Monday, May 25, 2020

Life Defined by a Single Moment in Scarlet Letter, Red...

A Life Defined by a Single Moment in Hawthornes The Scarlet Letter, Stephen Cranes Red Badge of Courage, and Dostoevskys Crime and Punishment Life can be changed by a decision made during a single moment. Despite the natural gifts of courage or intelligence of a person, a single mistake can isolate him from the rest of society. In one case this can be cause by public conception. The public believes that this person is morally inferior and singles out that person for ridicule. However, it can also be self-imposed isolation. Either way, that person cannot rejoin his society until he has redeemed himself. In Hawthornes The Scarlet Letter, both kinds of moral isolation are examined. Hester Prynne is placed in the publics scorn†¦show more content†¦As a result, a mark that resembles an A appears on his chest as a symbol of his guilt, and while Hester grows stronger because of her redemptive acts, Dimmesdale grows weaker because he has believed all of his life that confession is the only relief from guilt. He tries to rationalize his omission to his congregation by telling himself that he will serve the people better as a preacher, but he is an intelligent man and cannot convince himself of a lie. After seven years of physical and mental depreciation, he can only find redemption by joining Hester on the scaffold and revealing his own scarlet letter. For Hester and Dimmesdales one lapse in judgment and self control, their lives were completely changed. Henry in The Red Badge of Courage is an example of a person whose life is changed due to a brief moment of cowardice. Though his original intention was to join the army and to become a hero, when he is first confronted with a real battle, he runs. Once he regains his senses, he is terribly ashamed and does his best not to reveal his momentary desertion to the other soldiers. His relief comes from what he believes to be a heroic deed. When he goes into battle again, instead of running, he settles into a rhythm of loading and firing his gun until the enemy had retreated and his own army had stopped shooting. Though this reaction stems from the same fear that caused him to run, Henry

Thursday, May 14, 2020

Essay on The Return of Depression Economics and the Crisis...

In The Return of Depression Economics and the Crisis of 2008, Paul Krugman warns us that America’s gloomy future might parallel those of other countries. Like diseases that are making a stronger, more resistant comeback, the causes of the Great Depression are looming ahead and much more probable now after the great housing bubble in 2002. In his new and revised book, he emphasizes even more on the busts of Japan and the crises in Latin America (i.e: Argentina), and explains how and why several specific events--recessions, inflationary spiraling, currency devaluations--happened in many countries. Although he still does not give us any solid options or specific steps to take to save America other than those proposed by other economists, he†¦show more content†¦Much of the marketplace today is both political and economical and therefore, too powerful to defend against without any government interference. Unfortunately, much of America did not heed Krugman’s warnin gs when his first book was released in 1999 because America was still rising high. Technology and the top businesses of the day were just starting and booming very fast and smoothly. While technology and internet giants such as Google were growing, the United States’ government’s budget surplus was also increasing. Yet, our government departments--Federal Research and Congress still insisted that capitalism should be a free market--that it will save itself, that regulating credit default swaps was unnecessary. Americans were overconfident with their past successes and forgot to look to other countries as models. Now, lasseiz-faire has turned around to bite America in the butt. Krguman’s new book was published to remind us again of his old theory--that any financial institution will fail if left unregulated and that the people must urge the government to use its powers to promote growth in a new direction. The first part of his book introduces his argument that if the government does not start cracking down on businesses now, it will be confronted with even tougher choices in the future: do not print money and let citizens suffer immediately or print money and let them suffer anyway later. Clearly, both scenarios are not particularlyShow MoreRelatedThe Return Of Depression Economics1437 Words   |  6 Pages2008 Economics Noble Prize winner and Princeton University professor, Paul Krugman, translates the roots of modern and prior financial crisis economics. In his book, The Return of Depression Economics and The Crisis of 2008, Krugman first educates the reader of historical and foreign financial crises which allows for a deeper understanding of the modern financial system. The context provided from the historical analysis proves to be a crucial prospective in such a way that the rest of Krugman’s narrativeRead MoreWall Street : The Great And Powerful Financial District Of The World1407 Words   |  6 Pagesgreat and powerful fina ncial district of the world. With that statement being true Wall Street isn’t perfect. Wall Street has faced many problems throughout its existence as recessions and depressions came into play and single handedly pushed America into a financial crisis. As early as 1929 till as recent as 2008 recessions still occur and throughout the existence of Wall Street they will never stop existing. The argument of whether or not a recession could be predicted is a topic that many have differentRead MoreKeynesian Theory During The Great Depression949 Words   |  4 PagesSince the establishment of the Keynesian theory during the Great Depression, there was a continuous rivalry between Keynesians and monetarists. The ongoing debate was about which model can most accurately and correctly explain economic instability and which theory provides the best suggestions on how to achieve constant and steady economic growth. There are fundamental differences in these two approaches, for example ov er the usefulness of government intervention through fiscal policies, monetaryRead MoreEffects Of The 2008 Financial Crisis1030 Words   |  5 PagesThe effects of the 2008 Financial crisis were felt globally, it being the worst financial crisis since the Great Depression of the 1930s. Suggested in the documentary Inside Job shown in class, there were many factors which led to the 2008 Financial crisis. To better understand how it happened, we have to look back to the Great Depression of the 1930s. The Great Depression was the deepest and longest worldwide economic downturn in the 20th century. For fear of another economic collapse, strict regulationsRead MoreThe Great Depression Of The 1930 S1026 Words   |  5 Pagesmost influential economist of the 1900’s and many of his ideas were adopted by Franklin D. Roosevelt to combat the Great Depression of the 1930’s. With the passing of the economic crisis in 2008, countless articles have been published supporting Keynes and his economic thought. He originally investigated the origins of the Great Depression and remodeled the field of economics with a basic conclusion: economies recover from downturns by spending money. Keynes theorized that during financial downfallsRead MoreThe Return Of Depression Economics And The Crisis977 Words   |  4 PagesProfessor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University and is ranked among the most inf luential economic thinkers in the US.1 In his book The Return of Depression Economics and the Crisis of 2008 Krugman examines the economic crisis of 2008. He asserts that there were many tale tell signs and warnings throughout history that could have mitigated the crisis. Krugman contends that through history all financial crisis had commonRead MoreMoney Market Should Not Drop Below A Dollar1392 Words   |  6 Pageswith low risk and low return. Money market funds are often thought of as cash and a safe place to park money that isn t invested elsewhere. Investing in a money market fund is a low-risk, low-return investment in a pool of very secure, very liquid, short-term debt instruments. In fact, many brokerage accounts sweep cash into money market funds as a default holding investment until the funds can be invested elsewhere. (Rice) However, during the financial crisis of 2008, the dollar droppedRead MoreThe Recession Of The Great Recession1525 Words   |  7 Pagesfinancial crisis known as the Great Recession, which affected much of the world. It officially lasted from December 2007 to June 2009 and all began with the bursting of an 8 trillion dollar housing bubble. A volatile mixture of financial market chaos -triggered by the housing bubble- and low consumer spending left millions of Americans wondering about their economic fate, the fate of their neighbors, and the fate of the nation. The Great Recession, from 2007-2009, is the greatest economic downturnRead MoreThe Election Of Illinois Senator Barack Obama948 Words   |  4 Pagesthe 2008 election between Illinois senator Barack Obama which is our 44th president and Arizona senator John McCain. This election was historical in many ways. For one Barack Obama was the first African-American man to ever be elected president of the United States of America. Another reason would be that the U.S. achieved record voter turnout numbers of African-Americans and Hispanics. Also it is estimated that over a 136 million Americans voted for president in the 2008 election. In the 2008 electionRead MoreThe Financial Crisis Since The Great Depression Of The 1930s1006 Words   |  5 PagesThe 2008 Financial crisis was the worst financial crisis since the Great Depression of the 1930s. Suggested in the documentary Inside Job shown in class, many factors led to the 2008 Financial crisis including a largely unregulated financial sec tor, and complex financial instruments threatening stability of markets, and greedy predatory business tactics. The Great Depression was the deepest and longest worldwide economic downturn in the 20th century. Fearing another economic collapse, strict regulations

Wednesday, May 6, 2020

Analysis Of Wilfred Owen s Poem Disabled - 1055 Words

â€Å"Disabled† is in some ways a departure from style for Wilfred Owen, but in other ways it encompasses the theme of his entire collection of works. Owen’s works tend to focus on the destructive impacts that war has on the young men fighting in it, and this theme is no more obvious than in â€Å"Disabled†. Owen’s poems also tend to focus on war related events as they happen, yet â€Å"Disabled† is told through the words of a war veteran who is feeling the aftermath of war first hand. Owen proclaims, in stark detail, that there is no glory worth the destructive effects of war. There were none more qualified to write poetry about the horrors of war than Wilfred Owen. A World War I veteran himself, Owen understood the devastation of war better than†¦show more content†¦A shift from the present to thoughts of the past occurs between the first and second stanzas. In the absence of the children’s voices the man reminisces about days pas t, when the town used to be happy and lit up with lamps. In the days before he lost his leg he used to dance and hold hands with women, but now they only look at him with disgust, as if he has some kind of disease. Only last year an artist wanted to paint his youthful face, but now he is old and his face has lost all color in a far off place. The fourth stanza describes the events of the careless night when the young man enlisted in the military. He drunkenly enlisted to impress a girl named Meg after he had won a big football match, even going so far as to lie about his age. This is where Owen’s criticism of governmental authorities comes into play. While the minute detail of the man lying about his age may seem extraneous to the overall theme of the poem, that detail is Owen’s way of expressing his frustrations with a military system that would not be thorough enough to verify the age of its enlistees. The stanza continues as thoughts of â€Å"jewelled hilts† (32), â€Å"smart salutes† (33), and â€Å"Esprit de corps† (35) invade the young man’s head. Throughout â€Å"Disabled† and many of his other works Owen attempts to dispel the illusions of war glory that plagued the minds of young men at the time. The horrifying details of combat are put on display in Owen’s works as a reality check forShow MoreRelatedComparison Between Ode to a Nightingale and Disabled1191 Words   |  5 PagesIn the poem Ode to a Nightingale by John Keats, the poem’s preoccupations and qualities evoke a Romantic sentimental recollection for the past and refer to it several times. Framed through dynamic poetic techniques and powerful visual imagery, Keats conveys universal concerns and values of immortality of art and the mortality of humans through the compilation of the themes of mortality, nature and transience. â€Å"Disabled† by the modernist poet, Wilfred Owen projects numerous sensual metaphors toRead MoreAn Unknown Girl Analysis1379 Words   |  6 Pages↠ A Passage To Africa. (Narrative Article, Literary  Analysis.) Poetry Analysis: An Unknown Girl- Moniza  Alvi. 28May In the evening bazaar Studded with neon An unknown girl Is hennaing my hand She squeezes a wet brown line Form a nozzle She is icing my hand, Which she steadies with her On her satin peach knee. In the evening bazaar For a few rupees An unknown girl is hennaing my hand As a little air catches My shadow stitched kameez A peacock spreads its lines Across my palm.

Tuesday, May 5, 2020

Effective Recruitment Process and Plan †Free Samples for Students

Question: Discuss about the Effective Recruitment Process and Plan. Answer: Introduction: The operational capability of every organization can be increased or decreased by the selection of manpower. The success of the organization can be estimated by the skills, capability, capacity, efficiency, learning capability, hardworking, and other features of the employed staff. Every organization facing problem in recruiting the well-efficient staff on whom the future of the company depends. The business looks forward for recruiting the best staff for their company at lowest price. In this paper we will look forward for the proposal for the effective recruitment plan for the company. Focus of the study: The objective is to propose a plan for the effective recruitment plan for hiring excellent staff for the organization. The business looks forward for recruiting the best staff for their company at lowest price. Project related Literature summary: The success of the company depends on the human resource management plan. The human resource management is responsible for hiring new employees through the recruitment process, giving training, awarding, and assessment of the employees, division of roles and responsibilities according to the capabilities and skills of the employees. The employees are the backbone of the enterprise (Khanna, 2014). The potential employees are required to face the competition of the organization and to keep the enterprise ahead of their competitors. The selective process should be used for recruiting the new staff for resolving the issues such as negative consequences of long term hiring of wrong staff, poor performance of the employees, failure in achieving the companys objective, and increasing turnover of the company. The equal opportunities should be provided to every individual to show their talent and skills (Ishrath, 2013). The fair treatment should be given to all the participants of the recruit ment process. The success of the organization can be estimated by the skills, capability, capacity, efficiency, learning capability, hardworking, and other features of the employed staff. From the research, it has been analysed that the human resource management is responsible for developing good relationship with the working staff so as to keep them motivated to perform better. The employees are recruited on the basis of adding values to the organization. The recruitment process is divided into two types of internal and external strategies. The internal recruitment is the process of promoting employees, selecting employees on the basis of their skills, hiring employees on the recommendation of friends and business partners. The selection policies and following the laws of the company helps in selecting the competent staff for the organization (Li, 2015). The advantage of using internal recruitment is that the management is aware of the skills and performance of the employees. The e mployees are familiar with the strength and organization behaviour of the company. The employees are internally selected to complete the project on the basis of their skills, potential, hard work, and performance. The right candidate can be chosen for the particular vacancy. The company do not have sufficient staff to carry over the project than they change their policies to external recruitment process. The external recruitment is the process of selecting employees through informal and formal methods. The formal method is used to select candidate which have no relation with the company. Informal method is used to rehire their previous employees by searching the database of the company. Research methodology: Research objective: The aim of the proposal is to develop the strategy for recruiting the individuals for the job by attracting them towards the job profile. The second strategy is to discuss the employment policy with the top executive of the organization for hiring new employees for the growth of the company by achieving the companys objective. Research Philosophy: The research question, objective, and methodology are the pillars of the research philosophy (Rao, 2014). The key elements of HR management are employment policy and the recruitment policy. The successful research policy is named as interpretivism for focusing on the social action and influencing people. Research Approach: The inductive and deductive research approaches are implemented to carry out the research work. The deductive approach is used for building strategy for recruitment process by analysing the existing literature. The inductive approach is the formal interview between interviewee and interviewer (Bhat, 2010). The HR policies should follow for arranging interview for recruitment of the employee. Data collection methods: The data can be collected by qualitative and quantitative research methods. The semi-structured interview is the part of the qualitative method. The lists of interview questions are the part of recruitment strategy. The reliable data should be collected from employment policy. The questionnaire is the method of quantitative research method. The aim of the questionnaire is to take opinion and suggestions from the employees about the recruitment process. The question should be assembled on analysing the growth of the company. It is the method of collecting reliable and objective information for the increasing the performance of the employees and the economy of the company. The multiple questions and closed ended questions are organized as the part of the questionnaire. The literature review helps in analysing the success and failure of the recruitment process in the past. The qualitative and quantitative approach is used for analysing the flaws of the recruitme nt strategy. Data collection methodology limitation: The valid and reliable information should be collected for the research on recruitment process implemented by human resource management program. The inaccuracy in the questions of the questionnaire is the major problem with data collection methodology. The wrong feedback can be collected from the participants. Ethical consideration: The ethics is the science which has the capability to judge between the right and wrong activities. The deployment of the ethical standards helps in maintaining the continuous flow of information. The ethical standard should be followed in the recruitment process for the fair selection of the employees. The equal opportunities should be provided to every individual to show their talent and skills. The discrimination should not be done on the basis of diversity in culture, gender, colour, creed, and caste. The recruitment process directly affects the productivity of the company (Karthi, 2015). The success of the organization depends on the increasing profit of the company. The ethical standards should be followed to minimize the risks associated with the damage of the reputation of the company. The professional judgement gives the fair treatment to the interviewee. The personal judgement comes under the category of unethical behaviour. The selection policies and following the laws of the company helps in selecting the competent staff for the organization. The ethical rules helps in making the merit of the employees for promotion. The ethical standards and policies increases the virtue of objectivity, confidentiality of the information, maintaining consistency, avoiding modification and manipulation of information, raises the confidence of the employees in their superior that they will be fairly treated under the laws of ethics, stereotyping, prejudice given to the halo effect, and many more. The candidates should be evaluated on some fixed criteria (Kepha, 2016). The confidence of the stakeholders can be increased by maintaining the consistency in the selection process of the employees and keep the organization updated with the potential workers which can help in achieving the objective of the organization within assured time and cost. The employees should be provided with clear roles and responsibilities to carry over the tasks. The division of work should be d one according to the capability of the skilled staff. The employees should be provided with fixed authority to complete the tasks (Gilman, 2016). The potential employees are required to face he competition of the organization and to keep the enterprise ahead of their competitors. The development of good relationship with suppliers helps in managing the inventory of the organization. The employees are recruited on the basis of adding values to the organization (Perkin, 2012). The ethics management process helps in overcoming the problem of breakdown in the flow of communication. The ethical conduct should be followed in developing integrity of the organization, developing strategy for achieving the business goal, selections of the employees, and development of policies and procedures for the betterment of company. Schedule for Completion: The research proposal for the recruitment process should be developed according to the following schedule. Recruitment process Particular activity Start Date Finished Date Prepare the proposal for recruitment process of the organization 25-June-2017 12-jul-2017 Prepare the literature review for analysing the flaws of the evidence collected 13-jul-2017 25-july-2017 Final literature review presentation 26-jul-2017 30-jul-2017 Pilot questionnaire 31-jul-2017 03-Aug-2017 Final Questionnaire 04-Aug-2017 08-Aug-2017 Result and analysis of the questionnaire 09-Aug-2017 16-Aug-2017 First draft preparation 17-Aug-2017 20-Aug-2017 Final draft preparation 21-Aug-2017 28-Aug-2017 Presentation 29-Aug-2017 30-Aug-2017 Presentation of the final report 31-Aug-2017 05-Sep-2017 Conclusion: The aim of the proposal is to develop the strategy for recruiting the individuals for the job by attracting them towards the job profile. The human resource management is responsible for hiring new employees through the recruitment process, giving training, awarding, and assessment of the employees, division of roles and responsibilities according to the capabilities and skills of the employees. The ethical standard should be followed in the recruitment process for the fair selection of the employees. References: Bhat, J. (2010).Recruitment and selection process: A case study (1st ed.). Retrieved from https://www.ijimt.org/papers/77-M469.pdf Gilman, S. (2016).Ethics codes and codes of conduct as tool for promoting an ethical and professional public service (1st ed.). Retrieved from https://www.oecd.org/mena/governance/35521418.pdf Ishrath, G. (2013).A comparative study of recruitment and selection policies (1st ed.). Retrieved from https://www.iosrjournals.org/iosr-jbm/papers/Vol7-issue5/E0752943.pdf?id=5257 Karthi, M. (2015).Recruitment and selection process (1st ed.). Retrieved from https://www.ijsrp.org/research-paper-0415/ijsrp-p40133.pdf Kepha, O. (2016).The influence of recruitment and selection on the performance of employees (1st ed.). Retrieved from https://www.ijsr.net/archive/v3i5/MTIwNDE0MDE=.pdf Khanna, P. (2014).Recruitment and selection (1st ed.). Retrieved from https://www.iracst.org/ijrmt/papers/vol4no32014/2vol4no3.pdf Li, T. (2015).Nestle employee recruitment research (1st ed.). Retrieved from https://ijbssnet.com/journals/Vol_6_No_4_1_April_2015/10.pdf Perkins, W. (2012).Research in the workplace (1st ed.). Retrieved from https://www.kcl.ac.uk/innovation/research/support/ethics/storeddocs/4TrainingAdvice/4Researchintheworkplace/ResearchintheWorkplaceguidance.pdf Rao, D. (2014).A study on recruitment and selection process (1st ed.). Retrieved from https://ijmrr.com/admin/upload_data/journal_Syamala%20%20%205Oct%2014mrr.pdf References:

Saturday, April 11, 2020

Master of Business Administration Essays - Smartphones, Xiaomi

Master of Business Administration BM6896 Consumer Behaviour - Section 55 Dr. Sming Chungviwatanant Individual Paper on (MI Redmi note 3) Submitted by Kartik Sahu ( 5929005) [emailprotected] ABAC Graduate School of Business Hua Mark Campus - Assumption University 1. Selecting a product or service a student wishes to explore and study. Identify the name/brand name that was selected then determine the geographical area for the study. MI Redmi Note 3 i s cho sen as a product and Bhopal in India as a geographical area for study as well . Company Profile of MI The Company was founded by eight partners in th e year 2010 in Singapore based investment group called Temasek Holdings and Chinese venture capitalists called IDG Capital alo ng with Qiming Venture Partners and headquarter in Beijing, China. The CEO of the company is Lei Jun from China. They were one of the first companies that were endorsed by core mobile companies, Qualcomm . One of the first devices that came out of Xiaomi was Mi2. This was the first device that featured the revolutionary and famous Qualcomm Snapdragon chip. The device sold close to 10 million units within the first 11 months of its inception, thus allowing Xiaomi to gain a foothold in markets such as Australia, United States, Europe and New Zealand. Huge Success of the Mi2, Xiaomi then proceeded to begin international operations with their first base being Singapore. They were able to proceed to form their first office in the country and released Mi3 and Redmi devices. The success of the device, they then proceeded to venture into markets in nations such as India, Malaysia and Philippines. In India, they entered into a mutual agreement for the sale of their phones with the popular online shopping giant,HYPERLINK "https://successstory.com/companies/flipkart" \t "_blank"Flipkart. Success Strategy The reasons behind the huge success of Xiaomi is due to their different approach in terms of marketing and strategizing that varies from giants such Sonyand Samsung. They are able to sell their products at almost the market building cost and to compensate for the short profit margin, they allow the product to remain in the market for close to 18 months. In comparison, MI stops production after 6 months of release. MI Redmi series MI Xiaomi Redmi is a series of mobile computing devices designed, manufactured and marketed by MI mobile phone . The product line includes the Redmi note 3 series of high-end Smartphone , the Redmi series with the added functionality of a stylus, and the first version of the Redmi Gear smartwatch , with later versions dropping the Redmi branding. MI Redmi note 3 series is a line of high-end Android Smartphone and tablets by MI Electronics . The first device in the series, the MI Xiaomi Redmi Smartphone , was announced by MI in 2010. MI announced the latest MI Redmi note 3 Smartphone on 20 march 2016 . The MI Redmi note 3 runs Android with the proprietary MI Experience user interface and software suite. The software features a suite of assistant functions known as Qualcomm's which is designed primarily to interact with MI bundled applications and other supported services. It made Smartp hone a must-own device, and helped to transform how we live in the world. 2. Prepare a complete product/service profile for the selected product/service (including the 4Ps) Product (MI redmi note 3) Fingerprint sensor The Redmi Note 3 is the first Xiaomi Smartphone in India to offer a finger-print sensor. The sensor itself is placed on the back panel, just below the camera. This placement should work well for most users, as it falls within the range of the index finger of the same han d that is holding the phone. Display The Redmi Note 3 has the same 5.5-inch screen size as its predecessor the Redmi 2 but the screen resolution is higher 19 20x1080p display. look smarter Xiaomi has used a completely ne w design language, and the full metal exterior feels a lot sturdier than the plastic body of the Redmi Note Prime. It also feels a lot more expensive in the hand, something that should mean a lot to users. The curved side spines are really useful in helping this

Tuesday, March 10, 2020

Demand and Supply for Financial Assets Essays

Demand and Supply for Financial Assets Essays Demand and Supply for Financial Assets Essay Demand and Supply for Financial Assets Essay Demand and Supply for Financial Assets Mishkin ch. 5: Bonds Motivation: Monetary policy works primarily by manipulating interest rates. Interest rates are determined by the demand and supply for bonds. Demand and supply for other financial assets are determined similarly. Perspectives on the bond market: 1. Bonds as financial assets = Determinants of Asset Demand. Bond demand affected by relative risk, relative liquidity, and wealth. Asset pricing (Finance) issues. Instantaneous responses to news. 2. Saving and Borrowing = Real Factors. Bond market matches savers and borrowers, affected by their behavior. Macro issues: Real savings/investment. Takes time. 3. Liquidity Preference View bonds as alternative to holding money. Affected by monetary changes. Special issues: Flexible versus â€Å"sticky† prices. DEFER. Application: Money Interest Rates Mishkin provides survey. Needs more analysis – Start reading the lecture notes. [Mishkin ch. 5 P. 1] Perspective #1: Bonds as Financial Assets General Finance Question: What determines the demand for financial assets? . Expected return (+) 2. Risk (s: Stocks, mutual funds, real estate, gold, investments abroad. Similar for equity: Stock with expected value next year $100 More demand now at $80 than at $90 = Downward sloping demand curve. Suppose the expected value next year rises to $120: Demand at $96 (20% discount) is similar to previous demand at $80 = Shift right/up in the demand curve Special factor for long-term bonds: Rising interest rate before maturity would reduce the price = Reduce the return = Expected increases in interest rates reduce the demand for long-term bonds. Mishkin ch. 5 P. 3] Wealth as Demand Factor: Caution Basic point: More wealth = More demand for all financial assets. Contrast wealth with the demand factors that affect relative values: Demands for different financial assets are negatively related when relative returns, relative risks, and relative liquidit y levels shift. Demands for different financial assets are positive related when wealth changes. Wealth can change in two ways: 1. New savings. 2. Re-valuation. Re-valuation is a distraction (or even misleading): Not a source of new demand. Example: Hold 100 bonds @100 = $10,000 wealth. If price rises to $110 = Wealth $11,000. Will demand increase? Demand from existing wealth is still 100 bonds. New savings must come from real activity = Surplus of income over spending. New savings take time: NOT an instantaneous factor = Creates dynamics. Purchasing power of wealth is eroded by inflation = Real returns (after inflation) determine the incentives to save Lessons for applications: Source of wealth changes is savings. Savings raise all asset demands. Quantity axis in diagrams = Number of securities or their face value (not $ value). [Mishkin ch. 5 P. 4] The supply of bonds and other financial assets Simple: the supplier/issues of securities defines the market! Treasury bond market = supply by U. S. Treasury Market for Microsoft stock = supply by Microsoft Supply incentives in the primary market: 1. Need for funds: Private: Profitability of capital investments. Public: Level of government budget deficits. 2. Cos t of borrowing: Borrow more if the cost is low = upward-sloping supply curve. Inflation reduces the real value of debt = Real returns (after inflation) determine the incentives to issue securities Secondary market: Fixed supply except for buyback/new issues. = Steep or vertical supply curve. Mishkin’s demand supply diagrams: generic up/down slopes [Mishkin ch. 5 P. 5] Demand Supply = Equilibrium Price and Volume For bonds: Exact price-yield relationship (Example: F=1000) For all financial assets: High price tends to imply low future returns. [Mishkin ch. 5 P. 6] Applications: Predict the Effect of Changes Reasons why bond demand may shift Reasons why bond supply may shift Scenarios that involve shifts in demand and supply: Business cycles Inflation: The Fisher Effect In each case: Task: Determine the impact on prices and quantities. Ask additional questions: What’s the time horizon? What’s the likely impact on other markets, e. g. , the stock market? Alternative view: Loanable Funds analysis (see Online Appendix5#1) Supply of securities = Demand for financing Demand for securities = Supply of funds to financial markets. Helpful way to think about markets, but not required for exams. [Mishkin ch. 5 P. 7] Summary: Factors that shift the Demand for Bonds [Mishkin ch. 5 P. 8] Summary: Factors that shift the Supply for Bonds [Mishkin ch. 5 P. 9] Notes on Mishkin’s Examples (1) About higher expected interest rates: Higher yield expected = Lower expected return = Decline in demand = Reduced price = Yield rises immediately. Lesson: Rational investors act on expectations. Markets move when information arrives that changes investor expectations. About the slopes of demand and supply curves: Demand: Depends on how easily investors can go elsewhere when prices rise: For a specific bond relative to others: Essentially horizontal/very flat. For bonds as an asset class: Elastic/flat. Investors can substitute to stocks etc. For bonds as reflecting the supply of savings: Quite inelastic/steep. Consumptionsavings decisions are not highly sensitive to interest rates. Supply: usually inelastic/steep. New issues are small relative to outstanding quanties of identical or similar securities. Relevance of slopes: Steeper vs. flatter Larger vs. smaller price changes. [Exam: Generic slopes okay. But remember for reals (2) About the time horizon and level of aggregation: Instructive to separate two sets of issues: 1. Allocation of existing financial assets: Instantaneous: Supply is well-approximated by a vertical line. Pricing is relative to other financial assets. Economic arguments involve relative return, risk, liquidity (nothing else). In equilibrium, all financial assets must attract investors = Must offer the same risk- and liquidity-adjusted return. 2. Flows of savings and capital investment: Takes time: New demand and supply more important relative to existing financial assets the more time passes. Savings are unspecific: Savers will invest in any savings vehicles that pays the equilibrium return: Markets clear at the aggregate level. Equilibrium return must match aggregate flow of funds into financial markets with total demand for funds from issuers of securities. [Mishkin ch. 5 P. 11] Scenario: Business Cycle Expansion Shifts in Demand and Supply: Higher incomes. Real capital investment is more profitable. [Caution: Distinguish real and financial investments! ] Questions: What causes business cycles? How do we know that supply shifts more than demand? = Macroeconomic issues. [Mishkin ch. 5 P. 12] Scenario: Increase in Expected Inflation Lower real cost of borrowing = More security issues (supply). Lower real return = Less savings (demand). Conclude: Fisher effect. Questions: What causes higher expected inflation? = Macroeconomic issue. Mishkin ch. 5 P. 13] Evidence on the Fisher Effect (Fits the data at least in the long-run) [Mishkin ch. 5 P. 14] Collect Open Questions Why does expected inflation change? Leading answer: Money growth. Not an exogenous disturbance. = Needs analysis. Topic: Money and Inflation. What causes business cycles? Many causes. Among them: â€Å"Mistakes† in monetary policy. = Needs analysis. Topic: Money and Output. Age nda: 1. Reinforce the lessons on demand and supply: More examples. 2. Examine how monetary policy influences inflation and output. 3. Return to the interest rates – remainder of Mishkin ch. 5 [Mishkin ch. 5 P. 15] Applications of Asset Demand Supply Analysis 1. A Classic: The â€Å"Flight to Quality† (Lesson: Asset demand is relative) Stock Market Price Supply Price Bond Market Supply Demand Stocks Demand Bonds 1987 stock market crash: stocks - flight to bonds 1994 Mexican Peso crisis: emerging market stocks - to US stocks and bonds 1997 Asian crisis: Asian stocks and bonds - to US and Europeans stocks and bonds 1998 Russian default: risky bonds (foreign and US low quality) - to US Treasury bonds . The Term Structure of interest rates: (Mishkin ch. 6, part 2) Defer discussion, raises macro issues. [Mishkin ch. 5 P. 16] 3. The Risk-structure of interest rates: (Mishkin ch. 6, part 1) Good measures of riskiness: Bond Ratings Good measures of promised return: Yield to maturity. Find: (1) Changes in risk = Changes in relative yields (2) Holding risk constant, yields move together 4. The Stock Marke t Crash of 1987 Can we always assume that demand is downward sloping? . The Market for Foreign Exchange (Mishkin ch. 17. Much improved in 8ed. ) Exchange rate = Relative price of different country’s financial assets Demand = Function of relative return, risk, and liquidity Supply = Fixed in short run (apart from official interventions – later) More later if time – for now, note one key point: High US interest rates relative to foreign interest rates increase the demand for dollar assets = Stronger dollar [Mishkin ch. 5 P. 17]

Saturday, February 22, 2020

Abortion(English abortion law delivers neither sufficient protection Essay

Abortion(English abortion law delivers neither sufficient protection for the foetus, nor sufficient respect for the autonomy of pregnant women.What are the main arguments for and against this claim ) - Essay Example 50). Very much like the Jewish Law, Romans considered a foetus to be an entity sans any legal and political rights (Sheeran 1987, p. 50). Romans never allocated any penalty for abortion; however the Roman law evinced a predilection towards change, when the debate as to the exact time of animation began to gain grounds (Sheeran 1987, p. 50). Still, pragmatically speaking, the Romans assigned no ethical or legal importance to the issue of abortion. In case of the Greeks, Plato and Aristotle deemed abortion to be a practical method of birth control (Sheeran 1987, p. 50). Greeks do confabulated on the exact timing of animation, yet they didn’t consider abortion to be a crime (Sheeran 1987, p. 51). It was with the advent of Christianity that the debate as to at what time a foetus could be deemed to be endowed with life became more intense (Sheeran 1987, p. 51). However, pragmatically speaking, there had been a conflict existent amongst the theory and practices surrounding the issue of abortion. However, in a contemporary context, the moral, legal and health implications of abortion have increasingly become important issues with the altering dynamics of social structuring (Cox 2011; Gerrard 2009). Through the evolving times, the advancement of science has significantly evolved safer methods of abortion (Keown 1998). But it was always subjected to the ethical, legal and religious perspective rather than as an empowered decision based on the principle of autonomy. As such, today the English abortion law neither gives sufficient respect for the autonomy of pregnant women nor sufficient protection for the foetus. The decision to conduct an abortion is indeed critical in the sense that it should be the woman who should have the primary prerogative to decide as to whether she wants an abortion to be performed. The Principle of Autonomy is of huge importance as it should be the women who should have the right to make