Managerial Economics Essay

Q.1.0) For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined, while the number of radio sets purchased increased. c.Housing prices are rising but more houses are sold. d.Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. Ans. a) In this case the number of the fruit pickers has decreased while the wages of the fruit pickers has increased. Thus, the demand has not changed. The supply of the fruit pickers has decreased, hence, the fruit pickers supply has shifted to the left. b) In this case the price of the radio sets declined while the number of radio sets purchased increased. This means the demand has increased. The demand curve has shifted to the right. c) In this case the housing prices are rising but more houses were sold. The demand of the houses has increased. The demand curve has moved to the right. d) In this the Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers. The aim here is increase the revenue in the future. The supply is been increased to accommodate the increasing customers. The supply curve is moved to the right. Q.2.0) Explain the meaning of elasticity? What are the different types of elasticities? What are the factors that affect each type of elasticity? Of what use are these elasticities to business? Ans. Elasticity is a measure of the responsiveness of one variable to changes in another variable; the percentage change in one variable that arises due to a given percentage change in another variable. The Elasticity is one of the important factors to measure the market condition, the market character and depicts a comprehensive picture of the supply, demand relation. The different types of Elasticities are Own price elasticity, cross-price elasticity, income elasticity and other elasticity such as own advertisement elasticity and cross-advertisement elasticity. 2.1. Own price elasticity: A measure of the responsiveness of the quantity demanded of a good to a change in the price of that good; the percentage change in quantity demanded divided by the percentage change in the price of the good. EdQx, Px Percentage change in quantity demanded = %∆Qdx = Percentage change in price of the good %∆Px The Own price elasticity of demand is measured in terms of its absolute value, if the absolute value is greater than one (1) is said to be elastic, if the absolute value is less than one (1) is said to be inelastic and if the absolute value is equal to one (1) is said to be unitary. 2.1.1 Elastic demand: Demand is Elastic if the absolute value of the own price elasticity is greater than 1. │EdQx,Px│> 1 This means that the percentage change in the quantity demanded is more than the percentage change in the price of the good. Generally, the demand is elastic for consumer goods. The important point is when the total revenue increases (decreases) as a result of a fall (rise) in price, demand is elastic. 2.1.2 Inelastic demand: Demand is inelastic if the absolute value of the own price elasticity is less than 1. │EdQx,Px│< 1 This means that the percentage change in the quantity demanded is less than the percentage change in the percentage change in the price of the good. The demand is elastic for the daily requirement goods, specialty goods. The important point is when the total revenue decrease (increases) as a result of a fall (rise) in price, demand is inelastic. 2.1.3 Unitary elastic demand: Demand is unitary elastic if the absolute value of the own price elasticity is equal to 1. │EdQx, Px│= 1 This means that the percentage change in the price is equal to the percentage change in quantity demanded of the good. As the percentage change in price is equal to the percentage change in the quantity demanded, the total revenue does not change as price changes. 2.1.4 Perfectly elastic demand: A condition in which a small percentage change in price brings about an infinite percentage change in quantity demanded. │EdQx, Px│= ∞ 2.1.5 Perfectly inelastic demand: A condition in which the quantity demanded does not change as the price changes. │EdQx, Px│= 0 2.1.6 Influencing factors: The price elasticity is determined the following factors, the availability of the substitutes, time factor and the expenditure share of the product in consumer’s budget. * Availability of viable options: The price elasticity is very much influenced by the availability of substitutes. The price elasticity is greater when the substitutes are more. This is because of the wider choices consumer has. The minimal changes in the price of one good will result immediate shift of the demand to the other good. The elasticity for the broadly defined commodities tends to be more inelastic than the demand for specific commodities. This is because the specific products are demanded on the basis of the consumer’s tastes, preferences, likes, passion and need. * Time factor: The time factor influences the character of the demand of the good. In general, the availability of time allows the consumer to pursue the substitutes, which eventually results in the decline of the demand for the good whose price has increased. In short time, the demand is more likely to be inelastic for the reason that the consumer will not be able to find the substitutes. *Expenditure on the product: The amount spent by the consumer on a particular product determines the character of the demand elasticity of the product. The products on which the consumer spends fewer amounts are likely to be inelastic conversely the products on which the consumer spends large amount are likely to be elastic. This is because the slightest increase in their prices would have a great impact on the consumer’s budget. 2.1.7 Uses to the business: The own price elasticity is very much essential to the business to analyze the market and further to formulate the strategies to gain maximum benefit from the given situation. The price elasticity enables the firm to asses the relationship between the price of its product and the demand. The firm can be able to gauge the relationship between their products and other products in the market. This helps the firm to identify which are the competing products and complementing products. The firm by assessing the price elasticity can be able to define fine price strategies, promotion strategies and as well can contemplate about the synergies with the other firms whose products are in complementary relationship with the firm’s products. 2.2 Income elasticity: A measure of the responsiveness of the demand for a good to changes in consumer income; the percentage change in quantity demanded divided by the percentage change in income. EmQx, M Percentage change in quantity demanded %∆Qdx = Percentage change in the consumer income = %∆M If EmQx, M > 0, then X is a normal good, an increase in income leads to an increase in the consumption of X. If EmQx, M < 0, then X is an inferior good, an increase in income leads to a decrease in the consumption of X. 2.2.1 Influencing factors: The important factors influencing this elasticity are the income level of the consumers and the nature of the product. If the product is not having the perceived value or not having the perceived image, the product will be purchased more when the income level of consumer decreases conversely the products will be purchased less when the income level of the consumer increases. 2.2.2 Uses: The firms will be able to identify their product’s perceived  value. This assists the firms to modify their product’s features, promote well or position their product well in the market. In general, the firms are interested in making their products a normal good, the demand increases with the increase in the income level of the consumer. This elasticity helps the firms to define their pricing strategy to suit the consumer’s perceived value. 2.3 Cross-price elasticity: A measure of the responsiveness of the demand for a good to changes in the price of a related good; the percentage change in the quantity demanded of one good divided by the percentage change in the price of a related good. EdQx, Py = Percentage change in quantity demanded of one good = %∆Qdx Percentage change in price of related good %∆Py This elasticity helps in understanding the relationship between two goods. This elasticity explains whether two goods are complement or substitute to each other. If EdQx, Py > 0, the two goods are substitutes to each other, the larger the positive coefficient, the greater the substitutability between the two goods. If EdQx, Py < 0, the two goods are complement to each other, the larger the negative coefficient, the greater the complementary relationship between the two goods. The important point is the sign of the coefficient is important when mentioning the Cross-price elasticity. 2.3.1 Influencing factors: The close relationship between the products has a great impact on the elasticity. If the product has many competing or substitutes which offer similar benefits mix, the demand changes highly even with a minor changes in the price of the product or the changes in the price  of the substitutes. This elasticity is also influenced by the price of the complementing products; if the price of the complementing products increases (decreases) the demand for the firm’s product decreases (increases). 2.3.2 Uses: This helps the firms to handle the competition by formulating a well defined pricing strategy. The firms will be able to assess the relationship with the other products. The firms can identify the competing as well complementing products in the market. The demand of the product is highly influenced by the competing and contemplating product’s price. The firm by assessing the cross-price elasticity will be able to handle the competition and as well can form synergies with the firms offering complementary products. This will enable the firms to operate efficiently in the market. 2.4 Price elasticity of supply: The ratio of the percentage change in the quantity supplied of a product to the percentage change in its price. Es = percentage change in quantity supply = %∆Qsx percentage change in price %∆P Es > 1, elastic supply, the percentage change in quantity supply is more than the percentage change in price. Es < 1, inelastic supply, the percentage change in quantity supply is less than the percentage change in price. Es = 1, unitary elastic, the percentage change in quantity supply is equal to the percentage change in price. 2.4 Influencing factors: The influencing factors are the price of the product, the nature of the market. The ultimate objective of the firm is to make maximum profits, the firm will supply according to the rise in price and demand in the market to gain optimum profits. 2.5 Uses: This elasticity helps the firms to strike a balance among the price of the product, demand and supply of the product. This also helps the firms to define their production and supply str0ategy so as to address the given situation. Q.3.0) Read the New Economy Index dealing with the effects of internet and increased competition on business competition (http://www.neweconomyindex.org/section1_page06.html). a. List factors that are said to be driving the increased competition between firms? Do these factors suggest that the structures of the markets in which firms operate are taking on more of the characteristics of the perfectly competitive market structures? b. Is there information on these pages that gives an indication of whether increased competition is having an effect on the profitability of the firm? Ans. a) The factors that are said to be driving the increased competition between the firms are: i. Emergence of global market place. ii. The number of increased firms. iii. Technology that makes the entry easy for new entrants. iv. Ever increasing from securities markets to increase shareholders value. v. Frenetic atmosphere of mergers. vi. Increased number of large institutional investors. Yes, these factors suggest that the structures of the market are taking on more of the characteristics of the perfectly competition. The major  characteristics are the increased number of firms, more number of players. The easy entry for the new entrants suggests that the market is not having any entry barriers. b) Yes, the information on these pages indicates the effect of the competition on the profitability of the firms. The average price mark-up over the cost ration in manufacturing in United States had declined from about 19 percent in 1970 to 15 percent between 1980 and 1992. Q.4.0) Evaluate the economic case for economic integration in either South Asia or ASEAN region (chose the region which you live). Will this be beneficial for your country? Why or why not? Ans. I am from India and India is an active participant in South Asian regional development and welfare programs. The economic integration is an important factor influencing the prosperity of the nations worldwide. The economic integration is one most successful tool exploited by many countries to gain economic benefits and welfare. The movement of South Asian countries; India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives towards the economic integration in the South Asian region will be a big step towards their economic welfare. The India has already signed Free Trade Agreement (FTA) with Thailand, one more similar agreement with Association of South East Asian Nations (ASEAN) and another trade agreement with Singapore in early next year. This is the initiative taken by India to bring close the nations of this part of the world and leap towards the economic integration. The developed have already formed their Regional Trade Agreement (RTA) such as North American Free Trade Agreement, European Union accord. The South Asian countries must formulate a similar platform to present their argument with one consented voice and craft own free trade agreement to counter the  growing competition from these countries. According a world bank report the success of the RTA is that the RTA were successful in eliminating the trade barriers thus, paving way for the free flow of goods and services, which ultimately benefits the masses. The trade barriers segment the market, restricts the free flow of goods, service, investments, development schemes which call for a joint venture. Therefore wide range policy measures are required to facilitate the economic integration. A direct shift from closed to open regionalism will enable the countries to operate in more liberal market. The increased relations between the nations allows the free flow of ideas, fosters alternative thinking and exchange of technology. In a liberal trade regime, the South Asian countries will reap benefits in terms increased volume of trade, larger investments and increased production but, also the new technologies which were hitherto unknown at work place. India, with a one fifth of worlds population has been successful in gearing the interaction between the South Asian countries, has a larger part to play and as well the biggest beneficiary from the economic integration in this region. There are some competitive complications in the integrations. Most of the countries are having rivalry among them as they offer similar products to the international market. India and Sri Lank compete in agro-products; tea, coffee, rubber and jute, Malaysia and Singapore in clothing, Japan and South Korea in electronics. At present the integration trade among SAARC is less than 5 percent, where as it is 55 percent in European Union countries and 65 percent in North American countries. The trade between India and Pakistan is currently at US$ 251; with the integration trade it would go up to US$ 4 billion. Q.5.0) What is a market failure? What are the different types of market failures? Discuss and give an example. Ans. The situation in which the following characteristics developed in the market is termed as Market failure. The different types of market failures are Market power Externalities Public goods Incomplete information 5.1 Market power: The ability of a firm to set its price above marginal cost. The main aim of the government is to create a perfect competition in the market. But, many a times it is not possible. There always exist some firms who have an advantage over the other firms operating in the same industry. These firms gain sustainable competitive advantage by having larger market share, high technology, competitive market position and/or financial support. The firm which has sustainable competitive advantage will exercise power to influence the market prices. The firm will keep its price higher than the marginal cost, the resources required to produce that unit good, thus decreasing the social welfare. The government will intervene in these instances to regulate these firms to increase the social welfare. When the firms exercise the market power, the social welfare will minimize, the consumer has to pay more than the cost incurred by the producer to produce that extra unit. The government formulates certain laws to avert the concentration in the market, which eventually results in Market power. In most of the countries, the governments formulate laws to control the formation of market power by legislating antitrust policy and price regulation. Example: The formation of a monopoly is a clear case of market power. Most of the firms attempt to build a monopoly. In monopoly market, the entry is restricted and the firms can charge high price than the marginal cost. In the above figure it shows the monopolist’s demand, marginal cost, and marginal cost and marginal revenue curves. In a perfect competitive market all the consumers are charged similar. But, in this case the monopolist charges PM price for the profit maximizing out put units of QM. At this price the consumer is pays higher amount for the last unit produced than the cost to produce it. Total social welfare in monopoly is the sum of producer and consumer surplus, the region W in the above figure. The triangle ABC represents the dead weight loss. 5.1.1 Antitrust policy: Government policies designed to keep firms from monopolizing their markets. The main aim of the antitrust policy is to eliminate the dead weight loss and discourage the mangers to exercise price-fixing agreements and other collusive practices by declaring it as an illegal to foster monopoly. The first successful antitrust act was used against United States and Trans-Missouri Freight Association agreement, which the Supreme Court declared as illegal. Standard Oil of New Jersey along with Standard Oil of Ohio was charged with attempting to fix the prices of petroleum products and the prices at which the products would be shipped. Standard Oil, in particular, was accused of numerous activities designed to enhance monopoly. 5.1.2 Price regulation: In many instances a single firm may be able to service the market or the  government may wish to allow the firm to practice monopoly. When the economies of scale are larger, the government may allow the firm to practice monopoly but choose to regulate the price of the firm’s products. Example: In India, the government has allowed the Maruti Udyog Ltd., au automobile manufacturing firm, to practice monopoly in small car segment till 1998. This was mainly to support this PSU, to gain the strength in the market and as was the capacity of the firm was made to address the demand of the market. Even though the Maruti was the only car manufacturer in the small car segment, the government has practiced strong price regulation in order to eliminate the dead weight loss. Regulating a Monopolist’s price at the Socially Efficient Level 5.2 Externalities: Effects on the third party who is not the part in decision making process is termed as the Externalities. There are two types of externalities; positive externalities and negative externalities. 5.2.1 Positive externalities: The benefits are received by the party which is not involved in the production or consumption of a good. Example: The benefits of the immunization of the public, which eventually leads to building a health society, benefits all the people irrespective of their participation in the process. The government programs aiming at imparting education to every one leads to the building a knowledgeable society. This initiative benefits the whole nation. 5.2.2 Negative externalities: The costs borne by parties who are not involved in the production or consumption of a good. Example: The pollution in the air, water and soil. The public in general suffers with out directly involving in the process. The society will be bearing some costs of this damage to the environment, but eventually the  impact will on everyone. 5.2.3 The Clean Air Act: The Clean Air Act was formed to address the much devastating issue of the pollution. The new act covers the industry which releases over 10 tons per year of any of the listed pollutants or 25 tons per year of any combination of those pollutants. The firms under this act are required to obtain permit to pollute. The permit is issued to the industry on the basis of its nature, level of pollution in that area and the calculated level of pollution that would be emitted by the firm at a fee. The act also supports the new entrants to find efficient ways to decrease the pollution in the industrial process. The Act’s another important feature is, a firm can sell its limit to the other firm if the firm has lower level pollution than the permitted level. This is to encourage the firms to find the new ways to minimize the pollution in their firms. 5.3 Public goods: A good that is nonrival and nonexclusionary in consumption. Public goods are the goods, which can be consumed by everyone. The goods are not paid by any one or the benefits are received by everyone. These benefits cannot be allocated to any single person; clean air, sunlight etc. In general, if no one pays for these goods, as everyone along with the purchaser will be benefited. Thus, there is little or no major incentive for the purchaser. This very factor leads to free ride phenomenon. 5.3.1 Nonrival consumption: A good is nonrival in consumption if the consumption of the good by one person does not preclude other people from also consuming the good. Example: street lights, public parks, radio signals, national defense. 5.3.2 Nonexclusionary consumption: A good or service is nonexclusionary if,  once provided, no one can be excluded from consuming it. Example: clean air, roads. It would be advantageous for a firm to contribute to public goods in its market place to create goodwill in the market. The same thing goes with the individuals as well. The benefit arising from paying for the public good is not exclusive for any individual, thus everyone would be willing not to pay for them, which eventually results in failure of the market in providing public goods. In conclusion, if the firm’s goal is to maximize profits, the last dollar spent on contributions to public projects should bring in one additional dollar in revenue. 5.4 Incomplete information: The information about the product and services to all the interested parties is important for the market to operate efficiently. The participants must have good knowledge about the product or service’s features, price, benefits, the risks and the available technologies. The incomplete information will eventually result in inefficiencies in the market functioning, usage and the firm’s output. The severe causes of market failure are asymmetric information, a situation where some market participants have better information than others. The presence of asymmetric information can lead buyers to refuse to purchase from sellers ort of fear that the seller is attempting to dump the product because it worth less than they are willing to pay and in some cases, may lead to the market collapse. The government has formulated policies to address this issue. 5.4.1 Rules Against Insider Trading: The regulation to avert the asymmetric information problem is by formulating rules against insider trading. The insiders will have more information about the company; can take better decisions about its stock trading. This if continues, the traders may reject the company’s shares. There will be little or no chance to the outsiders in the market which is dominated by the insiders; this will eventually result in market failure. To prevent insider trading form destroying the market for financial assets, the government has enacted rules against insider trading. The regulation is in Section 16 of the Securities and Exchange Act (1934) and amended in1990 and effective form May 1, 1991. Example: The manger has who has got a better knowledge about the company’s inside information may utilize to gain profits. If the company is contemplating to form a merger which would increase the value of the company, will buy the share in advance and sell them when actually the share value increase after the merger. Thus, gains maximum profits. 5.4.2 Certification: To eliminate the asymmetric information problems, the other devise is the certification. The government issues the certification of authenticity to the product or services after confirming to prescribe standards. This will ensure the consumers to get a fare deal in their transactions. Example: The issue of certification of authenticity by the government to the schools, colleges, industries etc. 5.4.3 Truth in lending: The little or no comprehensive information about the barrowings has resulted in financial crisis across the world. The government has passes legislation on the barrowing and repaying criteria to simplify the issue, Truth in Lending Simplification Act (1980). The truth in lending act affects both the supply and demand of credit. The barrowers have more information about the credit criteria, reduces the risk involved in repayment of the loan. The availability of information to the  barrowers increases the demand, thus, the demand curve for the loans moves towards the right. The suppliers are affected mainly by the increased cost in complying with the government regulations, hence the supply curve of the loan moves towards the left. This movement eventually results in increase in the price of the loan (interest). 5.4.4 Truth in advertising: Advertisement is one of the important means of communicating with the potential and actual buyers. The main aim of the advertisement is to turn viewers into buyers. Under the pressure to push the product in the market, the companies will indulge in providing the false information or too much from too little truth. When the consumers understand this, they will switch to competitor’s product or service. To alleviate this problem the government formulated the truth in advertisement. The main aim of this regulation is to cease the company’s from giving false information and to compensate the consumer who has incurred damages from a misguiding advertisement. 5.4.5 Enforcing contracts: Today’s markets are so dynamic, the relationships changes very quickly. In the attempt to gain the maximum benefit from a given situation, the companies become opportunists. To preserve the best interest of both parties the government has formed enforcing contracts regulation. In most of the instances the end-of-period is a crucial thing. The firms often violate the contract principles to gain instant benefit from a changing situation with out due concern to the other party’s interest. To solve this problem the government has formed Enforcing contracts, requires dishonest people to honor the terms of contracts. 5.4.6 Rent seeking: Selfishly motivated efforts to influence another party’s decision. The government always intervenes into the market in order to avert the market  failure. The government’s aim to intervene the market is to improve the allocation of resources in the economy by alleviating the problems associated with market power, externalities, public goods and incomplete information. The government policies benefits one party at the expense of other party. For this reason the lobbyists send huge amount of money in attempts to influence government policies. Q.6.0) Define CPI and Unemployment. What is the limitations/criticism of the following? a. CPI as a measure of change in prices. b. Unemployment rate as a measure of true employment. Ans. 6.1) The inflation and deflation are the two vital determining factors of the macroeconomics. Inflation: An increase in the general (average) price level of goods and services in the economy. The inflation does not mean that all prices of all products in the economy rise during a given period. Inflation is an increase in the overall average level of prices and not an increase in the price of any specific product. Deflation: A decrease in the general (average) price level of goods and service in the economy. In genera, the deflation is the reduction in the rate of inflation. 6.2 The Consumer Price Index (CPI): An index that measure changes in the average prices of consumer goods and services. The consumer price index is the widely accepted and used scale for measuring the inflation or deflation. The CPI is also called as the cost-of-living index. The CPI will measure the price changes in the consumer goods only. This measurement is considered with the effect of changes in the prices consumer goods on the income of the consumers. In Australia, the Australian Bureau of Statistics (ABS) prepares the CPI. The ABS price collectors contact a sample of retail stores, other businesses supplying consumer products or services, home owners and tenants in Australia’s capital cities, each quarterly. The items included in the market basket are the items used or consumed by a typical urban family, under the category of food & beverage, clothing, housing expenses, transportation, medical care, entertainment and a range of other goods and services. The composition of the market basket generally remains unchanged from one period to the next; hence the CPI is also called as fixed-price index. Computing CPI: CPI = Cost of the market basket of products at current year prices Ãâ€" 100 Cost of the same market basket of products at base-year prices Base year: A year chosen as a reference pint for composition with some earlier or later year. Annual rate of inflation= CPI in given year ─ CPI in previous year Ãâ€" 100 CPI in previous year 6.3 Limitation/criticism of CPI: The CPI as a measure of change in prices has attracted much criticism because of its limitations. The reasons for the change in price are affluent, the computing of CPI does not consider all these factors as it would be  difficult to collect and compile the data. 1. The CPI considers the items consumed by a typical urban family rather than the purchases of the consumers in every area. This very character limits the CPI to present a comprehensive measurement. Even in the family segment, the purchases of different families differ considerably from a typical family, the retired people have different buying criteria, purchases more of medicines and less of children products and the family who have more young children will have different needs. 2. The CPI does not acknowledge the changes in quality which in many instances results in the changes in the prices. Generally, the improving quality or performance of a product costs more to the producer, thus the producer will increase the price, the CPI fails to acknowledge this very fact. The price of television has increased quite highly, but the quality of the picture, sound and the added features are also the new benefits of today’s televisions, the CPI will not take these factors into consideration. 3. The composition of the market basket most of times is unchanged, which results in ignoring the latest trends. The market is more dynamic than ever and every year there are many new and innovative products and service are introduced to the market. The failure to take the changing patterns and preferences, the CPI will not be a comprehensive measure of the change in prices. b) It is very important for every country to assess the unemployment rate. The countries most important and valuable asset is its labor force. The government has to gauge the productivity of its employment force to develop the country. 6.4 Unemployment rate: The percentage of people in the labor force who are without jobs and are actively seeding jobs. The unemployment is not all the people who do not have jobs, but the people who are part of the labor force who do not have jobs or seeking jobs. 6.5 Civilian labor force: The number of people 15 years of age and older who are employed or who are actively seeking a job, excluding those in the armed forced, home makers, students, discouraged workers and other persons not in the labor force. 6.6 Limitations/criticism: The calculation of Unemployment rate has attracted much criticism for limitations to give a comprehensive detail of the employment. The Australian Bureau of Statistics (ABS) computes the unemployment rate in Australia. 1. False response to the ABS survey about the unemployment. The respondents may give false information about their employment. The respondents may give false information about their current position; they might say they are seeking a job even if they are not or employed in illegal activities. This could be because of the benefits of registering oneself as unemployed or job seekers. 2. The official definition of the unemployment understates the unemployment rate by not considering the discouraged workers. Discouraged worker: A person who wants to work, but who has given up searching for work because he or she believes there will be no job offers. After repeated rejections, discouraged workers often turn to their families, friends and possibly other forms of welfare for support. The ABS counts a discouraged worker as anyone who has looked for work within the last six months, but responds that they no longer looking for a job and includes in ‘not in labor’ category. The number of discouraged workers is likely to rise during a recession; the degree of underestimation of the official unemployment rate is thought to increase during a downturn. 3. Another understating of the unemployment rate occurs because the survey treats the part time workers equal to the full time workers. Some of these  part time workers might be willing to go for full time job given a chance. These latter workers are underemployed. Such under-utilization of the employees is great in recession, but is not reflected in the measured unemployment rate.

Book The Problem of Media: U.S. Communication Politics

The book The Problem of Media: U.S. Communication Politics in the Twenty-First Century written by Robert W. McChesney discusses the issue of media Reform. He argues that, â€Å"The Policies, structures, subsidies and institutions that are created to control direct and regulate the media will be responsible for the logic and nature of the media system whether their content is good, bad or a combination, the media therefore presents a political problem for any society, and an unavoidable one at that† (16). He contends that there are two main issues on this problem.   The first problem is the structure that creates the content of the information and the second is the structures themselves.   He believes that the way society makes it decisions on how to structure the system and how it decides to solve this needs reformation.   Debates, he believes, will direct shape and create value to the media system. McChesney writes of how media will exist in all societies.   But their structure and content is determined cultural, economic and political and this determines the amount of solutions each society has to choose from.   In different societies the controlling government decides how this is structured.   He mentions dictatorships and authoritarian regimes will create the type of media that will influence and give him more power and stopping any chance of opposition.   With a democratic society the problem exists between those with power and those with none.   In this society the power is with the media and it is this power that gives a strong support in the building of democracy making media a political tool. The problems with media being a political tool in a democracy, he states is well known.   The foundation of this is that in order to have a democratic society the citizens must be informed and the media is the tool for this.  Ã‚   It is not that the media is to create the democracy but help to make it more effective to members of that society.   The issue in the reform is all about content.   If it is balanced with views that express both sides of the road.   Giving an opposite stand to democracy, equally important for the society members to make choices on how to structure their society and even more important is how media affects economics. Media’s beginning influences were in economics and soon spread to politics.   McChesney believes that, â€Å"In the United States the starting point for grasping the problem with media is seeing where the media fits in the broader capitalistic economic system† (117).   The problem is between the role media has in the profit-making commercial structured organizations and the need for information that deals with information needed for a democracy.   â€Å"It is this tension that fuels much of the social concern around media and media policy making† (17). The author gives great attention to the meaning of problem and how it relates to what is deemed the problem of media.   I thought this to be kind of repetitious because he gives meaning to the word problem often throughout the book.   I thought that maybe he was trying to make a point at how media will take something and give it so many different meanings as he did.   He then goes on to give a history of the media to give the reader a sense of where it was coming from to see where it was going.   Giving a good historical account of the affects of broadcasting in the 1930’s that created the way our society makes media policy. He then moves into an analysis into how media became corrupt, deceitful, and missing ethical bases just within this century.   McChesney believes that the United States has not faced these problems making media a servant to those in society that are self-servant.   These are usually the ones that make any decisions in private such as the media corporations that are driven by profits, ignoring what society needs. â€Å"This system has contributed to a political crisis of the highest magnitude and unless it is confronted directly will severely limit our ability to make progress on any of the other major social and political problems that face the nation† (21).   Media should help to give the society an ability to have informed debates on issues that arise from that society. After reading the book it gave me much to think about, but really no clear solution.   Granted he did talk of reforms but in what sense?   In my opinion reform should come in the way we educate our society.   Now with new technology freedom of speech is a whole new attitude.   Everyone has something to say, whether right or wrong.   I do think there should be some kind of reform, but I’m not sure what kind of reform would be effective.   Education society more on what the meanings of context and content would be more effective than trying to define the problem in multiple ways. I really didn’t understand context or content until I went to college.   It’s pretty simple but applying it everyday wasn’t something I did until college.   Now everything I read or see on television I take with a grain of salt, until I research it a little more I don’t hold it true.   This kind of education needs to be applied in primary learning structures.   This would help greatly with structuring a well informed society. I felt the book was very informative, but difficult to read.   I believe that this would make a very good book for educational structures to use.   It awakened an issue in me that I knew was there, but really didn’t think about too much.   I believe this to be pretty true with much of society.   Just yesterday a friend had mentioned something he had heard on the radio about making young school children in Australia stop sing a Christmas song that used the phrase â€Å"Ho, Ho, Ho† because of the implications of it’s meaning, whore. At first I was shocked and angry but after thinking awhile I first thought, the content wasn’t probably reliable or it was taken totally out of context and if it had to do with a more important issue I would have researched the information to find the truth.   This is why I believe media reformation is something that needs to be addressed but the key to the solution is education. Works Cited: McChesney, Robert W.   The Problem of Media: U.S. Communication Politics in the   Ã‚  Ã‚  Ã‚  Ã‚   Twenty-First Century.   New York: Monthly Review Press, 2004.   

Using movement to teach academics Essay Example | Topics and Well Written Essays - 750 words

Using movement to teach academics - Essay Example Learning through movement is the preferred mode of learning for young children. This is because through active involvement, children are able to learn the best. For example in prepositions, should be made part of movement in class as they are critical in life; children need to understand them fully. As children move in every direction (under, slide, around, in tunnels, near and over objects) the words make more meaning to them. Such orientation in the space is important for children to identify letters and symbol orientation in a page. Sandra Minton says that the difference between a letter â€Å"b† and â€Å"d† is dependent upon orientation as both letters are comprised of a circle and a line (2003). Whenever children talk or listen to each other like on the playground as they make new inventions, they are practising and expanding vocabulary as well as learn how to communicate which is an important lesson. In Saudi Arabia where I come from, active learning was not part of the curricula as teachers saved on the academic time. What they did not understand is that young children can not concentrate in class like adults, listen to all the vocabularies and remember them next time in class. Practice through activities makes learning a quicker method in early childhood development. When children are made to keep quiet and listen in class, they do not learn how to communicate. But when they are encouraged to move and talk, have physical classes, they can invent games and reinvent the rules, which further enhance their communication skills (Block, 2001). Such children are able to express themselves even when they become adults. When they are made to skip lightly, this means that they are utilizing adjectives in the field, they are no longer abstract concepts in on the wall of the classroom. Physically demonstrating their actions with words makes the children comprehend their word easily and last longer. For example, words like stalk, or

The role of the technology in facilities management Case Study

The role of the technology in facilities management - Case Study Example , maintenance and operations plans, corporate facilities processes, space inventories, real estate, projects through construction, renovation and design, equipment and furniture inventories. Facilities management is a critical interdisciplinary field in the modern business world which encompasses the coordination of people, space, organization and infrastructure especially in association with the administration of hospitals, hotels, convention centres, office blocks, schools, arenas, shopping complexes etc. Facilities management is used to facilitate a wide number of activities in business and is slowly emerging as a core function within a business from being a supporting function in businesses. There are eleven key competencies associated with facilities management which is applicable in the facilities management processes, irrespective of in which sector the facilities management is applied. These core competencies include emergency preparedness, communication, finance, strategy an d leadership, property management, real estate, business continuity, environmental stewardship, human factors, maintenance and operations, quality, property management, sustainability, project management and technology. This case study deals with the technology factor in facilities management with respect to the role of technology in facilities management in the hospitality and other relevant tourism sectors across the world. The information technology support provided to the facilities management in an organization can significantly improve the functioning of facilities management in an organization as a main supporting services. However, with the integration of new technologies, facilities management is evolving as a main business function and is ceasing to be a supporting service in any organization, especially in the capital intensive industries like construction, manufacturing, hotel industries etc. Technology is highly needed in facilities management. The main function of the

International Expansion Essay Example | Topics and Well Written Essays - 1500 words

International Expansion - Essay Example Using a common standard, which was gold in early times, a nation is wealthier if it possesses more gold. It receives gold for the products it imports and pays for its imports with gold. Therefore, the more it exports over those it imports, the more gold it will possess. The problem with this theory is that it excludes the fact that in some cases it is good to import. And if you completely refuse to import, the population would have to do with some consumer items (Richardson, 2007). In terms of business organizations, this theory was used by many companies in Japan after the second world war, to increase exports. Toyota started operations in the 1930s and was supported by the Japanese government during WWII because of the company's capability to produce trucks for military applications. Because of the scarcity of domestic resources at that time, the Japanese government stopped almost all imports. By 1945, after the allied forces won the war, Toyota was given permission by the US milit ary to start peacetime production. In 1957, Toyota set up a sales office in Hollywood and started selling Toyopets and Land Cruisers (Toyota, n.d.). However, even for Toyota, the purist application of the mercantilist theory was not effective. The design of Japanese cars were not those desired in the new markets they opened up in other countries. Toyota could not force the Americans to buy their Japanese cars, which defeated the purpose of exporting to increase exports versus imports. Instead, what Toyota did was to localize both production and design of its products. By 1967, Toyota had become a well-established automotive company in the United States (Toyota, n.d.). The Theory of Absolute Advantage theorizes that countries should specialize in producing what they are best at (Richardson, 2007). A country has an absolute advantage over another, if it can produce that good using fewer resources than the other (Absolute Advantage, 2008). In the 16th century the Swiss watch and clock industry was very active in Geneva and to this day, the reputation of Swiss watches is the highest worldwide. Geneva itself was already exporting more than 60,000 watches annually by 1790 (Swiss Watch, 2008). Switzerland's expertise in watch making may be considered as an absolute advantage. One of the most successful Swiss watch companies is Omega, founded in 1848 by Loui Brandt. Four years later, Omega was the largest producer of watches in Switzerland with 240,000 units produced annually (Omega, n.d.). "Today, seven out of ten people throughout the world are familiar with the OMEGA watch brand" (Hamel, n.d.). Omega has been applying the absolute advantage theory in its international expansion drives. Its absolute advantage is the reliably fine quality of its watches which has stood the test of time. However, that absolute advantage may be true for Omega as a brand, in general, but may not be applicable on a product to product basis. This is because other Swiss watch companies, and many other watch companies around the world strive to compete with Omega products to make their own brand the alternative choice. The Theory of Comparative Advantage, on the other hand, is an extension of the range of possible mutually beneficial exchanges. The theory says that it is not necessary to have an absolute advantage to gain from trade, only a comparative advantage. As long as one can produce certain goods at a lower cost, even if other

European Union Debt Essay Example | Topics and Well Written Essays - 500 words

European Union Debt - Essay Example The European Union debt crisis was a fusion of complex elements in the world market. The globalization of finance and facilitation of easier access to credit in 2002-2008 period enhanced risky lending and borrowing among the member states. Moreover, the fiscal policies, trade imbalances and property bubbles accelerated the dept status (Dikson, Julie, and Pavlos 30). The governments were losing money following the banking system bailouts to defaulters of the property bubble. Furthermore, the pension commitments and the unsustainable public wages increased the debt level (Lynn 11). The increased capital and savings in the global pool of the European Union and other investors set the policy and regulatory structures in the member countries. This is because lenders and borrowers were quick to transact thus generating economic bubbles in each continent (El-Agraa 39). A decline in the monetary value resulted in significant losses and declines in property values. However, the liabilities owed to the global investors remained at constant prices resulting in major losses to the borrowers and insolvency of banks and government (Crifò 30). According to Sanghera (21), the Northern countries, such as Norway and Sweden, were able to cope with the crisis because their governments lent capital to property developers. This generated huge property bubbles. When the bubbles collapsed, their governments and citizens assumed private debts. These reduced excessive burden to the government to bail the nation out. After some time, these nations were able to retain a fair economic position with better employment percentage. In Greece, however, the government enhanced its commitment to the public employees by facilitating higher wages and pension settlements. Notably, the employment wage bill doubled exponentially in real terms. Moreover, the banking systems grew quickly creating enormous external

Waste Elimination Coursework Example | Topics and Well Written Essays - 2000 words

Waste Elimination - Coursework Example The system uses a two-way approach focusing and driving both customers, internal as well as external. The basic purpose of Lean Manufacturing is to eliminate waste at all levels of production including the product design, factory management, supplier networks and customer relations. Its basic aim is to reduce the overall human effort, reduce the inventory storage, taking less production time and less space to become responsive to customer demands while also producing high quality products in the most economic and efficient manner. In this context waste is defined as anything that customer is not willing to pay for (Ramnath, et al., 2010). In the current environment, no company in production or engineering can achieve success without the incorporating the lean production methods in their systems. The Lean production methods or the TPS system given by TaiichiOhno serves as a strong base for competitive, successful and modern flow of materials. (Berlec & Starbek, 2009) In the manufactur ing process any activity that doesn’t add value to the product is considered to be waste. Hence it is important for the company to identify the waste in the processes and to find out ways that can be used to eliminate these wastes in order to achieve success and to remain competitive. The seven types of wastes include(Hutchins, n.d.): 1. Overproduction - Producing more than the customer requires 2. Waiting - Excessive machine time/downtime, or waiting for upstream information/advice 3. Transport – transportation of goods over long distances 4. Over processing – producing more than what is required by the customer 5. Inventory – Parts or stock which are not currently being worked on and are stored 6. Motion – the search for tools and other accessories 7. Defects – working out the defects In addition to these other categories have also been added to this which includes: Raw material and energy Damage to the environment Background Honda motor c ompany was established in 1948 by Soichiro Honda with its core emphasis on competing in the Japanese motorcycle industry. However in the year 1962, Honda manufactured its first car and by the year 1995 the Honda group was manufacturing, selling, and repairing motorcycles and cars as well as other power products. Honda was the first Japanese company to establish its operations in US. Its first plant for producing motorcycles was in America, outside Marysville, Ohio in 1979. The company expanded its Marysville facility so as to gain localization which included: Production, products, profit and management. (Maxwell, et al., 1998) Environmental Policy and Management In the early 1990’s political pressure was built up concerning the environmental issue therefore to address these Honda strengthen its commitment to environment and its protection by adopting a Global Environmental Declaration and also by addressing the environmental issues on a global level. The Global Environmental Declaration dictated how each Honda company should strive to evaluate the impact of their activities to the environment, and to design the products in such a way that can reduce the impact of use and disposal, can help in recycling and conservation of energy and resources and to promote awareness in the employees and society. Honda adopted a policy that emphasized on the responsibility of

Environmental Management of Denbies Essay Example | Topics and Well Written Essays - 2250 words

Environmental Management of Denbies - Essay Example The Black Death of 1348 also served as a setback as many wine estate workers were killed. In the revival of Cardiff castle in 1875, vineyards were re-established and production continued until 1920. Today, some 410 vineyards exists in Britain growing the German Muller Thurgau variety so that by 1995, a total of 7.7 hectolitres were sold equivalent to 4836 million of which English wine accounts to one percent. Denbies, with a vineyard of 265 acres produces about 400,000 bottles of English wine per year making it the largest vineyard in England (Denbies, 2007). Situated at South East England, Denbies is a part of the North Downs with a total land area of 635 acres collectively called as the Denbies estate. Following strict planning permission, the estate's historical landscape has been preserved including use of old name of plantations such as The Dell and maintenance of paths and tracks around and through the estate consisting of seven miles of vineyard trials accessible to the public (Denbies, 2007). This report shall deal with Denbies' environment management program as well as its current wine tourism industry. Culture, tourism and agriculture sectors are all involved in the wine tourism industry but it was emphasised that three sustainability pillars: environment, economy and society must be embodied (Poitras and Geiz, 2006). Likewise, in a broader concept, the four political, economic, sociocultural and ecological pillars are proposed in the context of competitive destinations (Ritchie and Crouch, 2003). Wine tourism has been defined as visits to vineyards, wineries, attending wine festivals, and wine shows for which grape wine tasting as well as experiencing wine production and other attributes of a grape wine region are the prime motivating factors for visitors (Hall and Macionis, 1998). In evaluating the environmental management of Denbies, all of the above shall be incorporated, but most specifically, the environment considerations as well as impact of Denbies' activities with regards to its environment and its surrounding area shall be pointed out in consideration of conserving the natural resource base in wine regions requiring collaboration and sound planning not only by management but by many partners that include the community (Williams and Dossa, 2003). Strengths: Denbies as an environmentally conscious organisation maintain programmes both for the vineyard and the visitor centre. Environmental strengths of Denbies amongst others include: Chemical use is taken into account (selective chemical use). Use of chemical spray is every 28 days cycle- enough to protect the wine against frost damage. No pollution problems around the area. Cork is 100% natural. Recycle its glass and uses virgin glass. Use of preservatives in wine is very minimal. The only waste is from yeast. Chemical store is far away from the vineyard to ensure safety. Does not need to irrigate. Has natural drainage. Offers training for its staff. Very good in health and safety. Does its own plant maintenance. Natural fertilization from pips and skins spread on the vineyard after pressing. Changing to natural gas from diesel. Cardboard recycling for its packaging. Composting grape skin. Using old oaks from barrels. Reuse spray from

Supply and demand and price elasticity Essay Example | Topics and Well Written Essays - 3750 words

Supply and demand and price elasticity - Essay Example The key words in this definition are 'ability' and 'willingness'. By ability we mean that the consumer must have enough income or resources to meet the prices, and by willingness, it simple means that the buyer should want to buy the products. Only, if these two conditions are being satisfied, then a satisfied demand is registered in the market. To be more meaningful, the quantities demanded at each price must related to a specific period- a day, a week, a month. Saying that a consumer wants to buy 10 packets of chocolate at $10/each is useless unless a specific time period is states. The above diagram and table reveals a fundamental characteristic of a demand. This characteristics states that as the prices falls, the quantity demanded rises and as price rises, the quantity demanded falls. In short, there is a negative or inverse relationship between the price and quantity demanded. In mathematical terms, there exists a negative or inverse relationship between the price and quantity demand, known as the law of demand. The basis behind this law of demand is com... In other words, price is an obstacle hat deters consumers from buying. Similarly, in any specific time period people will buy at a low price because it maximizes their diminishing marginal utility. There are two other reasons behind the law of demand. These are income effect and substitution effect. Income effect states that people enjoy high purchasing power as prices decrease and hence buy more. The substitution effect, on the other hand, states that at a lower price, buyers will substitute what is now a less expensive product for similar products that are more expensive. The relationship between price and quantity demanded for any product can be expressed as a simple graph, shown above. So, far our discussion of demand is for individual and not for a market demand. Market demand is also similar to the concept of individual demand. It involves add the quantities demanded by all consumers at each of the various possible and this will enable us to move from individual demand to market demand. PRICE FIRST BUYER 2ND BUYER 3RD BUYER TOTAL MARKET DEMAND 0 4 3 3 10 5 2 2 1 5 10 1 2 0 3 1ST BUYER 2ND BUYER 3RD BUYER MARKET p P P P + + =Q Q Q Q This was only the one side of market and tells us partly about the market condition. The other side of the market consists of people who want to sell the goods to the buyers in order to earn profits. Like demand, supply is a schedule or curve showing the amounts of a

Elections and Media Essay Example for Free

Elections and Media Essay The most influential part of American society is the media. Because of it, people have been witness to numerous historical events such as inaugurations, assassinations, and acts of terrorism. We would not have been informed if it had not been for the excessive coverage from the television; however, at the same time, the television has been a continuous barrier within the political world because it emphasizes materialistic items and meaningless ideas rather than the important tasks at hand that can affect an entire nation. The media has an arguable hold on the politics of this nation. As told in Source C, by Menand, many attribute Kennedys victory in the close election of 1960 to the presentation he made in two televised debates in the final months of his campaign; however, the people who listened to the debates on the radio, and did not see televised images, believed it was a draw between Nixon and Kennedy. The majority who watched the debates on the television thought that Kennedy had a crisper image than the badly postured Nixon. This evidence supports the fact that the television makes the voters focus on the image of the candidate rather than ideals and their intellectual responses to the questions at hand. In the 1960 election, the television had won the nation away from sound to images. It is not fair to other candidates because the other candidates could be better off running the country than a person who was won over by materialistic views. Television may make a candidate appear one way, but when they are in office they become two-faced, thus promoting the fact that more and more candidates are pursuing images more than issues. An example of this can bee seen in Source B, by Hart and Triece, where it states that Bill Clinton showed his boxers on MTV because he believed that was what the audience was looking for in order to support him as president. The media, mainly television, has the ability to control the way a nation can think as well as the way a nation can vote. Television is like any other form of entertainment. It has the job of telling the citizens what they want to hear, rather than being honest and telling the truth. That is why there is not one single news broadcasting station that will voice both liberal and conservative views. As told by Ted Koppel in Source F, networks influence the nation by cropping and pulling out the best parts of events in the presidential election that make their political party stand out from the rest. This is a reason why so many elections are full of slandering because each broadcast network tries to dig up information from the past or present to use against a candidate. For instance, during George Bushs election in 2000, the press dug up information about his daughters at college and their partying ways. This was a way to try and sabotage his chances of presidency, and it almost worked. The nation started to view him as an unworthy candidate, but that information had no relevance on his ability to be president. Fortunately it did not affect Bush winning the election, although it is still being seen today. The media continuously shoots down the major issues at hand and puts the focus on non-important ideas. Television has a way of being intimate with people and making them feel like they are getting valuable information, but what they do not know is that they are not getting the facts and information from direct sources, furthering the question of who can the American people trust to get accurate information. The inaccurate information can be the deciding factor between who a new voter will vote for, which in return can affect the outcome of an election or presidential term. A prime example of this can be seen in Source E, by Ranney. In this article, it states that President Lyndon Johnson was supporting the fact that the war in Vietnam could and would be won. At that time the nation believed him; however, when the news network took it upon them to see if Johnson was true to his word, they came back with the reciprocal of what Johnson stated. CBS news network reported that Vietnam was a bloody scene and there was no military victory in the future. Can you guess who the public believed? Of course the media! Basically in a single second, all of the citizens contradicted their previous beliefs, based by Johnson, and supported the facts brought in by CBS. This further upholds the idea that television and other forms of entertainment have stolen the idea of self thought and independent opinions. It somewhat contradicts freedom of speech and belief because what we are hearing is what the media itself picked out, rather than our own intelligence. Unfortunately due to this hold the television has over us, Johnson was overwhelmingly fought against, and he decided to end the army and navy bombardment in Vietnam, as well as not run for another term. The media had beaten him, and there was no way to stop it. In conclusion, all sources of entertainment, such as television, have altered the ways Americans think and view politics. The television has a power over the people by showing the bad sides of each candidate in an election rather than what good they have done for our society. By focusing on the negativity and worthless aspects of politics, television can be considered a prominent problem against politics in the United States. Once the nation wants to decide to support self-opinions, there will never be a presidential election or event that will not be decided by television.

Structure of the Federal Reserve System and Banks

Structure of the Federal Reserve System and Banks The structure and mission of the European Central Bank, The Bank of Japan and The People’s Bank of China. Do any of these central banks resemble the structure of the Federal Reserve System? If so in what ways? Abstract The central bank is the national currency issuers, is countrys bank, is banks bank. Different countries have different central bank structure and mission. Different structure and mission will influent the independence of the central bank.[documents] Therefore, this topic mainly around the ECB, FDS, PBOC and BOJ to compare their structure and mission. Specific analysis following aspects: capital structure, power structure, organization form, operation and supervision department, objective and monetary policy tools. Using these contains to analysis the influence of these aspects for central bank independence. It will mainly compare to the similar and difference between these four central bank. Our results indicate that power structure is the main factors influencing the independence of central bank. The capital structure has no great effect to its independence. Due to the nature of central bank, different central banks have similar missions. Their monetary tools are also very similar, mainly through open market operations and reserve requirements. Finally, we find that European central bank have highest independence in comprehensive view.The second highest independence is FRS. PBOC has lowest independence between these four central banks. The main reason is that PBOC is the only one directly belong to thethe State Council. It means PBOC is a government apartment. But there also have other influent factor about independence which analysis in the article. Introduction As the main implement institutions of monetary policy in a country, central bankshas a very important position for the countrys economic development. Meanwhile, it has a vital influence for the social employment security stability and price stability.Due to the different economic backgroundand organization structure in the different country, its structure and the mission of the central bank is not entirely same. Therefore, this report mainly compared the similarities and differences between four central banksthrough detailed analysis their structure and functions.At the same time, this article aims to discuss whether these differences will bring different level of central bank independence. Central bank independence is a significant problem. Lots of previous academic studies have shown that independence is an important factor to influence the national inflation rate. Additionally, the structure of this paper is as follows. Section 2 provides a literature review on the different aspect and effect of central bank structure and mission. Section 3 explains the specific aspect of structure and mission in our case study. It has 3 parts, capital structure, power structure, missions and independence of central bank. Section 4 is a summary of the papers findings.Previewing our results, we find that missions of central bank are similar because of the central bank nature.Asà £Ã¢â€š ¬Ã¢â€š ¬the same time, difference power structure will lead different independence, then affect monetary policy and the rate of inflation. 2. Background Literature According to the existing literature in central bank structure, as Schoenmaker (2013) points out, it can divided into several aspects: Banks capital structure and quantity, level of economic development, level of central bank independence. ButD. Schoenmaker (2013) mainly through the analysis of inflation index to evaluate independence, because the central bank’s common methods is through monetary policy to control inflation then keep the economic stability. First, about central bank capital aspect, animportant research results isCBFS modelwhich created byPosso and Tawadros (2013).It shows that central Banks capital strength and the rate of inflation is inversely related. But, in oppose, another view fromStella (1997)thinks that the central bank does not need a lot of capital because it is hard become bankrupt.However, in our opinions, enough capital can give central Banks greater ability to face risk. Therefore, based on this view, we will compare the capital structure between ECB, FED, PBOC and BOJ. After that, we reviewed power structure of central bank aspect. It is mainly around the external organizational form and branch institutions. Meanwhile, we consider different central bankstructureand task determines its independence. At present, we find that a lot of economics research thinks that independence and inflation rate is negative correlation. One of results fromArnone and Romelli (2012)has great guiding significance .Arnone and Romelli(2012) not only test the developed countries central banks, like FED,BOJ. Their panel data also included lots of central banks from developing countries. But, however, they do not compare the difference between developing country and developed country. So, our research will pay more attention to this problem. Thirdly, review the literature for central bank mission research, Schoenmaker (2013) was made research and analysis for this. He considers central Banks have two major objectives: monetary stability and financial stability in the traditional views.But we find that many countries have modified its development goalsmany timesin recent decades, especially the reform of PBOC in 2003.Because the development of economic. So, our research will use our four countries latest laws and regulations as a basis to comparison their mission. 3. Analysis 3.1 Capital Structure Capital funds of central bank offered from the state or private or both. The source of capital funds will affect central bank system. It can be separate to state-owned, half state-owned and private-owned.. The capital structure of PBOC is quite single. It is fully owned by the state.In Article 8 of the peoples bank of China act (2003) point out that all the capital of PBOC are invested by the state, it shall be owned by the state. Nowadays, PBOC’s reserves areUS$3.201trillion. Meanwhile, BOJ capital structure is half state-owned. Bank of Japan is capitalized at 100 million yen in accordance with the Act. About 55 percent of the capital is subscribed by the government. Banking Act from Japanregulated that the BOJ do not set shareholders meeting. Shareholders can not join BOJs operation.Shareholders rights is only to get dividends per year and highest do not exceed 5%. The FRS is private equity capital form. All capital provided by private shareholders investment, after authorized by the government, then to perform the function of central Banks.FRScapital funded by12member Banks of federal reserve bank. Thesemember bank subscribe shares, get dividend per year in accordance with the stake, the highest dividend do not exceed 6%. ECB isSimilar to FRS. Itis also has share subscription, but all of share hold by member states in European Union. The amount of capital contribution is decided according to each member’s GDP proportionand populationproportion in EU.The ECB’s capital amounts toâ‚ ¬5billion.Reserves are 526 euro in total now. It can be find that only PBOC capital provided by government. Other three central banks have stock subscription. ECB is most similar than FED, all of capitalare funded by member banks or national member banks. However, this part only compared capital structure and reserves between these four banks. It is unable to see that the capital structure influence on independence, so later will compare the power structure 3.2 Power Structure 3.21 External Organizational form and branch institutions These four central bank external organizational form can be spate to 3 kinds: unit central bank systemà ¯Ã‚ ¼Ã…’Dual central bank systemà ¯Ã‚ ¼Ã…’Multinational central bank system. PBOC and the BOJ are unit central bank system. It means that a country only to set up a unified central bank to exercise power and dutyof the central bank. Central bank itself is unified, its branch institutions generally direct managed by central bank. Most countries adopt the wayat present. Because this mode is conducive to national manage and macroeconomic control. As the same time, it is obviously to limit level of branch institutions independence at central bank. FRS power structure is different from Japan and China.It use dual central bank system, means that the central bank system is composed of two parts: central (the board of governors) and local (member of Federal Reserve Bank). These two parts are relatively independent. The board of governorsis the highest financial decision-making body. Local accept the supervision from central. But local has rights in the concrete implementation and daily operation. So, local have their own independence. The Federal Reserve System divid es 12 areas, each area to set up a federal reserve bank. These 12 banks have independence in their own area. Additionally, ECB is Multinational central bank system. ECB and 27 national central banks compose to ESCB. National bank has own independence. So, we can find that ECB has highest level of independence because it not control by any government or state. The local also have own independence to operate. Similarly, FRS also has high independence level. 3.22 Inside Financial manage and supervision Although central bank not operate for profit, but itstill hasoperating income. Among these four central banks, BOJ and FRS revenue will belong to their countrys ministry of finance after dividends payment. Dividends payment proportion has been given in Section 3.1. In addition, at internalsupervision aspect, they have own supervision department respectively. At external supervision, it mainlysupervised fromgovernment with legal methods. Seminally, PBOCs all profits also belong to the ministry of finance in China, same as Japan and US. But supervision aspect, China was explicitly stipulated in the law amendment in 2003(PBOCs Act): the PBOC as a department under the state council of China, belong to the government departments. So, PBOC isdirectly regulated and supervise fromgovernment. ECB is different than other three banks, it has own financial independence. Operate revenue control by itself. ECB can make own budget. In supervision aspect, it accepts European Union rules. ECB should take responsible to offer report to European Parliament, the European Commission, and the Council of the European Union. But ECB do not control byany country or government. So, obviously, ECB have more independence in financial aspect than others. 3.3. Missions As a non-profit financial institutions,the mission ofthese central banktrends to be consistent: play its functions effectively andachieve their core goal. The main way is through monetary policy, to keep price stability, to promote economic development. According to the ECB official website state, the European Central Bank and the national central banks together constitute the Euro system. The main objective of the Euro system is to maintain price stability: safeguarding the value of the euro. In Japan, the Act sets the BOJs objectives is ‘to issue banknotes and to carry out currency and monetary control’ and ‘BOJ shall be aimed at achieving price stability’ Similarly in China, the Act of PBOC (2003) points out that PBOC’s missions are: to formulate and implement monetary policy, to maintain price stability, to provide financial services. In the US, the Board of Governors of the FRS and the Federal Open Market Committee shall ‘maintain long run growth of the monetary and credit aggregates commensurate to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. (1977 Federal Reserve Reform Act specified) Monetary policy tools To sum up, we could find that these central bank’s missions all around to keep price stability. It is determined by the central bank’s nature. But their also has some different. For instance, the US also clearly point out FRS should maximum employment and moderate long-term interest rates. Similarly, their monetary policy tools also trends to be consistent, all mainly to use two methods: open market operations and reserve requirements. 3.4 Independence As background literature described, independence is an important aspect to the central bank. This part is extended based on above analysis, to compare these several central bank independence. In the angle of structure, despite these four central banks has different capital structure, but it didnt have obvious effect to independence. Because shareholders do not to participate operations, only charge a small amount of dividends. In organizational form aspect, BOJ and PBOC independence is lowest. Americansdual central bank systemgives more independence between the central and local. In this aspect, ECB system is similarly with FRS. In financial aspect, the biggest independent central bank still is ECB. Becauseother three central bank’s revenues are belong to their national Treasury. About supervision, except PBOC is directly control by government, other three central banks have great independence. They have their own internal supervision mechanism and external legislative intervention by the government. 4. Conclusions On the whole, we find that ECB, BOJ, FRD and PBOC missions are consistent. It is mainly around to keep price stability. Through the contrast of central banks objective and monetary tools also reflects their similarity. With the research of central bank structure and independence, ECB has highest independence,resemble to FRS.It should be mention that the ECB does not public members vote process, so the independence has been questioned in recent years. However, it is no doubt that the worst independence of central bank is PBOC. It is mainly caused by nationalization of the structure. In addition, our study is based on theoretical angle, around power structure and missions’ analysis, to evaluate its independence. It has not using quantitive data.But reference toMasciandaro,ect.(2008)released specific quantitative rating of the independence of the central bank, (A total of 19 criteria are identified to assess the degree of supervisory independence, and 21 for accountability.) the data are consistent with our analysis. They measured thatPBOC independence index is 0.47 and BOJ is 0.34. ECB and FRS independence is significantly higher. Thus, it could prove our results correctness. References Arnone, M., Romelli, D. (2012). Dynamic central bank independence indices and inflation rate: a new empirical exploration.Paolo Baffi Centre Research Paper, (2012-118). Masciandaro, D., Quintyn, M., Taylor, M. W. (2008). Inside and outside the central bank: Independence and Accountability in Financial Supervision: Trends and Determinants.European Journal of Political Economy,24(4), 833-848. Posso, A., Tawadros, G. B. (2013). Does greater central bank independence really lead to lower inflation? Evidence from panel data. Economic Modelling,33, 244-247. Schoenmaker D. (2013),Chapter 28 -Central Banks RoleinFinancial Stability HandbookofSafeguarding Global Financial Stability,271-284 Stella, P. (1997).Do central banks need capital?. International Monetary Fund.

Arthur C. Clarkes Childhoods End Essay -- essays papers

Arthur C. Clarke's Childhoods End One could never believe that such a piece as Arthur C. Clarke's "Childhood's End," was written nearly 50 years ago. The story itself was far ahead of its time and will probably remain so forever. There are some who dislike or would rather not read science-fiction because of its highly idealistic writing and plot outlines. This novel is the greatest I've read of science-fiction as of yet. Taking consideration into the fact that I am a novice science-fiction reader, one could dismiss my statement as being naive. However, even if I am mistaken, Childhood's End will remain inside my mind and heart as being the very best at playing out what contact in our world with a sufficiently advanced extra-terrestrial civilization and our purpose with them and the rest of the universe would be like. In the introduction Clarke wrote in 1989, he gives an account of a time when he and his late friend Val Cleaver were driving to London when they saw an awe-inspiring sight of silver barrage-balloons anchored above London. They were protecting against, "the present peril." I'd like to think Mr. Clarke has not lost the appreciation for fiction and the human instinct to imagine incredible things since that time. I've heard recently that he has lost his interest in fiction and instead is concentrating on reality. How ironic that as Mr. Clarke is ascending (or descending) into the more realistic universe, the young 18 year-old kid is going in the complete opposite direction. I suppose Sir Isaac Newton has something to do with this. I am not denouncing Mr. Clarke's realization of the fraudulence of humanity's dabbling into the so-called "paranormal." He is very much right. But I ... ...ascending hill to infinity. Each step a part of the ultimate destination that was reached. True, one could say it wasn't us that attained that final step, but it was. Perhaps not physically or psychologically, but it was our voyage that made it happen. The whole time, protected by those who see us shine and fly past them on their way to the top. Incredible! How symbolic of any young person's voyage into the real world. At fist protected by their parents and mentors, they are taught how to deal with the powerful forces that lie beyond them. They are taught to accept the fact that old games and childish actions of their youth must leave them. They are taught that they have a destiny, and they would have to construct it on their own one day. Just think of how a young man, just beginning his voyage into the real world, can see this as being almost allegorical.

W.H. Audens Musee des Beaux Arts and Pieter Bruegels The Fall of Icar

W.H. Auden's Musee des Beaux Arts and Pieter Bruegel's The Fall of Icarus W.H. Auden and Pieter Bruegel were both keen observers of the ordinary. In Bruegel’s painting â€Å"The Fall of Icarus†, he is able to look past the tragedy of the death of Icarus and focus on the simple scene surrounding the event. Auden’s poem, â€Å"Musee des Beaux Arts†, has the same qualities: it glazes over the nature of tragedy, and chooses to instead examine the fact that life goes on while disaster occurs. Arthur F. Kinney highlights this idea of calm in the face of tragedy in a critical essay entitled â€Å"Auden, Bruegel, and Musee des Beaux Arts†. Kinney explores Auden’s inspiration for the theme of the poem. The theme, Kinney explains, is not merely generated by â€Å"The Fall of Icarus†, but also two other Bruegel pieces. â€Å"The Numbering at Bethlehem† portays Joseph and Mary arriving at Bethlehem, while â€Å"The Massacre of the Innocents† shows a torturer and his horse in a town square. Both pieces conv ey the same main theme as â€Å"Musee des Beaux Arts†: the complex nature of a substantial event, contrasted with the simplicity of every day life. Each of the paintings reflects on human nature, in the context of apathy amidst tragedy. In his critical article â€Å"Auden, Bruegel, and Musee des Beaux Arts† Kinney asserts that â€Å"the same statement [is] made by two art forms†, and that Bruegel’s painting and the poem it inspired, â€Å"Musee des Beaux Arts†, â€Å"juxtapose the unique and the commonplace.† â€Å"The Fall of Icarus†, the only one of Bruegel’s paintings mentioned by name in Auden’s â€Å"Musee des Beaux Arts†, concludes the final octet of the poem. The plowman in the foreground, not the splashing legs of Icarus, is what the canvas is centered on. Bruegel’s focus on the sim... ... Works Cited Bible, King James Version. Luke 1-5. 12 Dec. 2005 . Auden, W. H. ""Musee Des Beaux Arts"" The Longman Anthology. Ed. David Damrosch. New York: Longman, 2003. 2789-2790. "Daedalus in Greek Mythology." Mythography: The Legend of Daedelus in Myth and Art. Loggia. 12 Dec. 2005 . Kinney, Arthur F. "Auden, Bruegel, and 'Musee des Beaux Arts'" 7: 529-531. EBSCOhost. Homer Babbidge Library, Storrs. 11 Dec. 2005. Keywords: Auden + Musee Des Beaux Arts. "Musee des Beaux Arts." 2003. Poetry Pages. 12 Dec. 2005 . Pieter, Bruegel. The Fall of Icarus. Musee des Beaux Arts. Pieter Bruegel Oil Paintings. 12 Dec. 2005 . Pieter, Bruegel. The Massacre of Innocents. Musee des Beaux Arts. Pieter Bruegel Oil Paintings. 12 Dec. 2005 . Pieter, Bruegel. The Numbering at Bethlehem. Musee des Beaux Arts. Pieter Bruegel Oil Paintings. 12 Dec. 2005 .

MBA Admissions Essays - The Island :: MBA College Admissions Essays

There were no tropical bands, smiling islanders, or readily available sun tan lotions. There were, however, three gentlemen dressed in army fatigue sporting rifles and an unhappy disposition. Margarita Island looked more like the stage for a military coup than a vacation paradise. What awaited us on the small plot of land 20 miles north of the Venezuelan coast was a run-down hotel, Porto Fino Mare. Arriving with seven classmates from school and a plane full of American tourists, it felt as if the island's population had doubled with our arrival. We tried to make the best of a bad situation, after all, there was still an abundance of blue sky and crystal clear ocean. Although all seven of us attended the same school, we were still just acquaintances. By the third night on the island we made a rotting bamboo table our source of entertainment. Sitting around that table, we were forced to occupy ourselves with something novel, conversation. At first, dialogue sounded like group therapy. Where are you from? What brings you to this island tonight? Over time, however, our discussion shifted to deeper waters. Some of my classmates knew that I had been running an internet company, but nobody knew exactly what or how I was doing it. I explained about the two books I had written and went into detail about how I was using the internet as a marketing tool. I talked about the weird looks I received from peers, while printing out thousands of pages in the school library. Â   My friends seemed genuinely interested in how I could manage a successful company, but what happened next surprised me. My normally reserved school acquaintances became enthralled. They started offering new ideas and directions for my business.

Diploma in Health Essay

There are many different roles within the working environment. This being so, there are many different working relationships, however subtle the difference. When working with another Nursing Assistant there seems to be an immediate understanding of what is required. Although the routine my differ from ward to ward, the tasks largely remain the same and are performed with relative fluidity. When working with a Staff Nurse on something outside of my training, they will take the lead and instruct me in the task. The same can be said for when assisting doctors, physiotherapists and all other professionals. Each has their own role and it is important that they work within the scope of that role, as performing duties not within your skills is breaking with policies and procedures. It is equally as important to be accessible to those who cannot perform certain duties beyond their own remit. Before going to work (I work mainly night shifts) I dress according to the Dress Code, with washed and ironed uniform, sensible enclosed shoes, nothing below the elbows which follows the Hand Hygiene Policy, ID and name badges present. On arrival I gel my hands, put my belongings in the cloakroom and wash my hands before entering the staff room. Before handover we are read the CUBAN which relates to staffing and patient levels, patients with dementia and/or having special needs or one to one care and falls risks. In handover we learn about what has happened during the previous shift, any changes in condition of patients and about new patients needs. All the information is confidential and so the Confidentiality Policy needs to be adhered to. We are all issued with a handover sheet with these details on and I jot down and highlight any tasks that immediately concern me. E.G. Catheters/measured urine, observation times, pressure care, hourly checklists and blood sugars. We are allocated which bays we are to concentrate our efforts on and plan the best course of action, which is  usually standard routine. We then load trolleys with the necessary paperwork and go from patient to patient, checking which paperwork needs replenishing and noting down what time physiological measurements etc. need doing and tidying the bed areas. We then do a hot drinks round and update the fluid and food charts as necessary. Next we help patients into bed. After gaining consent, we help them wash and get into their night clothes. If they need toiletting, the patient’s preferred way of doing so is used. The Dignity Policy is maintained at all times. If it is documented that a patient needs more than one member of staff to transfer them safely then we help each other to do so., thus sticking to Health and Safety and Manual Handling Policies. Usually at this time the trained nurses are available and are easily approachable and willing to help. After the patient is s afely and comfortably in bed, we fill in the repositioning and personal hygiene charts as per Policy. Usually, we start the observations around 22:00, reporting any NEWS score over 3 or anything untoward to the the Staff Nurse who will inform a doctor who may order an ECG, which I would perform and report straight back to him/her. This is an example of how communication and co-operation is so important to working in partnership. Any missing ‘cog’ in a machine could spell disaster, especially in the care industry. More often than not, we answer call bells of patients requiring pain relief through the night. We take the drug chart to the Staff Nurse and she will dispense it. Unfortunately we quite often need to wash and change a patient after a mishap. The correct PPE is always used and Infection Control policies are observed as are Waste Disposal policies. At around 05:30 we empty catheter bags and document output in the fluid charts. We also tidy the bed areas again. Observations, urine measurements and toiletting continue throughout the shift until handover to the day s taff.

A Marxist Analysis of the Accra Mall

3rd December, 2012. Marxist analysis of the Accra Mall Marxist describes the power struggle between different social classes in society. Marxism is further explained by certain concepts, such as ideology and hegemony, base and superstructure and reification. Ideology is a set of ideas or viewpoints that one social class has of another which influences the way they behave towards each other while hegemony refers to the way people act based on the ideas or ideologies that they hold and act out regarding other classes.Base and superstructure refers to the system whereby the working class, which represents the majority of the people, is ruled by the few, the owners of the sources of production. Marxism in essence can be seen in all walks of life and in various parts of our society. The Accra mall in Greater Accra is one such place. The Accra Mall is more than just an avenue to shop. The Accra Mall is the place to see and be seen. It is strategically located at the very tip of the Spintex Road, at the Tetteh Quashie Roundabout, in close proximity to a number of hotels, high end residential apartments and corporate buildings.In essence the mall caters to a certain class of people; the affluent in the Ghanaian society. It contains about twenty or so shops with mostly overpriced goods. There is a food court located right in the middle of the shopping mall with a playground for children. The mall’s general ambience, of money, expensive food, high end clothing and a large parking lot, usually overcrowded with flashy and expensive cars gives one a good idea of what to expect in the mall.The air of spending is further heightened by the presence of the numerous automated teller machines (ATM) placed at one part the mall. The neighborhood and the mall in general gives a clear cut distinction of who they serve and who serves them- it caters for the rich and wealthy that are served by the working class or the poor. The large parking lot mentioned earlier, constantly has a greater ratio of flashy cars to a very small number of not so nice cars. Without a doubt, it is evident that the mall is frequented by the upper classmen, or those who can afford to drive them.The price tags does not encourage the lower class to frequent the place because the products or items sold at the mall are above the financial means of a person for instance, the price of a bottle of soda at Rhapsody’s, one of the restaurants is ludicrously expensive and hence caters to the high class or the middle class that can spend extravagantly. On the other hand a restaurant like Pizza Inn prices the goods somewhat moderately to cater to all the classes. Another case is of two supermarkets, Game and Shoprite. It is common to see people coming out Game with few items.In contrast, Shoprite prices their goods that most people could at least buy a cookie from their bakery or a little toy for their children or a plate of nicely decorated and somewhat tasty meals. The people in the m all fall into two categories, as society dictates; the proletariat and the bourgeoisie. The proletariat is made up of the janitors, the shop attendants, security guards and basically people who are not likely to spend in the mall. The other group, mainly made up of the business men and women, doctors and lawyers are mainly the customers; the proletariat.The shop attendants, the janitors and security guards depend on the purchasing and patronized services of the customers, in this case the bourgeoisie, to spend at the mall, so that they can earn money. The bourgeoisie are catered to by the proletariat at the mall. They serve them at the mall and are the people who work â€Å"behind the scenes† to make things the way they are for the bourgeoisie to enjoy. The proletariats on the other hand are employed by the bourgeoisie and depend on them for their livelihood. At the Accra Mall, there is a general reaction by the shop owners and the other people, based on the way people look.P eople are profiled into either whether they are of high class or a low class, in other words, the bourgeoisie and the proletariat. The society has a way of classifying people by the way they dress. If your clothes appear trendy or fashionable enough then you must be in the upper class. The proletariats on the other hand are looked down upon immediately because they are judged to be the lower class based on their dressing and are hence treated as potential shoplifters or people up to no good. Marxism permeates all areas of our society; healthcare, in education and in a number of other aspects of life. The Accra Mall is one such place.People of all sorts can be identified here, and there in lie the groups of the bourgeoisie and proletariat. There is a constant, somewhat passive struggle for power. While the bourgeoisie (the rich, upper class, wealthy customers) continue to revel in their spending and high end lifestyle, the proletariat (the janitors, the security guards and staff in g eneral) work long hours to try to attain a respectful position in life, to become like the bourgeoisie. As long as the society continues to go on in this manner, Marxist theory of power struggle will continue to be relevant in explaining such conflict.

Organizations and institutions Essay

Maintaining and preserving the environment has been one of the key issues that have been prevalent in the present time. Creating avenues for environmental sustainability has continuously been evident among states, organizations and institutions. The same applies for the marine ecology particularly the Giant Blue-Fin tuna. The continuous decline of its population has been alarming different sectors in the economy as well as different environmental NGOs. Thus, it created numerous efforts among different organizations and governments to protect the Giant Blue-Fin Tuna. By controlling the amount of Giant Blue-Fin Tuna captured daily, the population of such species can be saved and be prevented from extinction. The Giant Blue-Fin tuna is considered one of the most prized species in the marine kingdom. â€Å"Atlantic bluefin tuna, Thunnus thynnus (Linnaeus, 1758), aka bluefin tuna, horse mackerel, northern bluefin tuna is regarded as one of the most highly evolved fish species and one of the most prized fish in danger of over fishing. † (MarineBio. org, 2007, p. 1) A Giant Blue-Fin is characterized under the category of ‘tuna’ due to their unique composition. â€Å"Tuna, originating from the Greek word meaning â€Å"to rush,† usually swim at speeds of 1. 5-4 kts, can maintain 8 kts for some time, and can rarely break 20 kts for short periods. † (MarineBio. org, 2007, p. 1) The Blue-Fin tuna is classified under the Scombridae family and it is considered to be the largest specie under such classification. â€Å"It is one of the largest bony fishes and can reach lengths of up to 3 m, although they are more commonly found from . 5-2 m in length. Adult weights range from 136-680 kg, although the upper weight range is rare. † (MarineBio. org, 2007, p. 1) Its appearance can be described to be â€Å"dark blue to black near the dorsal surface and silvery near the ventral surface. † (MarineBio. org, 2007, p. 1) In addition, Giant Blue-Fin tuna lives from 15 – 30 years. Also, Giant Blue-Fin tunas are considered to be warm blooded fishes. â€Å"Atlantic bluefin are homeothermic (â€Å"warm-blooded†) and are therefore able to thermoregulate keeping their body temperatures higher than the surrounding water, which is why they are so well adapted to colder waters. † Locations The Giant Blue-Fin tuna are only located in certain places. â€Å"Bluefin are highly migratory and limited numbers of individuals may cross the Atlantic in as little as 60 days and are widely distributed throughout the Atlantic and can be found from Newfoundland all the way to the coast of Brazil. † (MarineBio. org, 2007, p. 1) In addition, â€Å"they range in the eastern Atlantic as far north as Norway and down to northern West Africa. Bluefin tagged in the Bahamas have been captured in Norway as well as off the coast of Brazil. Bluefin in the South Atlantic belong to a distinct southern population, with known spawning areas south of Java, Indonesia. † (MarineBio. org, 2007, p. 1) Current Problems In the course of time as development begins to step into the picture, certain negative and adverse have began to emanate from the process. The most affected sector in the development process is the environment. As humans continue to develop technologically the consequences of such improvements have been the environment and the ecosystem. With this, it can be argued that the marine ecosystem has also been suffering the same fate. Such occurrence does not spare the Giant Blue-Fin tuna as its population gradually and continuously declines over the years. It is widely known that the Giant Blue-fin tuna serves as an important source of food and income among the fishing industry. â€Å"Once, giant bluefin migrated by the millions throughout the Atlantic Basin and the Mediterranean Sea, their flesh so important to the people of the ancient world that they painted the tuna’s likeness on cave walls and minted its image on coins. † (Montaigne, 2007, p. 1) The Giant Blue-fin tuna are regarded by many to be a source of delicious food particularly in the making of sushi. â€Å"The giant, or Atlantic, bluefin possesses another extraordinary attribute, one that may prove to be its undoing: Its buttery belly meat, liberally layered with fat, is considered the finest sushi in the world. † (Montaigne, 2007, p. 1) Too much hunting With the huge demand for its meat, the Giant Blue-fin tuna has been a victim of excessive hunting by different fishermen and institutions. â€Å"Over the past decade, a high-tech armada, often guided by spotter planes, has pursued giant bluefin from one end of the Mediterranean to the other, annually netting tens of thousands of the fish, many of them illegally. † (Montaigne, 2007, p. 1) In addition, with the application of the technological advantages in fisheries, the decline of Giant Blue-fin tuna rose exaggeratedly. â€Å"The decimation of giant bluefin is emblematic of everything wrong with global fisheries today: the vastly increased killing power of new fishing technology, the shadowy network of international companies making huge profits from the trade, negligent fisheries management and enforcement, and consumers’ indifference to the fate of the fish they choose to buy. † (Montaigne, 2007, p. 1) Enforcement or Request There had been different efforts by states as well as international organizations in addressing these issues. Fishing of Giant Blue-fin can never be banned due to the relative demand of consumers for their meat. Thus, organizations and states arranged quotas for local and international fishermen on how much each should fish. However, these quotas are oftentimes neglected or not followed. â€Å"The group charged with managing bluefin tuna stocks, the International Commission for the Conservation of Atlantic Tuna (ICCAT), has acknowledged that the fleet has been violating quotas egregiously. † (Montaigne, 2007, p. 2) In addition, recognizing the constant decline of Giant Blue-Fin tuna in the ocean, ICCAT has requested different states and companies to reduce their quotas to allow these species to populate and multiply, however, these organizations and states declined. â€Å"But despite strong warnings from its own biologists, ICCAT—with 43 member states—refused to reduce quotas significantly last November, over the objections of delegations from the U. S. , Canada, and a handful of other nations. † (Montaigne, 2007, p. 2) It has been predicted that if this type of fishing continues, then such industry would collapse and the Giant Blue-fin can become extinct. â€Å". Scientists estimate that if fishing continues at current levels, stocks are bound to collapse. † (Montaigne, 2007, p. 2) What can be done There are different mechanisms that environmentalist and the government have tried to enforce to prevent the continuous over fishing of these species. However, little compliance can be seen in the process due to the high demand posed by the Giant Blue-Fin tuna especially in the world market. Thus, it is necessary for states and groups to enhance the level of monitoring and implementation of rules and legislation. In addition, stricter measures must be enforced to facilitate a better future for these creatures. Effective Management Effective management can be a solution to the long and impeding problem of over fishing in the ocean for Giant Blue-Fin tuna. â€Å"Experts agree that, first, the world’s oceans must be managed as ecosystems, not simply as larders from which the fishing industry can extract protein at will. †(Montaigne, 2007, p. 4) By creating effective and efficient management mechanisms can help enhance the efforts in improving the overall status of Giant Blue-Fin tuna. â€Å"Second, the management councils that oversee fisheries, such as ICCAT, long dominated by commercial fishing interests, must share power with scientists and conservationists. † (Montaigne, 2007, p. 4) Cutting Fishing Vessels The constant decline of Giant Blue-Fin tuna are due to numerous fishermen who catches them. One possible scenario that legislators and organizations can do is limiting the number of allowed fishermen and industries who will engage in such actions. By doing so, it can help the population of the Giant Blue-Fin tuna to increase. â€Å"Further, governments must cut back the world’s four million fishing vessels—nearly double what is needed to fish the ocean sustainably—and slash the estimated 25 billion dollars in government subsidies bestowed annually on the fishing industry. † (Montaigne, 2007, p. 4) Setting quotas and marine sanctuaries By creating quotas, Giant Blue-Fin tuna population can be maintained and can provide an avenue for an increase in population. â€Å"For giant bluefin in the Mediterranean, that may mean shutting down the fishery during the spawning season and substantially increasing the minimum catch weight. † (Montaigne, 2007, p. 4) But with this situation comes with effective and efficient inspection and enforcement among the state, agency and organization in-charge of the process. Also, by creating marine sanctuaries in the area, Giant Blue-Fin tuna can survive the excessive amount of fishing by fishermen in a certain area. Marine sanctuaries seek to protect the overall area where Giant Blue-Fin tuna are situated. This means that they cannot be caught. â€Å"Another crucial step, both in the Mediterranean and around the world, would be the creation of large marine protected areas. † (Montaigne, 2007, p. 4) Campaigning for change can also help in the process of conservation and sustainability. â€Å"Also important are campaigns by such groups as the Marine Stewardship Council, which is working with consumers as well as retail giants to promote trade in sustainably caught fish. † (Montaigne, 2007, p. 4) Conclusion The Giant Blue-Fin tuna is characterized to be an important part of the overall marine ecosystem. Taking them out in the overall system can create disparities and consequences in the marine ecosystem. Thus, the continuous decline of Giant Blue-Fin tuna must be addressed to sustain the continuous demand of people in the future. By creating efficient and effective monitoring mechanisms as well as legislation, the lives of Giant Blue-Fin tuna shall be sustained. It is our responsibility to continue addressing this for it shall be the future generations that will suffer if actions shall not be put into place and changes to occur in near time. References MarineBio. org (2007) Atlantic Bluefin Tuna. Retrieved November 28, 2007 from http://marinebio. org/species. asp? id=236 Montaigne, F. (2007) ‘Still Waters: The Global Fish Crisis’ in National Geographic: Interactive Edition. Retrieved November 28, 2007 from h http://www7. nationalgeographic. com/ngm/0704/feature1/index. html