Fiscal Stimulus - Three Key Ingredients

Fiscal Stimulus - Three Key Ingredients In late 2008 and early 2009, you could not turn on a TV or open a newspaper without hearing the term fiscal stimulus over and over again. The idea behind fiscal stimulus is a rather simple one - a reduction in consumer demand has resulted in an unusually high number of idle resources such as unemployed workers and closed factories. Because the private sector will not spend, the government can take the place of the private sector by increasing spending, thus putting these idle resources back to work. With their newly found income, these workers will be able to spend again, increase consumer demand. As well, workers who already have jobs will have increased confidence in the state of the economy and will increase their spending as well. Once consumer spending rises enough, the government can slow their spending, as they are no longer needed to pick up the slack.The theory behind fiscal stimulus depends on three basic factors. As we will see, in practice it is difficult to have more tha n two of these met at any one time. Fiscal Stimulus Factor 1 - Provide Stimulus Through Use of Idle Resources Fiscal stimulus only works if it uses idle resources - resources that would not otherwise be used by the private sector. Using employees and equipment that would otherwise be used by the private sector is of no use; in fact, it is detrimental if the private sector projects are of more value than government ones. This crowding out of private spending by public spending must be avoided.To avoid crowding out, great care needs to be taken in a fiscal stimulus package to target industries and geographic areas that contain idle resources. Re-opening a closed automotive plant and rehiring the laid off workers is an obvious way to do so, though in the real world it is difficult to target a stimulus plan so precisely.We cannot forget that the choice of what type of fiscal stimulus is chosen by politicians, and thus is a political issue as much as it is an economic one. There is a great likelihood that a politically popular but non-stimulating package will be chosen over one that is politicall y less popular but more beneficial to the economy. Fiscal Stimulus Factor 2 - Started Quickly A recession is not a particularly long-lived phenomenon (though it often feels like one). Since World War II recessions have lasted between 6 and 18 months, with an average duration of 11 months (source). Suppose we are in a long recession of 18 months, with another 6 months of slow growth afterward. This gives us a 24-month window in which to provide fiscal stimulus. During this period a number of things have to happen: The government has to recognize that the economy is in recession. This takes longer than one might imagine - the National Bureau of Economic Research did not recognize that the United States was in a recession until 12 months after it started.The government needs to develop a stimulus package.The stimulus bill needs to be made law and pass all the necessary checks and balances.The projects involved in the stimulus package need to be started. There may be delays in this step, particularly if the project involves the building of physical infrastructure. Environmental assessments need to be completed, private sector contractors need to bid on the project, workers need to be hired. All of this takes time.The projects, ideally, need to be completed. If they are not completed before the economy fully recovers, then we will certainly have crowding out as these employees and equipment would be of use to the private sector. All of these items need to happen in the window of, at best, 24 months. Meeting this task seems quite difficult, if not impossible. Fiscal Stimulus Factor 3 - Perform Reasonably Well on a Benefit-Cost Test Ideally, we should get good value for our money - the government should spend taxpayer dollars on items of real value to the taxpayer. Government spending will necessarily raise GDP because in the calculation of GDP the value of any government project is determined by its cost, not its value. But building roads to nowhere does nothing to increase our true standard of living.There is also the political issue here - that projects may be chosen on their political popularity or value to special interests, rather than on their merits.   Fiscal Stimulus - Meeting One Factor Is Hard; Three Is Impossible In Fiscal Stimulus - Unlikely To Work in the Real World we will see that not only are some of these factors hard enough to meet on their own, it is nearly impossible to meet more than two of them at any one time.

5 Cases of Faulty Parallelism

5 Cases of Faulty Parallelism 5 Cases of Faulty Parallelism 5 Cases of Faulty Parallelism By Mark Nichol Sentence construction is often compromised by simple errors involving a gratuitous comma or a missing conjunction, and often both. Here are five faultily constructed sentences shored up by correcting minor problems such as these. 1. â€Å"As a consequence, he said, he lost his job, his family, and has scraped by from one low-wage job to the next to make ends meet.† In this sentence, the listed results of a previously referenced misfortune are not parallel in construction, as you can see by attaching he to each item: â€Å"he lost his job,† â€Å"he his family,† and â€Å"he has scraped by . . . .† The simple solution is to provide a verb for the second item, but better yet, merge the closely related first two items so that they share a verb: â€Å"As a consequence, he said, he lost his job and his family and has scraped by from one low-wage job to the next to make ends meet.† 2. â€Å"During the peak of the grove’s early popularity, presidents Benjamin Harrison, Theodore Roosevelt, and many other prominent people had visited it.† Here, presidents is intended to be shared between â€Å"Benjamin Harrison† and â€Å"Theodore Roosevelt,† but the comma after the first name cuts the term off from the second name. As with the previous example, delete the comma and add and to enable sharing of the word: â€Å"During the peak of the grove’s early popularity, presidents Benjamin Harrison and Theodore Roosevelt and many other prominent people had visited it.† 3. â€Å"Females must produce an egg, carry, and nourish the embryo.† Once again, an obstructive comma (in this case, two such commas, actually) prevents the sharing of a part of speech. Carry must be allowed access to embryo, but using the previous solution renders the sentence â€Å"Females must produce an egg, carry and nourish the embryo.† To smooth the sentence out, the remaining comma must also be replaced with and: â€Å"Females must produce an egg and carry and nourish the embryo.† 4. â€Å"It enables individuals and groups to meet online to collaborate, share presentations, applications, or their entire desktop while increasing reliability and security, and reducing costs.† In this example, there are two levels of organization: First, individuals and groups collaborate and share, and second, they share in one of three ways. This hierarchy should be represented by distinguishing the simple element of collaboration and the more complex counterpart of sharing by preceding each with its own infinitive (to): â€Å"It enables individuals and groups to meet online to collaborate, and to share presentations, applications, or their entire desktop, while increasing reliability and security and reducing costs.† The commas framing â€Å"and to share . . . their entire desktop,† rendering that phrase parenthetical, are essential to clarify that while refers to additional benefits, rather than simultaneous ones. Also, the comma that precedes â€Å"and reducing costs† in the original sentence exemplifies the case of punctuation problematically used as a â€Å"breath here† marker, confusing the issue; I’ve deleted it from the revised version. 5. â€Å"They stretch across our cities by the dozens, those drooping threads that connect houses to power plants, telephone, cable television, and broadband companies.† Here, again, there are two categories: power plants and companies (of which three types are mentioned). To distinguish them, â€Å"power plants† must be set off from the list of types of companies by and: â€Å"They stretch across our cities by the dozens, those drooping threads that connect houses to power plants and to telephone, cable television, and broadband companies.† I’ve also inserted to before the list of types of companies to discourage the implication of a close relationship between â€Å"power plants† and telephone. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:70 "Home" Idioms and ExpressionsHomonyms, Homophones, Homographs and HeteronymsRite, Write, Right, Wright

Individual assignmentnew rules of globalization Essay

Individual assignmentnew rules of globalization - Essay Example n reasons for guarded globalisation is the fact that policy makers in various markets create policies as well as international laws that put the local businesses at an advantage while creating more hurdles for international companies. Cases where the government regulates the wealth of the markets as well as the economic development of the country through some form of State capitalism in the emerging markets and recently in the developed markets have brought changes to the free markets and consequently changed globalization. Business that originate in the western world and operate in the emerging market progressively need to compete with the local business that have financial and political support while at the same time having to prove their strategic value in the host market. Regardless of this bleak picture, foreign corporations still have a chance of succeeding in local markets (Freinkman, 2002, p. 79). For instance, in the new phase of globalization, the industries that were initially out-of-bounds may be the best source of strategically important opportunities. In the process of this new phase of globalisation, the foreign businesses can stay at home and increase their strategies at home, get and increase the support of the host as well as the home government, foster alliances with the host countrys businesses and develop more diversity. International economic rules symbolise the standards of behaviours associated with governments, organizations as well as citizens, and they represent a type of self-commitment in such a system (Peil and Staveren, 2009, p. 186). Thus in relation to any system of rules, a negative index can be detected in the form of a sequence of limitations on the behaviour of countrywide governments. These constraints are aimed at a safeguarding international division of labour against conflicting interests from various national governments and the self-commitment of the states also acts as a shelter against the power of protectionist groups

Law Essay Example | Topics and Well Written Essays - 750 words - 2

Law - Essay Example It also gets distributed through e-mails, text messages through a mobile phone and from other electronic devices. However, this law was named after a nine year old girl namely Amber Hagerman, who was kidnapped and assassinated in 1996, Texas. It all started in January 13, 1996 when Amber Hagerman got kidnapped, raped and than was killed by the kidnapper. She was riding her bicycle in Arlington, and was abducted soon afterwards. A neighbor saw and called up the police officials, presented them the description of the suspected car and also described the kidnapper. Police of Arlington, including the FBI, investigated around the neighborhood and searched for the vehicle which was suspected. However, her body was found after four days by a resident who was walking his dog. The body was laid on the bottom of the creek bed, in north Arlington. Unfortunately, she was dead as her throat had been slit. (Siegel, Larry J., 2006). The people of her community discovered that the local officials had the information about it and it might have helped to trace her after she was kidnapped, but they didn’t had any way to spread this information around the city. However, the plan was directed mainly on the radio, which was used to distribute information about the abductions. Throughout the alert, the police authorities got orders to fax the information about the kidnapping to two other radio stations. Those two radio stations than in turn verified the faxed information and then alert other radio stations through the following fax shows. It was an effective way to spread the news, but was very time consuming. Amber alert was first implemented by the Child Alert Foundation in 1998. This charity organization established an automatic Alert Notification System or ANS to spread the news in the near-by communities where the child was reported to be missing. Moreover, alerts were sent to the radio stations and were in cluded to the

Modern Society Essay Example for Free

Modern Society Essay Modern society which is very complex and often contradictory has its origin in the ancient times as far back as 4000 years ago. Deeply rooted in spirituality, yet having equal attraction towards materialism, sometimes leading to unethical behaviour, inclination and commitment towards science, logic and reason, yet superstitious practices are rampant. Untouchability has been constitutionally abolished and caste and community based discrimination banned, its practice is common and it is a major tool of vote-bank politics in India. Thus, Indian society presents a contradictory picture and can be seen in the perspective of a society in the process of continued change or flux. Social change is a broader term which implies change in infrastructure, facilities and their distribution, change in thought, attitude and behaviour of the people, change in faith, culture, tradition and living styles, etc. Change is a natural inevitable process which continues in every age and will continue to happen even in future. Social infrastructure, cultural, attitudinal and behavioural changes do not remain static. They continuously change with the passage of time. It is the result of this natural process of change that life underwent sea change from the Stone Age to the Computer Age. Social change basically constitutes a transformation at all level of thought, behaviour and action that does not presuppose either a strict positive or negative impact. In fact, the impact cannot be confined to one direction only. Indeed the change has both positive and negative impact which may lead the society towards progress or regression. Social change is not a sudden process. It is a gradual process which takes lots of time to happen. Neither is it the result of any single factor. It is the result of so many factors which include demographic, technological, political, economic, cultural and legal. Generally, social conflict, growth and expansion and knowledge and scientific and technological advancement lead to social change. Indeed, the research and advancement in the field of science and technology bring about a change in the outlook of society. Besides, the demographic factors also contribute to social change. Rising population, rampant illiteracy, housing and health problems, large-scale migration, etc. all have a bearing on social climate. Rapid industrialisation resulting in economic development and urbanisation has brought about the growth of slums in urban areas as well as a great disparity in the standard of living. After independence, the country with the help of fundamental rights tried to bridge the social gap by providing right to equality to all its citizens and abolished untouchability. No doubt, it has a positive effect on society. It has brought about a decline in social discrimination and reduced the exploitation of the poor. Cultural factors like Sanskritisation, i. e. the process explaining the upward mobility of a sub-caste group in a caste hierarchy, traditional attitudes and customs of the people. Law is also an important tool to bring about social change. In the post-independence era, the Indian Government has taken numerous measures that concern society. The Constitution refuses to recognise the distinctions of religion, sect, caste, sex, etc. in the matter of the opportunities of civil life. It has largely mitigated a number of social evils resulting from the pluralisitc nature of Indian society with regard to religion and caste. Freedom of belief as a Fundamental Right has made religion a personal choice rather than its earlier compulsive and all- pervasive nature for a family or a group. Endogamous nature of casteism is now on the wane as intermarriage, and even inter- religious ones have been legalised. Reservations in jobs and freedom in the choice of vocations have encouraged vertical mobility of many families, irrespective of their caste and class affiliations. In short, laws play prominent role in social changes. Family, which has been almost universally considered the ideal and perfect living arrangement, and the backbone of social structure has undergone a transformation under the impact of industrialisation, urbanisation, spread of education, large-scale migration and other changes taking place in different spheres of life. Nuclear families have taken the place of joint family system. Common residence and property are being substituted by functional joint families, who fulfil their social obligations towards each other and come to help each other in their hours of need. Now old age is perceived with fear. This is rather recent phenomena. The old are now taken as a liability. Old age is viewed as an unavoidable, undesirable and problem-ridden phase of life. This is one of the gifts of modern life. In recent times, economic development and technological advancements have been rapid. They have an inevitable impact on social attitudes and values. This progress has led to the loss of cherished values. With enhanced earning, power and growing consumerism, the parents and children have altered their response to family life. The nature of parenting nd role of spouses have undergone sea change. Family bonds are eroding fast in society, it is particularly frequent in urban society where youngsters, in large numbers, migrate for studies or jobs, their parents, left alone, are faced with the problem of emotional loss and a fear of future. Economic independence has brought in its wake, individualism. In an economically independent society everybody wants to asse rt himself. A man wants his prominence in various spheres of life. He no longer likes to be ignored or undervalued. It has tremendously affected the woman. Now she wants her role in family and society as well. This is, in fact, a challenge to the traditional view of society that women as a class are inferior to men. However, her role in decision-making is assuming significance. Modern women are quite aware of their rights and privileges. At the same time social attitude towards women is also changing, though the process is slow. Today’s society is one of freedom and inquiry. In this age of individualism, authority is no longer unquestionably accepted by children. In this age of Information Technology, children are often more informal and aware than their parents. They no longer stand in awe of parents or any elderly persons. Human values and ethics have taken a backseat. Relations today are increasingly based on mercenary considerations. As a consequence, warmth and obligations have been lost in society. This, in a way, leads to conflict and confusion, adversely affecting family bonds or ties. Age old values of tolerance, hospitality, warmth of attachments, politeness and patience are fast fading out. However, some changes in society are pleasant and encouraging. Technological innovations have changed even the common people’s way of life. This change can be felt even at the village levels. The prevalence of superstitions and evil practices are no longer as frequent and common in society as they were during the pre-independence era. The accessibility of mass media has changed the village life also. The thinking behaviour and lifestyle of the villagers have tremendously changed. This exposure, though not always beneficial, has served to open Indian minds to receive new ideas and views. As a whole, the change on the mental level, has been slow, however, it is encouraging. Thus, at every level and in every sphere, Indian society is experiencing changes. The changes are more pronounced and noticeable in terms of dress, behaviour and egalitarianism while traditional beliefs, even if they are outdated and redundant, are practised and refuse to give up their hold on Indian society. Thus, the contradictory situations create confusion and sometimes lead to conflict. The prevailing anger and frustration arising out of inequality in development, loss of values accompanied by a greedy, grasping mercenary attitude, growing corruption on the part of authorities and the ‘elite’ find expression in the form of violent responses from the oppressed and the downtrodden. Several secessionist movements in different parts of the country are attributed to this retrogressive changes taking place in society. The change is inevitable in a dynamic society but it must be guided by some principles so as to ensure a better future and a progressive society in which everybody can enjoy his share in peace and prosperity. Besides people must be educated and enlightened enough to take its positive impact while ignoring the negatives for the betterment of individual as well as society.

Industrialization and Immigration Essay -- Industrial Immigrants Essay

An outburst in growth of America’s big city population, places of 100,000 people or more jumped from about 6 million to 14 million between 1880 and 1900, cities had become a world of newcomers (551). America evolved into a land of factories, corporate enterprise, and industrial worker and, the surge in immigration supplied their workers. In the latter half of the 19th century, continued industrialization and urbanization sparked an increasing demand for a larger and cheaper labor force. The country's transformation from a rural agricultural society into an urban industrial nation attracted immigrants worldwide. As free land and free labor disappeared and as capitalists dominated the economy, dramatic social, political, and economic tensions were created. Religion, labor, and race relations were questioned; populist and progressive thoughts were developed; social Darwinism and nativism movements were launched. The influx of immigrants created availability for cheap labor, which in turn led to corrupt business practices, urban political machines, and "white slavery". To curtail these "evils" present in society, progressivism was developed. The goals of progressivism were simple: to decrease poverty levels, to establish local charities, to fight for social justice, and to bring back good government practices.   Ã‚  Ã‚  Ã‚  Ã‚  Between 1870 and 1890, in just 20 years, the population increased from 40 million to 60 million. Part of this increase was due to the high birth rate, but a significant portion of the increase was due to immigration. A handful of capitalists and entrepreneurs saw profit from heavy industrialization. However, the success of their companies resided in the availability of a working class. Immigrants to the United States, willing to do anything to set a foothold in the nation, accepted cheap labor as employment.   Ã‚  Ã‚  Ã‚  Ã‚  Large corporations used this to their advantage. Profit oriented leaders did little to make suitable working conditions. With the aid of Muckrakers, journalists who exposed the underside of American life, the nation began to understand the "evils" of industrialization (599). More and more did Americans escalate their concern for reforms. The reformists promoting the ideals of Progressivism were moralists and championed the ideals of human rights. Progressivism embraced a widespread, many-sided effort after 1900 to build a better soc... ...strialists would continue as long as the industrial sector pervaded, in turn, the industry would continue to grow as long as their was a consistent supply of cheap labor, hence the influx of immigration by increasing industrial activity evoked Social Darwinism. With the startling growth of immigration, in what seemed like overnight, immigrants were met with hostility as they were the target of religious differences as well as labor unrest, the promoted sentiment was termed, nativism. As the continuation of industrialization and urbanization sparked an increasing demand for a larger and cheaper labor force; an influx in immigrants from all over Europe, migrated in pursuit of higher wages. As the industrial revolution progressed, the country evolved from a rural agricultural society into an urban industrial nation. Capitalists now dominated the economy, sparking dramatic social, political, and economic tensions for immigrants. Although, the progressivism movement assisted immigrants by alleviating work conditions, immigrants were still left to face social and economic tension as they became the new competition for low wage earners and were ostracized for religious differences.

Marc Antony Speech Essay

Antony’s skillful ways To be a good public speaker, a person needs a very specific set of skills to deliver a powerful speech. In the play, The Tragedy of Julius Caesar, by William Shakespeare, a group of men conspire to assassinate Julius Caesar. Throughout the play, they succeed in killing Caesar by stabbing him multiple times. The conspirators have to convince the people of Rome that Caesar is a bad man and he had to be killed for the sake of Rome. Another man by the name of Marc Antony, who was a loyal friend of Caesar, comes and turns the tide over to his favor. He does this by delivering a powerful speech to the people of Rome at Caesar’s funeral. Marc Antony is a skilled orator because he excels at using rhetorical devices such as:ethos, pathos, and logos. One of the many ways that Mark Antony is an excellent speaker is how he uses the rhetorical device ethos. He persuades the crowd by giving them compliments such as, â€Å"Friends, Romans, countrymen, lend me your ears. † This shows that Mark Antony is getting into the crowd’s heart with his status as a trustworthy man. Furthermore, Antony is familiar with the crowd, and he knows how to get into their heads. He also persuades them using an ethical argument by saying, â€Å"Come I to speak in Caesar’s funeral. He was my friend, faithful and just to me. † Mark Antony is telling the plebeians that he was close to Caesar and that he knew him very well – that they should believe his word. Mark Antony’s speech was success at persuading the crowd because he used his own characteristics to his advantage (III, ii, 73-86). Mark Antony was also able to announce an admirable speech because he exposed his apathy towards Caesar using the rhetorical device pathos. He touched the plebeians hearts by saying, â€Å"O judgment, thou art fled to brutish beasts, And men have lost their reason! Bear with me; My heart is in the coffin there with Caesar, And I must pause till it come back to me. † At this point in his speech, Antony is showing his anger towards the conspirators making the crowd filled with rage. He also shows his sorrow by pausing in the middle of his speech,showing the crowd that he is mournful towards his noble friend Caesar. He also moved the crowd by speaking about Caesar, â€Å" When that the poor have cried, Caesar hath wept. † By stating this he is letting the Romans know that Caesar understood their pain and compassion. Anthony’s remarkable speech was successful because of the way he delivered his emotions (III, ii,92-108). Using logic, Antony was able to affect the crowd over to his side. For example, in his speech , he tells the Romans, â€Å" You all did see that on the Lupercal I thrice presented him a kingly crown, which he did thrice refuse. Was this ambition? † By using his debate skills, he is maneuvering the audience into believing that Caesar was not ambitious by stating that he did not want to take the crown every time he presented it to him. Another way to prove that Antony’s arguments were reasonable was when he questions the crowd, â€Å"You all did love him once, not without cause;What cause withholds you then to mourn for him ? † This reminds the crowd of how their lives were before Caesar was killed, making them realize how the conspirators manipulated them. Antony was able to successfully persuade the crowd by using the rhetorical device logos. Anthony’s speech was magnificent because it contained rhetorical devices. By using ethos he was able to make the crowd consider him truthful. He also conveyed the crowd to rebel and feel sympathy by using pathos. Finally, he was able to completely turn the crowd over by reasoning with them. In the end, Mark Antony was able to convince a large group of people because he contained debate skills like no other.

Words of Encouragement

Patrick Draughn Words of Encouragment From the outgoing class of 2012 to the incoming class of 2013 we would like to say congratulations to you all, you made it. It has been a long and the finish line is gradually approaching. This upcoming year will be the best and worst time s of your high school experience. There will be times when you can’t wait to get to school to show off your new outfit or to attend homecoming week. There will also be times where school is just not where you want to be today and your body will go but your mind stays at home.These times will come and these times will go but the one thing you must remember is not to forget why you come to school. Do not forget why you are attending high school. Don’t forget about the test on Monday because you were out with your friends this weekend and didn’t feel like studying. Don’t forget about the paper due next week because you were too busy deciding what to get Brittany or bobby something for t heir birthday. Don’t be late to class because you couldn’t decide what to wear with your fresh outfit or what accessories will match your dress.No this is not the time to slack off now is not the time to conduct the infamous virus known as senioritis. Now is the time to focus on your studies, guide your way through the path to graduation, and if you decide start figuring out what college you would like to attend if you haven’t decided already. To the prospective college students now is definitely not the time to get behind on your studies but to get a study plan started. Trust me it will be a necessity. I know there will be times where you feel like giving up and wanting to quit.I’ve been there, I’ve been up all night typing papers and having to get up at the crack of dawn the next morning for class. I’ve been beaten up in practice and having to come home to chores, siblings, and homework. I had the job where you had to work on weekends and homework was due Mondays instead of Wednesdays. I never said the road to graduation was easy but I promise it will be worth it, and after that road ends many more roads will begin to form. It’s always wise to plan your next destination and whether it may be college, military, workforce, or etc. make sure you’re making the right decision for yourself and no one else.You have control of your own destiny. I remember my senior year I was commander of the entire ROTC at my high school, captain of two sports teams, and I also had a job. Although there were times when giving up felt like the easiest thing to do I had to sit back and think was it the RIGHT thing to do. I received many rewards; honor roll, medals, even a state championship ring so it’s say to say I have accomplished many things throughout my high school experience but my biggest achievement was walking across that stage looking my principal in his face and shaking his hand while he gave me my diploma.I k new that I was finally finished everything was complete. I remember sitting down with my grandmother who is is a big influence on my life. We sat down and talked about college she told me how no one in our family has ever been to college and if I decided to go id be the very first. That was more than enough motivation for me to choose the right path for me so hopefully the right path for you students will be easy as well. In choosing your path I want you to remember one thing that my grandmother always told me.My grandmother was a very wise woman and although we had many conversations I never remember them all but I do remember that specific conversation over the rest because she told me something that has been engraved in my mind ever since that night. She said people can take a lot of things from you money, cars, clothes, homes, even your life; but there’s one thing no one will never be able to take from you and that’s your education. So to the upcoming senior class of 2013 I say good luck congratulations and may your road or path guide you to your destiny.

Meaning of Instrumental Variables (IV) in Econometrics

Meaning of Instrumental Variables (IV) in Econometrics In the fields of statistics and econometrics, the term instrumental variables  can refer to either of two definitions. Instrumental variables can refer to: An estimation technique (often abbreviated as IV)The exogenous variables used in the IV estimation technique As a method of estimation, instrumental variables (IV) are used in many economic applications often when a controlled experiment to test the existence of a causal relationship is not feasible and  some correlation between the original explanatory variables and the error term is suspected. When the explanatory variables correlate or show some form of dependence with the error terms in a regression relationship, instrumental variables can provide a consistent estimation. The theory of instrumental variables was first introduced by Philip G. Wright in his 1928 publication titled  The Tariff on Animal and Vegetable Oils but has since evolved in its applications in economics. When Instrumental Variables Are Used There are several circumstances under which explanatory variables show a correlation with the error terms and an instrumental variable may be used. First, the dependent variables may actually cause one of the explanatory variables (also known as the covariates). Or, relevant explanatory variables are simply omitted or overlooked in the model. It may even be that the explanatory variables suffered some error of measurement. The problem with any of these situations is that the traditional linear regression that might normally be employed in the analysis may produce inconsistent or biased estimates, which is where instrumental variables (IV) would then be used and the second definition of instrumental variables becomes more important. In addition to being the name of the method, instrumental variables are also the very variables used to obtain consistent  estimates using this method. They are exogenous, meaning that they exist outside of the explanatory equation, but as instrumental variables, they are correlated with the equations endogenous variables. Beyond this definition, there is one other primary requirement for using an instrumental variable in a linear model: the instrumental variable must not be correlated with the error term of the explanatory equation. That is to say that the instrumental variable cannot pose the same issue as the original variable for which it is attempting to resolve. Instrumental Variables in Econometrics Terms For a deeper understanding of instrumental variables, lets review an example.  Suppose one has a model: y Xb e Here y is a T x 1 vector of dependent variables, X is a T x k matrix of independent variables, b is a k x 1 vector of parameters to estimate, and e is a k x 1 vector of errors. OLS can be imagined, but suppose in the environment being modeled that the matrix of independent variables X may be correlated to the es. Then using a T x k matrix of independent variables Z, correlated to the Xs but uncorrelated to the es one can construct an IV estimator that will be consistent: bIV (ZX)-1Zy The two-stage least squares estimator is an important extension of this idea. In that discussion above, the exogenous variables Z are called instrumental variables and the instruments (ZZ)-1(ZX) are estimates of the part of X that is not correlated to the es.

Commencement Speeches Essays

Commencement Speeches Essays Commencement Speeches Essay Commencement Speeches Essay Commencement Speeches BY kyleh21 Not Your Typical Commencement Speeches Something you dont plan to hear during your high school or college graduation is that youre not special. But, in fact, that was the primary message David McCullough had to deliver in his commencement speech to the graduates of Wellesley High School. David Foster Wallace and George Saunders also shared unusual, but thought- provoking messages to their respective graduating classes. With each of these unorthodox speeches comes insight into common human fallacies, whether it be elfishness or negligence or egocentrism. Although these speeches have been given very recently (within the last ten years), they all carry extremely powerful messages that should be considered and adopted for years to come. David Foster Wallace, who struggled with depression for nearly 20 years and eventually succumbed to it in 2008, shared quite a gloomy message for what normally is a cheery day in a persons life. His speech dealt with the egocentrism that lives inside all people, whether they acknowledge it or not. He xplained one of the most commonly frustrating scenarios we experience, being stuck in traffic after a long day of work, and how it always feels like everyone is in our way. But he instead asks us to consider how these other drivers are being affected by US. Perhaps the driver who recently cut you off had a sick child he was rushing to the hospital and YOU were in HIS way, for example. He tells us that once we live our lives in a way that fosters kindness and patience and consideration towards others, we will feel more fulfilled. Likewise George Saunders shared a plea for kindness. He shared his prediction that as we grow older, we gradually become kinder. So, he asks, if that is to happen, why dont we Just hurry up and start right away? Finally, David McCullough told graduates that they arent as special as they think they are. This is something quite uncommon to hear at your graduation. However, we all have our braggadocios tendencies and tend to want to conquer great obstacles so we can show off to others. My favorite excerpt from McCulloughs speech is his message to climb the mountain not to plant your flag, but to embrace the challenge, enjoy the air, and behold the view. What makes all of these speeches great are that they each deliver messages that make them unique from quintessential commencement speeches. The typical messages of congratulations and praise on the graduates hard-work have been replaced with messages delving into and dissecting human selfishness and arrogance. Personally, I enjoyed the speeches because they each gave me a different way of viewing myself, others, and the world around me.

Integration Assignment Example | Topics and Well Written Essays - 750 words - 1

Integration - Assignment Example The modern practice in school curriculum is that instructors teach differentiation first before integration in contrast to the inception of calculus (Pitt, 2012). In the 17th century, Newton and Leibniz contribution made a milestone in advance of scientific developments in Europe. Kepler found the volume of a bucket of wine to be a pile of thin horizontal circular discs. B. Cavalieri’s line formed from many points, plane formed from many lines and solid made from many planes. All these gave initiating ideas in integration. At the same time Newton and Leibniz related integration and differentiation to be reverse processes in their â€Å"Fundamental Theorem of Calculus† popularly known as â€Å"Newton-Leibniz Formula† (Stewart, 2010). The calculus method became a very powerful tool in solving mathematical problems where other analytical methods failed those times. For instance, Jacob Bernoulli using calculus methods discovered that logarithmic spring under various transformations is invariant. In 1696, Johann Bernoulli asked a question that said, assuming friction was zero the path taken by a point mass to slide from a point that is higher to a point that is lower taking the shortest time possible (Hawkins, 2001). This led to the development of the calculus of variation. Other 17th century developments are contained in Euler’s introduction in analysis infinitorum, institutiones calculi differentialis and institutions calculi Integralis. Consider the following shape, to find the volume and the surface area of the shape using integration then employ the use of infinitesimally small areas and volumes. Obtain the volume using this formula For example, take a parabola in the x-y plane whose height bases on another parabolic function. Say, from x=-2 to x=2 that has elevation determined by a circle of radius 4 i.e. . Taking y to lie between y=x2+4 and y=12-x2 then the volume is given by Integrating again using

Delegation in Nursing Term Paper Example | Topics and Well Written Essays - 750 words

Delegation in Nursing - Term Paper Example Nursing like any other profession must delegate as per the guidelines, policies, and procedures of the nursing profession. This includes the nurses’ job description, which dictates what to delegate or not. According to Cohen, as quoted in an educational journal of North Carolina, guidelines for professional delegation of care call for particular requirements otherwise called rights. These rights include the right task for an individual to perform, the right person to perform the care for the patient, the right information to describe desired patients outcome, and the right supervision to ensure that the task is carried out safely are the guidelines for every nurse (Rhom, n.d). A nurse must ensure that every UAP they delegate to is able to carry out instructions, that the outcome of the tasks delegated will meet the required standards, and that proper supervision and support is offered in performance of the tasks. Delegation does not take responsibility away from the delegating nurse. Nurses remain responsible for any delegated tasks big or small, clinical or non-clinical. This means that proper supervision of delegated tasks is crucial to enable juniors meet professional standards. Lack of supervision or poor delegation of task is quite significant. It can lead to loss of a job of the delegating nurse, liability claims, or licence revocation. According to Cox as quoted in the journal of Royal College of Nursing, â€Å"the law imposes a duty of care on nurses, doctors, and UAP’s where it is â€Å"reasonably foreseeable† that they might cause harm to patients through their actions or their failure to act† (2011). Nurses and their juniors must perform their tasks competently since they owe a duty of care to the patients and a legal liability. Some problems may arise where some Nurses fear to delegate due to lack of trust to their juniors, they believe that they can do it better. Insecurity, time involved in explaining the task and subor dinate resistance to delegation are some of the challenges facing delegation in nursing. Proper training on delegation and proper job descriptions will ease the delegation process. The ANA Standards of care and the State Nurse Practise Act provides general guidelines to what to delegate or not. A registered Nurse must evaluate capabilities of an UAP as they review individualized plan of care for patients. Some of the tasks for delegation are direct patient care activities such as taking a record of pressure, respirations, pulse rates, and temperature. Indirect care activities such as cleaning of equipments, errands such as delivering a tray with some items, clerical tasks, and stock of patient maintenance can be delegated. Initial evaluation of the patient, evaluation of a patients’ progress, performing a Nurses’ diagnoses, discussing patients issue with the physician, and updating patients’ plan of care are tasks that should never be delegated. Before delegatin g, it is necessary that a registered nurse evaluate if the task to be delegated is in the best interest of the patient, that the task worker understands the task, that he has the skills and competence to perform the task. The role must be within the workers job description and that he accepts the responsibility. Teamwork involves formation of groups by management to solve specific tasks after which such teams are dissolved. All registered nurses have