Friday, May 22, 2020
Sample details Pages: 5 Words: 1415 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? In the early 2010, fears of a sovereign debt crisis (2010 Euro Crisis) developed in some European countries due to the rising of government deficits and debt levels. Discuss in detail on the main cause of the Euro Crisis. What are the measures taken by the affected countries to overcome/ mitigate the impact of the Euro Crisis? In the early year of 2010, some of the European countries had fall into the sovereign debt crisis and caused the economic and euro currency slump down. (Schuman, M 2010) These countries are called Ã¢â¬Å"PIIGS. It starts up in Greece, followed by Ireland, Italy, Portugal and Spain. Rising in government deficits and debt level, together with downgrading of European government debt created fear and loss of confidence to investors in financial markets. To solve this issue, European nation and International Monetary Funds (IMF) loan out about trillion of euro to those affected countries in order to rescue the economic from continuously deteri orate. A score has given to each Ã¢â¬ËPIIGS by Barclays (global financial services company) to measure its vulnerability insolvency. The result is Greeces score was the worst, 4.5. Surprisingly, the others Ã¢â¬ËPIIGS countries score are remarkably similar. Portugal score was the second worst, 4.3, followed by Ireland, 4.1, Spain 3.4 and the lowest score is Italy 2.1. Based on Barclayss analysis (Schuman, M 2010), Ã¢â¬Å"Italy does not really belong to the group. It has been included based on its high initial debt to-GDP ratio. However, when accounting for the fiscal dynamics (i.e. the very low primary deficit), the potential financing needs (i.e. the larger domestic creditor base) and the comparatively modest risks in the banking sector (in particular, the low real estate related risks), it becomes clear that Italy is not in the same risk category.Ã¢â¬ The Euro Crisis is start off with Greece. Based on (BusinessWeek 2010), the main cause of the heavy debt is due to too much on spending and borrowing and there are many due in next few months. Hence, Greece is in default because cannot pay off about Ã¢â ¬54 billion debts on time and European Bank owns those bonds would take massive write-offs. This would affect lending and affect the economy indirect ways. The economist (Kraemer, J 2010)said thatGreece outstanding securities at euro 290 billion which twice higher than Lehman Brothers before went down in September 2008. Greek government has try to sell more bonds in order to raise funds and pay off the debts, but investors afraid of default payment on the debt (interest) due to Standard and Poor (SP) rated Greeks government below the investment grade, BB+. Moreover, it likely estimation that investor can only get back of 30% 50% of principal. Markets discovered the government has misreported the official statistic to keep within monetary union guidelines. (Blodget., H 2010), Greece had paid Goldman Sachs and other banks hundreds of million dollar fee for arranging transaction that hid the borrowing amount. To overcome this problem, Eurozone countries (GermanyÃ¢â¬ ¦) and the International Monetary Funds (IMF) has agreed to a loan of immediate Ã¢â ¬45 and will be more funds available later. The total funds of Ã¢â ¬110 have been agreed and the interest rate is 5% (considered rather high level). Government of Greece also has impose the austerity measure, such as extraordinary tax has imposed on company profits; total 10% rise tax in the luxury, alcohol, cigarettes and fuel; abolish the pensioners receiving over Ã¢â ¬2500 per month and the list goes on. Due to cut in government spending and increasing in tax, the general strike was held in Athens to protest against the government implementation. In Ireland, the failure of banking sector has dragged into negotiated the bailout package of Ã¢â ¬85 billion (Ã¢â ¬85 billion come from its own pension funds). On June 2010, Ireland beings further bail out of Anglo Irish Bank about Ã¢â ¬34 billion. The budget deficit is taking around 32pc of GDP. (Wall Street journal) reported that Standard and Poor (SP) lower the rate the government bond from AAA to AA-. This indicated the fiscal cost to the Irish government of supporting the financial sector has increase significantly above the estimation. Again in 6 October 2010, the Fitch Ratings cuts the government rating down to A- from AA- originally and stated it will cut the government credit rating again if the economic fails to recover. On 30 October 2010, Irish government announced it will be budget cut down of Ã¢â ¬15 billion over next four years and this is expected to cut the Irelands deficit to 3% of GDP by 2014 as agreed with EU previously. (Wall Street journal), November 2010, Ireland government has applied the Ã¢â ¬10 billion from EU and IMF in order to restructure debt and cut down its budget deficit. Moreover, government announced it will be budget cut down of Ã¢â ¬15 billion and incr ease the taxes rate. This action plan is expected to reduce the budget deficit to 9.1% of GDP in 2011, but it causes thousand s of demonstrators marched in Dublin. On March 2011, a round of bank Ã¢â¬Ëstress test exposes the 24 billion of capital shortfall. With the gap set largely by taxpayers, Irish Central Bank says it expected the likely result will be that government takes majority ownership of the countrys six largest lenders. Ireland government credit rating had downgrade to BAA 3 (one notch above junk). In April 2011, (Chapple, I 2011) Portugal has to pay total of Ã¢â ¬5 billion debt back to the investors in the coming June 2011. At first, Jose Socrates (Prime Minister of Portugal) resigned after parliament rejecting government austerity measure plan and avoiding assistance from EU countries. But due to run out choice, finally Portugal has asked the loam from IMF (about Ã¢â ¬80 billion). Portugal is the third country gets the financial assistance after unable to fund s the debts themselves. On the other hand, Fitch Rating estimated Portugal would need about Ã¢â ¬60 billion more in funding through end of 2013. Based on (CNN.com), although Portugal is able raised up the Ã¢â ¬1 billion of T-Bills, or short term debt, but it paid a massive premium. (BBC.com) stated that Portugal problem is different from the others, Portugal has low economic growth and high wages show the country has struggled to raise taxes to support government spending. Therefore, when financial crisis happen, Portugal found it is dealing with the same rising cost of debt that other countries currently dealing with, but finally Portugal had concede it fail to raise money through financial market. (Chapple, I 2011) Spain is the country that everyone concern about because it has long seen as the economy that is too big to fail given its huge size relative to whose have been bailout. (Pop, V 2010) On 12 May 2010, Barack Obama (US President) had a phone call to Madrid and asks for resolute action to stem widening deficit. In year 2010, Spain public deficit is 9.8% of the GDP. (Pop, V 2010) The austerity plan is Spain has cut down Ã¢â ¬5 billion of spending in 2010 and Ã¢â ¬10 billion in 2011. Luckily, in year 2011, it has been the positive look for the Spain has managed the distance itself from the debt crisis trouble. In addition, Goldman Sachs stated that Ã¢â¬Å"Spain will no need a bailoutÃ¢â¬ and European Commission has state Ã¢â¬Å"Spain is well on trackÃ¢â¬ . By the way, EU has also established the permanent stability funds who able to lend out of total Ã¢â ¬550 billion to replace current bailout fund when it expires in 2013. The purpose is to reassure markets that the EU is seriously supporting its members. In conclusion, the fiscal problem is the main reason cause debt crisis. (Thoma, M 2010) Country like Greece is lack of effective monitoring government deficits and lack of enforcement of the rules on how much debt a country can ha ve allowed excessive debt level to accumulate. In other cases such as Spain, the crisis is not causes by irresponsible government budget behavior but is due to recession that caused the government budget to collapse. Hence, once these countries went into trouble will cause other countries within EU run into deficit. This is often knows Ã¢â¬Ëcontagion effects. In fact, (Thoma, M 2010) those EU countries are unable to use independent monetary policy. If those countries have their own currency, (Thoma, M 2010) they could stimulate export and this will offset the negative effect of cutting down budget to cope with deficit. Overall, Ã¢â¬ËGreedy is also an issue cause happen of the debt crisis. Due to financial intermediaries are greedy enough, therefore, banks do not hold enough liquidity on hand and make the bank in run out situation. In this case, well structures of banking system and government budget seem to be very crucial to a country. Finally, EU should learn from this lesson and (Schuman, M 2010)is the time for strengthening the banking policy. DonÃ¢â¬â¢t waste time! Our writers will create an original "Sovereign debt crisis" essay for you Create order
Saturday, May 9, 2020
During the closing decades of the post 19th century, the aspects of both French post-structuralism and the history behind the Renaissance movement have constituted a strong driving force towards several works of literature and cultural studies. Throughout the context of this Written in Translation paper, the several minor characters in Perfume by Patrick Suskind, are evident of portraying a behaviour that represents a contemplation of several societal norms and societal pressures set during the time period of French post structuralism and the Renaissance movement. As a result, these minor characters set a negative influence towards the upbringing of Grenouille, as he suffered from a lack of humanity and disassociation of sensibility. Suskind illustrates perspectives of a satirist and a bourgeois conformist through his characters. These characters also embrace the negative aspects of black humour and satire through a lack of humanity and disassociation of sensibility. These minor char acters are clearly of post-structuralism and the Renaissance movement as many of the negative traits displayed are from these time periods. In the beginning of the novel, black humour and satire were two significant aspects associated by the caretakers of Grenouille. Throughout the novel, Marquis de La Taillade Espinasse and Baldini portray their character in such a way that it strongly reflects and emphasizes the lack of humanity and disassociation of sensibility. Furthermore, these minor
Wednesday, May 6, 2020
Macro Final Exam Chapter 10: The Money Systems What assets are considered Ã¢â¬Å"MoneyÃ¢â¬ ? What are the functions of money and the types of money? * W/o money, trade would require barter Exchanging one good/service for another * unlikely occurrence that two people e/ have a good that other wants * 3 functions * Medium of exchange: an item buyers give to sellers when they want to purchase g/s * Unit of account: the yardstick ppl use to post prices record debts * Store of value: an item ppl can use to transfer purchasing power from the present to the future * 2 kinds Commodity money: commodity with intrinsic value, i. e. gold coins * Fiat money: money w/o intrinsic value, used as money b/c of govÃ¢â¬â¢t decree, i. We will write a custom essay sample on Ecn 204 Final Exam Notes or any similar topic only for you Order Now e. dollar bills * Money in CanÃ¢â¬â¢n economy * Money supply (Money stock): the quantity of money available in the economy * Two assets should be considers: * Currency: the paper bills coins in the hands of the general public * Demand deposits: balances in bank accounts that despositors can access on demand by writing a cheque/using debit card * Money Supply = currency + deposits What is the bank of Canada and its role? How do Banks create money? * Central Bank: an institution designed to regulate the money supply in the economy * Bank of Canada: the central bank of Canada * Established in 1935, nationalized in 1938, owned by CanÃ¢â¬â¢n govÃ¢â¬â¢t * Managed by board of directors appointed by minister of Finance, composed of: governor, the senior deputy governor (7 yr terms), 12 directors (3 yr terms) * Four primary functions: * Issue currency, act as banker to commercial banks CanÃ¢â¬â¢n govÃ¢â¬â¢t, control money supply * Commercial Banks and Money Supply Although Bank of Canada alone is responsible for Canadian monetary policy, the central bank can control the supply of money only through its influence on the entire banking system * Commercial banks include credit unions, caisses populaires, and trust companies * Commercial banks can influence the quantity of demand deposits in economy and money supply * Reserves: cash that commercial banks hold * F ractional banking system Keeps fraction of deposits as reserves, rest is loaned * Banks may hold more than this minimum amt if they choose * The reserve ratio, R Fraction of deposits that banks hold as reserves * Total reserves as % of total deposits * Bank T-account * T-account Ã¢â¬â simplified accounting statement that shows bankÃ¢â¬â¢s Assets liabilities * Banks liabilities: deposits(what we put in the bank), Assets: Loans and reserves(What bank keeps) * R= Reserves/Deposits * Banks money supply * $100 of currency is in circulation, determining impact on money supply: Calculate in 3 different cases * No banking system Public holds the $100 as currency; Money supply= $100 * 100% reserves banking system: banks hold 100% of deposits as reserves make no loans * MS = Currency (loans) + deposits = 0 +100 = 100 * Bank does not affect size of money supply * Fractional reserve banking system * R=10%: Reserves: 10, Loans: 90, Deposits: 100 * MS= $190 * When banks make loans create money * Borrower gets: 90 in currency(asset), 90 in new debt/loan (liability) * Money Multiplier: The amt of money the banking system generates with each dollar of reserves * Money multiplier = 1/R R =10, 1/R = 10, 100 x 10 = 1000 * The Bank of CanadaÃ¢â¬â¢s tools of Monetary Control * 1. Open-market operations * When it buys govÃ¢â¬â¢t bonds from/ sells to the public * Foreign exchange market operations: when it buy/sells foreign currencies * MS increase when bank of Canada buys foreign currency with Canadian Currency; and decrease when BoC sells foreign currency * 2. Changing the overnight rate * Central banks act as bankers to commercial banks Bank rate : interest rate charged by bank of Canada on loans to the commercial banks * Since 1998 Bank of Canada as allowed commercial banks to borrow freely at the bank rate, paid commercial banks the bank rate, minus half percent, on their deposits at bank of Canada * Commercial banks never need to pay more than bank rate for short t erm loans, b/c they can always borrow from the Bank of Canada instead * Conversely, commercial banks never need to accept less than the bank rate, minus half a percent, when they make short-term loans, because they can always lend to the bank of Canada instead * Overnight rate: the interest rate on very short-term loans between commercial banks * Bank of Canada can alter the money supply by changing the bank rate, which in turn causes an equal change in overnight rate * A higher bank rate discourages commercial banks from borrowing from the Bank of Canada * A higher overnight rate discourages commercial banks from borrowing from other commercial banks * An increase in the overnight rate reduces the quantity of reserves in the banking system, which in turn reduces the money supply * Bank of CanadaÃ¢â¬â¢s control of MS is not precise * Bank of Canada must wrestle w/ 2 problems that come from fractional-reserve banking * Does not control amt of money that: * Household choose to hold as deposits in banks * Commercial bankers choose to lend Chapter 11: Money Growth and Inflation How does the money supply affect the inflation nominal interest rates? * Quantity theory of money: Price rises when govÃ¢â¬â¢t prints too much money * Most economists believe the quantity theory is a good explanation of the long run behavior of inflation * Asserts that quantity of money determines value * 2 approaches: * Supply demand diagram MS determined by bank of Canada, banking system, consuers * In model, assume that BoC precisely controls MS sets it at some fixed amt * MD (money demand) how much wealth ppl want to hold in liquid form * Depends on P: an increase in P reduces the value of money, so more money is required to buy goods services * Thus: Quantity of money demanded is Ã¢â¬âvely related to the value of money +vely related to P, other things equal (real income, interest rates, availability of ATMs) * * Results from Graph: Increasing MS causes P to rise * How does th is work? Short version: * AT the initial P, an increase in MS causes excess supply of money * People get rid of their excess money by spending it on goods services/ by loaning it to others who spent it * Result: increased demand of goods But supply of goods does not increase, so prices must rise * Other things happen in the short run, which we will study in later chapters) * Equation * Nominal Variables: are measured in monetary units * i. e. Nominal GDP, nominal interest rates (rate of return measured in $) nominal wage($ per/hour worked) * Real Variables: are measured in physical units * i. e. real GDP real interest rate (measured in output) real wage (measured in output) * Real vs. Nominal * Prices are normally measured in terms of money * Price of a compact disc: $15/cd * Price of a pepperoni pizza: $10/pizza A relative price: price of one good relative (divided by) another: * Relative price of CDs in terms of pizza: * Price of CD/Price of pizza = 15/10 = 1. 5 pizzas per cd * R elative prices are measured in physical units so they are real variables * Real vs. Nominal Wage * An important relative price is the real wage * W= nominal wage= price of labour $15/hr * P = price level = price of gs $5/unit of output * Real wage is price of labour relative to price of output * W/P = 15/5 = 3 units output per hour * Classical theory of inflation: * Increase in overall level of prices * Over past 60 yrs, prices risen on avg of 4%/yr Deflation: people will wait for prices to drop on big ticketed items, dropped in the 20th century * In 1970s prices rose by 7%/yr * During 1990s, price rose at 2%/yr * Hyperinflation: extraordinary high rate * Quantity theory of money: explain long-run determinants of price lvl and inflation rate * Inflation is an economy-wide phenomenon that concerns the value of the economyÃ¢â¬â¢s medium of exchange * When the overall price level rises, value of money falls * Inverse relationship b/w price value of money * Value of money: * P = Pric e lvl (CPI/ GDP deflator) * P = price of basket of goods measured in money * 1/P is value of $1, measured in goods * Example: basket contains one candy bar, P = $2, Value of $1 is ? candy bar * The Classical Dichotomy Classical dichotomy: theoretical separation of nominal real variables * Hume the classical economists suggested that monetary developments affect nominal variables but not real variables * If the central bank doubles the MS, Hume classical thinkers contend * All nom variables (including prices) will double * All real variables (Including relative prices) will remain unchanged * The neutrality of Money * Monetary neutrality: the proposition that changes in the MS do not affect real variables * Doubling money supply causes all nominal prices to double, what happens to relative prices? * Initially, relative price of cd in terms of pizza is * Price of cd/price of pizza = 15/10 = 1. pizzas per cd * After nominal prices double * 30/20 = 1. 5 pizza per cd * Relative price is unchanged * Monetary neutrality: proposition that changes in the MS do not affect real variables * Similarly, the real wage W/P remains unchanged, soÃ¢â¬ ¦ * Quantity of labour supplied/demanded, total employment does not change * The same applies to employment of capital other resources * Since employment of all resources in unchanged, total output is also unchanged by the MS * Most economists believe the classical dichotomy neutrality of money describe the economy in the long run Does the money supply affect real variables like real GDP or the real interest rate? The velocity of Money: the rate at which money changes hands * Notation: * PxY = nominal GDP = price level x real GDP * M = money supply * V = velocity * Velocity formula: V = PXY/M * Pizza, Y = real GDP = 3000 pizzas, P= price of pizza = $10, P*Y = $30,0000, M = $10,000 * V=30,000/10,000= 3, avg dollar was used in 3 transactions * Quantity Equation * M*V = P*Y * V = stable * So, a change in M causes nominal GDP (P* Y) to change by the same % * A change in M does not affect Y: money is neutral, Y is determined by tech resources * So, P changes by the same % as P*Y and M * Rapid money supply growth causes rapid inflation How is inflation like a tax? Hyperinflation is generally defined as inflation exceeding 50%/month * Excessive growth in the MS always causes hyperinflation * Inflation tax: * When tax revenue is inadequate and ability to borrow is ltd, govÃ¢â¬â¢t may print money to pay for its spending * Almost all hyperinflations start this way * The revenue from printing money is the inflation tax: printing money causes inflation, which is like a tax on everyone who holds money * The Fischer Effect * Rearrange definition of real interest rate: * Nominal interest rate = Inflation rate + real interest rate * Real interest rate is determined by saving investment in the loanable funds market * MS growth determines inflation rate This equation shows how the nominal interest rate is determined * In long run, money is neutral, so a change in the money growth rate affects the inflation rate but not the real interest rate * So, nominal interest rate adjusts one-for-one with changes in the inflation rate * The inflation tax applies to peopleÃ¢â¬â¢s holdings of money, not their holdings of wreath * Fishcher effect: an increase in inflation causes an equal increase in the nominal interest rate, so the real interest rate is unchanged What are the costs of inflation? How serious are they? * The inflation fallacy: most ppl think inflation erodes real income * Inflation is a general increase in price of the things ppl buy the things they sell (i. e. labour) * In long run, real incomes are determined by real variables, not inflation rate * Shoeleather costs: the resources wasted when inflation encourages ppl to reduce their money holdings * Includes the time transactions costs of more frequent bank withdrawals * Menu costs: the costs of changing prices Printing new menus, mailing new catalogs * Misallocation of resources from relative-price variability: Firms donÃ¢â¬â¢t all raise prices @ the same time, so relative prices can vary which distorts the allocation of resources * Confusion inconvenience: inflation changes the yardstick we use to measure transactions, complicates long-range planning the comparison of dollar amts over time * Tax distortions: inflation makes nominal income grow faster than real income, taxes are based on nominal income, some are not adjusted for inflation, soÃ¢â¬ ¦ inflation causes ppl to pay more taxes even when their real incomes donÃ¢â¬â¢t increase * Arbitrary redistributions of wealth Higher-than-expected inflation transfers purchasing power from creditors to debtors: debtors get to repay their debt w/ dollars that arenÃ¢â¬â¢t worth as much * Lower-than-expected inflation transfers purchasing power from debtors to creditors * High inflation is more variable less predictable than low inflation * So, these arbitrary re distributions are frequent when inflation is high * Costs are high for economies experiencing hyperinflation * For economies w/ low inflation ( 0, Ã¢â¬Å"Capital outflowÃ¢â¬ , domestic purchases of foreign assets exceed foreign purchases of domestic assets * Capital is flowing out of country * When NCO 0, Ã¢â¬Å"Capital inflowÃ¢â¬ , foreign purchases of domestic assets exceed domestic purchases of foreign assets * Capital is flowing into the country * Variables that Influence NCO * Real interest rates paid on foreign assets or domestic assets * Perceived risks of holding foreign assets * GovÃ¢â¬â¢t policies affecting foreign ownership of domestic assets * The equality of NX NCO * An accounting identity: NCO = NX * Arises b/c every transactions that affects NX also affects NCO by the same amt (And vice versa) * When a foreigner purchases a good from Canada, * CanÃ¢â¬â¢n exports NX increase The foreigner pay w/ currency or assets, so the CanÃ¢â¬â¢n acquires some foreign a ssets, causing NCO to rise * An accounting identity: NCO=NX * Arises b/c every transaction that affects NX also affects NCO the same amt ( vice versa) * When a CanÃ¢â¬â¢n citizen buys foreign goods, * CanÃ¢â¬â¢n imports rise, NX falls * The CanÃ¢â¬â¢n buyer pays w/ CanÃ¢â¬â¢n dollars or assets, so the other country acquires CanÃ¢â¬â¢n assets, causing CanÃ¢â¬â¢n NCO to fall * Saving, Investment, international Flows of Goods Assets * Y = C + I + G + NX accounting identity * Y Ã¢â¬â C Ã¢â¬â G = I + NX rearranging terms * S = I + NX since S = Y Ã¢â¬â C Ã¢â¬â G * S = I + NCO since NX = NCO * When S I, the excess loanable funds flow abroad in the form of positive net capital outflow, NCO 0 * When S e =P*/P implies that the nom exchange rate between 2 countries should equal the ratio of price lvls * If the 2 countries have diff inflation rates, then e will change over time: * If inflation is higher in Mexico than in Canada, Then P* rises faster than P, so e rise s Ã¢â¬â the dollar appreciates against the peso * If inflation is higher in Canada than in Japan, then P rises faster than P*, so e falls- the dollar depreciates against the yen * Limitations of PPP theory, why exchange rates do not always adjust to equalize prices across countries: * Many goods cannot easily be traded: * i. e. haircuts, going to movies * Price differences on such goods cannot be arbitraged away * Foreign, domestic goods not perfect substitutes: * i. e. some CanÃ¢â¬â¢n consumers prefer Toyatos over Chevys * Price differences reflect taste differences * Nonetheless, PPP works well in many cases, especially as an explanation of long-run trends * i. e. PPP implies: the greater a countryÃ¢â¬â¢s inflation rate, the faster its currency should depreciate (relative to a low-inflation country like Canada) * Interest rate determination in a small open economy w/ perfect Capital mobility * Why do interest rates in Canada the U. S. tend to move up down together? * Canada is a small open economy w/ perfect capital mobility * Ã¢â¬Å"smallÃ¢â¬ = small part of the world economy * Canada is an economy w/ perfect capital mobility b/c * CanÃ¢â¬â¢ns have full access to world financial markets, * And the rest of the world has full access to the CanÃ¢â¬â¢n finÃ¢â¬â¢l market * This means that the real interest rate in Canada should equal the real rate prevailing in the world U. S. r= r^w * Perfect Capital mobility: theory that real interest rate in Canada should equal that in the rest of the world is known as interest rate parity * Limitations: real interest rate in Canada is not always = to the real interest rate in the rest of the world b/cÃ¢â¬ ¦ * FinÃ¢â¬â¢l assets carry w/ them the possibility of default * FinÃ¢â¬â¢l assets offered for sale in different Chapter 13: Macroeconomic theory of the open economy In an open economy, what determines the real interest rate? The real exchange rate? * Market of loanable Funds S=I + NCO * Supply of loanable funds = saving * A dollar of saving can be used to finance * The purchase of domestic capital * The purchase of foreign asset * So, demand for loanable funds=I + NCO * S depends +vely on the real interest rate, r * I depends Ã¢â¬âvely on r * Real interest rate, is the real return on domestic assets * A fall in r makes domestic assets less attractive relative to foreign assets * CanÃ¢â¬â¢ns purchase more foreign assets * CanÃ¢â¬â¢ns purchase fewer domestic assets * NCO rises * The supply demand for loanable funds depend on the real interest rate * A higher real interest rate encourages ppl to save raises the quantity of loanable funds supplied * The interest rate adjusts to bring the supply demand for loanable funds into balance * At eqÃ¢â¬â¢m interest rate, the amt that ppl want to save exactly balances the desired quantities of domestic investment foreign investment * Loanable funds market diagram * R adjusts to balance supply demand in the LF market * Both I NCO depend Ã¢â¬âvely on r, so the D curve is downward-sloping * * In small open economy w/ perfect capital mobility, i. e. Canada, the domestic interest rate = world interst rate * As a result, the quantity of loanable funds made available by the savings of CanÃ¢â¬â¢ns does not have to equal the quantity of loanable funds demanded for domestic investment * The difference between these two amts is NCO * * How are the markets for loanable funds foreign-currency exchange connected? The market for foreign-currency exchange exists b/c ppl want to trade w/ ppl in other countries, but they want to be paid in their own currency * 2 side of foreign-currency exchange market are represented by NCO NX * NCO represents the imbalance between the purchases sales of capital assets * NX represents the imbalance b/w exports imports of goods services * Another identity from preceding chapter: NCO = NX * In the market for foreign-currency exchange, * NX is the demand for dollars: foreigners need dollars to buy CanÃ¢â¬â¢n NX * NCO is the supply of dollars: CanÃ¢â¬â¢n residents provide/give dollars when they buy foreign assets * S=I + NCO S Ã¢â¬â I =NX * What price balances the supply demand in the market for foreign-currency exchange? * The real exchange rate (E) = e*P/P* The CanÃ¢â¬â¢n exchange rate(E) measures the quantity of foreign g/s that trade for one unit of CanÃ¢â¬â¢n g/s * E is the real value of a dollar in the market for foreign-currency exchange * The demand curve for dollars (NX) is downward sloping b/c a higher exchange rate makes domestic goods more expensive * The supply curve (NCO) is vertical b/c the quantity of dollars supplied fo r NCO is unrelated to the real exchange rate * Increase in E makes CanÃ¢â¬â¢n goods more expensive to foreigners, reduces foreign demand for CanÃ¢â¬â¢n goods dollars, does not affect NCO/supply of dollars * The real E adjusts to balance the S D for dollars * At EqÃ¢â¬â¢m E, the demand for dollars to buy NX exactly balances the supply of dollars to be exchanged into foreign currency to buy assets abroad * Disentangling SD When canÃ¢â¬â¢n resident buys imported goods does the transaction affect s/d in foreign exchange market? * The demand for dollars decrease * The increase in imports reduce NX which we think of as demand for dollars (NX= net demand for dollars) * When foreigner buys CanÃ¢â¬â¢n asset, does the transaction affect supply/ demand in the foreign exchange market * The supply of dollars falls * NCO = Net supply of dollars How do govÃ¢â¬â¢t budget deficits affect exchange rate trade balance? * The effects of a budget deficit * National saving falls * The real interest rate rises * Domestic investment net capital outflow both fall * The real exchange rate appreciates * Net export fall (or the trade deficit increases) * EqÃ¢â¬â¢m in the Open Economy NCO is the variable that links these two markets: S = I + NCO, NCO =NX * In the market for loanable funds, supply comes from national saving demand comes from domestic investment NCO * In the market for foreign-currency exchange, suplly comes from NCO demand comes from BX * * * EqÃ¢â¬â¢m in the open economy * Prices in the loanable funds market the foreign-currency exchange market adjust simultaneously to balance supply demand in these two markets * As they, they determine the macroeconomic variables of national saving, domestic investment, NCO, and NX How do other policies or events affect the interest rate, exchange rate, and trade balance? The magnitude variation in important macroeconomic variables depend on the following: * Increase in world interest rates * GovÃ¢â¬â¢t budget deficits surpluses * Trade policies * Political economic stability * Three steps in using the model to analyze these events * Determine which of the s/d curves e/ event effects * Determine which way the curves shift * Examine how these shifts alter the economyÃ¢â¬â¢s equilibrium * * * Increase in world interest rates * Events outside Canada that cause world interest rates to change can have important effects on the CanÃ¢â¬â¢n economy * In a small open economy w/ perfect mobility, an increase in the world interest rateÃ¢â¬ ¦ * Crowds out domestic investment, * Cause NCO to increase * Causes the dollar to depreciate * The effects of an increase in the govÃ¢â¬â¢t budget deficit * * GovÃ¢â¬â¢t budget deficits surpluses * b/c a govÃ¢â¬â¢t budget deficit represents negative public saving, it reduces national saving, and therefore reducesÃ¢â¬ ¦ * the supply of loanable funds * NCO * The supply of CanÃ¢â¬â¢n dollars in the market for foreign-currency exchange * Trade Polic y: is a govÃ¢â¬â¢t policy that directly influences the quantity of goods @ services that a country imports/exports * Tariff: a tax on imported goods * Imported quota: a limit on quantity of a good produces abroad and sold domestically * Initial impact is on imports Ã¢â¬â which affects NX NX are the sources of demand for dollars in the foreign-currency exchange market * Imports are reduced at any exchange rate, NX will rise * This increases the demand for dollars in the foreign currency exchange market * * * There is no change in the market for loanable funds, and therefore, no change in NCO * B/c foreigners need dollars to buy CanÃ¢â¬â¢n NX, there is an increased demand for dollars in the market for foreign-currency * This leads to an appreciation of the real exchange rate * Effect of an import quota * An appreciation of the dollar in the foreign exchange market discourages exports * This offsets the initial increase in NX due to import quota * Trade policies do not affect t he trade balance Political Instability Capital Flight * Capital flight * Is large sudden reduction in demand for assets located in a country * Has its largest impact on the country from which the capital is fleeing, but it also affects other countries * If investors become concerned about the safety of their investments, capital can quickly leave an economy * Interest rates increase the domestic currency depreciates * When investors around the world observed political problems in Mexico in 1994, they sold some of their Mexican assets and used the proceeds to by assets of the other countries * This increased Mexican NCO An increased demand for loanable funds in the loanable funds market leads the interest rate to increase * This increased the supply of pesos in the foreign-currency exchange market * * Chapter 14: Aggregate Demand Supply What are economic fluctuations? What are their characteristics? * Over LR, Real GDP grows about 2%/yr on avg * In SR, GDP fluctuates around its t rend * Recessions: falling real incomes rising unemployment * Depressions: severe recessions (very rare) * SR economic fluctuations are often called business cycles * 3 facts about economic fluctuations * Are irregular unpredictable * Most macroÃ¢â¬â¢c quantities fluctuate together * As output falls, unemployment rises Use mode of AD AS to study fluctuations * Short run, changes in nominal variables (Ms or P) can affect real variables (Y/U-rate) How does the model aggregate demand supply explain economic fluctuations? * Aggregate-demand curve Ã¢â¬â shows the quantity of goods services that households, firms, the govÃ¢â¬â¢t want to buy @ each price level * Aggregate-supply curve- shows the quantity of goods services that firms choose to produce and sell at each price level * Why does the aggregate-demand curve slope downward? What shifts the AD curve? * AD curve shows quantity of g/s demanded in the economy at any given P * Y=C+I+G+NX * Assume G fixed by govÃ¢â¬â¢t po licy Increase in P reduces the quantity of g/s demanded b/c: * The wealth effect (c falls) * The dollars ppl hold buy fewer g/s so real wealth is lower * Ppl feel poorer * i. e. a stock market boom makes households feel wealthier, C rises, the AD curve shifts right; preferences: consumption, saving tradeoff; tax hikes/cuts * Interest rate effect (I falls) * Buying g/s requires more dollars * To get these dollars, ppl borrow more * Drives up interest rates * i. e. firms buy new computers; expectations, optimism/pessimism; Interest rates, monetary policy; investment tax credit/other tax incentives * The exchange rate effect (NX falls) * Real exchange rate= exP/P* Increase real exchange rate, CanÃ¢â¬â¢n exchange rate appreciates * CanÃ¢â¬â¢n exports more expensive to ppl abroad, imports cheaper to CanÃ¢â¬â¢n residents * i. e. booms/recessions in countries that buy our exports (recession in the U. S. ); appreciation/depreciation resulting from intÃ¢â¬â¢l speculation in foreign e xchange market * Changes in G * Federal spending i. e defense; provincial municipal spending i. e roads, schools What is the slope of the aggregate-supply curve in the short run? Long run? What shifts AS curve? * AS curve shows the total quantity of g/s firms produce sell at any given P * Upward-sloping in short run * Vertical in long run Natural rate of output (Yn) us the amt of output the economy produces when unemployment is at its natural rate * Yn is also called potential output/full-employment output * Yn determined by the economyÃ¢â¬â¢s labour (L) capital (K), and natural resources(N), and on the lvl of tech(A) * Changes in L/Natural rate unemployment: immigration, Baby-boomers retire, govÃ¢â¬â¢t policies reduce natural u-rate * Changes in K/H: Investment in factories, more ppl get college degrees, factories destroyed by a hurricane * Changes in natural resources(N): discovery of new mineral deposits, reduction in supply of imported oil, changing weather patterns that a ffect agricultural production * Changes in tech (A): productivity improvements from technological progress * An increase in P does not affect any of these, it does not affect Yn (Classical dichotomy) * Any even that changes any of the determinants of Yn will shift LRAS * i. e. immigration increases L, causing Yn to rise * Over the LR, tech progress shifts LRAS to the right growth in the MS shifts AD to the right * Ongoing inflation growth in output * The SRAs curves is upward sloping: * Over the period of 1-2 yrs, an increase in P causes an increase in quantity of g/s supplied * If AS is vertical, fluctuations in AD do ot cause fluctuations in output/employment * If AS slopes up, then shifts in AD do affect output employment * Three theories: * Sticky wage theory, Imperfection- nominal wages are sticky in the short run, they adjust sluggishly, due to labour contracts; firms workers set the nominal wage in advance based on Pe, the price lvl expected to prevail * If PPe, revenue i s higher, but labour cost is not. Productions is more profitable, so firms increase output employment * Hence, high P causes higher Y, so the SRAS curve slopes upward * Sticky price theory, Imperfection- many prices are sticky in the short run: due to menu costs, the costs of adjusting prices, i. e. ost of printing new menus, the time required to change price tags * Firms set sticky prices in advance based on Pe * Suppose the BoC increases the MS unexpectedly, in LR P will rise * In SR, firms w/o menu costs can raise their P immediately * Firms w/ menu costs wait to raise prices, meantime , their prices are relatively low, which increase demand for their products, so they increase output employment * Hence, higher P is associated w/ higher Y, so the SRAS curve slopes upward * Misperceptions- imperfection: firms may confuse changes in P with changes in the relative price of the products they sell, if P rises above Pe- a firm sees its price rise before realizing all prices are risin g. The firms may believe its relative price is rising may increase output employment, * An increase in P can cause an increase in Y, making the SRAS curve upward-sloping * What 3 theories have in common: Y deviates from Yn, when P deviates from Pe * Y(Output) = Yn + a(P-Pe) * Yn-Natural rate of output (LR) * a0, measures how much Y responds to unexpected changes in P * P, actually price lvl; Pe, expected price lvl * SRAS LRAS The imperfections in these theories are temp, over timeÃ¢â¬ ¦ * Sticky wages prices become flexible * Misperceptions are corrected * In LRÃ¢â¬ ¦ * Pe = P, Y=Yn, AS is vertical * Unemployment is at its natural rate * Why the SRAS curve might shift * Everything that shifts LRAS shifts SRAS too * Also, Pe shifts SRAS: * If Pe rises, workers firms set higher wages * At e/ P production is less profitable, Y falls, SRAS shifts left * * Economic fluctuations * Caused by events that shift the AD/AS curves * 4 steps to analyzing economic fluctuations: * Determine whether the event shifts AD AS * Determine whether curve shifts left/right Use AD-AS diagram to see how the shift changes Y P in the short run * Use AD-AS diagram to see how economy moves from new SR eqÃ¢â¬â¢m to new LR eqÃ¢â¬â¢m * I. e. Stock market crash : C falls, so AD shifts left; SR eqÃ¢â¬â¢m at B, P Y lower, unemp higher; Over time Pe fals, SRAS shifts right, until LR eqÃ¢â¬â¢m at C, Y and unemp back at initial lvls * * i. e. oil prices rises: increases costs, shifts SRAS Left, SR eqÃ¢â¬â¢m at point B, P higher, Y lower, unemp higher; from A to B, stagflation: a period of falling output rising prices; if policymakers do nothing: low employment causes wages to fall SRAS shifts right until LR eqÃ¢â¬â¢m at A, or policymakers could use fiscal/ monetary policy to increase Ad accommodate AS shift: Y back to Yn, but P permanently higher How to cite Ecn 204 Final Exam Notes, Papers
Tuesday, April 28, 2020
Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ Essay Roderick ChisholmÃ¢â¬â¢s Solution to Ã¢â¬Å"The Problem of the CriterionÃ¢â¬ In this paper, I will argue that Roderick Chisholm fails to give an adequate solution to the problem of the criterion. According to Chisholm, the problem of the criterion is the ancient problem of Ã¢â¬Å"the wheelÃ¢â¬ or Ã¢â¬Å"vicious circleÃ¢â¬ (Chisholm, 77). Chisholm explains the problem of the criterion by stating that in order to know whether things are as they seem to be, we must have a procedure for recognizing things that are true from things that are false (Chisholm, 77). He then states that to know if the procedure is a good one, we have to know if it really recognizes things that are true from things that are false, and that we cannot know whether it really does succeed unless we already know what things are true and what things are false (Chisholm, 77). Thus, we are caught in a circle (Chisholm, 77). Chisholm states two questions that he says express some of the philosophical issues that are involved with the problem of the criterion. Question Ã¢â¬Å"AÃ¢â¬ says, Ã¢â¬Å"What do we know? What is the extent of our knowledge? and question Ã¢â¬Å"BÃ¢â¬ says, Ã¢â¬Å"How are we to decide whether we know? What are the criteria of knowledge? Ã¢â¬ (Chisholm, 79). Chisholm considers a skeptical solution for the problem of the criterion and, two non-skeptical solutions for the problem of the criterion (Chisholm, 80). One of the non-skeptical solutions Chisholm considers is Ã¢â¬Å"methodismÃ¢â¬ . According to Chisholm, Ã¢â¬Å"methodistsÃ¢â¬ are th ose who think that they have an answer to question Ã¢â¬Å"BÃ¢â¬ and from that, they can then figure out the answer to question Ã¢â¬Å"AÃ¢â¬ (Chisholm, 80). We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The other non-skeptical solution Chisholm presents is Ã¢â¬Å"particularismÃ¢â¬ . According to Chisholm, Ã¢â¬Å"particularistsÃ¢â¬ are those who think they have an answer to question Ã¢â¬Å"AÃ¢â¬ and from that, they can then figure out the answer to question Ã¢â¬Å"BÃ¢â¬ (Chisholm, 80). Chisholm himself prefers the non-skeptical solution to the problem of the criterion of Ã¢â¬Å"particularismÃ¢â¬ (Chisholm, 81). Chisholm argues that there are things that we know to be true (Chisholm, 81). He claims that if we report to someone what we are now seeing, hearing, and feeling then the chances are that the report will be correct and that we must trust our senses (Chisholm, 81). On the other hand Chisholm presents the fact that people often think they see, hear, or feel things that they do not really see, hear, or feel, and that the senses do sometimes deceive us (Chisholm, 81). Similarly, Chisholm states that the same things can be argued about what we remember (Chisholm, 81). After Chisholm presents these points he brings up an epistemological principle that was formulated by St. Augustine which demonstrates ChisholmÃ¢â¬â¢s argument, Ã¢â¬Å"It is more reasonable to trust the senses that to distrust them. Even though there have been illusions and hallucinations, the wise thing, when everything seems all right, is to accept the testimony of the senses. Ã¢â¬ (Chisholm, 81). I object to ChisholmÃ¢â¬â¢s argument because it fails to give an adequate solution to the problem of the criterion. Although it is explained well, it does not solve the problem. Chisholm gives explanations of the skeptical and non-skeptical solutions that seem to alleviate the problem, but after reading this article I was left with the same question in my mind, Ã¢â¬Å"What came first? The chicken or the egg. Ã¢â¬ Bibliography 1. Chisholm, Roderick (1973). Ã¢â¬Å"The Problem of the Criterion. Ã¢â¬ In Philosophical inquiry, Adler and Elgin (eds). Indianapolis: Hackett 77-85. Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ Essay Example Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ Paper Roderick ChisholmÃ¢â¬â¢s Solution to Ã¢â¬Å"The Problem of the CriterionÃ¢â¬ In this paper, I will argue that Roderick Chisholm fails to give an adequate solution to the problem of the criterion. According to Chisholm, the problem of the criterion is the ancient problem of Ã¢â¬Å"the wheelÃ¢â¬ or Ã¢â¬Å"vicious circleÃ¢â¬ (Chisholm, 77). Chisholm explains the problem of the criterion by stating that in order to know whether things are as they seem to be, we must have a procedure for recognizing things that are true from things that are false (Chisholm, 77). He then states that to know if the procedure is a good one, we have to know if it really recognizes things that are true from things that are false, and that we cannot know whether it really does succeed unless we already know what things are true and what things are false (Chisholm, 77). Thus, we are caught in a circle (Chisholm, 77). Chisholm states two questions that he says express some of the philosophical issues that are involved with the problem of the criterion. Question Ã¢â¬Å"AÃ¢â¬ says, Ã¢â¬Å"What do we know? What is the extent of our knowledge? and question Ã¢â¬Å"BÃ¢â¬ says, Ã¢â¬Å"How are we to decide whether we know? What are the criteria of knowledge? Ã¢â¬ (Chisholm, 79). Chisholm considers a skeptical solution for the problem of the criterion and, two non-skeptical solutions for the problem of the criterion (Chisholm, 80). One of the non-skeptical solutions Chisholm considers is Ã¢â¬Å"methodismÃ¢â¬ . According to Chisholm, Ã¢â¬Å"methodistsÃ¢â¬ are th ose who think that they have an answer to question Ã¢â¬Å"BÃ¢â¬ and from that, they can then figure out the answer to question Ã¢â¬Å"AÃ¢â¬ (Chisholm, 80). We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Roderick Chisholms Solution to Ã¢â¬Å"the Problem of the CriterionÃ¢â¬ specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The other non-skeptical solution Chisholm presents is Ã¢â¬Å"particularismÃ¢â¬ . According to Chisholm, Ã¢â¬Å"particularistsÃ¢â¬ are those who think they have an answer to question Ã¢â¬Å"AÃ¢â¬ and from that, they can then figure out the answer to question Ã¢â¬Å"BÃ¢â¬ (Chisholm, 80). Chisholm himself prefers the non-skeptical solution to the problem of the criterion of Ã¢â¬Å"particularismÃ¢â¬ (Chisholm, 81). Chisholm argues that there are things that we know to be true (Chisholm, 81). He claims that if we report to someone what we are now seeing, hearing, and feeling then the chances are that the report will be correct and that we must trust our senses (Chisholm, 81). On the other hand Chisholm presents the fact that people often think they see, hear, or feel things that they do not really see, hear, or feel, and that the senses do sometimes deceive us (Chisholm, 81). Similarly, Chisholm states that the same things can be argued about what we remember (Chisholm, 81). After Chisholm presents these points he brings up an epistemological principle that was formulated by St. Augustine which demonstrates ChisholmÃ¢â¬â¢s argument, Ã¢â¬Å"It is more reasonable to trust the senses that to distrust them. Even though there have been illusions and hallucinations, the wise thing, when everything seems all right, is to accept the testimony of the senses. Ã¢â¬ (Chisholm, 81). I object to ChisholmÃ¢â¬â¢s argument because it fails to give an adequate solution to the problem of the criterion. Although it is explained well, it does not solve the problem. Chisholm gives explanations of the skeptical and non-skeptical solutions that seem to alleviate the problem, but after reading this article I was left with the same question in my mind, Ã¢â¬Å"What came first? The chicken or the egg. Ã¢â¬ Bibliography 1. Chisholm, Roderick (1973). Ã¢â¬Å"The Problem of the Criterion. Ã¢â¬ In Philosophical inquiry, Adler and Elgin (eds). Indianapolis: Hackett 77-85.
Friday, March 20, 2020
10 Argumentative Topics on Animal Experimentation for a Debate If youÃ¢â¬â¢re looking for arguments against animal experimentation, youÃ¢â¬â¢ve come to the right place. While most articles will take on the animal cruelty argument, we are going to assist you even further. Animal experimentation is not just cruel, itÃ¢â¬â¢s also ineffective. The data accumulated from these tests has been proven to be inconclusive. This guide is full of actual facts and figures, ones which will help you perform a dominating and impressive debate. Here are 10 facts on animal experimentation for an interesting and winning debate. Around 130 million animals go through experimental research every year throughout the world, these numbers are considered to be conservative because they are the ones which are recorded. Animal cruelty has raised a lot of public awareness in the last 50 years. ItÃ¢â¬â¢s now a common consensus in the research community that there is no such thing as Ã¢â¬Å"Humane Animal ResearchÃ¢â¬ . Contrary to popular belief, a century of experimenting on animals has yielded little or no result thatÃ¢â¬â¢s been useful to the human medical condition. Though 85 HIV/AIDS vaccines have shown successful results in nonhuman primate research, over 200 vaccine trials have failed to demonstrate any benefits to humans since 2008. Cures for diabetes, which were taken from animal experimentation have failed hopelessly. The mouse diabetes model which scientists have been researching on for decades has been officially discredited. Research on animal models for traumatic brain injury and regeneration in neurological diseases has also been deemed inconclusive and useless. Scientists have tried randomizing at least 10 controlled trials, and several other clinical trials, for spinal cord injury recovery in animals, but none of these were medically useful for humans. Same is true for the treatment of strokes, neurological disease, autoimmune disease, Alzheimers disease, Parkinsons disease, Muscular Dystrophies, Rheumatoid Arthritis, lupus erythematosus, multiple sclerosis and other connective tissue diseases. There are two ways an animal suffers during experiments in a laboratory: first, the procedures and second the confinement. The animals suffer trauma of maternal separation at an early age, isolation from their species, not being able to follow their natural instincts and behavior. Finally, the pain they go through during transportation and culling has proven to be very traumatic. They go through various kinds of processes, which includes being exposed to various types of chemicals, being forced to eat, going through surgeries, burns, injuries, biopsies, nutrition deprivation and being tranquilized. There are several methods of animal experimentation that should be enough to put the entire research community to shame. Tests are performed after putting the animals such as monkeys, pigs, mice and dogs etc. through induced heart attacks, heart failures, strokes and forced abnormal heart rhythms. Animals are put through fatal burn injuries to test new burn treatments. For the sake of military and civilian trauma research animals are shot and hit with blunt objects, and later they are put through new experimental emergency surgical procedures. Further inhumane animal experimentations include studying the results of Ã¢â¬Å"Induced HelplessnessÃ¢â¬ where animals are put in an inescapable state of fear and frustration. Animals are forced to swim to exhaustion, hanged by their tails and put through relentless electric shocks. All this to examine how the animal behaves at the point where it stops resisting the irritant. The life inside these laboratories are inhumane and disturbing for animals. The routine collection of blood, dosing through drugs and exposure to prolonged amount of physiological stress. The cages where the animals are put are not designed to provide a natural environment, moreover they are deprived from their basic social, psychological and behavioral needs. These small cages often lead to self-injury, psychological distress and mutilation. There are a lot of supplementary research techniques to animal experimentation like the stem cell methods, human tissue studies, in vitro techniques, computational models, systems biology, bioinformatics, tissue engineering, microfluidics, genetic methods, advanced imaging technologies, epidemiology and various other techniques. One of the biggest supplement to animal experimentation is the study of human population, most commonly known as Epidemiology, this study has helped research of identifying various risks to human health progress. Epidemiology is proof that research generated from techniques other than animal experimentation has proved to be more useful because they brought forth the health effects of smoking, industrial toxic exposures, hazards of pollution, poor personal and public hygiene. Epidemiology also helped science grasp the ground realities of heart disease, stroke, cancer and various other diseases. ItÃ¢â¬â¢s safe to assume that this kind of pragmatic and calculated research work is much safe and reliable than the hit and trial methods of animal experimentation. Finally, there is the computer-based research technique, which is a perfect replacement for animal experimentation as virtual disease and treatment models can be created and then studied. Real-time collection of medical human data points can help execute virtual human trials. These genetic methods arenÃ¢â¬â¢t only used to collect research of data influencing genetic expression, like gene homology or RNA interference but also making sure that disease risk profiles and treatments are developed while keeping each genetic determinants in focus. WeÃ¢â¬â¢ve not only given you some very gruesome facts about animal experimentation but also helped you by providing alternative research techniques to animal experimentation. All of these facts can be used to create some very definitive and convincing arguments. Next, we are going to help you find your topic of debate in our piece which is 20 debate speech topics on animal experimentation and also standalone debate speech guide for this particular subject. Reference: Taylor K, Gordon N, Langley G, Higgins W. Estimates for worldwide laboratory animal use in 2005. ATLA. 2008;36:327-342. Knight A. 127 million non-human vertebrates used worldwide for scientific purposes in 2005. ATLA. 2008;36:494-496. Humane Society of the United States (2001). Poll shows Americans disapprove of animal research when it causes the animals to suffer. Accessed June 11, 2008 at: hsus.org/press_and_publications/press_releases/poll_shows_americans_disapprove_of_ animal_research_when_it_causes_the_animals_to_suffer.html Plous S. Opinion research on animal experimentation: areas of support and concern. Accessed June 11, 2008 at http://altweb.jhsph. edu/meetings/pain/plous.htm. Sky News (2006). Accessed May 2006 at http://news.sky.com/ skynews. Link is no longer available, but poll data are available. Balcombe JP, Barnard ND, Sandusky C. Laboratory routines cause animal stress. Contemporary Topics. 2004;43, 42-51. Bross I. How animal research can kill you. The AV Magazine. November 1983.
Tuesday, March 3, 2020
George Carruthers and the Spectrograph George Carruthers has gained international recognition for his work which focuses on ultraviolet observations of the earths upper atmosphere and of astronomical phenomena. Ultraviolet light is the electromagnetic radiation between visible light and x-rays. George Carruthers first major contribution to science was to lead the team that invented the far ultraviolet camera spectrograph. What Is a Spectrograph? Spectrographs are images which use a prism (or a diffraction grating) to show the spectrum of light produced by an element or elements. George Carruthers found the proof of molecular hydrogen in interstellar space by using a spectrograph. He developed the first moon-based space observatory, an ultraviolet camera (see photo) that was carried to the moon by Apollo 16 astronauts in 1972*. The camera was positioned on the moons surface and allowed researchers to examine the Earths atmosphere for concentrations of pollutants. Dr. George Carruthers received a patent for his invention the Image Converter for Detecting Electromagnetic Radiation especially in Short Wave Lengths on November 11, 1969 George Carruthers Work With NASA He has been the principal investigator for numerous NASA and DoD sponsored space instruments including a 1986 rocket instrument that obtained an ultraviolet image of Comet Halley. His most recent on the Air Force ARGOS mission captured an image of a Leonid shower meteor entering the earths atmosphere, the first time a meteor has been imaged in the far ultraviolet from a space-borne camera. George Carruthers Biography George Carruthers was born in Cincinnati Ohio on October 1, 1939, and grew up in South Side, Chicago. At the age of ten, he built a telescope, however, he did not do well in school studying math and physics but still went on to win three science fair awards. Dr. Carruthers graduated from Englewood High School in Chicago. He attended the University of Illinois in Urbana-Champaign, where he received a bachelor of science degree in aeronautical engineering in 1961. Dr. Carruthers also obtained his graduate education at the University of Illinois, completing a masters degree in nuclear engineering in 1962 and a doctorate in aeronautical and astronautical engineering in 1964. Black Engineer of the Year In 1993, Dr. Carruthers was one of the first 100 recipients of the Black Engineer of the Year award honored by US Black Engineer He has also worked with NRLs Community Outreach Program and several outside education and community outreach organizations in support of educational activities in science at Ballou High School and other DC area schools. *Description of Photos This experiment constituted the first planetary-based astronomy observatory and consisted of a tripod-mounted, 3-in electronographic Schmidt camera with a cesium iodide cathode and film cartridge. Spectroscopic data were provided in the 300- to 1350-A range (30-A resolution), and imagery data were provided in two passbands (1050 to 1260 A and 1200 to 1550 A). Difference techniques allowed Lyman-alpha (1216-A) radiation to be identified. The astronauts deployed the camera in the shadow of the LM and then pointed it toward objects of interest. Specific planned targets were the geocorona, the earths atmosphere, the solar wind, various nebulae, the Milky Way, galactic clusters and other galactic objects, intergalactic hydrogen, solar bow cloud, the lunar atmosphere, and lunar volcanic gasses (if any). At the end of the mission, the film was removed from the camera and returned to earth.George Carruthers principal investigator for the Lunar Surface Ultraviolet Camera, discusses the instru ment with Apollo 16 Commander John Young, right. Carruthers is employed by the Naval Research Lab in Washington, D.C. From left are Lunar Module Pilot Charles Duke and Rocco Petrone, Apollo Program Director. This photograph was taken during an Apollo lunar surface experiments review in the Manned Spacecraft Operations Building at the Kennedy Space Center.
Sunday, February 16, 2020
Computer Sciences and Information Technology. User Experience - Essay Example In this regards, the paper contains description and purpose of website development, the intended audience of the website along with weaknesses and strengths of the website in respect of their usage by diverse users. Some users may not agree that this website is easy to use and users have difficult experiences with its interface, this study looks at every element of interaction and usability factors (Cornell University Library, 2012). In order to get information regarding their experiences of using the website, the users are given a website usability form to be filled so that the website of the Phone4u can be evaluated. The paper presents the recommendations to the company for improving several aspects of the website to reach the targeted audience, trust development on the visitors and customers, moreover, guidance to increase the web traffic (Dumas, 2008, p37). The usability test is one of the essential steps in the evaluation of the userÃ¢â¬â¢s likeness and dislike-ness while usin g the Phone4uÃ¢â¬â¢s website. This will require acquisition of user opinions and to present analysis of the information to guide the decision on the areas of improvement. Since most of the features are observable qualitative attributes, this study will have to convert them into quantitative variables for ease of data analysis. 1.2. Background In the evaluation of the website, the focus is how to improve the usability by adding features that are more relevant and functional keeping in view the targeted audience of the website. This can be done by evaluating the website and improving the weaknesses indicating by the analysis. The amendments to the website of the Phone4u should be made as per the recommendations of the users (Valacich, Joey & Hoffer, 2009, p67). At the same time, it is important to consider the fact that some users do not welcome changes so easily and may prefer to remain in the previous version of the website rather than the new one with improved features (Kendall & Kendall 2011, p58). The evaluation will lead to the decision making for the new version of the website based on the information from user response. The statistics will be gathered as comments from various participants. The participantsÃ¢â¬â¢ views reflect the present trend and the actual real world events that are of interest to this website. The study uses the structure of information flow as shown in the figure below, with the system the user and the feedback mechanism. Figure 1: Information Flow between System, Users and Feedback mechanism 1.3. Study Problem/Question This study seeks to answer one (1) major question having various sub parts. The first question is Ã¢â¬Å"Whether the website of the Phones4u is easy to use for the targeted audience of the website?Ã¢â¬ In order to have the answer of the first question of this study, the users have to answer the various questions as described by the Jokab Neilsen. The sub questions (parts) include: Ã¢â¬Å"the visibility of the s ystem, Match between system and the real world, User control and freedom, Consistency and standards, Error prevention, Recognition rather than recall, Flexibility and efficiency of use, Aesthetic and minimalist design, Help users recognize, Help and documentation, diagnose and recover from errors. Basically, these are the guidelines provided by the Jakob Neilson for evaluating the usability of the websiteÃ¢â¬ (Selvaraj, 2011). All these questions will be answered by the selected participants. 2. Aims The aim of this study is to explore the usability issues in the