Marketplace Communication in the Marketplace

¶ … Marketplace

Communication in the Marketplace

What are three major metaphors (guiding or pervasive ideas) driving communication in today's marketplace? Identify and explain.

Three major metaphors that are having an impact upon communication in today's marketplace includes: "The market is traffic in claims, not things"; "To Big to Fail" and "Life is journey as well as a stage." The first metaphor ("The market is traffic in claims, not things") is highlighting how economists will overlook certain aspects, when it comes to understanding the current economic situation and behavior. As they will often focus on: select aspects of consumer and market orientated activities. This is problematic, because it is providing lagging information vs. leading. To fully understand what is taking place requires that economists are correlating the findings with each other. Once this occurs, it will provide a more balanced view about the underlying trends. This is important, because it is highlighting how everyone must have flexibility and balance when looking all financial information. In many ways one could argue that this metaphor is geared towards helping, to improve the economist's understanding of various economic events. As it is important to realize, that changes could occur any time; highlighting the need for flexibility and correlating the different findings with each other. (McDowell 270 -- 274)

The second metaphor ("To Big to Fail") underscores how many businesses and financial institutions have become so large, that they can have a negative impact upon the economy (if they are forced into liquidation). This is important, because this metaphor is highlighting how the changes that are occurring in the global marketplace; could have ripple effects on the economy. As these ideas are showing how many businesses are facing the possibility of becoming too large. (Samuels 214)

The third metaphor ("Life is journey as well as a stage") highlights how life is full of many different challenges. While at the same time, indicating how that it is stage, for everyone to show who they really are. This is important, because this metaphor is discussing the underlying challenges someone faces and how the individual reacts to them. As it is showing the constant issues everyone will face and the various ways to address them (through the use of the stage). (Forceville 139)

How are these ideas (metaphors) impacting our everyday lives?

The way the ideas from the first metaphor ("The market is traffic in claims, not things") is affecting everyday life, is through the way various economists and financial professionals are determining when recessions as well expansions begin. This is because there has generally been lag between the time economy is bottoming / topping and when an actual recession / expansion, is decided by economists. A good example of this can be seen with the end of the recent recession in June 2009. Where, economists would wait until September 2010, to declare that the recession was officially over. (Lee) This is important, because it shows how the metaphor is correct, in that economists are often looking at lagging information to determine the underlying trends. As result, many have begun corroborating the lagging information with leading economic indicators (i.e. stocks, commodities as well as foreign exchange rates). (Marquard 3 -- 4) This is significant, because it shows how this metaphor is having an impact upon the way economists and traders will view economic events. As they are no longer relying on one source, to determine the underlying trends that are taking place. Instead, they use a combination of lagging and leading indicators to establish the movements that are occurring.

The second metaphor ("To Big to Fail") would have an impact upon contemporary ideas, by highlighting the importance of government bailout programs. This would create controversy as select economists and investors would argue that these actions were necessary, to prevent the economy from imploding. While many opponents would argue that the effects of such plans, go against the basic foundation of capitalism and would have little to no effect on the economy. This would have impact upon everyday life, as economists and politicians would debate the size of many different financial institutions. A good example of this can be seen with Basel Committee meeting, trying to determine the appropriate levels of capital for all financial institutions around the world. (Brereton) This is significant, because it shows how the metaphor is having an impact upon public policy and the overall role of financial institutions in the economy.

The third metaphor ("Life is journey as well as a stage") is having an impact upon everyday life, by highlighting the various challenges that everyone will go through (their journey). The stage is when they are engaging in various actions, to help themselves overcome the different challenges. This is important, because it is highlighting the underlying amounts of personal responsibility. Where, everyone will face constant challenges, yet it is how they are dealt with them that will determine how successful an individual will be in the future. A good example of this can be seen with the life of Rupert Murdoch. Where, despite overcoming tremendous obstacles, he still is continuing to work harder than ever. In this case, one could argue that his stage is the businesses and assets that he owns, which is driving him to always want something more. (Mason 40) This is significant, because it shows how this metaphor is having an impact upon the lives of everyone, as it is helping to motivate and instill a sense of personal responsibility.

What are the ethical issues that each raises for the public (which takes place in the public arena) communication practices and the way in which we story our lives (as individuals / communities, people and a nation)?

When you look at the first metaphor ("The market is traffic in claims, not things"), it is clear that this is raising various ethical issues the most notable include: the underlying accuracy in the forecasts and the timing. This is challenging, because no one knows what the future will hold. Yet, the politicians and the general public are demanding professionals who can provide this advice. This is problematic, because economists must make their best guesses, based on what they see occurring in the underlying trends. The challenge is accurately analyzing the overall quality of information being utilized. Where, one group will use lagging indicators to safely make determinations as to what is taking place, while others may examine leading economic indicators. This is troubling, because leading indicators (such as the stock market) can become volatile over the short-term, making the job of determining the underlying trends more challenging. As a result, this will have an impact upon the way everyone will live their lives. Where, they will use the forecasts of various economists, to determine how they will plan for the future. If the forecasts are wrong, then this could have negative implications on the lives of ordinary people and the country as a whole.

The second metaphor ("To Big to Fail") is highlighting a number of obvious ethical issues to include: responsibility and the role of the government is business. These two ethical ideas are the heart of this debate, as one side will argue that the government has moral responsibility to protect the economy from going into a severe implosion. While the other side, will claim that the government must play a limited role, in not supporting the irresponsible actions taken by banks and those who placed their businesses at risk. As these individuals will argue; that if the government can help out businesses that are "To Big to Fail," they should provide ordinary citizen with some kind of assistance as well. This is problematic, because the idea of being "To Big to Fail" are creating communications practices, that if some kind of action is not taken (during times of economic contraction), then the economy will face severe challenges going forward. The issue is determining what the underlying effects of this strategy are down the road. Where, the government wants to maintain some kind of balance in protecting the economy from falling into a depression. Yet, they also want to allow supply and demand to fix the problem over the long-term. This has an impact upon the way individuals are living their lives, as various stimulus measures have affected economic activity (i.e. purchasing a home and mortgage modification). Where, they have allowed many people, to purchase real estate or modify their mortgages (if they are having problems). At the same time, this has helped make the situation worse, by slowing down the number of foreclosures and write offs. When you put these elements together, this highlights how the metaphor has prevented an economic implosion. At the same time, it has allowed the economy to face a number of severe challenges going forward (which could have lasting effects on the lives of individuals and the nation).