Micro and Macro Economics Assignment Example | Topics and Well Written Essays - 500 words

Micro and Macro Economics - Assignment Example So the jobless workers used to join the companies where there is no existence of the union. As the number of employees increased in those nonunion companies, salary/wages used to get reduce. In this case the spillover effect is [($20-$10)/10]*100= 100%Estimated Union Advantage with the Spill-Over Effect:The revised salary of the nonunion company is $10 where as new salary in the Union based company is $20. Although the spillover growth is showing a value of 100% growth in actual term, growth in the wages in the union based company is 33.33%.Increase at wages in Firm B: The increase in the wages of firm B is known as threat effect. Generally, companies where no union is present used to take this way to minimize the possibility of development of concept of union controlled labour system. Generally, the increase in wages is lesser in this companies compared to that of the unionized firms. As an example, in this example, the rate of increase in the wage for firm A is 50% ($20 to $30) whi ch is unionized whereas for B it is 25%. ($20 to $ 25)Union Advantage: In firm A, the growth in wages are [($30-$20)/$20]*100=50%; whereas for firm b, which is a non-union firm growth in wages are: [($25-$20)/$25]*100= 20%. There is a clear difference of 5% in increase of wages between union and nonunion firm.Prevailing Wage can be defined as hourly wage system, usually added benefit and structured overtime compensation paid to the majority of the people belonging to working group within a particular area.

Physical - Circuit Essay Example for Free

Physical Circuit Essay Length (centimetres) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps)Length (centimetres) Voltage (Volts) Current (amps) Resistance (? )Â   As the table shows above, the resistance of the length 5cm and 10cm were equal, and then it suddenly decreases. This shows theres an error; I think it happened because we didnt set our circuit in the correct positon. Table 5: This table shows the details about normal wires used in the experiment, Constantan wire with diameter of 0. 90mm, however is longer than the one before, retry. First Tried Second Tried Third Tried Length (centimetres) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Length (centimetres) Voltage (Volts) Current (amps) Resistance (? ). This seems to be nice results as it shows; the resistance were rising up slowly as the length grows. It proved this is a nice experiment, and let us understand this wire could be use for transferring the current through. Table 6: This table gives the results about the different kind of wires used in the experiment, Nichrome wire with diameter of 0. 90mm. First Tried Second Tried Third Tried Length (centimetres) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps)Â   Â  Length (centimetres) Voltage (Volts) Current (amps) Resistance (? )Â   This graph shows a very clear results, the increase of resistance were easy to see, from the positive correlation shown. This means that this is quiet a good test, it dont seems to have any error in this experiment. Table 7: This table gives the details about the third wires used in the experiment, Copper wire with diameter of 0. 90mm. First Tried Second Tried Third Tried Length (centimetres) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Length (centimetres) Voltage (Volts) Current (amps) Resistance (? ) This result shows the metal which can transfer the least resistance through by the differences of the length. It was mostly under , this means that we cant use this much as the time were transferring a large amount of currents. Table 8: This table have the results which copper wires were heated in the beaker of water. Wire length equals to 100cm long. Room temperature were 24Ci. First Tried Second Tried Third Tried Temperature (Ci ) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Voltage (Volts) Current (amps) Temperature (Ci) Voltage (Volts) Current (amps) Resistance (? )Â   The last experiment we done, by putting a wire with length 100cm, diameter of 90mm into boiling water. Our result shows more clear on the table than the graph. As we can see, the resistance only raise a bit as the temperature goes up. But the difference from 30 Ci to 50 Ci were higher than what I expect, I think this is because of the temperature were not fix while we were recording our results down to our table. Compare and Contrast. This is the averages of the 3 wires. By showing this on a graph we could be able to tell which wire has the highest resistance. Constantan Wire Copper Wire Nichrome Wire Length (centimetres) Resistance (? ) Length (centimetres) Resistance (? ) Length (centimetres) Resistance (? ) By reading the graph, we could see that Nicrhome Wire have the highest resistance out of the three wires, so we could tell that it can allows least current flow through each time compare to the rest of them. If one day we have to choose a wire from this three to pass current through, the best is using the Copper Wire, it got the lowest resistance which means it have a high amount of current can pass through per second. If we dont want the electricity to flow through easily, we will choose the Nichrome Wire, because it only allows small amount of current to pass through each time. Constantan Wire was a normal wire, it cant be use for high resistance flowing, but it can allow more current flow at each time compare to the Nichrome Wire. However, we could see that the resistance were rising up no matter which materials of wire we have chosen, so that means they still conduct electricity, so we shouldnt touch it while having this kind of experiment. Compare and Contrast 2 This is the averages of the 3 different diameters of wires. By showing this on a graph we could be able to tell that which diameters can allows the most resistance to pass through. Wire with 0. 45mm Wire with 0. 9mm Wire with 1. 25mm Length (centimetres) Resistance (? ) Length (centimetres) Resistance (? ) Length (centimetres) Resistance (? ). By looking at the graph, we could see that Constantan Wire with 0. 45mm of diameter have the highest resistance out of all. So we could tell that it can allow high amount of resistance but low amount of current flow through each time compare to the rest of them. The wire with diameter of 1. 25mm can allows the lowest resistance, that means it could have highest current to flow through each time. However, we could see that the resistance were rising up no matter which diameter of wire we have chosen, so that means they still conduct electricity, so we can use it to let current pass through. Evaluation In my experiment, Ive found out theres some error occurs. In my first results, by using the length of 15cm, the resistance seems to be a little bit different from the rest, so it didnt showed as a straight line. This might because my circuit werent set correctly, so this error occurred. For the second experiment I did, theres seems to be a error at the second try of length 10cm, the number seems to be too high compare to the rest of them, I believe this happened because we accidentally crash the variable resistor. Then in Table 3 we got an error again, the current of the wire seems to be a lot more higher, Im sure this occurs because the resistor is not working well, and also the circuit were kind of messy, might affect the results we got. Then we got an error results shows at Table 4, none of the results can fit with Table 3, there were the same wire, same diameter, only the length we tested is different, but the results we got were too out of range, so I can say that this is a failed try out. So we re-do the experiment using this wire again. I think that this happened because the ammeter is down, the current were keep increasing by every few seconds. In Table 8, for testing the temperature, it seems to be a nice results, however the different of 50Ci and 30Ci were larger than what I have expect, so I could tell that the temperature of the water might not be as accurate as the time we measured. Also it might because some water spread out of the beaker, onto the wires; this should be changing my normal results. Also, Im not really sure about how the resistor works with ammeter; therefore by accidentally move it might decrease the accuracy of my results as well. The results of resistance might be different because the circuit we set werent exactly the same, therefore it might also be some differences compare to the first time, the first results we got. So, maybe next time we should have used the same circuit, and do all of the experiment in same time, and it might have a better results in future. Conclusion. In my own opinion, I believe this is quiet a nice experiment, and I also get some good results as well. Ive found out that my prediction was correct, about the copper wire with a diameter of 90mm will transfer the least energy compare to the rest of the two. I also learned about the circuit of electricity, I could now tell how the current flowing was, and how it could be measured. By looking at the results Ive got, I was really please, even though some mistakes happened in the experiment, but we still success to finish our experiment in the time limit, which is such a great thing to celebrate. Resistor can be use to protect the ammeter, this is a very useful apparatus; I know the ammeter was an important character in the circuit while measuring the resistance. So if the ammeter were damage cause of the flowing current were too high, this will be a very bad news for us. So take care of the equipment is another important thing I learn from this experiment. If I have a chance to repeat the experiment, I would be likely to set my circuit up just like this time, because there shall be less problems. And I might use the copper wire more often in the circuit, using copper wires it allows more current to pass through compare to the Nicrhome and Constantan wires, which might help in my future life. Bibliography: http://en. wikipedia. org/wiki/Series_and_parallel_circuits http://www. circuitcity. com/ccd/home. do Science Investigation Report Daniel F5D 1 Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Electricity and Magnetism section.

Lost Illusions, Bitter Wisdom and Fragile Hope in The Tempest Essay

Lost Illusions, Bitter Wisdom and Fragile Hope in The Tempest   Ã‚   Is Shakespeare’s play, The Tempest, a drama of lost illusions, bitter wisdom and fragile hope? Before this question can be considered, one first has to interpret these terms. Perhaps "bitter wisdom" and "fragile hope" are fairly simple concepts to understand, "lost illusions" is somewhat less clear, particularly in the case of The Tempest.    There are three main interpretations of "lost illusions" that could be made. The first is that of a revelation of the mind; the discarding of an 'illusion' to reveal the truth of one's feelings. The second is similar but with a subtle difference; the lifting of an illusion to disclose the truth about something physical (instead of emotional, as in the first case). The last interpretation could not be applied to every use of the word 'illusion,' but suits The Tempest extremely well; this third analysis revolves around magic and the supernatural world.    There are several clear examples from the text to illustrate these various points of view. For the first case we have the character of Prospero who, by the end of the play, has realised that he requires more in his life than his Art of magic. He comes to acknowledge that he needs a change of environment, however much he will miss his old life on the island. For the second interpretation, we have the circumstances surrounding Antonio's usurpation of Prospero's title (told only in flashbacks); the true events that occurred then only come to light at the end of the play, when Prospero reveals the entire story to the assembled characters. The third interpretation, that of magic, is present throughout the play, as Prospero exerts his supernatural talents upon the... ...ased to be a problem, whereas Alonso has the future of his son to contemplate; a future that is by no means certain.    From all this, it is clear that, in a general sense, Shakespeare’s play, The Tempest, is a drama of lost illusions, bitter wisdom and fragile hope, as many characters go through that cycle (lost illusions, leading to bitter wisdom and ending with fragile hope), or various parts of it. Also, this description can be used in a more precise manner, when dealing solely with individual characters, particularly Prospero, Miranda, Alonso and Ferdinand.    Works Cited and Consulted Cesaire, Aime. A Tempest. Trans. Richard Miller. New York: UBU, 1992. Kermode, Frank. "Introduction," in The Tempest(Arden Edition), (London: Methuen, 1962), xlvii-xlviii. West, Robert. Shakespeare and the Outer Mystery. Lexington: UP of Kentucky, 1968.

Comment on the Positive Function and Dysfunction of Social Policy in Hong Kong.

2. Definition of Social Policy Social policy primarily refers to guidelines and interventions for the changing, maintenance or creation of living conditions that are conducive to human welfare. Thus, social policy is a part of public policy that has to do with social issues. More specifically, it also considers detailed issues in policy and administration of social services, including policies for health, housing, education and social work, and needs and issues affecting the users of services, including poverty, old age, disability, and family policy. To have more clearly speaking, terms of social needs, social integration and alienation will be elaborated. Social needs are people’s needs which are socially defined according to social conditions. Yet we can still have a look at Hierarchy of ‘Need† as a reference since social needs are part of the basic needs. According to A. H. Maslow (1943), there are a hierarchy of five sets of goals including physiological, safety, love, esteem and respect, and self-actualization. These goals are related to one another, being arranged in hierarchy of prepotency. Social integration is referred to the process of building up a sense of community and social network amongst different community groups and individuals, hence people all live together in a peaceful and harmonious manner. It is the key element to social stability and can be achieved by promoting social mobility. Alienation is opposite to social integration, which means the feeling of being neglected or isolated and excluded from the rest. Such feeling of seclusion may destroy any sense of community or belonging and hence lead to social instability. Various types of social policy are being implemented in a society, such as family policy, education policy, and healthcare policy and so forth. We will particularly focus on social policies which aim to improve human welfare and to meet human needs for health, education and housing. 3. Overview and Comment On Social Policy in Heath Aspect The health system of Hong Kong is considered as one of the best world-wide. It is divided into two parts, which are public health services and private health services. Our government heavily subsided for the former services but citizens need to pay for the fee for the latter services. The Department of Health executes health care policies and statutory functions so as to safeguard the health of the community through preventive and rehabilitative services. In order to achieve the goal, subvention for the Hospital Authority has been increased in recent years. Besides, it is expected that ageing population will increase, expectations of health care will rise, and medical costs will soar. Therefore, it is not difficult to foresee that health expenditure will become a heavy burden for our government. Based on this problem, our government proposed to have a reform and some policies were implemented. I will look at two schemes in the following part. 3. 1 Early Health Care Voucher Pilot Scheme Early Health Care Voucher Pilot Scheme (HCVS) was addressed in the Policy Address 2007 -2008. The Scheme is to give elders who aged 70 or above five health care voucher of $50 annually. It aims to allow elderly to gain access to health care services in the private sector with subsidy and hence minimize the number of patients on the waiting list in the public sector. Through the Scheme, the elderly can have additional choices on top of the existing public healthcare services which would continue to be provided, hence equity is encouraged as a universal access to medical services regardless of wealth or status is promoted. It will contribute as a positive function since social integration is encouraged. Besides, complaints are always arouse due to the long waiting list of the public sector, patients can now save their time by visiting private doctors with partially subsidization. However, in order to further fulfill the social needs, eligibility for joining the Scheme should be relaxed from 70 to, for example, 65 years old and the subsidized amount of $250 should be increased. It is because only small amount of people can benefit from the scheme and financial support given to them is not enough due to the high consultation fee of private doctors. 3. 2Health Care Reform A lot of people support there is an urgent need for the reform especially after consultation documents in health services and financing reforms during the past ten years. One part of the proposed reform is tax deduction should be provided for private medical insurance premium or expenses. Our government is working out a supplementary healthcare financing option operating on a voluntary participation basis, containing insurance and savings components. For using this kind of method, it is believed that indemnification can be provided for citizens, which meets the second level of basic need in Maslow’s Hierarchy Needs. Moreover, it can release the pressure on the public sector and hence ensure a high quality of services in public sector. On the other hand, the reform should be taken into deep consideration, if health insurance plan is mandatory to all citizens, it may lead to dissatisfaction of some citizens and which will at last violate the aim of social policy. In short, providing both public health services and private health services can maintain competition in the private sectors which can ensure its quality. Giving welfare to our citizens can foster a sense of belonging and unity in the community. Subsidization in health care services given to the poor by various scheme can encourage redistribution of wealth and hence promote social mobility. Though Hong Kong’s health care standards are comparable to many major European cities and always being praised at, it will be a shame if our citizens cannot receive appropriate treatment due to the long waiting list problem. Therefore, it has been urged to think of new schemes and more partnerships between the city's public and private hospitals in a bid to ease the burden on the public sector. 4. Overview and Comment on Social Policy in Education Aspect Education has long been regarded as a long term method to stabilize the society and promote economic development in the city. In Hong Kong, Education Bureau’s Vision is to provide quality school education for our students to develop their potential to the full and to prepare them for the challenges in life. Hence, it promises to deliver professional services and ensure effective use of resources, and forge partnerships to promote excellence in school education. The Bureau is responsible for formulating, developing and reviewing policies, programmes and legislation in respect of education from pre-primary to tertiary level. Those policies formulated by the Bureau will be divided into the four categories in the following part. . 1Kindergarten Our Government plays as a supporting role in pre-primary education, which provides in-service teacher training facilities, lower rent to non-profit-making kindergartens, permission of allocating kindergartens in public housing estates, and supplies financial assistance in the form of reimbursement rates to parents and kindergartens. 4. 1. 1Kindergarten Scheme In 1996 Policy Add ress, our government brought up the idea of allocating more financial assistance and providing additional training for existing kindergarten teachers through implementing Kindergarten Scheme. One of its commitments is to ensure more than 40% of kindergarten teachers would complete the Qualified Kindergarten Teacher Education Course by September, 1997. Although such policies legislated by the government were reacted because of pressure from the public, it still can ensure the quality of preschool education to all. Besides, equity is advocated as good quality preschool education made available universally. Yet, the policies can only partially fulfill social needs because our government is always taking a supporting role only, a higher degree of support for preschool education is needed. . 1. 2 Pre-primary Education Voucher Scheme The Pre-primary Education Voucher Scheme (PEVS) provides fee subsidy for parents or legal guardians or registered custodians to meet towards school fees for pre-primary education of their children in the form of pre-primary education vouchers. Eligible children who attend nursery, lower or upper classes in eligible local non-profit-making kindergar tens or Kindergarten-cum-Child Care Centres may benefit from PEVS. The Scheme was launched in 2007 to promote the â€Å"3A's† of early childhood education (ECE): affordability, accessibility, and accountability. The PEVS has three unique features. The first one is discriminating against profit kindergartens and hence to discourage social alienation. The second feature is promoting teacher professional development to ensure quality of preschool education so that the gap of quality between profit kindergartens and non-profit kindergartens can be minimized. Children from poor families can still have a qualified and good education. The last feature is limiting parents’ choice to only non-profit schools. On one hand, it can promote freedom of choices; on the other hand, it can encourage social integration as children may get into the school they want regardless of wealth of the families. To conclude, the majority of the parents perceive positive impacts towards schemes launched by the government. Nevertheless, principals and teachers of kindergartens reported some implementation difficulties and more sufficient support are needed for parents. 4. 2Primary and Secondary Education The Government's policy objectives are to provide a balanced and diverse school education that meet the different need of our students and help them build up knowledge, values and skills for further studies and personal growth. 4. 2. 1Universal Basic Education Compulsory primary education was introduced in 1971; afterwards, 9-year free education was implemented in 1978 to fully subsidize both primary and junior secondary education. Starting from the 2008/09 school year, senior secondary education is provided free through public sector schools. In addition, with effect from the 2008/09 school year, the Government provides full subvention for full-time courses run by the Vocational Training Council for Secondary 3 leavers to offer an alternative free avenue for senior secondary students outside mainstream education. Advocating universal basic education can promote social integration as the poor can be able to receive education. Besides, it can equip students with ample knowledge and prepare them for entrance into the knowledge-based economy. Hence, it will be easier for the poor to climb up the social ladder, without basic knowledge they may need to work as low-skilled workers for the whole life. 4. 2. 2 School Entrance System In 1978, two systems were used to determine whether the students can get into the secondary school. Secondary School Entrance Examination is a selected mechanism by which students who scored higher would be selected for places given higher priority in their school choices. Feeder and Nominated System is a mechanism allowed feeder and nominated secondary schools to directly admit a certain proportion of their students from designated primary schools. Through the Secondary School Entrance Examination, social mobility can be promoted as children from poor families can still have a chance to get into the best school. Oppositely, the other scheme would minimize the effect of promoting social mobility. It is because wealthy families can send their children to prestigious primary schools and hence let them to go into the linked prestigious secondary school. Hence, it may bias towards wealthy people. 4. 2. 3 Secondary School Places Allocation System Secondary School Entrance Examination was later changed to Secondary School Places Allocation System. It is a mechanism to allocate secondary school places to primary school-leavers. The allocation mechanism is designed in such a way so that it would help reduce public examination pressure on Primary six students and restore a more balanced education in primary schools. In addition, due regard is given to parental choices and, through regionalization, the need for students to travel long distances to schools is minimized. Moreover, it helps to achieve a degree of mixed ability intake at Secondary one level. Therefore, social integration can be promoted in this way, nevertheless, it can never be promoted into full extent since well-off families can afford to move within the proximity of prestigious schools, for instance mid levels of Hong Kong Island, to get into those famous traditional schools. 4. 2. 4School Management Initiative Programme School Management Initiative Programme (SMI), introduced in 1991, provides participating schools with school planning/staff development days, approved collection of charges for specific purposes, and computer system for school administration. It aims to attain an effective school system. In the spirit of the SMI, it was proposed that the school funding system should be able to meet the basic needs of students to ensure fairness across the school sector, provide schools with greater flexibility in the effective use of resources in order to achieve individuality. However, the teachers complained about the heavy increase of work load and reported that the accountability framework failed to make any impact on the quality of teaching. The focus of our government should be the attitudinal and behavioral change in those directly involved in delivery of services instead of structural and administrative change. 4. 3Tertiary Education The government increased the number of degree places in late 1970s and 1980s. Today, 14,500 first-year first-degree places are provided to cater for about 18% of the 17 to 20 age group through the eight institutions funded by the University Grants Committee to further develop Hong Kong as a regional education hub. Moreover, our government has financial support to students who are in financial needs. By increasing the number of degree places, equity is promoted as students can have a higher chance to admit into tertiary education. Providing subsidization to students can ensure that no qualified students are denied access to higher and post-secondary education due to a lack of financial means. Besides, it can improve the standard of living as the rate of illiteracy is lowered and hence stimulate economy of the city due to the increase in competitiveness. However, demand of post-secondary education is progressively increasing, policies, which are being implemented, still cannot meet the social needs. 5. Conclusion Based on the review above on the social policies in Hong Kong, we can see that each social policy has its positive functions and dysfunctions. With regard to the three aspects in social policy, there is much room for improvement. But at least, our government is working hard to improve the conditions of our society and paying effort to meet social needs, promote social integration and discourage alienation.

Innovations in Financial Products Have Contributed to the Current Financial Crisis” a Discusses This Statement

â€Å"Innovations in financial products have contributed to the current financial crisis† A  discusses this statement. Introduction What is Financial Crisis? A financial crisis is when the value of a financial institutions or assets declines suddenly, where investors sell off assets or withdraw their money due to the fear that the value of the assets would drop. E. g. Of a financial crisis are: * Banking Panics * Stock market crashes * Bursting of financial bubbles * Currency crisis. (http://provimet. weebly. com/uploads/2/4/3/4/2434228/global_financial_crisis. df) What is Financial Innovations? Financial innovations are ongoing development of financial instruments designed to achieve a specific objectives, such as offsetting a risk exposure (i. e. default of a borrower) or to assist with obtaining financing. Financial innovation can either be product or process. Process are developments demonstrated by new means of distributing securities, processing transactions or pricing transactions, while product innovations embodied by new derivative contracts, new corporate securities or new form of pooled investment products.Examples that relate to the crisis include the adjustable rate mortgage . i. e. the packing of subprime mortgages into Mortgage Backed Securities (MBS) or Collateralized Debt Obligations (CDO) for sale to investors, a type of securitization and a form of credit insurance called Credit Default Swaps (CDS), Collateralized Mortgage Obligation (CMO) The use of these products extended radically in the years prime to the crisis. These products differ in complexity and the simplicity with which they can be valued on the books of financial institutions. http://www3. weforum. org/docs/WEF_FS_RethinkingFinancialInnovation_Report_2012. pdf)(http://www. scribd. com/doc/47101947/Financial-Crisis-of-2007-2010). The purpose of this assignment is to discuss how the innovations in the financial products contributed to the current financial crisis. In this paper I also examine what these financial innovations are and how they contribute to the current financial crisis. Some of these financial innovations I will look at are CDO’s, CDS, and MBS. Financial Innovation and the Financial CrisisThese are many factors played a part in the financial crisis and financial innovation was one of the factors but it did not only cause the financial crisis but to some degree it did contribute to the crisis due to it misuse and lack of information and the under pricing of the risk involve in some of the financial product. Collateralized Debt Obligations (CDO) Collateralized debt obligations are asset backed security that is package together in a different range of debt obligations or bank loans package into a financial security that is divided up into various tranches, each level having a different maturity and risk.The greater the risk, the more the CDO pays. The type of CDO tranches include; Equity, Junior, Mezzanine, and Senior tranche. The equity tranche been the riskiest level and while senior tranche is the safest of the CDO. The development of CDOs resulted in more liquidity in the economy. They permit banks to sell their debt, and freed up more capital to invest or loan. Due to the additional liquidity this eventual lead to an asset bubbles in the housing market and credits crisis. So how did the CDO play a role in the financial crisis?During the early part of the crisis CDO assets started to decrease in value due to the rise in subprime mortgage default. CDO products began to underperform, the opacity of the products with view to the character and quality of the assets that underlined their value; leading to the discouragement in the investors and also led to panic in market about exposed institutions and CDO underwriters. As a result, CDO had lets banks and other financial institutions to increase their leveraged bet on the housing market, increasing returns in the short run escalating the damage once suspicions were raised.Investors did not know the value of the CDOs they were investing into due to the complexity of the product. Synthetic CDO increase profits on the benefit as the housing boomed however, as doubts occurs; they were use as instrument investor’s utilize to creates a short position on the disadvantage of the housing market. CDOs where use to put money in the mortgage market therefore persuading investors into thinking they were investing in a safe instruments that were establish on low quality assets. The value of CDOs helped in creating the damage of the financial crisis.MBS create a void among the originator of mortgage risk and the ultimate holder of that risk, this void was considerably broad by CDOs. On the other hand Synthetic CDOs broke the link completely and permit investors to make an unrestricted number of bets on a key risk they did not understand. The complexity of the CDO and synthetic CDO structures was a problem. The cloudiness of the products made it hard to estimate the value thereby discouraged investors from fully understanding the risk that come with CDO investments. (Class Note by Joe Naughton), (http://www3. eforum. org/docs/WEF_FS_RethinkingFinancialInnovation_Report_2012. pdf) . Credit Default Swaps (CDS) A Credit Default Swaps is a credit derivative and a form of insurance policy on a bond or a loan. The protection buyer buys protection and makes regular payments just like an insurance premium, while the protection seller sells protection and takes the premium but agree to pay off the protection buyer in the event of a default . i. e. the CDS purchaser pays a fee in order to transfer the risk of a default to the CDS seller.A CDS contract can last for a number of years and obliges that the seller of the protection offer collateral to make sure that the buyer will be paid if the seller where to default. CDS offers numerous advantages to individual participants that use them to hedge risk during the financial crisis and fo llowing economic downturn. Credit default swaps play a significant role in the financial crisis by contributing to the CDO market and its difficulties. CDS permit CDO mangers to make hybrid and synthetic CDOs at a huge pace.CDS allows hedge funds to perform complex hedging and linkage that enable the purchase of junior and equity tranche. The CDS market lets investors and institutions to transfer risk, from the CDO market and elsewhere, to CDS issuers that were not in a position to assume the risk. One of the role CDS played in the financial crisis was that it was able to transfer credit risk through CDS which make it hard to estimate the riskiness of a specific intermediaries. One of the issues also was that bank were able to buys and sells CDS that was not show in their balance sheet.This lack of disclosure makes it much more problematic for a bank counterparties to tell how risky it is. The lack of transparency in the CDS market made the financial system exposed to a shock that t hreatens trust in counterparties. CDS sellers became more exposed to a collapse by several sellers; this is due to the fact that a great number of CDS were trade over the counter (OTC), instead of in an exchange. And in an OTC market it is impossible for a seller to know what several buyers are doing with others.An example is AIG was a victim of the CDS market because the firm misinterpret the risks of the CDS market and sold an excessive amount of credit protection through CDSs deprived not having an enough capital in a loss reserve. (Class Note by Joe Naughton) (http://www3. weforum. org/docs/WEF_FS_RethinkingFinancialInnovation_Report_2012. pdf) (http://www. mhhe. com/economics/cecchetti/Cecchetti2_Ch09_CDS. pdf) Mortgage Backed Security (MBS) Mortgage Backed Security is an asset backed security or a debt obligation by a mortgage or collection of mortgages loans.They are bundle together into pools and sold as a single security. This is known as securitization. .i. e. banks lend m oney to an individual to buy a house in return the bank will collects monthly payment on the loan. The loan is then sold to a bigger bank that packages the loan together into a mortgage backed security. The bank then issues shares of this security, called tranches to investors who buy then and ultimately collect the dividends in the form of a monthly mortgage payment. These tranches can be further repackaged as other securities, called collateralized debt obligations (CDO) and then sold.Mortgage backed security played a major role in the financial crisis of 2008, due to the increasing demand for MBS from investors eventually played a part in the financial market meltdown. The demand for MBS increased on mortgages of all risk, including subprime, which lead lenders to move towards the â€Å"Originate to distribute† business model, with the explicit intention of securitizing and selling the mortgages after completing them. The MBS tranches rating by the rating agencies led to b elieve that risks were understood and the investment were safe.If the MBS had not been given investment grade ratings then the degree of the financial crisis would have been significantly less. The criterion on the MBS was relax making it easy to participate, therefore the market began endorsing different types of mortgages with a more risky kind that amplified the risk of a default to MBS investors. The MBS market was not regulated which also allowed financial institutions other bank to participate in the mortgage business. Mortgage backed security have weakness that was not accurately controlled in the run up to the crisis.Originate to distribute model spark off a behavioural changes in the market, from consumers to investment banks, that were not expected but that could have been monitored and managed by the industry and its regulators. (http://www3. weforum. org/docs/WEF_FS_RethinkingFinancialInnovation_Report_2012. pdf) (http://money. howstuffworks. com/mortgage-backed-security . htm) Financial innovation can not be held solely accountable for the financial crisis but it did contribute a great deal to the crisis and to the extent of the damage.The risk associated with financial innovation was not properly calculated, inturn in more credit default to occur. Financial innovation has benefits to the economy but due to the current financial crisis financial innovation has receive a lot of negative view as a result of the misused and badly managed of the products and also due to the fact that they were insufficiently thought out and the misapplication of the innovations that might have a positive impact on the economy. But collateralized debt obligations and credit default swaps have done a lot of damage than good.Bibliography Bruno G, 2012. Rethinking Financial Innovation (online). Available from: http://www3. weforum. org/docs/WEF_FS_RethinkingFinancialInnovation_Report_2012. pdf . (20 November 2012). (Online) Available from: http://www. mhhe. com/economics/c ecchetti/Cecchetti2_Ch09_CDS. pdf. (20 November 2012). (Online) Available from: http://www. scribd. com/doc/47101947/Financial-Crisis-of-2007-2010 (12 November 2012) (Online) Available from: http://provimet. weebly. com/uploads/2/4/3/4/2434228/global_financial_crisis. pdf (12 November 2012).

Bioethics euthanasia Essay Example

Bioethics euthanasia Essay Example Bioethics euthanasia Paper Bioethics euthanasia Paper Another concern that arises in permitting euthanasia is the incompatibility of the physicians fundamental moral and professional commitment to heal people and to protect their life (Pence, 1998, p. 56). Common euthanasia practice by physicians would also lead to distrust between patient and physician, because patients would have to fear that a treatment was intended to kill them not to cure. The control of high health care costs lead to a pressured budget, which could use euthanasia as an alternative option to sufficient treatment and care (Keown, 1996). However, surveys showed that many people from different societies all over the world would welcome the legalisation of active voluntary euthanasia. A survey in Australia showed that ca. three quarters of Australians would welcome voluntary euthanasia and that people from a church background had more supporters for euthanasia than opponents (South Australian Voluntary Euthanasia Society, 2004). There are as many reasons to legalise euthanasia as there are for keeping it prohibited. Mercy is one of the strongest arguments for euthanasia. A person should be allowed to be released from suffering and pain if there is no hope for cure but only death. Another good consequence of legalising euthanasia would be the possibility to respect personal autonomy and self-determination of patients that request euthanasia (Kerridge, Lowe and McPhee, 1998). The right to die with dignity is a major argument for euthanasia. Many people are afraid of their last days, and this does not count for only terminally ill people but also for every other person. For example, people are frightened of becoming old and loosing their continence or not being able to feed themselves. These facts do not need to arise from a terminal illness; a healthy old person can loose those abilities as well. For some people, this would be a loss of dignity and they may choose to be euthanased (Pence, 1998). Other people may want their families to remember them as they were in the good days. As the reader discovered, there are many pros and contras related to euthanasia. Community viewpoints can differ greatly, depending on the beliefs of the community members. In Australia, major groups of opponents are Aboriginals and Torres Strait Islanders. Their religious beliefs and concerns about discrimination and distrust in medical care play a key role in rejecting euthanasia (Kerridge, Lowe and McPhee, 1998). Many disabled people are against the legalisation of euthanasia. This could have its roots in former Nazi Germany, where thousands of disabled people were involuntary euthanased because they were considered not worth living (Keown, 1996). However, the majority of a liberal community would welcome the legalisation of active voluntary euthanasia, because personal autonomy and self-determination are of great importance for these groups. In a community, where paternalism rules, people would do what they expected to do and what is good. Those communities are mainly strong religious or traditional groups (Charlesworth, 1993). The fact is that active voluntary euthanasia is illegal in Australia, though the Northern Territory legalised it under The Rights for the Terminally Ill Act 1995 and was the first jurisdiction worldwide. However, the Act was revoked by the federal parliament in march 1997. The only countries that legally provide euthanasia today are the Netherlands and Belgium (Australian Voluntary Euthanasia Society, 2004). At the very beginning of this essay, the reader was introduced to passive voluntary euthanasia, another form of bringing about death, although it is different from the legal and ethical view. Passive voluntary euthanasia refers to withholding or withdrawing life-sustaining treatment, which leads to a hastened death of the patient at his or her request. The patient with a terminal illness is allowed to die. As discussed earlier, this form of euthanasia is seen by many people as morally tolerable. Australian Law tolerates passive voluntary euthanasia under certain circumstances (Kerridge, Lowe and McPhee, 1998). A common-law right exists that enables all patients of legal capacity to refuse medical treatment and therefore gives the ability of requesting withholds or withdrawals of life-sustaining treatment that can hasten death. Certain criteria must be met to participate in such an act. The Northern Territories Natural Death Act 1988 is such a law, where terminally ill patients that meet the requirements of the act, can refuse treatment and therefore the prolongation of their life (Staunton and Chiarella, 2003). The patient that meets all the criteria has full personal autonomy and no one can interfere in his or her decision. Surveys all over the world showed that many people, including health professionals, think positively of euthanasia and they would like to see changes in the government legislature that legalise euthanasia (Australian Voluntary Euthanasia Society, 2004). This result leads to an emerging ethical role of the nurse. More and more patients are aware of the meanings of euthanasia and that there are other ways to achieve death, such as double effect (Kerridge, Lowe and McPhee, 1998). The nurse will be more and more involved in the decision-making and has to make moral decisions herself. A nurse needs to remember that, even if a patient is very sick and in severe pain without hope of cure, begging to die, there is nothing she can do, but reassure him or her and to give comfort. It is also important for a nurse to act as outlined in the four major ethical principles, which are autonomy, non-maleficence, beneficence and justice. Non-maleficence emphasizes the principle of above all, do no harm. This has to be considered and remembered when terminally ill patients beg for mercy. Beneficence refers to above all, do good (Staunton and Chiarella, 2003). This principle can be controversial, especially in relation to a terminally ill patient. Nurses from a particular cultural background could experience great difficulties in allowing a patient to die and withholding treatment, because their beliefs are against death. Furthermore, personal relationships, thoughts and certain attitudes can play an important role in moral decision-making for the nurse. However, The Australian Nursing Councils Code of ethics includes the four ethical principles and a nurse should act in moral decision-making under this code (Staunton and Chiarella, 2003). Issues of euthanasia are very controversial and confusing. Hopefully the reader was able to penetrate the fog of confusion and gain some understanding of the issues accompanying euthanasia. The rights of the patients and autonomy in a liberal society have been outlined and need to be considered frequently, because of their enormous importance in professional health care. Pros and contras have also been discussed. However, every person is unique and has their own value of life; therefore, every person might think differently about the issues related to euthanasia. The ability to think differently is another form of autonomy that one can exercise in a liberal society like Australia. Bibliography: Charlsworth, M. (1993) Autonomy and the liberal ideal: Bioethics in a liberal society, Cambridge University Press, Melbourne Hawley, R. , King, J. Weller, B. F. (2003) Australian NursesDictionary, 3rd edn. Bailliere Tindall, Sydney Keown, J. (1996) Euthanasia Examined, Cambridge University Press, Great Britain Kerridge, I, Lowe, M McPhee, J. (1998) Euthanasia: Ethics and law for health professions, Social Science Press, Australia Pence, G. E. (1998) Classic works in medical ethics, McGraw Hill, Boston. British Medical Association (1993) Medical Ethics today: Its practice and philosophy, British Medical Association, Plymouth South Australian Voluntary Euthanasia Society (2004) saves. asn. au/ (Online, accessed 20. 05. 2004) Staunton P. Chiarella, M. (2003) Nursing and the Law, 5th edn. Churchill Livingston, Sydney The Hon. Prime Minister Mr John Howard (1997) Sir Robert Menzies Memorial lecture: Australia in the world, University of London http://home. vicnet. net. au/~victorp/liberals/nsw/Howard. html (Online, accessed 23. 05. 2004) Claudia Zschernack s127283 9/05/2007 NUR 111 Health and Health Professions Bioethics 1.

Free Essays on Traditional Literature Vs. Popular Culture

Traditional Literature vs. Popular Culture In the vision of an outsider looking into an average high school English lesson in today’s society what would they see? Many students from high school dread the required English classes in college. It is thought the reason for this is because the useless literature they were forced to read in high school, or because they were drilled with TAAS trivia rather than reading the needed literature for mental growth. This is why students pick popular horror and romance novels over well written literature. The classic stories so many authors have been recognized for are by far not useless works of art. Authors such as William Shakespeare, F. Scott Fitzgerald, and Mark Twain should not be disregarded, but rather encouraged upon students. Granted, Shakespeare may not have much to do with someone’s future, but if a student does not open him or herself up to new reading material, they may never know if they will actually enjoy reading them and want to become an English teacher or professor. How often does a student hear a teacher ramble on about how great Herman Melville could depict such minuscule details of the mindless sea? These authors are models to be looked up to, not to be put down like yesterdays newspaper. Popular culture only pleases the masses by following the trend of society, it has no true basis. Most popular fiction writers come and go with the times and have no vast success. Typically, writers of this genre stick to an outlined plot, only changing the characters names. This plot is usually centered on a murder, money, and a woman. .John D. McDonald has written is an example of one of these writers. Although most popular fiction writers don’t posses the talent to produce a second book; there are writers out there who have mastered the talent of popular fiction, such as Stephen King, George Lucas, and H.G. Wells, others only hope to grasp the reigns of their fifteen ... Free Essays on Traditional Literature Vs. Popular Culture Free Essays on Traditional Literature Vs. Popular Culture Traditional Literature vs. Popular Culture In the vision of an outsider looking into an average high school English lesson in today’s society what would they see? Many students from high school dread the required English classes in college. It is thought the reason for this is because the useless literature they were forced to read in high school, or because they were drilled with TAAS trivia rather than reading the needed literature for mental growth. This is why students pick popular horror and romance novels over well written literature. The classic stories so many authors have been recognized for are by far not useless works of art. Authors such as William Shakespeare, F. Scott Fitzgerald, and Mark Twain should not be disregarded, but rather encouraged upon students. Granted, Shakespeare may not have much to do with someone’s future, but if a student does not open him or herself up to new reading material, they may never know if they will actually enjoy reading them and want to become an English teacher or professor. How often does a student hear a teacher ramble on about how great Herman Melville could depict such minuscule details of the mindless sea? These authors are models to be looked up to, not to be put down like yesterdays newspaper. Popular culture only pleases the masses by following the trend of society, it has no true basis. Most popular fiction writers come and go with the times and have no vast success. Typically, writers of this genre stick to an outlined plot, only changing the characters names. This plot is usually centered on a murder, money, and a woman. .John D. McDonald has written is an example of one of these writers. Although most popular fiction writers don’t posses the talent to produce a second book; there are writers out there who have mastered the talent of popular fiction, such as Stephen King, George Lucas, and H.G. Wells, others only hope to grasp the reigns of their fifteen ...