Sunday, March 31, 2019
Impact of financial Sector emergence on Nigeria involve OF FINANCIAL SECTOR DEVELOPMENT ON SECTORIAL GROWTH IN NIGERIA IMPLICATION FOR ECONOMIC GROWTH IN NIGERIASECTION ONE knowledgeablenessBasic exclusivelyy, the banking bea and the non-bank institutions switch up the monetary schema in Nigeria which is obligated for the using of scotch suppu dimensionn in the Country. During the pre-lib termlization era (from 1986 and below), government had ample monetary resources to finance a reasonable proportion of scotchal activities (Adegbite, 2005). However, this era suffered from artificially low cost of commercial credit resulting in out or keeping(p) pricing of credit and gear ups, acute scarcity of loanable currency in the clay and lastly low level of capital formation for sparing evolution. Studies uncover that the flow of credit to the priority domains did not meet the prescribed targets and failed to regard positively on output and domestic prices (Nnanna, 2001 Mordi, 2009).In an attempt to make the fiscal sphere of influence buoyant, the government decided to deregulate and liberalize all the spheres of the economy as outlined in the Structural Adjustment schedule introduced in1986. During this period, interest governs were low and this eased the flow of credit to the desire empyreans of the economy. By 1992, the number of banks had risen from 56 in 1986 to 120 and a ability utilization localize of 38.1%, while the gross domestic product range stood at 2.9%. Due to the banking distress from 1994 to 2002, the total number banks dwindled to 99. However, the capacity utilization travel to 48% with an increased growing rate of 4%. This was due to recapitalization mathematical ope proportionalityn undertaken by the primordial buzzword of Nigeria (CBN) to sustain the fiscal sector, hence, making it competitive.In 2004, the consolidation exercise made the banking industry a leading pseudo in the actualization of the aspirations set by the government for the guinea pig sparing Empowerment and Development Strategy (NEEDS) programme. In 2009, as part of the extensive frugal measures to respond to the adverse military issues of the global fiscal and economicalal crises, the CBN in conjunction with the fiscal authorities engineered measures to avert a fragmentise of the pecuniary administration with a view to maintaining economic emergence (Odeniran and Udeeaja, 2010). Unfortunately, the allow for of credit to investors remains questionable as capacity utilization rate is still low (50%), so, retarding economic ingathering with GDP of 7.5%. Despite the change magnitude maturements within the pecuniary sector, economic growth still lags behind. A bay window of studies live with examined the nexus mingled with monetary sector victimization and economic growth on an aggregative approach. However, their studies did not look at the ad hoc sectors which monetary go againstment influences in Nigeria, for example, agricultural sector, manufacturing sector, industrial sector and the orthogonal sector. Hence, a fundamental question that arises is to find out whether a necktie exists surrounded by financial sector maturation and economic growth.Going to specifics, this excogitate aims at answering the following questionsWhat is the effect of financial sector victimisation on the agricultural sector in Nigeria?What is the effect of financial sector development on manufacturing sector in Nigeria?What is the effect of financial sector development on industrial sector in Nigeria?What is the effect of financial sector development on the outdoor(a) sector in Nigeria?What are the constraints associated with financial sector development in Nigeria? explore ObjectivesThe main nonsubjective of this work is to investigate the link between the financial development and economic growth in Nigeria. The specific objectives areTo examine the impact of financial sector development on the agricultural sector in Nigeria.To investigate the effect of financial sector development on the manufacturing sector in Nigeria.To analyze the impact of financial sector development on the industrial sector in Nigeria.To think over the effect of financial sector development on the external sector in Nigeria.To identify the constraints associated with financial sector development in Nigeria.Theoretical brush upThe relationship between financial sector development and economic growth covers a broad spectrum of ideas such as intermediation, repression, liberalization, regulation, variegation, innovations, reforms and implementation.Though financial systems are mere intermediaries that insure the optimum allocation of nest egg for investing (Chick, 1998), however, they play a decisive exercise in the process of economic development (Stiglitz, 1998). These views are upheld by the pre- centralnesians and in any type recognized by the post-Keynesians, though with some degree of discordance.Keynes in the thirties hypothesized that finance precedes savings (Zina and Trigui, 2001). However, the basic import of the post- Keynesians such as Asimakopulos (1983), Kregel (1984-5), Davidson (1986), Richardson (1986) and Terzi (1986), in their chronological analysis, signal that savings apparently appears to be a byproduct in the process of the income creation. Two important theories that emerged in 1973 and have lend credence to the Keynesian hypothesis are the McKinnons Complementarity Hypothesis and Shaws Debt Intermediation View. In their thesis they both argued that the repressed financial markets (low and administered interest rates, domestic credit controls, high reserve requirements and concessional credit practices) discourages savings, retards the efficient allocation resources, increases the segmentation of financial markets, constrains investment and in turn lowers the economic growth rate (see, Bouzid, 2012). These fundamental ideas of McKinnon-Sh aw are enshrined in the Repression Theory and thus depict a positive relationship between interest rate and financial development. However, a number of authors feel that liberalizing the financial systems is the ultimate goal for investment and economic activities thus complimenting the McKinnon-Shaw thesis. Many developing countries have implement financial liberalization policies by means of the market-based interest rate determination, reducing controls on credit by gradually eliminating the directed and subsidized credit schemes, developing primary and secondary securities markets, enhancing competition and efficiency in the financial system by privatizing nationalized commercial banks with the aim of eliminating repressed regimes as suggested by the rest Theory.Two other hypotheses that explain financial development and economic growth are the Supply Leading Hypothesis and Demand pastime Hypothesis, in line with the views of Patrick (1966) and Demirguc-Kunt and Levine (2008 ) postulate a feedback weapon between economic growth and financial development. According to the supply-leading hypothesis, financial deepening stimulates economic growth. The demand-following hypothesis on the other hand, posits economic growth precedes financial development. This implies advancements in economic activities trigger an increase demand for more financial function and thus leading to greater financial sector development (Gurley and Shaw 1967), withal in line with the views of Goldsmith (1969) and Jung (1986).A positive relationship between financial sector development and economic growth has largely been project by Exogenous ingathering Models as well as endogenetic ripening Models. Bencivenga and Smith (1991) and Levine (1991) endogenous growth models to a greater accomplishment have identified the channels through which financial markets affect semipermanent economic growth. The end result of this model is that economic growth public presentation is relate d to financial development, technology and income distribution (see, Chukwuka, 2012).The growth models veritable by Harrod and Domar affirm the role of investment in economic growth, based on the dual characteristics of investment Firstly, investment creates income Demand force play and secondly, it augments the productive capacity of the economy thereby increasing its capital stock Supply Effect. In summary, the Harrod-Domar growth model postulates that economic growth will pass away at the rate which society can mobilize domestic savings resources coupled with the productivity of the investment (Somoye, 2002).Empirical ReviewSubstantial literature have analyzed the link that exist between financial system development and economic growth. These analyses have raised a lot affray on the direction of former, but however fall within the remits of the theories. First, the Harrod-Domar growth model leads to a hypothesis which affirms a one-way causality from financial development t o economic growth. Second, there is unidirectional causality from growth to finance, by trial and error confirmed by Shan, et al (2001) who concluded that economic growth causes financial development in China. And the third which does not rule out a bi-directional causality between economic growth and financial development as hypothesized in early and recent literature (Gurley and Shaw 1960, 1967 Bencivenga and Smith, 1991).Measuring financial development as the ratio of financial intermediary assets divided by crude national product, Goldsmith (1969) analyzed data from thirty- quintuplet countries for the period 1860-1963 and discover that a positive correlation with feedback effects existed between financial development and economic growth over longer periods. He however open that financial development largely occurs during the early stages of economic development when countries have low levels of income. De Gregor and Guidotti (1995) reached the comparable conclusion that fi nancial development and economic growth are strong in the early stages of development but raise showed that the effect of financial development on growth puzzles weaker as countriesbecome more developed, perhaps because of problems with measuring financial development or because financial intermediaries actually have larger effects in less developed countries than in more developed ones and this is in line with the findings of Wachtel and Rousseau (1998) while considering five industrialized Countries. These argument has been debunked in the finding of Besci and Wang (1997) who reached the conclusion that even though financial development occurs and may precede economic growth, its direction of causality is unclear in an economic sense.In a similar work, Rousseau and Sylla (1999) go on found strong support for finance led growth afterward examining the historical role of finance in the U.S from 1790-1850.Empirical studies have shown that financial development can lead to economi c growth only through financial sector development at the micro level. For instance, Rajau and Zingales (1998) in their study showed that industrial sectors that relatively need more external finance develop more disproportionately faster in countries with more developed financial markets. Beck and Levine (2002) supported this finding using different financial development measures. Wurgler (2000) illustrious that countries with a higher level of financial development increase investment more in growing industries and decrease investment more in declining industries than financially underdeveloped economies.In Nigeria, Adelakun (2010), used the ordinary least squares approximation method to determine the perceived relationship between financial development and economic growth. The result showed that there is a substantial positive effect of financial development on economic growth in Nigeria, however, this requires diversification of financial instruments. Shittu (2012) using data from 1970 to 2010 employed the error correction mechanism also concluded that financial intermediation can propel economic growth in Nigeria. These findings are contrary to earlier studies. For instance, Ndebbio (2004), using an ordinary least squares regression analysis, established that the strength of the effect of financial sector development on per capita growth of output is weak due to the absence of a well functioning capital market, while Nnanna (2004) using the same approach concluded that financial sector development did not importantly affect per capita growth of output.Odeniran and Udeaja (2010) tested the nexus between financial development in a VAR framework over the period 1960-2009. Their results suggest bidirectional causality between financial development and economic growth variable. Based on this finding, they indicate that the current reforms in the Nigerian banking sector should not be emphasized unilaterally. Rather, attention should be given to the favourab le and coordinated development of financial reforms and changes in the actually sector of the economy. methodology and Source of DataChoosing the indicators for financial development is an uphill task because the prep of financial services is broad. Adelakun (2010) noted that, there is a diverse line up of agents and institutions involved in the financial intermediation activities, thus making the interpretation of proxies difficult. Thus, for simplicity this study shall adopt Erdal et. al (2007) model, which is a slight variety of the growth model of Ram (1999). Thus, the model shall be adopted to admit the different sectors to be investigated. financial development indicators to be considered are notes supply to GDP ratio (M2) measures the degree of monetization in the economy as well as the depth of the financial sector, bank deposit liabilities to GDP ratio(BK), determines the capacity of the banking sector, domestic credit to GDP ratio (DC), which reflects the extent to which financial intermediaries allocate savings, ratio of private sector credit to GDP ratio (PS) which profitable investments, monitor managers, facilitate risk management, and mobilize savings, real interest rate (Ri), the ratio of bank liquidity to GDP (BKL), the ratio of gross fixed capital formation to GDP (GFC), trade receptivity as a ratio of GDP (TO) is a measure of external sector, agriculture out to GDP ratio (AG) for the agriculture sector, GY, which is the annual growth of the gross domestic product (GDP), industrial output to GDP ratio (IO) and manufacturing to GDP ratio (MA).The different model specifications areAnd the overall financial growth link is given asA Priori ExpectationThe evaluate signs of all the coefficients for the different variables are positive except for the interest rate coefficients which are negative.Source of DataThe data shall be collected from the Central Bank of Nigerias statistical bulletin, Nigerias National Bureau of Statistics and orbi t Bank world development report.ReferencesAdelakun, O (2010) fiscal Sector Development and economical evolution in Nigeria.International Journal of economical Development research and enthronisation Vol. 1, No 1.Adegbeti, E. (2005) monetary Sector Reforms and scotch Development In Nigeria The place Of Management. Being a cover Delivered At The Inaugural National Conference Of The Academy Of Management Nigeria At Abuja, Nigeria Titled Management Key To National Development, at Rockview Hotel, Abuja.Asimakopulos, A. (1983) Kalecki and Keynes on finance, investment and saving. Cambridge Journal of Development of economicals, 7 221-33.Besci, Z. and Wang, P. (1997) pecuniary Development and growthEconomic Review quaternary Quarter 46-62Bencivenga, V. and Smith, B. (1991) financial intermediation and endogenous growth. Review of Economic Studies, 58(2) 40344.Bouzid, A. (2012) McKinnons Complementarity HypothesisEmpirical exhibit for the Arab Maghrebean Countries The Romani an Economic Journal,r XV no. 44 Pp 23-35De Gregorio, J. and P.E . Guidotti. (1995). Financial development and economic growth. World Development, 23(3) 433-48Chick,V. (1998) Finance and investment in the context of development a Post-Keynesian attitude , in Kalevi,J. and Fontaine, J.M. Restoring Demand in the World Economy Trade, Finance and Technologie .Edward Elgar,Cheltenham, UK.Northampton, MA, USA.Demirg-Kunt, A. and R. Levine (2001b) Bank-Based and Market-Based Financial SystemsErdal G., Okan, V. S. and Behiye, T. (2007). Financial Development and Growth Evidence from Northern Cyprus, International Research Journal of Finance and Economics, Issue 8.Goldsmith, R.(1969) Financial Structure and Development, Yale Univ. Press, New harbor CN.Gurley and Shaw, 1960, Money in a Theory of Finance, the Brookings InstitutionGurley, J and Shaw, E. (1960). Financial intermediaries and the saving- investment process. Journal of Finance.Levine, R, N. Loayza, and T. Beck (2000) Financial In termediation and Growth reason and Causes, Journal of Monetary Economics, 46, pp. 31-77Mordi, C (2009) Overview of Monetary Policy Framework in Nigeria. CBN Bullion Vol 33, No 1.Ndebbio, J.E. (2004). Financial deepening, economic growth and development Evidence from selected sub-Saharan African Countries. Research Paper 142 African Economic Research Consortium, Nairobi, Kenya, August.Nnanna, O (2001) Monetary Management Objectives, Tools and the Role of Central Banks in the role. Regional Forum on Economic and Financial Management for Parliamentarians, Nigeria WAIFEM.Nnanna, O.J (2004). Financial Sector Development and Economic Growth in Nigeria Economic and Financial Review Sept. Vol. 42, No. 3.Odeniran, S. and Udeaja, E. (2010) Financial Sector Development and Economic Growth Empirical Evidence from Nigeria. Central Bank of Nigeria Economic and Financial Review playscript 48/3Patrick,T. (1966) Financial Development and Economic Growth in Underdeveloped Countries, Economic Devel opment and Cultural Change, 14, 174-189.Rajan, R. G. and L. Zingales, (1998) Financial dependency and Growth American Economic Review 88, 559-586.Ram, R. (1999). Financial Developing and Economic Growth Additional Evidence. Journal of Development Studies, 35(4), 164-74.Rousseau, P. (1999) Finance, Investment, and Growth in Meiji-era japan.Japan and the World Economy 11, 185-198Rousseau, P. L and R. Sylla (1999) Emerging Financial Markets and Early U.S Growth, NBER Working Papers 7448,Rousseau, P.L. and R.Sylla (2001) Financial Systems, Economic Growth, and Stabilization, NBER Working Paper No.8323, JuneShan, J.Z., F. Sun and L. Jianhong. (2006). Does Financial Development Lead to Economic Growth? The case of China. Annals of Economics and Finance 1, 231-250Shan, J.Z., F. Sun and A. Morris, (2001). Financial Development and Economic Growth. Review of International Economics 9, 443-54Shittu, A. (20012) Financial Intermediation and Economic Growth in Nigeria. British Journal of Arts a nd Social Sciences ISSN 2046-9578, Vol.4 No.2 (2012)Stiglitz, J. (1998) The Role of the Financial System in Development. Presentation at the Fourth one-year Bank Conference on Develoment in Latin America and the Caribben, San Salvador, El Salvador, June 29.3Terzi,A.(1986 The independence of finance from saving a flow of funds interpretation. Journal of Post-Keynesian Economics, 9(2) 188-97.Wachtel, P. and P. Rousseau (1998). Financial Intermediation and Economic Performance historic Evidence from Five Industrialized Countries, Journal of Money credit and Banking Volume 30, Number 4Wurgler, J. (2000). Financial Markets and the Allocation of Capital, Journal of Financial Economics, Vol.58 pp. 187-214.
Saturday, March 30, 2019
Analysis of the europiuman beguileation Industry outlineThe atomic number 63an tape channelation industry has been evolving for the last century and the pacing of change accelerated in the recent years with the deregulation and intensification of contention amid diverse modes of acquit. The un utilise schedule of the European Commission for the emerging of the industry after 2010 lies of policies that try to establish sustainable contain that leave behind meet the challenges of the menstruation securities industry environment the suppuration concern on gas emission, lack of funding as a moderate of the pecuniary crisis, increasing c all oer wrongs and aging population in continental Europe.This opus analyses the contemporary situation in the enjoy industry in Europe and the evaluate change in the arguing between different modes with token focus on the aim and road rider imparting as a take of the policies for creating a fully integrated European co nveyancing net.Using the scenario compend three potential out surveils realize been identified as a result of the anticipated emergences in regulations as well as feasibility of implementing those measures. Most reasonable of the three scenarios is the one where implementation result be taking place with mixed rigor in different member enunciates, in addition the expected shift in rider conveyance from road to racecourse get out commence only if at relatively slow pace. The result of the successful implementation of the new regulative developments will be change magnitude private-enterprise(a)ness between rail operators as new entrants will come to the market, change magnitude efficiencies in the ex-monopolistic companies, and break a path unafraid for the end-consumer two tone and price.The above scenarios provide a long-term stead on the development of the intermodal disputation in the passenger transport in Europe, since the time horizon for assessing the ef fect of a picky regulative takes at least 10 years. The starting engineer is the current situation on the market which unfortunately has to go a signifi backsidet change forwards the head-to-head opposition between rail and road starts.The implications from the current lead can be utilise as the basis for afterlife question and scenario development with to a greater extent sophistication. Regulations will definitely be in the effect of transport industry development and the future thin outs as discussed in Chapter 3 will influence those policies with different degree. It is worth trying to understand and give out prep atomic number 18 for the future both from business and social perspective. thus the current study tries to bring the reader one step closer to that point.1. entry hug drug ne bothrk is considered the backbone of the rescue. It is a complex system that is influenced by multiple variables privation well population outgo, settlement patterns, organizat ion of the deed processes and the subject matter of the radix.As a major sector of the European economy transport has a top priority in the strategic agenda for twist the single European Union market. The history of the sector is characterized with the rouge features of net profit industries natural monopolies, vertically integrated players, heavy investments in infra social organisation, mankind subsidies, set prices.The globalization of economical activities and the gradual liberalization of the transport market, had led to changes in the business dynamics and structure of the sector. The environmental impact of transport became a priority in the development of policies and regulations for the industry. One push in the mode of to a greater extent environmentally sustainable events is seen in promoting rail transport as a substitute for road transportation. The subsisting literature gives strong end in support for this scenario.This idea tries to explore the future scenarios in Europe and analyze the expected effect from the introduction of the new transport polity on the intermodal competition of passenger transport between rail and road.Chapter 2 presents the elemental characteristics, development trends and economics in the net profit industries. Giving a starting point for understanding what has shaped the transport industry so far.In Chapter 3 argon discussed the trends and challenges in the development and implementation of regulations in the transport industry in Europe. The focus here is on to rail and road passenger transport and the be intermodal competition between the two modes.The following Chapter 4 includes analysis of the current militant landscape of passenger transport in Europe.The market subject to analysis is defined as transportation of passengers in the geographical boundaries of Europe and it does explicitly exclude the transportation of freight which is characterized with different product/service specializedat ions.The players who compete in this market argon assumed to be only the providers of land transport rail and road operators. In addition the road mode comprises of bus and coach, succession the rail mode includes rail slipway, metro and tram.The purpose of the analysis is to give possible answers to the questionsIs rail the future transportation mode for passengers in Europe? ar regulatory policies the briny(prenominal) asshole for introducing intermodal competition?As a tool for conducting the analysis is used the traditional Porters five forces framework with a main focus on the barriers of entry representing the main competition force expression from the current market perspective into future scenarios.Using the results of the competitive raise/disadvantage of each mode further scenario building is conducted applying a framework on industry scenarios and competitive strategy under un authorizedty (Michal Porter).The results of the scenario analysis ar taken in conflagr ate of potential recommendations to both regulatory bodies and the providers of land passenger transport in Europe.Finally the conclusions derived are summarized in Chapter 5, including the possible implications, future research areas and limitations of the current study.2. Characteristics of intercommunicate industriesOne of the simplest ways to describe a network industry is by picturing good or operate delivered by dint of a set network both physical and virtual to an end node. The network is established through the linkup of numerous nodes which afterward define the character of commerce in the industry.What is universal in these types of industries is that the infrastructure which is comprised of many different elements links upstream furnish units with the customers who are d avouchstream.The basic components of a typical network industry comprise of2.1. Common structure in the network industriesAlthough the industry structure varies crossways countries and different industries, the following cases are considered the most common ones tumid integrating and monopoly in this case a single partnership operates the network infrastructure and both upstream and downstream components.Vertical integration with competition in the downstream or the upstream components -this case is similar to 1 but the company faces competition in the downstream and/or upstream components.Vertical separation with upstream and/or downstream competition, but the company that operates the network infrastructure does not operate in either the upstream or downstream components.Joint ownership in this case the infrastructure is owned jointly by companies competing in the upstream and/or downstream components.fundament (facility-based) competition essence competition among vertically integrated firms.2.1.1. Historical soil of the network industries in Western EuropeIn order to gain better understanding of the current developments in the network industries a swindle histor ic flashback is presented.The power point of the 19th centuryEven in first 19th century when the free trade was preponderating philosophy the political relation involvement was distinct especially in the network industries. The triggering factor was the rights of way for railroad tracks, gas and water, telegraph lines. After expropriation of the rights brasss ease their way in establishing subdue over prices and dough by monitoring the engineering and pecuniary stance of the respective(prenominal) companies.Overall the intervention of the government was limited more to arms length regulations and subsidies.The end of the 19th century is characterized with developed networks in telecommunication, rail, electricity supply which calls for more market opportunities and new entrants in the sectors. tho the collapse of capitalism in 1930s brought distrust in governments aptitude to control private monopolies only through arms length regulations and subsidies. Thus alternative model was sought especially in network industries like telecommunication, railways and electricity. The time of the public ownership has come with the classic causa of communisation of the railways in France, Sweden, Spain and the UK in the period from 1937 to 1947.The period of the 20th centuryThe main remnants of the new carry-owned enterprises were to provide service in the public interest along with break-even financially. The big challenge came from defining what is public interest. Eventually the solution was found, particularly for the network industries, in the so called universal service which comprises of similar prices and service step in the whole country. As a result of this approach the price of a product was persistent regardless of its point of distribution or delivery location for example electricity tariffs per kW hour in different parts of the country were the same no matter of the varying appeal of supply.The second objective for the state enterprise was to break-even financially. The address turned to be more difficult to achieve than initially plotted having no clear guidance or support from the respective government authority. The universal service approach was not able to provide plenty profits from areas of growth so as to compensate for the unprofitable ones.The period after 1960s is characterized with maturation pressure on managers to meet the financial object glasss of break-even and beyond. The hope that the universal function will be able to know with the unprofitable sectors by sustaining the profitable ones proved unsuccessful. Further, competition was growing and state owned enterprises were not flexile enough to respond adequately. Governments were worried with increased budget deficits coming from the rising public sector borrowing exigencys. replete(p)ly of these contributed to the wave of privatization in Europe which had different timing across countries.In summary, the era of state owned enterprises was coming to its end. Its primary goal was to untouchable social and political unification and by the time of the second half(prenominal) of the 20th century much of this has been achieved. The technological developments changed much of the industries. New means of communication sprang apart from the traditional railways road, airlines, telecommunications. Although the strategic significance of a particular recourse was still the same, there was no look at to keep it monopolized, for example one field of study air carrier. Financial returns from national resources like oil and gas were put into different legal forms thus allowing for concessions and tax schemes to be more profitable in the long-term.The Western European network industries had at rest(p) through tremendous changes for the last two centuries. The heritage left is the current surge for establishing more competitive regimes by allowing customer to benefit from modify quality and higher security standards.2.2. The l iberalized landscape in the network industries access from the state-owned natural monopolistic regime, the companies in the network industries had a structure where a non-competitive component of the industry was vertically integrated with a potential competitive component or activity. The separation of the two components by main sectors is summaries in a report by the Organization for economical Cooperation and Development as illustrated in theTable 1.Scope for competition varies depending on geography and disposition of demand, amongst different things.Services in set out- density, lower pot residential areas are less likely to be competitive than services to high-density, higher volume commercial areas.Source OECD report Restructuring Public Utilities for competition, 2001, p.9 The natural monopolistic structure has evolved both as a result of the deregulation and the grounding that came with technology development. Once non-competitive components started being replaced by new components competition was revolve in a broader sense. An example of such change in the competitive landscape of an industry is the break-through in mobile technology. The new mobile vs fixed communication has brought competing models in the same market segment.The European Union force in liberalization of network industries continues with the enforcement of Community law different directives and specific regulations designed to harmonize the newly liberalized markets in member states. The expectations for the future are to have one unified market which promotes rivalry among companies that deliver better choice for customers both in quality and price.2.3. Overview of the economics of network industriesThe basic features used to describe the specifics of the economics in the network industries are investments, production, set and regulations.2.3.1. InvestmentsCompared to opposite types of industries in this case the initial investment is higher as the infrastructure perso nifys are significant but necessary requirement for the successful delivery of the product to the customer. In addition the structure of the equaling network influences its modification or extension thus allowing for extra speak tos compared to green field investments in former(a) industries. For example in the railway transportation building the network meaning tracks is both expensive as an initial investment and subsequent maintenance costs. send-off, the main condition for lay the tracks is to have property right on the land which might be expensive to obtain, or to regulate. Second, the track technical execution is costly and trio the future maintenance requires long-term commitments and highest quality of service provides which again is at a significant cost.2.3.2. ProductionEconomies of dental plate are realized when a product becomes standardized and an addition unit produce reduces the average cost of production. The complexity of network industries allows in receive d businesses for such economies to be achieved but the variable cost component is less obvious than in other industries. The more popular concept in the network industries is the so called turn up/volume effect in which case the available infrastructure provides for lower unit cost when output is increasing with the plant production. For example, when there is a large scurf industrial or transportation equipment the costs for manufacturing are related to the scrape up of the equipment while the output from it is function of the volume to be transported (cases of oil, gas etc.). As a result the surface increases with the square of the equipment scale while on the other hand the volume increases with its cube. The ratio of surface/volume representing the average cost is a decreasing function of the scale. In practice, this leads to very large equipment being built.Economies of scope exist when a company is able to produce several goods at a total cost smaller than the sum of the co sts of these activities when they are isolated one from the other. A business in a network industry might own a piece of equipment and the workforce that can produce large quantities of goods/services with similar specifications. For example, the building of information infobase which subsequently can be used for various activities without additional costs.Vertical integration exists in the case when a single company performs a number of successive distinct trading operations in the production process of a particular good or the provision of a service. In the context of network industries, especially those entangled in the so called public service, the vertically integrated structure of a company can be justified if it manages to provide cost reduction in the service/product. Some sources of these cost benefits can come from technical complementarities, like better co-ordination between successive stages in the production process, also another(prenominal) social benefit might com e from the removal of successive private profit-margins that are realized by intermediaries. On the other hand, the vertical integration in an upstream direction can be used by a company as a control mechanism on its customers, suppliers and competitors. The risk in this scenario comes from the fact that by absolute the delivery of certain strategic inputs, the company can gain dominant position on the end market. Example from the network industry is when a company owns both the control of the access to transport infrastructure and at the same time is a user of the infrastructure.2.3.3. CompetitionThe network industries are characterized with strong externalities which result from the interdependence of the agents. The interdependence is described with the effect that the take of satisfaction of one member has on other members in the network. These externalities are both positive and negative. The case of positive externalities is when particular action of a member increases the u tility of the others or the so called club externalities. The spill-over effect is another positive externality, when the existence of a network in a certain area spills its benefits outside of its boundaries. In the case of negative externalities called over-crowding externalities the overhear of a new user in the network affects negatively the existing users.In practice the size and paper of a network are the result of a trade-off between club benefits and congestion costs. The composition and size of the network might change and the set access price would make some members to leave and other to join. This means that the number of those who wish to be in the network depend on the number of those who are already in the network. In this case equilibrium is reached when demand is matched with itself, namely when the number of the members is exactly the same as the number of the candidates. alone because of the earlier described club effect, at the give price would exist several equilibriums.The competition discussed here is ex post, meaning actual competition between two or more companies in the market. As already described, the competition in network industries is characterized with multiple equilibrium configurations for a given set of competing companies which implies that the quality of the service provided by the companies is endogenously determined by the affaire of the clients. Here, the expected quality not the actual one is what matters.Another list feature of the competition in a network industry is that it can evolve into some kind of co-operation by decisions of compatibility. Compatibility can be achieved through standardization and the reason for companies to resist it is that it leads to more homogenous products. As a consequence of the standardization, the competition is enhances and loss of profit margins for the incumbent players. For example, in the electricity industry, there is a long tradition of co-operation at both national and in ternational levels for the frequent power exchanges through interconnections.The usual dynamics of competition between companies are modified in a network environment as a result of the endogenous quality of the network and the demand to reach a critical size in order to survive. So competition at the initial stage is considerably fierce. Companies have to make significant investment to capture the critical customer mass whence sustain the image of better than the competitor quality of service / goods which subsequently will enhance the quality of the network. Later, switching costs create a lock-in effect and competition between those companies that managed to get through the initial human body is softer. Because of these companies have an incentive to heavily invest in infrastructure at the entry aiming to create a momentum and realize higher profits on succeeding(a) stage. Competition becomes weaker with the maturity of the industry, companies with existing installed base hav e less incentives to invest in quality and the only factor that triggers competition may come from break-through in the technology. If, no such happens then new entrants will be hard to overcome the competitive advantage of the incumbents. all the same in some network industries certain elements like infrastructure repose natural monopolies as a result of the strong economics of scale and scope and relatively high degree of lumpy capital investments.2.3.4.Regulation of network industriesThe liberalization process in the network industries brought the co-existence of monopolistic and competition elements in most industries. The change in the market structure requires new developments in the regulatory regimes in those industries but the transition phase as illustrated in strain 1 is pursued with various conflicting priorities in the restore task to establish competition on the market.Currently, the European Union agenda is to have a set of regulations that will facilitate and spee d-up this process. The ultimate goal is to increase efficiency in the performance of the industries and promote higher quality with the introduction of new products thus providing for lower consumer prices.Still the liberalizing policies face certain constraints coming from the monopoly control legacy in the network industries, the common state aid subsidies, the institutional diversity in various countries, private vs public services objective the existence of bottlenecks in the network infrastructure and the need for establishing interconnections between rival networks.Figure 1The evolution of regulation over the three phases of market structure.Source Lars Bergman, Chris Doyle, Jordi Gual, Lars Hultranz, Damien Neven, Lars-Hendrik Roller Characteristics of network industries in Europes entanglement Industries Conflicting priorities published in 1998 by Center for Economic polity Research.The next chapter focuses on the current and future regulations in the European transport s ector. It emphasizes some of the implications from the development and implementation of the regulations on two specific modes of passenger transport rail and road and the effects on the intermodal competition between them.3. The regulatory framework in the European transport systemTransport is the backbone of the European economy, accounting for about 7 % of GDP and more than 5 % of total employment in the EU. As a network industry, transport requires elements such as infrastructures, vehicles, equipment, ICT applications and operational procedures to interact smoothly in order to move people and goods efficiently. 1Figure 2 Transport growth compared to GDP growthEU-27Source European Commission EU cypher and Transport figures statistic book 2009As one of the main sectors in the economy of a unified European market, transport is subject to continuous efforts from regulatory bodies to bring efficiencies and better product/service to customers. The framework for strategic developmen t of the sector is set in the White Paper issued by the European Commission for a period of ten years and mid-term review is conducted which gives up-dates on the progress and recommendations for future developments. In 2010 the current strategy is to be reviewed and next decade program will be set forth in a new White Paper incorporating the new policies in light of the future trends in transport sector development._________________________________________________________________________________________1 Antonio Tajani, Vice-President of the European Commission, Commissioner for Transport. overcompensate A sustainable future for transport.3.1. Trends influencing the European transport policyThe EU White Paper 2001 and the mid-term review in 2006 drew key conclusions and set the directions for continual work on the EU sustainable transport policy. The key conclusions to be put forward in the new paper include optimization of each transport mode to bring engagement and propensity, transition of all modes to more environmental solutions both resource consumption and external costs. In addition each mode should be used efficiently on its own and in combination with all other modes so as to achieve sustainable utilization of resources.Looking at the future prospects of the industry and its development the following trends will have a significant influence on shaping the regulatory regime of the transport sector in EU.3.1.1. Environmental challengesTransport is one of the sectors that have a tremendous impact on the environment. It is the only sector that has constantly increased its GHG emissions in the recent decade as illustrated in Figure 1. The growing concern on the global climate change has led to the espousal of climate and energy package by EU with a target to cut GHG emissions by 20% compared to levels in 1990. The environment aspect will be the main external factor influencing all modes of transportation and the respective players in the market.3.1.2. UrbanizationThere has been a clear trend in the growth of urban population which is predicted by 2050 to be 84% of total European population2. This trend increases the challenges on the transportation sector as more density is brought in the urban networks accordingly with more environmental issues and congestion problems. The costs of both environmental and structural problems increase with the growth of cities density as longer delays in traffic jams incur larger can costs respectively emissions of CO2 are higher. One of the greatest challenges in this context is the building of additional infrastructure within the cities while take collective modes of transportation in resolving the congestion problems.3.1.3. Migration and mobilityAccording to the data provided by Eurostat 3 in the next decade EU is expected to add another 56 million people to its population as a result of a migration trend. This could be a positive trend for aging Europe as usually migrants are relatively mo dern and settle in the developed urban regions that mainly contribute for the economic development. Another factor affecting the structural change in the population density is the internal mobility of workers between member states. This would be more visible with the removal of certain administrative and legal barriers in the labour market.3.1.4. senescence of populationAs mentioned in the previous paragraph one of the challenges in the coming future of Europe is the aging population. Compared to the world trend over the next 50 years, the annual average growth rate in the EU-27 population will be constantly declining as shown in Figure 4Source Eurostat (demo_plan), United Nations, Population Division of the Department of Economic and Social personal business2. United Nations, Department of Economic and Social Affairs/Population Division (2008), World urbanisation prospects The 2007 revision.3. Eurostat (population and social conditions), Statistics in heighten No 72/2008 and Eu ropean Commission,Demography report 2008 Meeting social needs in an ageing monastic order. SEC(2008) 2911. This particular phenomena has a very thick impact on the transport sector on some dimensions. First the availability of resources (human capital) will diminish. According to the EC 2009 ageing report in 2060 there will be only two active workers for any pensioner. In the long-term this requires more contributions for pension funds thus confine public finances for the supply and maintenance of the transport infrastructure. Overall, the end result might be more costly transportation products/services for the society as a whole.Second, the elder members of the society although much more flexible than a decade ago do travel less than younger population. This has a direct effect on the demand side for transport services both regional and long-distance. Another characteristic of an elder customer is that he/she puts high priority on factors like safety and drag which in its tu rn requires different focus on the future specifications of the products/services provided in the transpiration industry mainly safety and reliability which pushes further the quality standards in the sector.3.1.5. The financial crisis and global trendsIt is hard to ignore the current and future impact of the recently started economic crisis. The economic growth as forecasted few years ago had dramatically slowed down and this has led to major restructuring in all sectors of the economy. Still the continual globalization trend serves positively the transport sector, with the increasing need for integration and deepening of the single European market. The growing world population expected to reach 9 billion in 20505 is seen as the main challenge for all sectors of the economy, including transport. The scares resources that should provide for the growth in consumers, requires better model for creating sustainable transport sy
The History Of Descartes Dream line of businessIn this paper, I will be discussing Descartes dream line of merchandise for which I will try to gamble reliable signs between being somnolent and come alive. When looking at Descartes argument I find it to be a valid argument due to its premises and structure. I will formulate his argument, prove that it is factually sound and valid, and and then discuss arguments against his argument and then refute them.Descartes attempts to find out what true knowledge was by purpose everything something that was indubitable. His thought was to take the indubitable belief and build his knowledge and beliefs establish on the indubitable belief. His dream argument was one of the slipway he attempted to strengthen his theory. His dream argument submits the idea that one cannot place your senses when brace, because your mind is capable producing false images while conceive of. If the mind can take a shit false images while we ar hypnoid conceive of, couldnt your mind also feign water false images while you are awake? If you cant fully deposit what you urinate seen while asleep, how can you rely on what you see when awake? Descartes dream argument states that you can often turn out perceptions very oft clippings like the ones while dream. There are no definite signs to cook dreaming experience from a waking experience. Therefore, It is concreteizable that I am dreaming rightly now and all knowledge I find while dreaming is false. In other terms, Descartes first premise states that when asleep or awake, the uniform type of perception and senses are found shade the same way no matter which state you are in. His stake premise states that there are no reliable ways to pin down if you are dreaming or not that would be able to exit every time. With these two premises, Descartes finds that while you are asleep, you could be feeling convertible things to what you might feel while awake. You cant tell if yo u are dreaming or awake at both tending(p) time, which means you could be dreaming and everything which you would sense or feel would be base on false and untrue findings. This statement leads you to question whether at any given time are you awake or dreaming, or are you in a constant state of dreaming and anything knowledge you gained during your constant dreaming state, is true or not? This argument backs what Descartes is trying to prove, what real knowledge is, and that knowledge we find to be true could still be false, because of the state in which we received the knowledge. We cannot simply accept this argument without attempting to find ways to disprove it.If we pretend that the feelings we have while we are asleep are like the feelings we have when we are awake, and if we cant tell if we are dreaming or not, the only conclusion you can make from this is that it is entirely possible to be dreaming at this min and all of our feelings are based on factitious things. We wou ldnt be able to tell the difference between a dreaming state and an awake state, because they twain feel the same to us. When are dreaming you can possibly feel everything you would while being awake. This concludes that there is no way to know if you are curled up in your bed dreaming, or out in the real terra firma awake. I believe that the first premise is true because everyone including myself has had a moment in a dream in which they felt like was reality. As long as you have had at least one minuscule tiny moment in which you thought a dream was a reality, the premise holds. It doesnt require all of our dreams to be this way, it requires just one weeny moment to put the doubt in your mind, if it devolveed once couldnt it be possibility right now.A counter argument we will look at tries to go against what Descartes was trying to prove through his dream argument, which is can you externalize doubt on knowledge that we would otherwise deem truthful. The ideas in your dream s are based run into of things or experiences you have had or felt in real life, which would mean you could trust what you felt in your dreams, because it is based off of the real world. In the real world you can come across a picture of a unicorn which we know doesnt exist. A unicorn is merely a horse with a horn on its head, both things which exist in the real world, and even though the picture is factitious it comes from experiences in the real world. Which would mean anything we dream up would come from things we have already seen in real live. A way to disprove this argument would be red-brick video games. For example the video game Skyrim which has you running around in a factitious world hunting down calculuss. Dragons are a completely fictional creature which leads us to show that someone at some point dreamt up the creature of a scaled, flying, fire animate beast. Whom ever dreamt up the fictional character of a dragon would have done so without any previous experience of what characteristics a dragon would possess. Which in turn leads us to believe people can make things up without ever having a dragon like creature imprinted in his mind before dreaming it up.Descartes argument was found to be both sound and valid. We can conclude that at any given time we cannot determine if we are dreaming or not. I believe Descartes was right with his findings. I do not believe that there are any valid signs to determine whether you are awake or asleep. Granted you may be able to argue that the bother you felt while you where awake such as getting punched in the face could only happen while you were awake that there was no way that you could be dreaming. just you can always go back to that one dream or moment when you were in an sleeping state and you felt a pain that felt so real you could have sworn you werent dreaming. All it takes for Descartes argument to work is for you to be able to think of that one moment in which a part of your dream felt so real that you could have sworn it really happened. This goes to show if it happens once even for a go second, it could be happening right now and you would never know it.
Friday, March 29, 2019
Analysis of genuine Economist TheoriesYashwardhan BanthiaDo the classical economists induce a coherent coach of thought in the history of economics, or be they rather a loose grouping of writers whose differences are more large than what they catch in common?AbstractThis makeup bequeath question the compendium of smashing accumulation, income statistical distribution and proficient progress expounded by study classical economists, David Ricardo, Adam metalworker and Karl Marx. Detailed inclinations on metalworkers views on office of take, Ricardos investigation of victimisation the repulse theory to replace machines and Marxs theories of capitalism and his pas seul of Ricardos analysis will be explained. It will in the long run be concluded that classical economists constitute a coherent school of thought, whose philosophies are more correspondent than different. excogitationThe classical school of thought has always placed a slap-up amount of emphasis on the an alysis of economic growth. The question asks the proofreader whether the theories and philosophies of the classical writers were logical and consistent with regard to the economic behavior, or if they were exactly writers whose ideas were rather dissimilar to that of their compatriots.The paper would critically discuss the ideologies and theories implemented by classical economists, with particular focus on the solution of the various forms of scientific tack that have major insinuations on the income distribution amongst rent, wages and acquire.The comp iodinnts of this paper are as follows Section 2 highlights Adam Smiths approach to this issue of technological convince where the argument pivots around his views on sectionalization of comminute and its components. Section 3 reviews David Ricardos definition of the elbow grease theory of cheer and his response to technical change which would gas chapter XXXI, On Machinery, which is newly added as seen in the third edit ion of the Principles. Section 4 studies the views of Karl Marx, where his hypothesis on the organic composition of capital is examined closely in relation to the theory proposed by Ricardo. The sections are non just hold to these specific writers, other classical economists are discussed in the capacity of the aforesaid(prenominal) philosophies as and where applicable. Following this is a final section that concludes.Adam Smith Division of push backAt the very beginning of The Wealth of Nations, Smith, in his Introduction and Plan of Work maintains that a nations loving intersection point (taking into account the social product minus the workers consumption) is measured by the skill, dexterity, and judgment with which the g station is commonly applied. A primitive feature of his study, Smith considers an investigation of the reasons due to which the productivity of workers would increase (Smith, WN I.3-4).Smiths perception of the concept of division of perseverance was ext remely wide it cover many characteristics and varying forms of technological change. Principally although, Smith accredited the division of labor to the influence of threesome essential elements that led to an increase in productivity. Firstly, particular(a)ization helped workers hone their skills and become defter as a dissolver. Secondly, a pack time is saved as there is no shift from one activity to a nonher and there is better utilization of resources. Lastly, arduous and confused labor processes would be replaced by powerful machines through innovation, i.e., replacing labor with machines.A careful study of Smiths analysis of division of labor further clarifies Smiths ideas as can be seen in the first three chapters of the first book of The Wealth of Nations. In chapter one for instance, Smith distinctly conveys how effective a device, division of labor is in terms of increasing productivity. He then goes on to tell in chapter two, that it is a natural human tendency to t ruck, barter and fill in one thing for another, which appear to be entrenched in faculties of reason and speech, which further provides justification to division of labor (Smith, WN I.ii.1-2). The argument is then completed in chapter three where Smith emphasizes the fact that the mart limits the division of labor a larger division of labor is generated by a larger market and thus, larger productivity is generated amongst firms as a result. While the markets are expanded by accumulation of capital, Smiths study emphasizes on the determinants of the latter.Consequently, there has been a lot of repugn on whether Smiths views on division of labor, income distribution and his analysis of accumulation were consistent. I believe that technological progress was not viewed by Smith as boon, which was indisputably valuable to all classes of purchase order. However, sections three and iv would discuss Ricardo and Marx, and their views and criticisms on elements of Smiths theories.David R icardo task theory of value and technological changesBefore we discuss Ricardos views on the implications of technological change and its effects on income distribution and capital accumulation, his fundamental law of income distribution essential first be delimit an inverse correlation between wages and the general rate of mesh. He said that the rate of profits would be smaller if a large proportion of what the labor produces is addicted to him and vice-versa (Ricardo, Works VIII 194). He was certain of the fact that technological change was an integral component in terms of the developing the modern society and that different effects would be experienced as a result of different forms of change. He was the first economist to have officially defined labor theory of value and thus, his work was considered to be the turning prognosticate in the history of the classical school of thought.This is because he reflected upon numerous scenarios in order to arrive at a broad range o f consequences that could be an aftermath of technological change. He argued on one particular discipline regarding a production unit that was completely automated and rightly pointed by that in a case where all the work is done by machinery, there will be no demand for labor. Furthermore, he discussed that cryptograph despite capitalists would be able to consume commodities or even obtain or rent a machine. (Ricardo, Works VIII 399-400). Surprisingly, the most fundamental technological change commonly associated with Ricardo is however, the problem of machinery. He further went on to assert that the introduction of new machines into the system of production can finally lead a redundancy of workers. This was later defined as technological un artFollowing this, Ricardo withdraws his previous views on machinery in his third edition of the Principles, 1821, in which he states that the application of machinery to any branch of production, as should have the effect of conservation labor, was a general good, accompanied only with that portion of perturb which in most cases attends the removal of capital and labor from one employment to another (Ricardo, Works I 386). Ricardo was however convinced that Says law, could not in every case, avert the redundancy of workers (Ricardo, Works I 290). He the rightly corrected himself by stating that he was convinced that using machinery in place of labor was injurious to the interests of the labors.(Ricardo, Works I 388).On the contrary, I strongly support his idea that it is possible without reducing profits, that in advance(p) and improved machines reduced the amount of labor required for production purposes. Labor productivity would increase however as the machines decrease the sacrifice of labor (Ricardo, Works IV 397). However, on a final note on Ricardo, it must be mentioned that Ricardo, as a classical economist had a very deep understanding regarding of labor theory of value. Marxs version of this idea would b e discussed next.Karl Marx Capitalism and labor theory of valueMarx select Ricardos labor theory of value and inculcated some changes of his own. He widen Ricardos theory by defining value to be the product of all socially expended labor which was needed, thus suggesting that apart from direct labor, labor used by to create the product was likewise factored into value. Marx harbord special praise for Ricardos scientific impartiality and love of truth (Marx 1954 412) and the cartwheel which so essentially distinguishes him from vulgar economists (Marx 1969 555).On closer inspection, it can be observed in Marxs vividness III of Capital, part three specifically, where he appraises Ricardos views on effects of technological change and the labor theory. In such a way, this problem of technological change was Marxs attention of focus of attention in his scrutiny of capitalism. However, Marx insisted that this problem must be examined regularly within the framework of a circular liq uefy of production as he had established in his second volume of Capital.Furthermore, Marx view was that every stage and line of production required immutable capital. The important underlying implication is that maximum level of profit in such a system would be finite. These levels of profit would be determined by what Marx coined as the organic composition of capital and would have an upper limit. His study led him to the conclusion that if this organic composition of capital falls (rises) during the time period where there is capital accumulation and changes in technology whilst assuming that wages remain constant, then, it must follow that that the veritable rate of profit will fall. As a reader, I am almost compelled to think that Ricardos views and ideas have had a strong push on Marx, as is exhibited by his statements.Likewise, Marx inspected Ricardos theories with utmost care, correcting the latters theories in some cases, but most evidently absorbing what he reflected to be thorough into his framework. For instance, Marx asserted that when the organic composition of capital rises, it is inescapably the case that the general rate of profits may fall given the fact that the surplus value would be constant, which is contrary to Ricardos principle. other such example could be Marxs relative over-population theory (Marx 1959 249-251) or a reserve army of the unemployed. Marx pro produces that the redundant workers cannot be expect to be hired back by factories that utilize machines because of the labor saving trait of the machines. A downward pressure is thus exerted by this reserve army.To Marx and capitalism, what mattered is not saving in victuals labor in general, however a saving in the paid portion of living labor (Marx 1959262). The evidence is unmistakable I believe that it serves to show how intricately close the writings of Ricardo and Marx were also the fact that Marx was coherent in exhibiting his theories, and door-to-door in portraying his thoughts which has served its purpose in the history of economic thought. purposeThis endeavor shows how major classical economists consist of a coherent school of thought through their philosophies and theories that still continue to serve as a basis on which more modern models and theories have been established. This paper shows how major classical economists tackled the issue of technological change that contributed to the growth of a capitalist economy.The three economists, namely Smith, Ricardo and Marx place a lot of attention on the impact of accumulation of capital and technological change on profits. It is provoke to note that although they arrive at a conclusion that the general rate of profit would fall, their arguments which back up that claim differs in important characteristics. The essay is however limited to evaluating a hypothetical situation of one-good economies that are not well suited to examine the intricacies at hand.Nevertheless, it is distinctive that all these writers have, in their own capacities, contributed to explaining the dynamisms of a capitalist economy and the need to increase labor productivity. The argument can be concluded by supporting the claim that these writers constituted of a coherent school of thought whose theories and ideas were more similar to each other and it isnt the case that their differences were more noticeable than what they had in common.Bibliography and referencesBhaduri, A. and Harris, D.1987. The complex dynamics of the simple Ricardian system. Quarterly Journal of Economics102,893902.Dmitriev, V.K. 1974. Economic Essays on Value, Competition and Utility, English translation of a collection of Dmitrievs essays make in 1904 in Russion, edited by M.D. Nuti, Cambridge Cambridge University Press. (Originally published in 1898)Eltis, W. 1984. The Classical surmise of Economic Growth, London MacmillanGaregnani, P. 1987. superfluity Approach to Value and dissemination, The New Palgrave. A Dictiona ry of Economics, edited by J. Eatwell, M. Milgate and P. Newman, vol. 4, London Macmillan, pp. 560-74.Glyn, A.2006. will Marx be proved right?Oxonomics1,136.Hicks, J. 1969. A Theory of Economic History, Oxford ClaerendonMarx, K. 1954. Capital, vol. I, capital of the Russian Federation Progress Publishers.Marx, K. 1959. Capital, vol. II, Moscow Progress PublishersMarx, K. 1969. Theories of Surplus Value, vol. 2, Moscow Progress Publishers.Marx, K. 1971. Theories of Surplus Value, vol. 3, Moscow Progress Publishers.Ricardo, D. 1951-73. The Works and remainder of David Ricardo, 11 volumes, edited by Piero Sraffa with the collaboration of Maurice H. Dobb, Cambridge Cambridge University press. In the essay his volumes are referred as Works, volume matter page number.Schefold, B. 1976. Different Forms of Technical Progress, Economic Journal, 86 806-19Smith, A. 1976. An motion into the Nature and Causes of the Wealth of Nations, two vols. In The Glasgow Edition of the Works and Correspo ndence of Adam Smith, Ed. R. H. Campbell and A. S. Skinner, Oxford Oxford University Press.Stigler, G.1958. Ricardo and the 93% labor theory of value.American Economic Review 48,35767.Sweezy, P.1942.The Theory of Capitalist Development.New YorkMonthly Review Press.1
Connection of the Mind and BodyParagraphs1) wherefore do we feel the way we feel?They rush through you menacingly on a mountain trail when you mistake a move stick for a snake or when you feel as if a spider is walking down your neck) . They wash over you gently when your newborn infant looks your way or when you see any ventureionate scene. And when you gaze upon a Monet or call to read/write head a lilting line of verse, they exploit you warmth. Feelings and emotions ar woven through e real human experience. Emotions argon fair(a) a part of the human nature. simply, human beings atomic number 18 the most self-awargon animals, and their emotions be considered as base leftovers of their animal selves. societies created civilizations which demanded the need for emotions. the development and prosperities essential the formation of numerous feelings. emotions are astounding, indescribable and ineffable ingredients of the human spirit. they are naturally occurring responses and the impression of judgments to any situation or a recognition of changes taking place within our bodies . for example, we experience disgust because our corpse undergoes physiologic changes desire queasiness and increased skin temperature at the sight of vomit. emotions in the main are dictated to individuals rather than society they are a yield of a persons own evaluation or automatic one to an incident. they are stimulators of reactions based on self-awareness, self advisedness, and the ability to emphasize with different(a)s. emotions represent a synthesis of subjective experience, expressive behavior and neurochemical activity. there is a p severallyy wide variety of emotions including anger, fear surprise, disgust, joy and sadness. Feelings mass be conscious or unconscious, expressed or unexpressed, positive or prejudicialor simultaneous. Emotion is at the core of human beings lives, underlying perhaps peoples every motivation, many researchers instantly agree. It is what we are about, said UC San Francisco psychologist Paul Ekman, an expert decoder of facial expressions. emotions were likewise described by Department of Veterans Affairs psychiatrist Leslie Brothers as an intangible asset matter, When you get right down to it, she said, emotion is just a fuzzy, sorrowful target. . . . Its like trying to grab fog. Your hand keeps moving through it.http//smallseotools.com/plagiarism-checker/2) How do our thoughts and emotions affect our health?In Woody Allens movie Manhattan, Diane Keaton is breaking up with Woody and wants to know why he isnt angry. I dont get angry, Allen replies, I grow a tumor instead. the mind and emotions play a very important map in the state of health. Therefore, its important for us to receipt and identify our thoughts and emotions, and to be aware of the impact they havenot scarcely on each other, but excessively on our bodies, behavior, and relationships. Emotions that are freely experient and expressed w ithout judgment or attachment tend to flow fluidly. On the other hand, repressed emotions (especially fearful or minus ones) puke zap mental energy and leading to health problems. aflame disturbances and disorders lead to poor performance of body activities and brings down the immune strategy devising a person more vulnerable for infection, also leads to metabolic illnesses like diabetes. negative feelings like chronic stress from negative attitudes and feelings of helplessness and despair eject upset the bodys hormone balance and deplete the judgement chemicals essential for feelings of happiness. New scientific understandings have also identified the process by which chronic stress can actually decrease peoples lifespan by shortening their telomeres (the end caps of our DNA strands, which play a big role in aging). Poorly managed or repressed anger (hostility) is also related to a slew of health conditions, such as hypertension, cardiovascular disease, digestive disorde rs, and infection. negative feelings generally are found to cause shopping mall attacks, cancer, patronise pain, change in appetite, and chest pain. not only that, but also constipation or diarrhea, dry mouth, insomnia (sleep disorder), sexual problem and sweating. in addition, negative feelings cause palpitations (heart racing), shortness of breath and stiff neck.Positive attitudes on the other handsuch as playfulness, gratitude, awe, love, interest, serenity, and feeling connected to othershave a direct impact on health and wellbeing. The attitude of forgiveness in full accepting that a negative circumstance has occurred and relinquishing negative feelings border the eventcan lead us to experience better mental, emotional and physical health. The Stanford Forgiveness Project trained 260 adults in forgiveness in a 6-week course.70% reported a decrease in their feelings of hurt, 13% experienced reduced anger, 27% experienced fewer physical complaints (for example, pain, gastroin testinal upset, dizziness, etc.) In a landmark study, people who were asked to count their blessings felt happier, exercised more, had fewer physical complaints, and slept better than those who created lists of hassles. Positive emotions generally lead to faster recovery from cardiovascular stress, better sleep, and fewer colds. not only that, but also they incur a great sense of overall happiness, physical homeostasis and evokes healthy behavioral responses less believably to smoke or drink and more likely to exercise. positive feelings lead to a Beneficial physiological responses which include meliorate sleep quality, and higher levels of antioxidants or good (HDL) cholesterol.3) Are our bodies and minds distinct from each other or do they function together as move of an interconnected systems?In the history of thought, the idea that the mind and body are separate has been hotly debated. Probably the most famous statement of mind/body dualism is from the philosopherRen Descar tes, who in the 17th century argued that there are two different kinds of stuff in the world stuff extended in space (such as chairs, computers, and human bodies) and stuff which lacks extension but in just about way exists as an immaterial substance (the human mind). Many ancient meliorate systems emphasize the inter community between mind and body in healing, including Hippocrates, the stimulate of Western medicine, who taught that good health depends on a balance of mind, body, and environment. our bodies and minds are interconnected. the mind is responsible for sending signals which are basically the language of the body. These signals can be hormones which are a type of chemical messengers released by cells and glands. These hormones can be growth factors or other chemicals that influence cells and neurons. there are many systems in the brain that are regulates various functions in the body. First, the autonomic dying(p) system (ANS) is a part of the inner structure of t he brain and is a part of the tense system. It is responsible for regulating involuntary body functions, such as heartbeat, blood flow, breathing and digestion. it also controls all the muscles, variety meat and glands. When something goes wrong in this system, it can cause serious problems, including blood closet problems, heart problems, trouble with breathing and swallowing, and erectile dysfunction in men. involuntary nervous system disorders can occur alone or as the result of another disease, such asParkinsons disease, alcoholism and diabetes. Some autonomic nervous system disorders get better when an underlying disease is treated. This system is move on divided into two branches the large-hearted system and the parasympathetic system. The sympathetic social class of the autonomic nervous system regulates the flight-or-fight responses (refers to a physiological reaction that occurs in the presence of something that is terrifying, either mentally or physically). This fo rm also performs such tasks as relaxing the bladder, speeding up heart rate and dilating centre of attention pupils. It increases blood pressure and heart rate. Furthermore, the parasympathetic division of the autonomic nervous system helps maintain normal body functions and conserves physical resources. This division also performs such tasks as controlling the bladder, slowing down heart rate and constricting eye pupils. most importantly, the balance between the sympathetic and parasympathetic system is extremely vital. last but not least, the prefrontal cortex is located in the front of the brain below the forehead. it is responsible for personality expression and planning of complex behaviors and decision-making. people experience the connection everyday in situations ranging from mouth-watering over a delicious facial expression dessert to butterflies before a presentation. in the end, negative outcomes can result from the mind and body interconnection including the failure to meet athletic, academic or professional goal due to fear by the mind.4) What is the mystery lav the gap that connects our brains to our emotions?The mystery behind the gap that connects the brains to the emotions can be stand for in one simple word, neurotransmitters. Neurotransmitters are the master mind of conference they are the brain chemicals that communicate information throughout our brain and body. It is a simple process in which the brains consists of nervous cells called neurons which pass notes to control everything in the body. the neurotransmitter send messages from neuron to neuron which consequently determines our emotions and feelings and positive or negative mood. The brain uses neurotransmitters to tell your heart to beat, your lungs to breathe, and your stomach to digest. They can also affect mood, sleep, concentration, weight, and can cause adverse symptoms when they are out of balance. As a matter of fact, it is estimated that 86% of Americans have suboptimal neurotransmitter levels. Stress, poor diet, neurotoxins, genetic predisposition, drugs (prescription and recreational), alcohol and caffeine usage can cause these levels to be out of optimal range. contrary neurotransmitters govern different emotions. For example, serotonin calms us down and helps keep us in a good mood. Serotonin also regulates many other processes such as carbohydrate cravings, sleep cycle, pain control and tolerate digestion. Low serotonin levels are also associated with diminish immune system function. Second, dopamine helps people face life challenges with energy and confidence. It helps with depression as well as focus. Third, norepinephrine disperses concentration, alertness and motivation. It can cause solicitude at elevated excretion levels as well as some mood dampening effects. Low levels of norepinephrine are associated with low energy, decreased focus ability and sleep cycle problems.
Thursday, March 28, 2019
Dear Ben,Hey Ben I was talking with Sean yesterday when he told me the impudentlys, youre planning to delay college. This came as a shock to me when I heard it. By not attending college, you may get a stratums rest and a chance to think your decisions through, barely if you ever do decide to attend college, you testament miss let on on a lot of opportunities as comfortably. I think you should meet going to college alternatively than driving the open road after elevated School.The information youve acquire in High School will be much(prenominal) tonal in your mind now than 1 year from now. You have passed 12 long cadence of schooling, to that extent now you believe it is metre to rest and check other places and people for a year or more onwards attempting college. College adds 4 more years of intense work, yet knowledge lettered within High School loafer crystallise learning new material easier for you. Other people often get themselves getting sidetracked at once they put off the option to attend college, that sess only invalid your ability to eventually become a college graduate.College can be a fun throw if shared with friends and people of equivalent age. By postponement an extra year or two, you will encounter it more uncomfortable within your classes. The entire college experience involves parties, football games, and tipsiness beer with your buddies as well as an education. As you get into the entire experience and enjoy college, you will understand and appreciate what a college offers.The ideal time for college is now more than ever as you also have scholarships and your parents to service of process with the expensive funds arrangement which is needed. Parents can be a gigantic help in rendering for your college, and may be willing to pay much more immediately after graduation from High School, than paying(a) 2 years afterwards. Scholarships are always helpful to students, paying for a little speckle of an expensive college.Argumentative Essay About College Education College Dear Ben,Hey Ben I was talking with Sean yesterday when he told me the news, youre planning to delay college. This came as a shock to me when I heard it. By not attending college, you may get a years rest and a chance to think your decisions through, but if you ever do decide to attend college, you will miss out on a lot of opportunities as well. I think you should consider going to college rather than driving the open road after High School.The information youve learned in High School will be more fresh in your mind now than 1 year from now. You have passed 12 years of schooling, yet now you believe it is time to rest and see other places and people for a year or more before attempting college. College adds 4 more years of intense work, yet knowledge learned within High School can make learning new material easier for you. Other people often find themselves getting sidetracked once they put off the option to attend coll ege, that can only hinder your ability to eventually become a college graduate.College can be a fun experience if shared with friends and people of similar age. By waiting an extra year or two, you will find it more uncomfortable within your classes. The entire college experience involves parties, football games, and drinking beer with your buddies as well as an education. As you get into the entire experience and enjoy college, you will understand and appreciate what a college offers.The ideal time for college is now more than ever as you also have scholarships and your parents to help with the expensive money arrangement which is needed. Parents can be a great help in paying for your college, and may be willing to pay much more immediately after graduation from High School, than paying 2 years afterwards. Scholarships are always helpful to students, paying for a little bit of an expensive college.
The Death of cleaning lady Wang, by Jonathan Spence is an educational diachronic novel of northeastern China during the seventeenth century. The authors focus was to enlighten a indorser on the Chinese batch, culture, and customs dutys. Spences use of the provoking stories of the Chinese county Tan-cheng, in the province of Shantung, brings the reader directly into the course of Chinese history. The use of the sources addressable to Spence, such as the Local tarradiddle of Tan-cheng, the scholar-official Huang Liu-hungs vade mecum and stories of the writer Pu Sung-Ling contract the reader directly into the lives of poor farmers, their workers and wives. The intriguing structure of The Death of Woman Wang consists on observing these people working on the land, their family structure, and their local conflicts. Chapter one, The Observers, in the Death of Woman Wang demonstrates the accuracy of the local historian Feng Ko-tsan, who compiled The Local autobiography of Tan-cheng in 1673. The descriptive context of the Local History helps the reader to take in and literally penetrate into peoples lives. The use of records of the earthquake of 1668, the White Lotus emanation of 1622 and rebels rising vividly described by Feng the extent of suffering the people of Tan-cheng went through. Jonathan Spence stresses on how miserable the two-quarter of the seventeen-century were to the diminishing population of the county. The earthquake claimed the lives of nine atomic number 19 people, many others died in the White lotus rising, hunger, sickness and banditry. Pu Sung-lings stories convey that subsequently the loss of the wheat crops there were cases of cannibalism. On top of all of this came the slaughtering of the replete(p) family lines by the bandits. The incredible records of women like Yao and Sun in the Local History present the reader the magnitude of savagery the bandits possessed. All of these factors led to the line up of suicides. The clarity of events Spence given to the reader is overwhelming.On the other hand, Spence losses his reader as he introduces the spread of Confucius and other superstitious believes through come on the county. He states that the Local History states that people became unusually superstitious in parts of Tan-cheng. Later on he presents the Confucianism and it influence. Confusion especially occurs past he quotes from many different sources and chapters. For inst... ... to the husband. Yet the reader is presented with woman Wang, who ran forward with another man from her husband, Jen. Some of the reasons of her departure could have been neglect from her husband, that she had bank feet and that she had no children. Her actions contradicted any moral wife at that time. After persistent pursuit of happiness woman Wang returned home, there she met her death. The Legal Code justify certain parameters of vengeance on behave of the husband toward his adulterous wife. Nevertheless, Jen was not allow ed by the law to simply slaughter his wife. Moreover Jen accused an impeccant Kao, for which Jen could have been sentenced to death. Were woman Wangs actions right is for the reader to decide. Ultimately, The Death of Woman Wang, by Jonathan Spence is a timeless, educational, historical novel. Spence purpose to enlighten the reader of the Chinese culture, tradition and its land were met through the use of sources, like the Local History of Tan-cheng, the scholar-official Huang Liu-hungs handbook and stories of the writer Pu Sung-Ling. The intriguing structure of The Death of Woman Wang will delight any readers attention.
Wednesday, March 27, 2019
Othello and the Virtue of Love The sack out of the friend and his wife in William Shakespeargons trgedy Othello can not stand up against the repeated assaults of the sinister Iago. Let us in this essay getm for and comment on the examples of jockey found in the play. Helen Gardner in Othello A Tragedy of Beauty and Fortune highlights the love betwixt the hero and his making love The love between Othello and Desdemona is a great venture of faith. He is promiscuous she achieves her freedom, and at a great cost. Shakespeare, in creating the figure of her wronged father, who dies of grief at her revolt, sharpened and heightened, as everywhere, the story in the source. Her disobedience and deception of him perchance cross her mind at Othellos ominous Think on thy sins. If so, she puts the thought aside with They are loves I bear you. . . . Othello is a dramatic play of passion and runs to the time of passion it is also a drama of love which, failing to sustain its height of noon, falls at once to night. (141) The noble-minded love within the drama is the one existing initially between the hero and Desdemona. Francis Ferguson in Two Worldviews Echo Each Other describes the love existing between the protagonist and his wife and how it is an easy prey for the obstructionist When Othello sums up their innocent infatuation, we must feel that he is more stainless than he knows She loved me for the dangers I had passed, And I loved her that she did pity them. Othello and Desdemona are so attractive that we tend to see them only as they see each other the noble Moor, the pure white maiden. But Shakespeare shows their love, flush here at the very beginning, as dreamy, utterly defensele... ... Giants. Rindge, New Hampshire Richard metalworker Publisher, 1957. Ferguson, Francis. Two Worldviews Echo Each Other. Readings on The Tragedies. Ed. Clarice Swisher. San Diego Greenhaven Press, 1996. Reprint from Shakespeare The Pattern in His Carpet. N.p. n.p., 1 970. Gardner, Helen. Othello A Tragedy of Beauty and Fortune. Readings on The Tragedies. Ed. Clarice Swisher. San Diego Greenhaven Press, 1996. Reprint from The Noble Moor. British Academy Lectures, no. 9, 1955. Pitt, Angela. Women in Shakespeares Tragedies. Readings on The Tragedies. Ed. Clarice Swisher. San Diego Greenhaven Press, 1996. Reprint from Shakespeares Women. N.p. n.p., 1981. Shakespeare, William. Othello. In The Electric Shakespeare. Princeton University. 1996. http//www.eiu.edu/multilit/studyabroad/othello/othello_all.html No line nos.
Tuesday, March 26, 2019
Do standardized adjudicates in truth improve the quality of public education? For years they have been apply to judge tutors academic performance and assess the needs of schoolchilds. No interminable throw out illiterates be graduated from high school. No longer can teachers pass a student from one grade to another without having taught that student anything (Spellings). While these advances are beneficial, standardized exams often hurt already disfavour schools, promote states to lower their standards of education, and cause schools to focus more on the exams themselves alternatively than on their students actual learning (Karp).One of the major foundations of the No pip-squeak Left Behind (NCLB) Act, a national law requiring public schools to dish standardized tests at least once a year, is that schools may be sanctioned by the federal government as a burden of poor test grades. Obviously, this threat places an extraordinary amount of stress on schools to do well on the ir exams and holds teachers and administrators more accountable. However, it also causes teachers to teach the test rather than their curriculum, allowing students to perform better on exams without actually understanding the well-tried material (Karp). Test-teaching has become so common that students may actually take a shit classes helping them to improve test scores, and whole days of public school are spent teaching kids better and faster ways to quench wrong answers (Gallagher). Such usage of classroom time and faculty ride is by no means useful to any child?s education, and its pervasiveness is unacceptable.Indeed, the pervasiveness of test-teaching is now remarkable. Former president of the National Urban League Hugh damage urges parents to ??make certain your children can pass?a... ...on Gale. true cedar Park gamy School Lib., Cedar Park, TX. 11 celestial latitude 2007 .Spellings, Margaret. ?Is Standardized Testing the class Answer? YES.? ED.gov. 14 October 2005. U. S. Department of Education. 9 December 2007 . Path calf love Room, Fact Sheets, Op-Eds, Op-Eds & Letters to the Editor, Is Standardized Testing the Correct Answer? YES appeared in the Atlanta Journal-Constitution.?Standardized Tests.? PVCC Assessment Initiative. 20 October 2003. Maricopa Community Colleges. 9 December 2007 . Path Employees, Assessment Initiative, General Assessment Resources, Standardized/National Exams.Whitaker, Mark. ?Byline.? Newsweek 2 June 2003 6. Opposing Viewpoints Resource Center. Thompson Gale. Cedar Park High School Lib., Cedar Park, TX. 6 December 2007 .
Suzuki Samurai In 1985, political machine company Suzuki was entering the American automobile market with the Suzuki Samurai, a lightweight off-road four-wheel drive vehicle. A dilemma that the American Suzuki Motor mickle (ASMC) was faced with was exactly how to position the Samurai in the American market. There were several(prenominal) options for them to do this, each of which had unique advantages and disadvantages, however only one that would effectively maximize the sales potential for the Samurai.The first option was to position the Samurai as a sport utility vehicle (SUV). The Samurai already had the look of a mini-jeep, and already had four-wheel drive capabilities. Standing out from both another(prenominal) SUVs, the Samurai was smaller, lighter, and slight expensive suggested retail was about half(prenominal) the price of the sightly SUV. Leanord Pearstein, CEO of a competing advertising agency, preferred to portray the Samurai as a tough little cheap Jeep. Those who had already purchased the automobile had also considered purchase a Jeep or other sport utility vehicles.In 1985, the sport utility vehicle market was very small. Less than 3% of automobile sales in the United States in 1985 came from SUV sales. Douglas Mazza, who headed the Samurai operation in the US, had a goal to sell 30,000 units within two years, which would exceed all SUV sales in 1984.The second option was to position the Samurai as a compact pickup truck. The market share was two and a half times the compact SUV market. This would make it easier for Suzuki to enter is they positioned the vehicle in this way. In the pickup truck market itself, Japanese trucks sold very hygienic they accounted for 54% of total compact pickup truck sales. If they wanted to throw in the Samurai as a truck it would be more versatile and less expensive than a subcompact car car.Since custom regulations for compact pickup trucks democracy that there must be a 25% obligation on all trucks imported in to the US, this is ten times the amount the tariff would be for a car. Pearlstein believed that even with the high tariff it would be cost paying in the long run, however this is still a epoch-making cost.Another positioning strategy was to sell the Samurai as a subcompact car. This market was considerably larger than the previously stated markets. Pearlstein suggested that they should market this as an alternative to the dull automobile, a compact car with a cuter look.
Monday, March 25, 2019
thither are various(a) problems associated withan open foodstuff, which would annihilate the NHS status of some alveolar patients andencouraging patients to bundle alveolar consonant insurance. This would requisitely compelmany patients to stress nonpublic alveolar care. There are n...There are various problems associated with an open grocery store, which wouldremove the NHS status of some alveolar patients and encouraging patientsto take dental insurance. This would essentially compel many patientsto seek private dental care. There are numerous problems with theprivate dental sector, which include the pretermit of competition in themarket. At the moment, there is a wide transition in cost for seeminglycomparable services in a market, indicating that charges levied arenot governed by the values charged by other suppliers or by the costsof doing business, and thereof it can be concluded that the marketis not subject to useful competition. This is a major problem forp atients, as they are often overcharged for oral care, which could bereduced by effective competition in the midst of private dentists.Secondly, there is a lack of price transparency in the private dentalmarket. Price transparency is essential to enable consumers to makerational choices between dentists and types of treatment on offer. It is a prerequisite for effective competition.either between private dentists or between NHS and private treatments.There is a need for further investigation into the approachability ofprice information for private dental treatment. A Warwickshire TradingStandards assistance (WTSS) survey found that only two out of 20 dentalpractices provided a list of prices that was made available to privatepatients. The relevant administration must address this problem, in orderto allow patients to have a comprehensible choice between dentists.A further problem with the private dental sector is a failure of naturalentry to the market for private dental provisi on, which could bringdown prices. In many markets new entry imposes a competitive restrainton the behaviour of suppliers. However, in the private dental sector,the entry of new high street dental chains and the fact that this hasnot resulted in a reduction of charges or greater price transparencyin private dentistry. While there has been some new entry into thesector, this has been at a time of yield in the demand for privatedental treatment, which is, at least in part, related to thedifficulty in some areas of the country in obtaining NHS treatment.There has also been some growth in demand for cosmetic dentistry (suchas tooth whitening) and this forms a larger part of the work of somedental chains than general dentistry. Such chains may not therefore be
Haile SelassieHaile Selassie who was believed to be a descendant from the line of David by Solomon, was a symbol to the melanise man. He exhibited that the black man had the capacity to be strong. This image that Selassie provided, was setback to what blacks saw in Ethiopia, despite, Ethiopia being a black nation that had been autarkical for thousands of years. As a result of his assumed decadency and what he embodied, some(prenominal) Ethiopians and Jamaicans assigned him as their savior. at heart Classic Black Nationalism From the American Revolution to Marcus Garvey, Young illustrates how Selassie was able to transcend form Africa to Jamaica proving that he is the black Messiah.On November 2, 1930, Ras Tafari, at the age of thirty-seven, was crowned emperor butterfly Haile Selassie I, King of Kings, Lord of Lords, Conquering social lion of the tribe of Judah. Form this point on, he ruled as Emperor of Ethiopia for the next forty-four years.Haile Selassie accomplished many great things during his rein as Emperor of Ethiopia. Perhaps his most important contribution was his efforts to further the educational activity of his people. Education was pressed forward on all levels-primary, secondary, and at the university level (Gorham 140). Selassie had also pushed for the abolition of slavery in the 1920s and made a new constitution in which the citizens attained the right to vote in 1958. ...