Economics

According to classical economics, wage tends to be flexible in the short-run. Suppose, there is a leftward shift in aggregate demand, aggregate supply shifts leftward. To maintain full employment of labor, firms cut the price of labor (wage). At the new intersection, say point B, L0  L1, or the previous supply of labor is equal to the its present supply. However, w1  w0, or the new wage level is less than its previous level. Cutting wages, in cases of say recession, generally restores full employment.
Stagflation refers to an economic condition where an economy experience stagnation and excessive employment (which remains unchecked for a specified period of time). Keynesian economics attribute stagflation to significant disruptions to the supply side of the supply-demand equilibrium. For example, when there is an artificial scarcity of key goods, resources, or services, production of primary goods are affected. This leads to economic stagnation. The effect however goes beyond stagnation. Scarcity of key commodities triggers excessive inflation. This results , possible, in the contraction of an economy. The 1970s stagflation was generally caused by the failure of the Peruvian anchovy fishery and the 1973 oil crisis. Putting either demand or supply incentive will have no bearing on the actual supply because of relative scarcity. Keynesian economics, therefore, did not offer a realistic solution to the 1970s stagflation.
Supply-side Economics
Supply-side economics rests on the assumption that supply incentives (like tax reductions, the imposition of capital gains tax, and regulation reduction) will lead to steady increases in aggregate supply. If this is the case, aggregate demand shifts rightward (opportunity to increase spending). Inflation follows suit. The gain in consumer and producer surplus is approximately equal to the decrease in government revenues (CS  PS  -R). The effects 1) budget deficit increases equal to the increase in CS and PS (multiplied by a multiplier, a), 2) higher interest rates, and 3) revaluation of the currency. In the case of the United States, the resurgence of the dollar during Reagans administration tripled the foreign debt of the country. US debtor countries such as Indonesia and Thailand suffered considerably from the revaluation of the US dollar. Because their loans were OPEC recycled dollar, the loans would have to be paid at a higher interest, at the real value. Hence, their debts also tripled as a result.
The effect of an increasing GDP to the trade equation is not direct. After the recovery of 1985, the US faced trade deficit. Germany and Japan were blamed for this de-trickling effect. Germany and Japan were major exporters of primarycapital and secondary goods to the United States. The United States, on the other hand, was a major importer of the two countries. Increases in US GDP triggered increases in domestic supply, but increases in aggregate demand seemed to be exuberant. Thus, increasing the import level in the midst of an economic recovery would increase the trade deficit. Thus, as many economists pointed, the increase in the budget deficit was a humorous direction to the trade deficit. Japan devaluated its currency to compensate for the quantity of exported goods to the United States. However, by devaluing its currency, the country had become a major importer of secondary goods.
The function of the International Monetary fund (IMF) is to oversee the global financial system by following the macroeconomic policies of its member countries, specifically those which concerned exchange rates and balance of payments. It is an organization tasked with the objective of stabilizing international exchange rates and facilitating development. The organization also offers low-interest loans to developing countries (long-term loans). Its developmental program, however, was rendered irrelevant in the 1970s following the failure of the trickle-down policy. The trickle-down policy rests on the assumption that technology adoption would generally trickle down to the lowest strata of societies. The benefits of improved technology, thus, would trickle-down. A qualified development would then result to increases in production and consequently demand.
Stimulus packages are conservative means to increase spending. Currently, the Obama administration is distributing stimulus packages to its citizens for the sole purpose of increasing aggregate spending. This is a classical approach. Increasing spending would naturally stimulate firms to increase production schedules. In theory, this causes a shift in the aggregate supply.
The problem, however, with this policy is the potential effect of crowding out. Suppose the deficit increases and savings remains the same, either investment or net exports must fall, causing trade deficit. Hence, the term twin deficit applies. If foreigners pay for the budget deficit, the trade deficit grows. If the countries citizens savings finance the borrowing, the effect of crowding out magnifies. To solve this problem, there is a need to revaluate the currency of the export-oriented country (say China).

In a world like today where everyone wants to have the most economical means of attaining goals and realizing targets, it is but no wonder why companies, employers, and business owners look for alternative means to cut down on costs to augment their income not to mention the most prevalent option of most companies nowadays, the so-called outsourcing.
    Outsourcing typically means that a company would opt to have a particular job or process be done by a third party company. A third party company may be in the same locality with a cheaper labor cost, and the like, or one across the ocean (oversea) like in the case of most call center services and manufacturing firms.
    On the employers perspective, this can be very advantageous since it can cut down costs, like overhead costs for instance, thereby increasing the margin. Companies will have lesser expense on the benefits for their workers since they can already survive with a considerably few people.
    As a result, this can bring about a possible negative economic drawback on its community. This can create an impact of lesser employment opportunity for the area of the company which adapts outsourcing. The idea of patronizing local talents of the productive workforce is being neglected thereby increasing the population of the unemployed individuals for that locality. Companies tend to adapt and prefer foreign talents and skills (from the third party company) over local ones since they could save up on their expenses.
    Looking at another possible effect of this scenario on the behavior of the youth, this could somehow create an atmosphere of confusion and perhaps, a source of panic, for most individuals who are about to pursue a field of specialization in college. Many will get confused on what particular field of study would still be able to give them immense chances of getting employed. Accordingly, a particular individual may have a negative outlook on pursuing college degree, thinking that there will still be a big possibility of being unemployed even if heshe has graduated in college.
    Outsourcing may also heighten the competition in a particular business arena since more and more graduates are produced every year and yet there are only a few job vacancies offered to them. A graduate may be strained on getting on a particular job even if heshe is overqualified due to a strong need to have a source of income. As a result, this would increase the unemployment rate and underemployment rate.  This may even lead to a chain reaction on its economy.
    Hence, outsourcing both has advantages and disadvantages on the economy. This has created positive global economic effects yet along with it, comes domino effects on its local economy as well.

The market of a product is the availability of people who can buy the product for consumption or utility. This can be influenced by several factors depending on the demand and supply of the product. Other factors that influence the market of a product may include the tastes of the people fro which it draws its demand, the number of the people available to buy it, the income of the people who are likely to buy it and its price. In essence, price is the biggest factor that influences the demand of a product hence its market. On the other hand, demand is the need for a product by consumers.

    Factors that may likely drive the demand of the product include the tastes of the people who might need to use yachts. There are people who find it within their interest to use yachts for fun or even for business and as such, they might be influenced to purchase the yachts. When used for business, the yachts is bound to be rented out or at other times, leased to tourists or locals. They prices of the yachts also play the key role on its demand. High prices may attract low demand. In such cases, the consumers are highly likely to rent or lease the yacht for use within a specified period. The number of buyers drives the need to supply more or less of the yachts. Other factors include the income of the people who will probably buy the yachts. It is a well known fact that yachts draw their market base from the people whose income is well above the average income earner. Therefore, the higher the income of the people in a specific area, the higher the chance that they can afford yachts.

    Price elasticity is the measure of responsiveness of quantity demanded to a change in price when all other factors are held constant. In this case, when the prices of yachts go down, there is a chance that the demand will increase. On the other hand, when the prices go high, the demand will go down. We have to take note that the low prices might bring about not a steady rise in demand but a gradual one as the buyers are bound to question the price that has gone down. On the same ground, an increase in price might create demand amongst customers who believe that the quality of the yachts might have gone up so as to influence the prices.

    So as to increase demand, the suppliers should increase the advertisements of their products so that they create the demand. They should also bring the price range to a level that favors both their profits and the demand by the customers who might be within the capacity to buy. The supply should be accompanied with such services as after sales services. This should include better offers for warranties and offers for the servicing of the yachts over a certain longer period of time. The suppliers should increase their demand by offering more appealing prices to the tourism sector players as tourists play a huge role in the consumption of services offered by people who rent out their yachts.

In most cases price discrimination is practiced in market short of perfect competition such as monopoly markets. Where monopoly exists, firms are likely to charge higher prices on product than in competitive market and quantity sold is less generating supernormal profits. Further this profit can be increased if the market is segmented with varying prices charged in different segment.
    However price discrimination can be practiced in oligopoly markets. In order to maximize profits, firms segment markets or customers depending on how sensitive are in their demand. According to most economists price discrimination prevails in monopolistic or oligopoly markets due to customer heterogeneity (Lars, 2006). In perfect competitive market firms have no market powers and hence price discrimination cannot exist because only one price prevails.
    If price for the same product or service vary across market segment and its difference is not based on cost of production then price discrimination is said to exist. Price discrimination can exist in three levels namely First-degree, second-degree and third degree price discrimination.
Price discrimination currently practiced by UK mobile network providers.
    Due to its high technological growth rate, mobile industry plays important role in communication industry (Cricelli, et al, 2005). Over the year the mobile industry has been characterized by exponential growth in demand for traffic.  In UK mobile network providers are practicing different price discrimination as discussed thereof.
    Mobile roaming The UK mobile industry has more than six mobile network providers which include, Vodafone, Orange, O2 etc. according to David (2006) UK mobile operator charge different retail prices in different European Union countries (David, 2006). This form of discrimination can be termed as first degree price discrimination or perfect price discrimination. This is so because in perfect price discrimination, suppliers charge whatever customer segment is willing and able to pay. Although difference in roaming call price is a form of price discrimination, any analyst suggests that it increases operators competitiveness.
    In addition, the big issue which is been debated is not the difference in roaming price but the roaming charges are viewed to high beyond many customers reach. As result the commissioner for information society and media is considering forcing the mobile operators to lower roaming charges.
Network to network calls charges this is another area consumers in UK mobile industry have been discriminated accordingly by mobile operators. It is evidenced that each industry player charges differently to calls made to other networks. This means customer bear more cost when calling to some networks over the others.
    Mobile phone handset subsidies as a strategy to grow their market share and customer base, mobile operators subsidize customer particularly those buying their hand sets (CIT Information  Analysis, 2003). One a customer buys a handset from a given operator he or she is supposed to remain royal to that particular company. Price discrimination come about when customers buy phones from a given company but opt to remain with another operator. What happens is that, a customer who opts to remain with a given operator receives the hand set at reduced price while the one who move to another operator buys at a higher price (not subsidized). In addition mobile handset are subsidized depending on the tariff you are in. pre-paid tariff holder are normally not subsidized when buying phones.
    Different retail prices Each network operator offer different tariff which become difficult to decide on which one best fits your needs (MobileGuru, 2009). Do you go for post or pre paid The choice between the two significantly affects call rates and service received. In pre paid tariffs there are no monthly bills and hence one can control his or her monthly bills. Basically one pays for the service before using it. Under this tariff call charges are high and it supports minimum services. Post-paid services accrue more benefits than pre-paid in that calls rates are lower. In addition the cost of handset for post-paid is lower since they are subsidized. Since one mobile operator offers both services then this is a form of price discrimination as it is charging different price to different customers for the same service. This form of discrimination can also be classified as first-degree price discrimination as the operators charge what consumers are wiling to buy. 
REASONS FOR TARIFF PACKAGES PROLIFERATION
The issue of tariff proliferation has become an everyday among the leading UK mobile phone service providers. These companies are 3mobile, O2, orange, t mobile, Vodafone, and virgin media but not necessarily in that order. Why do these companies have to increase their tariff packages every now and then The answe6rs to this question are the companies want to increase their market share and base in doing this the companies try to shape their tariffs in away that will satisfy the consumer needs and lastly, the current stiff competition calls for such measures as tariff proliferation.
    In this section I will try to expound how the companies try to achieve their objectives through tariff proliferation. By increasing the number of tariffs more often the companies aim at increasing their market share. The argument here is that if a company has ten tariff packages it is possible that it will have captured a small share of the market in every tariff. For example, a company can have 2 per cent of the whole market share in one tariff, 3 percent in another and so on. Then the total number of subscribers in this company will be the sum of all the subscribers in each tariff package. The argument is realistic that if a company can increase the number of tariff packages it can have more subscribers that if it had only a few packages.
    The other reason why the proliferation is of late a common thing is because companies want to capture the different components that form the customer base. A market may be divided into the young and old customers or working class and students or business class and the ordinary jobs category. Companies for instance introduce tariffs that are flat rate all through the days be it week days or weekends. This tariff is usually meant for the business class who has to make calls every time regardless of what time of the day or the week is. Companies do have other tariffs that are meant to capture the students customer base. These tariffs are usually pre paid and the calling rates depend with what time of the day is. At night especially the calling rates are usually low than during the day because of a simple reason students are always busy during day time but at night they are usually free and can make calls at this time. Other tariffs do target the ordinary working class  most phone companies targeting this group have post paid tariffs that are meant to attract this class. These tariffs ensure that customers can make calls even when it is mid month and the customers have spent all of their previous months salary. It also makes sure that a phone company gets the maximum from a subscriber this is because subscribers sometimes do not mind just how much they spend on calls as long as at end month they will have a salary from which the telephone bills will be deducted. Apart from the aforesaid tariffs, companies have also come up with tariffs that target those people who are almost always making trips abroad. These are the roaming tariffs. Companies collaborate with other companies or their subsidiaries in other countries to ensure that a subscriber does not have to migrate to other networks when heshe flies abroad.  Apart from the ones mentioned here there are other tariffs that are meant to capture different classes but in, different ways.
    Another reason that makes companies proliferate their tariffs is because they want to retain their customer base. A company cannot afford to lose its already hard won market share. To achieve this companies have to understand the customers tastes and preferences which do change with time. Sometimes it calls for a tariff package modification or a change if the subscribers tastes and needs have to be fulfilled sufficiently. There are times that companies have d one this just to maintain a few customers but always companies have always weighed the costs and benefits before taking such an action.
    There are also times that companies have introduced new tariffs with an aim of spreading the intervals at which the subscribers are making calls. Calls are usually congested at particular times of the day especially at 9 pm. To reduce this congestion
Some companies have introduced tariffs that do decongest calls from this time to some other time. For example there are times when call networks are idle. Companies in such a case have com-e up with tariffs that ensure that subscribers make calls at this time.

Official Cash Rate is the interest rate paid by bank to settle the interbank transfers which is done overnight and is regulated by the central bank. (Petro  Tripe, 2004) Where as Market rate of interest is the interest rate charged by commercial banks when it lends money to the public and is dependent on the demand and supply of money. (Petro  Tripe, 2004) The difference between the two is official cash rate is affected only by the transfer between the central bank and institution where as market rate is between the commercial banks and customers who borrow or deposit. (Petro  Tripe, 2004) The official cash rate doesnt affect the money supply in the system where as an increase or decrease in market rate affects the money supply. (Petro  Tripe, 2004)
The RBA uses monetary policy to manage the cash rate. The rate is determined by the RBA board and is announced in the meetings. (Scilly, 2009) Here they engage in open market operation. This is done through two ways. To raise the rate the following ways are used
Adjusting the price of short term finance RBA adjusts the short term finance making them costly. Commercial banks have to park more funds with Reserve bank. This results in less money to be lent to public. As a result interest rate rises. This is a policy used in short run.
Buying securities in the market This result in interest rate to rise. Here the RBA buys securities which results in banks having less amount to lend, as a result banks have less cash in their settlement accounts resulting in cash rate to increase. (Scilly, 2009) This policy thus helps to reduce money. It causes interest rate to rise. It is shown in the diagram below

Figure  SEQ Figure  ARABIC 1 Increase in Cash Rate
So, we see above how interest rate increases. Here the demand is kept the same. Though, in real life it also changes but the rate increases much more. It shows how the policy is used by RBA to control the economy.
Increase in interest rates affects pattern. When interest rate increases, the increased cost of borrowing tends to reduce capital investment and, as a result, total aggregate demand decreases. (Nicholson, 2008) The increases in interest rates make borrowing costly. This brings down consumption resulting in reduced production. Finally, it is seen that increasing rate of interest tends to pull both consumption and investment down thereby affecting the entire demand. (Nicholson, 2008) This is shown in the diagram below

It shows that increase in interest rates decreases money demanded. This is because borrowing becomes costly. This pulls down supply and the chain continues till equilibrium is reached. It ends when the demand matches supply. This happens but after consumption and investment has fallen. Thus it results in contraction. A look at the demand and supply shows as follows

Here we see that interest rate affects demand. An increase in interest causes aggregate demand to move down. It is seen by demand 1 line. The supply remains the same. This causes output to fall as a result prices also move downward. (Nicholson, 2008) Thus, we see that the demand shifts down showing how a rise in interest affects the demand pattern.
The rise in interest rate also affects inflation and employment. An increase in rate causes more unemployment as companies reduce their production because people consume less which gets translated into more people losing their job. (Nicholson, 2008) This also has an effect on inflation. With fewer goods being produced things become expensive. But as demand is low prices come down. These result in bringing down inflation rate. It is also seen that inflation and employment move in opposite direction which is also the case here. (Nicholson, 2008)
Credit creation is a process by which banks create money in the economy by lending money to the public out of the primary deposits. (Joseph, 2007) It is one of the activity banks pursue. Banks lend money to the public only after the requirements to comply by the law has been met.
The credit creation by commercial banks gets affected by monetary policy. The situation depends on the type of policy used. It affects credit creation in the following ways
Open Market Operation RBA is using contraction measures here. RBA is selling bonds and securities which have resulted in less money with the commercial bank to be lent to the public as they have less money and mostly all the sum is invested in bonds and government securities. (Joseph, 2007)
Reserve Requirement RBA has raised the reserve requirement for banks. Reserve requirement is the amount of money commercial banks have to keep with reserve bank or central bank and is calculated on the amount of time and demand deposits. (Joseph, 2007) Commercial banks have less money to lend as the requirements have been raised. This is a contraction method which is used and has affected the lending capability.
 Discount Window RBA has raised this rate for banks. It is the amount commercial bank has to pay as interest to the central bank for the sum borrowed from them. (Joseph, 2007) Increasing this rate has made it expensive for banks to take loan from reserve bank. Commercial banks are finding it tough to manage it. The cost of borrowing is high for commercial bank and the interest they receive from customers is not sufficient to manage it. (Joseph, 2007) Here also contraction measures are used by RBA.
RBA should follow the contraction measure. It will help them come out of recession. Demand is falling so raising interest rate will create an impression that economy is growing. The morale of the people will improve as they will see the situation improving. This will make people spend more money. As a result of this production will increase and so will employment This chain will continue till the economy revives. Thus these measures will help RBA and is under their control.

As a young student of economics and business, I have always been enthralled by the importance of economics in an individuals life. The way money and economic situation of a country affects every aspect of human life and develops it, has always intrigued me. It is this inquisitiveness and desire to learn more about economics and its affect on humanity and related issues like education, poverty and health that has motivated me to pursue a PhD in Development Economics. I want to pursue a doctoral degree in Development Economics because this would help me  understand in depth how the essential things in life can be developed for human being from an economic point of view. Having studied, heard and read a, lot about economies of the developed nations and also about developing nations, it is my aspiration to understand this disparity and the differences between international economies. A Doctoral degree would help me to better understand these issues and also help to find solutions to these problems. I wish to pursue this degree for the sheer love of Economics and the desire to know more about it.
I am one such individual who is extremely motivated and aspires to pursue a PhD degree from the University of California, Riverside in the area of Development Economics. I desire to pursue this degree as it would equip me to follow my dream of being an economics researcher and thereby work in the area of knowledge empowerment, by both undertaking research as well as imparting education to the youth. This is my ambition, for which this degree would be my first step.
Ever since I stepped into my undergraduate degree, my desire to be an economics researcher has molded my career. I pursued my Masters Degree in the area of International Finance and Development Economics. This helped me to understand the intricacies of the subject, thereby, arousing a great interest in the same. This is when I decided to pursue a PhD. My present MBA degree has helped me to understand the business aspects of economics as well as trained me in very complex subjects of economics. I decided to pursue an MBA because I feel it is important to understand the basics of finance and Human Resources in order to go in depth into the field of economics. An understanding of finance from a business point of view will help me to better understand the economic policies of developing economies and the reasons for differences in economies of different countries. This degree has not just enabled me to undertake tremendous work pressure but also helped me train in the area of capital investment, return to human capital and investment in education which would be very useful for my research in my doctoral degree. 
My years of working as a manager with different companies like Capital Protection and Sky Maintenance has helped me get an insight into the application of economics in the real word. This, coupled with my teaching experience, helped me to ascertain my interest in pursuing a PhD in development Economics. My work has been part time as well as full time which has enabled me to achieve a good degree as well as earned me critical work experience.
I have always been a bright student with a number of fellowships to my credits. The Sorbonne University Fellowship, French Government Fellowship are the significant ones. Both these fellowships helped me to develop my skills as a student and established my interests in the area of research. The prestigious Sorbonne University provides these fellowships with an intention to help develop students interest in the area of research by promoting team works and exchange of developmental ideas. This fellowship helped me achieve the same. One of my most significant work as a student has been my preparation for a PhD at the Sorbonne University, wherein, I studied a number of subjects such as Microeconomics, Macroeneomics and Econometrics. These years helped me understand the intricacies of carrying out research and also helped me strengthen my fundamentals with the help of some general courses and prepare me to undertake a full time PhD. This experience helped me to understand the course through text books and also helped me develop my thought process through exchange of ideas in a diversified education environment.
The PhD program of your university fits perfectly with my career objectives. The reason for me to choose Riverside as my destination is mainly due to the presence of Dr. Anil B. Deolalikar. I have a lot of regard for his work and it has particularly impressed me since this is my area of interest. His publications in the fields of Economic development, with special focus on human capital accumulation, Economics of education and education-sector reform, Poverty and human development in developing countries have been a source of inspiration to me. I have read his works which involves the study of different economies from round the world and their in depth analysis, which is what I aspire to undertake. I am familiar with all his publications such as,
 Gender Differences in the Returns to Schooling and in Schooling Enrollments in Indonesia,    Journal of Human Resources 28(4), Fall 1993 899-932.
The Role of Education Decentralization in Promoting Effective Schooling in Selected Developing Countries in Asia, June 2000
However, his most inspiring work is his publication titled Human Development in India Past Trends and Future Challenges, This is one paper which ahs greatly impressed me by the impact of a nations economy on its people and also the dependence of the economy on the people and region.  These works of Dr. Deolalikar has inspired me to pursue a doctoral degree under his guidance in his department.
University of California Riverside is a combination of superior faculty, state of the art facilities, and diverse student body is the perfect ingredient to broaden my knowledge in the area of Development Economics. This program will give me the training to perform research in Development modeling and valuation methodologies, including complex topics. With a degree in the field of economics at the undergraduate and post graduate level. I have the ability as well as commitment to pursue this degree, which when coupled with the facilities of the Riverside University would help me establish myself in the world of Development Economics, as a researcher and teacher.

Personal Statement
In the year 1995 when I joined the Birzeit University, Palestine for a degree in Economics, I had a dream. This dream was to understand the complex subject and its intricacies which drive the entire world. The effect of economics on the entire human race had always intrigued me. Right from the Stone Age, man had always centered himself around economy and money. This attraction of man is what had inspired me to pursue my bachelors degree.
After the completion of my degree, I realized that my interest in the field went deeper than what I learnt at the undergraduate level. This is when I decided to make a career in the field of economics, as a researcher and teacher. My experiences of working as a manger for Capital Protection, gave me my first experience of practical economics. It was here, that I understood clearly the subjects I had studied and the influence it had on millions of people. At the same time I also undertook the role of teaching economics, for I found a great interest in imparting knowledge to youngsters. These two jobs helped me to decide my future.
I want to obtain a PhD in Development Economics, for I have seen the importance of this subject to every single human being. My masters degree in International Economy and Development Economics helped me to realize that economics is greatly varied over continents. A clear understanding of these concepts is essential so as to build a good world economy as well as develop countries with potential but lack of guidance.
 The economic policies of any country impact its citizens, and that is the reason why I want to work in the development area so that I can help formulate good economic decisions in my capacity as an economics researcher. My dream of carrying out research as well as teaching as a Professor falls in line with my dream of working for the world. As a researcher I want to contribute in formulating economic policies and also as a teacher want to impart my experiences and knowledge to others. It is this dream that I aspire to fulfill through my PhD degree.

Work History
My work experience started off when I was very young. My first job was while I was in my undergraduate degree. I worked in the University library of BirZeit University in the classification section. This job was for three years, and I worked for 20 hours a week. This experience was very valuable as working in the library helped me get access to a number of books and publications.
During my stint in the Sorbonne University in France, I again took up a similar job. This time I was working in the documentation center for 20 hours a week. My responsibilities included documenting the activities and tasks undertaken and this gave me a good experience in document handling.
At present I am working as the Office manager for Sky Maintenance and Repair, California. Here my responsibilities include maintaining records of employees, vendor details and other payment details. This is a full time job and I am pursuing my MBA as well.

Long Term Goals
My motivation for pursuing a PhD in Development Economics is my desire to get into the education environment. I aspire to be a researcher and teacher of economics with a focus on Development Economics. This is a subject which is essential for under developed economies to strengthen their economic strategies. My study and thereby my career as an economics researcher would help in this endeavor. Also, I want to be a teacher of economics, which would help me to impart education and my knowledge to other students, of different communities and countries. I aspire to convert my education into a useful tool for the development of society and people at large. Economics is what drives the human race and I want to be an instrumental part in developing the same for the world.

Impediment to Your Advancement
I have always been a very motivated student with a clear ambition of becoming a researcher. However, as a lady, I had to face a number of hurdles in my career which resulted in some discontinuation of my studies.
After I completed my studies in France and was preparing for my PhD at the Sorbonne University, I got married. This resulted in me shifting to the USA which was a totally different country. There was a lot of difference in the studying environment of both countries. As a result I had to prepare slightly differently and which took some time. The adaptation to a new country wasnt easy and also I had personal commitments like young children. This naturally exerted a lot of financial pressure and thereby causing a big break in my career.
However, my determination and aspiration to be an Economist has motivated me to pursue my career despite these breaks. Keeping my career prospects in mind, I took up various jobs and also undertook my MBA degree. Now, with my family commitments fairly sorted out, I want to focus on my career and pursue my dream of becoming an Economics researcher.

Ryu  Hungs (2009) study, E-Commerce Transaction Mechanisms and Buyer-Supplier Relationship describes various advantages and disadvantages of e-marketplaces and EDI for managers in the process of selecting an efficient and economical transaction mechanism.  A qualitative meta-analysis, this research carries flaws as it is not objective from the standpoint of academicians.  Just the same, managers would find it easy to peruse and understand.  In fact, Ryu  Hungs research article is expected to inspire managers to opt for electronic transaction mechanisms over paper transactions.
     Ryu  Hungs (2009) study, published as E-Commerce Transaction Mechanisms and Buyer-Supplier Relationship was conducted so as to deepen managerial knowledge about electronic business relationships between suppliers and purchasers (79).  The research article is especially intended for managers given various choices of transaction mechanisms, including electronic marketplaces and electronic data interchanges (Ryu  Hung, 79).  With an emphasis on rational choices in the economic sense, this research is quite important as it examines a number of studies on e-commerce relationships, thereby supporting the managerial quest to cut costs by saving organizational time and money that would otherwise be spent perusing all of the studies mentioned.  This research is also essential in academia, as it gives shape and adds meaning to information gathered by many other researchers on various topics related to electronic business-to-business relations.  In fact, academicians must be grateful to Ryu and Hung for integrating this information and showing them the path to increase their understanding of the subject. 
     The study conducted by Ryu  Hung is a qualitative meta-analysis.  Considering the fact that it was written with managers in mind, the methodology is perfect, for this research paper may be understood by laymen, too.  From the academic standpoint, however, this methodology is controversial, as it allows the authors to evaluate previous studies however they deem fit (Rochford, 5).  There are questions of feasibility, validity, study selection, mechanism, and interpretation  and even ethics surrounding qualitative meta-analyses (Rochford, 5).  Even so, the fact that Ruy  Hung had clearly stated that their research paper was authored for managers rather than academicians allows readers to give them the benefit of the doubt (Ruy  Hung, 79).  Indeed, this study is comparable to a research-based article in Harvard Business Review, written for managers in particular.  Moreover, Ruy  Hungs article extensively covers the economics of electronic B2B relations, unlike Nakayamas (2000) study, for example, based on the survey method to discover that EDI reduces the perceived bargaining power of wholesalers (Nakayama, 195).  If Nakayamas study had been covered in Ruy  Hungs research, the latter would be expected to include many other studies on EDI to allow managers to understand the economics behind the subject with an integrative view.
     Ruy  Hung describe EDI and electronic marketplaces as cost-cutting transaction mechanisms, allowing for frequent and rapid exchanges of information (81-84).  As perfect competition is based on perfect information, and firms must reduce costs to increase efficiency and revenues, these are vital features of these transaction mechanisms, as explained by Ruy  Hung with the support of various published articles.  Because electronic business is dependent on the viability of the information systems in place, the advantages of building electronic data interchanges to suit environmental needs are also discussed (Ruy  Hung, 84).  If, for example, the economy is unstable in one place and strong in another, and EDI involves a buyer for an international business dealing with both places at the same time, the demand for perfect information requires EDI to be perfectly appropriate to face this form of environmental diversity (Ruy  Hung, 84).  Likewise, both EDI and e-marketplaces  despite the fact that they allow for quick relay of information between buyers and suppliers  need to be perfected in a time of technological uncertainty, when product features or technologies are rapidly evolving (Ruy  Hung, 84). 
     Ruy  Hung note that the present-day EDI and e-marketplaces are not equipped to handle technological uncertainty (Ruy  Hung, 84).  Furthermore, when there are many suppliers, buyers are not likely to opt for electronic transaction mechanisms, seeing that the implementation procedures for EDI and e-marketplaces are both expensive and complicated (Ruy  Hung, 84-85).  Sutton, Khazanchi, Hampton,  Arnold (2008) write that B2B elements must be in place and integration with external and internal applications and feasible with available financial and technological resources (154).  The buyers and suppliers organizations must choose suitable information systems, hire highly skilled staff, and do much more to ensure that B2B linkages are flawless (Sutton et. al., 154).  Additionally, the use of electronic transaction mechanisms depends on the suppliers and buyers beliefs about their ability to successfully conduct electronic business (Ruy  Hung, 85).  So, although complex product features render EDI and e-marketplaces attractive as these electronic transaction mechanisms make it cost-effective, speedy and efficient to exchange important facts about the product, participants in an electronic business relationship must be sufficiently comfortable about their use of information technology (Ruy  Hung, 85).  Ruppel, Underwood-Queen,  Harrington (2003) add that users of electronic systems for business must also trust these transaction mechanisms as secure (30-31).
     Ruy  Hung further describe trust as an essential factor influencing the use of electronic transaction mechanisms (86-86).  Ruppel et. al. in addition to various other scholars have written about trust in electronic business relationships, including relations between electronic banks and their customers (Ruppel et. al., 29-30 Shu  Han, 2000, 248 Kim  Prabhakar, 540-541).  Moreover, although Kim  Prabhakar have extensively described risks related to electronic transaction mechanisms, Ruy  Hungs approach in this context may be referred to as risk mitigation as their article appears focused on the pros of electronic business transactions.  According to Ruy  Hung, electronic business relations reduce the risk of opportunism as perfect information is relayed between suppliers and buyers (86-87).  In addition, the authors note that EDI allows for long-term relations to be developed between buyers and suppliers, even if e-marketplaces do not promise this (Ruy  Hung, 87).  Of course, relationships are explored in almost every scholarly article on e-commerce, including studies on internet banking (Nakayama, 195 Lang  Colgate, 2003).  But, even though all of the above research findings condensed by Ruy  Hung have been related before, by putting them together to help managers choose between paper and electronic transaction mechanisms, the authors have done a great service, not only to private business organizations but also the public sector already involved with e-governance.  The authors should also have mentioned that electronic transaction mechanisms help organizations gain a competitive edge by allowing suppliers and buyers to swiftly exchange information to develop new products based on changing tastes and demands.  
     Ruy  Hungs conclusions are derived from the various studies with which they conducted a qualitative meta-analysis.  The authors recommend a strategic approach to decision-making when it comes to choosing transaction mechanisms.  After all, electronic transaction mechanisms involve uncertainties that information systems may or may not be equipped to handle at any given time.  Because the choice of transaction mechanism affects the firms performance as well as costs and revenues, the decision-making process must necessarily involve a consideration of the organizations short-term goals versus its long-term strategic plan (Ruy  Hung, 87-88).
     These recommendations are perfectly reasonable.  What is more, they are consonant with Ruy  Hungs positive approach to the subject.  In other words, they encourage managers to feel comfortable with the use of EDI and e-marketplaces, and work to develop electronic transaction mechanisms that would eventually handle many types of technological uncertainties as well.  Although Ruy  Hungs article is research-based, the fact that it is a qualitative meta-analysis allows the reader to doubt its objectivity in the academic sense.  Regardless of this methodological problem, the authors conclusions and recommendations may be expected to inspire private and public enterprises to reduce costs whilst increasing effectiveness, efficiency, and productivity by joining the electronic herd, as Thomas Friedman would put it.