Wednesday, January 29, 2020

Internal External Balance Essay Example for Free

Internal External Balance Essay When all you have is a hammer, everything looks like a nail. Bernard Baruch In review of trade policy best suited for our Nation it is time for an overhaul and start developing a more complete toolbox. As Kevin Kaiser so poignantly stated in his article in CNN Money: â€Å"The economists that make the worlds crucial monetary policy decisions are the same economists who authored most textbooks in use. While superficially appealing, their theories lack empirical evidence, are riddled with internal inconsistencies, and are based upon tenuous assumptions. Specifically, their models are built on downward sloping demand curves, upward sloping supply curves, perfect competition, rational consumers, benevolent dictators, and general equilibrium; there is no dynamic analysis, no consideration of disequilibrium, and no role of private sector debt† (Kaiser, 2011). The policy cross as shown to the left indicates that as e increases m decreases, and current account improves. To offset this, an increase in g is required. The EE curve is positively sloped in the (e,g) space. An internal equilibrium is attained when the output is at the full employment level thereby raising the interest rate. Moreover, because the economy is fully employed, real output cannot increased beyond a point. Thus, an increase in inflationary pressure occurs, thereby raising domestic price, which shifts the LM curve to the left. Thus, along the IE curve, government spending and interest rate are directly related. As a Post Keynes-Industrialist, the tendency to lean towards comprehensive human market behaviors and interdependent structural issues makes developing a one-size-fits-all policy, such as the policy cross, for internal and external balance a challenge. This is particularly true when evidence for any one theory to-date has not proven to be exact and reliable. Capitalism is fickle, and doesn’t follow slopes as neatly as theorists would like and the global shocks being felt around the world are keeping the economic status of all countries anything but predictable. Paul Krugman wrote an article for The New York Times that explained, â€Å"at the heart of the profession of economics’ failure has been its emphasis on rigor, rather than relevance—that is, economics had been weakened by the desire for an all-encompassing, intellectually elegant approach that also gave economists a chance to show off their mathematical prowess. He offered two recommendations in addition to again making the case for renewed attention to Keynes: scholarship that questions the efficient-market view of the financial sector, and research that incorporates the realities of finance into macroeconomics† (Krugman, 2009). For the purposes of this paper however, it would be recommended that a floating exchange rate be proposed for the following reason: The challenge of fiscal and monetary policies to keep equilibrium could be comparative to eyeballing mass versus weight of internal and external spending and determining which is more relevant at any given time. While a cleanly floating exchange rate assures external balance, it does not assure internal balance and changes in the rate to achieve external balance may exacerbate and internal imbalance. Government monetary and fiscal policies may be used to address internal imbalances at this point with a floating rate structure. â€Å"The following graph can assist in understanding the impacts of booms and recessions on internal and external balances.†(Johnston, M. 2011). For example, the bottom left-hand shows the effects of exports being less competitive, which reduces the number of exports and induces a current account deficit and lower aggregate demand. Currently, the US has a well-known financial problem with a large trade deficit every year. â€Å"It seems many ignore this issue since our debts tend to be denominated in our domestic currency, the dollar.† (Kling, A. para 6). The most recent news release for second quarter 2012 on the Bureau of Economic Analysis states, â€Å"the US current-account deficit decreased to $117.4 billion (preliminary) in the second quarter from $133.6 billion (revised) in the first quarter. The decrease in the current-account deficit was accounted for by a decrease in the deficit on goods and an increase in the surplus on income.†(Bea.gov, Sept 18, 2012 ). This would indicate a small shift in the left lower quadrant just slightly contracting, but very little overall. However damning the current financial situation is, the floating exchange rate remains the better choice as argued in Global Business Today, â€Å"Under a fixed system, a country’s ability to expand or contract its money supply as it sees fit is limited by the need to maintain exchange rate parity, leading to high interest rates† (Hill, 2011). â€Å"Another reason is the because the real exchange rate fundamentals including terms of trade, import tariffs, technology progress, composition of government expenditures and revenues, real interest rate and capital controls are always in flux† (Wong, C. p. 7). When the exchange rate is flexible, in fiscal expansion either government expenditure increases or tax cuts raises output, but worsens current account balances. Conversely, fiscal contraction improves current account balances, but lowers output. If the economy attempts to attain both internal and external balance it could consider expenditure switching, but alone this will be inadequate. â€Å"For example, if an economy is at the full employment level, i.e., internal balance is already attained, but if it is running current account deficits, policy makers in the economy could devalue its currency so that net exports rise. However, the improvement of current account balances would lead the economy to experience over-heating so that internal balance would disappear. If an economy is experiencing an inflationary gap, or over-heating, while maintaining balanced current account, a revaluation policy may reduce total expenditure back to the full employment level, but lead to current account deficits† (web.pdx.edu, para 5). Therefore, changing how we currently think may be necessary to achieve both internal and external balances. Economics has been referred to the dismal science but as Kaiser states, â€Å"True sciences expand and evolve: genetics, psychology, quantum mechanics, astronomy. Economics defends itself – it is an ideology. What we need is an economic theory that is more relevant to a modern capitalist economy – one that embraces uncertainty and disequilibrium, is grounded upon realistic assumptions, is judged by the accuracy of its predictions, and where debt and money are implicit, important factors.† (CNN Money, 2011). References Hill, H. (2011). Global Business Today. New York: New York McGraw-Hill Kaiser, K. (December 16, 2011) Its time for economic theory to evolve. CNN Money. Retrieved on December 14, 2012 from http://finance.fortune.cnn.com/2011/12/16/its-time-for-economic-theory-to-evolve/ Johnston, M (October 8, 2011). AS and A2 Macroeconomics: Internal and External Balances. Econofix. Retrieved on December 12, 2012 from http://econfix.wordpress.com/2011/10/08/as-and-a2-macroeconomics-internal-and-external-balances/ Kling, A. (2004). The trade balance. Retrieved on December 13, 2012 from http://arnoldkling.com/econ/macro/trade.html Krugman, P (2009). â€Å"How Did Economists Get It So Wrong?† The New York Times, September 2. Retrieved on December 14, 2012 from http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html News Release: US International Transactions. Retrieved on December 14, 2012 from http://www.bea.gov/newsreleases/international/transactions/transnewsrelease.htm Wong, C-H. Adjustment and the Internal-External Balance. Retrieved on December 14, 2012 from http://rbidocs.rbi.org.in/rdocs/content/pdfs/L-1b.pdf World Economy Expenditure Changing Retrieved on December 14, 2012 from http://web.pdx.edu/~ito/Expenditure_changing_switching_RE_-HI.pdf

Tuesday, January 21, 2020

Developing a New Ready to Eat Dessert :: Business and Management Studies

Developing a New Ready to Eat Dessert I was asked to design and make a ready to eat dessert. My target group was all ages of people, specifically people aged between twenty and sixty as they tend to have more money to spend than teenagers or pensioners. In order to gain an insight into the type of products that could be available to me to design and make I first had to do some research. First I created a questionnaire, and handed it out to fifty people of different ages. My questionnaire asked a variety of different questions such as â€Å"do you like chocolate based desserts?† â€Å"Do you like sponge?† Do you prefer hot desserts to cold?† The results of this questions formed the foundation of my project. I wrote letters to managers of supermarkets asking them to send me information on existing products, this helped me understand the type of cost that was suitable for my product to be sold at. From a range of magazines I made a collage of different desserts and annotated it, I used this as a kind of brainstorm of ideas, such as the different layers and colours that could be used. The internet was a big help to my research as I used the supermarkets websites to find out prices of products and ingredients. In order to condense the range of desserts I was considering I made myself a speciation table, this stated the criteria my product should meet. I decided that I would prefer my product to be chilled rather than frozen, which cancelled out some of my previous ideas such as ice-cream dishes. My specification stated that my product should be: Cold Chilled Available in individual portions Cheap to produce Of a standard quality Have a topping Have a creamy filling Have a crunchy base Have a variety of textures Must be sold at a maximum cost of  £2 Must have layers Next I had to design ten different products, I illustrated them and annotated them. Referring to the recipe of the dessert. To make my decision on the final product I tested a few of the suggested ideas. I decide to make a cheesecake. I had to make sure my cheesecake fit my product specification. To my delight my finished design actually does meet the majority of my criteria. So overall my cheesecake has been a success. The only area that did not go as planned was the portion size. My cheesecake ended up as a family size portion. This was due to the complication of the packaging, and sizing. I found it very hard to get the individual portions exactly the same size each time, it was easier

Sunday, January 12, 2020

Elizabeth Short Case

The Black Dahlia Judge Eckert Judicial Function Pueblo Community College Abstract In the following paper I will be sharing the Elizabeth Short (Black Dahlia) case that took place in Los Angeles, in 1947. This case was so famous because the case was unsolved, the woman was beautiful, and the murder was so gruesome. On January 15, 1947 her body was found sliced in half and her body mutilated. A few days after the murder her killer called and said he would be sending her belongings. 0 days after the murder a package was delivered to the Examiner newspaper with Elizabeth’s belongings inside. The killer sent letters to the police and continued to toy with them till he sent a final letter declaring he would not reveal his identity. Media from all over the world wanted a piece of this story and the story was headlining for weeks. The story still gets attention from books and movies, but has slowed down since no other evidence has been found. Even though her killer hasn’t been found a case is important no matter what. The Black DahliaOn January 15, 1947, in a Los Angeles vacant lot, the mutilated body of a woman was found by Betty Bersinger and her 3 year old daughter (Elizabeth Short, Page 2). The victim had been sliced in half, beaten, and her intestines had been removed. The killer also slashed 3 inch gashes into the corners of her mouth, drained her body of blood, cut off her nipples, and put grass up her vagina. Bruising around her wrists and ankles indicated she had been bound with rope and tortured. At the scene, the body was washed clean of evidence and was lying top of dew determining she was killed elsewhere.Her murderer cleaned her body so well you could see the bristle marks from a brush. The only real evidence at the crime scene was a tire track, a bloody heel mark in this tire mark, and there was a paper cement sack with blood on it. The main detectives on the Black Dahlia case were Harry Hansen and Finis Brown. The detectives gathered her f inger prints and identified the woman as Elizabeth Short. At this point the media was all over this story. The Examiner reporters used this information to call Short’s mother and inform her Short had won a beauty contest.Before revealing the true reason they called the reporters gathered as much information as they could before informing her of her daughter’s death. The cause of death was hemorrhage and shock due to blows to the head and face (Scheeres, Page 3). Elizabeth Short, also known as the Black Dahlia, was a beautiful woman who was aspiring to become an actress in Hollywood. She was born on July 29, 1924, in Hyde Park, Massachusetts. She got the name â€Å"Black Dahlia† because of her black hair and black wardrobe. She spent a lot of her time in radio stations, bars, and nightclubs with new acquaintances.Her friends described her as the type of woman who got a lot of attention from men and went on a lot of dates. She depended on small jobs and the men sh e was around to support her. And as many men as she dated, it is hard to say which and if one of the men murdered her. The last time anyone saw Elizabeth was around 10:00 pm at the Biltmore Hotel on January 09, 1947. A couple days after the murder, the murderer called Jimmy Richardson, city editor of the Los Angeles Herald-Examiner, and described the mutilation to the body and said he would send the police Shorts belongings.The personal belongings were photographs, her social security card, birth certificate, and an address book. The murderer sent other letters to toy with the police officers. Than finally, the killer sent a final letter stating â€Å"Have changed my mind. You would not give me a square deal. Dahlia killing was justified†. There were over 75 suspects in the Black Dahlia case but a lot of those suspects got thrown out. The main suspects in her case were Robert Manley, Mark Hansen, Cleo Short, Carl Balsiger, and George W. Welsh, Jr.Robert Manley was the first s uspect in her case because he was the last person to be with Elizabeth outside of the Biltmore Hotel. He was also given truth serum and found not guilty. In 1949, suspects testified in front of the Grand Jury and did not find anyone guilty. The case continued to be investigated but the Grand Jury stopped issuing progress reports by 1950. Sadly, this case has never been solved, but the media has always covered this case. When the murder was released the police and newspapers got tips and as well as confessions for Elizabeth’s death.For weeks this story was headlining papers and had citizens in a worry. Even today this case is so popular it has even made its way into movies and books(Who Was Elizabeth Short? , Page 4. ) This case is important because a young woman’s life was taken and no one has been found guilty of her murder. Every case is important, especially when searching for someone as twisted as Short’s killer. No one wants someone like that around others in society. Even though Short’s murderer is probably dead, it is always important to close a case for the sake of the victim and their family.References Elizabeth Short: The Black Dahlia. (n. d. ). Crime and Investigation Network. Retrieved February 7, 2013, from http://www. crimeandinvestigation. co. uk/crime-files/elizabeth-short-the-black-dahlia/biography. html Scheeres, J. (n. d. ). The Black Dahlia Story. truTV. com. Retrieved February 7, 2013, from http://www. trutv. com/library/crime/notorious_murders/famous/dahlia/index_1. html Who Was Elizabeth Short? (n. d. ). The Black Dahlia Website. Retrieved February 7, 2013, from http://www. bethshort. com/about-beth. php

Saturday, January 4, 2020

Essay on Sophocles Clever Use of Dramatic Irony in...

Dramatic irony depends on the audience’s knowing something that the character does not, and in this play the audience knows Oedipus faith before he knows it himself. In this play there are several parts where Sophocles conveys his plot through dramatic irony. Dramatic irony underlines how partial human perceptive can be even when it is most reasonable and how agonizing it can be to be the costs of the misinterpretation, in some sense foreseeable. Dramatic irony is also use by Sophocles to make the audience feel their taken part of the play knowing the fate of the main character, making the audience wait in suspense wanting to know how Oedipus would react to his fate. The other use of the dramatic irony was to foreshadow which is a key†¦show more content†¦Since he has cursed himself the readers are in greater suspense. Blindness was another dramatic irony in the play, and relates to the entire play at large. Oedipus intelligence could not see the truth, but the blind man, Teiresias, saw it plainly. Sophocles uses blindness as a theme in the play. Oedipus was uninformed and as a result blind to the truth about himself and his past. Yet, when Teiresias exposes the truth he is in denial. It is left to Oedipus to conquer his blindness, accept the truth, and realize fate. But instead Oedipus ridicules Terirsias blindness and accuses him of being on the side of Kreon and helping him become King. He accuses Teiresias for being paid to tell a fraudulent prophecy to him. Quickly Teiresias answers him back and tells him he is BLIND, and tells him about his past of who his actual mother and father was. Which is ironic again because Oedipus fled his Corinth in hope that his prophecies of killing his father and marrying his mother would never happen not know who his actual parents was. When he left his home city of Corinth on his journey he kills a caravan of presumed low-class travelers. Which was h is faith in killing his father but in his mind he is thinking his father is King of Corinth. Oedipus is ignorant and does not try to learn and understand his past, but fate is fate so how doShow MoreRelatedThe Role of Fate in Oedipus the King Essay1051 Words   |  5 Pagesin the plays and literature of the Greeks as is shown in Sophocles play Oedipus Rex Sophocles lived during the Golden Age of Greece. He is renowned as one of the greatest dramaticist of western literature. He was a greek through and through as he held important political positions, and he even served as the priest of the haling diety Amynos. During his life tragedies were popular plays of the greeks, and Sophocles noted for his writing abilites of the time, made one suchRead MoreDeveloping Management Skills404131 Words   |  1617 Pagespermission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458. Many of the designations by manufacturers and seller to distinguish their products