HCM337-0704B-01 Current Legal, Ethical, and Regulatory Issues in H - Essay - 5

HCM337-0704B-01 Current Legal, Ethical, and Regulatory Issues in H - Phase 3 Discussion Board - Essay Example Medical errors are common in the field due to human involvement however the life and death situations pay no respect to human error. A 2006 report by the Institute of Medicine of the National Academies study found that medication errors are among the most common medical mistakes, harming at least 1.5 million people every year [2]. With the current system each day about 125,000 suits are filed against the doctors for mal practice. Although 70 percent of those suits filed are closed without any payment, the rest who don’t, deliver hefty sums to the patients [3]. A 2001 year average payout to the patients was estimated to be $3.9 million according to the Jury Verdict Research of the Insurance Information Institute. With such a change to extract so much money out of a suing, it is any wonder who doesn’t want to win the lottery? With so many suits filed every day, the doctors are taking malpractice insurance to keep them monetarily safe from the patients. However the costs of the insurance have risen since the 1990s. The U.S. Government Accounting Office reported in 2003 that these increases were due increased losses to malpractice insurers in paying malpractice claims, decreases in investment income of insurers, and increased costs of reinsurance, which increased overall costs to insurers. Nearly all states require that physicians have liability insurance. Even in states that don’t, physicians usually have to have insurance coverage in order to get privileges to see patients at a hospital [3] In order to cap the sky rocketing premiums and costs for mal-practice insurance, most of the states have adopted Medical Injury Compensation Reform Act of 1975 (MICRA) which restricts the maximum award of a law suit. One solution to bring the cost of insurance down is by treating the patients correctly. Once the patient has no chance to complain, the law suits will become non-existent and hence this would

Strategy as practice & leadership Essay Example | Topics and Well Written Essays - 2500 words

Strategy as practice & leadership - Essay Example Practices simultaneously stir up prior meaning and develop conditions for new ones; thus, serving to move beyond the resistance between objectivism and subjectivism. Moreover, though most co-operations present their strategy in conceptual conditions, this strategy also plays a big role in our everyday activities and mostly those who work with large co-operations. Nevertheless, both social and every day aspects of the strategy are vastly unexplored. The paper seeks to show individuals or aspects that try to influence strategic issues more than their immediate operational responsibilities. An individual sees this strategy as a major concern and an immense necessity, which can lead to the achievement of organisational goals and objectives. Activities involved in manipulating strategic issues differ considerably such as seeking to influence opinions or activities of superiors, subordinates, peers, seeking to protect resources or even seeking to alter the organization or its systems. The essay assesses strategic practices that both enable and disable the approach of strategy as practice. Through strategic practices, the paper first refers to the concepts, techniques and tools involved in developing strategies and subsequently, the social routines regarded by strategy workers as crucial in strategy formation and implementation (Cummings, 2003). According to Whittington (2003), practice is stuff performed and acknowledged both as genuine and practiced properly. Strategy can be referred to an organizational asset, and involves these activities, which are performed by the organisation employees; therefore, strategy can be described as a day-to-day activity in the organisations. For example, differentiation strategies can be described as an activity, which is conducted by people in different customs and therefore, appears to be a bigger challenge for the rest to replicate; therefore, strategy procedures engage individuals to make those strategies. As such, strategy pract ice essentially concerns strategy as an activity within organizations, usually the interaction of people, instead of strategy being an organization’s property. On one hand, managers crave to be strategy expert practitioners, while alternatively, scholars face an enormous problem flanked by strategy theories and actual practice strategy (Cockburn, Henderson and Stern, 2000). Strategy as practice is a fresh perspective and the paper seeks to set out theoretical foundations as well as experimental job, this leads to its theoretical and empirical growth (Brown and Duguid, 2001). There has been growing research in practice of strategy since it forms part of intellectual movement. In strategic management, the process of coming up and implementing organizational strategy has been under scrutiny by various scholars even including the study of micro processes. Although resource based view of an organization focuses on dynamic abilities, most of the abilities that can result in sustain able advantage are not commodities, but hard-to-discern and awkward to trade; therefore, they remain hidden resource based strategy. By contrast, strategy as practice holds the potential for improved contemplation of both work and concerns of practitioners to developing actionable knowledge (Brown and Starkey, 2000). Leadership and learning are very important in ensuring that the organisation is in a position to achieve its goals and therefore, become a successful co-operation with high skilled workers (Phillips, 2003). High-quality strategy recognizes the organization’s position with respect to the needed destination, and the needs for the company to grow and attain its goals. Therefore, the space between the existing reality and the desired circumstances needs to be crammed by increasing individual proficiency and organizational capability (Bernthal, and Wellins, 2004). An appropriate operations strategy is essential in organizations since it determines the extent to which a business strategy is implemented and is a

Analysing The Grameen Bank Of Bangladesh Economics Essay

Analysing The Grameen Bank Of Bangladesh Economics Essay Grameen Bank (GB) is called the bank of poor people in Bangladesh. It has been established for the welfare of the poor village people of Bangladesh, which becomes a role model of the world of micro credit banking system. At the beginnings of Microcredit, Dr. Muhammed Yunus who is an economist educated in the United States of America, although originally from Bangladesh, introduced the world to the notion of micro-credit in the 1970s. Counts (1996) said that Muhammed Yunus talked with the poor village people and discover that general local bank never shows interest to provide loan to poor people and does not lend them and they had to borrow money from extortionate moneylenders with high interest rates. As a result, they ended up more-or-less permanently in debt and any money they made went to pay the interest on these high-interest loans. Yunus became conscious at that moment that the poor problems were in some ways no different from anyone else: low interest credit was a necessity of life. Definition of Micro Credit Auwal (1996): An extremely small loan given to impoverished people to help them become self employed. Also known as micro lending. This small loans extension (microloans) to those in poverty designed to spur entrepreneurship. These loans especially given to a poor person to enable him or herself to become self employed. Financial services loaned a small amounts of money usually around $50-$150 to poor people as a capital of a small business to start or extend it. The Grameen Bank in Bangladesh has become a model of successful micro loan provider. Principles of Microcredit: General financing or credit. It emphasizes building capacity of a micro-entrepreneur. Employment generation. Trust building. Socioeconomic development. Help the micro entrepreneur on during difficult. Advantage of Microcredit Soeama (2004): Source and cost of funding: In order for the Microfinance institutions to loan they need funding too and a stable microfinance institution might have a competitive advantage of low cost of funds which enables it to provide finance at low cost. Infrastructure set up: Microfinance companies must have a required network and infrastructure to deliver these services. The Grameen Bank of Bangladesh creates and implements this structure in rural village area. Image: MFIs are many times criticized as money squeezing machines which charge very high cost. Which is not necessarily true considering their cost of funds and risks moreover they have to be sustainable. So here I think having a good name, image and Top management team helps a lot. Disadvantages of Micro Credit: Although microcredits are the keystone in terms of development in poor countries, it can also have its difficult. Indeed, the disadvantages of microcredits are: Some microcredit institutions are often unpredictable. Refunding problems. Budget depends on subsidises from the government or NGOs. Fig 1: Current Microcredit Network of Grameen Bank History of Grameen Bank: The founder of Grameen Bank Muhammad Yunus open up the idea of micro-creditminuscule loans to the very poor. The bank currently lends more than $500 million a year with a repayment rate of better than 97 percent. Its Group Savings Funds have assets of $186 million. Grameen Bank operates 1,100 branches in half of Bangladeshs nearly 80,000 villages. The program has been successfully replicated in dozens of countries, including the Philippines, Malaysia, Vietnam, South Africa, and Bolivia. It has also been applied to inner city and rural poverty in rich nations in North America and Europe. The origin of Grameen Bank can be traced back to 1976 when Professor Muhammad Yunus, Head of the Rural Economics Program at the University of Chittagong, launched an action research project to examine the possibility of designing a credit delivery system to provide banking services targeted at the rural poor. The Grameen Bank Project (Grameen means rural or village in Bangla language) came into operation with the following objectives: Extend banking facilities to poor men and women. Eliminate the exploitation of the poor by money lenders. Create opportunities for self-employment for the vast multitude of unemployed people in rural Bangladesh. Bring the disadvantaged, mostly the women from the poorest households, within the fold of an organizational format which they can understand and manage by themselves. Reverse the age-old vicious circle of low income, low saving low investment, into virtuous circle of low income, injection of credit, investment, more income, more savings, more investment, more income. The action research demonstrated its strength in Jobra (a village adjacent to Chittagong University) and some of the neighboring villages during 1976-1979. With the sponsorship of the central bank of the country and support of the nationalized commercial banks, the project was extended to Tangail district (a district north of Dhaka, the capital city of Bangladesh) in 1979. With the success in Tangail, the project was extended to several other districts in   the country. In October 1983, the Grameen Bank Project was transformed into an independent bank by government legislation. Today Grameen Bank is owned by the rural poor whom it serves. Borrowers of the Bank own 90% of its shares, while the remaining 10% is owned by the government. Current structure of Grameen Bank: Grameen Bank allowed to operate branches in urban areas. Earlier they could open branches only in the rural areas. Government stake cut down from 25% to 15%. Note that when the Bank started, Government had a stake of 60%. Number of Government nominated directors brought down to 2 from 3. Chairman of the bank will be appointed by the board instead of Government nomination which existed until now. Fig 2: Current structure of Grameen Bank. Aims and Objectives of Grameen bank: The Grameen Bank believes that the best way for participants to learn about how the bank works, is through first hand exposure and observations at the field level. Through these experiences, participants are encouraged to draw their own conclusions about the effectiveness of Grameen Banks work and the impact it has on the poorest of the poor. The objectives of GBs training programs are to: Arouse curiosity. Stimulate interest on the subject of Micro financing. Encourage responsibility of self-motivated learning. Learn and share with others. Discover individual role in the organization and the global community. Methods of Growth: The Grameen Banks Method of action can be illustrated by the following principles: Start with the problem rather than the solution. Adopt a progressive attitude. Make sure that the credit system serves the poor, and not vice-versa. Establish priorities for action vis-a-vis to the the target population. Lean on solidarity groups. Establish priorities for action vis-a-vis to the target population. Associate savings with credit without it being necessarily a prerequisite. Do everything possible to ensure the systems financial balance. Invest in human resources. There are 16 decisions and 10 indicators in Grameen Bank policy to grow it up. These are: Decisions: Follow the four principles of Grameen Bank- Discipline, Unity, Courage and Hard work. Bring prosperity to the families. Work towards to construct new houses. Grow vegetables all the year round. During the plantation seasons plant as many seedlings as possible. Plan to keep families small which will help to minimize expenditures easy to look after every bodys health. Provide education to the children and ensure that they can earn to pay for their education. Keep the environment clean. Build and use pit-latrines. Arrange safe drinking water from tubewells and boil water or use alum when needed.   Do not take any dowry at our sons weddings, neither shall give any dowry at any ones daughters wedding. No body inflict any injustice on anyone. Will do more collectively undertake bigger investments for higher incomes. Always be ready to help each other. If anyone is in difficulty, all help him or her. Come to know of any breach of discipline in any centre, go there and help restore discipline. Take part in all social activities collectively. Indicators: Grameen Bank does staff evaluation of their work every year and check whether the socio-economic situation of GB members is improving. GB evaluates poverty level of the borrowers using ten indicators. A member is considered to have moved out of poverty if her family fulfils the following criteria: The family lives in a house worth at least Tk. 25,000 (twenty five thousand) or a house with a tin roof, and each member of the family is able to sleep on bed instead of on the floor. Family members drink pure water of tube-wells, boiled water or water purified by using alum, arsenic-free, purifying tablets or pitcher filters. All children in the family over six years of age are all going to school or finished primary school. Minimum weekly loan instalment of the borrower is Tk. 200 or more. Family uses sanitary latrine. Family members have adequate clothing for every day use, warm clothing for winter, such as shawls, sweaters, blankets, etc, and mosquito-nets to protect themselves from mosquitoes. Family has sources of additional income, such as vegetable garden, fruit-bearing trees, etc, so that they are able to fall back on these sources of income when they need additional money. The borrower maintains an average annual balance of Tk. 5,000 in her savings accounts. Family experiences no difficulty in having three square meals a day throughout the year, i.e. no member of the family goes hungry any time of the year. Family can take care of the health. If any member of the family falls ill, family can afford to take all necessary steps to seek adequate healthcare. PESTEL Analysis: There Wahid (1999) are many factors which are affecting the work process and decision making of GB. Tax changes, new laws, trade barriers, demographic change and government policy changes are all examples. To analyse these factors we can categorise them by using the PESTEL analysis. This classification distinguishes between: Political: The political condition of Bangladesh is not stable. The opposite part of government never helps their government properly to the welfare of the country. As a result work strike is happening, which affect the working progress of GB. Economical Bangladesh is a developing country. Most of the villagers are considering as poor. Lone interest rate, tax, unemployment, inflation has effect to any business. Basically unemployment and low national income are the main problem, that why GB trying to motivate people to become self employed. Though Bangladesh is a poor economic country grameen bank faced this crisis to move forward their journey. Social In Bangladesh peoples average age is 60 years. A large number of populations of the country are aged and have no activity in the economy. Grameen Bank also working with the working attitude to change it that people can find interest in different job activities. Technological Grameen Phone is another sister organisation of Grameen bank in Bangladesh. Muhammed Yunus bring the technology to the poor village people and give them an opportunity of phone business by doing cheap rate mobile phone call all over the world. Environmental Different environmental issues like global worming have concern in Bangladesh. Grameen bank motivate people to concern about it and also the human health by providing the easy way to make sanitary latrines, pure drinking water which is arsenic free. Legal In their different development program Grameen Bank teach people about their legal rights and law, that people can get more knowledge about their and others rights. SWOT Analysis of Grameen Bank: Strength Village people are the main resource. Trust between bank and customer. Loan with low interest for poor people. Modern technology. Weakness Loan return is difficult sometime. Cant give big amount of loan to the poor people. Sometime face the staff unhappiness. Opportunities Grameen bank a role model for the world. So this bank could expand all over the world. More job field can be created inside and outside of the country. Threats Political instability. Economic inflation. Environmental threats. e.g. cyclone. Conclusion: Grameen Bank is not only for Bangladesh but also a role model for other organisations all over the world. The village poor life style already has been changed by the different activities of this bank. In Bangladesh it has been success in finance and human health sectors. Australia, USA and some African country are trying to follow the Grameen bank.

Women in Alien 3 :: essays papers

Women in Alien 3 This morning I was struck by the realization that I've beengoing to movies for fifty years now; starting when I was eighteenmonths old, my mother would take me on a streetcar every Thursday togo shopping, have lunch, and go to a matinee and stage show at thePantages or the Orpheum in downtown Los Angeles. Clearly I likemovies and I usually find something enjoyable even about bad ones.I can hardly remember a time when I have seriously consideredwalking out of a film. But I considered it yesterday afternoon asI was watching "Aliens 3"; I was thinking it was the mostunremittingly unpleasant film viewing experience I could remember. This reaction has to be seen in the context of my own tastes andbiases. Science fiction and horror films are my least favoritegenres. I don't enjoy being frightened in the movies, as somepeople clearly do. Nonetheless, knowing that nearly every memberof the women's community in Tallahassee where I lived at the timewas wildly enthusiastic about Sigourney Weaver's Ripley, I didbring myself to see "Aliens" the second film in this series, and Ihave to admit, I too, was entertained and pleased by the sight ofthis powerful female hero doing her Rambo number against whatfeminist theorist Lynda Zwinger called "the uncanny alien bugmother." Since Ripley's ongoing battles against this monster and againstthe greedy machinations of "the Company" back home, which wants tocapture the monster and use it as a biological warfare weapon, havebecome sort of feminist cult films, I figured I'd better be amongthe first to check out "Aliens 3" and see what happened to Ripleyand Newt (the little girl she rescued from the monster at the endof "Aliens"). Well, they've fallen on hard times. They crash landnear an island used as a prison for 25 of the hardest corecriminals on earth--murderers, rapists, etc.--all of whom havebecome members of a kind of Christian fundamentalist cult thathasn't done a thing to temper their rampant misogyny. Everyoneelse on the space capsule bringing the sleeping survivors of theNostromo back to earth has died except Ripley. She's been asleepfor 50 years or so and has been shaken up in the crash, so she'slooking a little the worse for wear with a black eye and deathlypallor. Furthermore in this latter day version of a medievaldungeon she's landed they dress her in convict gray and shave herhead which makes her fit right in with the inmates.

Professional Roles and Values Essay

Regulatory agencies, such as a state board of nursing, are government agencies that regulate nursing practice. They act to ensure nurses are competent in their practice and that standards of practice are met. These agencies examine nursing education programs, and are the ones who approve and accredit them. The agencies are responsible for granting licensure for nursing professionals and oversee the licensure exams. Their role also includes interpreting the state nurse practice acts and developing rules, regulations, and policies. When nurses do not follow those rules, regulations, and polices, or demonstrate unsafe behavior, the agencies are responsible for determining appropriate disciplinary actions against the nurse. Professional nursing organizations are non-regulatory groups that help nurses further their development through education and networking. These groups are great for sharing ideas, technological advances, and trends. Often, there are fees to join the organization. Once a member, nurses usually are given a discount on literature and other educational courses. These organizations act as nursing advocates, and are often involved in advocating for new legislation to improve the nursing practice. There are a wide range of associations. One example would be the Ohio Council for Home Care and Hospice (OCHCH). The OCHCH is a major source of support to home care agencies in Ohio by advocating for improvements in laws affecting home health, helping to interpret those laws for it’s members, and offering a large array of educational classes. In my professional practice, I deal with the state board of nursing to keep up with licensure of our home health staff. I deal with the OCHCH on a daily basis to stay informed of new regulation, and current educational opportunities for myself and our staff. The Code of Ethics for nursing is put out by the regulatory organizations, such as the state boards, and are also usually found on the  website of various professional organizations, such as the ANA. In the Code of Ethics, Provision 4 states â€Å"The nurse is responsible and accountable for individual nursing practice and determines the appropriate delegation of tasks consistent with the nurses obligation to provide optimum patient care† (American Nurses Association, 2001). This statement from the code of ethics greatly influences my individual nursing practice, as well as my original decision to become a nurse. My father was diagnosed with multiple myeloma when I was 19. At that time I was in college studying mechanical engineering. Dad had many hospital visits over the next few years. I was amazed at the differences in the nurses, and their effect on his hospital experience. Some were excellent. They took care of his needs, both physically and emotionally. Others, did not. During one hospital stay, he was suffering a great deal from pain. Despite multiple requests for pain medication, one nurse chose to sit at the nurses station and talk with co-workers about their upcoming Christmas party instead of bringing him his pain medication. It was at that moment that I decided to go into nursing as a profession. I had seen first hand what a difference a good nurse can make in a patient’s life, as well as a not-so-good one. I wanted to be one of the good ones. If I could make a difference in even one patient’s life, it would be well worth it. Many years later, I still hold myself accountable for my own nursing practice, and delegate appropriately when needed, in order to take optimal care of my patient’s needs. I treat my patients the way I would want my dad to be treated if he was still alive. Provision 2 states â€Å"The nurse’s primary commitment is to the patient, whether an individual, family, group, or commun ity† (American Nurses Association, 2001). This is important in any area of nursing. I work in home health, and I feel this is especially true with my patients. As a home health nurse, I am one of many nurses who are the eyes and ears of physicians in the home setting. I feel it’s important to see a patient in their home environment in order to assess family and cultural influences that might have an impact on the patient’s outcome. We can then develop and individualized care plan and work with the physician to help meet their needs. At times, I have found issues in the home and met resistance when talking with the doctor to get new orders. It’s important to advocate for the patient in those situations and clearly communicate the patient’s needs  to the physician. There are 4 traits, or characteristics, within the Code of Ethics that I am going to discuss. The first is collaboration. I work in home health, and collaborate on a daily basis with other members of the interdisciplinary team. As a case manager, I am constantly in contact with the nurses, physical therapists, occupational therapists, speech therapists, social workers, and physicians to make sure all of the patient’s needs are being met. Often, at the time of initial patient assessment, only nursing is ordered for the patient. If I see that the patient is a fall risk, is having trouble bathing and dressing, has trouble with swallowing or cognition, is depressed, or needs financial assistance, it is my responsibility to call the doctor and get orders to get other disciplines involved. Once they are involved, we work together, along with the patient and family, to come up with a care plan that is individualized for that patient. Throughout the patient’s course of care, we work together to make sure goals are being met. If not, we look at how we need to adjust the care plan in order to meet those goals. Confidentiality is another trait found in the code of ethics. When working with an interdisciplinary team, it’s important to work on a need to know basis. For example, the speech therapist doesn’t need to know about the patient’s financial issues unless it would relate to the patient’s need to buy thickener for their food. The social worker, on the other hand, would need to know about the patient’s financial situation, in detail, in order to help the patient get set up with financial assistance in the community. Privacy is another trait that our multidisciplinary team deals with. In home care, it’s hard for the patients and families to allow others into their home, without feeling like their privacy is being invaded. It’s important to, as a team, build up trust with the patients. The various disciplines work together to coordinate our schedules to best fit the patient/family in order to help maintain that privacy. For example, rather than all scheduling a visit on the same day, we stagger our vis its throughout the week in order to minimize our time in the home each day. This actually helps with patient outcomes as well, because there is a skilled clinician in the home on most days that can keep their eyes and ears on the patient. Integrity is the last trait I will talk about. It’s important for me in home care to maintain moral integrity. It would be easy to falsify records, such as my time in and time out of a  patient’s home. I feel moral integrity is important, whether practicing nursing, or in my every day life. I strive every day to uphold it. There have been many wonderful nursing theories over the years. One that I practice every day is Dorthea Orem’s self-care deficit model. Typically, a patient needs home care when they have suffered a debilitating accident or illness. As a nurse, it’s my job to find out what their self care deficits are, whether they be functional, cognitive, etc. I then work to individualize a care plan that includes therapy, disease process education, etc., that will help them get back to their previous level of functioning if possible. If they aren’t able to return to their previous level of functioning, it’s my job to help them adapt to their current level of functioning in order to care for themselves, and prevent further decline. I feel that Jean Watson, who developed the theory of human caring, has had a big impact on my nursing practice. I think everyone, sick or not, wants to feel cared for. I try, as a nurse, to create an environment of caring for each patient I see. I feel it’s important to do this to provide an atmosphere for optimal healing. It can be difficult at times, especially in the home environment when there are other family members involved. Most families are very supportive, but at times there are difficult family members who cause undue stress for the patient. This is when it’s my job to act as a patient advocate, and help those family members cope in a way that is healthy for the patient and caregivers. It is important as a nurse to abide by certain principles. Two of those principles are nonmaleficence and respect for autonomy. I opened a patient’s case for home care recently and found Coumadin, Aspirin, and Plavix listed on his discharge medication list from the hospital. I was concerned with this, but especially when I found him to be a high fall risk. I called the physician and confirmed that there had been a mistake on his discharge instructions. He was new to Coumadin, and the Aspirin and Plavix were supposed to have been discontinued. This is an example of nonmaleficence. My goal was to protect the patient from harm. The same patient was released from the hospital with an acute COPD exacerbation. Once home, he continued to smoke a pack of cigarettes a day while on oxygen. I explained the disease process of COPD in a way he could understand, including why he should stop smoking. I also explained to him the risks of smoking while on oxygen. He chose to keep smoking. This is an  example of respect for autonomy. It is our job as nurses to explain risks to them in a way they can understand. We have to respect their decisions at that point, whether we agree with them or not. References American Nurses Association (2011). Code of Ethics for Nurses With Interpretive Statements. Retrieved from http://nursingworld.org/MainMenuCategories/EthicsStandards/CodeofEthicsforNurses/Code-of-Ethics.pdf Cherry, Jacob. (2011). Contemporary Nursing: Issues, Trends, and Management [VitalSouce bookshelf version]. Retrieved from http://online.vitalsource.com/books/978-0-323-06953-3/id/B9780323069533100054_f0015

Monopolies good or bad Essay

A monopoly is a single company that owns all or nearly all of the markets for a type of product or service. A monopoly is at the opposite end of the market structure. It is where there is no competition for goods or services and a company can freely charge a price or prevent market competition. Monopolies have three built in assumptions, one seller, no substitutes or competition, and extremely high barriers to entry. Examples of monopolies are public utilities and US Postal Service. So what are the social characteristics of monopolies? They act as the single supplier. The organization can gain complete control over the market by becoming the sole provider of a good or service. The lack of competition leaves a company with greater control over the quality of production. It also gives the company the ability to pump up prices without the fear of being challenge by other companies. This forces the customer to either buy from the monopoly or go without. A monopoly has access to specialized information. By doing this, the company maintains complete control over the market. This information may give the company the benefit of special production practices. The specialized information may also come in the form of legal tips regarding trademarks, copyrights and patents. Taking control over this special information gives the company an edge while leaving all of its competitors at a disadvantage. A monopoly has a unique product. The organization gains control over the market by offering a product or service that is unlike any other. The product or service does not have a substitution. The company may use specialized information such as legal patents, copyrights and trademarks in order to establish legal authority over the production of certain goods and services. So over all are monopolies good for the economy? Since monopolies are the only provider, they can set pretty much any price they choose. They can do this, regardless of the demand, because they know the consumer has no choice. Not only can monopolies raise prices, they can also supply inferior products. Monopolies are also bad for an economy because the manufacturer has no incentive to innovate, and provide new and improved products. Another reason monopolies are bad is that they can create inflation. Since they can set any price they want, they will raise costs to consumers. To answer the questions are monopolies bad for the economy the answer is yes. They are not good for the consumer or economy that is why they are so limited here in the US. Usage Examples Login or Register to see usage examples. Recommended Articles from InvestorGuide. com Short Selling Understanding the True Cost of Credit Cards Buying and Selling Bonds Treasury Bonds IRAs And The Economy Investing Tips Reasoning by Analogy I’d say most of the ideas that have made money for the portfolio have been the result of some form of reasoning by analogy. One example: Applying well-understood U. S. investment ideas to markets out †¦ Read more Related Videos.