Reinforcement Theory-Reinforcement Theory is one of the most Essay

Fortification Theory-Reinforcement Theory is one of the most misjudged of the Decisional Process Theories - Essay Example Subsequently, the objective of this paper is to illuminate the administrators or mentors on the right utilization of fortification hypothesis on a few decisional process speculations that they can utilize fortify their representatives in event, for example, inspiration. Support hypothesis alludes to a social development by controlling the results of conduct and is accomplished through control. A chief or mentor can have the option to impact the conduct of workers in an association by changing the outcome of their conduct. Fortification can be intended to address, rouse, rebuff or terminated employee’s conduct an activity known as conduct adjustment. For instance, while rectifying a conduct of a representative by evacuating horrendous conduct in employee’s negative support is applied. Inspiration is done to expand the recurrence of lovely conduct by following pleasurable outcome, for example, advancement to next higher evaluation. This is uplifting feedback. Also, elimination support is reasonable to diminish the recurrence of horrendous conduct of workers by evacuating the outcome. In conclusion, discipline by presenting moment outcome on the unsavory conduct done by representatives is fitting to diminish the recurrence of such practic es (Stephen 83).A director has an exceptionally incredible impact to the conduct of the workers and by perceiving an individual’s physical and scholarly limit with respect to each representative to perform different mental and physical undertakings in a particular activity. For instance, setting workers in understanding to their specialization during the division of work. This will assist with boosting demeanor of representatives towards work subsequently giving the best to the association. Additionally, trough ought to maintain character of each specialist in the association is regarding their qualities and convictions as it will assist with accomplishing the objectives of an association (Bartlett 7-8). Support hypothesis ought to depict how the association and workers correspond to give a solid

History of the 1960 Olympics in Rome, Italy

History of the 1960 Olympics in Rome, Italy The 1960 Olympic Games (otherwise called the XVII Olympiad) were held in Rome, Italy from August 25 to September 11, 1960. There were numerous firsts at these Olympics, including the first to be broadcast, the first to have the Olympic Anthem, and the first to have an Olympic boss run in exposed feet.â Quick Facts Official Who Opened the Games: Italian President Giovanni GronchiPerson Who Lit the Olympic Flame: Italian track athlete Giancarlo PerisNumber of Athletes:â 5,338â (611 ladies, 4,727 men)Number of Countries:â 83 Number of Events:â 150 A Wish Fulfilled After the 1904 Olympics were held in St. Louis, Missouri, the dad of the cutting edge Olympic Games, Pierre de Coubertin, wished to have the Olympics facilitated in Rome: I wanted Rome simply because I needed Olympism, after its arrival from the journey to utilitarian America, to wear by and by the extravagant frock, woven of workmanship and reasoning, in which I had for a long while been itching to dress her.* The International Olympic Committee (IOC) concurred and picked Rome, Italy to have the 1908 Olympics. Be that as it may, when Mt. Vesuvius emitted on April 7, 1906, murdering 100 individuals and covering close by towns, Rome passed the Olympics to London. It was to take an additional 54 years until the Olympics would at long last be held in Italy. Antiquated and Modern Locations Holding the Olympics in Italy brought together the blend of old and present day that Coubertin had so wanted. The Basilica of Maxentius and the Baths of Caracalla were reestablished to have the wrestling and gymnastic occasions separately, while an Olympic Stadium and a Sports Palace were worked for the Games. First and Last The 1960 Olympic Games were the primary Olympics to be completely secured by TV. It was likewise the first run through the recently picked Olympic Anthem, created by Spiros Samaras, was played. Nonetheless, the 1960 Olympics were the last that South Africa was permitted to take an interest in for a long time. (When politically-sanctioned racial segregation finished, South Africa was permitted to rejoin the Olympic Games in 1992.) Astonishing Stories Abebe Bikila of Ethiopia shockingly won the gold award in the long distance race - with exposed feet. (Video) Bikila was the absolute first dark African to turn into an Olympic victor. Curiously, Bikila won the gold again in 1964, however that time, he wore shoes.â US competitor Cassius Clay, later known as Muhammad Ali, stood out as truly newsworthy when he won a gold award in light heavyweight boxing. He was to go on to a renowned boxing profession, in the long run being called, the Greatest.â Conceived rashly and afterward stricken with polio as a little youngster, U.S. African-American sprinter Wilma Rudolph defeated here handicaps and proceeded to win three gold awards at this Olympic Games. A Future King and Queen Participated Greeces Princess Sofia (the future sovereign of Spain) and her sibling, Prince Constantine (the future and last ruler of Greece), both spoke to Greece at the 1960 Olympics in cruising. Sovereign Constantine won a gold award in cruising, mythical serpent class. A Controversy Shockingly, there was a decision issue on the 100-meter free-form swim. John Devitt (Australia) and Lance Larson (United States) had been in a dead heat during the last portion of the race. In spite of the fact that the two of them completed at about a similar time, the greater part of the crowd, the games journalists, and the swimmers themselves trusted Larson (U.S.) had won. In any case, the three appointed authorities decided that Devitt (Australia) had won. Despite the fact that the official occasions demonstrated a quicker time for Larson than for Devitt, the decision held. * Pierre de Coubertin as cited in Allen Guttmann, The Olympics: A History of the Modern Games (Chicago: University of Illinois Press, 1992) 28.

5 Most Popular Books of the Month January, 2017

5 Most Popular Books of the Month January, 2017 We love to geek out with stats, and what could be better than using them to see which books Book Riot readers were most interested in? Below are the five most-purchased titles from the previous month. 1.  What We Do Now edited by Dennis Johnson and Valerie Merians Turning on the news sends my anxiety skyrocketing and my hope plummeting. When I picked up What We Do Now, I didn’t expect that hope to be rekindled â€" yet here we are. What We Do Now is an essay collection from dozens of politically involved people, including the heads of ACLU and various activist organizations, talking not only about what has happened in the political world, but what they’re doing to fight it, and what you can do to help. It’s incredibly hopeful to see people organized and ready for action with a concrete plan. A must-read for anybody who needs a rekindled spirit. â€" Nicole Brinkley, Riot Round-Up: Best Books We Read in January 2. Bitch Planet by Kelly Sue DeConnick and Val De Landro Fed up with sexist depictions of women in comics, Trina Robbins created  Wimmen’s Comix,  a comics anthology by women, for women. Today, women everywhere have been inspired to embrace noncompliance because of Kelly Sue DeConnick and Valentine De Landro’s  Bitch Planet.  Comics for those who are woman enough to smash  the patriarchy. Steph Auteri, If You Loved This Feminist Book, Read That One 3.  Freedom Is a Constant Struggle: Ferguson, Palestine, and the Foundations of a Movement by Angela Y. Davis Davis’ essays, speeches, and criticisms are newly collected in this compendium and focus on fighting an oppressive and violent state. From the publisher: “Reflecting on the importance of black feminism, intersectionality, and prison abolitionism for today’s struggles, Davis discusses the legacies of previous liberation struggles, from the Black Freedom Movement to the South African anti-Apartheid movement. She highlights connections and analyzes today’s struggles against state terror, from Ferguson to Palestine.” As this new era under a Trump administration dawns, Davis’ words are more necessary than ever. Rachel Manwill, 7 Books to Read if You Cant Attend the Womens March on Washington 4.  Difficult Women by Roxane Gay   Y’ALL. DO I EVEN NEED TO SAY ANYTHING ELSE. Are you already buying this? You should be. Susie Rodarme, 9 Small Press Books You Should Read in January 5.  Hidden Figures by Margot Lee Shetterly Listened to this on audio, and it was so good! It’s the story of the black female mathematicians who worked for NASA from World War II until the 1970s, and were responsible for doing the math and research that sent us to the moon. A great read for space nerds, history buffs, and lovers of an untold story. Amanda Nelson, Inbox/Outbox

Examples Of SEO Strategy - 744 Words

Most Effective SEO Strategies In 2017 SEO strategies can make or break the performance of your site. It is important to consistently use the effective strategies in 2017 to get higher rankings and organic presence on the search engines. In this post, check out the most effective SEO strategies that will work in 2017. 1. Mobile Optimization Mobile optimization is the key to success and you can reach the potential customers as they are highly active on their mobile devices. With the mobile first indexing, it is important to have the mobile version of the site to rank higher in the search engines. You can also use the Accelerated Mobile Pages to target the mobile users and get leads or conversions from them. Accelerated Mobile pages consume†¦show more content†¦Your keyword strategy should be based on the intent of the users or the queries they may type to search for the products or services. If you can select the keywords based on user intent, you can appear higher in the search results matching the queries typed by them. Add long tail keywords as the competition is less and you can easily appear higher and show the matching results based on the specific queries your customers are looking. 4. High-Quality Content A high quality and dense content are the King in 2017. The content should be unique, relevant and optimized to provide the strong signals to the search engines to rank it higher in SERPs. User generated content is getting highly popular these days. It is created by the users recommending about your products and services which can earn more trust than the normal content. Try to use long form content of about 2000-2500 words in order to appear higher in the search results. Google prefers to rank the long form content as it thinks that web page is written based on knowledge and research. It also helps in featuring you as a leading expert in your industry. 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Expressing Obligation in Spanish

The verb deber and the verb phrase tener que are the two most common ways of expressing obligation in Spanish, to say that someone has to, should, ought or must do something. They are followed by the infinitive form of the verb. A few examples: Tengo que ayudar en las reparaciones. Debo ayudar en las reparaciones. (I have to help with the repairs.)Tiene que comprar y aà ±adir una nueva tarjeta prepagada de tiempo celular. Debe comprar y aà ±adir una nueva tarjeta prepagada de tiempo celular. (You have to buy and add a new prepaid card for cellphone time.)Tenemos que estudiar la historia de Colombia. Debemos estudiar la historia de Colombia. (We should study the history of Colombia.)Tuvo que irse a trabajar. Debià ³ irse a trabajar. (She had to go to work.) As in the above examples, tener que and deber are usually interchangeable. However, tener que usually expresses a stronger sense of obligation than does deber. Note that tener is conjugated irregularly. Deber, however, is conjugated regularly. The phrase no tener mà ¡s remedio que is one of the most common ways of expressing extremely strong obligation: No tiene mà ¡s remedio que decir la verdad. (He absolutely has to tell the truth.)No me dejas otra alternativa y no tengo mà ¡s remedio que aceptar. (You leave me no other choice, and I must accept.) Using Deber for a Weaker Sense of Obligation A weaker sense of obligation can be expressed by using the conditional form of deber. The conditional forms of deber are especially common in questions.  ¿Por quà © deberà ­a comprar un lavaplatos? (Why do I have to buy a dishwasher?)Deberà ­amos salir. (We need to get going.)Los economistas deberà ­an concentrar su atencià ³n en los desempleados. (The economists should focus their attention on the unemployed.) Using Haber De for a Vague Sense of Obligation A vague sense of obligation can also be expressed by use of haber de, although it isnt used in all areas and can sound stuffy. Example: He de estar a dieta, I need to be on a diet. Sometimes the verb necesitar is also used as equivalent of tener que or deber, although it is less common than the corresponding English verb, to need: Necesito obtener certificacià ³n para trabajar. (I need to get certification in order to work.)Necesitas hablar de lo que te preocupa. (You need to talk about whats worrying you.) Note: It is possible that you will hear native speakers substitute deber de for deber when expressing obligation. However, this use of deber is considered substandard by some grammarians and is probably best avoided by those who are learning the language. (The accepted way to use deber de is to express likelihood. Example: Debe de llover en Managua, its probably raining in Managua.)

The Curious Incident of the Dog in the Night Time Free Essays

The narrator of the book; ‘The curious Incident of the dog in the night-time’ by Mark Haddon, is a kid named Christopher who is born with Asperberg’s syndrome, and therefore he narrates the novel from his point of view which is very interesting because he sees things in a much simpler way than people who do not suffer this mental birth defect. Christopher shows the ‘otherness’ in society because he is living in a social environment that unconsciously discriminates and excludes people that are different. A moment where we can see how Christopher is treated differently is in school. We will write a custom essay sample on The Curious Incident of the Dog in the Night Time or any similar topic only for you Order Now He goes to a school for kids that have mental problems that need special cares. Even though Christopher has this mental dementia, he is a genius in mathematics and physics, and as his school does not count with ‘A’ math classes, Christopher requested them. The school wanted to deprive this kind of education to him because they thought he was not going to endure it and that it was not necessary. But finally, Christopher’s father complained and he was allowed to take those classes. Also, he is discriminated when the police comes to Mrs. Shear’s house and sees him with the dead dog in his arms. The policeman acted alert from the beginning, when he realized that Christopher had a mental problem. He was quickly judged and considered guilty, and any move that he made played against him (the policeman touched him, and as Christopher does not like to be touched, hit him and was accused for attacking the police). He was taken to the police station and ended up with a mark on his personal register. Finally Christopher’s father saved him from being accused as the murderer of Mrs. Shears’s dog. In conclusion, Christopher lives unconscious of how differently he is treated and passes through them without caring. However, many people love him and take care of him. How to cite The Curious Incident of the Dog in the Night Time, Essay examples The Curious Incident of the Dog in the Night Time Free Essays Title: The Curious Incident of the Dog in the Night-Time Author: Mark Haddon Text Type: Murder Mystery The Curious Incident of the Dog in the Night-Time is a murder mystery with an interesting twist. Christopher Boone is the main character and he is a fifteen year old boy with Asperger’s Syndrome. He is a mathematical genius, but he has trouble understanding other people’s emotions. We will write a custom essay sample on The Curious Incident of the Dog in the Night Time or any similar topic only for you Order Now When his neighbours dog is murdered he decides to carry out an investigation to find the murderer, but he ends up discovering a lot that will change his life. This book definitely changed my way of thinking because I used to be slightly reserved towards people with special needs. When I read this book I realised that people with special needs are very capable of lots of ordinary things, they just see the world around them in a different way – Often in a far more simple way. ‘I find people confusing. This is for two main reasons. The first main reason is that people do a lot of talking without using any words’. Christopher. Christopher Boone is a lot more bright then lots of people without autism and it is wrong to assume that autism equals stupidity. I am going to prove that I’m not stupid. Next month I’m going to take my A level in Maths and I’m going to get an A grade’. Christopher. I admire Christopher Boone because he has high aspirations. Throughout the whole novel Christopher kept on striving to achieve his goal of sitting A level maths. ‘I have to go back because I have to sit my maths A level’ Christopher Christopher is very organised and he is superb at keeping things in a nice order. Often this means he will do things in a very logical manner. Lots of teenagers aren’t exactly the most organised (often anything they interact with becomes clutter) so I admire Christopher’s organisational skills. ‘I said that I liked things to be in a nice order’. Christopher. I recommend this book to anyone who is tired of reading books that seem to have the same plot line. This book is refreshingly different-it’s not every day someone finds a book about an autistic boy investigating a dog murder. This book portrayed a clear image in my head of the events in the novel without becoming over descriptive. Because of this I would label this book a rating of 10/10. How to cite The Curious Incident of the Dog in the Night Time, Papers The Curious Incident of the Dog in the Night Time Free Essays Novel Review – The Curious Incident of the Dog in the Night Time Christopher Boone is different from normal kids his age. Rather, he is special. He has what the modern findings call the Asperger’s Syndrome. We will write a custom essay sample on The Curious Incident of the Dog in the Night Time or any similar topic only for you Order Now He has very strong likes and dislikes, such as loathing the color brown and yellow, while loving the color red. He is also gifted with dominant talent in logical thinking and remembering ability which are revealed in his most confident subjects: mathematics and science. As the book opens up, he says â€Å"I know all of the countries of the world and their capital cities, and every prime number up to 7,057. His favorite hobby is being a detective, and he believes that he will make a good astronaut when he grows up. However, Christopher’s major downside among his many capacities is the significant difficulty in interacting with others, which consists of comprehending and understanding people’s emotions. His restricted ability to recognize and grasp human expressions leads to frequent confusions and misunderstandings throughout the story. Although the condition of Christopher was never specified in the novel, the readers can quickly realize it, and are able to experience the creative and unique subject of an autistic teenager being the narrator. Not many people would have imagined an autistic child whose fantasy is to wake up one day and find that he’s the only living person left on the earth to be the narrator of the book. This unique setting by Mark Haddon comes as the different medium of seeing the world, which is very simplistic and logical in a way that makes ‘perfect sense’. Christopher’s carefully ordered world must be maintained, but when the emotions, lies, and intrigue of the adult world disrupt the ‘truth’ he believed in, it greatly confuses, angers, and frustrates him. No matter the saying of ‘constellation Orion’ being the image of a hunter with a club, he insists on distinguishing with the real ‘truth’ which is the scientific facts of the stars. Like so, when Christopher realizes that his family ‘truth’ which he thought was always right for a long time was in fact a lie, he suffers greatly from the confusion and shock. In Christopher’s view, the flaws of the adults around him are shocking and unmoral, but we readers can see that there is more to it than simple honesty in life. Christopher writes this book originally in the purpose of finding who murdered the neighbor’s dog, Wellington. With the help of his teacher, Siobhan, he turns himself into an amateur detective and attempts to solve the mystery. Unfortunately along the way, his searching extends to finding the information which ultimately reveals all the lies in the family. It was very impressive to see the process of Christopher overcoming the chaos and hatred from the lies. His striving for the things which he thinks are right, for example returning to his mother, and accomplishing them was truly an inspiration. The thought of autism may be an extreme, but Christopher’s struggles living the modern world are something we can all relate to. How to cite The Curious Incident of the Dog in the Night Time, Essay examples

Teenage Parents Essays - Stress, Coping, Hans Selye,

Teenage Parents This study aims to determine the stresses and coping strategies encountered by Teenage Parents. Life is a series of choices. Deciding whether to marry, whether to have children, whether to have two careers in one marriage, and whether to view a situation positively are among the more important choices you will ever make in your lifetime. And besides of all this choices, problems may appear and turn to stress that people encounter in daily living. Stress is the "wear and tear" our bodies experience as we adjust to our continually changing environment; it has physical and emotional effects on us and can create positive or negative feelings. As a positive influence, stress can help compel us to action; it can result in a new awareness and an exciting new perspective. As a negative influence, it can result in feelings of distrust, rejection, anger and depression, which in turn can lead to health problems such as headaches, upset stomach, rashes, insomnia, ulcers, high blood pressure, heart disease, and stroke. With the death of loved one, the birth of the child, a job promotion, or a new relationship, we experience stress as we readjust our lives. In so adjusting to different circumstances, stress will help or hinder us depending on how we react to it. Moreover, stress is, of course, an inevitable part of every one's life. Some stress is essential, and some is actually energizing. As a leading researcher said, "complete freedom from stress is death" ( Selye, 1980). On the other hand, early marriage can lead to a couple a number of potential problem. Couple should be aware all the possible difficulties which could lie ahead. There's a lot of problems that may arise in early marriage. Like for instance, the problem of adequate financial support is obvious. Although money does not buy happiness, it is true a tight financial situation can create tensions, which can undermine an otherwise happy relationship. While some financial problems are to be expected in almost any new marriage, it is important to take time to think sensibly, so that such problems will not destroy what could otherwise be a beautiful relationship, if not undertaken prematurely. Money, according to Coleman (1984), ranks as the single most common cause of conflict in marriage. These are conflicts over who earns the money, who spends much on what and who manages the money in terms of paying bills, borrowing and investing. Pietropinto and Siminauer found out that not only is money a major source of conflict in marriage but also that debts are the greatest crisis in marriage (Coleman, 1984). According to Leslie (1980), financial adjustments problems vary over the life cycle. Young married couples generally must start almost from scratch and purchase virtually everything required to run a household. On one income, this is difficult, but on two income, it is easier. This is not to suggest that you will wait about marriage until every possible financial problem has been completely solved, but rather simply suggests that you do not close your eyes to the real situation whatever it may be. Although some newly married couples find it necessary to temporarily make their home with their parents, this is generally not a wise choice unless absolutely necessary and then only for as short a period of time as possible. A second problem which must be faced by those who enter into an early marriage is the problem of personal maturity. While immature and irresponsible actions may sometimes seem funny before marriage, they can become serious pitfalls within the marriage bond. This is one reason why a courtship of at least several months should precede any marriage, since even the most irresponsible and self-centered person put on a good front for a few weeks or months. One of the surest signs of immaturity and irresponsibility in both young men and young women is a lack of willingness to do a reasonable share of work in a consistent, dependable way prior to marriage. When such an indifferent attitude is demonstrated before marriage, you can be sure that it is only likely to become worse after marriage. . A third potential problem to be considered is the problem of growing apart. This simply means that while two young people in their middle teenage years have much in common, that in many cases, our ideals and goals change as we pass the teenage years, to such extent that we may easily find ourselves married for life to a person with whom we will ultimately have very little in common. Perhaps

Zeus - Fast Facts About the Olympian God Zeus

Zeus - Fast Facts About the Olympian God Zeus Name: Greek - Zeus; Roman - JupiterParents: Cronus and RheaFoster Parents: Nymphs in Crete; nursed by AmaltheaSiblings: Hestia, Hera, Demeter, Poseidon, Hades, and Zeus. Zeus was the youngest sibling and also the oldest since he was alive before the regurgitation of the gods by Papa Cronus.Mates: (legion:) Aegina, Alcmena, Antiope, Asteria, Boetis, Calliope, Callisto, Calyce, Carme, Danae, Demeter, Dia, Dino, Dione, Cassiopeia, Elare, Electra, Europa, Eurymedusa, Eurynome, Hera, Himalia, Hora, Hybris, Io, Juturna, Laodamia, Leda, Leto, Lysithoe, Maia, Mnemosyne, Niobe, Nemesis, Othris, Pandora, Persephone, Protogenia, Pyrrha, Selene, Semele, Taygete, Themis, Thyia [from Carlos Paradas list]Wives:  Metis, Themis, HeraChildren: legion, including: Moirai, Horae, Muses, Persephone, Dionysus, Heracles, Apollo, Artemis, Ares, Hebe, Hermes, Athena, Aphrodite Role of Zeus For Humans: Zeus was god of the sky, weather, law ​and order. Zeus presides over oaths, hospitality, and suppliants.For Gods: ​Zeus was king of the gods. He was called the father of gods and men. The gods had to obey him.Canonical Olympian?  Yes. Zeus is one of the canonical Olympians. Jupiter Tonans Zeus is the king of the gods in the Greek pantheon. He and his two brothers split the rule of the world, with Hades becoming king of the Underworld, Poseidon, king of the sea, and Zeus, king of the heavens. Zeus is known as Jupiter among the Romans. In art work depicting Zeus, the king of the gods often appears in altered form. He frequently shows up as an eagle, as when he abducted  Ganymede,  or a bull. One of the main attributes of Jupiter (Zeus) was  as  a thunder god. Jupiter/Zeus sometimes takes on the characteristics of a supreme deity. In  Suppliants, of Aeschylus, Zeus is described as: king of kings, of the happy most happy, of the perfect most perfect power, blessed ZeusSup. 522. Zeus is also described by Aeschylus with the following attributes: the universal fatherfather of gods and menthe universal causethe all-seer and all-doerthe all-wise and all-controllingthe just and the executor of justicetrue and incapable of falsehood. Source:  Bibliotheca sacra Volume 16  (1859). Zeus Courting Ganymede Ganymede is known as the cupbearer of the gods. Ganymede had been a mortal prince of Troy when his great beauty caught the eye of Jupiter/Zeus. When Zeus kidnapped the most beautiful of mortals, the Trojan prince Ganymede, from Mt. Ida (where Paris of Troy was later a shepherd and where Zeus had been raised in safety from his father), Zeus paid Ganymedes father with immortal horses. Ganymedes father was King Tros, the eponymous founder of Troy. Ganymede replaced Hebe as cupbearer for the gods after Hercules married her. Galileo discovered the bright moon of Jupiter which we know of as Ganymede. In Greek mythology, Ganymede was made immortal when Zeus took him to Mt. Olympus, so its appropriate that his name should be given to a bright object that is forever in Jupiters orbit. On Ganymede, from  Vergils Aeneid Book V  (Dryden translation): There Ganymede is wrought with living art,Chasing thro Idas groves the trembling hart:Breathless he seems, yet eager to pursue;When from aloft descends, in open view,The bird of Jove, and, sousing on his prey,With crooked talons bears the boy away.In vain, with lifted hands and gazing eyes,His guards behold him soaring thro the skies,And dogs pursue his flight with imitated cries. Zeus and Danae Danae was the mother of the Greek hero Perseus. She became pregnant by Zeus in the form of a beam of sunlight or a shower of gold. Zeus offspring included  Moirai, Horae, Muses, Persephone, Dionysus, Heracles, Apollo, Artemis, Ares, Hebe, Hermes, Athena, and Aphrodite. Sources Carlos Parada - ZeusTheoi Zeus

How Wasps Build Their Nests From Wood

How Wasps Build Their Nests From Wood Paper wasps, yellowjackets, and bald-faced hornets all make paper nests, though the size, shape, and location of their nests differ. Paper wasps build umbrella-shaped nests suspended underneath eaves and overhangs. Bald-faced hornets construct large, football-shaped nests. Yellowjackets make their nests underground. Regardless of where a wasp builds its nest or what shape the nest is,  the process wasps use to construct their nests is generally the same. Turning Wood Into Paper Wasps are expert paper makers, capable of turning raw wood into sturdy paper homes. A wasp queen uses her mandibles to scrape bits of wood fiber from fences, logs, or even cardboard. She then breaks the wood fibers down in her mouth, using saliva and water to weaken them. The wasp flies to her chosen nest site with a mouth full of soft paper pulp. Construction begins with finding a suitable support for the nest – a window shutter, a tree branch, or a root in the case of subterranean nests. Once she has settled on a suitable location, the queen adds her pulp to the surface of the support. As the wet cellulose fibers dry, they become a strong paper buttress from which she will suspend her nest. The nest itself is comprised of hexagonal cells in which the young will develop. The queen protects the brood cells by building a paper envelope, or cover, around them. The nest expands as the colony grows in number, with new generations of workers constructing new cells as needed. Old wasp nests degrade naturally over the winter months, so each spring new ones must be constructed. Wasps, yellowjackets, and bald-faced hornets dont overwinter. Only the mated queens hibernate during the cold months, and these queens choose the nesting sites and begin the nest building process in spring. Which Wasps Make Nests? The wasp nests we frequently encounter are made by wasps in the family Vespidae. Vespid wasps that construct paper nests include paper wasps (Polistes spp.) and yellowjackets (both  Vespula  spp. and  Dolichovespula  spp.). Although we commonly refer to them as hornets, bald-faced hornets are not true hornets (which are classified in the genus  Vespa). Bald-faced hornets, Dolichovespula maculata, are actually yellowjackets. Controlling Wasps Nests Although paper wasps, yellowjackets, and bald-faced hornets can and will sting if threatened, that doesnt mean you need to destroy every nest you find.  In many cases, you can leave the nests alone. If a family member has a venom allergy, thats certainly a legitimate reason for concern and measures should be taken to minimize the risk of a potentially lethal sting. If wasps located their nest in close proximity to or on a play structure, that can be a concern as well. Use your judgment, but dont assume every wasp nest will put you at risk of being stung. Why should you let a colony of stinging wasps live in your yard? Nest-making social wasps are largely beneficial insects. Paper wasps and bald-faced hornets prey on other insects and play an important role in controlling plant pests. If you eliminate these wasps entirely, you may give garden and landscape pests free reign to destroy your prized ornamentals and vegetables. Many yellowjackets are also entirely predatory and therefore beneficial, but there are a few species that scavenge on carrion or dead insects and also forage on sugars. These are the wasps that cause us trouble because theyll gladly sip your soda and then sting you when you try to swat them away. If scavenging yellowjackets are a problem in your yard, then it might be worth taking measures to prevent wasps from establishing nests.  Problem wasps include: western yellowjackets (Vespula pensylvanica)eastern yellowjackets (Vespula maculifrons)common yellowjackets (Vespula vulgaris)southern yellowjackets (Vespula squamosa)German yellowjackets (Vespula germanica) - introduced to North America Resources and Further Reading Cranshaw, Whitney, and Richard Redak. Bugs Rule!: an Introduction to the World of Insects. Princeton University, 2013.Gullan, P. J., and P. S. Cranston. The Insects: an Outline of Entomology. 4th ed., Wiley Blackwell, 2010.Jacobs, Steve. â€Å"Baldfaced Hornet.† Department of Entomology (Penn State University), Pennsylvania State University, Feb. 2015.

Topic of Interest Related to Business Law Essay

Topic of Interest Related to Business Law - Essay Example An agreement, which creates or has the intention to create a legal obligation, is a contract (Bays., 1920). Capacity to enter into a contract is the legal capability to enter into a contract. This means that an adult who is of sound mind can enter into a contract. Minors, mentally incapable persons and those who are drunk do not have the capacity to enter into a contract. Law says that when people enter into a contract then they should have the ability to know and understand the terms of a contract (Beatty, & Samuelson, 2006). Offer and acceptance according to law is meeting of the minds or 'concurrence of wills' or 'ad idem'. Normally for a contract to be effective must have an offer and an acceptance of that offer. The vital characteristics of a contract are that a person makes an offer with another accepting it. Offer and acceptance need not be always expressed orally or in writing, it can be implied also. The term of a contract if not expressed in words is an implied contract. If obligations are only forced on one party by virtue of acceptance to perform then such contracts are known as unilateral contracts. This was enunciated in the case of Carlill v. Carbolic Smoke Ball Co. (McKendrick, 2005) Consideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. ... 4. Consideration Consideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. Consideration is the price, which one has to pay for the promise of another. Consideration can be in the form of money, property, the doing of an act, or even refraining from doing an act and a promise. It means that if one accords to do something he was not otherwise legally compelled to do, then it means that he has given consideration. For instance, "Jack agrees to sell his car to Jill for $100. Jill's payment of $100 (or her promise to do so) is the consideration for Jack's promise to give Jill the car" (William Theophilus, 1912). Classification of Contracts For the sake of analysis, contracts can be classified in many different ways. The most general classifications of contracts are; "express" and "implied" contracts; "void" and "voidable" contracts; and "enforceable" and "unenforceable" contracts. Express and Implied Contracts If the terms of a contract are stated clearly, then such contracts are known as Express contracts. Express contracts may be written or oral. For instance when a valid offer is acknowledged, then it means that an express contract has been created. Implied contracts are generally referred to as "implied in fact." If the specifics of the transaction is not directly negotiated but are make know by the behavior of the parties then such contracts are implied. For example making an appointment with a repairman to have a broken washing machine fixed is an implied contract (http://law.jrank.org/pages/12504/ Contract-Law.html#ixzz0Uy1JwCUw accessed on October 25, 2009). The expression "implied in fact" is used to differentiate implicit arrangement from an

Economics Essay Example | Topics and Well Written Essays - 1500 words - 1

Economics - Essay Example Marshallian utility analysis is based on the assumption that utility is measurable and indifference curve analysis is based on the assumption that the consumer is able to tell his preferences among the various alternative combinations of the two commodities. These assumptions seem to be unrealistic and revealed preference theory is free from these unrealistic assumptions and it seeks to enunciate the demand from observed market behaviour of the consumer. The theory is based on the fact that ‘choice reveals preference’. 2. Critical Analysis of the Neo Classical consumption theories of Marshallian Utility analysis and Hicksian Indifference analysis 1) Unrealistic The Marshallian assumption of cardinal measurement of utility is very restrictive. It demands too much from the human mind. Utility is a mental phenomenon and the precision in the measurement of utility assumed by Marshall is unrealistic. It is criticised that new theory of indifference analysis only jumps from th e frying pan of the difficulty of measuring utility into the fire of the unreality of assuming consumer’s complete knowledge of all his scales of preferences or indifference map. The indifference curve technique envisages a consumer who thinks of innumerable possible combinations of goods and his relative preferences for them. 2) Absurd Indifference curves include even the most ridiculous combinations which may be far removed from a consumer’s habitual combinations. For example, while it may be perfectly sensible to compare whether three pairs of shoes and six shirts would give him as much satisfaction as two pairs of shoes and seven shirts. 3) Introspective Both the approaches of Marshallian Utility analysis and indiffence curve technique are based on the psychological or introspective method. The law of diminishing marginal utility, which is psychological in nature lies at the bottom of law of demand. Indifference curve too is based on introspection. This technique i s criticised as introspective and hence Samuelson introduced behaviourist method of devising demand theory. 4) Relation of Transitivity objected Armstrong has criticised the relation of transitivity involved in indifference curve technique. According to him, the consumer’s indifference arises from his inability to perceive the difference between alternative combinations of goods. This is due to the fact that the difference is too slight to be noticed. If that is true, the relation of indifference become non-trasitive. This knocks the bottom out of the whole system of indifference curve analysis. 5) Limited empirical Nature In Hicks-Allen theory, indifference curves are based on hypothetical experimentation. They are based on imaginary indifference curves, although attempts have been made recently to derive them experimentally. 4. Revealed Preference Theory The theory of Revealed Preference is associated with the name of Paul Samuelson and the theory is called the behaviourist ordinal utility theory. Instead of the unrealistic assumptions that the consumers operate with a complete and consistent scales of preferences set out in the form of indifference curves, most economists now prefer to analyse situations in which their hypothesis can be tested. Both

Link between Household Debt and Savings

Link between Household Debt and Savings Many analysts and business executives are becoming apprehensive with the recent rises in the consumer debt burden, defined as the level of consumer debt relative to ability to repay which may predict an economic growth slowdown. A higher debt reduces the credit worthiness of households who would then experience financial anguish caused by unfavourable economic shock, such as the loss of a job or large uninsured medical expenses. In the event of this situation, they would be less disposed to spend on consumer goods, particularly big ticket items such as automobiles and home computers. Consequently, the reduction in consumer spending would hurt economic growth as firms cut back on the production of consumer goods and laid off workers. Households have spent in excess of income, in part because increased house prices have led to increased household wealth. The rise in house prices reflects an adjustment to sustained low inflation and interest rates, among other factors. However, activity in the housing market cannot be sustained at the pace seen in recent years. As the housing market cools, growth in consumer spending should ease and household saving rise, resulting in a tendency for the current account deficit to fall, everything else equal. The increase in household debt also partly reflects the removal of government controls of the financial system over the past two decades. Based on the results of empirical works of many authors, most studies favour the hypothesis that the causality is from economic growth rate to growth rate of savings. Based on the empirical results, the main conclusion of this study is that income class of a country does play an important role in determining the direction of causality. A rising consumer debt burden also might predict future activities in broad methods of economic activity, such as real gross domestic product. A decline in consumer spending on durable goods would lower real GDP growth because such spending is a large constituent of real GDP. 1.2 Objectives and Organisation of the dissertation Many tests have been carried out by many authors throughout the world to see if there is a link between household debt, household savings and economic growth and hence, analyse its impact on the discussed variables. A panel cross country analysis has been carried out on 25 countries to determine how household savings and debt may act as a deterrent for economic growth. Chapter 2 reviews the literature and empirical evidence pertaining to the works of various authors concerning economic growth, household debt and household savings. The next chapter deals with the review of variables of interest to us, which will be used in the empirical testing part, hence, the household savings as a proportion of disposable income, household debt as a proportion of GDP per capita, growth rate of Real GDP per capita, consumption share of GDP per capita, price level of GDP, investment share of GDP per capita, interest on savings will be scrutinized in the chapter. In Chapter 4, the Haussman tests have been mostly used to predict the impact of these independent and exogenous variables on the dependent variable of economic growth. Finally in Chapter 5, we conclude on the subject and make some policy recommendation and alongside cite some limitations of the work carried out. 2.1 THEORETICAL LITERATURE When there is a positive change in the level of production of a countrys goods and services over a certain point in time, it is referred to as economic growth. It is also influenced by many factors but one of the pinnacles of economic history is the impact household saving and debt has on economic growth. Most working papers and journal articles on cross countries studies assume a positive relationship between household saving and economic growth and an adverse relationship between consumer debt and economic growth. The difference between a households disposable incomes (primarily wages obtained, proceeds of the self-employed and net property returns) and its consumption (spending on products) is known as household saving. When the household saving is divided by household disposable income, the household savings rate is computed. When a household uses more than it obtains as expected income and funds some of the spending through credit (growing debt), through returns coming from the sale of resources, or by making cash and deposits, there is usually a negative savings rate. These discrepancies are fairly due to institutional distinctions between countries. These include the degree to which old-age pensions are financed by government rather than through personal savings, and the level to which governments offer insurance against sickness and unemployment. The age composition of the population is also significant, as the elderly tend to run down financial assets obtained during their working life. This implies that a country with an ageing population will generally have a low household saving rate. The conformist view is that savings contribute to higher investment and hence higher GDP growth in the short run (Bacha, 1990; DeGregorio, 1992; Jappelli and Pagano,1994). The central idea of Lewiss (1955) traditional development theory was that increasing savings would accelerate growth. Kaldor (1956) and Samuelson and Modigliani (1966) studied how different savings behaviors induced growth. On the other hand, many recent studies have concluded that economic growth contributes to savings (Sinha and Sinha, 1998; Salz, 1999;Anoruo and Ahmad, 2001). Over the last 10-15 years, household saving rates have increased in Austria, Germany and Sweden and remained stable in Belgium, France and Switzerland. A downward trend over the same period has occurred in Canada, Italy, Japan, Korea, Poland and the United States. (OECD (2010), National Accounts of OECD Countries, OECD, Paris) The main factors contributing to differences among countries are listed below: The income effect: in general higher income leads to a higher saving rate; The wealth effect: profits or losses on financial and non-financial assets and liabilities affect built up wealth, and thus probably expenditure, but not on income. Higher wealth may then lower the saving rate; Credit facilities: in countries (e.g. UK and US) where consumption credit was easier to finance, saving rates may be comparatively lower; Institutional factors such as differences in social security schemes, especially pension schemes and the tax system; The proportion of own-account entrepreneurs and small unincorporated enterprises, within the household sector, because producers may have a different saving behaviour; Households expectations as regards the future economic situation; Cultural and social factors. Hondroyiannis (2004) analyses the long term and short term causal factors of aggregate private savings in Greece using data for the time frame of 1961-2000. By considering the financial and demographic advances during this phase, the long run savings utility which is susceptible to real interest rate, public funds, liquidity, old dependency ratio and fertility changes, is approximated on the foundation of an absolute life-cycle hypothesis. The significance of short-run divergences is obtained using vector error-correction model estimation. The empirical evidence proposes the continuation of a stable long-run savings function in Greece both in the long- and short-run periods and the policy inferences of such an association are accessible. According to Barba and Pivetti (2008), rising household debt in USA made low wages and increasing aggregate demand to arise simultaneously. In the USA, according to the figures of the Federal Reserve Board, consumer credit outstanding reached 25% of disposable personal income (DPI) in 2006. This was the peak of an upward trend that has characterised the period since the first half of the 1980s, following 15 years during which the consumer credit-income ratio averaged around 18%. Increasing household debt in developed countries like USA has been mostly due to the noticeable fall in household savings and this had an adverse effect on economic growth. Salotti (2009) claims that the current account is inclined by changes in US private savings which aid to generate and maintain world imbalances. A panel of 18 developed countries for the time dimension of 1980-2005 is used to check this claim by examining the components of total household savings. They merge two lines of literature: the first line from consumer theory, bearing in mind particularly the `wealth effect, the second line from aggregate private savings theory. Unit root and cointegration tests are performed to evaluate the most suited method for estimation of the long run savings function and to derive the cointegrating relationship. The group means FMOLS is exercised to approximate the model. The empirical evidence goes in line with the theory where a rise in wealth should adversely affect the household savings. In addition, when significant descriptive variables, such as national savings and populace dependence ratios, are incorporated in the model, material wealth becom es the only type of wealth to (inadequately and negatively) control household savings in developed countries. Howitt, Agnion, Comin and Tecu (2009) wanted to test if a country can grow more rapidly by saving further as they believe that household saving is of deep concern as it allows entrepreneurs to undertake their business and also reducing the agency cost that usually acts a hindrance for foreign investors. Since domestic saving counts for improvement, and consequently growth, it thus allows the home industrialist to put equity into this joint enterprise, which reduces an organization setback that would else discourage the foreign shareholder from contributing. In rich countries, domestic entrepreneurs are already known with limit know-how and consequently do not need to draw foreign outlay for investment, so domestic saving is not important for growth. The higher the household savings and the lower the household debt a country has, the more economic growth it can at least forecast to make. The finding is based on a cross-country non-overlapping panel over the period from 1960 to 2000. T hey use a sample of 118 countries, all those for which there exists data on per-worker GDP and on the saving rate. The cross-country regression shows that lagged savings is positively related with productivity growth in poor countries but not in rich countries. 2.0 EMPIRICAL EVIDENCE Empirical evidence deals mainly with the previous works of various authors all around the world. There have been many works carried out by different authors and they reached certain conclusions which may be further developed and their results vary among the countries. The first case considered is on the United States of America (USA) and then they further scrutinise what happened in the developed and emerging countries. 2.1 STUDIES ON THE USA As noted in Thomas and Towe (1996), research into household saving/consumption behaviour in recent years has inclined to centre on probing for long-run relationships between saving (or consumption) and selected macroeconomic variables. In large part, this shows the fact that the data involved have been found to be non-stationary. This implies that conventional statistical methods cannot be used to test relationships between movements in the savings rate and other (non stationary) macro variables. This approach also implies that short-run movements in the savings rate may be driven by deviations from the long-run relationship between saving and its fundamental determinants. Callen and Thimann (1997) studied the empirical determinants of household saving in USA using cross sectional and panel data from 21 OECD countries for 1975-95.) They find that household saving fell from 13% during 1975-81 to only 11% in 1982-89 but it has then stayed stable in general. Variables that capture the structure of the tax system and the financing and generosity of the social security and welfare system are added to the set of potential explanatory variables. The results indicate that there is an central role for public and corporate saving, growth, and demographics in controlling household saving, while some role is also established for inflation, unemployment, the real interest rate, and financial deregulation. The results also propose that the tax and the social security and welfare systems have an important impact on household saving. Bà ©rubà © and Cà ´tà © (2000) examine the structural factors of the household savings rate in Canada over the previous 30 years, using co integration techniques. The main result is that the real interest rate, expected inà ¯Ã‚ ¬Ã¢â‚¬Å¡ation, the ratio of the all-government à ¯Ã‚ ¬Ã‚ scal balances to nominal GDP, and the ratio of household net worth to personal disposable income are the most significant causal factors of the trend in the personal savings rate, as calculated in the National Income and Expenditure Accounts (NIEA). The outcomes also recommend that the fast fall in the NIEA personal savings rate in current years mainly shows a change in the trend constituent of the savings rate, rather than a temporary different approach from the trend. Tipett (2010) uses many methodological approaches and draws on longitudinal data from the National Longitudinal Survey of Youth 1979 and also uses multilevel logistic regressions to investigate the relationship between the hypothesized mechanisms and the probability of holding non-collateralized debt. Analysis of Survey of Consumer Finance data shows that the amount of household debt increased faster than household asset increases (see also Bucks, Kennickell, Moore, Fries, and Neal 2006; Kennickell 2009), and Keister (2000) shows that overall wealth has been growing at the same time that the percentage of households with zero or negative net worth has also been rising. 2.2 STUDIES ON DEVELOPED ECONOMIES Carroll and Weil (1994) present Granger-causality tests for 38 countries for which they have fine data, and show that increases in growth radically head increases in saving. Dekle (1993) presents comparable Granger causality regressions for a group of fast-growing countries and finds that growth positively Granger-causes saving in every country in his sample. Edwards (1995) looked at data from a panel of 36 countries over the period 1970-92. Using lagged population growth, openness, political instability, and other lagged variables as instruments, he concludes that the rate of output growth has an important, positive effect on saving. Andersson (1999) believes that the worldly interdependence between saving and output has been measured in recent empirical studies which obliged some authors to question the conventional idea of a causal chain where saving precedes growth via capital accumulation. As divergent to the previous studies, which have mostly used panel-estimation processes, the tests of causal chains are performed in time-series sets. Saving and GDP are approximated in bivariate vector autoregressive or vector error-correction models for Sweden, UK, and USA, and tests of Granger non-causality are executed within the estimated systems. The core results shows that the causal chains linking saving and output vary across countries, and also that causality linked with amendments to long-run dealings might go in diverse directions than causality associated with short-term instabilities. Jappelli and Padula (2007) reconsidered savings inclinations in Italy, summarizing existing empirical evidence on Italians motives to save, relying on macroeconomic indicators as well as on data drawn from the Bank of Italys Survey of Household Income and Wealth from 1984 to 2004. The macroeconomic data indicate that households saving has fallen considerably, although Italy continues to class above most other countries in terms of saving. The microeconomic data show a strong correlation between the propensity to save and the level of current income, as well as a strong correlation between income and indebtedness. International panel data put forward that saving is robustly linked with the growth rate of income, and that saving changes parallel growth change, as shown by Attanasio, Picci and Scorcu (2000) using the 150 countries of the World Bank Saving Database. 2.3 STUDIES ON EMERGING MARKETS Emerging markets are economies which are currently in the process of fast growth and industrialisation. There are at present 28 emerging markets in the world with the economies of China and India being considered certainly as the two largest. New conditions were surfaced in recent years to portray the largest developing countries such as  BRIC  standing for  Brazil,  Russia,  India, and China. The relationship between savings and economic growth has received increased notice in recent years especially in developed and emerging economies [see Bacha (1990), DeGregorio (1992), Levine and Renelt (1992), and Jappelli and Pagano (1994)]. This might not be distinct to the central foundation of Lewiss (1955) traditional development theory that increasing savings would accelerate economic growth. Research efforts by Kaldor (1956) and Samuelson and Modigliani (1966) examined how different savings behaviours would induce economic growth. Caroll and Weil (1994) used five year averages of the economic growth rate and savings for OECD countries and found that economic growth Granger caused savings. However, the reverse was obtained when dummies were included in their estimation. Using Granger causality tests, findings by Sinha and Sinha (1998) and Sinha (1999) found that economic growth rate Granger caused the savings growth rate for Mexico and Sri Lanka respectively. Jappelli, Tullio and Marco Pagano (1994) test whether the measures of liquidity constraints help to explain the international differences in national saving rates, as forecasted by their model. They also test an outcome of that model, namely that the effect of growth on saving is greater where liquidity constraints are more determined. The data cover a panel of 19 countries (all the main OECD countries are included) and are drawn from Modigliani [1990]. Observations are averages of annual data for three periods: 1960-1970, 1971-1980, and 1981-1987). Findings show that the two variables are negatively linked (the correlation coefficient for the entire sample is -0.55). They have empirically measured the soundness of three propositions, namely that liquidity constraints on households raise the saving rate, strengthen the effect of growth on saving, and promote productivity growth in models in which growth is endogenous. Using cross section data between 1960 and 1997 and Granger causality methodology, Anoruo and Ahmadi (2001) observed the causal relationships between the growth rate of domestic savings and economic growth for seven African countries -namely Congo, Cote dIvoire, Ghana, Kenya, Nigeria, South Africa and Zambia. Their studies established that savings are co-integrated in all of the countries except for Nigeria and that economic growth Granger-causes the growth rate of domestic savings for all the countries considered except Congo where reverse causality was obtained. Matos (2002) used among other parameters, the ratio of residents funds deposited in the financial system to aggregate monetary asset M2 (1947-2000) as a proxy of financial development, empirical tests support the view that it is vital to maintain the publics confidence in domestic financial assets to improve GDP growth prospects. This ratio may reflect an intangible asset of the financial intermediaries, i.e. the general publics confidence that contracts between customers. Kwack and Lee (2005) investigate the extent to which income growth and uncertainty and demographic factors affect the domestic real saving rate in Korea. They test an extended life cycle hypothesis and demography hypothesis with Korean time series data from 1975 to 2002. The results of the tests show that the aggregate saving rate is positively affected by the moving average of the growth rate of income and the variance of the income growth. The positive effect of the income growth differs from the negative effect found household survey data were used. Adebiyi (2005) employed quarterly data spanning between 1970 and 1998 to examine savings and growth relationships in Nigeria using Granger causality tests and impulse response analysis and concluded that growth, using per capital income, is sensitive to, and has an inverse effect on savings. Mohan (2008) believes that household savings in India has contributed significantly to its economic growth which recorded a steady rise over the last decades. Mohan found some empirical relations whereby in the argument that high levels of debt-GDP lead to high interest payments relative to GDP, which crowd out government capital expenditure and reduce the overall saving rate, two relationships are of critical importance: the responsiveness of changes in the saving ratio with respect to changes in the fiscal deficit levels; and the responsiveness of government capital expenditure to changes in the level of interest payments. Mohan (2006) experienced the path of causality between economic growth and savings in different economic income classes. The ADF test indicates that both log GDP and log GDS have unit roots in the level data. In the presence of unit roots, the variables need to be differenced in order for the series to be stationary. Without differencing the data, a causality tes t would lead to misspecification. To examine the direction of causality between saving and economic growth in Nigeria during the time frame 1970-2007, Oladipo ( 2009) used the Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996) TYDL methodology. The variables of interest for savings and economic growth are positively co-integrated indicating that there exists a steady long run equilibrium relationship. Furthermore, the findings also revealed a unidirectional causality between savings and economic growth and thus the corresponding role of FDI in growth. In order to establish the link between economic growth and saving in Nigeria during the time frame of 1970-2007, Abu (2010) used the Granger-causality and co-integration techniques. There exists co-integration and long-run equilibrium between the variables savings and economic growth according to the Johansen co-integration test. There is also the causality runs from economic growth to saving, implying that growth triggers and Granger produces saving. Hence, the Solows hypothesis that saving leads to economic growth, and recognize the Keynesian theory that it is economic growth that leads to higher saving, is discarded. CHAPTER 3-DATA ANALYSIS 3.1 Sources of data The economic growth rate, household debt and household saving rate, price level are available on the Global Finance website. The interest on savings, consumption and investment are available on the Nationsmasters website, the World Bank website and the Penn World Table website. 3.2 The Econometric Model In this section, a model is developed to measure the impact of household debt and household saving among other factors, on economic growth. The model for growth for country i in time t is as follows: EGit= ÃŽÂ ± +ÃŽÂ ²1 HDit + ÃŽÂ ²2 HSit + ÃŽÂ ²3 Rit + ÃŽÂ ²4 Pit + ÃŽÂ ²5 Cit+ ÃŽÂ ²6 Iit + Uit Where EGit= Growth Rate of Real GDP per capita at constant prices HDit = Household Debt as a % of Gross Domestic Product (GDP) HSit= Household Savings as a % of Disposable Income Rit = Interest on Savings Pit= Price Level of Gross Domestic Product (GDP) Cit= Consumption Share of CGPD (GDP PER CAPITA) Iit= Investment Share of CGDP (GDP PER CAPITA) Uit = the disturbance term 3.3 Economic Growth When per capita GDP or any other means of calculating total income rises, economic growth arises and this is usually registered as the yearly rate of change in GDP. Economic growth results from advances in productivity in terms of more production of goods and services with the same factors of production. The dependent variable economic growth is measured by real GDP per capita. At times, total GDP figures are not reflective of the actual performance in the economy. Hence, GDP per capita is a better measure as it is liable to fewer errors and some errors tend to affect population estimates and thus they have offsetting impacts. Furthermore, the natural log of real GDP will be taken into account to avoid any large outliers. Screen-shot-2009-09-01-at-14 3.4 Household Saving Household saving can be defined as a percentage of household disposable income which is not consumed and household savings rate can be calculated on gross or net basis. Depreciation is considered in the net savings rate which is more commonly used compared to the gross savings rate. Comparisons of savings rate among countries become hard by these two different measures of gross and net savings rate due to distinct social security and pension programmes, variable tax schemes which have an impact on disposable income. The household savings rate of a country can be affected by age of the economys population, the accessibility of credit, general wealth issues, cultural and social factors. Nevertheless, household savings rates are still a good a measure of an economys income in relation to consumption over time. A country can finance its debt domestically if it has a relatively high level of household savings. High debts levels funded mostly by foreign creditors are less persistent than high debts levels financed by internal savings. Consumption allows GDP to grow and this is a significant factor in economic expansion. With the existence of financial crisis, the whole economy could be dampened with lower consumption due to higher debt and lower savings level. A larger portion of GDP growth should then come from FDI, exports and government expenditure. Household saving is the most essential domestic source of funds to back capital outlay and this is a substantial boost for economic growth on the long term basis. Household savings rate vary greatly among countries as shown in the chart. This is partially due to the level pensions schemes are financed by government rather through personal saving and also to the extent governments offer insurance against sickness and unemployment. savings01 Considering the time dimension in the table above, the savings rate were relatively steady or somehow rising mildly in France, Austria, Italy, Norway and Portugal but have been decreasing in United States, Canada, Japan and Australia. If the social security and insurance payments of USA are considered, its savings rate would be striking. 3.5 Household Debt When a country has a substantial degree of household debt, it increases its inclination to financial crisis and this acts as a hindrance for economic growth. There have been forecasts about house bubbles which were caused and thus creating the countries to be overheated. A large portion of the economic growth was centred on household consumption which was backed by loans from banks. When banks noticed the lack of credit worthiness from consumers who even lost their confidence in the financial system, there had been strict controls over the lending conditions for loans. As a result, the ongoing vicious circle preceded a major decline in economic growth following the fall in consumption and repayments of debts. Analysing the graph results with the conclusion that USA is not the only main country having experienced the worst GDP slowdown but many other countries like Iceland and Portugal are following suit with the level of household debt actually rising substantially. It would not be logical for a country burdened by a large level of household debt to expect its economic performance to flourish in the coming years. HouseholdDebtSelectedCountries household-debt-vs-savings Source:   Lew Rockwell 3.6 Rates of interest The rate of interest has a great influence on the given level of aggregate disposable income which is divided between consumption and saving. However, it cannot be predicted with conviction that a lower interest rate would imply more disposable income will be dedicated to consumption and less to saving or vice versa. As a matter of fact, there can be a rise or fall in the total amount saved following a change in interest rate and this depends on the income and substitution effects and their strengths of their net effects. A higher level of future consumption arises at the detriment of present consumption with substitution effects due to higher interest rates and thus resulting in more savings in the present period. On the other hand, a consumers future income compared to his present income can be increased following higher interest rate and this leads to higher consumption by borrowing from future income and hence, less is saved. However, this may not be necessarily the case for lower income earners who would save only a small part of their incomes even when interest rates are high. The substitution effect will then outweigh the income effect and there will be a direct link between income and rate of interest. For some people who prefer to save a greater portion of their incomes, the income effect may offset the substitution effect and thus higher interest rates would result in lower present savings level real-interest-rates 3.7 Price level/Inflation One of the theoretical concepts of economics says that when there is a change in the price level, this may affect consumption and savings positively or negatively. It is usually believed that households confidence in money erodes when there is inflation and hence, they have the tendency to save more since inflation actually raises the variance of expected real income. The fact that consumers have greater preference for unplanned increases in savings compared to withdrawals, it usually incites consumers to save more when inflation is high. There is also an indirect effect of inflation whereby the real value of nominal asset is diminished and thus the real value of liquid assets decreases the net household wealth. Real consumption is often reduced and savings rate increases. 080625_global_inflation (1) 3.8 Consumption The total value of goods and services purchased by people aggregated over time is called consumption and it is usually the greatest GDP component. A countrys economic performance is often assessed on its consumption levels. Different income earners would be consuming differently depending on their standard of living and purchasing power. Consumption is usually determined by current income, accumulated savings and expectations on future income. Consumption and consumer debt trends 3.9 Investment When an owner usually acquired property for the purpose of generating income like plants and equipments, this is called investment as it is spending on income-generating assets. If a country wants to achieve long term sustainable economic growth, it should be able to the rates of accumulation of capital be it human or physical so that it can result in more efficient assets and so that the whole population can have access to those assets. With the help of financial instruments, markets, and institutions, the extent to which information, enforcement and transactions costs can have their impact on savings rates, investment decisions, technological innovations and steady-state growth rates can be improved. Average annual investment growth in the first six quarters of recovery Source: National Bureau of Economic Research; National Inco

Racism in Australia Essay

One in five people living in Australia have experienced racist abuse During the past year, 1 in 5 people living in Australia was a target of racial discrimination (around 4.6 million people). This is an increase from 1 in 8 the previous year (Source). 1 in 5 people living in Australia has been a target of verbal racial abuse (Source). Verbal abuse is the most common form of racism (Source). Nearly half of all Australian residents from a culturally and linguistically diverse background have experienced racism at some time in their life (Source). 7 in 10 teenagers have experienced racism (Source). 3 in 4 Indigenous Australians regularly experience racism (Source). Denial of racism in Australia Australia has a culture of denial when it comes to racism. We’ve created an infographic to explain this simply. It is based on the findings in the report Denial of racism and its implication for location action by Jacqueline Nelson, University of Western Sydney, 2013. Denial of racism in Australia perpetuates racist behaviour (Source). Conversely, increased awareness and acknowledgment of racism reduces it (Source). Speaking up reduces racism by helping perpetrators understand that their views are in the minority (Source), making them less likely to engage in prejudice and stereotyping behaviour (Source). Half of us are positive about cultural diversity While five in ten of us are positive about cultural diversity, four in ten are ambivalent about cultural diversity. One in ten have racist attitudes (Source). One in seven people living in Australia are against the concept of multiculturalism (Source). Three in ten people do not believe that immigrants make Australia stronger (Source), and one in three believe there are some cultural groups that do not belong in Australia (Source: VicHealth 2007). How does racism in Australia affect us? Cross-cultural tension affects everybody in our society. A range of health problems including high blood pressure and heart disease, depression, anxiety, low birth rate and premature birth can all be caused directly by people’s personal experiences of racism (Source). It also affects people’s employment and housing opportunities. For example, to get as many job interviews as an Anglo applicant, an Indigenous person must submit 35% more applications, a Chinese person 68% more, an Italian person 12% more, and a Middle Eastern person 64% more applications (Source). Racism can lead to violence, as seen in Melbourne and Sydney during the past decade. The Tourism Forecasting Committee says the number of Indians applying for student visas to Australia has plummeted by 46% due to racially-motivated attacks. This is a potential economic loss to Australia of up to $78 million. A solution to racism in Australia Most people know the solution to gender inequality requires both males and females to take action. Similarly, the solution to race inequality requires commitment and participation by everyone regardless of their cultural origin. This goal is achievable by working on both a local and national scale, in a range of settings, simultaneously. All Together Now’s contribution is to create innovative, evidence-based, and and effective social marketing aimed at preventing racism.

Using Practical Examples Suggest and Explain Alternative...

ASSIGNMENT: â€Å"Using practical examples suggest and explain alternative strategies that can be employed to mitigate effects of factors that affect individual behaviour and performance.† Date: 17 February 2012 Submitted in partial fulfilment of the Master of Commerce Degree in Strategic Management and Corporate Governance Part 1.1 Introduction Organizations are composed of individuals and each individual is different from the other. And also the behavior and performance of each individual is influenced by several different factors. Every individual has Particular motives, ambitions, perceptions, and abilities. To understand the human behavior in organization in a better way, a careful study of all the factors which affect the human†¦show more content†¦Skill can be defined as the ability to act in a way that allows a person to perform well. The individual behaviour and performance is highly influenced by ability and skills. A person can perform well in the organisation if his abilities and skills are matched with the job requirement. The managers plays vital role in matching the abilities and skills of the employees with the particular job requirement. Perception: The cognitive process meant for interpreting the environmental stimuli in a meaningful way is referred to as perception. Every individual on the basis of his/he reference can organize and interpret environmental stimuli. There are many factors that influence the perception of an individual. The study of perception plays important role for the managers. It is important for mangers to create the favorable work environment so that employees perceive them in most favorable way. The employees are likely to perform better if they are going to perceive it in a positive way. Attitude: According to psychologists, attitude can be defined as a tendency to respond favourably or unfavourably to certain objects, persons or situations. 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