificially developed with all desired traits. The scope of genetics and utilization of genetic resources could increase with the increase in genetic pool of plants and animals and the traits identified. Improved techniques associated with genetics can aid in attaining information on the global gene pool and utilize this information for the growth of expertise in genetic engineering. The biosystem is largely aided by technological changes and availability of genetic information would be an important part of maintaining a diverse ecosystem and environmental and genetic balance. This in turn leads to efficient working of biosystems in the world and promotes an economically sustainable environment. However there are other direct links between economic efficiencies in a system and the genetic information available through plants and animals studied and Sedjo's analysis only highlights the importance of biodiversity in genetic engineering and in promoting economic efficiency, which is the main aspect of this discussion. Sedjo has highlighted some of the conflicts in genetic resources including distribution of rents, price of genetic resources and associated product development. Concepts of gene rich and technology poor and vice versa are important in understanding plant genetic resources and application of common heritage of genetic variations. Sedjo shows that pharmaceutical and natural pesticides could be derived from wild animal and plant resources and most parts of the earth constitute wild genetic resources. The biodiversity of an area and the geographic region and distribution may be wide or narrow and this would affect the economy and genetic resources available in the area. Genetic resources drive the efficiency of the economy in several ways including research and development initiatives, and the costs of such resources that would be reflected in the scientific research process as also sustainable environmental initiatives. Genetic resources could even be preserved if preservation was inexpensive, according to Sedjo although due to alternative uses of forest products, the costs of production, maintenance and preservation have risen significantly in recent years. This would bring us to the next and central question on how the economic efficiency issues and biosystems and genetic resources could be related to environmental sustainability and industrial organisational concerns. How do the industrial concerns fit in within this context of discussion dealing with biodiversity and genetic resources Sedjo argues that wild genetic resources are global resources for development of food, products and medicines and helps in global benefits that should be useful for inhabitants around the world. The unique claim to the benefits of such global resources would thus be unfounded and downright wrong yet many companies tend to own these product and resources and even have patented rights of such global resources for their own financial gains. Thus genetic resources are financially exploited by large companies to prepare medicinal or other products and could lead to serious debates on property rights and preservation. Are these industrial organisations preserving genetic resources or simply exploiting them through their patents and rights on such resources It is essential that certain developing countries and their governments protect and preserve natural habitats without using these for financial gains although like every other resource, genetic resources are nowadays being primarily used for profits and gains and also for private financial returns. Conclusion Genetic engineering could be successfully used for technological changes and even within industrial setting and organisations could be used for product innovation and development. The emphasis would thus be on research and development as also the profits, losses or financial gains through innovation and product development and use of such resources. However it would be an ethical question to ask as to what would be the gains and impact on biosystems if there is an exploitation of genetic resources and how these resources could be used to bring about maximum economic efficiency and yet maintain and preserve a sustainable ecosystem. Works cited: Roger A. Sedjo Property Rights, Genetic Resources, and Biotechnological Change Journal of Law and Economics, Vol. 35, No. 1. (Apr., 1992), pp. 199-213. Stable URL: http://links.jstor.org/sicisici=0022-2186%28199204%2935%3A1%3C199%3APRGRAB%3E2.0.CO%3B2-1 Journal of Law and Economics is currently published by The University of Chicago Press. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Economic Efficiency Assignment Example | Topics and Well Written Essays - 1250 words, n.d.)
Economic Efficiency Assignment Example | Topics and Well Written Essays - 1250 words. https://studentshare.org/macro-microeconomics/1524365-economic-efficiency
(Economic Efficiency Assignment Example | Topics and Well Written Essays - 1250 Words)
Economic Efficiency Assignment Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/macro-microeconomics/1524365-economic-efficiency.
“Economic Efficiency Assignment Example | Topics and Well Written Essays - 1250 Words”. https://studentshare.org/macro-microeconomics/1524365-economic-efficiency.
  • Cited: 0 times

CHECK THESE SAMPLES OF Economic Efficiency

How Taxes Affect Economic Efficiency

How taxes affect Economic Efficiency The topic of potential benefits of taxes on the Economic Efficiency of a country has gained much attention in the recent years.... If tax payers save their money instead of paying taxes, it will impact government expenditures and will decrease the overall consumption and in turn the overall Economic Efficiency.... These variables include equity, transparency, convenience, and efficiency.... It is true that various initiatives taken by a government have a significant impact on the scope of economic activities....
5 Pages (1250 words) Essay

Effects on economic efficiency of government price controls and taxes

Effects on Economic Efficiency of Government Price Controls and Taxes Name of Institution Effects on Economic Efficiency of Government Price Controls and Taxes Consumer Surplus Consumer surplus gives a measure of the distinction between the uppermost price a consumer is able to offer and the price the consumer indeed offers.... Source: (Sexton, 2010) Economic Surplus and Economic Efficiency As mentioned earlier consumer surplus gives the dimension of the benefits to customers from purchasing a specific type of good while the producer surplus provides the dimension of the benefits to firms from merchandising a specific commodity....
5 Pages (1250 words) Term Paper

Economic Efficiency Analysis of The Dollar Tree Transportation

This study will try to analyze the Economic Efficiency of The Dollar Tree's Transportation.... a) Economic Efficiency impacts Economic Efficiency relates to how well the firm allocates its scarce resources so as to meet the need and the wants of its customers.... Economic Efficiency is therefore the non-interest expenses divided by the revenue.... Therefore, the Economic Efficiency is: (2281.... Therefore to ensure Economic Efficiency, Dollar Tree opted for MIQ Logistics to develop the front end of an inbound TMS (transportation management system) (Dollar Tree Stores Inc, 2006)....
3 Pages (750 words) Case Study

Primary Objective of Competition Law

Should Economic Efficiency be the primary consideration and priority for the enforcement of competition law?... By Course University Date Abstract Economists argue that the primary objective of competition law is to achieve Economic Efficiency in the market.... It is argued that Economic Efficiency cannot be obtained unless, the political and social objectives of competition laws are achieved.... Table of Contents Abstract 2 Introduction 4 The Purpose of Competition Law 5 Non-Economic Purposes and Policies of Competition Law 7 Economic Purposes and Policies of Competition Law 10 Non-Economic Factors as the Main Consideration in the Enforcement of Competition Law 11 Economic Efficiency as the Main Consideration in the Enforcement of Competition Law 15 Conclusion 17 Bibliography 19 Introduction Governments have introduced national competition laws reflecting a growing trend toward a general consensus that competition laws are primarily aimed at promoting Economic Efficiency in the market (Lloyd, 1998, p....
17 Pages (4250 words) Essay

Does Economic Efficiency Require Greater Inequality

The author states that Economic Efficiency in modern age demands that the most efficient nation-states institute their models for efficacy and success in regards to global economics, however, this should be considered as a leadership initiative instead of a semantics based expression of inequality.... nbsp;… International discernment of this type of thinking will be critical to ensuring the success rate of Economic Efficiency initiatives led and instituted by nations with a history of regional and global success....
5 Pages (1250 words) Term Paper

How Does the Distributional Role of the State Conflict with the Objective of Economic Efficiency

This coursework describes the conflict of the "distributional" role of the state and the objective of Economic Efficiency.... This paper outlines Economic Efficiency, poverty, distribution of income, the role of the state in the redistribution of income.... hellip; Discrimination is what distorts earnings and thus can result in women; people from ethnic minorities and the disabled earning less from the same work as able-bodied, white male employees....
8 Pages (2000 words) Coursework

Economic Efficiency Concepts

In view of these, a relevant topic encompassing economics at the abovementioned level is the concept of Economic Efficiency.... Economic Efficiency is normally defined as “a ratio of the quantity of some measure of output to the quantity of input required to bring it about.... According to Schneck (2007), “the criterion for Economic Efficiency is value.... ?? (The Citizens Compendium 2009) Productive efficiency is “the optimum combination of resources required to produce a given output at a given state of technology at which the ratio of their marginal products to their marginal costs are equal, because otherwise output could be increased at a given level of cost by increasing one input and reducing another....
4 Pages (1000 words) Term Paper

Economic Efficiency Issues

Economic Efficiency includes two broad concepts.... The concept is covered under allocative Together these two concepts form the basis of Economic Efficiency.... Economic Efficiency is nothing but the presence of both production and allocative efficiency.... Economic Efficiency can be looked at from another point of view.... Economic Efficiency can be described as something that maximizes the benefit of a transaction for both producers and consumers....
4 Pages (1000 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us