Pablo Picasso - Biography and Artwork - About.com

Pablo Picasso, also known as Pablo Ruiz y Picasso, was singular in the art world. Not only did he manage to become universally famous in his own lifetime, he was the first artist to successfully use mass media to further his name (and business empire). He also inspired or, in the notable case of Cubism, invented, nearly every art movement in the twentieth century. Movement, Style, School or Period: Several, but best known for (co-)inventing Cubism Date and Place of Birth October 25, 1881, Mà ¡laga, Spain Early Life Picassos father, fortuitously, was an art teacher who quickly realized he had a boy genius on his hands and (almost as quickly) taught his son everything he knew. At the tender age of 14, Picasso passed the entrance exam to the Barcelona School of Fine Arts - in just one day. By the early 1900s, Picasso had moved to Paris, the capital of the arts. There he found friends in Henri Matisse, Joan Mirà ³ and George Braque, and a burgeoning reputation as a painter of note. Body of Work Before, and shortly after, moving to Paris, Picassos painting was in its Blue Period (1900-1904), which eventually gave way to his Rose Period (1905-1906). It wasnt until 1907, though, that Picasso really raised a commotion in the art world. His painting Les Demoiselles dAvignon marked the beginning of Cubism. Having caused such a stir, Picasso spent the next 15 years seeing what, exactly, could be done with Cubism (such as putting paper and bits of string in a painting, thus inventing the collage). The Three Musicians (1921), pretty much summed up Cubism for Picasso. For the rest of his days, no one style could maintain a hold on Picasso. In fact, he was known to use two or more different styles, side by side, within a single painting. One notable exception is his surrealistic painting Guernica (1937), arguably one of the greatest pieces of social protest ever created. Picasso lived long and, indeed, prospered. He grew fabulously wealthy from his phenomenal output (including erotically themed ceramics), took up with younger and younger women, entertained the world with his outspoken remarks, and painted almost right up until he died at the age of 91. Date and Place of Death April 8, 1973, Mougins, France Quote Only put off until tomorrow what you are willing to die having left undone.

Drug Policy, Prescription Drugs, And The United States

One of the greatest problems we face in America today is the use and abuse of drugs in our country. It is important to find a solution that works within our country to combat the growing populations of our nation’s prisons, keep the supply of drugs under control, and have adequate prevention programs in place to help people who need treatment. Throughout reading the material for this course and the research conducted on the topics described in this paper, it is clear that the methods used in earlier years were not able to achieve the results we would like to see. Advocating for reform and the support of the American people can help with the desperate need for change. Keywords: Drug policy, prescription drugs, reform Final Position Paper†¦show more content†¦When I think about current policy, I know how important it is for America to secure borders and not only reduce Mexican meth, but production of meth within the United States borders. Also, the continuance of offering treatment options to offenders, relieving some of the burden on our overcrowded prison system. Finding effective ways for abusers of any substance to overcome their addictions and helping these people find another way to live and integrate back into society. The 2015 Strategy Focuses on seven core areas: stopping drug use in our neighborhoods, pursuing early intervention chances in health care, merging treatment for substance use disorders into health care and aiding recovery, ending the cycle of drugs, use, crime, and incarceration, obstruction of domestic drug trafficking and production, enhancing international partnerships, and revising information systems to better concentrate on drug abuse and its ramifications (Whi tehouse.gov, 2015). It is a comprehensive approach that focuses on prevention, treatment, and enforcement. Federal agencies, mainly the DEA, enforce controlled substance laws in all states and territories, but the bulk of drug crimes known to US Law Enforcement remain handled at a state level. It’s estimated that only 10-15% of illicit stores are actually get confiscated by federal agencies each year (Hart, Pg.72). I know someone who does this for a living and says

Tips in Casino Games Free Essays

How would you like to win at blackjack? Keep reading if you are interested in gaining some valuable advice from a retired dealer, if not turn to the home gardening page. Blackjack is one of the most popular games played at the casino because it is a game where the player can have an edge over the house. Basically, the object of the game is to beat the dealer. We will write a custom essay sample on Tips in Casino Games or any similar topic only for you Order Now Having a hand with a value higher than the dealer or having a legal hand while the dealer busts does this. The player must know some basic strategies and procedures in order to have an edge over the house. The process starts before entering the casino; however, the principal procedures are carried out while at the table. Some strategies and procedures include money management, picking the right table and counting cards. Money management is as important as playing strategies. This process starts at home and finishes when the night is over. Firstly, a player should determine how much money to bring to the casino. A good rule is to multiply the average bet by 25; this allows for at least 25 hands. This is important because blackjack is a game that fluctuates with highs and lows, but in the long run, with good strategies, the edge is in the favor of the player. Also a loss limit can be set beforehand. The loss limit is the amount of money that a player will lose before quitting the game. Usually the loss limit is set to the initial amount, but should never be set at more than that. When at the table, money management is also important. There are two simple rules: leave if the money doubles and leave if the money is lost. Try to double the initial amount and if this is done, leave. It has been a good night. However if the initial amount is lost or the loss limit is reached, leave. Never get more money to play with because this generally leads to more losing and more emotional distress. Management over emotions and money will lead to success at the table. Picking the right table may determine whether winning or losing occurs. When arriving at the casino, do not play right away. Study the tables, the players and the dealers. Study all the anchors; that are the players who receive the last hand. More skilled players usual play this position. Having a good anchorman is invaluable because his/her moves determine the dealer†s hand. A good anchorman will save the table regardless of his/her own hand. Also study the other players at the table. Ignorant players can affect the shoe by making a bad move or decision. Lastly the dealer should be examined. Observe the speed at which the dealer deals the cards. Slower dealers will allow card counting, which will be explained in the next section, to be done more easily. Picking the right table can help increase the odds of winning at blackjack. More advanced players count cards to win at blackjack. Card counting is basically keeping track of the cards that have been dealt. This procedure is executed while playing at the table that has been chosen. This is the strategy used by Dustin Hoffman†s character while playing blackjack in the movie The Rain Man. His character uses card counting to his advantage to help a friend win a considerable amount of money. Advanced card counting is difficult to explain and difficult to employ; however, less advanced card counting is more straightforward and still useful. At the start of the shoe, count the number of face cards and aces, which have been dealt. There are 64 face cards and 16 aces in a shoe with four decks. By counting the card, the player has a better idea of what the next card will be. If a large proportion of face cards and aces are dealt at the beginning, the rest of the shoe is unfavorable. As a result lower the bet. If there are more face cards and aces towards the end of the shoe, then the upcoming hands are more favorable and this in turn increases the bet. Card counting is simple to learn with practice yet it is extremely powerful. Money management, picking the right table and counting cards are strategies that can help the player win at blackjack. Independent, each procedure can help improve the chance of winning but collectively, these strategies can give the player the winning edge. Following these easy to learn tips I present, you are on the road to winning at the game of blackjack, but remember this advice I give to you sincerely, do not forget to tip the dealers! How to cite Tips in Casino Games, Essay examples

Hospitality Management Industry in Restaurant Business

Question: Discuss about the Hospitality Management for Industry in Restaurant Business. Answer: Introduction Hospitality industry regarding food and beverages industry in restaurant businesses in almost every country is one of the most important as well as huge workers in entire countries. This industry achieved maximum standards of works from its workers (Chang Kleiner, 2007). Workers opportunities are available highly in this industry but still potentiality and capability is necessary for personality standard in every field. Food and beverage industry in the hospitality sectors is a huge business sector for the Australian economy basically in employment as well as in financial contribution. Food and beverage processing is actually Australias most huge and broad manufacturing industry. This paper willhighlight various aspects of food and beverages industry in hospitality sector as well as competition policy regarding Baxter Inn Bar cum Restaurant which is one of the most popular restaurants in Australia. Define Competitive Advantage and Value Chain Analysis from a food and beverage perspective Baxter Inn uses Competitive advantage as well as Value Chain Analysis in order to meet their strategic objective and motives (Knowles Hartwell, 2002). Competitive advantages are situations which ensure the organization for producing products and services at a low amount or in most desirable trend for customers. These situations ensure the productive object for generating maximum sales margins than its competitions. Competitive advantages are credited to various factors which contain brand, customer support, cost structure and quality of product. Competitive advantage for Baxter Inn restaurant does not means only surpassing what competitors can perform but at the same time it also means discovering what customers need as well as profitably satisfying and at the same time expanding their expectations (Knowles Hartwell, 2002). Because of barriers to international, trades have declined and therefore access to products or services has developed. Under developed competition as well as increasing customers expectations, the firms consequences for satisfactions become even huge. For prospering and surviving in the business companies should meet at least two criteria firstly, they should know what consumers want to buy and secondly they should survive competition (Young, 1999). Competitive advantage regarding products and services in Baxter Inn receives two possible forms. Firstly, differentiation advantage i.e. if customers observes a commodity or service as superior then they become more willing for the payment of premium price wh ich is related for the payment for competing offerings. Secondly, low- cost advantage, in which customers gain while the firms total costs weakened that of its regular competitor. Differentiate advantage occurs in Baxter Inn Bar and Restaurant, when customers observes that the industry units product offering is actually of maximum standard which incurs low risks (Oliveira Huse, 2009). The organizations appreciates cost advantage if its total costs are low than the market average. This cost advantage allows the industry to perform one of two things i.e. price it commodities and services lower than its competitors for gaining market share as well as maintain recent profitability (Garcs, 2001). Various sources of cost advantage contain access to low- cost raw materials as well as distributions channels. Value chain is the whole range of functioning which comprises of marketing, design, productions as well as distribution. Every business runs for bringing a commodity or service from beginning to delivery (Singh, 2008). For the organizations which produce commodities then the value chain begins with the raw materials utilized in order to create their goods as well as includes everything which is improved before it is sold to consumers. Value chain analysis depends on the basic economic principle of benefit i.e. firms are better served by implementing in industries where they have a related productive benefits in comparison to their competitors ("Bar and restaurant staff are regularly overexposed", 2002). In order to conduct a value chain analysis in Baxter Inn Bar cum Restaurant, the firm starts by observing every portion of its production method as well as observing where stages can be deducted and at the same time development can be implement. These developments can effect in improv ed productive capacity and cost savings. The final effect is that customers receive high benefits from the products for the cheapest amount that develops the firms bottom line in long-term life (Nakhla, 2006). The phenomenon of implementing all above performance, so the firm can be appropriately analyzed is actually known as value chain management, which is the important key factor that is used by Baxter Inn. Value chain analysis of The Baxter Inn: The bar and restaurant industry is very competitive in nature and adding a competitive advantage on it requires a detail examination of the demographics of surrounding environment and also the analysis of the nature of existing competitors. The value chain analysis for one of the best bar and restaurant in Sydney, Australia of The Baxter Inn indicates a sequence of procedures that are part of the regular operations of the business. The process leads to growth of the competitive advantage to Baxter Inn to the other competitors of the industry. The company has never hesitated in adopting successful strategies for its competitors. The primary and support procedures of the company that gave it a competitive advantage over others is described below: Infrastructure: The layout of the restaurant is set in a sprawling area of land in the city and gives an ideal option for having a fine-dining experience. The location of the restaurant is also in a wonderful place and has been successful in portraying attention, interest, and attracting foreign tourist and domestic peoples (I. Buchin, 2012). The restaurant has become popular in Sydney and is also used for many social occasions. The layout of the interior of the restaurant is beautifully constructed and is very spacious and comfortable for customers. The restaurant has a royal and surrounding with the mixture of current generation designs. The restaurant is also laid out with beautiful gardens with the art of design and decoration. Technology: Baxter Inn has successfully implemented modern technology in its production system as well as does examination for its target market ("Technology", 2006). The company has successfully gathered the required data regarding its target market and operational information in the restaurant is exchanged in a unified manner. The restaurant has implemented modern booking system i.e. its internet booking service and have developed customer relationship management. This function has leaded the company to be effective in its main function of collection, examination and development of its relationship with its targeted and loyal customers ("Technology", 2007). The customer relationship management of the Baxter Inn has positively integrated with the technology. Logic for guests: The customer relationship management of Baxter Inn gives their management a dynamic access to their customer base. It has enabled the respective restaurant to identify and provide better service to their loyal and most valuable customers and also in understating their customer profiles ("Honored Guests", 2013). It has also helped the company in understanding the activity of micro-markets within their targeted markets, so that right offer can be sent to the right customers. Baxter Inn aims in customer service. Hierarchy Policy: Baxter Inn, in order to run a proper bar and restaurant, uses an organizational structure with a clear grading in place (Peters, 2013). As the bar and restaurant is highly competitive market and has a disreputably high turnover rate mainly in its front employees, the company has made best policy in which the workers are assigned to dedicate its work in their specified department. Location: A superior location can beat other company by enhancing sales. Baxter Inn outlet is at a good location; it is easily accessible to everyone and is convenient for shoppers. The managers have furnished the layout of the restaurant in such an area that it defends itself from other competitors. VRIO Analysis The VRIO Analysis of a company is an analytical technique of it, in which every resource are considered as well as of its competitors. The VRIO stands for Value, Rareness, Inimitability, and Organization. The VRIO framework of Baxter Inn provides it with great competitive advantage and is a part of strategic scheme of the enterprise. It falls under the internal analysis of the company. The value of Baxter Inn enables it to manipulate its environmental issues. The recipes of the restaurant are offered at reasonable price with quick service, and thus add in increasing the value of the firm. Baxter Inn also provides some of the rarest continental dishes which are not served by every Australian restaurant. The respective restaurant has years of experience, and is one of the Australias recognized bar and restaurant. The individuality of Baxter Inn has a great level of awareness, making other companies to develop their inimitability. The company provides the services to its customers in an organized way, and is market leader in standard dishes. The VRIO framework of the company has let it to gain sustainable competitive advantage. Examine the competitive nature of the Sydney food and beverage industry Cafes, bars or restaurants providers are the most important part of Australias economic fabric. Australian competition policy is actually important in order to protect the interests of restaurants organizers while engaged in the industry transactions. Food and beverage organizations are competing based on the distribution of desirable, standard as well as finished goods better than their competitors ("Food, beverage membranes worth US$230mn by 2011", 2006). Small food and beverage sectors in Australia are much effective at beating out their competition in local markets by growing popular goods as well as assure their processes are efficient. The food andbeverage industry in Australia is an extremely competitive industry where producers are competing to improve same alternative commodities for customers. Organizations faces double pressures from the competitors as well as from the customers, which actually create producers, lower their amount. Customers demand for more and more varieties, healthy and tasty foods and along with that they also want maximum value goods for the same amount. Customers are shifting their food preferences to much healthy, natural as well as organic food. The food and beverage industrys development is relies on population, consumers tastes and preference. Food and beverage organization are continuously challenged to enhance their development chances in a competitive market. Enhancing competitive pressures, management of cost as well as motivating talent are facing challenges in the industry ("MC2 market competitive convergence", 2002). The industry survives competition as well as has competitive benefits which mean company potentiality to gain consistently in the long term in the competitive situation. Organizations in the food and beverage industry are facing with an enhancing health conscious. New customers demand companies to implement new technologies for creating innovative goods, improve more interactive as well as associating with market campaigns and also develops their potentiality to gathered important visions from the statics they gather. Now customers become enhanced health conscious so organizations provide low fat products are likely see a competitive benefits. One of the most important innovations in the industry for competitive advantage is by using of manufactured particles performs as enabling organizations to lower the fat. Firm also focuses on driving innovation by quick goods development as well as commercialization. For accomplishing many more quick innovations cycles, the industry are starting alignment partnership with entrepreneurs. Moreover, product innovations, food and beverages firms are observing innovations in their manufacturing phenomenon. Innovatio ns in sensor tags are even helps firms to develop productivity. Furthermore, product innovation, industries in the food and beverage industry are also begging to leverage tools and techniques to adopt more insight within customer behavior as well as develop the effectiveness of marketing. Examination of how food and beverage outlets utilize menu engineering As a bar and restaurant operator, management of Baxter Inn know the importance of keeping their food costs in line. Food and beverage cost account for nearly 70 percent of the total revenue of the company. Preparing and designing an efficient menu shouldnt be a random and guess-and-check progress. The preparation of a menu requires information about the customer physiology and most importantly needs analysis of restaurant food costs, menu item costs, and contribution margins ("Menu engineering for assisted-living elderly: a public health imperative", 2012). With an overall view of the menu item profitability and popularity, restaurants can identify which items donate more profits and which items are holding their restaurant back ("Growth on the menu for food and beverage membranes", 2006). Contribution Margins The perception of food cost percentage which is derived by dividing the cost of the ingredients to its menu worth is the most preferable option for implementing valuable cost in controls. The concept of contribution margins is the base where the menu engineering starts. Baxter Inn has effectively implemented contribution margins in the preparation of their menu. Popularity of menu items When a contribution margins tells us about how much profit each menu items contributes in the cash register. Baxter Inn knows how popular item of the menu is important to determine the total revenue. Menu engineering thus takes every menu items input margins and its popularity to conclude the different categories of the menu. How profitable is menu engineering The management of the Baxter Inn knows how to calculate the food cost for each item. However, examination of food cost analysis id so much important that if any restaurant wants to make sure that it doesnt losses its money every time. Baxter Inn has successfully implemented strategies that calculate the food cost and margins for the specific menu items within the menu of the restaurant (CHONG LAM, 2013). The specific restaurant has listed all the ingredients needed for a specific dish and also calculates the cost associated in a specified dish. The restaurant generates its menu items food cost by adding the cost of each ingredient and purchasing costs. Menu engineering helps in calculating the food cost percentage and also the contribution margins and most importantly profit in each of the menu items. Concepts and process of marketing of bar and restaurant Various different companies in world of commercial business normally fail to accomplish their motives and objectives targets which help in order to develop trendy commodities for sustaining competitive advantages. The firms motives and objectives in order to develop profitability as well as revenue for the company fail because of inappropriate planning. Sustainable competitive advantage is the hugest outlet of an industry. It enables the organization for improving as well as maintaining its competitive rank of the market. Based on the analysis as well as research, there are mostly five type major stages which help Baxter Inn in order to develop competitive advantage. Developing brand loyalty: customers normally carry on along with the Brandon which they receives their trusts and loyalty with. Baxter Inn targets to increase its brand loyalty with their consumers. Constant innovation: Baxter Inn keeps their menu upgrading, so that it could be compatible with the market. Bonus and Discounts: Long term relationships with the customers are advantageous for almost various companies as well as industries. Baxter Inn attracts and drives the minds of their customers for entering within a long term relationship with them by offering discount. Pricing strategy of the company The price that Baxter Inn charge for their menu items is the most vital decision regarding business which the management of the firm has taken (Swanger, 2002). The planning as well as setting of the price that is high or at the same time low will be responsible for the highest of development commercially (Su Bowen, 2000). There have been numerous varieties of aspects of restrict the price of Baxter Inn still the major important pricing approach is centered on the motives as well as on the situations of the market. Conclusion From the above study it has been derived that food and beverage industry in the hospitality sectors is a huge business sector for the Australian economy basically in employment as well as in financial contribution. Food and beverage processing is actually Australias most huge and broad manufacturing industry. Competitive advantage like differentiate advantage and low cost advantage used by Baxter Inn helps to meet the strategic objectives. Food and beverage industry uses value chain analysis for meeting their strategic objectives. References Bar and restaurant staff are regularly overexposed. (2002). Occupational And Environmental Medicine, 59(12), 823-823. https://dx.doi.org/10.1136/oem.59.12.823 Chang, P. Kleiner, B. (2007).Managing for Excellence in the Food and Beverages Industry.Journal Of Foodservice Business Research, 10(3), 107-119. https://dx.doi.org/10.1300/j369v10n03_07 CHONG, T. LAM, T. (2013). HOW TO MAKE A PROFITABLE TRADING STRATEGY MORE PROFITABLE?.Singapore Econ.Rev., 58(03), 1350019.https://dx.doi.org/10.1142/s0217590813500197 Food, beverage membranes worth US$230mn by 2011.(2006). Filtration Industry Analyst, 2006(9), 16.https://dx.doi.org/10.1016/s1365-6937(06)71286-2 Garcs, A. (2001). Bar Restaurant Barlovento. ARQ (Santiago), (48). https://dx.doi.org/10.4067/s0717-69962001004800025 Growth on the menu for food and beverage membranes.(2006). Filtration Separation, 43(8), 6.https://dx.doi.org/10.1016/s0015-1882(06)70961-2 Honored Guests. (2013). Neurosurgery, 60, vi. https://dx.doi.org/10.1227/01.neu.0000432674.36233.35 Buchin, S. (2012). Innovation?.Journal Of Business Hotel Management, 01(01). https://dx.doi.org/10.4172/2324-9129.1000e101 Buchin, S. (2012). Innovation?.Journal Of Business Hotel Management, 01(01). https://dx.doi.org/10.4172/2324-9129.1000e101 Knowles, T. Hartwell, H. (2002).Food safety in the hospitality industry.Food Service Technology, 2(3), 151-152. https://dx.doi.org/10.1046/j.1471-5740.2002.00042.x MC2 market competitive convergence.(2002). Filtration Separation, 39(1), 33.https://dx.doi.org/10.1016/s0015-1882(02)80053-2 Menu engineering for assisted-living elderly: a public health imperative. (2012). Perspectives In Public Health, 132(5), 211-212. https://dx.doi.org/10.1177/1757913912457313 Nakhla, M. (2006). Supply Chain Management et performance de lentreprise Value Based Supply Chain Management Model. Logistique Management, 14(1), 65-77. https://dx.doi.org/10.1080/12507970.2006.11516855 Oliveira, A. Huse, C. (2009). Localized competitive advantage and price reactions to entry: Full-service vs. low-cost airlines in recently liberalized emerging markets. Transportation Research Part E: Logistics And Transportation Review, 45(2), 307-320. https://dx.doi.org/10.1016/j.tre.2008.09.003 Peters, B. (2013). Toward policy coordination: alternatives to hierarchy. Policy Polit, 41(4), 569-584. https://dx.doi.org/10.1332/030557312x655792 Singh, N. (2008). A model for supply chain networks.International Journal Of Value Chain Management, 2(4), 487. https://dx.doi.org/10.1504/ijvcm.2008.019853 Su, W. Bowen, J. (2000).Restaurant Customer Complaint Behavior.Journal Of Restaurant Foodservice Marketing, 4(2), 35-65. https://dx.doi.org/10.1300/j061v04n02_03 Swanger, N. (2002). Quick Service Chain Restaurant Managers:.Journal Of Restaurant Foodservice Marketing, 4(4), 303-319. https://dx.doi.org/10.1300/j061v04n04_09 Technology. (2006). Engineering Technology, 1(9), 52-53. https://dx.doi.org/10.1049/et:20060916 Technology. (2007). Engineering Technology, 2(3), 48-49. https://dx.doi.org/10.1049/et:20070315 Young, G. (1999). Strategic value analysis for competitive advantage.Competitive Intelligence Review, 10(2), 52-64. https://dx.doi.org/10.1002/(sici)1520-6386(199932)10:23.0.co;2-b

Virgin Atlantic Airways and British Airways International Business

Character Analysis of Gregor in “The Metamorphosis” by Kafka Essay Example

Character Analysis of Gregor in â€Å"The Metamorphosis† by Kafka Essay Example Character Analysis of Gregor in â€Å"The Metamorphosis† by Kafka Paper Character Analysis of Gregor in â€Å"The Metamorphosis† by Kafka Paper Essay Topic: The Metamorphosis In the Metamorphosis, Kafta (2003) talks about the transformation of Gregory from a human being to a cockroach. Though this may appear ridiculous, and exaggerated, it gradually become real as the actions unfold and emotions become more charged. The author’s aim is to explore and expose the insolvency of human psychology in light of how the changes in a person’s conditions and circumstances reshape the aspects of mercy and justice. This paper explores this theme in the character of Gregor in Metamorphosis. From the beginning of Metamorphosis, Gregory is depicted as a normal human being. Just like many other people, Gregor is a man who does not like his job, but has to do it as a way of fending for his family. In other words, if he does not do this job, then his family will have to go hungry. Gradually, Gregory begins to develop an inclination towards his work as a travelling salesperson. This was not only because of the family, and paying other bills, but also because of the added responsibilities of taking her sister to a conservatory. Though we may not fully understand Gregory’s metamorphosis at this stage, we nonetheless get to know the compassionate and thoughtful nature of Gregory. As the story unfolds in the Metamorphosis, we get to understand that despite all the endeavors Gregory is doing for the sake of his family, they are not as considerate and kind to him. Rather, it is explicitly seen that his family members do not have mercy and justice when they realize the predicament that had befallen him. When one day, Gregory wakes up and finds that he has been transformed into a cockroach, he becomes incredulous and shocked, the same way as any person could be. Interestingly, he comes to accept this nature as there is nothing else he could do to reverse this. Although he becomes an outcast from his family and the society due to his new status, he could not do anything to regain back is human nature. This mandates Gregory to accept his new status and change his attitude towards achieving the new nature. Although he succeeds in accepting himself, his family members fail to neither understand nor accept what had transpired on Gregory. In essence, the metamorphosis of Gregory from a human being to an insect can be translated to mean his own judgment on the failure of succeeding in life. This is because as a man, he did not like doing work, but was not forced to work because of his family obligations. A closer analysis of this story points that the judgment of Gregory’s family was even more distorting and severe while trying to accept his newly acquired status. The family cannot accept his status and treat him badly because of his external appearances. The reaction of the family members can be described as irrational since they fail to show justice for a person who once worked hard for them. In addition, the family shows neither Gregory mercy nor empathy on his changed condition. The family reaches a point where they fail to relate the new nature of Gregory with the one they once knew. While in literal sense, Gregory is the one who is supposed to be dehumanized, the dehumanization of his parents and sister, Grete, both psychological and physical, appear to be more severe and profound. Reference Kafka, F (2003). The Metamorphosis. New York: Crown.

Demand and Supply Curve for Tuna Fish Essay Example | Topics and Well Written Essays - 1250 words

Demand and Supply Curve for Tuna Fish - Essay Example This is primarily because a movement along the supply curve occurs when the price of the good changes and quantity supplied changes in line with the original supply relationship. If any of the factors affecting supply of vessels or labor market changed then the supply curve would shift either side (Arnold, 2013). If people discover that tuna has heavy concentrations of mercury the fish labor market would suffer. Though price has been increasing due to healthy consciousness about tuna fish as a rich source of protein, this discovery would drastically lower the quantity demanded causing leftward shift in demand curve from D1 to D2. Thereby, the quantity demanded for the fish would lower because of deadly effects of mercury in food which also see price lower from p1 to p2. The supply curve would remain the same and quantity of labor and vessels supplied would move along the curve. If there is no remedy, the entire tuna market would collapse unless fishermen go fishing is safe waters where there are no contaminated fish. Q 4.1: Price Ceiling in Argentina’s Electricity Market With increase in demand for electricity in urban and rural areas with a price ceiling, it would put an upward pressure on price of electricity to increase and utility companies would require funds to expand their capac ity to meet increasing demand (Q1) at lower and cheap prices (Po). Since there is an incentive to buy air conditioners to cool the houses, power blackouts would continue to increase more in urban areas than in rural areas. The difference arises because more urban centres are connected to power and residents have more disposable incomes to purchase air conditioners. In its worse form as inflation bites, utility companies would have to produce lower units of power at prevailing prices further increasing power blackouts. The supply curve would shift to the left resulting into lower units of power output (Q2) but because of the price ceiling the price remains the same instead of increasing as would have been the case under free market. Q 4.5: Price of entrees/ dinner during recession and during economic boom If the restaurant management is seeking less-price conscious clientele, it would therefore mean that during an economic boom, the target clients would have more disposable income an d therefore willing to spend extra cash on the same quantity to enjoy a leisurely dinner at the restaurant. Likelihood of the management to increase prices under economic boom would depend on price elasticity of demand among the target customers. If the elasticity of demand is more that unity, then it would mean that a unit change in price would result into more than one unit change in quantity demanded. On the other hand, if elasticity is less that unitary, then a unit change in price would result into less than a unit change in quantity demanded (Landsburg, 2011). Therefore, in this case because the assumption is that target clientele is less price sensitive, then it means that price elasticity of demand is less than unitary. As a result, if the management decides to increase prices during an economic boom, then a unit change (increase) in price would result in less than a unit change (reduction) in quantity demanded (or number of clients). The resultant effect is that total reven ue would increase more than before the original status because change from P0 – P1> Q0 – Q1. This therefore would let the management to allow customers to eat a leisurely dinner because they will have covered their costs and accrue more revenue. In addition, the ambience that comes with the restaurant having fewer customers would attract more customers who are less price

Volunteer activity review Essay Example | Topics and Well Written Essays - 750 words

Volunteer activity review - Essay Example In addition to the six of us, the event also attracted other volunteers including nonnative volunteers. The event involved a number of environmental protection activities. All the participants were divided into two groups. One group was in charge of shoveling the dirt. I joined the second group. This paper therefore provides a comprehensive discussion of the activities we undertook in our group during the environmental volunteer activity. Before embarking on the four-hour activity session, all of us had to be in the right apparels. One of the most important apparel recommendations were closed shoes and long pants. Since the activities would involve going through small thickets, the logs pants and closed shoes would be imperative in protecting the skin against harm from the shrubs or small insects that might live in the thickets. A rain jacket was also recommended just in case it rained during the four-hour session. There was also a special provision for participants who were under the age of eighteen (Noss, Westra, & Pimentel, 2000). They were required to bring a Youth Waiver Form just to prove the consent of their parents or guardians. Participants did not have to carry with them the tools needed to execute their mandates because all the tools required for the services would be provided. The overall activities for the session were to continue with the preparation of the planting beds with assistance from the KCD Grants that was awarded to Lewis Park. This preparation needed participants to trim back and relocate plants in the areas that were selected for coming up with the new community implementation planting beds. It is worth noting that the new community implementation planting beds are found on the upper part of Lewis Park just along the Golf Dr. S and 15th Avenue. At the end of the sessions, there would be a complete amendment of the indigenous soil and restoration of the park using native plants (Hay, Stavins, & Vietor, 2004). Each group was required

Developing an attendance management and rehabilitaion policy Essay

Developing an attendance management and rehabilitaion policy - Essay Example Under Innocent absenteeism, employees fail to go to work for reasons that are beyond their control. According to Cascio & Boudreau (2008, p. 45), IHC, which is one of the UK healthcare consultants argued that half of UK workplace absence his not often related with health problems. People just decide to attend their domestic or personal issues while others are not motivated by their jobs and various other reasons (Griffin, 2011, p. 280). Absenteeism is a global issues that face almost all companies though rates of absenteeism varies across companies depending on company location, size, industry type, weather, and job stress inherent in a given job position and responsibility. Some of the reasons for work absenteeism include poor attitude toward work that may rise from abuse of freedom or critical issues like sick leave permissions. Personal or family problems including the need to take care of sick children or elderly, family conflicts, pregnancy problems among most women among other reasons are cited as common causes of absenteeism (Jacobson and School of Psychology, 2007, p. 136). In organizations where the workforce constitutes of aging population, there are often high rates of absenteeism since older people may not be able to hand work overload. In places where employees are stressed, absenteeism is often high, work-related stress may rise from poor feedback between employees and management, harassment and bullying, poor remunerations, overworking among other issues. As mentioned by Jacobson and School of Psychology (2007, p. 136), involuntary absenteeism may occur where employees are not provided with required transport. Other reasons of absenteeism may include activities of the organization such as trips, entertainment or training of staff. According to Cascio & Boudreau (2008, p. 46), some of the direct costs

The Neoclassical Synthesis Hicks Economics Essay

The Neoclassical Synthesis Hicks Economics Essay Those who are strongly wedded to what I shall call the classical theory, will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right. (ÃŽÅ ¡eynes, General Theory, p. v) It is usually considered as one of the most important achievements of the Keynesian theory that it explains the consistency of economic equilibrium with the presence of involuntary unemployment. It is, however, not sufficiently recognized that, except in a limiting case to be considered later, this result is due entirely to the assumption of rigid wages and not to the Keynesian liquidity preference. (Modigliani, 1944, p. 65) 11.1 Introduction Many economists, soon after the publication of the General Theory (1936), set out to formulate and, at the same time, to clarify the difficult and often confusing content of the book. Among the first models that were specified was that of John Hicks (1937 and 1983), which was to constitute the backbone of what today came to be known as macroeconomics.  [1]  In his article Hicks sought to express the central propositions of the General Theory in terms of equations and graphs in the effort to illuminate the relation between the theory of effective demand and liquidity preference. Furthermore, Hicks clarified these relations with the aid of two curves the SI and the LL, which later became known as the IS-LM curves. Hickss model became particularly popular in the US through the work of Paul Samuelson (1948) initially and subsequently through Alvin Hansen (1953). These two economists contributed more than anybody else to the popularisation of the Keynesian analysis and way of thought. The IS-LM conceptual apparatus has displayed remarkable longevity and resilience to various critiques and since the late fifties or early sixties continues to be part of the formal education of economists. At the same time, the IS-LM model plays a significant role by virtue of the fact that macroeconomic analyses, regardless of the approach, are cast to a great extent, in terms of the IS-LM representation of the economy. This is not to imply that the IS-LM model is without its problems; on the contrary, many economists expressed scepticism on the validity of the IS-LM as a representation of the General Theory and the way in which the economy works.  [2]   In what follows we present and evaluatse the Hicksian IS-LM model and continue with Keyness reaction to the Hicksian restatement of the General Theory. Next, we introduce Modiglianis version of the Keynesian model and the chapter ends with some concluding remarks. 11.2 Hickss Analysis of IS-LM Hickss analysis focuses on the relation between savings and investment and seeks to establish the simultaneous determination of income and the rate of interest in both the real and monetary economy. According to Keyness analysis in General Theory income constitutes the principal variable in his analysis; nevertheless one would continue to be in the spirit of Keynes by considering the important role of the rate of interest. Thus, Hicks argued that investment (ÃŽâ„ ¢ ) is a function of the rate of interest (i ) and also income (Y). Formally, we write the following function: I=I(i, Y) Similarly, for the saving function (S ), we have: S=S(i, ÃŽÂ ¥) The equilibrium condition is: I=S From the above equality, we derive the following particular functional formalisation, which is called IS and it is defined as the locus of points that determine a relation between the rate of interest and the level of income, when investment and savings are equal to each other. The IS curved is formed in the way we show in Figure 1, where we have the saving and the investment functions for each income level. i i2 i2 i1 I1=S1 I2=S2 I, S Y1 Y2 Y i A A B B I(Y1) I(Y2) S(Y1) S(Y2) IS (a) (b) Figure 1. Equilibrium in the Goods Market and the IS Curve Let us suppose that we are in an initial equilibrium point such as A and let us further suppose that income increases from Y1 to ÃŽÂ ¥2. It follows that the savings and investment schedules-both have positive their first derivatives with respect to income-shift to the right and their intersection at point Î’ determines the new equilibrium point. It is important to stress that the savings function is much more sensitive to variations in income, and therefore it shifts to the right by more than the investment function.  [3]  The two equilibrium points (i1, Y1) and (i2, Y2) are portrayed in Figure 1(b). In a similar fashion, we generate a series of such points, which when connected form the IS curve.  [4]   Hicks furthermore incorporates in his analysis the money market, where the supply of money (M) is exogenously determined, i.e., ÃŽÅ“=ÃŽÅ“0 /P, where ÃŽÅ“0 is the exogenously given nominal money supply and P is the price level. The demand for money depends on income and the rate of interest, i.e., L=L(i, Y). By invoking the balancing condition M=L, we arrive at M0=L(i, Y ) Figure 2 illustrates the equilibrium position in the money market, where the supply of money, for reasons of simplicity and clarity of presentation, is depicted with a vertical line indicating its exogenous character.  [5]  The demand for money, as we know, is inversely related to the rate of interest, a relation whose details have been analysed in the previous chapter. When income increases it follows that much more liquidity is required for the needs of transactions and therefore the interest rate will increase for any given level of money supply. In terms of a graph we have: (a) (b) M=M0/P L1(Y1) L2(Y2) LM Y i i i1 i1 i2 i2 M/P Figure 2. Equilibrium in the Money Market and the LM Curve We observe that with the supply of money given the demand for money for transaction purposes is directly related to income. The crucial question here is that while we refer to the money market the discussion is in terms of the bond market. In particular, we know that the excess demand for any good leads to an increase in its price until excess demand becomes zero and thus we get the equilibrium point. Since in the case of money market the equilibrium interest rate is derived in the market for bonds (see ch. 9), then how can the same interest rate equilibrate the money market? In Keyness analysis it seems that there is an implicit portfolio stock exchange constraint, which can be written as follows: (L M ) + (Bd Bs) = 0 Where Î’ symbolises the bond market, while the superscripts d and s symbolise the demand for and the supply of bonds, respectively. Consequently, we have the total demand for wealth (L + B d) equal to its supply (M + Bs). If we, further, suppose Walrass Law, then the above equality necessarily holds and if the rate of interest brings equilibrium in the market for bonds then on the basis of Walrass Law we conclude that equilibrium will be also established in the money market, that is L = M. As a consequence, we can follow Keynes, who argued that interest rates are determined in the money market. Because of the Walras Law, equilibrium in the bond market and equilibrium in the money market is one and the same. If, for example, i > i*, then Bd > Bs and because of the stock constraint we get L Returning to the above equilibrium relations, we end up with a system of four equations and four unknowns: Y, i, I, S. The equations IS and LM represent the reduced form of the above system of simultaneous equations, whose solution gives the equilibrium income together with the equilibrium interest rate. In the same figure, we present the interest rate that corresponds to the liquidity trap (iLT), where the demand for money is infinitely elastic. Consequently, the LM curve is essentially the solid line. i IS LM Y iLT i* Y* A B S>I M S>I M S M>L I II IV III S M>L Figure 3. Equilibrium in the Market for Goods and Money The intersection of the two curves at point B determines the equilibrium pair of interest rate and income. Any point above the IS curve indicates excess supply of goods and every point below the IS curve indicates excess demand for goods. As for the LM curve, every point to the right indicates excess demand for money and every point left to the LM curve indicates excess supply of money. The intersection of the two curves defines four quadrants, which are portrayed in Figure 3 above and in each quadrant we indicate the excess demand or supply in the goods and money markets. The mechanism that establishes equilibrium in the economy works as follows: let us suppose that for some reason the economy is out of equilibrium at a point on the quadrant II. In such a case, savings exceed investment and thus income has a tendency to decrease, while the demand for money is greater than the supply and the interest rate tends to increase. The changes are expected to lead the economy towards equilib rium at point B. In an analogous way, we can describe the mechanism that restores equilibrium at points in the other quadrants and this is left as an exercise. 11.3 Hicks and Keynes Hickss article was published in 1937, eight months after the publication of the General Theory. Keynes already knew the content of the article since he was among the first that the article was given to for comments before its publication to the Economic Journal. Keynes never disapproved directly and explicitly the presentation in terms of the IS-LM apparatus. Don Patinkin (1922-1995) in a series of articles argues the fact that Keynes never said anything negative for the formalisation of his theory by Hicks and that this ipso facto implies an adoption of this presentation on his part (Patinkin, 1990). If Keynes disagreed then he would have every reason to emphatically express his disagreement. After all Hickss presentation in a sense was provocative, since Keyness General Theory in it was viewed as a special case of the neoclassical true general theory. Post Keynesian economists claim that the fact that Keynes did not exercise a negative critique can be attributed to his idiosyncrasy that would not pay attention to anyones writings which might concern his General Theory. On the other hand, Keynes did not have any reason, to express, at least in the beginning, his strong disagreement to Hickss presentation. It is possible that he did not think that Hickss article would meet the success that it finally met (Put footnote 6 here).  [6]  It is certain that he disagreed with Hickss view as this can be judged by a careful reading of his correspondence with Hicks and from the article that he wrote in the Quarterly Journal of Economics (1937), where he summarised his views. Specifically, he placed special emphasis, once again, on the fact that economies are characterised by uncertainty. Hickss approach, is characteristically different from that of Keyness. We know from Pasinetti (1973) that Keynes followed a sequential analysis starting from the marginal efficiency of capital, and then to the interest rate, to investment and through the investment multiplier to the equilibrium level of income. By contrast, in Hicks, all of the above take place simultaneously, as we show in Figure 3. Furthermore, Hicks in his formulation of the demand for money refers to a single interest rate. In the General Theory, however, we know that Keynes refers to two interest rates, the current and the expected in the long run. Consequently, Keyness analysis is in sharp contrast to Hickss and on top of all we have the issue of uncertainty that permeates the General Theory and is completely absent in Hickss presentation. Another important difference is that Hicks does not refer to the problem of unemployment equilibrium which is so central in Keynes-and really differentiates him from the classics-. Instead, Hicks locates the difference between Keynes and the classics to the interest rate and the issue of whether it increases with investment or not (Barens and Caspari, 1999, p. 219). According to Hicks, in periods of stagnation the interest rate is particularly low and under these circumstances speculators are not willing to hold non-liquid assets; consequently, their demand for money is so high that it absorbs whatever quantity of money is available. Thus, every increase in the supply of money is counterbalanced by a corresponding increase in the demand for money and the rate of interest remains constant. Monetary policy therefore is completely ineffective and it cannot restore the economy to full employment equilibrium. Hicks notes, there are conditions in which the interest-mechanism will not work. The special form in which this appears in the General Theory is the doctrine of a floor to the rate of interest [the liquidity trap] as Sir Dennis Robertson has called it. (Hicks, 1957, p.287) If we suppose that the economy is in the liquidity trap  [7]  , then a monetary policy, regardless of how active it might be, cannot shift the economy beyond the initial equilibrium point. In terms of Figure 4, if the economy is in equilibrium at point A, an expansionary monetary policy will shift the LM curve, for example to the position LM΄, with no consequence what so ever for the initial equilibrium position. LM LM A B C IS IS IS Y i iLT Figure 4. Equilibrium in the Markets for Goods and Money Consequently, Hicks in his model claims that the General Theory is not so general as Mr. Keynes thought, but rather a special case of the neoclassical theory, where the liquidity trap has a prominent position. The truth, however, is that the idea of the liquidity trap is very hard to pin point in the writings of Keynes; of course, there are some sporadic hints in the General Theory, as for example is the following: There is the possibility, for reasons discussed above, that, after the interest rate has fallen to a certain level, liquidity-preference may become virtually absolute in the sense that almost everyone prefers cash to holding a debt which yields so low a rate of interest. In this event the monetary authority would have lost effective control over the rate of interest. But whilst this limiting case might become practically important in future, I know of no example of it hitherto. (Keynes, 1936, p. 207)  [8]   However, Keynes does not discuss this case in any detail so as to claim that this is the hallmark of his theory. What is certain, however, is that the liquidity trap is more Hickss and subsequently Hansens (1953, pp. 122-3) idea rather than Keyness.  [9]  Consequently, the view that the liquidity trap is the essence of Keyness theory is due to the influence that the Hicksian model exerted on macroeconomics and much less to Keynes and his writings. Suppose, now, that for some reason investment increases, and then the increase in the rate of interest follows suit, a result which is consistent with neoclassical theory and with Hickss argument. It is true, that in Keynes the arrow of causality is different from that in neoclassical economics. However, it continues to be true that, under normal conditions, the interest rate increases when investment increases except for the case of the liquidity trap, where only income changes in every change in investment. The trouble, however, with Hickss view is that for Keynes the rate of interest is determined by monetary forces, while in the IS-LM framework the interest rate is determined by real forces. This is an issue that Keynes pointed out in his letter to Hicks. For example we read: From my point of view it is important to insist that my remark is to the effect that an increase in the inducement to invest need not raise the rate of interest. I should agree that, unless the monetary policy is appropriate, it is quite likely to. In this respect I consider that the difference between myself and the classicals lies in the fact that they regard the rate of interest as a no-monetary phenomenon, so that an increase in the inducement to invest would raise the rate of interest irrespective of monetary policy. (Keynes, 1973, p.80) A final point relates to the inclusion of current income in the investment function. Keynes objected to this idea for the reason that income was already included in the definition of the marginal efficiency of capital through the prospective yields. The following quotation from his letter to Hicks, shows that Keynes was not only acquainted with the IS-LM apparatus but also as a modern econometrician argued against the inclusion in the same specification of both income and interest rate. Specifically, Keynes notes: At one time I tried the equations, as you have done, with I in all of them. The objection to this is that it overemphasizes current income. In the case of the inducement to invest, expected income for the period of investment is the relevant variable. This I have attempted to take into account of in the definition of the marginal efficiency of capital. As soon as the prospective yields have been determined, account has been taken of income, actual and expected. But, whilst it may be true that entrepreneurs are over-influenced by present income, far too much stress is laid on the psychological influence, if present income is brought into such prominence. It is of course, all matter of degree. (Keynes, 1973, pp. 80-81). Barens and Caspar (1999) in their discussion of Hicks and Keynes note that while Hicks accepted all of Keyness points he nevertheless insisted in his own formulation for merely pedagogical reasons. 10.4 Modiglianis Synthesis Hickss model does not refer explicitly to the labour market; it is simply confined to demonstrating that there is equilibrium in only two markets that is the market for goods and the market for money. In his model, Hicks explicitly argues that the money wage as well as the general price level are exogenously given. Franco Modigliani (1944) extended Hickss model by including the labour market and the production function. Modigliani argued that the assumption of equilibrium with unemployment cannot be supported on the basis of the liquidity preference theory except for the particular case of the liquidity trap. In general, however, the Keynesian hypothesis can be supported on the assumption of the rigidity in the money wage. For Modigliani, the equilibrium in terms of the IS-LM model implies a pair of interest rate and money income that clears simultaneously the money and good markets. Consequently, we must take into account that the money income (ÃŽÂ ¥ ) is equal to the price level (P ) times the level of the real income (X ). As a result, we may write: Y=PX The level of real income (or output) is a function of the level of employment of labour (ÃŽÂ ). Consequently, we have: X=F(ÃŽÂ ) The level of employment in turn is determined at the point, where the marginal product of labour is equal to wage. Consequently, we have: w=PF-1 (ÃŽÂ ) Up until now we have a system of 7 equations (the three equations above together with the system of 4 simultaneous equations of the IS-LM) with 8 unknowns, that is I, S, i, Y, X, W, P. More specifically, we have the 4 equations of Hickss model: I=I(i, Y) S=S(i, Y) I=S M=L(i, Y) And the three new equations suggested by Modigliani: Y=PX X=F(ÃŽÂ ) w=P F -1(ÃŽÂ ) The system is overdetermined by one equation, the missing equation is the supply of labour. Modigliani in his article invokes Keyness assumption of the given money wage. More specifically, the money wage is given if, and only if, the economy is at a level of output less than full employment. We know that in the neoclassical analysis the supply of labour is a function of the real wage N=F(w/P) so the money wage can be written as w=F-1(N)P Formally, Modigliani stated his condition in the labour market in the following way: w=awo +bPF -1(ÃŽÂ ) Where, a=1, b=0 if ÃŽÂ  a=0, b=1 if ÃŽÂ  = ÃŽÂ f The last equation indicates that if the current employment in the economy is smaller than full employment (ÃŽÂ f ), then Keyness view for the rigidity of money wage holds indeed, that is we have (a=1 and b=0). Money wage is viewed as a datum a result of history or of economic policy or of both (Modigliani, 1944, p. 47). If, however, the economy is at full employment, then the money wage becomes flexible (a=0 and b=1) and the last equation becomes an ordinary supply of labour function. Consequently, the money wage will be determined from the supply of labour at the point of full employment. In Modiglianis presentation we find that the central assumption is the rigidity of the money wage, an assumption which, as with the liquidity trap does not really find any justification in the General Theory, where the nominal wage is being used simply to determine the price level. By contrast, in Modiglianis presentation the nominal wage has another important role to play. This is revealed if we express Modiglianis system of simultaneous equations in terms of wage units or alternatively in terms of labour commanded.  [10]  Thus, we have: investment is given in terms of labour commanded savings is given in terms of labour commanded equilibrium in the goods market equilibrium in the money market income given in terms of labour commanded the production function, which is by definition in real terms the real wage is equal to the marginal product of labour the supply of labour Hence, we have a system of 8 equations and 8 unknowns (I/w, S/w, i, Y/w, ÃŽ, N, w, P ). If, for a moment, we disregard the fourth equation and focus our attention on the remaining 7 equations, we observe that these can determine all the variables but one, that is the money wage. The result is that the supply of money determines the money wage; since this is the only variable that remains to close the system. Such a determination is due to the quantity theory of money. Consequently, Modiglianis system of equations is dichotomised into the real economy-which includes all the equations except the fourth one-and the money economy, that is the equation of equilibrium in the money market. The real economy gives solutions in real terms (7 equations with 7 unknowns, that is I/w, S/w, i, Y/w, X, N, w/P) while the money supply: determines the nominal wage, since the other variables are determined in the real economy. Consequently, the money supply determines the nominal wage and through the real wage it also determines the general price level. Thus, monetary policy may affect real magnitudes in the Keynesian model, contrary to Hickss reasoning according to which the money supply does affect the real economy. Modiglianis analysis leads to the conclusion that flexibility in prices and money wages establishes full employment in the economy. The mechanism that restores full employment works as follows: the existence of unemployment drives down nominal wages and therefore incomes fall. The demand for money for transaction purposes, being directly related to income, falls as well, and with a given supply of money the rate of interest falls as well. From thereon investment increases and the economy moves toward the full employment level of output. Modigliani managed to formalise Keyness argument about the results of the flexibility in money wages. It is important to stress that the pivotal variable in this formalisation of the theory of employment is the idea of inflexibility of money wage. A corollary of this theory is that the role of money is not neutral. For example, the increase in the supply of money affects the price level and reduces the interest rate and thus output and employment are increased. If the nominal wage were perfectly flexible, then moneys role would be neutral since it does not influence the interest rate i, or the liquidity preference L and output remains the same. Consequently, under conditions of a fully flexible nominal wage the increase in the supply of money leads only to an increase in the general price level. Consequently, ÃŽÅ“odigliani concludes that Keyness theory works only in case of inflexibility of the nominal wage. If, however, the money wage is flexible then we derive the usual neoclassical results, where the real economy determines the level of output and employment and the money economy determines the nominal variables of the economy. This does not imply a rejection of Keyness theory; on the contrary, economists accept the idea of inflexibility of the money wage as a stylised fact of modern economies and thus, Keynesian policy is viewed as both theoretically valid and necessary. The problem, however, relates to the theoretical consistency of the Keynesian system that once again became a special case of the general neoclassical model according to which the economy exhibits a sufficient flexibility in prices of commodities and the factors of production. 10.5 Summary and Conclusions In an overall evaluation of the two models we see that they both represent aspects or partial arguments of the General Theory. Nevertheless their major problem in terms of the General Theory is the simultaneity issue and also the treatment of uncertainty. In Hickss article we find an explanation of unemployment and recession as a result of the liquidity trap, which differentiates Keyness theory from the (neo)classical one. In Modigliani, by contrast, the recession is the result of the inflexibility of money wage and not of the lack of effective demand. Commenting on this kind of revision of the General Theory Paul Samuelson in the third edition of his popular text Economics, notes: In recent years 90 per cent of American economists have stopped being Keynesian economists or anti-Keynesian economists. Instead they have worked towards a synthesis of whatever is valuable in older economics and in modern theories of income determination. The result might be called neoclassical economics and is accepted in its broad outlines by all but about 5 per cent of extreme left-wing and right-wing writers. (Samuelson, 1955, p. 212). These efforts to cast Keynesian theory in terms of IS-LM, Samuelson called neoclassical synthesis, since it puts together the neoclassical analysis of investment and savings and the market for labour with the analysis of Keynes about the interaction between the money market and the real level of economic activity. The neoclassical synthesis became the dominant presentation of the General Theory. According to this view, when there is unemployment, then we have Modiglianis supply of labour function with a=1 and b=0, and as a result of the exercise of appropriate monetary and fiscal policy the economy approaches the level of full employment. When the economy approaches the level of output that corresponds to full employment, then once again the neoclassical theory becomes relevant. If our central controls succeed in establishing an aggregate volume of output corresponding to full employment as nearly as is practicable, the classical theory comes into its own again from this point onwards. (Keynes, 1936, p. 378) In general, economists of the neoclassical synthesis argue that although the economy returns to full employment through the price mechanism, nevertheless this is a long run process. Consequently, for immediate results active fiscal and monetary policies are necessary. Modiglianis ideas, which became the foundation of the neoclassical synthesis, and which essentially constitute a Marshallian partial equilibrium approach, became the object of criticism from Walrasian authors. They posited the following question: how is it possible to have equilibrium in all the markets but one? The protagonists of this critique of the neoclassical synthesis are Alex Lejonhufvund and Robert Clower, whose contributions we discuss in the next chapter. Other criticisms included the phenomena of unemployment and later of the stagflation in the late sixties or seventies. Some economists, the monetarists for example, tried to fix the weaknesses of the model and others such as the New Classical economists claimed that the premises on which the IS-LM framework is based are dubious, while New Keynesian economists in the 1980s revived the old Keynesian models by injecting realism and by basing them on microeconomic foundations which simply were not used in the initial models. Whatever happens to the current macroeconomic debates and the various criticisms launched against the IS-LM models, one thing is certain, that these will continue to be part of the formal education of future generations of economists. Questions for Discussion and Thought Write down the Hicksian system of equations. Draw a graph with the IS-LM system of equations and assuming a disequilibrium situation describe the dynamics of attaining equilibrium. To what extend does Hickss model represent Keyness General Theory? What was Keyness reaction to Hickss IS-LM representation of the General Theory? Discuss Modiglianis Neoclassical Synthesis. To what extent does his model differ from Keyness? What are the major similarities and differences between Hickss and Modiglianis models? Critically evaluate the following statement: I will assume all markets with the sole exception of the labour market are in equilibrium. Notes on Further Reading Hickss (1936) article is easy to follow, but the exposition of ideas (not visions) is really dry. The reader discerns an effort on the part of Hicks to express Keyness ideas in terms of equations and graphs without, however, the proper textual documentation. As we have mentioned, at the time that Hicks presented his article in the econometric society meeting at Oxford, two other related papers were presented in the same meeting by Meade and Harrod. Darity and Young (1995) present the details of these three articles a

Rodman Edward Serling :: essays research papers

Rodman Edward Serling, in my opinion one of the most brilliant men of our time, was born in Syracuse, New York, on December 25, 1924, to a wholesale meat dealer, and grew up in Binghamton. By his own account, he had no early literary ambitions, though from an early age, he and his older brother, Robert, immersed themselves in movies and in shows like Astounding Stories and Weird Tales. Rod was best known from the intro where he was seen wearing a suit and most often dangling a cigarette, which was unfortunately the cause of his untimely demise. "There is a fifth dimension beyond that which is known to man. It is a dimension as vast as space and as timeless as infinity. It is the middle ground between light and shadow, between science and superstition, and it lies between the pit of man's fears, and the summit of his knowledge. This is the dimension of imagination. It is an area which we call... THE TWILIGHT ZONE," Serlings masterpiece would not come until later in his writing career. He began writing full-time in 1951, more than seventy of his television scripts were produced, garnering both critical and public acclaim. Full-scale success came early in 1955 with the production of a script called "Patterns," deemed a "creative triumph" by critics, and the winner of the first of Serling's six Emmy awards. Serling went to work on screenplays for MGM and as a writer for Playhouse 90, for which he crafted ninety-minute dramas. A critical and financial success, Serling shocked many of his fans in 1957 when he left Playhouse 90 to create a science fiction series he called The Twilight Zone. 156 episodes of Twilight Zone, ninety-two written by Serling, aired on CBS over the next five years. The show went on to be one of the most widely recognized and beloved series in television history, and achieved a permanent place in American pop culture with its instantly recognizable opening, theme song and charismatic host, Rod Serling. With appearances by personalities such as Robert Redford, Burt Reynolds, Dennis Hopper, and more, Twilight Zone became a launching pad for some of Hollywood's biggest stars. The show headed downhill in its fifth season chiefly due to the fact that Serling lost most creative control of the show. After production ended in January 1964, Serling continued to write for film and television series and movies, and often appeared in his own productions, such as Rod Serling's Night Gallery. He returned to Antioch College as a professor and lectured at college campuses across the