Fyffes Case Study

IntroductionFyffes are an Irish company founded in 1888 that specialise in fruit production. The company is said to be â€Å"world famous† according to the Fyffes website, one reason being that their bananas were the first branded fruit in the world (Fyffes, 2013). Fyffes are the oldest fruit brand in the world and are headquartered in Dublin. The company began in London, soon to become the most popular banana brand in the world, the organisation was born into the marketplace devoid of competition.Their â€Å"blue label bananas† allowed them to become unique and furthermore dominators of the fruit market. Today, their main product is the banana, although they also produce other fruits including the Fyffes Gold Pineapples and Fyffes melons. Fyffes currently market their produce in Europe and the United States and are involved in the production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples and melons.SWOT Analysis of Fyffes.StrengthsF yffes have several strengths such as a large brand portfolio that is very well recognized. Furthermore they have a strong brand recognition among both customers and institutions, that allows them to penetrate new markets and also hold a large share in existing markets. They operate a vertically integrated supply chain that allow economies of scale in fruit in both sourcing and distribution. (Fyffes,2013) There strong market position allows them with a lot bargaining power in the market. They have a large number of supply chain activities that include ; Production, procurement, shipping, ripening and the distribution and marketing of bananas but also melons and pineapples.WeaknessesFyffes lack in the scale of operations when compared to their competitors ; Chiquita Brands, Dole foods and Fresh Del Monte produce. They are somewhat dependent on european market, but this has greatly improved since 2008 when  there 51% of their revenue came from the eurozone. There competitors have sig nificantly bigger distribution and marketing channels along with greater financial resources. This can be seen in 2013 revenues were Fyffes is listed fourth behind Dole food, Fresh Del Monte, Chiquita and Total Produce. (Fyffes,2013)OpportunitiesA company acquisition may help enhance pineapple production. This would increase production and supply. Fyffes have identified their weakness of lack of scale and made progress by establishing a network(s) across Germany. This includes both distribution and ripening centres. Fyffes have been paying a tariff on bananas imported in to the european union since 2006 due to the European Union banana import regulation. This has given competitors importing from other regions the upper hand. However the EU have agreed to reduce this tariff on latin american bananas in stages, when this fully implemented this could reduce Fyffes’ operating costs significantly. (ibid)ThreatsFyffes have strong competition across all their product lines, competit ion include global companies as listed previously but also agricultural cooperatives and foreign government sponsored producers. Further to this competitor companies have larger financial resources allowing them more purchasing power along with more capital to expand and improve. (ibid)Target CountryAs the huge demand for bananas and tropical fruits in Europe constantly increases Fyffes have found themselves sourcing throughout The Tropics,Caribbean and countries in Central America for example Costa Rica and Columbia. With the European Union being the largest consumer importer for bananas, it is Fyffes target market. In Britain alone over 5 billion bananas are consumed each year, hence why they are the 4th largest importer bananas in the world and one of Fyffes major target countries. They have a strong competitive advantage as the British market is one they know very well and can use this against other companies such as Chiquita who are a  Latin American company.Another target co untry for Fyffes is Germany being the 2nd largest importer of bananas in the world.Fyffes can easily trade with Germany as it is within the European Union.Although the United States are the number one largest importers for bananas it is unlikely that they would be able to compete with the firms from South America. Companies such as Del Monte,Dole Food Company and Bonita are the largest banana firms in the US and dominate the market.As bananas are only produced in countries with a very specific climate such as The Carribean or The Tropics they’re target countries are the places where the fruit cannot be readily grown and must be imported.â€Å"Bananas and pineapples are grown in countries of the tropics – Africa, Latin America, Caribbean, Pacific etc. Many countries produce bananas as a staple food and only around 20% of all bananas that are produced are actually exported.Most bananas and pineapples sold on the British market are exported from Latin America, and increa singly West Africa, as companies relocate in search of ever ‘cheaper' fruit, pursuing a ‘Race to the Bottom' in terms of social and environmental standards.† (www.Bananalink.org.uk 2013)Products Selected to Go InternationalHeadquartered in Dublin, Fyffes has expanded greatly and is now operating in several different regions including the United Kingdom, mainland Europe, U.S.A. along with Central and South America. With Fyffes being one of the largest fruit companies in the world, their internationally distributed products include bananas, melons, pineapples and the newly added product that is plantains.Fyffes are renowned on a world stage for being the most notable distributor and seller of bananas. Operating in a vast amount of countries in the Caribbean and South America, as of 2012 Fyffes was the â€Å"largest importer of Fairtrade bananas into the European Union† (Fyffes, 2012). These bananas are sourced from countries such Ecuador, Costa Rica, Brazil, P eru and the Ivory Coast. After the bananas have been harvested and washed they are palletised for shipping in temperature controlled holds.Fyffes have marketed their bananas from the standpoint that they are nutritionally beneficial to all. They preach the biological benefits of their products whether it is through their website, general advertising or through they’re labelling etc. They boast the fact that â€Å"bananas are known as the energy fruit because they provide a quick-but-sustained energy boost in a natural, nutritious and easily digestible form† as well as the rather low caloric count of just 95 kcal per banana. Much of the same marketing is used for their pineapples. Fyffes’ ‘Gold Pineapples’ are described as â€Å"Supersweet† (Fyffes.com, 2013) and is sourced mainly from Ecuador, Panama and Costa Rica. These are packaged and distributed around the world.The pineapples are shipped in condition controlled vessels to ensure an appr opriate balance of sugar and acidity is maintained. Once again Fyffes market their product based on the nutritional benefits. They declare that their â€Å"Supersweet† pineapples contain â€Å"three times more vitamin C than traditional pineapples† along with their low fat content and the presence of digestive enzymes (Fyffes.com, 2013). Fyffes third main product is their variety of melons. Fyffes’ selection includes a range of both summer and winter melons. The summer melons include galia, watermelons and cantaloupe.The winter melons include watermelons, honeydew and cantaloupe. They are high in vitamins A and C and contain digestive fibre. The countries in which they are in grown in include Guatemala, Honduras and Costa Rica. As previously mentioned, Fyffes introduced what are known as ‘fruit snacks’ in the form of plantains chips. The plantain is a variation of the banana and is being marketed as a variation to potato chipsEntry Modes UtilisedFyf fes have been exporting to the UK for the last 120 years from its base in Ireland. The first step Fyffes took after exporting to the UK was to export to EU member states. This was a low risk natural progression for Fyffes as the EU operate a free trading policy within member states and many of the original member states have a similar demographic as that of Ireland and the UK.These markets had similar demand as their climates were not susceptible to growing bananas and this proved to be a venture that increased the recognition of the blue label brand and maximised the use of current  resources as well therefore proving highly profitable. In 1995 to expand on its European distribution channels Fyffes entered into a venture with the Windward Island Banana Development and Exporting Company (WIBDECO), and bought out Geest Bananas which were a major competitor in the British market (Bananalink, 2013). In 2005 the company entered into a strategic alliance with the Turbana Corporation in order to expand its market reach and develop its US market share.As Fyffes grows and increases its market share larger economies of scale are allowed for. Fyffes buy most of their fruit from farms in Belize, Panama and Costa Rica, it does however own about 6,000 acres of land in Costa Rica as well as smaller farms in Panama and Belize (Carswell, 2013).The company is hoping that by 2014 they will grow 60 per cent of the pineapples they sell. A recent development in the containers used to keep the fruit fresh while shipping means that the fruit could be kept fresh for 35 days of shipping, far longer than the current 23. Fyffes are hoping this will allow them to export their fruit from their Central American headquarters in Costa Rica to growing markets in Russia and the Middle East.Resource Commitmentâ€Å"Resource commitment refers to the level of dedicated assets – physical or human – that cannot be transferred from one country to another without loss of economic val ue†. An example of this may be that a firm adapt its product and resources to suit the needs of the host importing company (Petersen, 1999). This essentially may result in increased revenue in that specific area but may not help revenue figures as a whole for the firm. Fyffes has continuously shown resource commitment to several different foreign markets.Due to the very nature of the fruit business Fyffes was technically always an import-export business. As an Irish company selling tropical fruit there was always a need for shipping the fruit from the likes of Costa Rica and Panama. Therefore these resources were already owned by the company. In order to grow their exports Fyffes had to expand on these resources. Fyffes were the first company to properly transport their fruit on their ships. They changed from just transporting the fruit in bunches to using proper containers on board, this was key to shipping the fruit further afield.Alasdair MaCleod, head of Fyffes in their Ce ntral American base said that  only once in his 20 years in the business had he lost an entire shipload of fruit as a result of a ripe box of bananas prematurely ripening others on board the ship. As mentioned previously Fyffes hope to further improve their shipping containers and therefore advance into more new markets. This is a resource commitment that is sure to pay off . (Carswell, 2013)Environmental Factors Impacting on InternationalizationThere are four main environmental factors that can impact the internationalization of a company. These are the competitive, legal, political and economic environments. It is imperative that a company must overcome these obstacles in the marketplace in order to establish internationalization of their firm. For fyffes, their competitive environment struck them first in the late 1920s.Their first competitor, Jamaica Bananas Producers Ltd, began to sell their fruit in large amounts to the British market. Fyffes counteracted by branding their f ruit to enable recognition of their bananas. The blue Fyffes label then became iconic, it was their major selling point. Henry Stockery CEO of Fyffes in 1929 said that,  Ã¢â‚¬Å"today people are asking for the ‘Blue Label’ bananas†.The popularity of their ‘blue labeled bananas’ allowed them to dominate the banana market and to wipe out all of their competitors.With regards to the legal, political and economic aspect, according to Fyffes website, it states that,   Ã¢â‚¬Å"fyffes is aware of the social and environmental issues associated with the products that it sources and sells†. (Fyffes, 2013).They follow a strict code of practices in order to produce their product at the highest quality and approved ethical standards. Furthermore, Fyffes is said to be â€Å"pro-active† with matters such as environmental impact and fair labour prices by heavily participating in industry forums on social, ethical, health and safety and environmental is sues.Success (or otherwise) ExperiencedBeing one of the worlds most prominent fruit distributors, Fyffes has enjoyed an overwhelming amount of success since its founding all those years ago in 1888. Not only are they still in existence, but they have still maintained their image as one of the fruit industry’s big guns. A huge contributing factor to their success was tapping into the retail supermarket area and producing at a large scale.â€Å"Our business has evolved to meet the needs of the big retailers and today, 90% of our produce is destined for supermarket.† (Barrett, 2013)Fyffes is Europe’s biggest banana importer with estimated sales of about â‚ ¬1 billion annually, exporting up to 40 million boxes of bananas (roughly 4.5 billion bananas) and 8.5 million boxes of pineapples from farms in Costa Rica, Belize and Panama every year. Ireland accounts for 10 per cent of the company’s exports. They became the first company in their area to place a bra nd on their fruit in 1929. The company’s approach to business in todays market is structured by the same commitment to quality and confidence in the integrity of it’s fruit that prompted the introduction of the pioneering brand label idea.As a company, Fyffes have pledged to carrying out the utmost of fair trade as well as environmentally sustainable production. Innovation is a highly influential factor in relation to Fyffes’ approach carrying out business. â€Å"Fyffes taps container technology to broaden market reach† (Carswell, 2013) This is a recent example of innovation where Fyffes propose the use of a new container system which can preserve fruit for as long as 35 days. This would allow the company to export more produce into Europe, better quality food into Russia and more fruit into the Middle East. Growth in business is something that Fyffes concentrate on every year and they are currently succeeding to do so according to a recent article on the dublin headquartered company.â€Å"The Dublin-headquartered international banana exporter yesterday posted pre-tax profits of â‚ ¬22.2m for the first six months of 2013, a 1.1% increase on the same period last year.† (Percival, 2013) However in 2007, Fyffes suffered an 11% fall in first- half profits because of losses at its melon joint venture in Brazil. This is one of very few examples of occasions of misfired venture for the company, where they suffered a â‚ ¬2.8m loss from their share of a Brazil-based melon producer Nolem. This was an event which was uncharacteristic of the company and it wasn’t ignored, judging by a  statement released at the time. â€Å"Significant internal resources have gone into addressing Nolem’s business in order to deliver an improved result in the forthcoming season† (Guider, 2007).ConclusionFyffes are an excellent example of a public quoted Irish company who have experienced success in international markets. Their innovative use of the blue label way back in 1929 made them the first fruit brand in the market. This was a huge development from Fyffes and has set them up to be the instantly recognisable brand they are today. This is a brand that has loyal customers who associate the Fyffes fruit with reliability, sustainability and most importantly a high quality product. It is this basis that has allowed them to grow into the flourishing business they are today along with their tactful low-risk foreign entry strategy.

Areas of Specialization in Psychology

Areas of Specialization Number |Subjects of study in psychology |Areas of specialization in |Definition and key points of this |Rationale (reason why you matched |Possible research method of | | | |psychology (match with below |specialization (be sure to use |this subject of study with this |study (experimental, | | | |options) |professional sources) |specialization in psychology) |correlational, observational, | | | | | | |case study, interview) and why | | | | | | |this one may fit the best | |1 |Studying the causes of aggression in |Social |Study of how people behave in |Social Psychology would help |I would say experimental, | | |reaction to others in their environment. | |social environments, study how |explain why someone would become |because it is a preferred way to| | | | |friendships develop, what causes |aggressive in their environment. |study behavior. | | | | |aggression and how prejudices are | | | | | | |formed. Argosy University, 2013) | | | |2 |Studying the pe riod when a newborn child |Developmental |Study of human development. |When a child recognizes their |Naturalistic method because | | |recognizes his or her parent. | |Study factors that shape human |parent would be considered a |really the only way to see when | | | | |behavior from birth to |developmental behavior. |a newborn recognizes their | | | | |death. (Argosy University, 2013) | |parent is to observe them. |3 |Sharing some research about the best |Industrial and organizational |Study of factors that affect |Work place stress would affect |Questionnaire because it can | | |strategies to manage work place stress. | |people in organizations. Identify |performance at the work place, |handle and works well for any | | | | |factors that affect performance. |which would fall under this |large group of people. | | | | |Development of employee skills. |category. | | | | |Job analysis. (Argosy University, | | | | | | |2013) | | | |4 |Determining which chemical or |Neuropsycholo gy |Attempt to study the human brain |Seeing what neurotransmitter |Experimental will help show | | |neurotransmitter might be activated when | |and its impact on human behavior. coffee would affect would have to |cause and effect between | | |people use coffee as a memory or | |Would try to figure out what |do with studying the brain and the|variables | | |performance â€Å"enhancer†. | |chemicals or neurotransmitters |effects of certain chemicals on | | | | | |were responsible for our emotions |chemicals or neurotransmitters | | | | | |or something like anxiety. (Argosy | | | | | |University, 2013) | | | |5 |Reviewing the thought process of someone |Cognitive |Study and work with how each |Seeing how someone has come to |Experimental because it can show| | |who has difficulties remembering things | |individual stores, transforms, |have difficulties long-term would |the cause and effect which may | | |long-term. | |uses and communicates information. |fall under the catego ry of |be beneficial. | | | | |Works with how we remember things |communicating or storing | | | | | |, and how we decide(Argosy |information. | | | | |University, 2013) | | | |6 |Methods to gain possible diagnoses in |Clinical |Work on diagnosis, understanding, |In order to understand and help |Case study because one could | | |efforts to understand emotional problems. | |and treatment of severe emotional |diagnose emotional problems one |gather a lot of information on a| | | | |problems, mental problems, and |would need to study emotional |case to case basis that would | | | | |behavioral problems but have no |problems. aid in understanding emotional | | | | |medical degree. Don’t rely on | |problems based on people’s | | | | |medicine. | |individual experiences | Use these as the possible specializations to use in the above chart: Clinical psychology or Clinical Psychologists Health psychology Biological psychology or Neuropsychologists Developmental psycholo gy Social and personality Cognitive psychology

Who Is in the 114th Congress

On Tuesday, January 6, 2015, the 114th United States Congress began its session. The congress contains new members recently granted office by voters in 2014 mid-term elections. Who are they? Lets take a look at the race and gender composition of our government representatives. The Washington Post reports that this new congress is about 80 percent male, with the Senate at 80 percent, and the House at 80.6 percent. They are also a cumulative 80 percent white, given that 79.8 percent of the House is white, and a full 94 percent of the Senate is white. In short, the 114th Congress is overwhelmingly composed of white males, which means it is what sociologists call a homogenous population. Trouble is, the US is not a homogenous population. It is rather heterogeneous, which raises questions about the accuracy of this Congress as a democratic representation of our nation. Lets parse the numbers. According to US Census data for 2013, women compose slightly more than half of the national population (50.8 percent), and the racial composition of our population is as follows. White non-Hispanic: 62.6%Hispanic or Latino: 17.1%Black or African American: 13.2%Asian: 5.3%Mixed race: 2.4%American Indian or Alaska Native: 1.2%Native Hawaiian or Pacific Islander: 0.2% Now, lets take a closer look at the racial composition of Congress. White non-Hispanic: House, 79.8%; Senate, 94%Hispanic or Latino: House, 7.8%; Senate, 3%Black or African American: 10.1%, Senate, 2%Asian: House, 2.3%; Senate, 1%Mixed race: 0%American Indian or Alaska Native: 0%Native Hawaiian or Pacific Islander: 0% The race and gender disparities between the population of the US and this Congress are striking and troubling. Whites are significantly over-represented, while persons of all other races are under-represented. Women, at 50.8 percent of our national population, are also grossly unrepresented among the predominantly male Congress.   Historical data compiled and analyzed by The Washington Post show that Congress is slowly diversifying. Inclusion of women has grown mostly consistently since the dawn of the 20th century, and has grown more sharply since the late 1980s. Similar patterns are seen in racial diversification. One cant deny the positive nature of this kind of progress, however, this is progress at an incredibly slow and simply inadequate rate. It took a full century for women and racial minorities to reach the sad level of under-representation we suffer today. As a nation, we must do better. We must do better because there is so much at stake in who composes our government, like how their race, gender, and class positionality frames their values, world views, and assumptions about what is right and just. How can we seriously address gender discrimination and the chipping away of womens reproductive freedom when those who experience these problems are a minority in Congress? How can we effectively address problems of racism like over-policing, police brutality, over-incarceration, and racist hiring practices when people of color are not adequately represented in Congress?  We cannot expect white men to fix these problems for us because they do not experience them, and see and live their detrimental effects the way that we do.   Lets throw economic class into the mix too. Members of Congress receive an annual salary of $174,000, which puts them in the top bracket of income earners, and far above the median household income of $51,000. The New York Times reported in January 2014 that the median wealth of members of Congress was just over $1 million.  Meanwhile, the median wealth of US households in 2013 was just $81,400 according to Pew Research Center, and half of the US population is in or near poverty. A 2014 Princeton study which analyzed policy initiatives from 1981 to 2002 concluded that the US is no longer a democracy, but is an oligarchy: ruled by a small group of elites. The study conclusively found that most policy initiatives are driven and directed by a select few wealthy individuals who are socially connected to our political representatives. The authors wrote in their report, The central point that emerges from our research is that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while mass-based interest groups and average citizens have little or no independent influence. Is it any wonder that our government has systematically eroded funding for public education, services, and welfare? That Congress will not pass legislation to ensure a living wage for all people? Or, that instead of creating jobs that pay living wages, we have seen a rise in contract, part-time labor devoid of benefits and rights?  This is what happens when the rich and privileged rule at the expense of the majority. Its time for all of us to get in the political game.

The Value Of Stilt Houses Built Over Water Pre 19th Century

A study in Southeast Asia of Stilt Houses built over water pre 19th century. ARCHHTC 340: Oceanic Architecture and Urbanism Nadia Ayshah Kathryn Rivai 1839895 2016 This essay will explore an understanding into stilt houses built over water on the island of Borneo of Southeast Asia before the nineteenth century. I chose to specifically investigate the value of stilt houses in Borneo because as a singular building how it became the container of a life for various the tribes. Following the migratory patterns of these tribes into Borneo and across it, I hope to unravel how these tribes ‘fashion’ their environment but more importantly the characteristics of the stilt house and its value to its community. The map below shows where Borneo is in relation to the Southeast Asia area. Tim Ingold mentions in an essay that, â€Å" Human beings are makers of the world†. This is evident through my research in a way that we understand how communities travel across the seas around Borneo to take on a new way of living within their newly formed tribes. These tribes make do with what they have in a completely new environment. As more and more communities spread across the coasts, setting up their new life, so did the distinction between the various tribes. The earliest record of people in Borneo were suggested by Kemp Pallesen, who is a linguistic profession. By using his ‘comparitive linguistic data’, Pallesen proposed there dispersion of the Bajau tribe from theShow MoreRelatedCruise Ship3513 Words   |  15 Pagesregion of a continent. In contrast, dedicated transport oriented ocean liners do line voyages and typically transport passengers from one point to another, rather than on round trips. Traditionally, an ocean liner for the transoceanic trade will be built to a higher standard than a typical cruise ship, including high freeboard and stronger plating to withstand rough seas and adverse conditions encountered in the open ocean, such as the North Atlantic. Ocean liners also usually have larger capacities

Essay on Mary Shelleys Frankenstein - 667 Words

How can such disparate characters, that are even resentful towards one another, be so consubstantial? Though Victor and the monster do not share the same physical or social traits, they have many of the same personality traits. Victor and the monster are analogous with their desire for knowledge, relationships with nature, and with desires for family. The author uses complex diction, symbolism, and syntax to emphasize these similarities. Throughout the plot, these similarities become more apparent and as this occurs their relationship worsens. Victor and the monster both crave knowledge. Walton recalls Victor stating, â€Å"You seek for knowledge and wisdom, as I once did; and I ardently hope that the gratification of your wishes may not be a†¦show more content†¦The nature around them is symbolic of their emotions and mental states. For example, the weather turned stormy when Victor’s mood worsened (ch. 10). 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Shelly expresses these ideas and thoughts through the character of Victor Frankenstein who is an aspiring scientist seeking an intellectual challenge. Victor Frankenstein live s his hometown of Geneva and leaves in quest of a valued education in Ingolstadt. When Victor arrives at college he is lonely and finds himself in a new world in which he lives by himself. He than meets

Captains decision Essay Example For Students

Captains decision Essay During the movie Billy Budd, the captain of the ship had a hard decision over Billys situation. As Billy killed the master in arms due that he couldnt control himself, the law of the ship stipulated that he would be hanged. Later there is a huge discussion between the leaders of the ship where some of them argue to follow the rules, whereas other belief to do an exception. At the end the one in charge of the decision was the captain, who chose to hang Billy. In this essay, I would take the role of the captain over Billys case and state in which law I will base my decision. After looking carefully to Billys case, I would chose to free Billy from the punishment that he had been subjected. Even if the ships law stipulated clearly that anyone who killed another crew member would be hanged, no matters what is the situation, I will still chose to free Billy. I would take this decision based on the utilitarianism law. Even though if we compared to this law Billys hanging would be seen as the right option. Although I belief that each case had a situation which can vary the result. Therefore I would tilt to free Billy; due that I know his situation and I think would be unfair to kill him. On the other hand, Billys situation is more delicate and inflexible if we base our decision in the universal law rather than utilitarianism law. From this rule it can be said that if we let this sailor kill a general with no hanging, as the rule stipulated. Then I would not want to live in a world where any sailor can kill his superiors. Hence the best option would be to hang Billy in order to avoid this world where any sailor can kill any general and risk my life as the captain of this ship. During the story it can be seen how does Billy is a nice man who is sincere and good worker. The captain had a very good image from Billy; to the point that he is doubtless about hanging or not Billy. In the scene where Billy kills the major in arms, it can be seen how does he punches in his face. Although what killed the major was when he hits his head with the ground, so it can been seen that isnt a purpose death. Hence, the conditions of Billys case are very delicate to sentence to hang him. Although from this scene it can be seen how Billys does punches the major in arms directly to his face. After we look from the universal law, the captain must end this action and dont let other sailor to do the same actions that Billy just did. Then it can be consider that Billy did kill purpose, due that he punches the major in arms even if it wasnt self-defense. Therefore the captain might not consider any exterior conditions of this action and chose to hang Billy in order to avoid any major problem within the ship. Ethics is a very complex issue that is hard to interpret, even more when we have to judge if an action is right or wrong. From this particular movie it can be seen how does Billys case is highly discussed, although at the end the captain is the one who chose. The captain from the movie decided to hang Billy, due that he base his thought in the universal law in order to avoid major problems. Whereas me as the captain I would consider the situation of the action and base my decision in utilitarianism law, where I would end to free Billy. I would be more flexible due that the universal rule is to general, where in some cases it can been found unfair because not always the situation is the same.

The Keynes

The Keynes-Hayek showdown Essay A disagreement occurs when a different opinion is expressed (Oxford Dictionary). To a certain degree, it is assumed by the question that disagreement aids in the pursuit of knowledge. There are cases that will be evoked that indicate otherwise. Isaac Newton stated that â€Å"if has seen further than others, it is by standing upon the shoulders of giants. † (Hawking, 9) He is stating that those who develop future pursuits of intellect in the form of knowledge are those who best understand and develop further works created by major thinkers of prior times. Newton believes that the in-depth study of others’ work, and at times disagreeing with some of it can push us forward in our pursuit of knowledge. The areas of knowledge being dealt with are pre-determined by the topic and are: human science and natural science. Natural science is a branch of science which deals with the physical world (Merriam-Webster). This includes physics, chemistry, and biology among others, including geology. This also includes human physiology. Anything in medicine discussing how our bodies work falls into the natural sciences. We will write a custom essay on The Keynes-Hayek showdown specifically for you for only $16.38 $13.9/page Order now When we take that a step further to discuss behavior, this is what constitutes human science. This type of science is a field that deals with the institutions as well as the functioning of human society. This also encompasses the interpersonal relationships of individuals as members of society. An example of this is economics, the study of how individuals as well as groups choose to employ productive resources (Merriam-Webster). There are different methods to acquire knowledge in the two areas being discussed. Inquiries in the human sciences are different in kind from the inquiries of the natural sciences. The process in the natural sciences is far more concrete. Human sciences are not always as precise as natural sciences. This is because human behavior demands a method extremely sensitive to elements of whim or personal preference. Humans make irrational decisions. Those seeking knowledge or looking to make generalizations cannot account for all of these. The central disagreement amongst economists is a matter of economic philosophy. The two key schools of thought in economics are: Keynesian economics and free-market economics, represented by Hayek. Keynesian economics was presented in an extensive economic theory in the 1930s. His belief was that a prosperous economy could be created by a combination of the private sector (investors unrelated to the government) and the aid of the government, through monetary and fiscal policies. These include policies that actively control money supply and interest rates as the economy changes, in an effort to keep employment high. (Giants of Finance: John Maynard Keynes. ) By contrast, the free-market economists advocate that the government take a hands off policy. They believe that governments should allow the market to run freely, through the private sector. This view holds that there should be absolutely no intervention by the government, as this is held to be interference with the ability of a free economy to normalize itself. This appears to be in disagreement with the aforementioned theory that government involvement in the economy can be beneficial. (The Keynes-Hayek Showdown) These two economic philosophies each have merits as well as flaws. However, these strongly supported and clashing views are a central cause of disagreement among economists to this day. Additionally, each philosophy hints at the way that these two economists think, and at their system of beliefs. Keynes came from a very liberal family and was open to radical ideas with regards to government intervention. Hayek, by contrast, was much more conservative and was brought up agreeing with the perspective that intervention only leads to greater issues in the future. This suggests that emotion may play a role in their points of view. They each have a bias towards what they have been brought up to believe. Emotion can, at times, skew our reasoning. This could have lead to holes or mistakes in their theories. .u0ea69818b2d8a2bcf20d5597a99704dd , .u0ea69818b2d8a2bcf20d5597a99704dd .postImageUrl , .u0ea69818b2d8a2bcf20d5597a99704dd .centered-text-area { min-height: 80px; position: relative; } .u0ea69818b2d8a2bcf20d5597a99704dd , .u0ea69818b2d8a2bcf20d5597a99704dd:hover , .u0ea69818b2d8a2bcf20d5597a99704dd:visited , .u0ea69818b2d8a2bcf20d5597a99704dd:active { border:0!important; } .u0ea69818b2d8a2bcf20d5597a99704dd .clearfix:after { content: ""; display: table; clear: both; } .u0ea69818b2d8a2bcf20d5597a99704dd { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0ea69818b2d8a2bcf20d5597a99704dd:active , .u0ea69818b2d8a2bcf20d5597a99704dd:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0ea69818b2d8a2bcf20d5597a99704dd .centered-text-area { width: 100%; position: relative ; } .u0ea69818b2d8a2bcf20d5597a99704dd .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0ea69818b2d8a2bcf20d5597a99704dd .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0ea69818b2d8a2bcf20d5597a99704dd .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0ea69818b2d8a2bcf20d5597a99704dd:hover .ctaButton { background-color: #34495E!important; } .u0ea69818b2d8a2bcf20d5597a99704dd .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0ea69818b2d8a2bcf20d5597a99704dd .u0ea69818b2d8a2bcf20d5597a99704dd-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0ea69818b2d8a2bcf20d5597a99704dd:after { content: ""; display: block; clear: both; } READ: Poetry analysis Essay ThesisThey would have each needed to put their bias behind themselves as their counterpart was looking for flaws in their model. It is evident that economics is not an exact science, as there are countless external factors that have an effect on the economy. This allows there to be two opposing theories, as results of a particular occurrence vary based on numerous reasons. For example, the result of an earthquake of the same magnitude has a very different effect on the economy in Japan than that in Haiti. Japan is far less vulnerable, and has measures in place to reduce damages. Therefore, it is clear that different theories are applicable and will be effective in different instances. When there are tangible issues such as unemployment that must be dealt with, economists of either ideology will attempt to come up with solutions. The solution that may be determined by a combination of multiple solutions represents some form of a compromise. This compromise was aided by the disagreement and the two opposing perspectives put forth. These two men were both driven by the desire to have their own model be the one that is deemed as correct.