Blog #5 RE: “RE: “Investing in early childhood education””

Preschool children doing activities.

According to this Harvard reviewed article, investments made in childhood education may be one of the best investment decisions as it provides value to not only to the investor but to society. However, fellow Sauder Student Alexander De Iaco’s take on this publication reveals he is against government investments into early education. Alexander’s blog post sparked my interest as it reminded me of a Reddit thread I read on the bus earlier this week. The post was a question asked about what major issue we should be concerned about as society with one of the top-level comments was on how flawed society’s perception of education is. The combination of the article, Alexander’s insight as well as my personal knowledge allowed me to provide my view on this topic.

I agree with Alexander’s point that governments should not be spending lavishly on the people as though it provides social benefit, the costs on the hard-working class will simply go up and it’s at a remarkably high rate already. Furthermore, this opens another great discussion on taxation which I will not dwell on much for the sake of the word limit but in short, taxation should not be as high as it should already according to this source and my firsthand experiences. According to the source, Canadians are paying above the OCED average, with the average taken on the richest 35 nations on the planet. Additionally, it seems like our government does not really know how to tax their citizens as well nor spend their tax revenue with examples including Trudeau’s plan to implement a special tax on retail employee’s discounted purchases when retail employees tend to make around minimum wage and the Liberal government spending over $20 000 on Snapchat filters. This and witnessing my parents pay almost 10% of their income on property taxes alone as well as myself having to drive all the way across the border to avoid a 30% duties charge on my online purchases from American companies selling Canadian made products simply makes me shoot down any arguments on tax additions. Another point of Alexander I would like to touch base on would be how early education, although significant to a child’s development can be informal too. Personally, I did not attend pre-schooling and as a Sauder student, I feel that decision didn’t mar my growth. In fact, I can relate many more of my current issues with poor experiences I had in high-school rather than my early childhood. Additionally, it is reading that is considered most important for childhood development, ridding of the “need” for a formal childhood education.

Word Count: 433

Imagery Source: Children’s Campus

Blog #4: Food Waste

Last Friday, my friends and I decided to get together and relax downtown rather than head to a Halloween-themed party as we thought that was a better idea as we were dead tired from the two midterms and major assignment we had to endure just the week prior. For dinner, we decided to eat at a fast-food restaurant we never tried before. When we walked through the door to the establishment filled with decorations resembling the 1960s, we immediately noticed a man throwing out almost an entire hamburger into the rubbish bin rather than taking it home as leftovers. This left me pondering about the vast amounts of food our society wastes on a daily basis.

 

Upon further investigation, I discovered that Canadians waste an estimated 40% of their food each year with households taking up just under half of the amount wasted while corporations are responsible for presumably the other chunk. This is a major issue to consider as not only is it unethical to simply disregard food while some parts of the world are starving, it creates losses well into the billions for both businesses and households alike. Simply speaking, it just doesn’t make sense for businesses to disregard absolutely fine food. Not only does doing so drain away potential revenue, it is, at least in my opinion, appalling to throw waste food while many people across the globe barely has enough to eat. In fact, while Canadians lost $31 billion worth of food last year, approximately 9 million people perished from starvation in the same year, a number greater than the Holocaust (not saying that the Holocaust was not a horrific event of humanity in any way). It simply blows my mind this issue is not as heavily addressed as it should.

 

Furthermore, limiting food wastes can potentially create secondary markets and deduct losses of businesses. As seen with Walmart recently, they have cut their losses from their consumables inventory by 20% since CBC Marketplace exposed the company of throwing away food by the tonnage, a remarkable accomplishment. Additionally, as noted by current shopping habits such as the increase in popularity with thrift stores and decline in purchases of expensive jewelry, society is currently at a stage where superficial concepts such as bruises on fruits and food a few days over the best before date don’t really matter anymore. Thus, it makes no sense for corporations to continue wasting food when they can still generate revenue and benefit society by selling food they’d wasted instead.

 

Word Count: 414

 

Imagery Source:

-http://seedsfoodmarket.ca/theOffice/wp-content/uploads/2016/03/15951717452_1fb8ef310e_o.jpg

Blog #3: Advertisements in a wedding?

 

One’s big day can literally be the biggest day of an individual’s life. That’s why many do not hesitate to spend lavishly and extravagantly on their weddings. However, just like most luxuries in life, not everyone can afford to withdraw six figures on an occasion that lasts for just a day but forever remembered. Just recently a woman from Ontario decided to seek donations and sponsors to foot the bill for her special day.  On top of that, many other Canadians had come forward to CBC stating their intentions to seek out for sponsors to fund their weddings with targeting corporations including Tim Hortons and Enterprise.

Common vocabulary from the individuals interviewed in this article included debt and job-loss with one interviewee stating, “eloping is not an option”. This suggests a greater problem within Canadians, perhaps an unstable economy as plenty were blaming debt and job-losses for their tight financial situations. Additionally, the audacity among the individuals in this article to embark on spending lavishly despite tough times could also be a symbol of poor personal finance within Canadians. This may build on to suggest that Canada may be undergoing serious financial illiteracy among its citizens. Though this is just speculation, the disability to see the dangers of spending beyond one’s means can create detrimental economical issues as seen with the financial crisis in the United States back in 2008 where Americans were purchasing homes well beyond their means with loans they could’ve never possibly repay.

On the other hand, this adaption may create an entirely new market for Canada, commercialization of private events. Though uncommon, this practice is not entirely vague as it has been somewhat done in the past. Recently, Instagram star Melissa Christine Koh’s extravagant wedding filled with Dior cosmetics and fine liquor was exposed as having been heavily sponsored and backed by several companies significantly lowering the total costs of the commemoration. Additionally, it has been revealed recently that a couple in California had fully paid for not only one but two Tesla vehicles by simply renting the motors out using an app named Turo. Therefore, the commercialization of private property and private events may simply be a gap in the market waiting to be filled, lowering the costs of goods and services for the average person which in turn creates growth in the economy.

In conclusion, this article brought up two interesting ideas to assimilate. The growing trend among Canadians to live beyond their means and the growing market of commercialization of private property and events. Though one of these ideas may suggest weakness in Canadian financial literacy, another suggests room for growth for the Canadian economy.

Word Count: 442

 

Imagery Source:

-Marla Jenkins Photography

Blog #2: Yeezy Yeezy Just Jumped Over Jumpman?

Sneakers can either be something you put on your feet and forget or present-day baseball cards, depending on what type of person you are. The towering giants in the footwear industry are obviously Nike, Adidas, and Jordan. Even if you aren’t a sneaker-head, you definitely have heard of these three brands or maybe even learned about the lengths some consumers go to acquire the shoes they want to add to their collections. From extensive overnight line-ups to violence, these commotions would lead many to assume it’s just another weekend where die-hard fans are yearning to put their hands on a new pair of basketball sneakers. However, just recently on September 19th of 2017, Adidas climbed over Jordan Brand to secure the #2 spot in U.S. sneaker sales despite having endured struggles just a few years earlier. Additionally, their main competitors Jordan Brand and Nike, who actually work together, have been seeing declines rather than growth in recent years. As an avid sneaker collector, myself, it is very interesting to see many elements of business at play in my passion for sneakers. Personally, I, along with others, think that the decline of Nike and Jordan Brand and the growth of Adidas can all be rooted in the recent poor business decisions of Nike. Their efforts in maintaining strict control over their brand resulted in several instances of Adidas gaining a lead over their rivals. Firstly, Nike’s cold shoulder with collaborators resulted in big names such as Kanye West leaving the brand and working with the competition, Adidas, instead. Kanye West’s sneakers being highly demanded meant that Nike effectively scared away easy large-scale publicity as it is likely not a coincidence that Adidas began their rapid growth shortly after welcoming Kanye West onto their team. Secondly, Nike’s lack of innovation in their products while inflating their prices, by pumping out the same sneakers and increasing the prices each time, even the most die-hard of collectors were getting bored. In comparison, Adidas was constantly revamping their product lines, with their recent sneakers utilizing the best of current technology, drew Nike consumers into the German sportswear company and further deteriorating Nike. From this, I realized that in the world of commerce, anything is possible and the tide can turn very easily once any business starts making unwise decisions, getting ahead of themselves and disconnecting from reality as seen with Nike’s overconfident business decisions. Additionally, I realized that it doesn’t matter how influential a business can be since there will always be room for competitors to leap over you as consumers will not wait for you if the other kid on the block has something shinier and cheaper.

 

Imagery Source:

-https://hypebeast.com/2017/2/adidas-boost-technology-explained

 

Blog #1: Business Ethics

Medication and healthcare is a regular aspect for unfortunately, quite a number of people. Just like any other basic necessities in life, any burden to its availability can severely restrict the quality of lives for those who depend on it. Just like practically everything, medication and healthcare is directly connected with the world of business. In fact, according to PricewaterhouseCoopers, the healthcare sector is one of the most impacting industries in society. (Pricewaterhouse Coopers) I mean, lives literally depend on the healthcare sector. Thus, it is crucial business ethics play a heavy role in this industry as if the industry gets too out of hand or crosses the boundary too far, lives can be held at stake. Just last year in 2016, Martin Shkreli made international headlines as his pharmaceutical business disregarded ethical business choices and skyrocketed the price of the drug Daraprim, which is used in the treatment of AIDS and cancer patients, from $13.50 to $750 overnight just because he was able to do so. (The Guardian) This decision severely impacted many Americans who were already suffering from serious illnesses and diseases as now more of their personal finances had to be directed to their basic need of medicine all for the sake of corporate greed. Sadly, some Americans were not even able to afford Daraprim either due to issues with their insurance companies or the simple fact that Shkreli increased the price of the drug by 1800%. (The New York Times) As an acquaintance of a few CEOs of Canadian mining and commodities firms, I have learned first-hand how damaging unethical business choices can be to society especially if said choices are applied to corporations associated with basic resources such as hydro and medication as since commerce connects the world together, by filling this connection with unjust practices, the consequences of unethical business choices only accumulates to affect more individuals and groups. In my opinion, it is simply absurd to value financial gains over the basic livelihoods of others. Although Mr. Shkreli’s monopoly may not suffer from the R. Edward Freeman’s Stakeholder Theory, which dictates that for a business to survive it must create value for their customers, suppliers and other partners, I believe it is still a duty as a valuable member of the commercial world to connect society through commerce and advance the progress of humanity rather than deteriorate the lives of those who are already suffering for a few extra zeros in a quarterly financial statement.

 

Text References:

https://www.pwc.com/us/en/health-industries/top-health-industry-issues.html

https://www.theguardian.com/business/2016/oct/28/martin-shkreli-daraprim-hiv-drug-price-hike-interview

https://www.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html?mcubz=1

https://www.youtube.com/embed/bIRUaLcvPe8

Imagery Source:

http://money.cnn.com/2016/08/25/news/economy/daraprim-aids-drug-high-price/index.html